# EDGAR Filing Document

**Accession Number:** 0001944057
**File Stem:** 0001140361-23-006956
**Filing Date:** 2023-2
**Character Count:** 2546076
**Document Hash:** 396fa07c5b0d17a0a3434bc93e5ae5b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-23-006956.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001140361-23-006956

**CONFORMED SUBMISSION TYPE**: 20FR12B

**PUBLIC DOCUMENT COUNT**: 59

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cool Co Ltd.
- **CENTRAL INDEX KEY:** 0001944057
- **STANDARD INDUSTRIAL CLASSIFICATION:** WATER TRANSPORTATION [4400]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** D0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41625
- **FILM NUMBER:** 23629255

**BUSINESS ADDRESS:**
- **STREET 1:** 2ND FLOOR, S.E. PEARMAN BUILDING
- **STREET 2:** 9 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM11
- **BUSINESS PHONE:** 441-295-4705

**MAIL ADDRESS:**
- **STREET 1:** 2ND FLOOR, S.E. PEARMAN BUILDING
- **STREET 2:** 9 PAR-LA-VILLE ROAD
- **CITY:** HAMILTON
- **STATE:** D0
- **ZIP:** HM11

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

**As filed with the Securities and Exchange Commission on February 14, 2023.** 

#### UNITED STATES<br>

#### SECURITIES AND EXCHANGE COMMISSION<br>

#### Washington, D.C. 20549

#### FORM 20-F
(Mark One)

☒ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934**

#### OR
☐ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

Commission file number:

#### Cool Company Ltd.<br>

#### (Exact name of Registrant as specified in its charter)

#### Bermuda<br>

#### (Jurisdiction of incorporation or Organization)

#### 2nd floor, S.E. Pearman Building<br>

#### 9 Par-la-Ville Road<br>

#### Hamilton HM11<br>

#### Bermuda<br>

#### (Address of principal executive offices)

#### Richard Tyrrell<br>

#### Chief Executive Officer<br>

#### 2nd floor, S.E. Pearman Building<br>

#### 9 Par-la-Ville Road<br>

#### Hamilton HM11<br>

#### Bermuda<br>

#### +1 441 295 4705<br>

#### (Name, Telephone, Email and/or Facsimile number and Address of Company Contact Person)

#### Copies to:<br>

#### James A. McDonald <br>

#### Skadden, Arps, Slate, Meagher & Flom (UK) LLP <br>

#### 40 Bank Street, Canary Wharf <br>

#### London, E14 5DS <br>

#### United Kingdom <br>

#### +44 20 7519-7000
Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common shares, par value <br>$1.00 per share | CLCO | New York Stock Exchange |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☐

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):

Yes ☐ No ☒

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer ☐ Accelerated Filer ☐ Non-accelerated Filer ☒ <br> Emerging Growth Company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards † provided pursuant to Section 13(a) of the Exchange Act. ☒

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

☒ U.S. GAAP <br> ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board <br> ☐ Other

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☐

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
| [Presentation of Financial and Other Information](#tPOFA) | [Presentation of Financial and Other Information](#tPOFA) | [Presentation of Financial and Other Information](#tPOFA) | &nbsp;&nbsp;[iv](#tPOFA) |
| [Cautionary Statement Regarding Forward-Looking Statements](#tCSRF) | [Cautionary Statement Regarding Forward-Looking Statements](#tCSRF) | [Cautionary Statement Regarding Forward-Looking Statements](#tCSRF) | &nbsp;&nbsp;[vi](#tCSRF) |
| &nbsp;&nbsp;[PART I](#tPRT1) | &nbsp;&nbsp;[PART I](#tPRT1) | &nbsp;&nbsp;[PART I](#tPRT1) | &nbsp;&nbsp;&nbsp;[1](#tPRT1) |
| [ITEM 1.](#tITM1) | &nbsp;&nbsp;[Identity of Directors, Senior Management and Advisers](#tITM1) | &nbsp;&nbsp;[Identity of Directors, Senior Management and Advisers](#tITM1) | &nbsp;&nbsp;&nbsp;[1](#tITM1) |
|  | [A.](#tITM1A) | [Directors and Senior Management](#tITM1A) | &nbsp;&nbsp;&nbsp;[1](#tITM1A) |
|  | [B.](#tITM1B) | [Advisers](#tITM1B) | &nbsp;&nbsp;&nbsp;[1](#tITM1B) |
|  | [C.](#tITM1C) | [Auditors](#tITM1C) | &nbsp;&nbsp;&nbsp;[1](#tITM1C) |
| [ITEM 2.](#tITM2) | [OFFER STATISTICS AND EXPECTED TIMETABLE](#tITM2) | [OFFER STATISTICS AND EXPECTED TIMETABLE](#tITM2) | &nbsp;&nbsp;&nbsp;[1](#tITM2) |
|  | [A.](#tITM2A) | [Offer Statistics](#tITM2A) | &nbsp;&nbsp;&nbsp;[1](#tITM2A) |
|  | [B.](#tITM2B) | [Method And Expected Timetable](#tITM2B) | &nbsp;&nbsp;&nbsp;[1](#tITM2B) |
| [ITEM 3.](#tITM3) | [KEY INFORMATION](#tITM3) | [KEY INFORMATION](#tITM3) | &nbsp;&nbsp;&nbsp;[1](#tITM3) |
|  | [A.](#tITM3A) | [\[Reserved\]](#tITM3A) | &nbsp;&nbsp;&nbsp;[1](#tITM3A) |
|  | [B.](#tITM3B) | [Capitalization and Indebtedness](#tITM3B) | &nbsp;&nbsp;&nbsp;[1](#tITM3B) |
|  | [C.](#tITM3C) | [Reasons for the Offer and Use of Proceeds](#tITM3C) | &nbsp;&nbsp;&nbsp;[1](#tITM3C) |
|  | [D.](#tITM3D) | [Risk Factors](#tITM3D) | &nbsp;&nbsp;&nbsp;[2](#tITM3D) |
| [ITEM 4.](#tITM4) | &nbsp;&nbsp;[INFORMATION ON THE COMPANY](#tITM4) | &nbsp;&nbsp;[INFORMATION ON THE COMPANY](#tITM4) | &nbsp;&nbsp;[36](#tITM4) |
|  | [A.](#tITM4A) | [History and Development of the Company](#tITM4A) | &nbsp;&nbsp;[36](#tITM4A) |
|  | [B.](#tITM4B) | [Business Overview](#tITM4B) | &nbsp;&nbsp;[37](#tITM4B) |
|  | [C.](#tITM4C) | [Organizational Structure](#tITM4C) | &nbsp;&nbsp;[69](#tITM4C) |
|  | [D.](#tITM4D) | [Property, Plants and Equipment](#tITM4D) | &nbsp;&nbsp;[69](#tITM4D) |
| [ITEM 4A.](#tITM4U) | [UNRESOLVED STAFF COMMENTS](#tITM4U) | [UNRESOLVED STAFF COMMENTS](#tITM4U) | &nbsp;&nbsp;[70](#tITM4U) |
| [ITEM 5.](#tITM5) | &nbsp;&nbsp;[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#tITM5) | &nbsp;&nbsp;[OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#tITM5) | &nbsp;&nbsp;[71](#tITM5) |
|  | [A.](#tITM5A) | [Operating Results](#tITM5A) | &nbsp;&nbsp;[71](#tITM5A) |
|  | [B.](#tITM5B) | &nbsp;&nbsp;[Liquidity and Capital Resources](#tITM5B) | &nbsp;&nbsp;[82](#tITM5B) |
|  | [C.](#tITM5C) | [Research and Development, Patents and Licenses, etc.](#tITM5C) | &nbsp;&nbsp;[89](#tITM5C) |
|  | [D.](#tITM5D) | [Trend Information](#tITM5D) | &nbsp;&nbsp;[89](#tITM5D) |
|  | [E.](#tITM5E) | &nbsp;&nbsp;[Critical Accounting Estimates](#tITM5E) | &nbsp;&nbsp;[89](#tITM5E) |
| [ITEM 6.](#tITM6) | [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#tITM6) | [DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#tITM6) | &nbsp;&nbsp;[91](#tITM6) |
|  | [A.](#tITM6A) | [Directors and Senior Management](#tITM6A) | &nbsp;&nbsp;[91](#tITM6A) |
|  | [B.](#tITM6B) | &nbsp;&nbsp;[Compensation of Directors and Executive Officers](#tITM6B) | &nbsp;&nbsp;[93](#tITM6B) |
|  | [C.](#tITM6C) | [Board Practices](#tITM6C) | &nbsp;&nbsp;[93](#tITM6C) |
|  | [D.](#tITM6D) | [Employees](#tITM6D) | &nbsp;&nbsp;[95](#tITM6D) |
|  | [E.](#tITM6E) | [Share Ownership](#tITM6E) | &nbsp;&nbsp;[95](#tITM6E) |
| [ITEM 7.](#tITM7) | &nbsp;&nbsp;[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#tITM7) | &nbsp;&nbsp;[MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#tITM7) | &nbsp;&nbsp;[96](#tITM7) |
|  | [A.](#tITM7A) | [Major Shareholders](#tITM7A) | &nbsp;&nbsp;[96](#tITM7A) |
|  | [B.](#tITM7B) | [Related Party Transactions](#tITM7B) | &nbsp;&nbsp;[97](#tITM7B) |
|  | [C.](#tITM7C) | [Interests of Experts and Counsel](#tITM7C) | &nbsp;&nbsp;[99](#tITM7C) |
| [ITEM 8.](#tITM8) | [FINANCIAL INFORMATION](#tITM8) | [FINANCIAL INFORMATION](#tITM8) | &nbsp;&nbsp;[100](#tITM8) |
|  | [A.](#tITM8A) | [Consolidated Statements and Other Financial Information](#tITM8A) | &nbsp;&nbsp;[100](#tITM8A) |
|  | [B.](#tITM8B) | &nbsp;&nbsp;[Significant Changes](#tITM8B) | &nbsp;&nbsp;[100](#tITM8B) |
| [ITEM 9.](#tITM9) | [THE OFFER AND LISTING](#tITM9) | [THE OFFER AND LISTING](#tITM9) | &nbsp;&nbsp;[100](#tITM9) |
|  | [A.](#tITM9A) | [Offering and Listing Details](#tITM9A) | &nbsp;&nbsp;[100](#tITM9A) |
|  | [B.](#tITM9B) | [Plan of Distribution](#tITM9B) | &nbsp;&nbsp;[100](#tITM9B) |
|  | [C.](#tITM9C) | [Markets](#tITM9C) | &nbsp;&nbsp;[101](#tITM9C) |
|  | [D.](#tITM9D) | [Selling Shareholders](#tITM9D) | &nbsp;&nbsp;[101](#tITM9D) |
|  | [E.](#tITM9E) | [Dilution](#tITM9E) | &nbsp;&nbsp;[101](#tITM9E) |
|  | [F.](#tITM9F) | [Expenses of the Issue](#tITM9F) | &nbsp;&nbsp;[101](#tITM9F) |

---

i<br>

------

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | **Page** |
| [ITEM 10.](#tITM10) | [ADDITIONAL INFORMATION](#tITM10) | [ADDITIONAL INFORMATION](#tITM10) | &nbsp;&nbsp;[102](#tITM10) |
|  | [A.](#tITM10A) | [Share Capital](#tITM10A) | &nbsp;&nbsp;[102](#tITM10A) |
|  | [B.](#tITM10B) | [Memorandum and Articles of Association](#tITM10B) | &nbsp;&nbsp;[103](#tITM10B) |
|  | [C.](#tITM10C) | [Material Contracts](#tITM10C) | &nbsp;&nbsp;[113](#tITM10C) |
|  | [D.](#tITM10D) | [Exchange Controls](#tITM10D) | &nbsp;&nbsp;[113](#tITM10D) |
|  | [E.](#tITM10E) | [Taxation](#tITM10E) | &nbsp;&nbsp;[113](#tITM10E) |
|  | [F.](#tITM10F) | [Dividends and Paying Agents](#tITM10F) | &nbsp;&nbsp;[118](#tITM10F) |
|  | [G.](#tITM10G) | [Statement by Experts](#tITM10G) | &nbsp;&nbsp;[118](#tITM10G) |
|  | [H.](#tITM10H) | [Documents on Display](#tITM10H) | &nbsp;&nbsp;[118](#tITM10H) |
|  | [I.](#tITM10I) | [Subsidiary Information](#tITM10I) | &nbsp;&nbsp;[119](#tITM10I) |
| [ITEM 11.](#tITM11) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#tITM11) | [QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#tITM11) | &nbsp;&nbsp;[120](#tITM11) |
| [ITEM 12.](#tITM12) | [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#tITM12) | [DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#tITM12) | &nbsp;&nbsp;[120](#tITM12) |
|  | [A.](#tITM12A) | [Debt Securities](#tITM12A) | &nbsp;&nbsp;[120](#tITM12A) |
|  | [B.](#tITM12B) | [Warrants and Rights](#tITM12B) | &nbsp;&nbsp;[120](#tITM12B) |
|  | [C.](#tITM12C) | [Other Securities](#tITM12C) | &nbsp;&nbsp;[120](#tITM12C) |
|  | [D.](#tITM12D) | &nbsp;&nbsp;[American Depositary Shares](#tITM12D) | &nbsp;&nbsp;[120](#tITM12D) |
| [PART II](#tPRT2) | [PART II](#tPRT2) | [PART II](#tPRT2) | &nbsp;&nbsp;[121](#tPRT2) |
| [ITEM 13.](#tITM13) | [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#tITM13) | [DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#tITM13) | &nbsp;&nbsp;[121](#tITM13) |
| [ITEM 14.](#tITM14) | [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#tITM14) | [MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#tITM14) | &nbsp;&nbsp;[121](#tITM14) |
| [ITEM 15.](#tITM15) | [CONTROLS AND PROCEDURES](#tITM15) | [CONTROLS AND PROCEDURES](#tITM15) | &nbsp;&nbsp;[121](#tITM15) |
|  | [A.](#tITM15A) | [Disclosure Controls and Procedures](#tITM15A) | &nbsp;&nbsp;[121](#tITM15A) |
|  | [B.](#tITM15B) | [Management's Annual Report on Internal Control Over Financial Reporting](#tITM15B) | &nbsp;&nbsp;[121](#tITM15B) |
|  | [C.](#tITM15C) | [Attestation Report of the Registered Public Accounting Firm](#tITM15C) | &nbsp;&nbsp;[121](#tITM15C) |
|  | [D.](#tITM15D) | [Changes in Internal Control Over Financial Reporting](#tITM15D) | &nbsp;&nbsp;[121](#tITM15D) |
| [ITEM 16.](#tITM16) | [\[RESERVED\]](#tITM16) | [\[RESERVED\]](#tITM16) | &nbsp;&nbsp;[121](#tITM16) |
| [ITEM 16A.](#tITM16A) | [AUDIT COMMITTEE FINANCIAL EXPERT](#tITM16A) | [AUDIT COMMITTEE FINANCIAL EXPERT](#tITM16A) | &nbsp;&nbsp;[121](#tITM16A) |
| [ITEM 16B.](#tITM16B) | &nbsp;&nbsp;[CODE OF ETHICS](#tITM16B) | &nbsp;&nbsp;[CODE OF ETHICS](#tITM16B) | &nbsp;&nbsp;[121](#tITM16B) |
| [ITEM 16C.](#tITM16C) | &nbsp;&nbsp;[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#tITM16C) | &nbsp;&nbsp;[PRINCIPAL ACCOUNTANT FEES AND SERVICES](#tITM16C) | &nbsp;&nbsp;[121](#tITM16C) |
| [ITEM 16D.](#tITM16D) | [EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#tITM16D) | [EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#tITM16D) | &nbsp;&nbsp;[121](#tITM16D) |
| [ITEM 16E.](#tITM16E) | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#tITM16E) | [PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#tITM16E) | &nbsp;&nbsp;[121](#tITM16E) |
| [ITEM 16F.](#tITM16F) | [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#tITM16F) | [CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#tITM16F) | &nbsp;&nbsp;[121](#tITM16F) |
| [ITEM 16G.](#tITM16G) | [CORPORATE GOVERNANCE](#tITM16G) | [CORPORATE GOVERNANCE](#tITM16G) | &nbsp;&nbsp;[121](#tITM16G) |
| [ITEM 16H.](#tITM16H) | [MINE SAFETY DISCLOSURE](#tITM16H) | [MINE SAFETY DISCLOSURE](#tITM16H) | &nbsp;&nbsp;[122](#tITM16H) |
| [ITEM 16I.](#tITM16I) | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#tITM16I) | [DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#tITM16I) | &nbsp;&nbsp;[122](#tITM16I) |
| [PART III](#tPRT3) | [PART III](#tPRT3) | [PART III](#tPRT3) | &nbsp;&nbsp;[123](#tPRT3) |
| [ITEM 17.](#tITM17) | [FINANCIAL STATEMENTS](#tITM17) | [FINANCIAL STATEMENTS](#tITM17) | &nbsp;&nbsp;[123](#tITM17) |
| [ITEM 18.](#tITM18) | [FINANCIAL STATEMENTS](#tITM18) | [FINANCIAL STATEMENTS](#tITM18) | &nbsp;&nbsp;[123](#tITM18) |
| [ITEM 19.](#tITM19) | [EXHIBITS](#tITM19) | [EXHIBITS](#tITM19) | &nbsp;&nbsp;[123](#tITM19) |
| [Signatures](#tsig) | [Signatures](#tsig) | [Signatures](#tsig) | &nbsp;&nbsp;[125](#tsig) |

---

ii<br>

------

---

| | |
|:---|:---|
|  | **Page** |
| **[INDEX TO FINANCIAL STATEMENTS](#tITF)** | &nbsp;&nbsp;&nbsp;[F-1](#tITF) |
| **GOLAR SHIPPING AND VESSEL MANAGEMENT (a carve-out business of Golar LNG Limited)** |  |
| [AUDITED COMBINED CARVE-OUT FINANCIAL STATEMENTS](#tRIR) | &nbsp;&nbsp;&nbsp;[F-3](#tRIR) |
| **COOL COMPANY LTD.**  |  |
| [UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS](#tCCSO) | &nbsp;&nbsp;[F-32](#tCCSO) |
| **PERNLI MARINE LIMITED**  |  |
| [UNAUDITED FINANCIAL STATEMENTS](#tPMUBS) | &nbsp;&nbsp;[F-62](#tPMUBS) |
| **PERSECT MARINE LIMITED**  |  |
| [UNAUDITED FINANCIAL STATEMENTS](#tPBS) | &nbsp;&nbsp;[F-72](#tPBS) |
| **FELOX MARINE LIMITED**  |  |
| [UNAUDITED FINANCIAL STATEMENTS](#tFMUBS) | &nbsp;&nbsp;[F-82](#tFMUBS) |
| **RESPENT MARINE LIMITED**  |  |
| [UNAUDITED FINANCIAL STATEMENTS](#tRMBS) | &nbsp;&nbsp;[F-92](#tRMBS) |
| **COOL COMPANY LTD.**  |  |
| [UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION](#fZUPF) | [F-102](#fZUPF) |

---

iii<br>

------

#### PRESENTATION OF FINANCIAL AND OTHER INFORMATION
We prepare and report our financial statements in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") as issued by the Financial Accounting Standards Board (the "FASB"). We maintain our books and records in U.S. dollars. The combined carve-out financial statements of our predecessor for accounting purposes reflect the assets, liabilities and operating results of Cool Company Ltd., the eight subsidiaries that own or lease the eight vessels acquired from Golar LNG Limited ("Golar" or "Parent"), seven lessor variable interest entities ("VIEs") reflecting legacy sale and leaseback finance arrangements for seven of the vessels acquired, two management companies and The Cool Pool Limited (the "Predecessor"). The "Company", "we", "us" or "CoolCo" refer to Cool Company Ltd. and, as the context requires, its consolidated subsidiaries.

We have made rounding adjustments to some of the figures included in this registration statement. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that precede them.

Unless otherwise indicated, all references to "U.S. dollars," "dollars," "U.S. $" and "$" in this registration statement are to the lawful currency of the United States of America and references to "Norwegian Kroner" and "NOK" are to the lawful currency of Norway.

#### KEY PERFORMANCE INDICATORS
Throughout this registration statement, we provide a number of key performance indicators used by our management and often used by competitors in our industry. These and other key performance indicators are discussed in more detail in "Item 5. Operating and Financial Review and Prospects – A. Operating Results."

Time Charter Equivalent (or "TCE") rate is a measure of the average daily income performance of the twelve liquefied natural gas ("LNG") carrier ("LNGC") vessels that we currently own. For time charters, this is calculated by dividing time and voyage charter revenues less any voyage, charter hire and commission expenses, net, by the number of operating days during a reporting period. Operating days are calculated on a vessel-by-vessel basis and represent the calendar days in a given period that a vessel is in our possession less off-hire days as a result of scheduled repairs, scheduled drydocking or special or intermediate surveys and scheduled lay-ups. Under a time charter, the charterer pays substantially all of the vessel related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire during drydocking.

TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. We present average daily TCE rate, a non-U.S. GAAP measure, as we believe it provides additional meaningful information in conjunction with time and voyage charter revenues, the most directly comparable U.S. GAAP measure, because it assists management in making decisions regarding the deployment and use of our Vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies.

#### MARKET AND INDUSTRY DATA
Unless otherwise indicated, information contained in this registration statement concerning our industry and the markets in which we operate, including our general expectations and market position, market opportunity and market size, is based on industry publications and other published industry sources prepared by third parties, including the International Energy Agency ("IEA"), Clarkson Research Services Limited ("Clarksons Research"), Bloomberg, IHS Markit, Shell plc, the Brussels Report, the CIA World Factbook, U.S. Energy Information Administration and the International Group of Liquefied Natural Gas Importers, as well as publicly available information. In some cases, we do not expressly refer to the sources from which this data is derived. In that regard, when we refer to one or more sources of this type of data in any paragraph, you should assume that other data of this type appearing in the same paragraph is derived from the same sources, unless otherwise expressly stated or the context otherwise requires. We believe the data from third party sources to be reliable based on our management's knowledge of the industry.

The discussion contained under the heading "Item 4. Information on the Company – B. Business Overview – Industry" has been provided by Clarksons Research which has confirmed to us that it believes it accurately

iv<br>

------

#### **TABLE OF CONTENTS**
describes the international LNG shipping market as of the date of this registration statement. The statistical and graphical information we use in this registration statement has been compiled by Clarksons Research, from its database and other industry sources. Clarksons Research compiles and publishes data for the benefit of its clients. In connection therewith, Clarksons Research has advised that (i) certain information in Clarksons Research's database is derived from estimates or subjective judgments, (ii) the information in the databases of other maritime data collection agencies may differ from the information in Clarksons Research's database and (iii) while Clarksons Research has taken reasonable care in the compilation of the statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit and validation procedures.

#### TRADEMARKS
This registration statement may contain trademarks, service marks and trade names of third parties, which are the property of their respective owners. Our use or display of third parties' trademarks, service marks, trade names or products in this registration statement is not intended to, and does not, imply a relationship with, or endorsement or sponsorship by, us. Solely for convenience, the trademarks, service marks and trade names presented in this registration statement may appear without the®, TM or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks, service marks and trade names.

#### EXCHANGE CONTROL
Consent under the Exchange Control Act 1972 (and its related regulations) has been obtained from the Bermuda Monetary Authority for the issue and transfer of our common shares to and between non-residents of Bermuda for exchange control purposes provided our common shares remain listed on an appointed stock exchange, which includes the NYSE. In granting such consent the Bermuda Monetary Authority accepts no responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed in this registration statement.

v<br>

------

#### **TABLE OF CONTENTS**

#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This registration statement contains statements that constitute forward-looking statements about us and our industry that involve, substantial risks and uncertainties. All statements other than statements of historical fact contained in this registration statement, including, without limitation, statements regarding our future results of operations or financial condition, business strategy, acquisition plans and strategy, economic conditions, both generally and in particular in the LNG and LNGC markets, and objectives of management for future operations, are forward-looking statements. Many of the forward-looking statements contained in this registration statement can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "may," "will," "would," "project," "predict," "estimate" and "potential," among others.

Forward-looking statements appear in a number of places in this registration statement and include, but are not limited to, statements regarding our intent, belief or current expectations. You should not rely on forward-looking statements as predictions of future events. Forward-looking statements are based on our management's beliefs and assumptions and on information currently available to our management.

Forward-looking statements include such matters as:

&nbsp;&nbsp;&nbsp;&nbsp;• plans to acquire vessels and any associated contracts thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• expected trends in our industry, including those discussed under "Item 4. Information on the Company – B. Business Overview – Industry" and under "Item 5. Operating and Financial Review and Prospects – A. Operating Results – Recent Trends and Outlook";

&nbsp;&nbsp;&nbsp;&nbsp;• expected trends in the global fleet of LNG vessels, including expected scrapping;

&nbsp;&nbsp;&nbsp;&nbsp;• expected trends in LNG demand;

&nbsp;&nbsp;&nbsp;&nbsp;• expected market trends and expected impact of sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;• expected trends in LNGC hire rates;

&nbsp;&nbsp;&nbsp;&nbsp;• intention to reduce carbon emissions intensity; and

&nbsp;&nbsp;&nbsp;&nbsp;• expected trends in scrapping and reduction of steam vessels.

Additionally, such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to of various factors, including, but not limited to, those identified under "Item 3. Key Information – D. Risk Factors" in this registration statement. These risks and uncertainties include factors relating to:

&nbsp;&nbsp;&nbsp;&nbsp;• general economic, political and business conditions, including sanctions and other measures;

&nbsp;&nbsp;&nbsp;&nbsp;• general LNG market conditions, including fluctuations in charter hire rates and vessel values;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in demand in the LNG shipping industry, including the market for eight modern tri-fuel diesel electric ("TFDE") vessels we acquired from Golar (the "Original Vessels") and the four modern two-stroke and TFDE vessels acquired from Quantum Crude Tankers Ltd (the "Acquisition Vessels") (the Original Vessels and Acquisition Vessels are collectively referred to as the "Vessels");

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the supply of LNG vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully employ the Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;

&nbsp;&nbsp;&nbsp;&nbsp;• compliance with, and our liabilities under, governmental, tax environmental and safety laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental regulation, tax and trade matters and actions taken by regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;• potential disruption of shipping routes and demand due to accidents, piracy or political events;

&nbsp;&nbsp;&nbsp;&nbsp;• vessel breakdowns and instances of loss of hire;

vi<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• vessel underperformance and related warranty claims;

&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of the Newbuild Vessels (as defined herein);

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to procure or have access to financing and refinancing, including financing for the Newbuild Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign currency exchange and interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;• potential conflicts of interest involving our significant shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• our limited operating history under the CoolCo name;

&nbsp;&nbsp;&nbsp;&nbsp;• other factors that may affect our financial condition, liquidity and results of operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• other risk factors discussed under "Item 3. Key Information – D. Risk Factors."

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this registration statement. The unprecedented nature of the COVID-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that "we believe" and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this registration statement. And while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this registration statement relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this registration statement to reflect events or circumstances after the date of this registration statement or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

vii<br>

------

#### PART I

---

| | |
|:---|:---|
| **ITEM 1.**<br>| **Identity of Directors, Senior Management and Advisers** |

---

A. **Directors and Senior Management**

For information on our directors and senior management, see "Item 6. Directors, Senior Management and Employees – A. Directors and Senior Management."

B. **Advisers**

Not Applicable.

C. **Auditors**

See "Item 10. Additional Information – G. Statements by Experts."

---

| | |
|:---|:---|
| **ITEM 2.**<br>| **OFFER STATISTICS AND EXPECTED TIMETABLE** |

---

A. **Offer Statistics**

Not applicable.

B. **Method And Expected Timetable**

Not applicable.

---

| | |
|:---|:---|
| **ITEM 3.**<br>| **KEY INFORMATION** |

---

A. **[Reserved]**

B. **Capitalization and Indebtedness**

The table below sets forth our cash and cash equivalents and capitalization as of September 30, 2022, derived from our consolidated financial statements included elsewhere in this registration statement:

Investors should read this table in conjunction with our consolidated financial statements included in this registration statement.

---

| | |
|:---|:---|
|  | **As of** <br>**September 30,** <br>**2022** |
|  | (unaudited) |
|  | **(in thousands of $)** |
| **Cash:**<br>|  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;94790  |
| **Capitalization:**<br>|  |
| **Liabilities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Interest bearing debt (long term and short term), net of deferred charges (secured) | &nbsp;&nbsp;&nbsp;&nbsp;657378 |
| &nbsp;&nbsp;&nbsp;Other Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;119435 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**776813** |
| **Equity:**<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners' equity | &nbsp;&nbsp;&nbsp;&nbsp;394863  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated retained earnings  | &nbsp;&nbsp;&nbsp;&nbsp;52529  |
| &nbsp;&nbsp;&nbsp;Total owners' equity  | &nbsp;&nbsp;&nbsp;&nbsp;447392  |
| &nbsp;&nbsp;&nbsp;Non-controlling interests  | &nbsp;&nbsp;&nbsp;&nbsp;69099  |
| **Total Equity** | &nbsp;&nbsp;&nbsp;&nbsp;**516491**  |
| **Total Capitalization** | &nbsp;&nbsp;&nbsp;&nbsp;**1293304** |

---

C. **Reasons for the Offer and Use of Proceeds**

Not applicable.

1<br>

------

#### **TABLE OF CONTENTS**
D. **Risk Factors**

*Our business, financial condition and results of operations could be materially and adversely affected if any of the risks described below occur. As a result, the market price of our ordinary shares could decline, and you could lose all or part of your investment. This registration statement also contains forward-looking statements that involve risks and uncertainties. See "Cautionary Statement Regarding Forward-Looking Statements." Our actual results could differ materially and adversely from those anticipated in these forward-looking statements due to certain factors, including the risks facing our Company.*

#### Risk Factors Summary
Investing in our ordinary shares and our ability to successfully operate our business and execute our growth plan each are subject to numerous and substantial risks. You should carefully consider the risks described in the risk factors below before deciding to invest in our ordinary shares. If any of these risks actually occurs, our business, financial condition or results of operations could be materially and adversely affected. In such case, the trading price of our ordinary shares would likely decline, and you may lose all or part of your investment. The following is a summary of some of the principal risks we face:

&nbsp;&nbsp;&nbsp;&nbsp;• general economic, political and business conditions, including sanctions and other measures;

&nbsp;&nbsp;&nbsp;&nbsp;• general LNG market conditions, including fluctuations in charter hire rates and vessel values;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in demand in the LNG shipping industry, including the market for our Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in the supply of LNG vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully employ our Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in our operating expenses, including fuel or cooling down prices and lay-up costs when vessels are not on charter, drydocking and insurance costs;

&nbsp;&nbsp;&nbsp;&nbsp;• compliance with, and our liabilities under, governmental, tax, environmental and safety laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental regulation, tax and trade matters and actions taken by regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;• potential disruption of shipping routes and demand due to accidents, piracy or political events;

&nbsp;&nbsp;&nbsp;&nbsp;• vessel breakdowns and instances of loss of hire;

&nbsp;&nbsp;&nbsp;&nbsp;• vessel underperformance and related warranty claims;

&nbsp;&nbsp;&nbsp;&nbsp;• our expectations regarding the availability of vessel acquisitions and our ability to complete the acquisition of the Newbuild Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to procure or have access to financing and refinancing, including financing for the Newbuild Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• our continued borrowing availability under our credit facilities and compliance with the financial covenants therein;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in foreign currency exchange and interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;• potential conflicts of interest involving our significant shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• our limited operating history under the CoolCo name;

&nbsp;&nbsp;&nbsp;&nbsp;• other factors that may affect our financial condition, liquidity and results of operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• other risk factors discussed under "Item 3. Key Information – D. Risk Factors."

2<br>

------

#### **TABLE OF CONTENTS**

#### Risks Related to Our Industry

#### Our results of operations and financial condition depend on demand for LNGCs.
Our results of operations and financial condition depend on continued world and regional demand for LNGCs which could be negatively affected by several factors, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• price and availability of natural gas, LNG, crude oil and petroleum products;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost of natural gas derived from LNG relative to the cost of natural gas;

&nbsp;&nbsp;&nbsp;&nbsp;• further development of, or decreases in the cost of, alternative technologies for LNG transportation;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in the production levels of low-cost natural gas in domestic natural gas consuming markets, which could further depress prices for natural gas in those markets and make LNG uneconomical;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in the production of natural gas in areas linked by pipelines to consuming areas, the extension of existing, or the development of new, pipeline systems in markets we may serve, or the conversion of existing non-natural gas pipelines to natural gas pipelines in those markets;

&nbsp;&nbsp;&nbsp;&nbsp;• negative global or regional economic or political conditions, particularly in LNG-consuming regions, could reduce energy consumption or its growth;

&nbsp;&nbsp;&nbsp;&nbsp;• global and regional economic and political conditions and developments, armed conflicts, including the recent conflicts between Russia and Ukraine, and terrorist activities, trade wars, tariffs, embargoes and strikes;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of sanctions on LNG production;

&nbsp;&nbsp;&nbsp;&nbsp;• decreases in the consumption of natural gas due to increases in its price relative to other energy sources or other factors making consumption of natural gas less attractive;

&nbsp;&nbsp;&nbsp;&nbsp;• any significant explosion, spill or other incident involving an LNG facility or carrier, conventional land-based regasification or liquefaction system, or floating storage and regasification units ("FSRUs");

&nbsp;&nbsp;&nbsp;&nbsp;• new taxes or regulations affecting LNG production or liquefaction that make LNG production less attractive;

&nbsp;&nbsp;&nbsp;&nbsp;• a significant increase in the number of LNGCs available, whether by a reduction in the scrapping of existing vessels or the increase in construction of vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in interest rates or other events that may affect the availability of sufficient financing for LNG projects on commercially reasonable terms;

&nbsp;&nbsp;&nbsp;&nbsp;• the inability of project owners or operators to obtain governmental approvals to construct or operate LNG facilities;

&nbsp;&nbsp;&nbsp;&nbsp;• local community resistance to proposed or existing LNG facilities based on safety, environmental or security concerns;

&nbsp;&nbsp;&nbsp;&nbsp;• labor or political unrest affecting existing or proposed areas of LNG production, liquefaction and regasification;

&nbsp;&nbsp;&nbsp;&nbsp;• availability of new, alternative energy sources, including renewables; and

&nbsp;&nbsp;&nbsp;&nbsp;• decrease in demand for LNG imports globally following any easing or lifting of sanctions and/or the continued import of Russian natural gas.

Reduced demand for LNG or LNG liquefaction, storage, shipping or regasification, or any reduction or limitation in LNG production capacity, could have a material adverse effect on prevailing charter rates or the market value of our Vessels, which could have a material adverse effect on our business, financial condition and results of operations.

3<br>

------

#### **TABLE OF CONTENTS**
Additionally, we depend on oil and gas companies' willingness and ability to continue making operating and capital expenditures to explore, develop and produce natural gas. Limitations on the availability of capital or higher costs of capital for financing expenditures, or the desire to preserve liquidity, may cause oil and gas companies to make reductions in future capital budgets and outlays, which will affect the LNG market and our operational costs.

Demand for our Vessels is dependent upon economic growth in the world's economies, seasonal and regional changes in demand, changes in the capacity of the global LNG fleet and the sources and supply of LNG transported by sea. The capacity of the global LNG fleet seems likely to increase and economic growth may not resume in areas that have experienced a recession or continue in other areas. Factors that influence the capacity of the global LNG fleet, include:

&nbsp;&nbsp;&nbsp;&nbsp;• the number of newbuilding orders and deliveries, as these may be impacted by the availability of financing for shipping activity;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shipyards, availability at shipyards and ability of shipyards to deliver vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• scrapping of older vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• speed of vessel operation;

&nbsp;&nbsp;&nbsp;&nbsp;• vessel casualties, including loss or material damage to, grounding or disabling of a vessel;

&nbsp;&nbsp;&nbsp;&nbsp;• the degree of recycling of older vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• number of vessels that are out of service;

&nbsp;&nbsp;&nbsp;&nbsp;• availability of financing for new vessels and shipping activity;

&nbsp;&nbsp;&nbsp;&nbsp;• business disruptions, including supply chain disruptions and congestion, due to natural and other disasters, including the COVID-19 pandemic;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in regulations that may effectively cause reductions in the carrying capacity of vessels or early obsolescence of vessels; and

&nbsp;&nbsp;&nbsp;&nbsp;• environmental concerns and uncertainty around new regulations relating to, among other things, new technologies which may delay the ordering of new vessels.

In addition to the prevailing and anticipated charter rates, factors that affect the rate of newbuilding, scrapping and laying-up include newbuilding prices, secondhand vessel values in relation to scrap prices, costs of bunkers and other operating costs, costs associated with classification society surveys, normal maintenance costs, insurance coverage costs, the efficiency and age profile of the existing LNG fleet in the market, and government and industry regulation of maritime transportation practices, particularly environmental protection laws and regulations. These factors are outside of our control, and we may not be able to accurately evaluate the timing and degree of changes in industry conditions.

***Global climate change may increase the frequency and severity of weather events and the losses resulting therefrom, which could have a material adverse effect on the economies in the markets in which we operate or plan to operate in the future and therefore on our business.***

Over the past several years, changing weather patterns and climatic conditions, such as global warming, have added to the unpredictability and frequency of natural disasters in certain parts of the world, including the markets in which we operate and intend to operate, and have created additional uncertainty as to future trends. There is a growing consensus today that climate change increases the frequency and severity of extreme weather events and, in recent years, the frequency of major weather events appears to have increased. We cannot predict whether or to what extent damage that may be caused by natural events, such as severe tropical storms, hurricanes, cyclones and typhoons will affect our operations or the economies in our current or future market areas, but the increased frequency and severity of such weather events could increase the negative impact on economic conditions in these regions and affect our ability to transport natural gas. In particular, if one of the regions in which our Vessels and other vessels we may acquire in the future are operating is impacted by such a natural catastrophe in the future, it could have a material adverse effect on our business, financial condition and results of operations. Further, the economies of such impacted areas may require significant time to recover and there is no assurance that a full recovery will occur.

4<br>

------

***Increasing scrutiny and changing expectations from customers, investors, lenders and other market participants with respect to our ESG policies may impose additional costs on us or expose us to additional risks.***

Companies across all industries are facing increasing scrutiny relating to their Environmental, Social and Governance ("ESG") policies. Investor advocacy groups, certain institutional investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years have placed growing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or not to commit capital as a result of their assessment of a company's ESG practices. Companies that do not adapt to or comply with investor, lender or other industry participant expectations and standards, which are evolving, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and the business, financial condition or results of operations of such a company could be materially and adversely affected.

We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make further investments in us, especially given the nature of the business of transportation of LNG in which we are engaged. If we do not meet these standards, our business or our ability to access capital could be harmed.

Additionally, certain investors and lenders may exclude companies engaged in the transportation of LNG, such as us, from their investing portfolios altogether due to ESG factors. These limitations in both the debt and equity capital markets may affect our ability to grow as our plans for growth may include accessing those markets. If those markets are unavailable, or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our business, financial condition and results of operations and impair our ability to service our indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide-ranging ESG requirements. Similarly, these policies may negatively impact the ability of other businesses in our supply chain, including natural gas producers, as well as users of LNG and natural gas, to access debt and capital markets. The occurrence of any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

#### Political, governmental and economic instability and sanctions or embargoes imposed by the U.S. or other governmental authorities could adversely affect our business.
The operations of certain of our customers may be adversely affected by changing economic, political and government conditions in the countries and regions where our Vessels are employed or registered. We operate in, and/or are pursuing opportunities in areas of the world that are likely to be adversely impacted by the effects of political conflicts, including the current political instability in Ukraine, the Middle East and the South China Sea region, terrorist or other attacks, and war (or threatened war) or international hostilities. These uncertainties could also adversely affect our ability to obtain financing on terms acceptable to us or at all. Any of these occurrences could have a material adverse impact on our operating results.

In addition, political instability has resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf and Gulf of Guinea regions. The conflict in Ukraine has resulted in several countries and international organizations, such as the U.S., the U.K. and the EU, imposing trade and investment sanctions against Russia which are expected to adversely affect the global economy. Russian LNG is not currently sanctioned but investment in new Russian LNG supply is affected – as are several market participants with connections to Russia. While our Vessels and their respective charterers are not directly impacted by these measures, these factors could also increase our costs of conducting our business, particularly crew, insurance and security costs, and prevent or restrict us from obtaining insurance coverage, all of which have may have a material adverse effect on our business, financial condition and results of operations.

While recent supply chain disruptions that occurred globally have not to date materially impacted our business or operations, LNG supply chains could be further disrupted by factors outside of our control, including those related to and resulting from Russia's invasion of Ukraine. These factors could include (i) a reduction in the supply or availability of equipment or products to maintain and replace our Vessels, (ii) labor shortages, (iii) the potential physical effects of climate change, such as increased frequency and severity of storms,

5<br>

------

#### **TABLE OF CONTENTS**
precipitation, floods and other climatic events and their impact on maritime transportation and the LNG supply chain and (iv) economic sanctions or embargoes, including those relating to Russia's invasion of Ukraine and high costs due to challenges with sourcing materials or exposure to supply chain risk due to the invasion.

In addition, tariffs, trade embargoes and other economic sanctions imposed by the U.S. or other countries, against countries in which we operate, or to which we trade, or to which we or any of our customers or business partners become subjected to, could harm our business. We could be subjected to monetary fines, penalties, or other sanctions, and our reputation and the market for our common shares could be adversely affected if we were found to be in a violation of sanctions or embargo laws.

Further, governments may turn to trade barriers to protect their domestic industries against foreign imports, thereby depressing shipping demand. This could have a material adverse effect on our business, financial condition and results of operations.

***Our operations may be impacted by, and growth of our business may be limited by, many factors, including infrastructure constraints and community and political group resistance to existing and new LNG and natural gas infrastructure over concerns about the environment, environmental justice, safety and terrorism.***

The number of existing LNG import terminal projects is limited, and new or expanded LNG import terminal projects are highly complex and capital intensive. Many factors could negatively affect continued development of LNG-related infrastructure, including floating storage and regasification, or disrupt the supply of LNG, including:

&nbsp;&nbsp;&nbsp;&nbsp;• limited downstream infrastructure limiting the development of new or expanded import terminals;

&nbsp;&nbsp;&nbsp;&nbsp;• local community resistance to proposed or existing LNG facilities based on safety, environmental, environmental justice or security concerns;

&nbsp;&nbsp;&nbsp;&nbsp;• any significant explosion, spill or similar incident involving an LNG facility or vessel involved in the LNG transportation, storage and regasification industry, including an LNGC (such as the major fire at the Freeport LNG facility in Quintana, Texas in June 2022, which significantly disrupted its operations and is expected to exacerbate global LNG shortages through sometime in the first quarter 2023 on the basis of currently available information); and

&nbsp;&nbsp;&nbsp;&nbsp;• labor or political unrest affecting existing or proposed sites for LNG regasification terminals.

Additionally, if there are adverse effects or delays to the continued development of LNG-related infrastructure, then there could be an excess of available LNG shipping tonnage in the market, resulting in weaker pricing for our services.

We expect that if the LNG supply chain is disrupted or does not continue to grow, or if a significant explosion, spill or similar incident occurs within the LNG transportation, storage and regasification industry, it could have a material adverse effect on our business, financial condition and results of operations.

#### Maritime claimants could arrest our vessels, which could interrupt our cash flows.
If we are in default on certain kinds of obligations, such as those to our lenders, crew members, suppliers of goods and services to our vessels or shippers of cargo, these parties may be entitled to a maritime lien against one or more of our vessels. In many jurisdictions, a maritime lien holder may enforce its lien by arresting a vessel through foreclosure proceedings. In certain jurisdictions, claimants could try to assert "sister ship" liability against one vessel in our fleet for claims relating to another of our vessels. The arrest or attachment of one or more of our vessels could interrupt our cash flows and require us to pay to have the arrest lifted. This would negatively impact our revenues and reduce our cash flows.

#### We are dependent on continued exploration and production of gas.
We depend on oil and gas companies' willingness and ability to continue making operating and capital expenditures to explore, develop and produce natural gas. Limitations on the availability of capital or higher costs of capital for financing expenditures, or the desire to preserve liquidity, may cause oil and gas companies to make additional reductions in future capital budgets and outlays, which will affect the LNG market and our operational costs.

6<br>

------

#### **TABLE OF CONTENTS**

#### Risks Related to Our Business
***Our business relies on the performance by customers under current charters or charters we will enter into in the future, and we could be materially and adversely affected if any customer fails to perform its contractual obligations for any reason, including nonpayment and nonperformance, or if we fail to enter into such charters at all.***

The substantial majority of our revenue is generated from time charter contracts for our Original Vessels and other vessels in a pooling arrangement whereby they are traded (the "Cool Pool") and time charter contracts for the Acquisition Vessels, which trade outside the pooling arrangement. Accordingly, our near-term ability to generate cash is dependent on our customers' continued willingness and ability to continue purchasing our services and to perform their obligations under their respective contracts. Their obligations may include certain nomination or operational responsibilities or compliance with certain contractual representations and warranties in addition to payment of fees for the use of our Vessels.

No assurance can be given that we will manage to obtain favorable contracts for our Vessels. There is no certainty that we will be able to enter into new charterparties for our Vessels or renew charterparties with equally or more favorable contracts upon their expiration. Any periods of non-employment of our Vessels and renewals of or new contracts on less favorable terms will negatively affect our results of operation.

Our credit procedures and policies may be inadequate to eliminate risks of nonpayment and nonperformance. Additionally, we may face difficulties in enforcing our contractual rights against contractual counterparties, including due to the cost and time involved in resolution of disputes by arbitration and litigation, difficulty in enforcing international arbitration awards particularly in situations where all or most of a counterparty's assets are located in its home jurisdiction and involuntary submission to local courts notwithstanding contract clauses providing for international arbitration.

#### Our contracts with our customers are subject to termination under certain circumstances.
Our contracts with our customers contain various termination rights. For example, each of our long-term time charters contain various termination rights, including:

&nbsp;&nbsp;&nbsp;&nbsp;• at the end of a specified time period following certain events such as the outbreak of war or hostilities involving two or more major nations, if such war or hostilities materially and adversely affect the trading of the vessel for a certain period;

&nbsp;&nbsp;&nbsp;&nbsp;• a number of consecutive days off-hire in each year;

&nbsp;&nbsp;&nbsp;&nbsp;• loss of or requisition of the vessel;

&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of an insolvency event; and

&nbsp;&nbsp;&nbsp;&nbsp;• the occurrence of certain uncured, material breaches.

We may not be able to replace these contracts on desirable terms, or at all, if they are terminated prior to the end of their terms. Contracts that we enter into in the future may contain similar provisions. In addition, our customers may choose not to extend existing contracts. As a result, we may have an underutilized fleet or we may enter into new contracts at lower rates, and we will still have operational costs and financing obligations to meet regardless of use. If any of our current or future contracts are terminated prior to the end of their terms, such termination could have a material adverse effect on our business, financial condition and results of operations.

***The operation of our Vessels is inherently risky, and an incident involving health, safety, property or environmental consequences involving any of our Vessels could harm our reputation, business and financial condition.***

Our Vessels and the LNG and natural gas onboard are at risk of being damaged or lost because of events such as:

&nbsp;&nbsp;&nbsp;&nbsp;• marine disasters;

&nbsp;&nbsp;&nbsp;&nbsp;• piracy;

&nbsp;&nbsp;&nbsp;&nbsp;• environmental incidents;

&nbsp;&nbsp;&nbsp;&nbsp;• bad weather;

7<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• mechanical failures;

&nbsp;&nbsp;&nbsp;&nbsp;• grounding, fire, explosions and collisions;

&nbsp;&nbsp;&nbsp;&nbsp;• human error; and

&nbsp;&nbsp;&nbsp;&nbsp;• war and terrorism.

An accident or incident involving any of our Vessels could result in any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• death or injury to persons, loss of property or damage to the environment, natural resources or protected species, and associated costs;

&nbsp;&nbsp;&nbsp;&nbsp;• suspension or termination of customer contracts, and resulting loss of revenues;

&nbsp;&nbsp;&nbsp;&nbsp;• governmental fines, penalties or restrictions on conducting business;

&nbsp;&nbsp;&nbsp;&nbsp;• higher insurance rates; and

&nbsp;&nbsp;&nbsp;&nbsp;• damage to our reputation and customer relationships generally, thereby threatening company viability.

Furthermore, our management company will be under review and attract scrutiny if there is an accident or incident involving any of our Vessels. Any of these results could have a material adverse effect on our business, financial condition and results of operations.

If our Vessels suffer damage, they may need to be repaired. The costs of vessel repairs are unpredictable and can be substantial. We may have to pay repair costs that our insurance policies do not cover, for example, due to insufficient coverage amounts or the refusal by our insurance provider to pay a claim. The loss of earnings while these vessels are being repaired, as well as the actual cost of these repairs not otherwise covered by insurance, could materially adversely affect our business, financial condition and results of operations.

Environmental, health and safety performance is critical to the success of all areas of our business. Any failure in environmental, health and safety performance may result in penalties for non-compliance with relevant regulatory requirements or litigation, and a failure that results in a significant environmental, health and safety incident is likely to be costly in terms of potential liabilities. Such a failure could generate public concern and negative media coverage and have a corresponding impact on our reputation and our relationships with relevant regulatory agencies and local communities, which in turn could have a material adverse effect on our business, financial condition and results of operations.

#### We may experience operational problems with our Vessels that could reduce revenue, increase costs or lead to termination of our customer contracts.
Our Vessels are complex and their operations are technically challenging and the operation of our Vessels is subject to mechanical risks. Operational problems may lead to loss of revenue or higher than anticipated operating expenses or require additional capital expenditures. Moreover, pursuant to our customer contracts, our Vessels must maintain certain specified performance standards, which may include timeliness, consumption of no more than a specified amount of fuel per day or a requirement not to exceed a maximum average daily boil-off through the course of a defined period of time. If we fail to maintain these standards and no contractual exceptions such as bad weather apply, we may be liable to our customers for reduced hire, damages and certain liquidated damages payable under the charterer's contract with its customer, and in certain circumstances, our customers may be entitled to terminate their respective contracts with us. Any of these results could harm our business, financial condition and results of operations.

#### We must make substantial expenditures to maintain and replace, over the long-term, the operating capacity of our fleet and associated assets.
Repairs, maintenance and replacement capital expenditures include expenditures associated with drydocking a vessel, modifying an existing vessel, acquiring a new vessel or otherwise repairing or replacing current vessels and associated assets, at the end of their useful lives. These expenditures could vary significantly from quarter to quarter and could increase as a result of changes in:

&nbsp;&nbsp;&nbsp;&nbsp;• the cost of labor and materials;

&nbsp;&nbsp;&nbsp;&nbsp;• customer requirements;

8<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• fleet size;

&nbsp;&nbsp;&nbsp;&nbsp;• the cost of replacement vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• length of charters;

&nbsp;&nbsp;&nbsp;&nbsp;• governmental regulations and maritime self-regulatory organization standards relating to safety, security or the environment;

&nbsp;&nbsp;&nbsp;&nbsp;• competitive standards; and

&nbsp;&nbsp;&nbsp;&nbsp;• operating conditions, including adverse weather events, sea currents and natural disasters impacting performance, required maintenance and repair intervals and spending.

Significant increases in such expenditures could materially adversely affect our business, financial condition and results of operations.

#### We face risks in connection with our purchase of the Acquisition Vessels.
We purchased the four Acquisition Vessels from Quantum Crude Tankers Ltd., an affiliate of EPS in November 2022. We face risks in connection with the acquisition of these vessels.

Our subsidiary ManCo (as defined herein) currently manages these vessels and did so prior to the acquisition, but we face risks in connection with the integration of these vessels into our fleet. These vessels also significantly increased the size of our fleet and put increasing demands on our organization.

We also face risks in connection with the debt associated with the Acquisition Vessels. When we acquired the vessels, we also acquired debt, secured by pledges over the vessels, equal to $520 million in the aggregate. The acquisition of this debt significantly increases our debt and risks associated with such debt and significantly increases our finance expense.

We face risks associated with the charters in place for the Acquisition Vessels. These charters can be extended by the charterer for additional time periods. Such charters may prevent us from deploying the vessels on more profitable charters if market rates increase in the future.

***We face risks in connection with the contracts for the option to acquire the Newbuild Vessels, including the risk that we have not obtained any debt financing or charter agreements for these vessels.***

We have the option to acquire the contracts for the Newbuild Vessels and such option is exercisable prior to June 30, 2023. We will face a number of risks in connection with the planned acquisition of these contracts if the option is exercised.

The purchase consideration under the option to acquire the Newbuild Vessels is $234 million per vessel. We expect to finance, with debt, a significant portion of the remaining purchase price for each vessel but we have not yet obtained any financing commitments. If we are unable to obtain sufficient financing after exercising the option, we may need to raise additional equity financing or we may not be able to acquire the vessels as required under the contracts, which could result in loss of deposits, potential claims against us or sales of the contracts (if we are able to sell them) on terms that are not favorable to us. In addition, any financing we do incur may not be on favorable terms, may impose onerous covenants and could result in higher than expected financing expenses.

In addition, we do not have any charter agreements in place for these vessels and may not charter the vessels until closer to the time of delivery. We face the risk that we may be unable to charter the vessels on favorable terms. The rates we are able to achieve will depend on market conditions at the time we enter into the charters. Furthermore, we may not be able to secure charters for the vessels upon delivery.

We also face the risk of delay in delivery of the vessels, scheduled for delivery on or before January 20, 2025 and February 28, 2025, respectively. Any significant delays in the delivery of one or both of these ships would delay our collection of revenues under any charters we are able to enter into for those vessels. Any such delays could result in the cancellation of those time charters or introduce other liabilities under those charters, which could adversely affect our business, financial condition and results of operations. In addition, the delivery of any of these ships with substantial defects or unexpected operational problems post-delivery could have similar consequences.

9<br>

------

#### **TABLE OF CONTENTS**
The delivery of a newbuilding could be delayed because of numerous factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;• our inability to secure adequate debt financing on acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;• shortages of equipment, materials or skilled labor;

&nbsp;&nbsp;&nbsp;&nbsp;• delays in the receipt of necessary construction materials, such as steel, or equipment, such as engines or generators;

&nbsp;&nbsp;&nbsp;&nbsp;• failure of equipment to meet quality and/or performance standards;

&nbsp;&nbsp;&nbsp;&nbsp;• the shipyard's over-committing to new ships to be constructed;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in governmental regulations or maritime self-regulatory organization standards;

&nbsp;&nbsp;&nbsp;&nbsp;• financial or operating difficulties experienced by equipment vendors or the shipyard;

&nbsp;&nbsp;&nbsp;&nbsp;• required changes to the original ship specifications;

&nbsp;&nbsp;&nbsp;&nbsp;• inability to obtain required permits or approvals;

&nbsp;&nbsp;&nbsp;&nbsp;• disputes with the shipyard;

&nbsp;&nbsp;&nbsp;&nbsp;• work stoppages and other labor disputes; and

&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters or any other disruptive events, such as an outbreak of war.

Finally, as with any vessel newbuild contract, we face the risk that the value of the vessel could be lower than the purchase price at the time of delivery. If market conditions result in a value of the Newbuild Vessels being less than the purchase price, this could have a negative impact on our business, financial condition and results of operations.

#### We may have difficulty further expanding our fleet in the future through newbuild vessels and vessels acquisitions.
In addition to our plan to acquire the Newbuild Vessels, we may expand our fleet by ordering additional newbuilding ships and by making selective acquisitions of high-quality secondhand ships to the extent that they are available. Our ability to acquire such vessels will depend on numerous factors, some of which are beyond our control, including our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;• identify attractive vessel acquisition opportunities and consummate such acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;• obtain newbuilding contracts at acceptable prices;

&nbsp;&nbsp;&nbsp;&nbsp;• obtain required financing on acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;• secure charter arrangements on terms acceptable to our lenders;

&nbsp;&nbsp;&nbsp;&nbsp;• expand our relationships with existing customers and establish new customer relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• recruit and retain additional suitably qualified and experienced seafarers and shore-based employees;

&nbsp;&nbsp;&nbsp;&nbsp;• continue to meet technical and safety performance standards;

&nbsp;&nbsp;&nbsp;&nbsp;• manage joint ventures; and

&nbsp;&nbsp;&nbsp;&nbsp;• manage the expansion of our operations to integrate the new ships into our existing fleet.

During periods in which charter rates are high, vessel values are generally high as well, and it may be difficult to consummate vessel acquisitions or enter into shipbuilding contracts at favorable prices. In addition, any vessel acquisition we complete may not be profitable at or after the time of acquisition and may not generate cash flows sufficient to justify the investment. We may not be successful in executing any future growth plans, and we cannot give any assurances that we will not incur significant expenses and losses in connection with such growth efforts. Furthermore, throughout various sections of this registration statement, we present information that assumes that the acquisition of the Newbuild Vessels will be consummated.

10<br>

------

#### **TABLE OF CONTENTS**
***Hire rates for LNG vessels may fluctuate substantially, and lower rates could have a material adverse effect on our business, financial condition and results of operations. Additionally, oversupply of LNGCs in the LNG shipping market could impact our profitability.***

All of our revenues are derived from a single market, the LNG carrier segment, and therefore our financial results depend on chartering activities and developments in this segment. The LNG shipping industry is cyclical with attendant volatility in charter hire rates and profitability. The degree of charter hire rate volatility among different types of LNG vessels has varied widely, and time charter and spot market rates for LNG vessels have in the recent past declined below the operating costs of vessels.

Hire rates for vessels fluctuate over time as a result of changes in the supply-demand balance relating to current and future vessel supply. This supply-demand relationship largely depends on a number of factors outside our control. For example, driven in part by an increase in LNG production capacity, ordering of new vessels has increased and market supply could increase at a rate that exceeds demand, particularly if older vessels are not retired as we expect, resulting in weaker pricing. We believe any future expansion of the number of LNG vessels worldwide may have a negative impact on charter hire rates, vessel utilization and vessel values if the expansion of LNG production capacity, demand for natural gas or the development of new vessels does not keep pace with the growth of the global fleet. The LNG market is also closely connected to worldwide natural gas prices and energy markets, which we cannot predict. An extended decline in natural gas prices, including a decline that leads to reduced investment in new liquefaction facilities, could adversely affect our ability to re-charter our Vessels at acceptable rates or to acquire and profitably operate new vessels which could have a material adverse effect on our business, financial condition and results of operations.

Oversupply of LNG vessels leads to reduction in charter hire, which may materially impact our profitability (in particular if our Vessels are employed in the spot market, as described below). Hence, an oversupply or over ordering of vessels from shipyards will negatively affect our ability to secure favorable contracts on our Vessels and our future revenues and profitability.

***The required drydocking of our vessels could be more expensive and time consuming than we anticipate, which could adversely affect our business, financial condition and results of operations.***

Drydockings of our vessels require significant capital expenditures and result in loss of revenue while our vessels are off-hire and a number of our vessels are scheduled for drydocking in the coming years. Any significant increase in either the number of off-hire days due to such drydockings or in the costs of any repairs carried out during the drydockings could have a material adverse effect on our business, financial condition and results of operations. We may not be able to accurately predict the time required to drydock any of our vessels or any unanticipated problems that may arise. If more than one of our vessels is required to be out of service at the same time, or if a vessel is drydocked longer than expected or if the cost of repairs during the drydocking is greater than budgeted, our business, financial condition and results of operations could be adversely affected.

#### A shortage of qualified officers and crew could have an adverse effect on our business, financial condition and results of operations.
Our vessels require technically skilled officers and crews with specialized training. As the worldwide LNGC fleet has grown, the demand for technically skilled officers and crews has increased, which could lead to a shortage of such personnel. A material decrease in the supply of technically skilled officers and crew, including as a result of the invasion of Ukraine by Russia and government responses thereto, or our inability or that of ManCo to attract and retain such qualified officers and crew could impair our ability to operate or increase the cost of crewing our contract vessels, which would materially adversely affect our business, financial condition and results of operations.

***We rely on third parties (including Golar) to provide certain outsourced administrative services. If such providers do not perform adequately or terminate their relationships with us, our costs may increase and our business, financial condition and results of operations could be adversely affected.***

We rely on third parties, including Golar, to temporarily and partially provide a variety of outsourced administrative services, including IT, accounting, treasury finance operations including corporate reporting and consolidation, investor relations, corporate communications, and website design and development. We rely on these third-party outsourced services providers to enable some of our business operations. If any of our third-party outsourced services providers encounter difficulties or interruptions in providing adequate services, then our operations and functionality may be disrupted, which could harm our business and operating results.

11<br>

------

#### **TABLE OF CONTENTS**
Furthermore, if any of our outsourced services providers terminates its relationship with us or refuses to renew its agreement with us on commercially reasonable terms, we would need to accelerate the hiring of additional employees and/or find an alternate provider, and may not be able to perform these services at similar cost and/or secure similar terms or services or replace such providers in an acceptable time frame. In the event we incur delays in our hiring or make any material changes to our outsourced services providers due to changes in our business needs or otherwise, we may experience significant operational and service disruptions and reduced effectiveness of our internal controls.

***Failure to obtain and maintain approvals and permits from governmental and regulatory agencies with respect to the shipping of LNG could impede operations and could have a material adverse effect on us.***

The shipping of LNG is a regulated activity. We cannot control the outcome of the regulatory review and approval processes. Certain of the governmental permits, approvals and authorizations which we are required to obtain are or may be subject to rehearing requests, appeals and other challenges. The failure to obtain applicable governmental permits, approvals and authorizations is also a breach of the contractual obligations under our charters.

There is no assurance that we will obtain and maintain or renew the governmental permits, approvals and authorizations, or that we will be able to obtain them on a timely basis, and failure to obtain and maintain any of these permits, approvals or authorizations could have a material adverse effect on our business, financial condition and results of operations.

***We operate in a highly competitive and quickly developing industry and our lack of diversification in business operations may expose us to additional operational and financial risks.***

The market for LNG transportation services in which we operate is competitive, especially with respect to the negotiation of long-term charters. Furthermore, new competitors with greater resources could enter the market for LNGCs and operate larger fleets through consolidations, acquisitions or the purchase of new vessels, and may be able to offer lower charter rates and more modern fleets, which may affect our business, financial condition and results of operations.

The market for our business is characterized by continued and rapid technological development, and if we are not successful in acquiring new equipment, upgrading the equipment on our Vessels or acquiring necessary intellectual property rights in a timely and cost-effective manner in response to technological developments or changes in standards in the industry, this could have a material adverse effect on our business, financial condition and results of operations.

***Rising inflation may result in increased costs of operations and/or financing costs, which could have a material adverse effect on our results of operations and the market price of our common shares.***

Inflation has accelerated in the U.S. and globally due in part to global supply chain issues, the Ukraine-Russia war, a rise in energy prices, and strong consumer demand as economies continue to reopen from restrictions related to the COVID-19 pandemic. An inflationary environment can increase our cost of labor, as well as our other operating costs (including bunker costs when the Vessels are not on charter), which may have a material adverse impact on our financial results. Although we do not believe the recent surge in inflation has had a material impact to our operating results as of the date of this registration statement, continued prolonged periods of inflationary pressure could have a negative macroeconomic effect on the demand for LNG worldwide, which may adversely affect our business, financial condition and results of operations. In addition, economic conditions could impact and reduce availability of financing as credit becomes more expensive or unavailable. Although interest rates have increased and are expected to increase further, inflation may continue. Further, increased interest rates increase our financing costs and could have a negative effect on the securities markets generally which may, in turn, have a material adverse effect on the market price of our common shares. See "Item 5. Operating and Financial Review and Prospects – A. Operating Results – Factors Affecting Our Results of Operations – Inflation and cost increases".

***Many of the charters for our Vessels will expire between 2023 and 2027. Failure to find profitable employment for these vessels could adversely affect our operations.***

Our strategy is to pursue a balanced portfolio of short and long-term charters, and we are therefore exposed to fluctuations in charter rates when we renew charters. Short-term charters (of less than 12 months) expose us to the volatility in spot charter rates, which can be significant. In contrast, longer-term time charters generally

12<br>

------

provide reliable revenues, but they also limit the portion of our fleet available to the spot market during an upswing in the LNG industry cycle, when spot market voyages might be more profitable. As a result, our financial performance will be significantly affected by conditions in the LNG spot market.

Historically, the LNG spot charter market has been volatile as a result of the many conditions and factors that can affect the price, supply of and demand for LNG capacity. Weak global economic trends may further reduce demand for transportation of LNG carriers over longer distances. The spot charter market may fluctuate significantly based upon supply of and demand for vessels and cargoes. The successful potential future operation of any of our Vessels in the competitive spot charter market will depend upon, among other things, obtaining profitable spot charters and minimizing, to the extent possible, time spent waiting for charters and time spent traveling unladen to pick up cargo. The spot charter market is volatile and there have been periods when spot charter rates have declined below the operating cost of vessels.

Our ability to renew the charters on our Vessels on the expiration or termination of our current charters, or on vessels that we may acquire in the future, or the charter rates payable under any replacement charters and vessel values will depend upon, among other things, economic conditions in the sectors in which our Vessels operate at that time, changes in the supply and demand for vessel capacity and changes in the supply and demand for the seaborne transportation of energy resources.

***We have only recently acquired our initial fleet of Vessels and management companies and formally commenced operations, which makes evaluating our business and future prospects difficult and may increase the risk of investment in us.***

We have only recently acquired our Vessels, The Cool Pool Limited and ManCo. While we expect to develop an infrastructure which is suitable for an LNG shipping company, there can be no assurance that we will manage to implement an efficient infrastructure or that we will be successful in developing our business activities, including, among other things, entering into charters, financing agreements, vessel management agreements, pooling agreements or other agreements. An inability to adequately implement such infrastructure and operate our Vessels, The Cool Pool Limited and ManCo successfully will have a material adverse effect on our business, financial condition and results of operations.

#### Outbreaks of epidemic and pandemic diseases and governmental responses thereto could adversely affect our business.
Our operations are subject to risks related to outbreaks of infectious diseases, including the ongoing COVID-19 pandemic, which has been spreading around the world since December 2019. Many countries globally, affected by the outbreak, declared national emergencies due to the outbreak. The COVID-19 outbreak has negatively affected economic conditions and caused energy prices to become more volatile. The COVID-19 outbreak also negatively affected the supply chain, the labor market and the demand for LNG regionally as well as globally and may otherwise impact our operations and the operations of our customers and suppliers. Governments in affected countries have been imposing and may continue to impose travel bans, quarantines and other emergency public health measures. These measures, though temporary in nature, may continue and increase as countries attempt to contain the outbreak.

The extent of the COVID-19 outbreak's effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the outbreak, all of which are uncertain and difficult to predict considering the evolving landscape. As the pandemic continues to develop, our operations may be impacted by COVID-19, including in the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;• crew changes may be canceled or delayed due to port authorities denying or delaying disembarkation, a high potential of infection in countries where crew changes may otherwise have taken place, and the inability to repatriate crew members due to lack of international air transport or denial of re-entry by crew members' home countries that have closed their borders;

&nbsp;&nbsp;&nbsp;&nbsp;• we may be unable to complete scheduled engine overhauls, routine maintenance work and management of equipment malfunctions;

&nbsp;&nbsp;&nbsp;&nbsp;• there may be shortages or a lack of access to required spare parts for our Vessels, and delays in repairs to, or scheduled or unscheduled maintenance or modifications or drydocking of, our Vessels, as a result of a lack of berths available at shipyards from a shortage in labor at shipyards or contractors or due to other business disruptions;

13<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• we may be required to find new, remote means to complete vessel inspections and related certifications by class societies, customers or government agencies;

&nbsp;&nbsp;&nbsp;&nbsp;• there may be disruptions to our business from, or additional costs related to, new regulations, directives or practices implemented in response to the pandemic, such as travel restrictions, increased inspection regimes, hygiene measures (such as quarantining and physical distancing) or increased implementation of remote working arrangements; and

&nbsp;&nbsp;&nbsp;&nbsp;• our Vessels could be placed off-hire if prohibited from entering a port to load or discharge cargo due to COVID-19 restrictions.

In addition, the impact of the COVID-19 pandemic or similar outbreaks, including governmental and other third party responses thereto, on our customers could enhance the risk of nonpayment by such customers under our contracts and negatively affect our business, financial condition and results of operations. The continued impact of COVID-19 could significantly impact economic activity and demand for our Vessels and services and could negatively affect our business, financial condition and results of operations.

#### We may be subject to litigation, arbitration or other claims which could materially and adversely affect us.
We may in the future be subject to litigation and enforcement actions, such as claims relating to our operations, securities offerings and otherwise in the ordinary course of business. Some of these claims may result in significant defense costs and potentially significant judgments against us, some of which are not, or cannot be, insured against. In the event of any litigation or enforcement action, we would establish warranty, claim or litigation reserves that we believe are adequate; we cannot be certain, however, of the ultimate outcomes of any claims that may arise in the future, and legal proceedings may result in the award of substantial damages against us beyond our reserves. Resolution of these types of matters against us may result in our having to pay significant fines, judgments or settlements, which, if uninsured or in excess of insured levels, could adversely impact our earnings and cash flows, thereby materially and adversely affecting us. Furthermore, plaintiffs may in certain of these legal proceedings seek class action status with potential class sizes that vary from case to case.

Class action lawsuits can be costly to defend, and if we were to lose any certified class action suit, it could result in substantial liability for us. Certain litigation or the resolution thereof may affect the availability or cost of some of our insurance coverage, which could materially and adversely impact us, expose us to increased risks that would be uninsured, and materially and adversely impact our ability to attract directors and officers.

#### Termination, or a change in the nature, of our relationship with the Cool Pool could adversely affect our business.
As of the date of this registration statement, the Original Vessels participate in the Cool Pool. Our participation in the Cool Pool is intended to enhance the financial performance of the Original Vessels through higher vessel utilization. Changes in the management of, and the terms of, the Cool Pool, decreases in the number of vessels participating in the Cool Pool, or the termination of the Cool Pool, could result in increased costs and reduced efficiency and profitability for us.

In addition, in recent years the European Union (the "EU") has published guidelines on the application of the EU antitrust rules to traditional agreements for maritime services such as commercial pools. While we believe that the Cool Pool complies with EU rules, there has been limited administrative and judicial interpretation of the rules. Restrictive interpretations of the guidelines could adversely affect our ability to commercially market the respective types of vessels in commercial pools.

#### Our insurance may be insufficient to cover losses that may occur to our property or result from our operations.
Our current operations and future projects are subject to the inherent risks associated with LNG operations and other risks, including explosions, pollution, release of toxic substances, fires, seismic events, hurricanes and other adverse weather conditions, and other hazards, each of which could result in significant delays in commencement or interruptions of operations or result in damage to or destruction of our assets or damage to persons and property. In addition, such operations and the facilities of third parties on which our current operations may be dependent face possible risks associated with acts of aggression or terrorism. Some of the regions in which we operate are affected by hurricanes or tropical storms. We maintain loss of hire insurance,

14<br>

------

#### **TABLE OF CONTENTS**
which covers the loss of revenue during extended vessel off-hire periods, such as those that occur during an unscheduled drydocking due to damage to a vessel from accidents. However, our loss of hire insurance may not be sufficient to cover all losses incurred as a result of such loss of revenue. Any loss of vessel or any extended period of vessel off-hire, due to an accident or otherwise, not covered by our loss of hire insurance could have an adverse effect on our business, financial condition and results of operations.

We may be unable to procure adequate insurance coverage at commercially reasonable rates in the future. For example, environmental regulations have led in the past to increased costs for, and in the future may result in the lack of availability of, insurance against risks of environmental damage or pollution. A significant release of natural gas, marine disasters or natural disasters could result in losses that exceed our insurance coverage, which could harm our business, financial condition and results of operations. Any uninsured or underinsured loss could harm our business and financial condition. In addition, our insurance may be voidable by the insurers as a result of certain of our actions.

Changes in the insurance markets attributable to terrorist attacks or political change may also make certain types of insurance more difficult for us to obtain. In addition, the insurance that may be available may be significantly more expensive than our existing coverage.

#### Changes in accounting rules, assumptions and/or judgments could materially and adversely affect us.
Accounting rules and interpretations for certain aspects of our financial reporting are highly complex and involve significant assumptions and judgment. These complexities could lead to a delay in the preparation and dissemination of our financial statements. Furthermore, changes in accounting rules and interpretations or in our accounting assumptions and/or judgments, such as those related to asset impairments, could significantly impact our financial statements. In some cases, we could be required to apply a new or revised standard retrospectively, resulting in restating prior period financial statements. Any of these circumstances could have a material adverse effect on our business, financial condition and results of operations.

Foreign private issuers have the option of adopting and presenting their financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board rather than U.S. GAAP. If we elect to adopt IFRS in the future, we would present our financial statements under IFRS, which are different from those of U.S. GAAP, and SEC rules would not require foreign private issuers to provide a reconciliation of IFRS accounting principles to those of U.S. GAAP.

***Our global operations are subject to the risks normally associated with any conduct of business in various countries around the world, including varying degrees of political, legal and economic risk.***

Our global operations are subject to the risks normally associated with any conduct of business in foreign countries including: political risks; civil disturbance risks; changes in laws or policies of particular countries, including those relating to duties, imports, exports and currency; the cancellation or renegotiation of contracts; the imposition of net profits payments, tax increases or other claims by government entities, including retroactive claims; a disregard for due process and the rule of law by local authorities; the risk of intervention, expropriation and nationalization; delays in obtaining or the inability to obtain necessary governmental permits or the reimbursement of refundable tax from fiscal authorities.

Threats or instability in a country caused by political events including elections, change in government, changes in personnel or legislative bodies, foreign relations, sanctions or military control present serious political and social risk and instability, causing interruptions to the flow of business negotiations and influencing relationships with government officials. Changes in policy or law may have a material adverse effect on our business, financial condition and results of operations. The risks include increased "unpaid" state participation, higher taxation levels and potential expropriation.

Other risks include the potential for fraud and corruption by suppliers or personnel or government officials which may implicate us, compliance with applicable anti-corruption laws by virtue of our operating in jurisdictions that may be vulnerable to the possibility of bribery, collusion, kickbacks, theft, improper commissions, facilitation payments, conflicts of interest and related party transactions and our possible failure to identify, manage and mitigate instances of fraud, corruption or violations of our code of conduct and applicable regulatory requirements.

There is also the risk of increased disclosure requirements; currency fluctuations; restrictions on the ability of local operating companies to hold U.S. dollars or other foreign currencies in offshore bank accounts; import

15<br>

------

#### **TABLE OF CONTENTS**
and export regulations; increased regulatory requirements and restrictions; increased and environment- and health-related regulations; limitations on the repatriation of earnings or on our ability to assist in minimizing our expatriate workforce's exposure to double taxation in both the home and host jurisdictions; and increased financing costs.

These risks may limit or disrupt our investments, restrict the movement of funds, cause us to have to expend more funds than previously expected or required or result in the deprivation of contract rights or the taking of property by nationalization or expropriation without fair compensation, and may materially adversely affect our businesses, financial position or results of operations. In addition, the enforcement by us of our legal rights in foreign countries, including rights to exploit our properties or utilize our permits and licenses and contractual rights may not be recognized by the court systems in such foreign countries or enforced in accordance with the rule of law.

Any political or economic instability in the countries in which we operate could have a material and adverse effect on our business, financial condition and results of operations.

***We have offices in multiple countries worldwide, and we may expand further in the future, which subjects us to a variety of risks and complexities which, if not effectively managed, could negatively affect our business.***

Our registered office is located in Hamilton, Bermuda, and we also have offices in the U.K., Croatia, Norway and Monaco. We may further establish offices in other countries in the future, either organically or as a result of an acquisition. Operating offices multiple countries subjects us to a variety of risks and complexities that may materially and adversely affect our business, results of operations, financial condition and growth prospects, including:

&nbsp;&nbsp;&nbsp;&nbsp;• operational and logistical challenges in coordinating and maintaining offices across multiple regions;

&nbsp;&nbsp;&nbsp;&nbsp;• the diverse regulatory, financial and legal requirements in the countries where we are located or do business, and any changes to those requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• challenges inherent in efficiently managing employees in diverse geographies, including the need to adapt systems, policies, benefits and compliance programs to differing labor and employment law and other regulations, as well as maintaining positive interactions with our unionized employees; and

&nbsp;&nbsp;&nbsp;&nbsp;• public health risks, such as COVID-19 and potential related effects on travel and employee health and availability to operate and manage offices.

In addition, there can be no guarantee that we will effectively manage multiple offices globally without experiencing operating inefficiencies or control deficiencies. Our failure to do so could have a material adverse effect on our business, financial condition and results of operations.

#### Acts of war or terrorism may seriously harm our business.
Acts of war, any outbreak or escalation of hostilities between foreign powers or acts of terrorism may cause disruption to the global market for LNG in which we operate, cause shortages of materials, increase costs associated with obtaining materials, result in uninsured losses, result in the termination of certain customer contracts, affect job growth and consumer confidence or cause economic changes that we cannot anticipate, all of which could reduce or shift demand for LNG and our services and adversely impact our business, financial condition and results of operations.

#### Governments could requisition our Vessels during a period of war or emergency resulting in a loss of earnings.
Governments of the port states where our Vessels are operating in could requisition one or more of our Vessels. Generally, requisitions occur during a period of war or emergency, including an emergency declared by a government. Government requisition of one or more of our Vessels could have a material adverse effect on our business, financial condition and results of operations.

#### We may impair long-lived assets.
We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. We perform an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets. Significant negative

16<br>

------

#### **TABLE OF CONTENTS**
industry or economic trends, including a significant decline in the market price of our common shares, reduced estimates of future cash flows for our business or disruptions to our business or other factors could lead to an impairment loss. Refer to "Item 5. Operating and Financial Review and Prospects – E. Critical Accounting Estimates" where we discuss the judgments and estimates that we use in our assessment of recoverability, and the effect if actual results differ from our assumptions. Recognition of an impairment loss may negatively impact our operating results.

***Vessel values may fluctuate substantially, and a decline in vessel values may result in impairment charges, the breach of our financial covenants or a loss on sale of the vessels.***

Vessel values can fluctuate substantially over time due to a number of different factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;• prevailing economic conditions in the LNG, natural gas and energy markets;

&nbsp;&nbsp;&nbsp;&nbsp;• a substantial or extended decline or increase in demand for LNG;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in the supply of vessel capacity;

&nbsp;&nbsp;&nbsp;&nbsp;• the size and age of a vessel;

&nbsp;&nbsp;&nbsp;&nbsp;• the remaining term on existing time charters; and

&nbsp;&nbsp;&nbsp;&nbsp;• the cost of retrofitting or modifying existing vessels, as a result of technological advances in vessel design or equipment, changes in applicable environmental or other regulations or standards, customer requirements or otherwise.

As our vessels age, the expenses associated with maintaining and operating them are expected to increase, which could have an adverse effect on our business, financial condition and results of operations if we do not maintain sufficient cash reserves for maintenance and replacement capital expenditures. Moreover, the cost of a replacement vessel would be significant.

If a time charter terminates, we may be unable to re-deploy the affected vessel at attractive rates and, rather than continue to incur costs to maintain and finance the vessel, we may seek to dispose of the vessel. Our inability to dispose of a vessel at a reasonable value could result in a loss on the sale and adversely affect our ability to purchase a replacement vessel, financial condition and results of operations. A decline in the value of our vessels may also result in impairment charges or the breach of certain of the ratios and financial covenants we are required to comply with in our credit facilities. We also face the risk that the value of the Acquisition Vessels and Newbuild Vessels could decline below the purchase prices of those vessels.

#### Information system failures, cyber incidents or breaches in security could adversely affect us.
We rely on accounting, financial, operational, management and other information systems to conduct our operations, including systems of third parties such as Golar. These information systems are subject to damage or interruption from power outages, computer and telecommunication failures, computer viruses, security breaches, including malware and phishing, cyberattacks, natural disasters, usage errors by our employees and other related risks. Any cyber incident or attack or other disruption or failure in these information systems, or other systems or infrastructure upon which they rely, could adversely affect our ability to conduct our business and could have a material adverse effect on our business, financial condition and results of operations. For example, we or our customers or suppliers or other third parties upon whose systems we rely may be subject to retaliatory cyberattacks perpetrated by Russia or others at its direction in response to economic sanctions and other actions taken against Russia as a result of its invasion of Ukraine. In addition, any failure or security breach of information systems or data could result in a violation of applicable privacy and other laws, significant legal and financial exposure, damage to our reputation or a loss of confidence in our security measures, which could also harm our business.

Our insurance coverage may not be adequate to cover costs, expenses and losses associated with such events, and in any case, such insurance may not cover all of the types of costs, expenses and losses we could incur to respond to and remediate a security breach. Any incidents may result in loss of, or increased costs of, our existing insurance. We also cannot ensure that our existing insurance coverage will continue to be available on acceptable terms or will be available in sufficient amounts to cover one or more large claims related to a security incident or breach, or that the insurer will not deny coverage as to any future claim. The successful

17<br>

------

#### **TABLE OF CONTENTS**
assertion of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in our insurance policies, including premium increases or the imposition of large deductible or coinsurance requirements, could adversely affect our reputation and our business, financial condition and/or results of operations. In addition to costs associated with investigating and fully disclosing a data breach, we could be subject to administrative or regulatory proceedings or private claims by affected parties, which could result in substantial monetary fines or damages, and our reputation would likely be harmed.

Security breaches could also significantly damage our reputation with customers and third parties with whom we do business. Any publicized security problems affecting our businesses and/or those of such third parties may discourage customers from doing business with us, which could harm our business. Any of the foregoing could have a material adverse effect on our business, financial condition and results of operations.

#### Risks Related to the Financing of Our Business
***Access to financing sources may not be available on favorable terms, or at all, which could adversely affect our ability to grow our business, financial condition and results of operation.***

We will require access to financing including to refinance our facilities as they become due, and to finance the purchase price payable for the Newbuild Vessels. Our access to additional third party sources of financing will depend, in part, on:

&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• interest rates and the impact of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;• ESG-related requirements and terms imposed by lenders;

&nbsp;&nbsp;&nbsp;&nbsp;• the market's perception of our growth potential;

&nbsp;&nbsp;&nbsp;&nbsp;• our current debt levels;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to provide the requisite security to third-party lenders including corporate guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;• our current and expected future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions in our customer contracts to pledge or place debt on our assets;

&nbsp;&nbsp;&nbsp;&nbsp;• risk allocation requirements for limited recourse financing vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;• creditworthiness of customers;

&nbsp;&nbsp;&nbsp;&nbsp;• our cash flows; and

&nbsp;&nbsp;&nbsp;&nbsp;• the market price per share of our common shares.

The global credit and equity markets and the overall economy can be extremely volatile, which could have a number of adverse effects on our business, financial condition and results of operations. For the past few years, the global financial markets have experienced a high degree of volatility, uncertainty and, during certain periods, tightening of liquidity in the banking, high yield debt and equity capital markets, resulting in certain periods when new capital has been both more difficult and more expensive to access.

If we are unable to access the credit markets, we could be required to defer or eliminate important business strategies and growth opportunities in the future. In addition, if there is prolonged volatility and weakness in credit markets, potential lenders may be unwilling or unable to provide us with financing that is attractive to us or may increase collateral requirements or may charge us prohibitively high fees in order to obtain financing. Consequently, our ability to access the credit market in order to attract financing on reasonable terms, or at all, may be adversely affected. Investment returns on our assets and our ability to make acquisitions could be adversely affected by our inability to secure additional credit financing on reasonable terms, if at all.

Depending on market conditions at the relevant time, we may have to rely more heavily on additional equity financings or on less efficient forms of debt financing that require a larger portion of our cash flows from operations, thereby reducing funds available for our operations, future business opportunities and other purposes. We may not have access to such equity or such debt capital on favorable terms at the desired times, or at all.

18<br>

------

#### **TABLE OF CONTENTS**
***Our debt level and finance lease liabilities may limit our flexibility in obtaining additional financing, refinancing credit facilities upon maturity or pursuing other business opportunities.***

As of September 30, 2022, we had outstanding total long-term debt of $663.3 million including variable interest entity ("VIE") debt of $113.0 million, interest commitments on long-term debt of $130.9 million and operating lease obligations of $0.7 million. Our primary facility is a $570 million senior secured sustainability term loan facility, with a maturity date of March 2027 and an initial interest rate of the Secured Overnight Financing Rate ("SOFR") plus 275 basis points with a syndicate of banks, which we entered into in connection with the acquisition of the Original Vessels. From January 1, 2023, the margin will decrease to 270 basis points if specified sustainability performance targets with respect to vessel efficiency ratios are met, or increase to 280 basis points if such targets are not met. Such targets reduce each year from 2022 to 2026. For more information regarding our long-term debt and lease liabilities, including applicable interest rates, maturity dates and security interests, see "Item 5. Operating and Financial Review and Prospects – B. Liquidity and Capital Resources – Debt Facilities." Our acquisition of the Acquisition Vessels has significantly increased our debt and if we exercise the option to acquire the Newbuild Vessels, this will further increase our debt.

Our debt level could have important consequences to us, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be limited, or such financing may not be available on favorable terms;

&nbsp;&nbsp;&nbsp;&nbsp;• we will need a substantial portion of our cash flows to make principal and interest payments on our debt, reducing the funds that would otherwise be available for operations and future business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• our debt level may make us vulnerable to competitive pressures or a downturn in our business or the economy generally; and

&nbsp;&nbsp;&nbsp;&nbsp;• our debt level may limit our flexibility in responding to changing business and economic conditions.

Our ability to service or refinance our debt and secure new debt facilities we will require to finance the Newbuild Vessels and other vessels we may acquire will depend on, among other things, our future financial and operating performance as well as the overall credit worthiness of our customer base, which will be affected by prevailing economic conditions and financial, business, regulatory and other factors, some of which are beyond our control. If our operating results are not sufficient to service or refinance our current or future indebtedness, we will be forced to take actions such as reducing or delaying our business activities, acquisitions, investments or capital expenditures, selling assets, restructuring our debt, or seeking additional equity capital or bankruptcy protection. We may not be able to affect any of these remedies on satisfactory terms, or at all. In addition, the ongoing war in Ukraine and the ongoing COVID-19 pandemic has negatively impacted, and may contribute to continued volatility in, global economic activity, demand for energy (including LNG, natural gas and LNG shipping related services) and funds flows and sentiment in the global financial markets, and could significantly impact our ability to obtain additional debt financing.

***The volatility of the global financial markets and uncertain economic conditions may adversely impact our financial condition, and ability to obtain financing or refinance our existing and future credit facilities on acceptable terms, which may negatively impact our business.***

Global financial markets and economic conditions have been, and continue to be, volatile. Due in part to the COVID-19 pandemic, global financial markets experienced volatility and a steep and abrupt downturn followed by a recovery, which volatility may continue as a result of the ongoing COVID-19 pandemic and the recent invasion of Ukraine by Russia and government responses thereto. Disruptions in the credit and financial markets in the United States and worldwide may reduce our ability to access capital, including our ability to issue additional equity at prices that will not be dilutive to our existing shareholders or issue equity at all, and negatively affect our liquidity in the future. Economic conditions may also adversely affect the market price of our common shares.

Increased volatility in the financial markets and potential solvency concerns about our counterparties could make the availability and cost of obtaining money from the public and private equity and debt markets more difficult. Lenders may increase interest rates, enact tighter lending standards, refuse to refinance existing debt at all or on terms similar to current debt and reduce or cease to provide funding to borrowers and other market

19<br>

------

participants, including equity and debt investors. Some lenders may be unwilling to invest on attractive terms or even at all. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, or that we will be able to refinance our existing and future credit facilities, on acceptable terms or at all. If financing or refinancing is not available when needed, or is available only on unfavorable terms, we may be unable to meet our obligations as they come due, or we may be unable to enhance our existing business, complete additional vessel acquisitions or otherwise take advantage of business opportunities as they arise.

In addition, an ultra-low interest rate period since the 2008 financial crisis, interest rates and credit spreads have started to revert to more normal patterns. Such tightening of the credit market could adversely impact our ability to maintain investment returns and/or affect the investment returns of future opportunities.

***Certain of our financing agreements are secured by our Vessels and contain operating and financial restrictions and covenants that may restrict our business, financing activities and ability to pay dividends to our shareholders.***

Our obligations under certain of our financing arrangements are secured by various forms of collateral, including vessel mortgages, cash account assignment contracts and certain of our Original Vessels are guaranteed by our subsidiaries holding the interests in our Original Vessels. Such loan agreements impose, and future financial obligations may impose, operating and financial restrictions on us. These restrictions may require the consent of our lenders, or may prevent or otherwise limit our ability to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• merge into, or consolidate with, any other entity or sell, or otherwise dispose of, all or substantially all of our assets;

&nbsp;&nbsp;&nbsp;&nbsp;• declare and/or pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;• incur additional indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;• incur or make any capital expenditures.

Our financing arrangements also require us to maintain specific balance sheet ratios, including, as applicable, minimum amounts of available cash, minimum levels of shareholders' equity and maximum loan to value ratio. The covenants in the debt facilities, related to the Acquisition Vessels, and the guarantee and indemnity of the facilities pursuant to which the Company guarantees the performance of the borrowers, also include similar restrictions, covenants and undertakings. If we were to fail to maintain these levels and ratios without obtaining a waiver of covenant compliance or modification to our covenants, we would be in default of our loans and lease financing agreements, which, unless waived by our lenders, could provide our lenders with the right to require us to increase the minimum value held by us under our equity and liquidity covenants, increase our interest payments, pay down our indebtedness to a level where we are in compliance with our loan covenants, sell vessels in our fleet or reclassify our indebtedness as current liabilities and could allow our lenders to accelerate our indebtedness and foreclose their liens on our vessels, which could result in the loss of our vessels. If our indebtedness is accelerated, we may not be able to refinance our debt or obtain additional financing, which would impair our ability to continue to conduct our business. Refinanced credit facilities and future credit facilities may also contain financial and operating covenants that are more restrictive than our current set of financial covenants.

Events beyond our control, including changes in the economic and business conditions in the industry in which we operate, interest rate developments, changes in the funding costs of our banks and changes in vessel earnings may affect our ability to comply with these covenants. We were in compliance with all covenants as of the date of this registration statement, but cannot provide any assurance that we will continue to meet these ratios or satisfy our financial or other covenants or that our lenders will waive any failure to do so.

#### Failure to maintain sufficient working capital could limit our growth and harm our business, financial condition and results of operations.
Differences between the date when we pay our suppliers and the date when we receive payments from our customers may adversely affect our liquidity and our cash flows. We expect our working capital needs to increase as our total business increases. If we do not have sufficient working capital, we may not be able to pursue our growth strategy, respond to competitive pressures or fund key strategic initiatives, such as the expansion of our fleet, which may harm our business, financial condition and results of operations.

20<br>

------

#### **TABLE OF CONTENTS**
***We are exposed to U.S. dollar and foreign currency fluctuations and devaluations and interest rate changes that could harm our reported revenue and results of operations.***

Our principal currency for our operations and financing is the U.S. dollar. We generate the majority of our revenues in the U.S. dollar. Apart from the U.S. dollar, we incur a portion of capital, operating and administrative expenses in multiple currencies.

Due to a portion of our expenses being incurred in currencies other than the U.S. dollar, our expenses may, from time to time, increase relative to our revenues as a result of fluctuations in exchange rates, particularly between the U.S. dollar, the Norwegian kroner, the British Pound and the Euro, which could affect the amount of net income that we report in future periods. In the future, we may use financial derivatives to hedge some of this currency exposure.

We currently do not hedge against currency fluctuations and unfavorable fluctuations in foreign currency exchange rates, which exposes us to such unfavorable currency fluctuations and may adversely affect our financial condition and results of operation. We may implement a currency hedging strategy; however, the use of financial derivatives involves certain risks, including the risk that additional collateral is demanded, losses on a hedged position could exceed the nominal amount invested in the instrument and the risk that the counterparty to the derivative transaction may be unable or unwilling to satisfy its contractual obligations, which could have an adverse effect on our business, financial condition and results of operations.

#### Risks Related to Regulations
***Our operations are subject to various international treaties and conventions and national and local environmental, health, safety and maritime conduct laws and regulations. Compliance with these obligations, and any future changes to laws and regulations applicable to our business, may have an adverse effect on our business, financial condition and results of operations.***

Our operations are affected by extensive and changing international treaties and conventions, and national and local environmental protection, health, safety and maritime conduct laws and regulations, including those in force in international waters, the jurisdictional waters of the countries in which our Vessels operate and the onshore territories in which our offices are located, as well as the Marshall Islands and Liberia, where our Vessels are registered. These include rules governing response to and liability for oil spills, discharges to air and water, maritime transport of certain materials and the handling and disposal of hazardous substances and wastes. In addition, our Vessels are subject to safety and other obligations under law and the requirements of the classification societies that certify our Vessels relating to safety and seaworthiness.

Compliance with and limitations imposed by these laws, regulations, treaties, conventions, and other requirements, and any future additions or changes to such laws or requirements, may increase our costs or limit our operations and have an adverse effect on our business, financial condition and results of operations. Failure to comply can result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations, including, in certain instances, seizure or detention of our Vessels.

Some environmental laws and regulations, such as the U.S. Oil Pollution Act of 1990, or the "OPA," provide for potentially unlimited joint, several and strict liability for owners, operators and demise or bareboat charterers for oil pollution and related damages. The OPA applies to discharges of any oil from a ship in U.S. waters, including discharges of fuel and lubricants from an LNGC, even if the ships do not carry oil as cargo. In addition, many states in the United States bordering a navigable waterway have enacted legislation providing for potentially unlimited strict liability without regard to fault for the discharge of pollutants within their waters. We also are subject to other laws outside the United States and international conventions that provide for an owner or operator of LNGCs to bear strict liability for pollution. For a discussion of environmental laws and regulations affecting our business and operations, please see "Item 4. Information on the Company – A. Business Overview – Business – Environmental and Other Regulations."

#### Climate change and greenhouse gas regulations and impacts may adversely impact our operations and markets.
Due to concern over the risk of climate change, a number of countries, the EU and the International Maritime Organization ("IMO") have adopted, or are considering the adoption of, regulatory frameworks to reduce greenhouse gas emissions from vessels. These regulatory measures may include, among others, adoption of cap and trade regimes, carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. Although the emissions

21<br>

------

#### **TABLE OF CONTENTS**
of greenhouse gases from international shipping currently are not subject to the international treaty on climate change known as the Paris Agreement, a new treaty or IMO regulations may be adopted in the future that includes restrictions on shipping emissions. In 2016, the IMO reaffirmed its strong commitment to continue to work to address greenhouse gas emissions from ships engaged in international trade. The IMO adopted an initial greenhouse gas ("GHG") reduction strategy in 2018 as a framework for further action with adoption of a revised IMO strategy targeted for 2023 (the "IMO GHG Strategy"). Consistent with the IMO GHG Strategy goal of reducing GHG emissions from international shipping by at least 50% by 2050, as compared to 2008 levels, the IMO's Marine Environment Protection Committee ("MEPC") agreed upon draft amendments to the International Convention for the Prevention of Pollution from Ships ("MARPOL") Annex VI that would establish an enforceable regulatory framework to reduce greenhouse gas emissions from international shipping, consisting of technical and operational carbon reduction measures, including use of an Energy Efficiency Existing Ship Index, an operational Carbon Intensity Indicator and an enhanced Ship Energy Efficiency Management Plan. These amendments were formally adopted at the 2021 MEPC session and came into force on January 1, 2023. Such legislation or regulations has required and may in the future require additional capital expenditures or operating expenses, such as increased costs for low-sulfur fuel needed to meet IMO 2020 requirements, for us to maintain our Vessels' compliance with international and/or national regulations.

In addition, in September 2021, a group of over 150 companies, including shipping companies, oil companies and port authorities, called on regulators to require the shipping industry to be fully decarbonized by 2050.

The EU has indicated it intends to implement regulations to limit emissions of greenhouse gases from vessels if such emissions are not regulated through the IMO and, in September 2020, the European Parliament approved draft legislation that would put in place measures to address greenhouse gas emissions from shipping. Further on July 14, 2021, the European Commission adopted a series of legislative proposals on how it intends to achieve climate neutrality in the EU by 2050 ("Fit for 55 Package" or "FuelEU Maritime Initiative"). The proposals include incorporating the shipping industry into the European Union Emissions Trading System ("EU ETS") for the first time (beginning in 2024 and phased in gradually through 2026). Owners of ships sailing in the EU will have to buy permits for their emissions under the EU ETS or face possible bans from EU ports (for all vessels operated by the shipping company), and the proposals also require permitting for 50% of emissions from international voyages starting and ending in the EU. There is also an initiative to increase the demand and deployment of renewable alternative transport fuels, and a proposal to review the Energy Taxation Directive with regard to the current exemption of fuel used by ships from taxation. The Fit for 55 Package remains subject to adoption by the European Parliament and the Council of the European Union (the "Council"). Compliance with changes in laws and regulations relating to climate change could increase our costs of operating and maintaining our Vessels and could require us to make significant financial expenditures that we cannot predict with certainty at this time. The European Parliament has proposed shifting this liability from the shipowner to the charterer through contractual requirements. European Parliament negotiations on this proposal concluded summer 2022, and negotiations with the Council (and the European Commission) have subsequently commenced.

On June 22, 2022, significant revisions to incorporate the shipping industry into the EU ETS were adopted by the European Parliament. Key revisions include:

&nbsp;&nbsp;&nbsp;&nbsp;• expanding regulations covering the reporting of GHG beyond CO<sub>2</sub> (including methane (CH<sub>4</sub>)<sub> </sub>and nitrous oxides) as part of monitoring, reporting and verifying (MRV) reporting;

&nbsp;&nbsp;&nbsp;&nbsp;• broadening the EU ETS' scope to cover smaller vessels over 5,000 gross tonnage between 2024 and 2027;

&nbsp;&nbsp;&nbsp;&nbsp;• closing the existing loophole that would allow vessels to reduce their carbon tax burden by calling at a nearby non-EU port (e.g., Turkey or the U.K.) before calling an EU port. If the nautical distance between the EU port and the non-EU port is fewer than 300 miles, the entire voyage would be subject to carbon tax (as opposed to simply half of the voyage);

&nbsp;&nbsp;&nbsp;&nbsp;• expanding the obligations and regulations under the EU ETS to cover all voyages between EU ports and non-EU ports if the applicable non-EU countries have not set up a system equivalent to the EU ETS; and

&nbsp;&nbsp;&nbsp;&nbsp;• allocating responsibility for paying carbon tax onto charterers by operation of law.

Methane slip from LNG-fueled vessels is a recognized challenge. CH<sub>4</sub> is estimated to have a global warming potential of 27-30 times the rate of CO<sub>2</sub> over the next 100 years. For LNGCs, methane slip originates from gas-fueled engines. Current studies indicate that when methane slip is taken into account when calculating GHG emission reductions, LNG-fueled engines have GHG reduction benefits compared to current oil-based

22<br>

------

engines of between 20% to 30% for two-stroke slow-speed engines, and 11% to 21% for four-stroke medium speed engines, inclusive of methane slip. The primary difference between a four-stroke engine and a two-stroke engine is that a four-stroke engine goes through four stages, or two complete revolutions, to complete one power stroke, while a two-stroke engine goes through two stages, or one complete revolution, to complete one power stroke. Consequently, a two-stroke engine can potentially produce twice as much power as a four-stroke engine and also weigh less. The engines are subject to technological advancements, and it is expected that the GHG reduction benefits will improve in future versions of gas-fueled engines. Options for after-treatment are also being explored by engine manufacturers. There are no standards today that directly regulate methane slip for marine gas engines but such issues are beginning to attract regulatory attention and scrutiny. Both the IMO and EU are considering control options and regulations to make methane slip a material regulatory compliance issue for the shipping industry.

CH<sub>4</sub> slip will most likely be included in the following regulatory instruments:

&nbsp;&nbsp;&nbsp;&nbsp;• The EU ETS, from 2024, will potentially include CH<sub>4</sub> slip as a part of the MRV reporting.

&nbsp;&nbsp;&nbsp;&nbsp;• The FuelEU Maritime Initiative, from 2025, will set limits to the yearly average well-to-wake GHG intensity of energy used on-board vessels. The scope of this initiative will include CH<sub>4</sub> slip and NO<sub>2</sub> emissions in addition to CO<sub>2</sub> emissions.

&nbsp;&nbsp;&nbsp;&nbsp;• The IMO fuel lifecycle carbon intensity guidelines are planned to be completed in 2023 and are likely to include methane slip considerations. Decisions on how and to which IMO regulations these guidelines should be applied will be subsequently decided.

We face a risk that we may fail to adequately comply or meet the standards set forth under some of these new regulations governing methane slip.

Further, our business may be adversely affected to the extent that climate change results in sea level changes or more intense weather events.

Laws and regulations inside and outside the United States relating to climate change affecting the LNG and natural gas industry, including the use of natural gas to generate electricity, growing public concern about the environmental impact of climate change and broader, economy-wide legislative initiatives to reduce or phase out the use of fossil fuels could adversely affect our business. For example, laws, regulations and other initiatives to shift electricity generation away from fossil fuels to renewable sources over time are at various stages of implementation and consideration and may continue to be adopted in the future in the markets in which we operate. Although it is our expectation that these efforts may reduce global demand for natural gas and increase demand for alternative energy sources in the long term, these changes may occur on a more accelerated basis then we currently project. In addition, future demand for natural gas may be adversely impacted if technologies to capture and sequester carbon emissions are not commercialized. We cannot predict with certainty the likelihood of this or other climate scenarios. Any long-term material adverse effect on the LNG and natural gas industry could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.

***If we fail to comply with international safety regulations, we may be subject to increased liability, which may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.***

The operation of our Vessels is affected by the requirements set forth in the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the "ISM Code"). The ISM Code requires shipowners, ship managers and bareboat charterers to develop and maintain an extensive "Safety Management System" that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. If we fail to comply with the ISM Code, we may be subject to increased liability under our existing contracts, our existing insurance coverage for our affected Vessels may be invalidated or the availability of insurance coverage may decrease, and such issues may result in a denial of access to, or detention in, certain ports.

#### Regulations relating to ballast water discharge may adversely affect our costs and profitability.
The IMO has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel's ballast water. Depending on the date of the International Oil Pollution Prevention, or IOPP renewal survey, existing vessels constructed before September 8,

23<br>

------

#### **TABLE OF CONTENTS**
2017 must comply with the updated D-2 standard on or after September 8, 2019. For most vessels, compliance with the D-2 standard will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ships constructed on or after September 8, 2017 are to comply with the D-2 standards upon delivery. In addition, we are subject to ballast water management regulations in certain jurisdictions where our Vessels operate. As of December 31, 2021, all our Vessels had installed ballast water treatment systems. However, if these regulations are amended, such amendments may require us to incur costs to comply with the changes, which increased costs may adversely impact our profitability.

***Failure to comply with the U.S. Foreign Corrupt Practices Act, the U.K. Bribery Act 2010, the Bermuda Bribery Act 2016 and other anti-bribery legislation in other jurisdictions could result in fines, criminal penalties, contract terminations and an adverse effect on our business, financial condition and results of operations.***

We are also subject to anti-corruption laws and regulations worldwide, including the U.S. Foreign Corrupt Practices Act ("FCPA"), the U.K. Bribery Act 2010 ("U.K. Bribery Act") and the Bermuda Bribery Act 2016 ("Bermuda Bribery Act"), which generally prohibit companies and their intermediaries from making improper payments to foreign officials for the purpose of obtaining or keeping business or other benefits. Some of the jurisdictions in which we currently, or may in the future, operate may present heightened risks for corruption. Although we have adopted policies and procedures that are designed to ensure that we, our employees and other intermediaries comply with applicable anti-corruption laws, including the FCPA, the U.K. Bribery Act and the Bermuda Bribery Act, it is highly challenging to adopt policies and procedures that ensure compliance in all respects with such laws, particularly in high-risk jurisdictions. Developing and implementing policies and procedures is a complex endeavor. There is no assurance that these policies and procedures will work effectively all of the time or protect us against liability under anti-corruption laws and regulations, including the FCPA, the U.K. Bribery Act and the Bermuda Bribery Act for actions taken by our employees and other intermediaries with respect to our business or any businesses that we may acquire.

If we are not in compliance with anti-corruption laws and regulations, including the FCPA, U.K. Bribery Act and the Bermuda Bribery Act we may be subject to costly and intrusive criminal and civil investigations as well significant potential criminal and civil penalties and other remedial measures, including changes or enhancements to our procedures, policies and control, as well as potential personnel change and disciplinary actions. In addition, non-compliance with anti-corruption laws could constitute a breach of certain covenants in operational or debt agreements, and cross-default provisions in certain of our agreements could mean that an event of default under certain of our commercial agreements could trigger an event of default under our other agreements, including our debt agreements. Non-compliance may also give customers under certain charters the right to terminate. Any adverse finding against us could also negatively affect our relationship with current and potential customers as well as our reputation generally. The occurrence of any of these events could have a material adverse impact on our business, results of operations, financial condition, liquidity and future business prospects.

***We are subject to numerous governmental export, trade and economic sanctions laws and regulations. Our failure to comply with such laws and regulations could subject us to liability and have a material adverse impact on our business, results of operations or financial condition.***

We conduct business throughout the world, and our business activities and services are subject to various applicable import and export control laws and regulations of the EU and other jurisdictions in which we do or seek to do business. We must also comply with EU trade and economic sanctions laws. For example, Russia invaded Ukraine in February 2022. In response, the EU and certain other countries imposed significant sanctions and export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business and financial organizations, and the EU and certain other countries could impose further sanctions, trade restrictions and other retaliatory actions should the conflict continue or worsen. Although we take precautions to comply with all such laws and regulations, violations of governmental export control and economic sanctions laws and regulations could result in negative consequences to us, including government investigations, sanctions, criminal or civil fines or penalties, more onerous compliance requirements, loss of authorizations needed to conduct aspects of our international business, reputational harm and other adverse consequences. Moreover, it is possible that we could invest both time and capital into a project involving a country or counterparty that may become subject to sanctions. Additionally, our financing arrangements contractually obligate us to comply with UN, U.S., EU, U.K., Norwegian and Bermudian sanctions laws and regulations. If any of our counterparties or jurisdictions where we do business becomes subject to sanctions as a

24<br>

------

result of these laws and regulations or otherwise, we may face an array of issues, including, but not limited to: having to abandon the related service, being unable to recuperate prior invested time and capital or being subject to lawsuits, investigations or regulatory proceedings that could be time-consuming and expensive to respond to and which could lead to criminal or civil fines or penalties.

***Failure to comply with current or future national and foreign laws and regulations and industry standards relating to privacy and data protection could adversely affect our business, financial condition, results of operations and prospects.***

We are subject to various privacy, information security, and data protection laws, rules, and regulations that present an ever-evolving regulatory landscape across multiple jurisdictions and industry sections. National and foreign legislators and/or regulators are increasingly adopting or revising privacy, information security, and data protection laws, rules, and regulations that potentially could have a significant impact on our current and planned privacy, data protection, and information security-related practices our collection, use, storing, sharing, retention and safeguarding and otherwise processing of certain types of consumer or employee information; and some of our current or planned business activities, which could further increase our costs of compliance and business operations and could reduce income from certain business initiatives.

Compliance with current or future privacy, information security and data protection laws, rules and regulations (including those regarding security breach notification) affecting customer (which may be broadly construed to include business-to-business contacts) or employee data to which we are subject could result in higher compliance and technology costs and could restrict our ability to provide certain products and services (such as products or services that involve sharing information with third parties). Additionally, regulators may attempt to assert authority over our business in the area of privacy, information security and data protection. If our suppliers also become subject to new and additional laws, rules and regulations in more stringent and expansive jurisdictions, this could result in increasing costs to our business. We cannot predict the effect compliance with any such laws or regulations may have on our operating environment.

Because the interpretation and application of many privacy and data protection laws, rules and regulations along with contractually imposed industry standards are uncertain, it is possible that these laws may be interpreted and applied in a manner that is inconsistent with our existing data management practices or the features of our solutions and platform capabilities, which could adversely impact our business by requiring us to change our business activities or modify our solutions and platform capabilities and result in fines, lawsuits and other claims and penalties. Any inability to adequately address privacy and security concerns, even if unfounded, or comply with applicable privacy and data security laws, rules, regulations and policies, could result in additional cost and liability to us, damage our reputation, inhibit growth and otherwise adversely affect our business. Furthermore, the costs of compliance with, and other burdens imposed by, the laws, rules, regulations and policies that are applicable to our businesses may limit the use and adoption of, and reduce the overall demand for, our services. Privacy and data security concerns, whether valid or not valid, may inhibit market adoption of our solutions, particularly in certain industries and foreign countries. If we are not able to adjust to changing laws, rules and information security, our business may be harmed.

#### Risks Related to Tax Matters and Our Organization and Structure

#### As a Bermuda exempted company incorporated under Bermuda law, our operations may be subject to economic substance requirements.
The Organization for Economic Cooperation and Development (the "OECD") has published reports and launched a global dialogue among member and non-member countries on measures to limit harmful tax competition. These measures are largely directed at counteracting the effects of tax havens and preferential tax regimes in countries around the world. According to the OECD, Bermuda is a jurisdiction that has substantially implemented the internationally agreed tax standard and as such is listed on the OECD "whitelist". However, we are not able to predict whether any changes will be made to this classification or whether any such changes will subject us to additional taxes. Our business and results of operations could be significantly and negatively affected if we were to become subject to taxation in Bermuda, or another jurisdiction implements changes due to being incorporated and/or tax resident in Bermuda.

During 2017, the European Union Economic and Financial Affairs Council released a list of non-cooperative jurisdictions for tax purposes. The stated aim of this list, and accompanying report, was to promote good governance worldwide in order to maximize efforts to prevent tax fraud and tax evasion. Bermuda was not on the list of non-cooperative jurisdictions but did feature in the 2017 report (along with approximately 40 other

25<br>

------

#### **TABLE OF CONTENTS**
jurisdictions) as having committed to address concerns relating to economic substance by December 31, 2018. In accordance with that commitment, Bermuda enacted legislation that requires certain entities in Bermuda engaged in "relevant activities" to maintain a substantial economic presence in Bermuda and to satisfy economic substance requirements. The list of "relevant activities" includes carrying on as a business any one or more of: banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service center, intellectual property and holding entities. Any entity that must satisfy economic substance requirements but fails to do so could face automatic disclosure to competent authorities in the EU of the information filed by the entity with the Bermuda Registrar of Companies in connection with the economic substance requirements and may also face financial penalties, restriction or regulation of its business activities and/or may be struck off as a registered entity in Bermuda. At present, the impact of Bermuda's new economic substance requirements is unclear and may adversely affect our business, financial condition or the results of our operations.

On February 18, 2020, it was announced that Bermuda has been placed on the EU's list of cooperative tax jurisdictions. However, we are unable to predict whether any changes will be made to this classification or whether any such changes will subject us to additional taxes. Our business and results of operations could be significantly and negatively affected if it were to become subject to taxation in Bermuda.

***As a Bermuda exempted company with subsidiaries in the Republic of the Marshall Islands and Liberia, our operations may be subject to additional economic substance requirements.***

In March 2019, the Council published a list of non-cooperative jurisdictions for tax purposes, the 2019 Conclusions. In the 2019 Conclusions, the Republic of the Marshall Islands, among others, was placed by the EU on the list of non-cooperative jurisdictions for failing to implement certain commitments previously made to the EU by the agreed deadline. However, it was announced by the Council in October 2019 that the Marshall Islands had been removed from the list of non-cooperative jurisdictions. EU member states have agreed upon a set of measures, which they can choose to apply against the listed countries, including, inter alia, increased monitoring and audits, withholding taxes and non-deductibility of costs. The European Commission has stated it will continue to support member states' efforts to develop a more coordinated approach to sanctions for the listed countries. EU legislation prohibits EU funds from being channeled or transited through entities in non-cooperative jurisdictions.

We have subsidiaries registered in the Republic of the Marshall Islands and Liberia. The Marshall Islands have enacted economic substance regulations with which we are obligated to comply. The Marshall Islands economic substance regulations require certain entities that carry out particular activities to comply with a three-part economic substance test whereby the entity must show that it (i) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity in the Marshall Islands (although it is being understood and acknowledged by the regulators that income-generated activities for shipping companies will generally occur in international waters) and (iii) having regard to the level of relevant activity carried out in the Marshall Islands has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands and (c) an adequate number of qualified employees in the Marshall Islands. As described above, Bermuda has enacted similar legislation.

If we fail to comply with our obligations under such legislation or any similar law applicable to us in any other jurisdictions, we could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials, or could be struck from the register of companies, in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial condition and results of operations.

We do not know (i) if the EU will once again add the Marshall Islands and Liberia to the list of non-cooperative jurisdictions, (ii) how quickly the EU would react to any changes in legislation of the Marshall Islands or (iii) how EU banks or other counterparties will react while we or our subsidiaries remain as entities organized and existing under the laws of the Marshall Islands and Liberia. The effect of the EU list of non-cooperative jurisdictions, and any noncompliance by us with any legislation adopted by applicable countries to achieve removal from the list, including economic substance regulations, could have a material adverse effect on our business, financial condition and results of operations.

26<br>

------

#### A change in tax laws in any country in which we operate could adversely affect us.
Tax laws, treaties and regulations are highly complex and subject to interpretation. Consequently, we and our subsidiaries are subject to changing laws, treaties and regulations in and between the countries in which we operate. Our tax expense is based on our interpretation of the tax laws in effect at the time the expense was incurred. A change in tax laws, treaties or regulations, or in the interpretation thereof, could result in a materially higher tax expense or a higher effective tax rate on our earnings. Such changes may include measures enacted in response to the ongoing initiatives in relation to fiscal legislation at an international level such as the Action Plan on Base Erosion and Profit Shifting of the Organization for Economic Co-Operation and Development.

***We could be treated as or become a passive foreign investment company ("PFIC"), which could have adverse United States federal income tax consequences to U.S. shareholders.***

A foreign corporation will be treated as a "passive foreign investment company," or PFIC, for U.S. federal income tax purposes if either (i) at least 75% of its gross income during the taxable year consists of certain types of "passive income" or (ii) at least 50% of the average value of the corporation's assets during such taxable year produce or are held for the production of those types of "passive income." For purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services does not constitute "passive income." U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.

We intend to treat the gross income we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities does not constitute "passive income," and the assets that we own and operate in connection with the production of that income do not constitute passive assets.

We believe there is substantial legal authority supporting our position consisting of case law and United States Internal Revenue Service, or IRS, pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, we note that there is also case law which characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept our position.

Based on the foregoing, we believe that we were not a PFIC with respect to any prior taxable year. However, there can be no assurance that we will not become a PFIC for the current taxable year or any future taxable year as a result of changes in our operations or assets.

If we are or have been a PFIC for any taxable year during a U.S. shareholder's holding period with respect to our stock, such U.S. shareholder will face adverse U.S. tax consequences and certain information reporting requirements. Under the PFIC rules, unless such shareholder makes a "mark to market" election (which election could itself have adverse consequences for such shareholders), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon "excess distributions" and upon any gain from the disposition of our common shares, as if the excess distribution or gain had been recognized ratably over the shareholder's holding period of our common shares.

#### We may have to pay tax on U.S. source income, which would reduce our earnings.
Under the U.S. Internal Revenue Code of 1986 as amended, or the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves and our subsidiaries, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States, generally will be subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code ("Section 883") and the applicable Treasury Regulations promulgated thereunder.

As of the date of this registration statement, it is not clear whether we will qualify for the exemption under Section 883 of the Code for any taxable year. In this regard, there are factual circumstances beyond our control

27<br>

------

#### **TABLE OF CONTENTS**
that could cause us not to be eligible for the benefit of this tax exemption and thereby be subject to U.S. federal income tax on our U.S. source income. Therefore, although we expect to use reasonable efforts to determine whether we can qualify for this tax exemption, we can give no assurances that this tax exemption will apply to us or to any of our subsidiaries.

If we or our subsidiaries are not entitled to exemption under Section 883 of the Code for any taxable year, we or our subsidiaries could be subject for those years to a 4% U.S. federal income tax on 50% of the gross shipping income we or our subsidiaries derive during the year that are attributable to the transport of cargoes to or from the United States. The imposition of this tax would have a negative effect on our business and would result in decreased earnings available for distribution to our shareholders.

#### We may become subject to taxation in Bermuda which would negatively affect our results.
At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares. We have obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our shares, debentures or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by us in respect of real property owned or leased by us in Bermuda. We cannot assure you that after such date we would not be subject to any such tax. If we were to become subject to taxation in Bermuda, our results of operations could be adversely affected.

***Because our offices and substantially all of our assets are outside the U.S., our shareholders may not be able to bring a suit against us, or enforce a judgment obtained against us in the United States.***

We, and most of our subsidiaries, are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our subsidiaries are located outside the U.S. In addition, most of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be difficult or impossible for U.S. investors to serve process within the U.S. upon us, our subsidiaries, or our directors and officers, or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume that courts in the countries in which we or our subsidiaries are incorporated or where our or our subsidiaries' assets are located would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based upon the civil liability provisions of applicable U.S. federal and state securities laws, or would enforce, in original actions, liabilities against us or our subsidiaries based on those laws.

***Because we are a Bermuda exempted company, the rights of shareholders and duties of directors are governed by Bermuda law and will differ from those of a U.S. company.***

Because we are a Bermuda company, the rights of holders of our common shares will be governed by Bermuda law and our bye-laws as may be amended or restated from time to time. The rights of shareholders under Bermuda law may differ from the rights of shareholders in other jurisdictions, including with respect to, among other things, rights related to interested directors, amalgamations, mergers and acquisitions, takeovers, the exculpation and indemnification of directors and shareholder lawsuits.

Among these differences is a Bermuda law provision that permits a company to indemnify a director from liability for any negligence, default, or breach of a fiduciary duty except for liability resulting directly from that director's fraud or dishonesty. Our bye-laws provide that no director or officer shall be liable to us or our shareholders unless the director's or officer's liability results from that person's fraud or dishonesty. Our bye-laws also require us to indemnify a director or officer against any losses incurred by that director or officer resulting from their negligence or breach of duty, except where such losses are the result of fraud or dishonesty. Accordingly, we carry directors' and officers' insurance to protect against such a risk.

In addition, under Bermuda law, the directors of a Bermuda company owe their duties to that company (being all of its shareholders as a collective) and not to individual shareholders. Bermuda law does not, generally, permit shareholders of a Bermuda company to bring an action for a wrongdoing against the company or its directors, but rather the company itself is generally the proper plaintiff in an action against the directors for a

28<br>

------

#### **TABLE OF CONTENTS**
breach of their fiduciary duties. Moreover, class actions and derivative actions are generally not available to shareholders under Bermuda law. These provisions of Bermuda law and our bye-laws, as well as other provisions not discussed here, may differ from the law of jurisdictions with which shareholders may be more familiar and may substantially limit or prohibit a shareholder's ability to bring suit against our directors or in the name of the company. The Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it.

Under Bermuda law, our directors and officers are required to disclose to our Board any material interests they have in any contract entered into by our company or any of its subsidiaries with third parties. Our directors and officers are also required to disclose their material interests in any corporation or other entity which is party to a material contract with our company or any of its subsidiaries. A director may vote in respect of any contract, proposed contract, or arrangement that he or she does not have an interest in, and if he or she does have such an interest, their vote shall not be counted and may not be counted in the quorum at any meeting of our directors at which any such contract or proposed contract or arrangement is considered, unless otherwise approved by a majority of the Board.

***Our bye-laws provide that the federal district courts of the United States of America are the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. Securities Act. This choice of forum provision could limit the ability of shareholders of the Company to obtain a favorable judicial forum for disputes with directors, officers or employees.***

The choice of forum provision contained in our amended bye-laws may limit a shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with the Company or its directors, officers or other employees, which may discourage such lawsuits against the Company and its directors, officers and other employees. However, the enforceability of similar choice of forum provisions in other companies' governing documents has been challenged in recent legal proceedings, and it is possible that a court in the relevant jurisdictions with respect to the Company could find the choice of forum provision contained in our amended bye-laws to be inapplicable or unenforceable. While the Delaware Supreme Court ruled in March 2020 that U.S. federal forum selection provisions purporting to require claims under the Securities Act be brought in a U.S. federal court are "facially valid" under Delaware law, there can be no assurance that the courts in Norway and Bermuda, and other courts within the United States, reach a similar determination regarding the choice of forum provision contained in our amended bye-laws. If the relevant court were to find the choice of forum provision contained in our amended bye-laws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect our business, financial condition and operating results.

#### We depend on key management personnel and other experienced employees.
Our success depends to a significant degree upon the contributions of key management personnel. There is no guarantee that they will remain employed by us. The loss of services from key management personnel or a limitation in their availability could materially and adversely impact our business, prospects, liquidity, financial condition and results of operations. Further, such a loss could be negatively perceived by our customers and/or in the capital markets. We have not obtained key man life insurance that would provide us with proceeds in the event of the death or disability of any of our key management personnel.

29<br>

------

#### **TABLE OF CONTENTS**
Experienced employees in the LNG shipping industry are fundamental to our ability to generate, obtain and manage opportunities and are also highly sought after. Failure to attract and retain such personnel or to ensure that their experience and knowledge is not lost when they leave the business through retirement, redundancy or otherwise may adversely affect the standards of our service and may have an adverse impact on our business, prospects, liquidity, financial condition and results of operations.

#### Risks Related to this Listing and Ownership of Our Common Shares
***We do not know whether a market for our common shares will develop to provide you with adequate liquidity. If our share price fluctuates after this listing, you could lose a significant part of your investment.***

Our common shares currently trade on Euronext Growth Oslo and there is no established trading market for our common shares in the United States. Although we intend to list our common shares on the NYSE, an active trading market for the shares of our common shares may never develop, or if one develops, it may not be sustained following this listing. Accordingly, no assurance can be given as to the following:

&nbsp;&nbsp;&nbsp;&nbsp;• the likelihood that an active trading market for shares of our common shares will develop or be sustained;

&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of any such market;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our shareholders to sell their shares of common shares; or

&nbsp;&nbsp;&nbsp;&nbsp;• the price that our shareholders may obtain for their common shares.

If an active market does not develop or is not maintained, the market price of our common shares may decline, and you may not be able to sell your shares of our common shares. Even if an active trading market develops for our common shares subsequent to this listing, the market price of our common shares may be highly volatile and subject to wide fluctuations. Our financial performance, government regulatory action, tax laws, interest rates and market conditions in general could have a significant impact on the future market price of our common shares.

Furthermore, in recent years, the stock market has experienced significant price and volume fluctuations. This volatility has had a significant impact on the market price of securities issued by many companies, including companies in our industry. The changes frequently appear to occur without regard to the operating performance of the affected companies. Hence, the price of our common shares could fluctuate based upon factors that have little or nothing to do with our operations, and these fluctuations could materially reduce the price of our common shares and materially affect the value of your investment in our common shares.

***The requirements of being a public company, including compliance with the reporting requirements of the Exchange Act and the requirements of the Sarbanes-Oxley Act, may strain our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely or cost-effective manner.***

As a public company, we will need to comply with new laws, regulations and requirements, certain corporate governance provisions of the Sarbanes-Oxley Act, related regulations of the Securities and Exchange Commission (the "SEC"), including filing quarterly and annual financial statements, and the requirements of the NYSE, which we were not required to comply with previously. Complying with these statutes, regulations and requirements will absorb a significant amount of time of our Board of Directors and management and will significantly increase our costs and expenses. We will need to:

&nbsp;&nbsp;&nbsp;&nbsp;• institute a more comprehensive compliance function, including for financial reporting and disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;• continue to prepare and distribute periodic public reports in compliance with our obligations under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• comply with rules promulgated by the NYSE;

&nbsp;&nbsp;&nbsp;&nbsp;• continue to prepare and distribute periodic public reports in compliance with our obligations under federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;• enhance our investor relations function;

30<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• establish new internal policies, such as those relating to insider trading; and

&nbsp;&nbsp;&nbsp;&nbsp;• involve and retain to a greater degree outside counsel and accountants in the above activities.

The changes necessitated by becoming a public company require a significant commitment of resources and management oversight that has increased, and may continue to increase, our costs and might place a strain on our systems and resources. Such costs could have a material adverse effect on our business, financial condition and results of operations.

Additionally, the SEC recently proposed new rules relating to the climate and ESG-related disclosures in companies' annual reports and registration statements. The proposed rules would add extensive and prescriptive disclosure items requiring companies, including foreign private issuers, to disclose climate-related risks and GHG emissions. In addition, the proposed rules would require the inclusion of certain climate-related financial metrics in a note to companies' audited financial statements. We are currently assessing this rule but at this time we cannot predict the costs of implementation or any potential adverse impacts resulting from the rule. To the extent this rule is finalized as proposed, we could incur increased costs related to the assessment and disclosure of climate-related risks. In addition, enhanced climate disclosure requirements could accelerate the trend of certain stakeholders and lenders restricting or seeking more stringent conditions with respect to their investments in certain carbon intensive sectors.

Furthermore, while we generally must comply with Section 404 of the Sarbanes-Oxley Act for our fiscal year ending December 31, 2022, we are not required to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting until our first annual report subsequent to our ceasing to be an "emerging growth company" within the meaning of Section 2(a)(19) of the Securities Act. Accordingly, we may not be required to have our independent registered public accounting firm attest to the effectiveness of our internal control over financial reporting until as late as our annual report for the fiscal year ending December 31, 2027. Once it is required to do so, our independent registered public accounting firm may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed, operated or reviewed or that discloses a material weakness identified by our management in our internal control over financial reporting. Compliance with these requirements may strain our resources, increase our costs and distract management, and we may be unable to comply with these requirements in a timely or cost-effective manner.

In addition, we expect that being a public company subject to these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be more difficult for us to attract and retain qualified individuals to serve on our Board of Directors or as executive officers. We are currently evaluating these rules, and we cannot predict or estimate the amount of additional costs we may incur or the timing of such costs.

***An active, liquid and orderly trading market for our common shares may not develop or be maintained in the U.S., and our share price may be volatile.***

Prior to this listing, our common shares were not traded on any U.S. markets. An active, liquid and orderly trading market in the U.S. for our common shares may not develop or be maintained after this listing. Active, liquid and orderly trading markets usually result in less price volatility and more efficiency in carrying out investors' purchase and sale orders. The market price of our common shares could vary significantly as a result of a number of factors, some of which are beyond our control. In the event of a drop in the market price of our common shares, you could lose a substantial part or all of your investment in our common shares.

The following factors, among others, could affect our share price:

&nbsp;&nbsp;&nbsp;&nbsp;• our operating and financial performance;

&nbsp;&nbsp;&nbsp;&nbsp;• quarterly variations in the rate of growth of our financial indicators, such as net income per share, net income and revenues;

&nbsp;&nbsp;&nbsp;&nbsp;• the public reaction to our press releases, our other public announcements and our filings with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by our competitors;

31<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;• changes in revenue or earnings estimates, or changes in recommendations or withdrawals of research coverage, by equity research analysts;

&nbsp;&nbsp;&nbsp;&nbsp;• market and industry perception of our success, or lack thereof, in pursuing our growth strategies;

&nbsp;&nbsp;&nbsp;&nbsp;• introductions or announcements of new products offered by us or significant acquisitions, strategic partnerships, joint ventures or capital commitments by us or our competitors and the timing of such introductions or announcements;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to effectively manage our growth;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of pandemics on us and the national and global economies;

&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;• the failure of research analysts to cover our common shares;

&nbsp;&nbsp;&nbsp;&nbsp;• whether investors or securities analysts view our stock structure unfavorably, particularly any significant voting control of our executive officers, directors and their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability or inability to raise additional capital through the issuance of equity or debt or other arrangements and the relevant terms;

&nbsp;&nbsp;&nbsp;&nbsp;• additional shares of our common shares being sold into the market by us or our existing shareholders, or the anticipation of such sales;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies, guidance, interpretations or standards;

&nbsp;&nbsp;&nbsp;&nbsp;• additions or departures of key management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• actions by our shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in operating performance and stock market valuations of companies in our industry, including our vendors and competitors;

&nbsp;&nbsp;&nbsp;&nbsp;• trading volume of our common shares;

&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole and those resulting from natural disasters, severe weather events, terrorist attacks and responses to such events;

&nbsp;&nbsp;&nbsp;&nbsp;• lawsuits threatened or filed against us;

&nbsp;&nbsp;&nbsp;&nbsp;• economic, legal and regulatory factors unrelated to our performance;

&nbsp;&nbsp;&nbsp;&nbsp;• privacy or cybersecurity breaches, data theft or other security incidents or failure to comply with applicable data privacy laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain, maintain, protect, defend and enforce our intellectual property; and

&nbsp;&nbsp;&nbsp;&nbsp;• the realization of any risks described under this "Risk Factors" section.

The stock markets in general have experienced extreme volatility that has often been unrelated to the operating performance of particular companies. These broad market fluctuations may adversely affect the trading price of our common shares. Securities class action litigation has often been instituted against companies following periods of volatility in the overall market and in the market price of a company's securities. Such litigation, if instituted against us, could result in very substantial costs, divert our management's attention and resources and harm our business, operating results and financial condition.

***Future offerings of debt securities, which would rank senior to our common shares upon our bankruptcy or liquidation, and future offerings of equity securities that may be senior to our common shares for the purposes of dividend and liquidation distributions, may adversely affect the market price of our common shares.***

In the future, we may attempt to increase our capital resources by making offerings of debt securities or additional offerings of equity securities. Upon bankruptcy or liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other borrowings will receive a distribution of our available assets

32<br>

------

prior to the holders of our common shares. Additional equity offerings may dilute the holdings of our existing shareholders or reduce the market price of our common shares, or both. Our preference shares, if any were issued, would have a preference on liquidating distributions and dividend payments, which could limit our ability to make a dividend distribution to the holders of our common shares. Our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control. As a result, we cannot predict or estimate the amount, timing or nature of our future offerings, and purchasers of our common shares bear the risk of our future offerings reducing the market price of our common shares and diluting their ownership interest in our company.

***We cannot assure you that we will pay dividends on our common shares, and the indebtedness covenants in our financing arrangements limit our ability to pay dividends on our common shares.***

We intend to pay cash dividends on our common shares, subject to our results of operations and liquidity and compliance with applicable law. We announced a dividend policy in October 2022 and any determination to pay dividends to holders of our common shares will be in line with our dividend policy and will depend upon many factors, including our financial condition, results of operations, financial projections, liquidity forecast, earnings forecast, legal requirements, covenant compliance, restrictions in our existing and any future debt agreements and other relevant factors. Our financing arrangements, including our existing credit facility, place certain limitations on our ability to pay cash dividends. Therefore, there can be no assurance that we will pay any dividends to holders of our common shares or as to the amount of any such dividends. In addition, our historical results of operations, including cash flows, are not indicative of future financial performance, and our actual results of operations could differ significantly from our historical results of operations.

***Sales of substantial amounts of our common shares in the public markets, or the perception that they might occur, could reduce the price that our common shares might otherwise attain and may dilute your voting power and your ownership interest in us.***

Sales of a substantial number of our common shares in the public market after this listing, particularly sales by our directors, executive officers and significant shareholders, or the perception that these sales could occur, could adversely affect the market price of our common shares and may make it more difficult for you to sell your common shares at a time and price that you deem appropriate.

Subject to limited exceptions, all of our common shares outstanding are freely tradable without restrictions or further registration under the Securities Act, except for any shares held by our affiliates as defined in Rule 144 under the Securities Act ("Rule 144").

Pursuant to the Registration Rights Agreement that we will enter into with EPS Ventures Ltd. ("EPS") and Golar (the "Registration Rights Agreement"), EPS and Golar will have rights to require us to file registration statements covering the sale of an aggregate of 53,688,462 common shares, or to include such shares in registration statements that we may file for ourselves or other shareholders. See "Item 7. Major Shareholders and Related Person Transactions – B. Registration Rights Agreement."

We may also issue our common shares or securities convertible into our common shares from time to time in connection with a financing, acquisition, investment or otherwise. Any such issuance could result in substantial dilution to our existing shareholders and cause the market price of our common shares to decline.

***As a foreign private issuer, we are permitted to, and we will, rely on exemptions from certain NYSE corporate governance standards applicable to U.S. issuers, including the requirement that a majority of an issuer's directors consist of independent directors. This may afford less protection to holders of our common shares.***

As a foreign private issuer, we are not subject to the same disclosure and procedural requirements as domestic U.S. registrants under the Exchange Act. For instance, we are not required to prepare and file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act, we are not subject to the proxy requirements under Section 14 of the Exchange Act, and we are not required to comply with Regulation FD, which restricts the selective disclosure of material nonpublic information. In addition, our officers, directors and principal shareholders are exempt from the reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act. Moreover, we will be permitted to disclose compensation information for our executive officers on an aggregate, rather than an individual, basis because individual disclosure is not required under Bermuda law. We do, however, intend to

33<br>

------

furnish our shareholders with annual reports containing financial statements audited by our independent auditors and to make available to our shareholders quarterly reports containing unaudited financial information for each of the first three quarters of each fiscal year.

Rule 303A.01 of the NYSE corporate governance listing rules requires listed companies to have, among other things, a majority of their board members be independent. As a foreign private issuer, however, we are permitted to, and we may, follow home country practice in lieu of the above requirement, under which there is no requirement that a majority of our directors be independent. See "Item 6. Directors, Senior Management and Employees – C. Board Practices."

We could lose our foreign private issuer status under U.S. securities laws. The regulatory and compliance costs to us under U.S. securities laws as a U.S. domestic issuer may be significantly higher. We would then also be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer. We may then also be required to modify certain of our policies to comply with good governance practices associated with U.S. domestic issuers. Such conversion and modifications will involve additional costs. In addition, we would then lose our ability to rely upon exemptions from certain corporate governance requirements on NYSE that are available to foreign private issuers.

***For as long as we are an emerging growth company, we will not be required to comply with certain reporting requirements that apply to other public companies.***

We are classified as an "emerging growth company" under the JOBS Act. For as long as we are an emerging growth company, which may be up to five full fiscal years, unlike other public companies, we will not be required to, among other things: (i) provide an auditor's attestation report on management's assessment of the effectiveness of our system of internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act; or (ii) comply with any new requirements adopted by the PCAOB requiring mandatory audit firm rotation or a supplement to the auditor's report in which the auditor would be required to provide additional information about the audit and the financial statements of the issuer. We expect to remain an emerging growth company for up to five years, although we will lose that status sooner if we have more than $1.235 billion of revenues in a fiscal year, have more than $700.0 million in market value of our common shares held by non-affiliates, or issue more than $1.0 billion of non-convertible debt over a three-year period.

To the extent that we rely on any of the exemptions available to emerging growth companies, you will receive less information about our internal control over financial reporting than issuers that are not emerging growth companies. If some investors find our common shares to be less attractive as a result, there may be a less active trading market for our common shares and our share price may be more volatile.

***Certain of our major shareholders may have interests that are different from the interests of our other shareholders. The Acquisition Vessels were acquired from related parties, and the option agreement to acquire the Newbuild Vessels is made with related parties and we may enter into further transactions with related parties in the future.***

Certain of our major shareholders may have interests that are different from, or are in addition to, the interests of our other shareholders. In particular, EPS and certain of its affiliates, may be deemed to beneficially own approximately 49.9% of our issued and outstanding shares; Golar and certain of its affiliates may be deemed to beneficially own approximately 8.3% of our issued and outstanding shares. There may be real or apparent conflicts of interest with respect to matters affecting such shareholders and their affiliates whose interests in some circumstances may be adverse to our interests.

For so long as such shareholders continue to own a significant percentage of our common shares, they will be able to significantly influence the composition of our Board of Directors and the approval of actions requiring shareholder approval through their voting power. Accordingly, for such period of time, they will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers. In particular, for so long as such shareholders continue to own a significant percentage of our common shares, they may be able to cause or prevent a change of control of our company or a change in the composition of our Board of Directors and could preclude any unsolicited acquisition of our company. The concentration of ownership could deprive you of an opportunity to receive a premium for your common shares as part of a sale of our company and ultimately might affect the market price of our common shares.

34<br>

------

Such shareholders and their affiliates engage in a broad spectrum of activities, including in the LNG and shipping industries. In the ordinary course of their business activities, they may engage in activities where their interests conflict with our interests or those of our shareholders. For example, they may compete with us and pursue acquisition opportunities that may be complementary to our business, and, as a result, those acquisition opportunities may not be available to us. In addition, they may have an interest in our pursuing acquisitions, divestitures and other transactions that, in their judgment, could enhance their investment, even though such transactions might involve risks to us and our shareholders. Such potential conflicts may delay or limit the opportunities available to us, and it is possible that conflicts may be resolved in a manner adverse to us or result in agreements that are less favorable to us than terms that would be obtained in arm's-length negotiations with unaffiliated third parties.

#### The historical financial information in this registration statement may make it difficult to accurately predict our costs of operations in the future.
The historical financial information in this registration statement does not reflect the added costs we expect to incur as a U.S. listed public company or the resulting changes that will occur in our capital structure and operations and as a result of the listing and the acquisition of the Newbuild Vessels. For more information on our historical financial information, see "Item 5. Operating and Financial Review and Prospects – A. Operating Results" and our consolidated financial statements included elsewhere in this registration statement.

***Future sales of our common shares could cause the market price of our shares of common shares to decline and could lead to a loss of all or part of a shareholder's investment.***

The market price of shares of our common shares may fluctuate due to many factors, including factors that may be unrelated to our operating performance or prospects such as actual or anticipated fluctuations in our quarterly or annual results and those of other public companies in our industry, the suspension of our dividend payments, mergers and strategic alliances in the shipping industry, market conditions in the LNG shipping industry, shortfalls in our operating results from levels forecast by securities analysts, announcements concerning us or our competitors, business interruptions caused by global pandemics and outbreaks of disease, the general state of the securities market and other factors, many of which are beyond our control.

Furthermore, following periods of volatility in the market, securities class-action litigation has often been instituted against companies. Such litigation, if instituted against us, could result in substantial costs and diversion of management's attention and resources, which could materially and adversely affect our business, financial condition and results of operations. Therefore, there can be no guarantee that our share price will remain at current prices and we cannot assure our shareholders that they will be able to sell any of our common shares that they may have purchased at a price greater than or equal to the original purchase price.

Additionally, sales of a substantial number of our common shares in the public market, or the perception that these sales could occur, may depress the market price for common shares. These sales could also impair our ability to raise additional capital through the sale of our equity securities in the future.

#### If we fail to meet the expectations of analysts or investors, our share price could decline substantially.
Our results may be below analysts' or investors' expectations. If this occurs, the price of our common shares could decline. Important factors that could cause our revenue and operating results to fluctuate from quarter to quarter include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;• prevailing economic and market conditions in the natural gas and energy markets;

&nbsp;&nbsp;&nbsp;&nbsp;• negative global or regional economic or political conditions, particularly in LNG-consuming regions, which could reduce energy consumption or its growth;

&nbsp;&nbsp;&nbsp;&nbsp;• declines in demand for LNG or the services of LNGCs or;

&nbsp;&nbsp;&nbsp;&nbsp;• increases in the supply of LNGC capacity operating in the spot or term markets;

&nbsp;&nbsp;&nbsp;&nbsp;• marine disasters; war, piracy or terrorism; environmental accidents; or inclement weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;• mechanical failures or accidents involving any of our Vessels; and

&nbsp;&nbsp;&nbsp;&nbsp;• drydock scheduling, costs and capital expenditures.

Most of these factors are not within our control, and the occurrence of one or more of them may cause our operating results to vary widely.

35<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM 4.**<br>| **INFORMATION ON THE COMPANY** |

---

A. **History and Development of the Company**

Although CoolCo was incorporated in 2018, our business has just recently been initiated. Since the time of our incorporation and prior to the acquisitions of the Original Vessels and The Cool Pool Limited pursuant to the Vessel SPA, our operations were limited to maintaining corporate existence, including the incurrence of bank charges, financing fees and professional services.

On January 26, 2022, we, then as a subsidiary of Golar, entered into a share purchase agreement and related agreements under which we acquired the Original Vessels and The Cool Pool Limited from Golar (the "Vessel SPA"). In connection with the acquisition of the Original Vessels, we entered into a credit-approved senior sustainability term loan facility of $570 million maturing in 2027 with a syndicate of banks, which refinanced six of the eight vessels. Following completion of the transactions contemplated under the Vessel SPA on April 5, 2022, the existing sale and leaseback loans, except for the loans secured over the *Golar Ice* and *Golar Kelvin* which were assumed by us, were refinanced. Following completion of the transactions contemplated under the Vessel SPA, Golar continued to be the guarantor to the *Golar Ice* and *Golar Kelvin* sale and leaseback arrangements.

On February 2, 2022, we sold 27.5 million common shares at a price of $10.00 per share raising gross proceeds of $275 million in a private placement (the "Private Placement"). The proceeds were used to finance the acquisition of the Original Vessels. As a result of the Private Placement, EPS, a wholly-owned subsidiary of Quantum Pacific Shipping Ltd ("QPSL"), became our largest shareholder with approximately 37.5% of our common shares. Golar held approximately 31.3% of our common shares and public shareholders held the remaining common shares. The common shares were listed on the N-OTC immediately following completion of the Private Placement. On February 22, 2022, we completed our listing of common shares on the Euronext Growth Oslo. At opening, the share price was set at NOK 87.50 (approximately $9.84), corresponding to a total estimated market capitalization of NOK 3.5 billion (approximately $394 million).

On June 30, 2022, we acquired from Golar its LNGC and FSRU management organization, which was comprised of four entities: Cool Company Management Ltd., Cool Company Management d.o.o., CoolCo Management Sdn bhd. and Cool Company Management AS ("ManCo") pursuant to a share purchase agreement and related agreements (the "ManCo SPA"). As part of the terms of the ManCo SPA, Golar Management Ltd. ("Golar Management") and CoolCo also entered into an Administrative Services Agreement for the provision of the following services from July 1, 2022 to June 30, 2023 by Golar to the Company: IT services, accounting services, treasury services, finance operations services and additional services reasonably required by the Company that have been agreed between the parties.

On November 2, 2022 we entered into an agreement with Quantum Crude Tankers Ltd, an affiliate of EPS, to acquire the companies that own the Acquisition Vessels for an aggregate purchase price of $660 million.

On November 7, 2022 we completed a private placement of shares including a primary offering and a secondary offering of existing shares by Golar (the "Second Private Placement"). The Second Private Placement consisted of (a) a $170 million primary offering in which the Company issued 13,678,462 new common shares; and (b) a $100 million secondary offering of existing shares by Golar which sold 8,046,154 existing common shares. As a result of this Second Private Placement, EPS increased its shareholding to approximately 49.9%, Golar reduced its shareholding to approximately 8.3% and public shareholders subsequently held approximately 41.8% interest. The Company used the net proceeds from the primary offering to finance the equity portion of the purchase of the Acquisition Vessels.

We completed our purchase of the Acquisition Vessels on November 10, 2022. We financed the purchase price with the proceeds from the primary offering conducted in November 2022 and assumed debt of $520 million.

We also entered into an option agreement with affiliates of QPSL to acquire contracts to purchase two newbuilding contracts for vessels (being the *HHI#1* and *HHI#2*) (the "Newbuild Vessels" and together with the Acquisition Vessels, the "CoolCo New Vessels"), with such contracts to be novated to CoolCo. The option is valid until June 30, 2023 and the purchase consideration under the option agreement is approximately $234 million per vessel.

36<br>

------

Our registered commercial and legal name is Cool Company Ltd. The Company is an exempted company limited by shares organized and existing under the laws of Bermuda pursuant to Bermuda law in general and to the Companies Act 1981 of Bermuda in particular (the "Companies Act"). The Company's registration number in the Bermuda Registrar of Companies is 54129. The Company was incorporated in Bermuda on October 31, 2018. The Company's registered office is located at 2<sup>nd</sup> Floor, S.E. Pearman Building, 9 Par-La-Ville Road, Hamilton, HM 11, Bermuda and the Company's website can be found at www.coolcoltd.com. Information contained on our website does not constitute part of and is not incorporated by reference in this registration statement. We have included our website address in this registration statement solely as an inactive textual reference. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. The address of the SEC's Internet site is www.sec.gov. None of the information contained on, or that can be accessed through, these websites is incorporated into or forms a part of this registration statement.

B. **Business Overview**

#### Business

#### Overview
We are a growth-oriented owner, operator and manager of fuel-efficient LNG carriers providing critical supply chain support to the international energy industry. CoolCo was formed with the objective of providing customers across the globe with modern and flexible LNG transportation solutions, providing a lesser-emitting form of energy to help enable decarbonization efforts, economic growth, and improvements in quality of life. On January 26, 2022, Golar and CoolCo entered into the Vessel SPA under which CoolCo acquired the Original Vessels and The Cool Pool Limited from Golar, for a purchase price for each Vessel of $145 million, subject to working capital and debt adjustments, for each vessel. The Original Vessels operate under time charters of various durations with major energy, utility and commodity trader counterparties. Golar and CoolCo entered into the ManCo SPA pursuant to which CoolCo acquired from Golar its LNGC and FSRU management organization, ManCo (comprised of four entities, Cool Company Management Ltd., Cool Company Management d.o.o., CoolCo Management Sdn bhd. and Cool Company Management AS, all of which were acquired on June 30, 2022), for a purchase price of $5.0 million, with working capital adjustments of approximately $1.6 million. The net aggregate amount of purchase consideration was $346.2 million (this was comprised of $127.9 million in the form of shares in the Company issued to Golar on each respective entity acquisition date pursuant to the Vessel SPA, $211.7 million net cash consideration resulting from acquisition-related refinancing and $6.6 million cash consideration paid pursuant to the ManCo SPA).

We purchased the Acquisition Vessels (on long-term charters) and we expect to acquire the Newbuild Vessels (currently not chartered) from subsidiaries of QPSL, the sole shareholder of EPS, our largest industry shareholder. Further, we intend to leverage our industry relationships to make accretive acquisitions of in-service LNGCs from third parties, and to selectively enter into newbuild arrangements.

Our integrated, in-house vessel management platform provides our charterers with high-quality, reliable and efficient commercial and technical management services. We are the commercial and technical manager of not only our fleet, which includes the Original Vessels and the Acquisition Vessels, but also eight additional LNGCs and nine FSRUs owned by third parties. This was an established service provided by ManCo and we expect that existing and prospective charterers will continue to engage us for their chartering needs due to the effective and efficient nature of our integrated, in-house commercial and technical management platform.

We believe that LNG is crucial to energy security and will play an important role in the global transition to a lower-carbon future. The war in Ukraine and weaponization of gas supply by Russia clearly demonstrates the importance of LNG to energy security. Achieving the Paris Agreement's decarbonization goals requires substantial growth in natural gas volumes both to replace coal and complement renewables. Even the most optimistic scenarios for renewables and new decarbonization technology will fail to achieve the Paris Agreement's goals without substantial growth in natural gas volumes through 2040, including in the form of LNG. While more aggressive mandates to shift electricity generation away from fossil fuels to renewable energy sources are possible and any such mandates could impact us, we believe LNG will likely remain an enabler in such a shift. As a provider of flexible LNG transport solutions, we are well-positioned to support society's transition to a lower-carbon energy future.

37<br>

------

#### **TABLE OF CONTENTS**

#### Competitive Landscape
We operate in markets that are highly competitive and based primarily on supply and demand. Generally, competition for LNG time charters is based primarily on price, ship availability, size, age, technical specifications and condition, LNG shipping experience, quality and efficiency of ship operations, shipping industry relationships and reputation for safety performance, customer service and technical ability and reputation for operation of highly specialized ships. In addition, in the future our ships may operate in the more volatile emerging spot market that covers short-term charters of one year or less.

In addition to independent owners, some of the major oil and gas producers own LNGCs and have in the recent past contracted for the construction of new LNGCs. National gas and shipping companies also have large fleets of LNGCs that have expanded and may continue to expand. Some of these companies may compete with independent owners by using their fleets to carry LNG for third parties.

The ownership of LNGC assets is distributed among numerous owners, some of which are or have been publicly listed, such as Awilco LNG, Gaslog Partners, Dynagas LNG Partners, Flex LNG, Höegh LNG and Seapeak. A number of public companies engaged in LNG shipping have recently been taken private, positioning us as an attractive investment in the LNG sector.

#### Business Opportunities
With the global demand for natural gas increasing and LNG's share of the international natural gas trade expanding within the sector, we believe the following attributes of the LNG shipping industry create opportunities for us to successfully execute our business strategy and operations.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Energy security concerns are driving an accelerated growth in demand for natural gas and LNG.*** The LNG industry is currently experiencing a significant expansion phase, with a recent focus on energy security building on a fundamental outlook for growth that is supported by Asian gas demand, energy transition dynamics and significant LNG export projects. According to the IEA's Global Gas Review 2021, global LNG trade expanded by 6% in 2021, slightly below the 7% average rate in the 2015-2020 period, but greater than the 1% increase in 2020. The IEA forecasts global LNG trade will increase 5% in 2022 with LNG exports from the United States expected to grow by 19% with smaller contributions from Africa, Europe, Central and South America and Eurasia offsetting small declines in the Asia-Pacific region and Middle East.

In particular, following the commencement of the conflict in Ukraine in early 2022, investment in infrastructure has accelerated amidst a drive for energy security and diversification away from Russian pipeline gas in Europe. Subsequently, the European heating season saw a record 55% increase from 2021 to 2022 in LNG inflow into Europe after Russia reduced its piped gas supplies according to the IEA. Because of the cost and/or environmental advantages of natural gas relative to other energy sources, together with the increased availability of natural gas, we believe that demand for natural gas and LNG in particular will continue to grow in the future. Concerns about the impact of fossil fuels on global warming, more stringent emissions targets and heightened safety concerns have shifted the global energy mix away from coal, oil and nuclear fuels to greater reliance on natural gas. With demand for LNG from power generation and industrial sectors exceeding supply, additional export production capacity is expected to be introduced over the remainder of the decade. LNG has become critical to energy security, and an enabler for economic growth and improved quality of life.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***The demand for LNG shipping is experiencing significant growth.*** The transport of LNG has gained traction in recent years due to the flexibility and security that LNG offers over traditional pipeline trade, as well as the large distances between the supply and demand centers for natural gas. An increasing portion of natural gas traded (if not consumed in the producing region) is being transported in the form of LNG. LNG shipping has been increasing in importance over the last 20 years and, according to Clarksons Research, accounted for 41% of all natural gas traded in 2021, up sharply from 25% in 2000. Between 2001 and 2021, the volume of gas traded as LNG increased by a compound annual growth rate of 6.5% compared to 2.4% per annum for gas transported by pipeline over the same period. Planned capacity increases in liquefaction and regasification terminals are anticipated to increase export and import capacity significantly, requiring additional LNGCs to support trade activity. Based on the current project pipeline of liquefaction projects that are planned or under construction, a doubling in export liquefaction capacity is expected by 2028 from the current 464 mtpa (assuming

38<br>

------

#### **TABLE OF CONTENTS**
capacity under construction of 164 mtpa and at the FEED (front end engineering design) stage of 293 mtpa progress as scheduled). As a result of recent increased demand, current charter rates are higher than rates have been in recent years, and we believe that rates will remain high in the foreseeable future. Demand for LNG fluctuates due to prevailing market conditions. As a result of the war in Ukraine, demand for LNG in European markets has increased materially and the market environment is such that term contract rates for shipping have risen. Energy security considerations are more than offsetting the shorter shipping distances typically involved when delivering to Europe. Spot rates decreased after December 2021 after a warmer than average winter in Asia and on a greater number of European deliveries, but the 12-month term market remained strong.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Industry preferences and regulatory standards favor more modern LNG vessels.*** We believe that significant barriers to entry exist in the LNG shipping industry, given the growing range of international environmental laws, regulations and treaties affecting the marine transportation industry, large capital requirements and the need for a high degree of technical management capabilities to operate vessels. Given such stringent requirements, we believe that charterers will continue to look to experienced technical operators with proven track records and strong reputations within the LNG shipping sector, including proof of high safety performance. According to Clarksons Research, it is estimated that over 30% of existing LNG shipping capacity is presently concentrated in older, steam turbine powered LNGCs, and it is anticipated that these vessels will continue to exit the market due to their lower efficiency and non-compliance with environmental standards that will be applicable beginning in 2023. The scrapping of some of these vessels is expected to add opportunities for CoolCo's more modern vessels, and support a constructive LNGC rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***There is increasing ownership of the global LNGC fleet by independent owners.*** While fleet ownership in the LNG shipping industry has been historically characterized by a split between independent shipping companies and major energy and utility companies, independent owners have increased their share of the global LNGC fleet from approximately 43% in 2000, to 60% by October 2022. Given this trend, we believe private and state-owned energy companies will continue to seek high-quality independent owners for their growing LNG shipping requirements in the future, as they continue to divest non-core businesses (resulting in a reduction in the share of the LNG shipping fleet owned by such companies).

&nbsp;&nbsp;&nbsp;&nbsp;•  ***The charter market for LNG shipping contracts is at historically high levels.*** Current market trends allow owners to choose between longer- and shorter-term contracts and earn what we believe to be attractive rates. Such growth and development in the charter market has enabled owners to pursue a balanced chartering approach and strategy.

#### Competitive Strengths
We believe that our future business prospects are well supported by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Leading independent platform of LNGCs, benefitting from significant impact of strong industry shareholders.*** Our current fleet which includes the Acquisition Vessels is relatively young, with an average age of seven years, and includes no steam vessels. With the acquisition of the Acquisition Vessels, we are among the largest independent, publicly listed LNGC owners based on number of vessels, and our fleet size will increase if we exercise our option to purchase contracts to purchase the Newbuild Vessels. The option to acquire of the Newbuild Vessels provides for additional growth opportunities, particularly as the Newbuild Vessels will be delivered in early 2025 (with potential for second half 2024 delivery based on current yard schedule).

Upon consummation of the purchase of the Newbuild Vessels, we will be among the largest independent, publicly listed LNGC owners based on number of vessels. We achieve the benefits of additional scale through our technical management of an additional 17 vessels and FSRUs on behalf of third parties. We believe that our Vessels offer attractive characteristics that provide a competitive advantage in securing future charters with customers and enhance the ships' earnings potential. Our Vessels are equipped with either the latest tri-fuel diesel electric propulsion technology or newer two-stroke propulsion technology, which significantly reduces fuel costs and emissions. The Newbuild Vessels are equipped with similar or newer two-stroke propulsion technology.

39<br>

------

#### **TABLE OF CONTENTS**
EPS, a wholly-owned subsidiary of QPSL, and Golar are the two industry shareholders of CoolCo. QPSL has a fleet of over 200 vessels across three core segments of containership, dry bulk and tanker vessels and it originates from international shipping activities started over 60 years ago. Golar (NASDAQ: GLNG) is one of the pioneers of the LNG industry and designs, builds, owns and operates marine infrastructure for the liquefaction and regasification of LNG. Following the sale of its investments in its former affiliates Golar LNG Partners LP and Hygo Energy Transition Ltd. in April 2021 and the disposal pursuant to the Vessel SPA and ManCo SPA to CoolCo described herein, Golar is now focusing on pursuing and increasing its portfolio of floating liquefaction natural gas vessels ("FLNG") projects. The strong shareholder support of our growth strategy is exemplified by QPSL's role in securing the CoolCo New Vessels, and we anticipate that our shareholders will continue to provide accretive, high-value opportunities that would further enable the expansion of our fleet.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Balanced portfolio of secured charter arrangements.*** The time charters for the Original Vessels vary in duration and have staggered ending dates, with current terms that expire between 2023 and 2027, offering the potential for subsequent charters at improved rates. The charters on the Acquisition Vessels have staggered expiration dates, and the charterer has the option to extend. We believe our combination of near-term exposure to improved shipping rates and longer-term contracts represents a balanced portfolio optimized for risk and return. Since our Vessels operate under time charter contracts, voyage expenses such as bunker fuel, port charges and canal tolls are typically paid for by the charterer.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Multiple growth opportunities.*** We believe that our operating experience, the scale of our ship management function and profile of our supportive shareholders gives us a unique industry presence that will provide us with a competitive advantage over other LNGC operators when competing for additional commercial opportunities in the growing LNG shipping sector. The acquisition of the Newbuild Vessels provides for additional growth, particularly as the Newbuild Vessels will be delivered in 2025. Due to the scale and sophistication of our established ship management operations, we expect to be able to effectively integrate these vessels and others into our fleet. We also believe that consolidation within the sector may provide future growth opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***In-house management company with a track record for efficiency, safety and operational performance.*** Our Vessels are technically managed through our wholly-owned subsidiary, Cool Company Management AS, which allows us to offer our customers high-quality performance, reliability and efficiency while maintaining a close control over operating costs. As the technical and commercial manager of our own Vessels and ships of third parties, we have developed significant experience and know-how in the operation of LNGCs and FSRUs. We provide comprehensive onboard training for our officers and crews. We believe that existing and prospective customers will continue to engage with our company for their chartering needs as a result of the combination of our safety track record, focus on efficiency, strong technical capabilities and reputation for high operating standards. The continued success of our in-house management company demonstrates our customers' validation of our platform and service offerings.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Experienced leadership team.*** Our leadership team and ship management personnel have extensive energy, shipping and LNG experience and a strong operational track record. In addition, our senior management and industry shareholders, have developed a broad network of relationships with major energy companies, leading LNG shipyards, global financial institutions and other key participants throughout the shipping industry. We believe these factors will collectively enhance our ability to attract new LNG business opportunities and implement our growth strategy.

#### Business Strategies
Our primary business objective is to build upon our strengths with a view to maximizing value for our shareholders by executing the following strategies:

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Capitalize on growing demand for LNG shipping.*** We believe that it is an opportune time to secure improved rates for our existing LNGCs and expand our fleet as demand for natural gas and LNG shipping is forecasted to grow. We expect that earnings generated from our Vessels will position us to capitalize on opportunities to meet the growing industry demand for LNG transportation. Furthermore, we aspire to

40<br>

------

#### **TABLE OF CONTENTS**
become a capital markets leader offering investors pure-play LNG shipping exposure. We believe we present an attractive business proposition to public shareholders and investors as the LNG shipping industry has experienced multiple peers exiting the public capital markets by being taken private.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Expand our fleet through accretive acquisitions.*** We intend to grow our current fleet through timely and selective acquisitions of additional vessels at attractive valuations, such as the Newbuild Vessels. In evaluating potential acquisitions, we consider and analyze, among other things, our expectation of fundamental developments in the LNG shipping industry, the level of liquidity in the resale and charter market, vessel condition, technology, expected remaining useful life and technical specifications, as well as the overall strategic positioning of our fleet and customer needs. We believe our industry reputation and relationships will allow us to further expand our owned fleet either through industry consolidation, additional newbuilds or through the acquisition of modern secondhand ships to the extent that such acquisitions are accretive to fleet quality and future returns.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursue a balanced chartering strategy.*** Consistent with our chartering strategy aimed at outperforming sector benchmarks over time, our Vessels have a balanced portfolio of short- and long-term time charters. We believe that this strategy maximizes returns on our investments, while achieving cash-flow visibility aligned with our capital structure. When evaluating growth opportunities, we seek to assess the attractiveness of long and short-term employment opportunities to maximize returns in a risk-efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Provide high-quality customer service.*** Our safety and operational track records have played a pivotal role in fostering our existing customer relationships and, we believe, will be critical in attracting new customers. We seek to adhere to the highest standards with regards to safety, reliability, efficiency and operational excellence as we execute our fleet expansion plans. We will continue to be devoted to a "safety first" culture and will strive to minimize the environmental impact of our assets through technical innovation and strong operational competencies. We believe maintaining the highest safety and technical standards will give us greater commercial opportunities to service new and existing customers.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Pursue a proactive approach to reducing emissions and increasing efficiency.*** Drawing on our in-house management experience and technical know-how, we have a strong commitment to reducing emissions and increasing efficiency. This includes the use of digitalization, upgrading vessels during scheduled drydocking maintenance and working in close collaboration with charterers on voyage optimization. CoolCo's fleet is fully compliant with new Energy Efficiency Existing Index ("EEXI") regulations with A, B or C Carbon Intensity Indicator ("CII") efficiency ratings. Since charterers pay for bunker fuel under LNG charters, they benefit from efficiency savings on our Vessels, which makes these more attractive than less efficient vessels.

&nbsp;&nbsp;&nbsp;&nbsp;•  ***Opportunistically seek to expand and diversify our customer base.*** We plan to maintain relationships with our current customer base and further cultivate relationships with a number of additional major energy companies, with an aim to supporting their growth programs and capitalizing on attractive opportunities these programs may offer. We will also explore opportunities to exploit our in-house commercial and technical management platform to assist and attract such customers. We believe our operational expertise, in combination with our reputation and track record in LNG shipping, positions us favorably to capture additional commercial growth opportunities in the LNG industry.

#### Our Business
*Current Fleet*

Our fleet currently consists of (i) eight modern TFDE LNGCs, namely the *Golar Bear*, *Golar Crystal*, *Kool Frost* (renamed from the *Golar Frost* effective February 3, 2023), *Golar Glacier*, *Golar Ice*, *Golar Kelvin*, *Golar Seal* and *Golar Snow* acquired from Golar and (ii) four modern two-stroke and TFDE vessels, namely the *Kool Orca*, *Kool Firn*, *Kool Boreas* and *Kool Baltic* acquired from Quantum Crude Tankers Ltd, an affiliate of EPS. The vessels use fuel efficient propulsion and low boil-off technology and are compatible with most LNG loading and receiving terminals worldwide.

41<br>

------

#### **TABLE OF CONTENTS**
Our current fleet consists of the following vessels as of the date of this registration statement:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Cargo capacity /** <br>**Containment system** | **Delivered** | **Yard** | **Boil-Off**<br>**Rate** <br>**(%)** | **Next**<br>**dry-docking** <br>**window** |
| *Golar Bear* | 160,000 Membrane <br>(Mark III) | September 2014 | Samsung | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| *Golar Crystal* | 160,000 Membrane <br>(Mark III) | May 2014 | Samsung | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| *Kool Frost* | 160,000 Membrane <br>(Mark III) | October 2014 | Samsung | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| *Golar Glacier* | 162,000 Membrane <br>(Mark III) | October 2014 | Hyundai | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| *Golar Ice* | 160,000 Membrane <br>(Mark III) | February 2015 | Samsung | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| *Golar Kelvin* | 162,000 Membrane <br>(Mark III) | January 2015 | Hyundai | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| *Golar Seal* | 160,000 Membrane <br>(Mark III) | October 2013 | Samsung | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 |
| *Golar Snow* | 160,000 Membrane <br>(Mark III) | January 2015 | Samsung | 0.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024  |
| *Kool Orca* | 174,000 Membrane <br>(Mark III) | January 2021 | Hyundai Samho <br>Heavy Industries | 0.085% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026 |
| *Kool Firn* | 174,000 Membrane <br>(Mark III) | September 2020 | Hyundai Samho <br>Heavy Industries | 0.085% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |
| *Kool Boreas* | 170,500 Membrane <br>(NO96 Evo 2 GW) | January 2015 | STX Offshore & <br>Shipbuilding Co. | 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |
| *Kool Baltic* | 170,500 Membrane <br>(NO96 Evo 2 GW) | April 2015 | STX Offshore & <br>Shipbuilding Co. | 0.125% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 |

---

Our Vessels are registered with the maritime register of the Republic of the Marshall Islands or Liberia. The *Golar* prefix will be replaced by *Kool* to reflect their ownership by CoolCo. The Vessels are all compliant with EEXI/CII regulations entering into force in 2023, and we intend to reduce our fleetwide carbon intensity by 25% by 2030 compared to 2019. This goal would equate to a 45% reduction compared to 2008 estimates, exceeding the IMO target of 40%. The Vessels' low Boil-Off Rate of 0.10% makes them among the most efficient TFDE LNGCs in operation and provides for a competitive advantage compared to similar vessels – especially at today's high LNG prices.

The Original Vessels are currently traded in the Cool Pool. The Cool Pool comprises the Original Vessels plus one additional vessel, the *Golar Celsius*. Pool revenues and voyage expenses are aggregated and then equally distributed to the pool participants in accordance with the number of days each of their vessels are entered into the pool during the period.

The Cool Pool allows the pool participants to optimize the operation of the pool vessels through improved scheduling ability, cost efficiencies and common marketing. The objective of the Cool Pool is to serve the transportation requirements of the LNG shipping market by providing customers with reliable, innovative and more flexible solutions to meet their increasingly complex shipping requirements. Under the pool agreement, the Cool Pool is responsible, as agent, for the marketing and chartering of the participating vessels and for paying other voyage costs such as port call expenses and brokers' commissions in relation to employment contracts. Each of the pool participants continues to be fully responsible for the financing, insurance, manning and technical management of their respective vessels.

Each Vessel is either owned or leased by a SPV that is a wholly-owned subsidiary of the Company.

We believe our fleet is positioned to benefit from an LNG shipping market that has improved materially since older charters were entered into. Currently, we expect our Vessels to have a 17% open spot exposure by the end of fiscal year 2023, which we project will increase to 37% by the end of fiscal year 2024. The chart below illustrates our contracted hire, or backlog, days for our Vessels from October 1, 2022 to December 31, 2025.

42<br>

------

&nbsp;&nbsp;&nbsp;&nbsp;

#### <br>
"Contracted revenue" is defined as the contracted daily charter rate for each vessel multiplied by the number of scheduled hire days for the period or the remaining contract term (excluding any option periods). Contracted revenue is not intended to represent EBITDA, Adjusted EBITDA or future cash flows that will be generated from these contracts.

Most of our charters have fixed-rate structures where we are paid the agreed rate per day. We also enter into charters with a floating rate per day, under which our revenues are linked to a market index and subject to a floor and a cap.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q4 2022** | **2023** | **2024** | **2025**  |
| Average fixed rate<sup>(1)(2)</sup> | $82085 | &nbsp;&nbsp;$87383 | &nbsp;&nbsp;$84741 | &nbsp;&nbsp;$84968  |
| Average option rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$61297 | &nbsp;&nbsp;$67807 | &nbsp;&nbsp;$72869  |
| Vessel days contracted at fixed rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;3315 | &nbsp;&nbsp;&nbsp;&nbsp;2562 | &nbsp;&nbsp;&nbsp;&nbsp;1915  |
| Vessel days contracted at fixed rate (options) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571  |
| Contracted revenue (fixed rate only) ($ in thousands) | &nbsp;&nbsp;69937 | &nbsp;&nbsp;289675 | &nbsp;&nbsp;217107 | &nbsp;&nbsp;162714  |
| Open and floating vessel days | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;1415 | &nbsp;&nbsp;&nbsp;&nbsp;2444  |
| # of vessels<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |

---

(1)<br> Data in this table is for our Vessels. It excludes the one vessel in the Cool Pool that we do not own, and it includes the Acquisition Vessels from November 10, 2022 and the Newbuild Vessels from January 1, 2025.

Out of the Original Vessels, we currently have seven Vessels on fixed rate charters (until July 2024) and one Vessel on floating rate charter through mid-2024, after which the charter rate will be open.

(2)<br> This table includes Acquisition Vessels from November 10, 2022 and Newbuild Vessels from January 1, 2025. Acquisition Vessels are on fixed rate charters for all periods in the table. The table assumes open days for the Newbuild Vessels in 2025.

CoolCo acquired the Acquisition Vessels from Quantum Crude Tankers Ltd, an affiliate of EPS on November 10, 2022. Additionally, we have the option to acquire from the relevant affiliates of QPSL contracts to purchase the two Newbuild Vessels, with such contracts to be novated by such parties to CoolCo. The Acquisition Vessels are on long-term charters with Shell Tankers (Singapore) Private Limited and have staggered expiration dates (and the option for the charterer to extend). The Newbuild Vessels are currently unchartered. Two of the Acquisition Vessels (the *Kool Orca* and *Kool Firn*) and the two Newbuild vessels have two-stroke engines and other new features representing the most modern LNGC technology.

43<br>

------

#### **TABLE OF CONTENTS**
The table below provides additional detail on the Newbuild Vessels:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Cargo capacity /** <br>**Containment system** | **Delivered** | **Yard** | **Boil-Off**<br>**Rate** <br>**(%)** | **Next**<br>**dry-docking** <br>**window** |
| HHI#1 | 174,000 Membrane <br>(Mark III) | January 2025 | Hyundai Samho Heavy Industries | 0.085% | N/A |
| HHI#2 | 174,000 Membrane <br>(Mark III) | February 2025 | Hyundai Samho Heavy Industries | 0.085% | N/A |

---

*Managed Fleet Overview*

In addition to our fleet, we are also currently managing eight LNGCs and nine FSRUs as of the date of this registration statement. The owners of the LNGCs include Energos Infrastructure ("Energos"), Avenir LNG Limited and Golar. The owners of the FSRUs include Energos, LNG Hrvatska d.o.o. (a.k.a. LNG Croatia LLC) and Golar.

*Ship Time Charters – Overview* 

We provide the services of our owned ships under time charters. A time charter is a contract for the use of the ship for a specified term at a daily hire rate. Under a time charter, the shipowner provides crewing and other services related to the ship's operation, the cost of which is covered by the hire rate, and the customer is responsible for substantially all of the ship voyage costs (including bunker fuel, port charges and canal fees and LNG boil-off).

The Vessels are all currently on charters and we will seek to recharter such vessels as their current charters expire. The charters for the Vessels have staggered expiration dates (in some instances with the option for the charterers to extend), which will allow us to take advantage of what we believe will be increased LNG shipping rates. Our customers are typically LNG producers, commodity traders and end users. We expect that our fleet will likely be trading worldwide based on the supply and demand for LNG, existing liquefaction and regasification infrastructure and market conditions.

Our recent contractual activity has been at improved rates, and we believe we have generally outperformed the class average during the timeframe from September 2020 to date. The following charts illustrate (i) our three year term activity, which included two charters at an average rate of $120,000 per day from November 2022 and February 2023, (ii) our 12-month term activity, which included two time charters ranging from roughly $120,000 per day in April 2022 to almost $140,000 per day in October 2022 and (iii) our spot activity, which includes fixing vessels at three spot rates ranging from $60,000 per day in early 2Q 2022 to nearly $100,000 per day by the end of 2Q 2022.

![](ny20005919x6_graphic02.jpg)<br>

*Source: Company data*

(1) Includes one fixture at a rate that averages above $120,000 per day

44<br>

------

*Ship Time Charters – Initial Term and Extensions; Termination and Cancellation*

The terms of the time charters for the Original Vessels began upon delivery of the ships and will terminate as follows.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vessel Name** | **Delivery Date** | **Capacity** <br>**Cubic** <br>**Meters** | **Type** | **Charterer/Pool** <br>**Arrangement** | **Current** <br>**Charter** <br>**Expiration** |
| *Golar Bear* | September 2014 | 160000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2023 |
| *Golar Crystal* | May 2014 | 160000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2026  |
| *Kool Frost* | October 2014 | 160000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2027  |
| *Golar Glacier* | October 2014 | 162000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2024 |
| *Golar Ice* | February 2015 | 160000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2025 |
| *Golar Kelvin* | January 2015 | 162000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2024 |
| *Golar Seal* | October 2013 | 160000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2023 |
| *Golar Snow* | January 2015 | 160000 | LNGC membrane | Cool Pool | &nbsp;&nbsp;&nbsp;2024 |

---

Under our time charters, each party has certain termination rights which include, among other things, the automatic termination of a charter upon loss of the relevant ship. Either party may elect to terminate a charter upon the occurrence of specified defaults or upon the outbreak of war or hostilities involving two or more major nations, if such war or hostilities materially and adversely affect the trading of the vessel for a period of at least 10 days or four days, depending on the charter. In addition, our charterers have the option to terminate a charter if the relevant ship is off-hire for any reason other than scheduled drydocking for different consecutive and cumulative periods depending on the charter; the period of consecutive days ranges from 20 consecutive days to 90 consecutive days; while the period of cumulative days ranges from 30 cumulative days in a 40 day period to 120 cumulative days in a 360-day period. Certain of our charters give the charterer a termination option for shorter periods of off-hire, if such off-hire is due to an uncured breach of our obligations to maintain the applicable ship.

The charter terms for the Acquisition Vessels average from between 4.5 years and 11 years depending on the exercise of certain options that are at the charterer's discretion.

*Hire Rate Provisions*

"Hire" rate refers to the basic payment from the customer for use of the ship. Depending on the time charter contract, there are two methods by which the daily hire rate for our owned ships is determined, as described below. Under all of our time charters, the hire rate is payable to us monthly in advance in U.S. dollars.

Under some of our time charters, the hire rate is a fixed fee which applies on a pro-rata basis; whereas under other time charters, the hire rate is variable and is calculated as an average assessed using independently published weekly broker reports subject to a cap and a floor. Under some of our other time charters, the hire rate is a flat fee which varies depending on the period of hire (such that each option period has a different hire rate) or on the place of last discharge.

The hire rates for each of our Vessels may be reduced if the ship does not perform to certain of its specifications or if we are in breach of our obligations under the charter. We have had no instances of hire rate reductions since our Vessels commenced operations.

*Off-Hire*

When a ship is "off-hire"—or not available for service—a time charterer generally is not required to pay the hire rate, and we remain responsible for all costs, including the cost of any LNG cargo lost as boil-off during such off-hire periods and the fuel consumed. Our time charters provide an annual allowance period for us to schedule preventative maintenance work on the ship. A ship generally will be deemed off-hire under our time charters if there is a specified time outside of the annual allowance period when the ship is not available for the charterer's use due to, among other things, operational deficiencies (including the failure to maintain a certain guaranteed speed), drydocking for repairs, maintenance or inspection, equipment breakdowns, deficiency of personnel or neglect of duty by the ship's officers or crew, deviation from course, or delays due to accidents, quarantines, ship detentions or similar problems.

45<br>

------

All ships are drydocked at least once every five years as required by the ship's classification society for a special survey. We expect our Vessels to be considered off-hire under our time charters during such drydocking periods.

*Seasonality*

Historically, LNG trade, and therefore charter rates, increased in the winter months and eased in the summer months as demand for LNG for heating in the Northern Hemisphere increased in colder weather and declined in warmer weather. Until recently, the LNG vessel industry, had become less dependent on the seasonal transport of LNG than it was 15 years ago. The advent of FSRUs opened new markets and uses for LNG that helped reduce the impact of seasonality. However, the war in Ukraine and the resultant winter demand from Europe is expected to contribute to seasonality in the future with demand that runs from a period of gas injection into onshore storage facilities in advance of winter to the end of the winter season itself. In addition to winter demand, there is a higher seasonal demand during the summer months due to energy requirements for air conditioning in some markets or reduced availability of hydro power in others. There is however a tendency for a weaker vessel market in the spring and fall.

*Vessel Maintenance*

Safety is our top priority. Our Vessels are operated in a manner intended to protect the safety and health of our employees, the general public and the environment. We actively manage the risks inherent in our business and are committed to eliminating incidents that threaten safety, such as groundings, fires, spills and collisions. We are also committed to reducing emissions and waste generation. We have established key performance indicators to facilitate regular monitoring of our operational performance. We set targets to drive continuous improvement, and we review performance indicators frequently to determine if remedial action is necessary to reach our targets.

We are responsible for the technical management of the vessels, in which our subsidiaries and affiliates assist us by managing our vessel operations, maintaining a technical department to monitor and audit our vessel manager operations and providing expertise in various functions critical to our operations. This affords an efficient and cost effective operation and, pursuant to ship management and administrative services agreements with certain of our subsidiaries, access to human resources, financial and other administrative functions.

These functions are supported by onboard and onshore systems for maintenance, inventory, purchasing and budget management. In addition, our day-to-day focus on cost control will be applied to our operations. To some extent, the uniform design of some of our Vessels and the adoption of common equipment standards should also result in operational efficiencies, including with respect to crew training and vessel management, equipment operation and repairs, and spare parts requisition.

*Risk of Loss, Insurance and Risk Management*

The operation of any vessel has inherent risks. These risks include mechanical failure, personal injury, collision, property loss, vessel or cargo loss or damage and business interruption due to political circumstances in foreign countries and/or war risk situations or hostilities or pandemics. In addition, there is always an inherent possibility of marine disaster, including explosion, spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. We believe that our present insurance coverage is adequate to protect us against the accident related risks involved in the conduct of our business and that we maintain appropriate levels of environmental damage and pollution insurance coverage consistent with standard industry practice. However, not all risks can be insured, and there can be no guarantee that any specific claim will be paid, or that we will always be able to obtain adequate insurance coverage at reasonable rates.

We have obtained hull and machinery insurance on all our Vessels against marine and war risks, which include the risks of damage to our Vessels, salvage or towing costs, and also insure against actual or constructive total loss of any of our Vessels. However, our insurance policies contain deductible amounts for which we will be responsible. We also have additional total loss coverage for each vessel. This coverage, which is called increased value coverage, provides us additional coverage in the event of the total loss of a vessel.

Protection and indemnity insurance, which covers our third party legal liabilities in connection with our shipping activities, is provided by mutual protection and indemnity associations ("P&I clubs"). This includes third party liability and other expenses related to the injury or death of crew members, passengers and other

46<br>

------

third party persons, loss or damage to cargo, claims arising from collisions with other vessels or from contact with jetties or wharves and other damage to other third party property, including pollution arising from oil or other substances, and other related costs, including wreck removal. Subject to the capping discussed below, our coverage, except for pollution, is unlimited.

The current protection and indemnity insurance coverage for pollution is $1 billion per incident per vessel. The thirteen P&I clubs that comprise the International Group of Protection and Indemnity Clubs insure approximately 90% of the world's commercial tonnage and have entered into a pooling agreement to reinsure each association's liabilities. We are a member of Gard and Skuld P&I clubs. As a member of these P&I clubs, we are subject to a call for additional premiums based on the clubs' annual claims record, as well as the annual claims record of all other members of the P&I clubs comprising the International Group.

Our operations utilize a thorough risk management program that includes, among other things, computer-aided risk analysis tools, maintenance and assessment programs, a seafarers' competence training program, seafarers' workshops and membership in emergency response organizations. We expect to benefit from our commitment to safety and environmental protection as certain of our subsidiaries, affiliates and service providers assists us in managing our vessel operations.

*Classification, Inspection and Maintenance*

Every large, commercial seagoing vessel must be "classed" by a classification society. A classification society certifies that a vessel is "in class," signifying that the vessel has been built and maintained in accordance with the rules of the vessel's country of registry and the international conventions of which that country is a member. In addition, where surveys are required by international conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application or by official order, acting on behalf of the authorities concerned.

For maintenance of the class certificate, regular and extraordinary surveys of hull, machinery, including the electrical plant and any special equipment classed, are required to be performed by the classification society, to ensure continuing compliance. Most vessels are drydocked at least once during a five-year class cycle for inspection of the underwater parts and for repairs related to inspections. If any defects are found, the classification surveyor will issue a "recommendation" which must be rectified by the shipowner within prescribed time limits. The classification society also undertakes on request of the flag state other surveys and checks that are required by the regulations and requirements of that flag state. These surveys are subject to agreements made in each individual case and/or to the regulations of the country concerned.

All insurance underwriters make it a condition for insurance coverage that a vessel be certified as "in class" by a classification society, which is a member of the International Association of Classification Societies. Our Vessels are classed by the American Bureau of Shipping (ABS), DNV AS or Lloyd's Register. These societies are members of the International Association of Classification Societies. All of our Vessels attained Institute for Supply Management ("ISM") certification and are currently "in class."

#### Environmental and Other Regulations
*General*

Our business and the operation of our Vessels are subject to various international treaties and conventions and to the applicable local, national and subnational laws and regulations of the countries in which our Vessels operate or are registered. Such laws and regulations cover a variety of topics, including, but not limited, to air pollution, water pollution, waste management, protection of natural resources, and protection of worker health and safety, and might require us to obtain governmental or quasi-governmental permits, licenses and certificates before we may operate our Vessels or conduct certain activities. Failure to comply with these laws or to obtain the necessary business and technical permits, licenses and certificates could result in sanctions including suspension and/or freezing of the business and responsibility for all damages arising from any violation.

Governments may also periodically revise their environmental laws and regulations or adopt new ones, and the effects of new or revised laws and regulations on our operations cannot be predicted. Although we believe that we are substantially in compliance with applicable environmental laws and regulations and have all permits, licenses and certificates required for our Vessels, future non-compliance or failure to maintain necessary permits

47<br>

------

#### **TABLE OF CONTENTS**
or approvals could require us to incur substantial costs or temporarily suspend the operation of one or more of our Vessels. There can be no assurance that additional significant costs and liabilities will not be incurred to comply with such current and future laws and regulations, or that such laws and regulations will not have a material effect on our operations. Similar or more stringent laws may also apply to our customers, including oil & gas exploration and production companies, which may impact demand for our services.

International environmental treaties and conventions as well as U.S. environmental laws and regulations that apply to the operation of our Vessels are described below. Other countries, including member countries of the European Union, in which we operate or in which our Vessels are registered have or may in the future have laws and regulations that are similar, or more stringent, in nature to the U.S. laws referenced below. Our subsidiary, Cool Company Management AS, provides technical management services for our Vessels, is certified in accordance with the IMO standard for ISM and operates in compliance with the International Standards Organization (the "ISO") Environmental Management Standard for the management of significant environmental aspects associated with the ownership and operation of our fleet.

For more information on the impact of international and U.S. environmental laws and regulations that apply to the operation of our Vessels, see "Item 3. Key Information – D. Risk Factors – Risks Related to Regulations."

*International Maritime Regulations of LNG Vessels*

The IMO provides international regulations governing shipping and international maritime trade. Among other requirements, the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the "ISM Code") requires the party with operational control of a vessel to develop an extensive safety management system and the adoption of a policy for safety and environmental protection setting forth instructions and procedures for operating its vessels safely and also describing procedures for responding to emergencies. Our ship manager, Cool Company Management AS, holds a document of compliance under the ISM Code for operation of Gas Carriers.

Vessels that transport gas, including LNGCs and FSRUs, are also subject to regulation under the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (the "IGC Code"), published by the IMO. The IGC Code provides a standard for the safe carriage of LNG and certain other liquid gases by prescribing the design and construction standards of vessels involved in such carriage. The completely revised and updated IGC Code entered into force in 2016, and incorporated amendments developed following a comprehensive five-year review and were intended to take into account the latest advances in science and technology. Compliance with the IGC Code must be evidenced by a Certificate of Fitness for the Carriage of Liquefied Gases in Bulk. Each of our Vessels is in compliance with the IGC Code.

The IMO also promulgates ongoing amendments to the International Convention for the Safety of Life at Sea ("SOLAS"), which provides rules for the construction of and equipment required for commercial vessels and includes regulations for safe operation and addresses maritime security. SOLAS requires, among other things, the provision and maintenance of lifeboats and other life-saving appliances, requires the use of the Global Maritime Distress and Safety System (an international radio equipment and watch keeping standard), afloat and at shore stations, and relates to the International Convention on the Standards of Training and Certification of Watchkeeping Officers ("STCW") also promulgated by the IMO. The STCW establishes minimum training, certification, and watchkeeping standards for seafarers. The SOLAS and other IMO regulations concerning safety, including those relating to treaties on training of shipboard personnel, lifesaving appliances, radio equipment and the global maritime distress and safety system, are applicable to our operations. Flag states that have ratified the SOLAS and STCW generally employ the classification societies, which have incorporated the SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.

In the wake of increased worldwide security concerns, the IMO amended SOLAS and added the International Ship and Port Facility Security Code ("ISPS Code"), which came into effect on July 1, 2004, to detect security threats and take preventive measures against security incidents affecting vessels or port facilities. Cool Company Management AS has developed security plans and appointed and trained ship and office security officers. In addition, all of our Vessels have been certified to meet the ISPS Code and the security requirements of the SOLAS and the Maritime Transportation Security Act ("MTSA").

The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulation may have on our

48<br>

------

operations. Non-compliance with the IGC Code or other applicable IMO regulations may subject a shipowner or a bareboat charterer to increased liability or penalties, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports.

*Air Emissions*

The IMO adopted MARPOL, which imposes environmental standards on the shipping industry relating to marine pollution, including oil spills, management of garbage, the handling and disposal of noxious liquids, sewage and air emissions. MARPOL is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling and applies to various vessels delivered on or after August 1, 2010. It includes requirements for the protected location of the fuel tanks, performance standards for accidental oil fuel outflow, a tank capacity limit and certain other maintenance, inspection and engineering standards. IMO regulations also require owners and operators of vessels to adopt Shipboard Oil Pollution Emergency Plans. Periodic training and drills for response personnel and for vessels and their crews are required. Annexes II and III relate to harmful substances carried in bulk, in liquid or in packaged form, respectively, and Annexes IV and V relate to sewage and garbage management, respectively.

MARPOL 73/78 Annex VI regulations for the "Prevention of Air Pollution from Ships" apply to all vessels, fixed and floating drilling rigs and other floating platforms. Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from vessel exhausts, emissions of volatile compounds from cargo tanks, incineration of specific substances, and prohibits deliberate emissions of ozone depleting substances. Annex VI also includes a global cap on sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions. The certification requirements for Annex VI depend on size of the vessel and time of the periodic classification survey. Ships weighing more than 400 gross tons and engaged in international voyages involving countries that have ratified the conventions, or vessels flying the flag of those countries, are required to have an International Air Pollution Certificate ("IAPP Certificate"). Annex VI came into force in the United States on January 8, 2009. All our Vessels have been issued IAPP Certificates.

Amendments to Annex VI to the MARPOL Convention that took effect in 2010 imposed progressively stricter limitations on sulfur emissions from vessels. As of January 1, 2020, the ultimate limit of 0.5% allowable sulfur content for fuel used to power vessels operating in areas outside of designated emission control areas ("ECAs") took effect. This represents a substantial reduction from the previous 3.5% sulfur cap. The 0.5% sulfur cap is generally referred to as IMO 2020 and applies absent the installation of expensive sulfur scrubbers to meet reduced emission requirements for sulfur. Our Vessels have achieved compliance with sulfur emission standards, where necessary, by being modified to burn low sulphur gas oil only in their boilers when alongside a berth. The amendments to Annex VI also established new tiers of stringent nitrogen oxide emissions standards for new diesel engines, depending on their date of installation. The European directive 2005/33/EC bans the use of fuel oils containing more than 0.10% sulfur by mass by any merchant vessel while at berth in any EU country.

Even more stringent sulfur emission standards apply in coastal areas designated as ECAs, such as the United States and Canadian coastal areas designated by the IMO's MEPC, as discussed in the "U.S. Clean Air Act" below. These areas include certain coastal areas of North America and the United States Caribbean Sea. Annex VI Regulation 14, which came into effect on January 1, 2015, set a 0.10% sulfur limit in areas of the Baltic Sea, North Sea, North America, and United States Caribbean Sea ECAs.

*Clean Air Act*

The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (the "CAA") requires the Environmental Protection Agency (the "EPA") to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our Vessels are subject to vapor control and recovery requirements for certain cargos when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas and emission standards for so-called "Category 3" marine diesel engines operating in U.S. waters. The marine diesel engine emission standards are currently limited to new engines beginning with the

49<br>

------

2004 model year. On April 30, 2010, the EPA promulgated final emission standards for Category 3 marine diesel engines equivalent to those adopted in the amendments to Annex VI to MARPOL. The emission standards were applied in two stages: near-term standards for newly built engines apply from 2011, and long-term standards requiring an 80% reduction in nitrogen dioxides, or NOx, apply from 2016. A further stage of reductions, known as "Tier 4" standards, has also been developed and implemented. However, in October 2020, EPA published a final rule to provide additional lead time for implementation for certain high-speed vessels. Pursuant to the final rule, the Tier 4 standards apply from model year 2022 for engines installed in a wide range of high-speed vessels, and from model year 2024 for engines installed in certain other such vessels, subject to certain limitations. Separately, in December 2019, the EPA published a final rule concerning national diesel fuel regulations that will allow fuel suppliers to distribute distillate diesel fuel that complies with the 0.5% international sulfur cap instead of fuel standards that otherwise apply to distillate diesel fuel in the United States. Fuel that does not meet the 0.5% sulfur cap cannot be used in ECA boundaries. Compliance with these standards may cause us to incur costs to install control equipment on our Vessels in the future.

*Anti-Fouling Systems*

Anti-fouling systems, such as paint or surface treatment, are used to coat the bottom of vessels to prevent the attachment of mollusks and other sea life to the hulls of vessels. Our Vessels are subject to the IMO's International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the "Anti-fouling Convention," which prohibits the use of organotin compound coatings in anti-fouling systems. Vessels of over 400 gross tons engaged in international voyages must obtain an International Anti-fouling System Certificate and undergo an initial survey before the vessel is put into service or when the anti-fouling systems are altered or replaced. In November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit anti-fouling systems containing cybutryne, which would apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system. These amendments were formally adopted at MEPC 76 in June 2021. We have obtained Anti-fouling System Certificates for all of our Vessels, and we do not believe that maintaining such certificates will have an adverse financial impact on the operation of our Vessels.

*Oil Pollution Act and The Comprehensive Environmental Response Compensation and Liability Act*

The U.S. Oil Pollution Act of 1990 (the "OPA") established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. The OPA affects all owners and operators whose vessels trade or operate within the U.S., its territories and possessions, or whose vessels operate in the waters of the U.S., which includes the U.S. territorial seas and its 200 nautical mile exclusive economic zone. The Comprehensive Environmental Response, Compensation, and Liability Act (the "CERCLA") applies to the discharge of hazardous substances whether on land or at sea. While the OPA and CERCLA would not apply to the discharge of LNG, these laws may affect us because we carry oil as fuel and lubricants for our engines, and the discharge of these substances could cause an environmental hazard. Under the OPA, vessel owners and operators, are "responsible parties" and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). The OPA defines these damages broadly to include:

&nbsp;&nbsp;&nbsp;&nbsp;• injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;

&nbsp;&nbsp;&nbsp;&nbsp;• injury to, or economic losses resulting from, the destruction of real and personal property;

&nbsp;&nbsp;&nbsp;&nbsp;• net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;

&nbsp;&nbsp;&nbsp;&nbsp;• loss of subsistence use of natural resources that are injured, destroyed or lost;

&nbsp;&nbsp;&nbsp;&nbsp;• lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and

&nbsp;&nbsp;&nbsp;&nbsp;• net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards.

50<br>

------

The limits of the OPA liability are the greater of $2,300 per gross ton or $19,943,400 for any tanker, other than single-hull tank vessels, over 3,000 gross tons (subject to possible adjustment for inflation). These limits of liability do not apply, however, where the incident is caused by violation of applicable U.S. federal safety, construction or operating regulations, or by the responsible party's gross negligence or willful misconduct. These limits likewise do not apply if the responsible party fails or refuses to report the incident or to cooperate and assist in connection with the substance removal activities. The OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, and some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters. In some cases, states, which have enacted their own legislation, have not yet issued implementing regulations defining shipowners' responsibilities under these laws.

The CERCLA, which also applies to owners and operators of vessels, contains a similar liability regime and provides for recovery of clean up and removal costs and the imposition of natural resource damages for releases of "hazardous substances," which as defined in the CERCLA does not include oil. Liability under the CERCLA is limited to the greater of $300 per gross ton or $0.5 million for each release from vessels not carrying hazardous substances as cargo or residue, and the greater of $300 per gross ton or $5 million for each release from vessels carrying hazardous substances as cargo or residue. As with the OPA, these limits of liability do not apply where the incident is caused by violation of applicable U.S. federal safety, construction or operating regulations, or by the responsible party's gross negligence or willful misconduct or if the responsible party fails or refuses to report the incident or to cooperate and assist in connection with the substance removal activities. The OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. We believe that we are in substantial compliance with the OPA, the CERCLA and all applicable state regulations in the ports where our Vessels call.

The OPA and CERCLA both require owners and operators of vessels to establish and maintain with the U.S. Coast Guard (the "USCG") evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guaranty. Under OPA regulations, an owner or operator of more than one vessel is required to demonstrate evidence of financial responsibility for the entire fleet in an amount equal only to the financial responsibility requirement of the vessel having the greatest maximum liability under the OPA/CERCLA. Each of our ship owning subsidiaries that has vessels trading in U.S. waters has applied for and obtained from the U.S. Coast Guard National Pollution Funds Center three-year certificates of financial responsibility, or COFRs, supported by guarantees purchased from an insurance based provider. We believe that we will be able to continue to obtain the requisite guarantees and that we will continue to be granted COFRs from the USCG for each of our vessels that is required to have one.

Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our Vessels could impact the cost of our operations and adversely affect our business and ability to make distributions to our shareholders. We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our Vessels. If the damages from a catastrophic spill were to exceed our insurance coverage it could have an adverse effect on our business and results of operation.

*Bunker Convention/CLC State Certificate*

The International Convention on Civil Liability for Bunker Oil Pollution 2001, ("the Bunker Convention"), entered into force on November 21, 2008. The Bunker Convention provides a liability, compensation and compulsory insurance system for the victims of oil pollution damage caused by spills of bunker oil. The Bunker Convention imposes strict liability on shipowners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. Registered owners of any sea going vessel and seaborne craft over 1,000 gross tonnage, of any type whatsoever, and registered in a state party, or entering or leaving a port in the territory of a state party, will be required to maintain insurance which meets the requirements of the Bunker Convention and to obtain a certificate issued by a state party attesting that such insurance is in force. The state party-issued certificate must be carried on board at all times. P&I Clubs in the International Group issue the required Bunker Convention "Blue Cards" to provide evidence that there is insurance in place that meets the Bunker Convention requirements and thereby enable signatory states to issue certificates. All of our Vessels have received "Blue Cards" from their P&I Club and are in possession of a Civil Liability Convention (CLC) State-issued certificate attesting that the required insurance cover is in force.

51<br>

------

*Ballast Water Management Convention, Clean Water Act and National Invasive Species Act*

The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. The EPA and USCG, have also enacted rules relating to ballast water discharge for all vessels entering or operating in United States waters. Compliance requires the installation of equipment on our Vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial cost, and/or otherwise restrict our vessels from entering United States waters.

a.<br> Ballast Water Management Convention

In February 2004, the IMO adopted an International Convention for the Control and Management of Ships' Ballast Water and Sediments (the "BWM Convention"). The BWM Convention's implementing regulations call for a phased introduction of mandatory ballast water exchange requirements to be replaced in time with mandatory concentration limits. As of December 31, 2021, all our Vessels had installed ballast water treatment systems.

b.<br> Clean Water Act

The U.S. Clean Water Act (the "CWA") prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under the OPA and CERCLA. In addition, many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law.

The EPA regulates the discharge of ballast and bilge water and other substances in United States waters under the CWA. The EPA regulations historically have required vessels 79 feet in length or longer (other than commercial fishing vessels and recreational vessels) to obtain and comply with a permit that regulates ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters. In March 2013, the EPA issued the Vessel General Permit for Discharges Incidental to the Normal Operation of Vessels, ("VGP"). The 2013 VGP focuses on authorizing discharges incidental to operations of commercial vessels and contains ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, more stringent requirements for exhaust gas scrubbers and the use of environmentally acceptable lubricants. In December 2018, the Vessel Incidental Discharge Act ("VIDA") was signed into law and restructured the EPA and the USCG programs for regulating incidental discharges from vessels. Rather than requiring CWA permits, the discharges will be regulated under a new CWA Section 312(p) establishing Uniform National Standards for Discharges Incidental to Normal Operation of Vessels. Under VIDA, VGP provisions and existing USCG regulations will be phased out over a period of approximately four years and replaced with National Standards of Performance ("NSPs") to be developed by EPA and implemented and enforced by the USCG. Under VIDA, the EPA was directed to develop the NSPs by December 2020 and the USCG is directed to develop its corresponding regulations two years after EPA develops the NSPs. On October 26, 2020, the EPA issued proposed regulations to establish NSPs, including general discharge standards of performance, covering general operation and maintenance, biofouling management, and oil management, and specific discharge standards applicable to specified pieces of equipment and systems. The 2013 VGP was scheduled to expire in December 2018; however, under VIDA, the provisions of the 2013 VGP will remain in place until the new EPA and USCG regulations are in place, which remain outstanding. Pursuant to the requirements in the VGP, vessel owners and operators must meet twenty-five sets of state-specific requirements as the CWA's 401 certification process allows tribes and states to impose their own requirements for vessels operating within their waters. Vessels operating in multiple jurisdictions could face potentially conflicting conditions specific to each jurisdiction that they travel through.

c.<br> National Invasive Species Act

The USCG regulations adopted under the U.S. National Invasive Species Act ("NISA") require the USCG's approval of any technology before it is placed on a vessel. As a result, the USCG has provided waivers to vessels which could not install the then as-yet unapproved technology. In May 2016, the USCG published a review of the practicability of implementing a more stringent ballast water discharge standard. The results concluded that technology to achieve a significant improvement in ballast water treatment efficacy cannot be practically implemented. In February 2016, the USCG issued a new rule amending the Coast Guard's ballast water management record-keeping

52<br>

------

requirements. Effective February 22, 2016, vessels with ballast tanks operating exclusively on voyages between ports or places within a single Captain of the Port zone were required to submit an annual report of their ballast water management practices. Further, under the amended requirements, vessels may submit their reports after arrival at the port of destination instead of prior to arrival. As discussed above, under VIDA, existing USCG ballast water management regulations will be phased out over a period of approximately four years and replaced with NSPs to be developed by EPA and implemented and enforced by the USCG.

*European Union Regulations*

In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.

The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so called "SOx-Emission Control Area"). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.

*International Labor Organization*

The International Labor Organization (the "ILO") is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 ("MLC 2006"). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a member and operating from a port, or between ports, in another country. We believe that all our Vessels are in substantial compliance with and are certified to meet MLC 2006.

*GHG Regulation*

The issue of climate change and the effect of GHG emissions, in particular emissions from fossil fuels, has attracted and continues to attract attention from a wide range of groups, including politicians, regulators, financial institutions, and the general public.

Currently, emissions of GHGs from international shipping are not subject to the international protocols and agreements addressing climate change, such as the 2005 Kyoto Protocol and the 2015 Paris Agreement. However, absent a global approach to address GHG emissions from international transport, the European Union has initiated action and is pursuing a strategy to integrate maritime emissions into the overall European Union strategy to reduce GHG emissions. In 2013, the European Commission initiated a three-step strategy aimed at this reduction consisting of (i) monitoring, reporting and verification of carbon dioxide emissions from large vessels using European Union ports, (ii) establishment of GHG reduction targets for sector; and (iii) implementation of further measures, including market-based measures such an emissions trading, in the

53<br>

------

medium to long term. EU Directive 2018/410, which amended the EU Emissions Trading System Directive, emphasized the need to act on GHG emissions from shipping and other sectors and called for action by either IMO or the European Union to address emissions from the international transport sector from 2023. The first step of the three-step strategy initiated in 2013 was addressed with a European Union regulation that took effect in January 2018 that requires large vessels (over 5,000 gross tons) calling at European ports to collect and publish data on carbon dioxide emissions and other information. On September 15, 2020, the European Parliament approved draft legislation, which has not yet been finalized, that would include GHG emissions from large vessels in the EU emissions trading system as of January 1, 2022 and include methane emissions in monitoring, reporting and verification requirements applicable to vessels. The European Parliament has also called for binding carbon dioxide reduction targets for shipping companies, which would require reduction of annual average carbon dioxide emissions of all ships during operation by at least 40% relative to 2008 levels, by 2030, and apply even deeper cuts by 2050.

In addition, the IMO has taken some action, including mandatory measures to reduce emissions of GHGs from all vessels that took effect in January 2013. These measures included amendments to MARPOL Annex VI Regulations requiring the EEDI for new vessels, and the Ship Energy Efficiency Management Plan ("SEEMP") for all vessels. The regulations apply to all vessels of 400 gross tonnage and above. The IMO also adopted a mandatory requirement in October 2016, which entered into force in March 2018, that ships of 5,000 gross tonnage and above record and report their fuel oil consumption, with the first year of data collection having commenced on January 1, 2019. These measures affect the operations of vessels that are registered in countries that are signatories to MARPOL Annex VI or vessels that call upon ports located within such countries. MEPC subsequently adopted further amendments to MARPOL Annex VI intended to significantly strengthen the EEDI "phase 3" requirements. These amendments accelerate the entry into effect date of phase 3 from 2025 to 2022 for several ship types, including gas carriers, general cargo ships and LNGCs and require new ships built from that date to be significantly more energy efficient. The MEPC also is looking into the possible introduction of a phase 4 of EEDI requirements. The implementation of the EEDI and SEEMP standards could cause us to incur additional compliance costs. The IMO is also considering the implementation of a market-based mechanism for greenhouse gas emissions from vessels. The IMO adopted its initial GHG reduction strategy in 2018 and established a program of follow-up actions up to 2023 as a planning tool. The IMO GHG Strategy has established a goal of a reduction in carbon intensity of international shipping by at least 40% by 2030 compared to 2008, and by at least 50% by 2050 compared to 2008.

In November 2020, the MEPC agreed to draft amendments to MARPOL Annex VI establishing an enforceable regulatory framework to reduce GHG emissions from international shipping, consisting of technical and operational carbon reduction measures. These measures include use of an EEXI, an operational CII and an enhanced SEEMP to drive carbon intensity reductions. A vessel's attained EEXI would be calculated in accordance with values established based on type and size category, which compares the vessel's energy efficiency to a baseline. A vessel would then be required to meet a specific EEXI based on a required reduction factor expressed as a percentage relative to the EEDI baseline. Under the draft MARPOL VI amendments, vessels with a gross tonnage of 5,000 or greater must determine their required annual operational CII and their annual carbon intensity reduction factor needed to ensure continuous improvement of the vessel's CII. On an annual basis, the actual annual operational CII achieved would be documented and verified against the vessel's required annual operational CII to determine the vessel's operational carbon intensity rating on a performance level scale of A (major superior) to E (inferior). The performance level would be required to be recorded in the vessel's SEEMP. A vessel with an E rating, or three consecutive years of a D (minor inferior) rating, would be required to submit a corrective action plan showing how the vessel would achieve a C (moderate) or above rating. This regulatory approach is expected to be consistent with the IMO GHG Strategy target of a 40% carbon intensity reduction for international shipping by 2030, as compared to 2008. MEPC adopted these amendments to MARPOL Annex VI in June 2021 and are expected to enter into force by November 2022, with the requirements for EEXI and CII certification coming into effect January 2023. At the same meeting, MEPC announced plans to revise the IMO GHG Strategy to establish stronger targets, with an aim to adoption of a revised strategy at the MEPC meeting in Spring 2023.

An increasing number of financial institutions have also established policies or commitments to reduce emissions associated with their portfolios. In 2019, a consortium of shipping financiers launched the Poseidon Principles, a framework to assess and disclose the alignment of ship finance portfolios with the climate-related goals of the IMO. While voluntary, signatories commit to implementing the Poseidon Principles in their internal policies. Similarly, at the

54<br>

------

26<sup>th</sup> Conference to the Parties of the United Nations Framework Convention on Climate Change ("COP 26"), the Glasgow Financial Alliance for Net Zero ("GFANZ") announced that commitments from over 450 firms across 45 countries had resulted in over $130 trillion in capital committed to net zero goals. The various sub-alliances of GFANZ generally require participants to set short-term, sector-specific targets to transition their financing, investing, and/or underwriting activities to net zero emissions by 2050. There is also a risk that financial institutions will be required to adopt policies that have the effect of reducing the funding provided to the fossil fuel sector. In late 2020, the Federal Reserve announced that it had joined the Network for Greening the Financial System, a consortium of financial regulators focused on addressing climate-related risks in the financial sector. Subsequently, the Federal Reserve has issued a statement in support of the efforts of the NGFS to identify key issues and potential solutions for the climate-related challenges most relevant to central banks and supervisory authorities. Limitation of investments in and financings for fossil fuel energy companies could result in the restriction, delay or cancellation of drilling programs or development, production, liquefaction, or related activities, which may ultimately reduce demand for our services. Additionally, the SEC has proposed but not yet promulgated rules requiring climate-related disclosures. Although the ultimate form and substance of these requirements is not yet known, this may result in additional costs to comply with any such disclosure requirements.

In the U.S., the EPA issued a finding that GHGs endanger public health and safety and has adopted regulations that regulate the emission of GHGs from certain sources. For example, fossil fuel companies to whom we provide services are subject to regulations by various government agencies, which may include the EPA and bodies within the Department of the Interior ("DOI"). These regulations may include restrictions on certain oil & gas production or stimulation techniques, requirements for the installation and use of certain emissions control technologies, and other regulations that may adversely impact the operations of our customers, which may ultimately reduce demand for our services. Regarding our own operations, the EPA enforces both the CAA and the international standards found in Annex VI of MARPOL concerning marine diesel emissions, and the sulfur content found in marine fuel. Other federal and state regulations relating to the control of greenhouse gas emissions may follow, including climate change initiatives that have been considered in the U.S. Congress. Notably, the U.S. rejoined the Paris Agreement in February 2021, and, in April 2021, announced a new, more rigorous nationally determined emissions reduction level of 50-52% reduction from 2005 levels in economy-wide net GHG emissions by 2030. At the international level, at COP 26, the U.S. and European Union jointly announced the launch of the Global Methane Pledge, an initiative committing to a collective goal of reducing global methane emissions by at least 30% from 2020 levels by 2030, including "all feasible reductions" in the energy sector.

Any passage of climate change legislation or other regulatory or policy initiatives by the IMO, the European Union, the United States, or other countries where we operate, or any treaty adopted at the international level that restricts emissions of GHGs from vessels, could require us to make significant financial expenditures that we cannot predict with certainty at this time. In addition, even without such regulation, our business may be indirectly affected to the extent that climate change results in sea level changes or more intense weather events.

*Other Regulations*

Our LNG vessels may also become subject to the International Convention on Liability and Compensation for Damage in Connection with the Carriage of Hazardous and Noxious Substances by Sea, or HNS, adopted in 1996, and the HNS Convention (subsequently amended by the April 2010 Protocol). The HNS Convention creates a regime of liability and compensation for damage from hazardous and noxious substances, including liquefied gases. The HNS Convention introduces strict liability for the shipowner and covers pollution damage as well as the risks of fire and explosion, including loss of life or personal injury and damage to property. At least 12 states must ratify or accede to the 2010 Protocol for it to enter into effect. In July 2019, South Africa became the 5<sup>th</sup> state to ratify the protocol. At least 7 more states must ratify or accede to the treaty for it to enter into effect.

The April 2010 Protocol sets up a two-tier system of compensation composed of compulsory insurance taken out by shipowners and an HNS fund that comes into play when the insurance is insufficient to satisfy a claim or does not cover the incident. Under the April 2010 Protocol, if damage is caused by bulk HNS, claims for compensation will first be sought from the shipowner up to a maximum of 100 million Special Drawing Rights, or SDR. SDR is a potential claim on the freely usable currencies of International Monetary Fund

55<br>

------

members. If the damage is caused by packaged HNS or by both bulk and packaged HNS, the maximum liability is 115 million SDR. Once the limit is reached, compensation will be paid from the HNS Fund up to a maximum of 250 million SDR. We cannot estimate the costs that may be needed to comply with any such requirements that may be adopted with any certainty at this time.

#### Human Capital Resources and Social Responsibility
Our human capital is our most valuable asset. As of January 1, 2023, we had a global headcount of 1,543 colleagues, consisting of 73 full-time onshore employees and 1,470 seafarers that are employed under their respective collective bargaining agreements. The seafarers are represented by a labor union or covered under a collective bargaining agreement.

We place a high premium on attracting, developing and retaining a talented and high-performing workforce. Our employees act with integrity, responsibility and compliance and are committed to upholding governance and ethics best practices. We believe this commitment is fundamental to having a sustainable business. We offer our employees a wide array of company-paid benefits, which we believe are competitive relative to others in our industry. Our onshore employees earn a base salary plus annual bonus with targets aligned with organizational goals. Our seafarers earn salaries and other compensation commensurate with terms outlined in their collective bargaining agreements. We believe that our relations with our employees are good. We have established a corporate culture with a focus on creating a collaborative environment that fosters the personal intellectual growth of each of our employees.

Delivering cleaner energy is second only to keeping our employees and the communities where we operate safe and healthy. Protecting our people while providing them a safe work environment to perform is our top priority. We do not and will not compromise our focus on health and safety for the sake of better business results. Our commitment to safety reduces environmental impacts, controls risk to our employees and helps to maintain safe work practices.

Additionally, we are committed to fostering, cultivating and preserving a culture of diversity, equity and inclusion ("DEI"). We encourage and welcome the exploration of all ideas, topics and perspectives that serve to enrich our team. As a company with global operations, we work with a diverse array of colleagues, vendors, customers, partners and local communities. The collective sum of our employee's individual differences, life experiences, knowledge, inventiveness, innovation, self-expression and talent have been essential to both our operational and financial success over the years.

#### Legal Proceedings
We have not been involved in any legal proceedings that we believe may have a significant effect on our business, financial position, results of operations or liquidity, and we are not aware of any proceedings that are pending or threatened that may have a material effect on our business, financial position, results of operations or liquidity. From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, principally property damage and personal injury claims. We expect that these claims would be covered by insurance, subject to certain deductibles. However, those claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.

56<br>

------

#### **TABLE OF CONTENTS**

#### Industry
*The information and data contained in this registration statement relating to the international marine transportation industry that have been provided by, and are attributed to, Clarksons Research and are taken from Clarksons Research's database and other sources. Clarksons Research has advised that: (a) some information in Clarksons Research's database is derived from estimates or subjective judgments; (b) the information in the databases of other maritime data collection agencies may differ from the information in Clarksons Research's database; (c) while Clarksons Research has taken reasonable care in the compilation of the statistical and graphical information and believes it to be accurate and correct, data compilation is subject to limited audit and validation procedures.*

#### Overview
&nbsp;&nbsp;&nbsp;&nbsp;• The LNG industry is experiencing a significant expansion phase, with a recent focus on energy security building on a fundamental outlook for growth that is supported by Asian gas demand, energy transition dynamics and significant LNG export projects.

&nbsp;&nbsp;&nbsp;&nbsp;• LNG project programs could result in a doubling in current export liquefaction capacity (464 mtpa) by 2028, should capacity under construction (164 mtpa) and at FEED stage (293 mtpa) come online through 2028 as scheduled.

&nbsp;&nbsp;&nbsp;&nbsp;• As of January 2023, the worldwide LNG shipping fleet is comprised of 713 vessels, with 32% of existing capacity concentrated in less efficient steam turbine vessels which are expected to be increasingly impacted by international and regional emission regulations.

&nbsp;&nbsp;&nbsp;&nbsp;• Strong newbuilding investment has increased the newbuilding orderbook to 50% of the existing LNG carrier fleet capacity (45% by number of vessels), with berth availability for new orders now restricted to 2026-2027 and newbuild prices increasing by 18% in the past 12 months. A proportion of this is effectively replacement capacity for steam vessels.

&nbsp;&nbsp;&nbsp;&nbsp;• The charter market for multi-year contracts is at historically high levels, although there is some volatility in the short-term market.

#### The International Shipping Industry
The global marine transportation industry provides a crucial worldwide connection between nations and regions, enabling reliable, cost-effective international trade. This industry has facilitated expansion of economic globalization and interdependence for centuries. The marine transportation industry incorporates transportation of any unitized seaborne cargo, which may include a broad range of wet and dry bulk products, such as coal, iron ore, grain, crude oil or its refined products, liquefied gases, containerized finished goods, automobiles and livestock. The key benefit of the marine transportation industry has been its ability to provide efficient transportation services that are technically and economically advantageous relative to alternative modes of transportation by land or air. Marine transportation also offers benefits from an environmental perspective, with the industry registering as the least CO<sub>2</sub> intensive mode of freight transport when compared to air, road and rail in terms of CO<sub>2</sub> emitted per tonne-mile of cargo moved.

#### Natural Gas in the Context of Global Energy Trends
Natural gas remains one of the fastest growing primary energy sources globally. Natural gas is typically seen as a cleaner fuel relative to coal given the low emissions of sulfur and particulate matter, and is often seen as a "bridging fuel" to replace coal in ongoing decarbonization efforts. It is also supported by significant reserves and generally competitive pricing. A continuing disparity between the prices of gas in various geographies compared to the relatively low cost of LNG shipping has enhanced the economics of LNG trade. Significant expansion of LNG liquefaction and regasification facilities has taken place in recent years and a large number of additional facilities are under construction or at the FEED stage. Following the war in Ukraine in early 2022, investment in infrastructure has accelerated amid a drive for energy security and diversification away from Russian pipeline gas in Europe.

There are two methods of transporting natural gas if not consumed in the producing region: pipelines, which accounted for 59% of the natural gas traded cross-border in 2021, and LNG shipping, in which natural gas is

57<br>

------

#### **TABLE OF CONTENTS**
liquefied and transported in specialized seaborne carriers. LNG shipping has been increasing in importance over the past roughly 20 years, accounting for 41% of all natural gas traded in 2021, up from 25% in 2000. Although progress can be uneven, LNG has a track record of growth. Between 2001 and 2021, gas traded as LNG increased by a compound annual growth rate (CAGR) of 6.5% compared to 2.4% per annum for gas transported by pipeline over the same period.

The tables below set forth the growth in global LNG trade from 2001 to 2022 (with the figure for 2022 estimated), forecasted growth to 2022 and annual growth in energy demand from 2001 to 2021.

---

| | |
|:---|:---|
| *Figure 1. Global LNG Trade* | *Figure 2. 2001-21 Annual Growth in Energy Demand*  |
| &nbsp;&nbsp;&nbsp;![](ny20005919x6_graphic03a.jpg)<br>| ![](ny20005919x6_graphic03b.jpg)<br>|

---

*Source: Clarksons Research, January 2023. Note: 5-, 10- and 20- year compound annual growth rates (CAGR) up to and including 2020.*

The LNG supply chain involves a number of different stages:

&nbsp;&nbsp;&nbsp;&nbsp;• *Liquefaction*: Following the initial production of gas, natural gas is cooled to a temperature of -162ºC (-260ºF), which transforms it into a liquid. This reduces its volume to approximately 1/600<sup>th</sup> of its volume in a gaseous state and allows economical storage and transportation.

&nbsp;&nbsp;&nbsp;&nbsp;• *Shipping*: LNG is transported overseas from the liquefaction facility to the receiving terminal in specially designed LNGCs.

&nbsp;&nbsp;&nbsp;&nbsp;• *Regasification*: LNG is stored in specially designed facilities until regasified. LNG is returned to its gaseous state at a regasification facility, which can be located either onshore or aboard FSRUs.

&nbsp;&nbsp;&nbsp;&nbsp;• *Distribution*: Upon return to its gaseous state, the natural gas is transported to consumers through pipelines.

![](ny20005919x6_graphic04.jpg)<br>

Although the costs associated with the LNG supply chain have declined over the past two decades, it can be less expensive to transport natural gas via pipelines than LNGCs. However, LNG has gained traction in recent years due to the flexibility and security that LNG offers over pipeline trade, as well as the large distances between the supply and demand centers for natural gas. Over the past 10 years, the U.S. has accounted for 43% of gas supply growth, while Asia has accounted for 40% of demand growth, providing significant impetus for

58<br>

------

LNG trade growth. These trends are also expected to continue over the next decade. The flexibility offered by LNG over pipeline trade also allows for players to take advantage of significant changes in the price of natural gas in certain markets, which is applicable to both speculative players as well as energy majors, increasing the potential profitability of LNG related investments over land-based gas investments.

Furthermore, with Russia-Europe gas pipeline trade accounting for approximately 25% of the global total, efforts from European countries to diversify away from Russian energy sources are likely to compound recent trends and accelerate the shift from pipeline to LNG trade. As such, LNGCs are expected to remain the predominant means of transportation for a significant and growing portion of global natural gas demand. The following figures illustrate the overall demand and expected demand for LNG as compared to other sources of large-scale energy from 2021 to 2030, which indicate that global demand for LNG is expected to grow by 50% over the next decade.

*Figure 3. Global Energy Demand by Source of Energy, 2021 to 2030.*

![](ny20005919x6_graphic05.jpg)<br>

*Source: Clarksons Research*

#### LNG Industry
Seaborne LNG trade routes are primarily determined by locations of LNG production and consumption. Moreover, demand for LNG is generally closely linked to direct demands of retail consumers and is more sensitive to changes in prices of alternative energy sources, such as coal, hydro, nuclear, petroleum and natural gas transported by pipeline. With the increased interest in natural gas, there has been an associated increase in investment in LNG infrastructure that is expected to support an increase in the volume of LNG trade over the next few years. As the demand for natural gas continues to expand, the pace of the build-out of infrastructure to export and import LNG, as well as the geographic location of such infrastructure, is expected to have a direct impact on the demand for LNG shipping.

As of the start of January 2023, there were 20 countries with LNG liquefaction infrastructure, with a combined liquefaction capacity of 464 mtpa. There were a further 17 liquefaction projects with a total liquefaction capacity of 164 mtpa under construction across 10 countries, three of which do not currently export LNG. A significant volume of this capacity is based in the U.S. and Qatar. Approximately 75% of capacity under construction is currently scheduled to come online in 2025-2026, with an average of 61 mtpa of export capacity set to come online in each of these years, far greater than the current record annual liquefaction capacity addition of 45 mtpa (which occurred in 2018). It is estimated that an additional 223 LNGCs will be required to lift LNG produced from the liquefaction projects currently under construction, and a further 477 LNGCs to service the projects currently in FEED.

59<br>

------

#### **TABLE OF CONTENTS**
The following tables list global LNG liquefaction projects currently under construction and the volume of LNG liquefaction projects scheduled to start up in each year, excluding Russian projects (with current projections suggesting 190 mtpa of liquefaction capacity may be added globally by end 2027 driven by supply growth in the Atlantic).

*Figure 4. Selected LNG Liquefaction Projects Under Construction*

#### <br>
*Source: Clarksons Research, January 2023*

*Figure 5. LNG Liquefaction Project Start-Ups*

![](ny20005919x6_graphic07.jpg)<br>

*Source: Clarksons Research, January 2023*

60<br>

------

#### **TABLE OF CONTENTS**
The table below sets forth global LNG liquefaction and regassification capacity by region as of January 2023 as well as plants under construction, FEED stage plants and estimated liquefaction capacity for 2028.

*Figure 6. Global LNG Liquefaction and Regasification Capacity by Region*![](ny20005919x6_graphic08.jpg)<br>

*Source: Clarksons Research, January 2023*

<br> *Note (1): Excludes projects at the proposal stage as of January 1, 2023.*

<br> *Note (2): Projections based on estimated start up date. Start up dates may be delayed and have been delayed in the past.*

Growth of seaborne LNG trade is a key underlying factor expected to facilitate the increasing share of gas in the global energy mix. Between 2010 and 2015, tonne-mile LNG trade is estimated to have grown at a CAGR of 3.4%, accelerating to a CAGR of 8.2% in 2015-2020 and growing by a further 12.6% in 2021. Global LNG tonne-mile trade growth has generally outperformed LNG volume trade growth over the past decade, driven by a significant increase in LNG supply from the U.S. coupled with Asian demand growth, generating long-haul vessel demand. However, current estimates for 2022 suggest a contraction in LNG tonne-mile trade of approximately 2% year over year (y-o-y), below the rate of growth in tonnes (approximately 5%) due to a shift in trade patterns amid record European demand brought on as an indirect consequence of the conflict in Ukraine.

In the longer term, the outlook for LNG demand appears encouraging, with LNG expected to play a key role in facilitating the growing share of natural gas in the global energy mix. LNG demand is supported by the shift away from coal and heavy fuel oil in favor of cleaner burning natural gas, as well as the significant volume of liquefaction capacity expected to come online. More recently, the outlook for the LNG sector has improved further following the Russia-Ukraine conflict, with the expected phase-out of Russia-Europe pipeline trade (approximately 120mt in 2021) projected to support future trade growth. LNG trade is projected to grow by a CAGR of 5.8% from 2020 to 2030, potentially reaching approximately 630 mt by 2030, should sufficient liquefaction capacity be built to match the latent demand in both Europe and Asia, from approximately 400 mt in 2022. Supply in the global gas markets has tightened against the backdrop of firm economic growth and reduced Russian exports, and the situation in Ukraine has exacerbated a structural shortfall in the global LNG market. The table below illustrates the year-on-year change in quarterly European natural gas imports, including deliveries from Norway, highlighting the strong near-term dynamics driven by geopolitical factors and LNG's significance as a source of energy import.

61<br>

------

*Figure 7. Y-o-Y Change in Quarterly European Natural Gas Imports including Deliveries from Norway (2021-2022)*

#### <br>
*Source: IEA Gas Market Report Q4-2022*

Although recent geopolitical events have catalyzed LNG supply growth in the Atlantic, reversion to longer trade routes is expected to provide LNGC operators with a natural rate buffer once the situation in Europe normalizes. The following tables illustrate the vessels required per million ton of LNG shipped across trade routes with various lengths, as well as the increase in shipping intensity over the last few years.

*Figure 8. Vessels Required Per Million Tons of LNG Shipped* *Figure 9. Shipping Intensity from 2001 to 2021*

![](ny20005919x6_graphic10.jpg)<br>

*Source: Company data, September 2022*

Within the marine transportation industry itself, LNG is gaining traction as a marine fuel, which may provide some support to trade volumes and infrastructure investment. LNG as a marine fuel is often seen as a "bridging solution' that could contribute to a reduction in the industry's CO<sub>2</sub> emissions while alternative zero-carbon fuels and technologies are developed as part of the industry's efforts to meet the IMO's 2050 CO<sub>2</sub> emissions targets. Initial projections suggest consumption of LNG as a marine fuel may reach approximately 30 mt by 2030 from approximately 1 mt in 2021.

The tables below set forth global LNG trade in terms of tonne-miles for the period 2001 to 2022 and global LNG trade in terms of volumes carried from 2000 to 2022 and forecasted volumes through 2030.

62<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| *Figure 10. Global LNG Trade, tonne-miles* | *Figure 11. Global LNG Trade Forecast Scenarios*  |
| &nbsp;&nbsp;&nbsp;![](ny20005919x6_graphic11a.jpg)<br>| ![](ny20005919x6_graphic11b.jpg)<br>|

---

*Source: Clarksons Research, January 2023. Latest forecast scenarios as of September 2022.*

#### LNGC Supply and Vessel Technology
LNGCs transport LNG internationally between liquefaction facilities and import terminals. These double-hulled ships include a sophisticated "containment" system that holds and insulates the LNG so it maintains its liquid form. There are two main types of containment system in use on LNGCs. The Moss system, developed by Kvaerner in the 1970s, uses free standing insulated spherical tanks supported at the equator by a continuous cylindrical skirt, i.e., the tank and the hull are two separate entities. The Membrane technique uses insulation built directly into the hull of the ship, with a membrane covering inside the tanks to maintain integrity, i.e., the ship's double hull directly takes the pressure of the cargo. The global LNGC fleet is generally divided into vessel types that are distinguished principally by vessel propulsion and size. These main types are:

&nbsp;&nbsp;&nbsp;&nbsp;• Vessels with two-stroke engines, typically with a carrying capacity of over 170,000 cubic meters (cbm). As of July 1, 2022, two-stroke vessels accounted for 37% of capacity in the LNGC fleet and 97% of capacity on order, with these vessels having gained popularity in recent years due to offering emissions reductions over other engine types. While all the two-stroke vessels on order are dual fuel vessels, there are 50 older single fuel two-stroke vessels in the fleet, which tend to be less carbon efficient than dual fuel vessels.

&nbsp;&nbsp;&nbsp;&nbsp;• Vessels with dual fuel diesel electric (DFDE) engines, typically with a carrying capacity of 150,000 to 170,000 cbm. As of July 1, 2022, DFDE vessels accounted for 30% of fleet capacity in the LNGC fleet and 3% of capacity on order. Although generally less efficient than 2-stroke vessels, DFDEs offer notable carbon emissions reductions over steam turbine powered LNGCs.

63<br>

------

#### **TABLE OF CONTENTS**
The following tables set forth the development of the LNGC fleet and orderbook (vessels on order at yards or presently under construction).

---

| | |
|:---|:---|
| *Figure 12. LNGC Fleet Development* | *Figure 13. LNGC Orderbook Development*  |
| &nbsp;&nbsp;&nbsp;![](ny20005919x6_graphic12a.jpg)<br>| ![](ny20005919x6_graphic12b.jpg)<br>|

---

*Source: Clarksons Research, January 2023* 

LNGC supply is a function of the existing fleet as measured by cargo carrying capacity, and is influenced by the rate of newbuilding deliveries, scrapping and the operating efficiency of the fleet. The overall LNGC fleet stood at 713 vessels of a combined capacity of 107.0 million cbm at the start of January 2023. Fleet growth is expected to remain moderate this year, with the fleet projected to grow by 4.9% in 2023, following growth of 4.3% in 2022 and 9.8% in 2021, and compared to a 10-year CAGR of 6.8% (from 2012 to 2022).

The newbuilding orderbook for LNGCs is an indicator of future shipping supply growth. On the back of unprecedented recent contracting activity, a return to stronger fleet growth rates is projected in 2025-2026 and is expected to coincide with strong LNG supply and trade growth. At the start of 2022, the orderbook was equivalent to 28% of the capacity of the fleet. By the start of January 2023, this figure was 50% (320 vessels of a combined 53 million cbm), the highest level since 2008. The orderbook is expected to continue to grow further in the coming months given prevailing market conditions and the volume of liquefaction capacity expected to come online in the coming years.

The following table sets forth key data relating to the global LNGC fleet and orderbook by vessel size and engine type as of January 2023.

*Table 1. LNGC Fleet and Orderbook*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fleet** | **Fleet** | **Fleet** | **Fleet** | **Avg.**<br>**Age** | **Orderbook** | **Orderbook** | **Orderbook** | **Orderbook** | **Orderbook as** |
| **Size (CBM)** | **Number** | **% Of Total** | **CBM\*** | **% Of Total** | (Years) | **Number** | **% Of Total** | **CBM\*** | **% Of Total** | **% Of Fleet** |
| 175,000+ | &nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;*13%* | &nbsp;&nbsp;19.2 | &nbsp;&nbsp;&nbsp;&nbsp;*18%* | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;*13%* | &nbsp;&nbsp;7.4 | &nbsp;&nbsp;&nbsp;&nbsp;*14%* | &nbsp;&nbsp;&nbsp;&nbsp;*38.3%* |
| 150000 – 174999 | &nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp;*50%* | &nbsp;&nbsp;59.5 | &nbsp;&nbsp;&nbsp;&nbsp;*56%* | &nbsp;&nbsp;6.1 | &nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp;*82%* | 45.4 | &nbsp;&nbsp;&nbsp;&nbsp;*85%* | &nbsp;&nbsp;&nbsp;&nbsp;*76.2%* |
| <150,000 | &nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;*37%* | &nbsp;&nbsp;28.2 | &nbsp;&nbsp;&nbsp;&nbsp;*26%* | 17.1 | &nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;*6%* | &nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;*1%* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5% |
| Total | &nbsp;&nbsp;**713** |  | **107.0** |  | 10.5 | &nbsp;&nbsp;**320** |  | 53.2 |  | &nbsp;&nbsp;&nbsp;&nbsp;***49.7%*** |

---

64<br>

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fleet** | **Fleet** | **Fleet** | **Fleet** | **Avg.**<br>**Age** | **Orderbook** | **Orderbook** | **Orderbook** | **Orderbook** | **Orderbook as** |
| **Engine Type** | **Number** | **% Of Total** | **CBM\*** | **% Of Total** | (Years) | **Number** | **% Of Total** | **CBM\*** | **% Of Total** | **% Of Fleet** |
| Steam Turbine | &nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;34% | &nbsp;&nbsp;33.8 | &nbsp;&nbsp;&nbsp;&nbsp;32% | 18.2 |  |  |  |  |  |
| Dual Fuel Diesel Electric (DFDE) | &nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp;29% | &nbsp;&nbsp;31.8 | &nbsp;&nbsp;&nbsp;&nbsp;30% | &nbsp;&nbsp;7.9 | &nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;3.5 | &nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1% |
| 2-S DF Low Pressure | &nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;15% | &nbsp;&nbsp;18.0 | &nbsp;&nbsp;&nbsp;&nbsp;17% | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp;81% | 45.0 | &nbsp;&nbsp;&nbsp;&nbsp;85% | &nbsp;&nbsp;&nbsp;&nbsp;250.3% |
| 2-S DF High Pressure | &nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;10% | &nbsp;&nbsp;12.1 | &nbsp;&nbsp;&nbsp;&nbsp;11% | &nbsp;&nbsp;3.8 | &nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;3.7 | &nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.4% |
| 2-S Single Fuel | &nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;7% | &nbsp;&nbsp;10.8 | &nbsp;&nbsp;&nbsp;&nbsp;10% | 13.5 | &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;1% | &nbsp;&nbsp;&nbsp;&nbsp;3.2% |
| Other Type | &nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;5% | &nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;0% | &nbsp;&nbsp;9.1 | &nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;3% | &nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;1.1% | &nbsp;&nbsp;&nbsp;&nbsp;114.2% |
| Total | &nbsp;&nbsp;**713** |  | **107.0** |  | 10.5 | &nbsp;&nbsp;**320** |  | 53.2 |  | &nbsp;&nbsp;&nbsp;&nbsp;**49.7%** |

---

\*<br> In millions

*Source: Clarksons Research, January 2023. Orderbook as % of fleet based on cubic capacity.*

Other factors can impact the effective supply of the LNGC fleet. These include, for example, average vessel speeds, time out for drydocking/retrofits and delays at ports or transit points. The Panama Canal is a key transit point for the LNGC sector, providing the shortest route for U.S.-Asia trade. In recent years, delays at the Panama Canal have increased, adding a significant inefficiency to the market and typically supporting charter rates. While a decline in Panama Canal delays was seen in 2022 amid lower U.S.-Asia trade, inefficiencies at the Panama Canal are expected to remain a factor in the LNGC market for the foreseeable future and is expected to "peak" at times of elevated U.S.-Asia trade, typically in winter.

The following table sets forth historical and projected data on the LNGC fleet and orderbook by engine type and delivery year during the period from before 1992 to 2027.

*Figure 14. LNGC Fleet & Orderbook By Engine Type And Delivery Year*![](ny20005919x6_graphic13.jpg)<br>

*Source: Clarksons Research*

#### Fleet Ownership
Competition in the LNG shipping market is principally for employment of ships whose charters are expiring and ships that are under construction. Competition for these charters is based on price, ship availability, size, age, efficiency, propulsion and engine technology and condition, relationships with LNGC charterers and the LNG

65<br>

------

#### **TABLE OF CONTENTS**
safety record, experience and reputation of the operator. Due to the nature of competition and the existence of long-term charters for some LNGCs, the LNG business provides operators with less volatile, more predictable revenue flows than some other sectors of the shipping industry. Ownership of the fleet has historically been split between independent shipping companies and major energy and utility companies. The prevailing trend over the last two decades has been a reduction in the share of the fleet owned by energy and utility companies as they continue to divest non-core businesses. At the start of 2000, 43% of all vessels in the LNG fleet were owned by independent owners (including publicly listed owners but excluding the major Japanese vessel owners (the "Japanese Majors")) compared to 60% by October 2022. The major owners of LNGCs are shown in the chart below.

*Figure 15. Top Owners of LNG Vessels in the Fleet and on Order as of September 2022.*

The following chart sets forth the largest owners of LNGC vessels as of September 2022. The information on CoolCo in the chart below includes the four Acquisition Vessels and assumes the exercise of our option to acquire contracts for the two Newbuild Vessels and delivery of those vessels.

*Figure 15. Number of LNGCs by owner type*

![](ny20005919x6_graphic14.jpg)<br>

#### Markets
LNG marine transportation has traditionally been categorized by time charters of long duration, with vessels often ordered against a long-term time charter (e.g., 30 years) to transport volumes from a specific liquefaction project. However, as the LNG market has matured, ordering of vessels against shorter-term term charters has become more common, while speculative ordering (not backed against a time charter) has also become commonplace, with approximately 20% of large LNGCs on order at the start of July 2022 uncommitted.

The LNGC one-year time charter rate (based on a 174,000 cbm vessel) was assessed at $94,600 per day at the start of 2020, falling to $63,000 per day at the start of 2021. However, on the back of firm demand since, the one-year rate was assessed at $230,000 per day in January 2023. This is significantly higher than the average for 2019-2021 of $97,069 per day. The spot market for LNGCs is typically more volatile than the time charter market and subject to seasonal volatility (see Figure 16.2, which highlights the growing levels of seasonality). Average spot earnings for a 174,000 cbm LNG tanker were assessed at $259,500 per day in December 2022, compared to $173,750 per day in December 2021 and $147,500 per day in December 2020.

66<br>

------

#### **TABLE OF CONTENTS**
Earnings can vary significantly for different vessel types, with more modern, efficient tonnage able to obtain higher charter rates. In the six months ended December 30, 2022, spot rates for a 145,000 cbm steam turbine unit averaged $102,417 per day, 51% below the DFDE vessel (46% on a per cbm basis). This was notably higher than the average 27% differential seen in 2021, due largely to higher oil and gas prices, with more efficient vessels able to command a higher premium when the cost of fueling the vessel is greater. Meanwhile, the spot rate for a 174,000 cbm two-stroke unit averaged $255,944 per day, 23% higher than the DFDE vessel (13% higher on a per cbm basis) in the six months ended December 30, 2022.

LNGC asset values have also increased in 2022. The newbuilding price for a 174,000 cbm two-stroke vessel stood at $248 million in December 2022, up from $214 million at the start of 2022 and $187 million at the start of 2021. Prices have been impacted by a combination of inflationary pressure, record levels of ordering and competition for yard space with other sectors, notably containerships (berth availability now typically starts from 2026-2027).

*Table 2. Historical LNG Carrier Prices and Rates*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NB Price** | **5yo Price** | **1 Yr Timecharter** | **1 Yr Timecharter** | **Spot Rates** | **Spot Rates** |
|  | **174k CBM** | **160k CBM** | **160k CBM** | **174k CBM** | **160k CBM** | **174k CBM** |
|  | **$m** | **$m** | **$/day** | **$/day** | **$/day** | **$/day** |
| &nbsp;&nbsp;2015 | &nbsp;&nbsp;204 | &nbsp;&nbsp;170 | &nbsp;&nbsp;36192 |  | &nbsp;&nbsp;36038 |  |
| &nbsp;&nbsp;2016 | &nbsp;&nbsp;197 | &nbsp;&nbsp;163 | &nbsp;&nbsp;31104 |  | &nbsp;&nbsp;33528 |  |
| &nbsp;&nbsp;2017 | &nbsp;&nbsp;182 | &nbsp;&nbsp;154 | &nbsp;&nbsp;40301 |  | &nbsp;&nbsp;46058 |  |
| &nbsp;&nbsp;2018 | &nbsp;&nbsp;182 | &nbsp;&nbsp;158 | &nbsp;&nbsp;77396 |  | &nbsp;&nbsp;88692 |  |
| &nbsp;&nbsp;2019 | &nbsp;&nbsp;186 | &nbsp;&nbsp;158 | &nbsp;&nbsp;82383 | 104208 | &nbsp;&nbsp;69337 | &nbsp;&nbsp;81915 |
| &nbsp;&nbsp;2020 | &nbsp;&nbsp;186 | &nbsp;&nbsp;145 | &nbsp;&nbsp;56250 | &nbsp;&nbsp;68183 | &nbsp;&nbsp;59269 | &nbsp;&nbsp;71173 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;210 | &nbsp;&nbsp;145 | &nbsp;&nbsp;83663 | 101871 | &nbsp;&nbsp;89179 | 112283 |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;248 | &nbsp;&nbsp;200 | 134212 | 172096 | 131517 | 167548 |
| 5 year avg | 196.13 | 157.13 | &nbsp;&nbsp;86866 | 111639 | &nbsp;&nbsp;87605 | 108249 |
| 10 year avg | 196.85 | 160.85 | &nbsp;&nbsp;70132 |  | &nbsp;&nbsp;72946 |  |

---

*Source: Clarksons Research, January 2023.* 

Note: 160k CBM vessel = DFDE. 174k CBM = 2-stroke.

5- and 10- year averages based on monthly observations, taken 60 and 120 months back from latest month available, or to the earliest month where 60 or 120 months of data are not available. The basis for the 10-year average for the 174k cbm NB price is Oct-14 to Dec-22. The basis for the 10-year average for the 160k cbm 5yo price is Sep-14 to Dec-22. The basis for the 5-year averages for the 174k cbm spot and TC rates is Jan-19 to Dec-22.

67<br>

------

*Figure 16. Historical LNG Carrier Rates* 

---

| | |
|:---|:---|
| *Figure 16.1 1 Year Time Charter Rates* | *Figure 16.2 Spot Rates*  |
| &nbsp;&nbsp;&nbsp;![](ny20005919x6_graphic15a.jpg)<br>| ![](ny20005919x6_graphic15b.jpg)<br>|

---

*Source: Clarksons Research, January 2023.* 

Historically, liquidity in the secondhand LNGC market has been limited, though a notable uptick in secondhand sales activity has was in 2022. Across full year 2022, 40 LNGCs were reported to have been sold, following 15 sales in 2021. However, sales in 2022 include the sale of 10 approximately 25-year old steam turbine vessels from Japanese owners to Qatari interests as part of the expiration of a long-term time charter contract.

#### Environmental and Regulatory Issues
In recent years, there has been a growing range of environmental regulations introduced across the marine transportation industry (see Figure 17). These have included the introduction of a global cap on the sulfur content of fuel oil in 2020 (IMO 2020), which led to the fitting of exhaust scrubbers or the use of more expensive compliant fuel, and a requirement to utilize Ballast Water Treatment Systems (BWTS) systems. There is also a growing focus on the reduction of GHG emissions, with the shipping industry collectively producing an estimated 2.4% of all global CO<sub>2</sub> emissions. Significant targets and policies for emissions reductions and vessel efficiency have been agreed upon by the IMO. Some of these have already been introduced for newbuildings, with an extension to existing vessels from 2023 through the "so-called" "EEXI". Further action has been introduced, or is planned, by the EU and other stakeholders such as ship financiers (e.g., Poseidon Principles), charterers/operators (e.g., Sea Cargo Charter) and shipowners (e.g., the Getting to Zero Coalition). There are a range of trends and potential developments associated with this environmental agenda including a charter preference for fuel efficient and low emission tonnage, uncertainty over future propulsion, increasing requirements for fleet renewal in the medium to long term, potential focus on slower vessel speed to reduce emissions, the fitting of Energy Saving Technologies (ESTs) to meet new regulations to improve efficiency and pressures to remove older less efficient tonnage from the fleet through demolition. See " – Business – Environmental and Other Regulations" for more details.

68<br>

------

#### **TABLE OF CONTENTS**
The table below sets forth historical and expected timing for implementation of important regulatory requirements affecting LNGCs.

*Figure 17. Timeline for Regulatory Requirements for Reduction of Emissions from Shipping*

![](ny20005919x6_graphic16.jpg)<br>

C. **Organizational Structure**

Cool Company Ltd. is the parent company for our subsidiaries. We have 17 (direct or indirect) subsidiaries. The following table sets out for the subsidiaries as of February 14, 2023 and their respective jurisdictions of formation.

---

| | |
|:---|:---|
| **Entity Name** | **Jurisdiction of Formation** |
| Golar Hull M2022 Corp. | Marshall Islands |
| Golar LNG NB10 Corporation | Marshall Islands |
| Kool Ice Corporation\* | Marshall Islands |
| Golar LNG NB11 Corporation | Marshall Islands |
| Golar Hull M2021 Corp. | Marshall Islands |
| Golar Hull M2047 Corp. | Marshall Islands |
| Golar Hull M2027 Corp. | Marshall Islands |
| Kool Frost Corporation\*\* | Marshall Islands |
| The Cool Pool Limited | Marshall Islands |
| Cool Company Management d.o.o. | Croatia |
| Cool Company Management AS | Norway |
| Cool Company Management Ltd. | England and Wales |
| CoolCo Management Sdn. bhd. | Malaysia |
| Pernli Marine Ltd | Liberia |
| Persect Marine Ltd | Liberia |
| Felox Marine Ltd | Liberia |
| Respent Marine Ltd | Liberia |

---

\*<br> Golar Hull M2048 Corp. was renamed the Kool Ice Corporation on January 23, 2023.

\*\*<br> Golar LNG NB12 Corporation was renamed the Kool Frost Corporation effective February 1, 2023.

D. **Property, Plants and Equipment**

Other than our ships, we do not own any material property.

#### Facilities
Our registered office is located at <sup>2nd</sup> Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.

Our registered offices are located at 5<sup>th</sup> Floor, 7 Clarges Street, London, W1J 8AE, United Kingdom.

Our principal technical and operations offices are located at Kronprinsesse Märthas Plass 1, 0160 Oslo, Norway.

69<br>

------

#### **TABLE OF CONTENTS**
We also have an office located in Split, Croatia which handles crewing matters. The address is Cool Company Management d.o.o., Zrinsko-Frankopanska 64 21000 Split, Croatia.

The principal administrative offices of the Cool Pool are located at c/o IBC, 8<sup>th</sup> Floor, 2 Rue du Gabian, 98000 Monaco.

We are not aware of any environmental issues or other constraints that would materially impact the intended use of our facilities.

---

| | |
|:---|:---|
| **ITEM 4A.**<br>| **UNRESOLVED STAFF COMMENTS** |

---

Not Applicable.

70<br>

------

---

| | |
|:---|:---|
| **ITEM 5.**<br>| **OPERATING AND FINANCIAL REVIEW AND PROSPECTS** |

---

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our audited combined carve-out financial statements as of December 31, 2021 and 2020 and for each of the years ended December 31, 2021 and 2020, and notes to our combined carve-out financial statements (the "Audited Financial Statements") included elsewhere in this registration statement. The discussion and analysis below contains certain forward-looking statements about our business and operations that are subject to the risks, uncertainties and other factors described in the section entitled "Item 4. Key Information – D. Risk Factors," beginning on page [2](#tITM3D), and elsewhere in this registration statement. These risks, uncertainties and other factors could cause our actual results to differ materially from those expressed in, or implied by, the forward-looking statements. See the section entitled "Cautionary Statement Regarding Forward-Looking Statements."*

A. **Operating Results**

#### Overview
We are a growth-oriented owner, operator and manager of fuel-efficient LNG carriers providing critical supply chain support to the international energy industry. CoolCo was formed with the objective of providing customers across the globe with modern and flexible LNG transportation solutions, providing a lesser-emitting form of energy to help enable decarbonization efforts, economic growth, and improvements in quality of life. On January 26, 2022, Golar and CoolCo entered into the Vessel SPA under which CoolCo acquired the Original Vessels and The Cool Pool Limited from Golar, for a purchase price for each Vessel of $145 million, subject to working capital and debt adjustments, for each vessel. The Original Vessels operate under time charters of various durations with major energy, utility and commodity trader counterparties. On June 30, 2022, Golar and CoolCo entered into the ManCo SPA pursuant to which CoolCo acquired from Golar its LNGC and FSRU management organization, ManCo (comprised of four entities, Cool Company Management Ltd., Cool Company Management d.o.o., CoolCo Management Sdn bhd. and Cool Company Management AS, all of which were acquired on June 30, 2022), for a purchase price of $5.0 million, with working capital adjustments of approximately $1.6 million. The net aggregate amount of purchase consideration was $346.2 million (this was comprised of $127.9 million in the form of shares in the Company issued to Golar on each respective entity acquisition date pursuant to the Vessel SPA, $211.7 million net cash consideration resulting from acquisition-related refinancing and $6.6 million cash consideration paid pursuant to the ManCo SPA).

We purchased the Acquisition Vessels (on long-term charters) and we have an option to acquire the contracts to purchase the Newbuild Vessels, which vessels are currently not chartered, from subsidiaries of QPSL, the sole shareholder of EPS, our largest industry shareholder. Further, we intend to leverage our industry relationships to make accretive acquisitions of in-service LNGCs from third parties, and to selectively enter into newbuild arrangements.

Our integrated, in-house vessel management platform provides our charterers with high-quality, reliable and efficient commercial and technical management services. We are the commercial and technical manager of not only our fleet which includes the Vessels but also eight additional LNGCs and nine FSRUs owned by third parties. This was an established service provided by ManCo and we expect that existing and prospective charterers will continue to engage us for their chartering needs due to the effective and efficient nature of our integrated, in-house commercial and technical management platform.

We believe that LNG is crucial to energy security and will play an important role in the global transition to a lower-carbon future. The war in Ukraine and weaponization of gas supply by Russia clearly demonstrates the importance of LNG to energy security. Achieving the Paris Agreement's decarbonization goals requires substantial growth in natural gas volumes both to replace coal and complement renewables. Even the most optimistic scenarios for renewables and new decarbonization technology will fail to achieve the Paris Agreement's goals without substantial growth in natural gas volumes through 2040, including in the form of LNG. While more aggressive mandates to shift electricity generation away from fossil fuels to renewable energy sources are possible and any such mandates could impact us, we believe LNG will likely remain an enabler in such a shift. As a provider of flexible LNG transport solutions, we are well-positioned to support society's transition to a lower-carbon energy future.

We manage our business through a single operating and reportable segment: LNG carriers. We currently focus on a balanced portfolio of short- and longer-term time charters for our Vessels (with staggered maturities),

71<br>

------

#### **TABLE OF CONTENTS**
as we believe that their economic terms offer us a combination of return on our investment, rate stability and re-chartering flexibility. We will continue to evaluate the attractiveness of longer- and shorter-term chartering opportunities as the commercial characteristics of the LNGC industry evolve.

#### Recent Trends and Outlook
We believe that LNG demand is set to grow globally. We expect global aspirations for carbon neutrality to lead to increased demand for lower-carbon fuels such as LNG to enable an energy transition. Global LNG trade was estimated by the IEA's Global Gas Review 2021 to have expanded by 6% in 2021, which represented a significant increase compared to the 1% growth rate measured in 2020. This surge has been supported by strong demand from Europe, contracted LNG sales to existing and emerging markets and the availability of LNG supply in North America. As economic development and urbanization spur the demand for electricity, LNG will be a critical solution for bridging the supply/demand imbalance in regions like Southeast Asia. Limitations on energy infrastructure, particularly in developing countries that need to move away from traditional sources of energy such as coal and oil, make LNG adoption difficult, but as a leader in transporting flexible LNG solutions, we believe that we are well positioned to address these limitations and support society's transition to a lower-carbon energy future. Given the global appetite for cleaner energy, we expect these industry trends to continue, and we plan to capitalize on this growing global demand and create new markets for natural gas by providing a strong and safe LNG transportation model. For more information on the expected growth in LNG demand, see the section entitled "Item 4. Information on the Company – B. Business Overview – Industry – LNG Industry."

Across the world, a combination of extreme weather events, COVID-19 related energy market distortions, the invasion of Ukraine by Russia, and a slower than expected transition to renewables has increased, in the short term, both the cost of energy and the risk of energy supply disruptions. For example, as a result of not procuring a sufficient level of LNG imports and lower than expected wind power availability, the United Kingdom has seen natural gas prices rise more than fivefold over 2022 according to Bloomberg. In Brazil, the federal government has sought to intervene in the power markets to minimize the effects of a historic drought on the country's hydroelectric power supply and has indicated its support for efforts to increase LNG imports as a viable strategy for improving power generation availability. The current energy market volatility supports LNG as a reliable bridge to the sustainable growth of renewables in the world's energy mix. We believe recent events underscore the value that LNG offers by providing energy supply stability for any government looking to implement a sustainable, reliable and cost-effective energy transition plan.

In part due to recent geopolitical events, we are seeing an increase in inquiries for our vessel services for medium to long-term time charters. This interest is mainly coming from countries that have historically been dependent on imports of Russian natural gas. Given the increased emphasis on security of supply, we believe LNG will be an attractive solution to these customers over the near to mid-term. Although these discussions are in early stages, we are optimistic that there could be increased opportunities to serve the European market. At this time, we do not believe any economic sanctions or other actions taken against Russia will negatively impact our current business and operations or the potential opportunities discussed above, and we will continue to monitor new developments in this area.

While we have the potential to benefit from increased LNG and natural gas opportunities related to the increased appetite for alternative energy sources globally, there are some headwinds in the current market environment. Starting in December 2021, demand for vessels to transport cargos from the Atlantic to the Pacific decreased and resulted in fewer opportunities to charter our available Vessels to third parties early in 2022. This reduced demand weighed on the spot market for LNGCs and affected our results (one of the nine vessels in the Cool Pool were on spot-linked contracts). Spot prices continue to be affected by shorter sailing distances to Europe resulting from increased European demand for the shipment of U.S. LNG (compared to traditional demand from Asia) and a mid-2022 outage at Freeport LNG, a large U.S. liquefaction facility. However, we saw an increase in 12-month term contract prices during 2022.

#### Basis of Preparation
Golar Shipping and Vessel Management ("GSVM") is our Predecessor for accounting purposes. The combined carve-out financial statements of our Predecessor reflect the assets, liabilities and operating results of Cool Company Ltd., the eight subsidiaries that own or lease the eight vessels acquired from Golar pursuant to the Vessel SPA, seven lessor variable interest entities ("VIEs") reflecting legacy sale and leaseback finance

72<br>

------

#### **TABLE OF CONTENTS**
arrangements for seven of the vessels acquired from Golar, and two management companies and The Cool Pool Limited . See (i) notes 2.a, 4 and 5 of our Audited Financial Statements and (ii) "Item 4. Information on the Company – A. History and Development of the Company" for further details.

#### Components of Our Results of Operations
*Operating Revenues*

Operating revenues primarily refer to time and voyage charter revenues, which include fixed minimum lease payments under time charter agreements and vessel repositioning fees.

Amounts generated from time charter agreements, which we classify as operating leases, are recognized over the term of the agreement on a straight-line basis as services are provided. Variable lease payments are recognized as incurred. Lease payments include fixed payments (including unavoidable in-substance payments) and variable lease payments that are based on a rate or index. We do not recognize any amounts if we have not entered into a time charter agreement with a charterer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. For our operating leases, we have elected the practical expedient to combine service revenue and operating lease income given the fact that the timing and pattern of transfer of the components are the same. Initial direct costs considered directly related to the negotiation and consummation of the time charter agreement are deferred and recognized over the lease term as services are provided.

Repositioning fees (included in "Time and voyage charter revenues") received in respect of time charter agreements are recognized at the end of the agreement when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the agreement which is not dependent upon the vessel redelivery location, the fee will be recognized evenly over the term of the charter.

The Original Vessels are operated in the Cool Pool. Operating revenues also include revenues from one vessel that we do not own that is employed in the Cool Pool. Specifically, for the Cool Pool, pool earnings (gross earnings of the pool less voyage costs and certain overhead costs of the Cool Pool) are aggregated and then allocated to the pool participants in accordance with the number of days each of their respective vessels are in the pool during the results sharing period. We present our gross share of income earned and costs incurred under the Cool Pool on the face of our statement of operations in the line items "Time and voyage charter revenues" and "Voyage, charter hire and commission expenses" respectively. For the Cool Pool net revenues and/or expenses generated by the other participants in the pooling arrangement, we analogize these to be either the cost of obtaining a contract or the benefit of operating within the Cool Pool, and present them within the line item "Voyage, charter hire and commission expenses, net." See " – How We Evaluate Our Operations – Time charter equivalent (or "TCE") rate" for further details.

Management fees are generated from vessel management which includes commercial and technical vessel-related services and administrative services. Revenues for management services are recognized evenly over time as our services are rendered. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. Our management contracts generally have an initial term of one year or less, with a short notice period thereafter to end the contract, ranging from 30 to 120 days. Contract assets arise when we render management services in advance of entitlement to payment from our customers.

*Expenses*

Vessel costs of our owned fleet consists of: (i) vessel operating expenses and (ii) voyage, charter hire and commissioning expenses, net. Under time charter agreements, voyage expenses are generally paid by our charterers. Voyage-related expenses, principally fuel, may also be incurred when positioning or repositioning a vessel before or after the period of the time charter agreement and during periods when the vessel is not employed or is off-hire (for example, while undergoing repairs) and are recognized as incurred.

Vessel operating expenses are recognized as incurred, including crewing, repairs and maintenance, insurance, stores, lubricant oils, consumables, logistics costs and communication expenses as well as the associated managerial cost of providing these items and services. Bunker consumption primarily represents fuel consumed during unemployment and while our Vessels are off-hire.

*Depreciation and amortization*

Our depreciation and amortization expense relates primarily to our Vessels. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets' remaining

73<br>

------

#### **TABLE OF CONTENTS**
useful economic lives. We estimate the residual values of our Vessels based on a scrap value cost of steel and aluminum times the weight of the vessel noted in lightweight tons. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons. Refurbishment costs incurred during the period are capitalized as part of the vessels and depreciated over the vessels' remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment.

Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally every five years. For vessels that are newly built or acquired, we have adopted the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition, upon which the cost is capitalized and the process is repeated. When a vessel is disposed, any unamortized drydocking expenditure is charged against income in the period of disposal. GSVM useful lives applied are as follows:

Vessels 40 years <br> Drydocking expenditure 5 years <br> Office equipment and fittings 3 years

*Administrative expenses*

Administrative expenses include employee-related costs for personnel engaged in executive management, sales, accounting, treasury, regulatory compliance, legal, tax and human resources. Administrative expenses also include external legal and professional fees and expenses associated with the office facilities we provide for our personnel, information technology and other administrative expenses.

Administrative expenses have been allocated to GSVM by Golar using a weighted vessel count of Golar's historical fleet, whereby LNGCs and FSRUs are assigned a lower weighting compared with FLNGs.

*Other operating income*

Other operating income primarily includes loss of hire insurance proceeds.

*Interest income and interest expense* 

Interest income consists of demand and time deposits and highly liquid investments and prevailing interest rates. Interest income is recognized on an accrual basis.

Debt issuance costs directly related to the issuance of debt are amortized over the term and are recognized in interest expense using the effective interest method.

*Other financial items*

Loss on other financial items, net includes foreign exchange gains/losses and financing arrangements fees and other costs.

*Net income attributable to non-controlling interests*

Net income attributable to non-controlling interests includes net income/loss attributable to our lessor VIEs. We currently lease two of our twelve Vessels (the *Golar Ice* and the *Golar Kelvin*), but as of December 31, 2021, we leased seven vessels (*Golar Glacier*, *Golar Kelvin*, *Golar Snow*, *Golar Ice*, *Golar Seal*, *Golar Crystal* and *Golar Bear*) from lessor VIEs as part of sale and leaseback arrangements of which four were with ICBC Finance Leasing Co. Ltd ("ICBCL") entities, one with a CCB Financial Leasing Corporation Limited ("CCBFL") entity, one with a COSCO Shipping entity and one with an AVIC International Leasing Company Limited ("AVIC") entity. Each of the ICBCL, CCBFL, COSCO Shipping and AVIC entities are special purpose vehicles ("Lessor SPVs"). In each of these transactions, we sold our Vessels and then subsequently leased back the Vessel on a

74<br>

------

bareboat charter for a term of seven to ten years. We currently have options to repurchase each of the *Golar Ice* and the *Golar Kelvin* at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each such Vessel at the end of its respective lease period.

While we do not hold any equity investments in the above Lessor SPVs, we have determined that we have a variable interest in these Lessor SPVs and that these lessor entities, that own the vessels, are VIEs. Based on our evaluation of the agreements, we have concluded that we are the primary beneficiary of these VIEs and, accordingly, these lessor VIEs are included in our financial statements. We did not record any gains or losses from the sale of these vessels as they continued to be reported as vessels at their original costs in our financial statements at the time of each transaction. Similarly, the effect of the bareboat charter arrangement is eliminated upon aggregation of the Lessor SPV. The equity attributable to the respective lessor VIEs is included in non-controlling interests in our combined carve-out financial statements.

#### Factors Affecting Our Results of Operations
As a result of a number of factors, our historical results of operations may not be comparable from period to period or going forward. Set forth below is a brief discussion of the key factors impacting the comparability of our results of operations.

*Principal factors*

We believe the principal factors that will affect our future results of operations include:

&nbsp;&nbsp;&nbsp;&nbsp;• LNGC vessel hire rates and the size of the global LNGC fleet as well as the newbuild order book and delivery and scrapping rates;

&nbsp;&nbsp;&nbsp;&nbsp;• the supply and demand for LNG shipping services, including the impact of greater competition in the LNG shipping market, and the number of vessels available in the short-term or spot LNGC charter market;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of LNGCs in our owned and managed fleets;

&nbsp;&nbsp;&nbsp;&nbsp;• the acquisition of new vessels (and any financing thereof);

&nbsp;&nbsp;&nbsp;&nbsp;• the timely delivery of our newbuilds under construction and any delays to the shipbuilding process;

&nbsp;&nbsp;&nbsp;&nbsp;• the reliance on subcontractors and their progress in constructing newbuild vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• the timing and duration of drydocking and any delays thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain acceptable financing in respect of our capital and financing and refinancing commitments and needs;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain good working relationships with our existing charterers and our customers whose fleets we manage and our ability to increase the number of our customers and charterers through the development of new working relationships;

&nbsp;&nbsp;&nbsp;&nbsp;• the performance of our charterers and our customers whose fleets we manage;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to employ our Vessels, and other vessels that we acquire, at economically attractive rates;

&nbsp;&nbsp;&nbsp;&nbsp;• the effective and efficient technical and operational management of our Vessels and those of our customers whose fleets we manage;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain the recruitment and retention of appropriately qualified seafarers and shore staff;

&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and maintain regulatory approvals and to satisfy technical, health, safety and compliance standards that meet our customers' requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;• economic, regulatory, political and governmental conditions that affect the LNG market and LNG shipping industries, which include geopolitical factors such as the imposition of trade tariffs and changes in the number of new LNG importing countries and regions, as well as structural LNG market changes impacting LNG supply and demand.

75<br>

------

#### **TABLE OF CONTENTS**
In addition to the general factors discussed above, we believe certain specific factors have impacted, or will impact, our results of operations. These factors include:

&nbsp;&nbsp;&nbsp;&nbsp;• the hire rate earned by our Vessels, including any of our Vessels that may trade in the short-term or spot market if we are unable to secure new time charter agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• unscheduled off-hire days;

&nbsp;&nbsp;&nbsp;&nbsp;• the fees we receive for commercial and technical ship management services;

&nbsp;&nbsp;&nbsp;&nbsp;• the level of our ship operating expenses, including the costs of crewing, insurance and maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;• our level of debt, the related interest expense and the timing of required payments of principal; and

&nbsp;&nbsp;&nbsp;&nbsp;• the level of our administrative expenses, including salaries and costs of consultants.

*Drydocking*

We must periodically drydock our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements. Our Vessels are scheduled to be drydocked commencing in 2023. See " – Components of Our Results of Operations – Depreciation and Amortization" for further details. We expect our Vessels to be considered off-hire under our time charters during such drydocking periods.

*Inflation and cost increases*

Although recent inflationary pressures worldwide have had a moderate impact on operating expenses, drydocking expenses and overheads, we do not expect inflation to have a significant impact on direct costs in the current and foreseeable economic environment other than potentially in relation to insurance costs and crew costs. LNG transportation is a business that requires crews with specialist skills and education that take some time to acquire. The increasing number of vessels in the global LNGC fleet is driving an increased demand for qualified crews, which has and will continue to put inflationary pressure on crew costs. Furthermore, continued prolonged periods of inflationary pressure on the LNG market and rapidly rising costs could adversely affect us.

*Public company costs*

We expect to incur incremental, non-recurring costs related to our transition to a publicly traded corporation listed in the United States, including the costs of this initial public offering. We also expect to incur additional significant and recurring expenses as a publicly traded corporation, including costs associated with compliance under the Exchange Act, annual and quarterly reporting to shareholders, national stock exchange fees, audit fees, legal fees, incremental director and officer liability insurance costs and director and officer compensation.

*Impact of COVID-19*

In March 2020, the World Health Organization declared COVID-19 a global pandemic. The COVID-19 outbreak has reached across the globe, resulting in the implementation of significant governmental measures, including lockdowns, closures, quarantines, and travel bans intended to control the spread of the virus. While some of these measures have been relaxed in certain parts of the world, ongoing social distancing measures, and future prevention and mitigation measures, as well as the potential for some of these measures to be reinstituted in the event of repeat waves of the virus and any variants, are likely to have an adverse impact on global economic conditions and consumer confidence and spending, and could materially adversely affect the timing of demand, or users' ability to pay, for our products and services.

We continue to monitor the evolving situation and guidance from international and domestic authorities, including national, state and local public health authorities, and there may be developments outside our control requiring us to adjust our operating plan. As such, given the unprecedented uncertainty around the duration and severity of the impact on market conditions and the business environment, we cannot reasonably estimate the full impact of the COVID-19 pandemic on our future operating results.

For additional information, see "Item 3. Key Information. – D. Risk Factors – Risks Related to Our Business – Outbreaks of epidemic and pandemic diseases and governmental responses thereto could adversely affect our business." and other risk factors included in the "Risk Factors" section that describe risks to us attributable to the COVID-19 pandemic.

76<br>

------

*Debt covenants* 

Our loan agreements and sale and leaseback arrangements require us to maintain specific balance sheet levels and ratios, including minimum amounts of free liquid assets, working capital and value adjusted equity. If we fail to comply with applicable covenants, this could lead to an event of default which would enable the lenders thereunder to require immediate repayments of the relevant debt and could lead to cross-defaults enabling other lenders to require immediate repayment of debt. For additional details, see "– Liquidity and Capital Resources – Debt Facilities."

*Our Vessels' net book value may be impaired* 

We continually monitor events and changes in circumstances that could indicate carrying amounts of our Vessels may not be recoverable. We perform an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, an impairment loss is recognized for the amount by which the carrying value exceeds its fair value. If the market value of our Vessels declines, we may be required to record an impairment charge in our financial statements, which could adversely affect our business, financial condition and results of operations.

*Impact of seasonality*

Historically, LNG trade, and therefore charter rates, increased in the winter months and eased in the summer months as demand for LNG for heating in the Northern Hemisphere increased in colder weather and declined in warmer weather. In general, the LNG vessel industry has become less dependent on the seasonal transport of LNG than it was 15 years ago. The advent of FSRUs has opened new markets and uses for LNG and has helped reduce the impact of seasonality. There is a higher seasonal demand during the summer months due to energy requirements for air conditioning in some markets or reduced availability of hydro power in others and a pronounced higher seasonal demand during the winter months for heating in other markets. There is however a tendency for a weaker vessel market in the spring and fall.

#### How We Evaluate Our Operations
We manage our business through a single operating and reporting segment: LNG carriers. However, we use a variety of qualitative, operational and financial metrics to assess our performance and valuation. Among other measures, management considers each of the following in assessing our business:

*Adjusted EBITDA*

Adjusted EBITDA is a non-GAAP financial measure and as used herein represents net income adjusted for income taxes, depreciation and amortization, interest income, interest expense and other financial items. Adjusted EBITDA is a financial measure used by management and investors as a supplemental measure of total financial performance. We believe that the exclusion of these items enables investors and other users of our financial information to assess our sequential and year over year performance and operating trends on a more comparable basis and is consistent with management's own evaluation of business performance. Adjusted EBITDA is a non-GAAP financial measure and should not be considered as an alternative to net income or any other measure of CoolCo's financial performance calculated in accordance with U.S. GAAP.

The following table sets forth a reconciliation of Adjusted EBITDA to net income, the most comparable U.S. GAAP financial measure, for the years ended December 31, 2021 and 2020.

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| <br>*(in thousands of $)* | **Predecessor** <br>**2021** | **Predecessor** <br>**2020** |
| **Net income** | &nbsp;&nbsp;**48368** | &nbsp;&nbsp;**32384** |
| Income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 |
| Depreciation and amortization  | &nbsp;&nbsp;43389 | &nbsp;&nbsp;44328 |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) |
| Interest expense | &nbsp;&nbsp;18087 | &nbsp;&nbsp;26953 |
| Other financial items  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| **Adjusted EBITDA**  | &nbsp;&nbsp;110439 | &nbsp;&nbsp;104843 |

---

77<br>

------

#### **TABLE OF CONTENTS**
*Time charter equivalent (or "TCE") rate* 

Time Charter Equivalent (or "TCE") rate is a measure of the average daily income performance of our Vessels. For time charters, this is calculated by dividing time and voyage charter revenues less any voyage, charter hire and commission expenses, net, by the number of operating days during a reporting period. Operating days are calculated on a vessel-by-vessel basis and represent the calendar days in a given period that a vessel is in our possession less off-hire days as a result of scheduled repairs, scheduled drydocking or special or intermediate surveys and scheduled lay-ups. Under a time charter, the charterer pays substantially all of the vessel related expenses. However, we may incur voyage related expenses when positioning or repositioning vessels before or after the period of a time charter, during periods of commercial waiting time or while off-hire during drydocking.

TCE rate is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company's performance despite changes in the mix of charter types (i.e., spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. We present average daily TCE rate, a non-U.S. GAAP measure, as we believe it provides additional meaningful information in conjunction with time and voyage charter revenues, the most directly comparable U.S. GAAP measure, because it assists management in making decisions regarding the deployment and use of our Vessels and in evaluating their financial performance. Our calculation of TCE rate may not be comparable to that reported by other companies.

The following table reconciles our time and voyage charter revenues, the most directly comparable U.S. GAAP financial measure, to average daily TCE rate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  | **Nine Months Ended September 30,**  |
| <br>*(in thousands of $, except operating days less scheduled off-hire days and average daily TCE rate)*  | **Successor** | **Predecessor** | **Non-U.S.** <br>**GAAP** <br>**Combined<sup>(1)</sup>** <br>**2022** <br>| **Predecessor** <br>**2021**  |
| Time and voyage charter revenues | 104535 | &nbsp;&nbsp;37289 | &nbsp;&nbsp;141824  | 119323  |
| Less: Voyage, charter hire and commission expenses, net | &nbsp;&nbsp;(1212) | &nbsp;&nbsp;(1229) | &nbsp;&nbsp;(2441)  | &nbsp;&nbsp;(2443)  |
| Time and voyage charter revenues, net | 103323 | &nbsp;&nbsp;36060 | &nbsp;&nbsp;139383  | 116880  |
| Operating days less scheduled off-hire days | &nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;2184  | &nbsp;&nbsp;&nbsp;2165  |
| **Average daily TCE rate (to closest $100)** | &nbsp;&nbsp;**66500** | &nbsp;&nbsp;**57100** | &nbsp;&nbsp;**63800**  | &nbsp;&nbsp;**54000** |

---

(1)<br> The combined results are not in accordance with U.S. GAAP and consists of the aggregate of selected financial data of the Successor and Predecessor periods. No other adjustments have been made to the combined presentation.

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*(in thousands of $, except operating days less scheduled off-hire days and average daily TCE rate)* | **Predecessor** <br>**2021** | **Predecessor** <br>**2020**  |
| Time and voyage charter revenues | &nbsp;&nbsp;161958 | &nbsp;&nbsp;164740 |
| Less: Voyage, charter hire and commission expenses, net | &nbsp;&nbsp;&nbsp;&nbsp;(709) | &nbsp;&nbsp;(11228) |
| &nbsp;&nbsp;Time and voyage charter revenues, net | &nbsp;&nbsp;161249 | &nbsp;&nbsp;153512 |
| &nbsp;&nbsp;Operating days less scheduled off-hire days | &nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;2928 |
| **Average daily TCE rate (to closest $100)** | &nbsp;&nbsp;**55600** | &nbsp;&nbsp;**52400** |

---

#### Condensed Consolidated and Combined Carve-Out Financial Statements

#### Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020
Our results of operations as reported in our unaudited condensed financial statements for the nine month period ended September 30, 2022 are split between the "Successor period" of CoolCo, commencing on January 27, 2022 reflecting the funds raised from the Private Placement and the phased acquisition of the legal entities acquired from Golar on the respective acquisition dates until September 30, 2022 and the "Predecessor period" reflecting the combined carve-out financial statements of GSVM which include historical operations and results of each of the legal entities CoolCo acquired from Golar until the day prior to their respective acquisition dates. The financial statements for the Successor period are prepared in accordance with U.S. GAAP while the Predecessor period is presented on a combined carve-out basis. Although U.S. GAAP requires us to report on our

78<br>

------

#### **TABLE OF CONTENTS**
results split between the Successor period and the Predecessor period, separately, management views the Company's operating results for the nine month period ended September 30, 2022 by combining the results of the applicable Predecessor and Successor periods because such presentation provides a meaningful comparison of our results to the prior period for the nine months ended September 30, 2021. We do not believe that reviewing the results of the periods in isolation would be useful in identifying trends in or reaching conclusions regarding our overall operating performance.

Management believes that the key performance metrics such as time and voyage charter revenues and vessel operating expenses for the Successor periods when combined with the Predecessor period provide more meaningful comparisons to other periods and are useful in identifying current business trends. Accordingly, the table below presents the results for the nine month period ended September 30, 2022, which is the aggregate of the reported Successor period phased from January 27, 2022 to September 30, 2022 and the Predecessor period phased from January 1, 2022 to June 30, 2022 compared with the results for the nine months period ended September 30, 2021. There are no other adjustments made in this combined presentation. These combined results are not considered to be prepared in accordance with U.S. GAAP and have not been prepared as pro forma results, per applicable regulations. The combined results may not be indicative of future results.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | | |
| **(*in thousands of $, except average daily TCE rate*)** | **Successor<sup>(1)</sup>** | **Predecessor<sup>(1)</sup>** | **Non-U.S.**<br>**GAAP**<br>**Combined<sup>(2)</sup>**<br>**2022** | **Predecessor**<br>**2021** | <br>**Change** | <br>**% Change** |
| Time and voyage charter revenues | 104535 | &nbsp;&nbsp;&nbsp;37289 | &nbsp;&nbsp;141824 | 119323 | 22501 | &nbsp;&nbsp;&nbsp;19% |
| Vessel and other management fee revenues | &nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;&nbsp;9851 | &nbsp;&nbsp;&nbsp;5950 | &nbsp;&nbsp;3901 | &nbsp;&nbsp;&nbsp;66% |
| Amortization of intangible assets and liabilities arising from charter agreements, net | &nbsp;&nbsp;14504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;14504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **14504** | &nbsp;&nbsp;&nbsp;**100%** |
| **Total operating revenues** | **122723** | &nbsp;&nbsp;&nbsp;**43456** | &nbsp;&nbsp;**166179** | **125273** | **40906** | &nbsp;&nbsp;&nbsp;**—** |
| Vessel operating expenses  | (24781) | &nbsp;&nbsp;&nbsp;(7706) | &nbsp;&nbsp;(32487) | (36021) | &nbsp;&nbsp;3534 | &nbsp;&nbsp;&nbsp;(10)% |
| Voyage, charter hire and commission expenses, net | &nbsp;&nbsp;(1212) | &nbsp;&nbsp;&nbsp;(1229) | &nbsp;&nbsp;(2441) | &nbsp;&nbsp;(2443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;—% |
| Administrative expenses  | &nbsp;&nbsp;(6262) | &nbsp;&nbsp;&nbsp;(5422) | &nbsp;&nbsp;(11684) | (12810) | &nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp;(9)% |
| Depreciation and amortization | (28413) | &nbsp;&nbsp;&nbsp;(5745) | &nbsp;&nbsp;(34158) | (32553) | (1605) | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| &nbsp;&nbsp;Other operating income  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;(646) | &nbsp;&nbsp;&nbsp;(13)% |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;9725% |
| Interest expense  | (15172) | &nbsp;&nbsp;&nbsp;(4725) | &nbsp;&nbsp;(19897) | (16799) | (3098) | &nbsp;&nbsp;&nbsp;18% |
| &nbsp;&nbsp;Gains on derivative instruments | &nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;100% |
| Other financial items, net | &nbsp;&nbsp;(2227) | &nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;(1605) | &nbsp;&nbsp;&nbsp;&nbsp;(293) | (1312) | &nbsp;&nbsp;&nbsp;448% |
| Income taxes | &nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | &nbsp;&nbsp;&nbsp;&nbsp;(526) | &nbsp;&nbsp;&nbsp;&nbsp;(158) | &nbsp;&nbsp;&nbsp;(368) | &nbsp;&nbsp;&nbsp;233% |
| **Other Financial Data:**<br>|  |  |  |  |  |  |
| Total time and voyage charter revenues minus voyage, charterhire and commission expenses, net | 103323 | &nbsp;&nbsp;&nbsp;36060 | &nbsp;&nbsp;139383 | 116880 | 22503 | &nbsp;&nbsp;&nbsp;19% |
| Operating days less scheduled off-hire days  | &nbsp;&nbsp;&nbsp;1553 | &nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;2184 | &nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;1% |
| Average daily TCE rate<sup>(3)</sup> (to the closest $100) | &nbsp;&nbsp;**66500** | &nbsp;&nbsp;&nbsp;**57100** | &nbsp;&nbsp;**63800** | &nbsp;&nbsp;**54000** | &nbsp;&nbsp;**9800** | &nbsp;&nbsp;&nbsp;**18%** |

---

(1) The commencement of operations and funding of CoolCo and its acquisition of the eight TFDE LNG carriers, The Cool Pool Limited and the shipping and FSRU management organization from Golar was completed in phases. It commenced with the funding of CoolCo on January 27, 2022 and concluded with the acquisition of the LNG carrier and FSRU management organization on June 30, 2022, with vessel acquisitions taking place on different dates over that period. Results for the nine months that commenced January 1, 2022 and ended September 30, 2022 have therefore been split between (i) the period prior to the funding of CoolCo and various phased acquisitions (i.e., the "Predecessor" period) and (ii) the period subsequent to the various phased acquisitions of such vessels and management entities (i.e., the "Successor" period).

79<br>

------

(2)<br> The combined results are not in accordance with U.S. GAAP and consists of the aggregate of selected financial data of the Successor and Predecessor periods. No other adjustments have been made to the combined presentation.

(3) Average daily TCE rate is a non-U.S. GAAP financial measure and is calculated by taking the total time and voyage charter revenues minus voyage, charterhire and commission expenses, net divided by operating days during a reporting period. Operating days are calculated on a vessel-by-vessel basis and represent the calendar days in a given period that a vessel is in our possession less off-hire days as a result of scheduled repairs, scheduled dry docking or special or intermediate surveys and scheduled lay-ups. See "– How We Evaluate our Operations – Time charter equivalent (or "TCE") rate".

***Time and voyage charter revenues: The combined time and voyage charter revenues increased by $22.5 million to $141.8 million for the nine month period ended September 30, 2022 compared to $119.3 million during the nine month period ended September 30, 2021, principally due to higher charterhire rates due to strong demand in the market and higher operating days less scheduled off-hire days.***

***Vessel and other management fee revenues: The combined vessel and other management fee revenues increased by $3.9 million to $9.9 million for the nine month period ended September 30, 2022 compared to $6.0 million during the nine month period ended September 30, 2021 due to the increase in vessel and other management fees billed to Golar and third parties.***

***Amortization of intangible assets and liabilities arising from charter agreements, net: Amortization of intangible assets and liabilities arising from charter agreements largely relates to favorable contract intangible assets and unfavorable contract liabilities which were recognized as part of the acquisition of the eight Vessels we acquired from Golar pursuant to the Vessel SPA. We remeasured the below/above market fair value of the existing underlying time charter party (TCP) contracts that we acquired across the fleet that were included in the pooling arrangement at the respective acquisition dates. The net amortization income for the nine month period ended September 30, 2022 amounted to $14.5 million ($23.8 million amortization income of contract liabilities net of $9.3 million amortization expense of contract intangible assets). No similar net amortization income was recognized during the nine month period ended September 30, 2021.***

***Vessel operating expenses: The combined vessel operating expenses decreased by $3.5 million to $32.5 million for the nine month period ended September 30, 2022, compared to $36.0 million for the nine month period ended September 30, 2021, primarily due to a decrease in operating costs as a result of $2.3 million hull and machinery insurance claim proceeds received in the nine month period ended September 30, 2021 related to Golar Ice.***

***Administrative expenses: The combined administrative expenses decreased by $1.1 million to $11.7 million for the nine month period ended September 30, 2022 compared to $12.8 million for the nine month period ended September 30, 2021, primarily due to reduction in corporate overheads and corporate cost allocations reflecting our management structure as compared to that of our Predecessor.***

***Other operating income: Other operating income mainly comprised loss of hire insurance receipts relating to Golar Ice of $4.4 million and $5.0 million for the nine month periods ended September 30, 2022 and 2021, respectively.***

***Interest expense: The combined interest expense increased by $3.1 million to $19.9 million for the nine month period ended September 30, 2022, compared to $16.8 million for the nine month period ended September 30, 2021, primarily due to an increase in interest expense as a result of our entry into the $570 million senior secured sustainability bank facility during the nine month period ended September 30, 2022 (which repaid financing of six of the Original Vessels) and an increase of interest expense on loan facilities of our lessor VIEs, inclusive of amortization of debt related transactions costs and guarantee fees.***

***Gains on derivative instruments: Gains on derivative instruments represents mark-to-market income on interest rate swaps, entered during the Successor period, due to increase in long-term swap rates that resulted in a gain of $9.5 million for the nine month period ended September 30, 2022. No similar gains were recognized during the nine month period ended September 30, 2021.***

***Other financial items, net: The combined other financial items, net, reflects a net loss of $1.6 million mainly due to increased financing arrangement fees and other costs for the nine month period ended year ended September 30, 2022 compared to a loss of $0.3 million for the nine month period ended September 30, 2021.***

80<br>

------

***Average daily TCE rate: The combined average daily TCE rate of $63,800 for the nine month period ended September 30, 2022, is 18% higher than such rate for the nine month period ended September 30, 2021. This increase is in-line with the increase in time and voyage charter revenues due to higher charter hire rates and higher operating days less scheduled off-hire days.***

#### Combined Carve-Out Results of Operations

#### Year Ended December 31, 2021 Compared to Year Ended December 31, 2020
The following table presents details of our operating results for each of the years ended December 31, 2021 and 2020.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(*in thousands of $, except operating days less scheduled off-hire days and average daily TCE rate*)** | **Predecessor**<br>**2021** | **Predecessor**<br>**2020** | **Change** | **% Change** |
| Time and voyage charter revenues  | 161958 | 164740 | (2782) | &nbsp;&nbsp;&nbsp;&nbsp;(2)% |
| Vessel and other management fee revenues  | &nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;7820 | &nbsp;&nbsp;2141 | &nbsp;&nbsp;&nbsp;&nbsp;27% |
| **Total operating revenues**  | **171919** | **172560** | &nbsp;&nbsp;&nbsp;(641) | &nbsp;&nbsp;&nbsp;&nbsp;**—** |
| Vessel operating expenses  | (48048) | (45314) | (2734) | &nbsp;&nbsp;&nbsp;&nbsp;6% |
| Voyage, charter hire and commission expenses, net  | &nbsp;&nbsp;&nbsp;&nbsp;(709) | (11228) | 10519 | &nbsp;&nbsp;&nbsp;&nbsp;(94)% |
| Administrative expenses | (17743) | (14437) | (3306) | &nbsp;&nbsp;&nbsp;&nbsp;23% |
| Depreciation and amortization | (43389) | (44328) | &nbsp;&nbsp;&nbsp;&nbsp;939 | &nbsp;&nbsp;&nbsp;&nbsp;(2)% |
| Other operating income  | &nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp;54% |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp;(63) | &nbsp;&nbsp;&nbsp;&nbsp;(90)% |
| Interest expense  | (18087) | (26953) | &nbsp;&nbsp;8866 | &nbsp;&nbsp;&nbsp;&nbsp;(33)% |
| Other financial items  | &nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;&nbsp;&nbsp;(895) | &nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp;(58)% |
| Income taxes | &nbsp;&nbsp;&nbsp;&nbsp;(222) | &nbsp;&nbsp;&nbsp;&nbsp;(353) | &nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;(37)% |
| Net Income | &nbsp;&nbsp;48368 | &nbsp;&nbsp;32384 | 15984 | &nbsp;&nbsp;&nbsp;&nbsp;49% |
| **Other Financial Data:**<br>|  |  |  |  |
| Adjusted EBITDA<sup>(1)</sup> | 110439 | 104843 | &nbsp;&nbsp;5596 | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| Total time and voyage charter revenues minus voyage, charter hire and commission expenses, net  | 161249 | 153512 | &nbsp;&nbsp;7737 | &nbsp;&nbsp;&nbsp;&nbsp;5% |
| Operating days less scheduled off-hire days | &nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;2928 | &nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;(1)% |
| Average daily TCE rate<sup>(2)</sup> (to the closest $100) | &nbsp;&nbsp;**55600** | &nbsp;&nbsp;**52400** | &nbsp;&nbsp;**3200** | &nbsp;&nbsp;&nbsp;&nbsp;**6%** |

---

(1)<br> Adjusted EBITDA is a non-GAAP financial measure. Please see "– How We Evaluate Our Operations – Adjusted EBITDA".

(2)<br> Average daily TCE rate is a non-GAAP financial measure. Please see "– How We Evaluate Our Operations – Time charter equivalent (or "TCE") rate".

***Time and voyage charter revenues: Time and voyage charter revenues decreased by $2.8 million to $162.0 million for the year ended December 31, 2021 compared to $164.7 million in the year ended December 31, 2020. This was principally due to:***

&nbsp;&nbsp;&nbsp;&nbsp;• a $12.6 million decrease in revenue from the Original Vessels (apart from the *Golar Ice*) for the year ended December 31, 2021 compared to the year ended December 31, 2020, due to lower charterhire rates for our Original Vessels;

&nbsp;&nbsp;&nbsp;&nbsp;• a partial offset by a $10.9 million increase in revenue from the *Golar Ice* due to: (i) 16 fewer off-hire days of 53 days in the year ended December 31, 2021 compared to 69 days in the year ended December 31, 2020 following her engine breakdown; and (ii) higher daily charter hire rates in the year ended December 31, 2021, compared to the year ended December 31, 2020.

***Vessel and other management fee revenues: Vessel and other management fee revenues increased by $2.1 million to $9.9 million for the year ended December 31, 2021 compared to $7.8 million in the year ended December 31, 2020 due to the increase in vessel and other management fees billed to Golar and third parties.***

***Voyage, charterhire and commission expenses, net: Voyage, charterhire and commission expenses largely relate to charterhire expenses, fuel costs associated with commercial waiting time and vessel positioning costs.***

81<br>

------

#### **TABLE OF CONTENTS**
While a vessel is on-hire, fuel costs are typically paid by the charterer, whereas during periods of commercial waiting time, fuel costs are paid by us. For the Cool Pool profit/expenses share, we analogize these to be either benefits of operating within or the cost of obtaining a contract in the Cool Pool, which is presented within the line item "Voyage, charter hire and commission expenses, net." The $10.5 million decrease in voyage, charterhire and commission expenses to $0.7 million for the year ended December 31, 2021 compared to $11.2 million in the year ended December 31, 2020, was principally due to:

&nbsp;&nbsp;&nbsp;&nbsp;• a net profit share of $6.0 million recognized for the year ended December 31, 2021 compared to a net expense share of $3.5 million in the year ended December 31, 2020, from the pooling arrangement;

&nbsp;&nbsp;&nbsp;&nbsp;• a $1.3 million reduction in voyage expenses relating to the chartering of an external vessel; and

&nbsp;&nbsp;&nbsp;&nbsp;• partially offset by a $1.1 million increase in bunker consumption while the *Golar Ice* was off-hire following the replacement of her engine in the yard in the year ended December 31, 2021.

***Vessel operating expenses: Vessel operating expenses increased by $2.7 million to $48.0 million for the year ended December 31, 2021, compared to $45.3 million in the year ended December 31, 2020, primarily due to:***

&nbsp;&nbsp;&nbsp;&nbsp;• a $1.8 million increase in operating costs of the *Golar Ice* due to the purchase of a replacement engine in the year ended December 31, 2021. There was no comparable cost in the year ended December 31, 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;• a $1.2 million increase in management fees recharged by Golar in the year ended December 31, 2021.

***Administrative expenses: Administrative expenses increased by $3.3 million to $17.7 million for the year ended December 31, 2021 compared to $14.4 million in the year ended December 31, 2020, primarily due to:***

&nbsp;&nbsp;&nbsp;&nbsp;• a $2.1 million increase in salary costs in the management companies in the year ended December 31, 2021 compared to the year ended December 31, 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;• a $1.7 million increase in corporate cost allocation. Administrative expenses were carved out from Golar's administrative expenses and were allocated to us based on a weighted size of our vessel fleet in proportion to Golar's entire fleet.

***Other operating income: Other operating income mainly comprised of the Golar Ice's loss of hire insurance receipts of $5.0 million and $2.7 million for the years ended December 31, 2021 and 2020, respectively.***

***Interest expense: Interest expense decreased by $8.9 million to $18.1 million for the year ended December 31, 2021, compared to $27.0 million for the year ended December 31, 2020, primarily due to decrease in interest expense arising on the loan facilities of our lessor VIEs.***

***Net Income: Net income was $48.3 million for the year ended December 31, 2021, an increase of $15.98 million, or 49%, as compared to $32.3 million for the year ended December 31, 2020. Net income was higher due to the factors discussed above.***

***Adjusted EBITDA: Adjusted EBITDA increased to $110 million for the year ended December 31, 2021 compared to $104 million for the year ended December 31, 2020, primarily due to the improved TCE rate for 2021.***

***Average daily TCE rate: Average daily TCE rate of $55,600 for the year ended December 31, 2021, is 5% higher than for the year ended December 31, 2020. The increase in the average daily TCE rate was mainly due to a net profit share from the Cool Pool for the year ended December 31, 2021 (due to higher charter rates and utilization for the Golar Ice, which offset lower charter rates for the other Original Vessels), compared to a net expense share in the year ended December 31, 2020.***

B. **Liquidity and Capital Resources**

We operate in a capital-intensive industry. Our liquidity requirements relate to servicing our debt, funding vessel acquisitions, funding working capital, and maintaining cash reserves to satisfy certain of our borrowing covenants and to offset fluctuations in operating cash flows. We expect to finance the purchase of vessels and other capital expenditures through a combination of borrowings from debt transactions, cash generated from operations, private placements and public and private equity capital raising transactions.

82<br>

------

Our short-term liquidity requirements are primarily for the servicing of debt, working capital, vessel acquisitions, and shipyard payments for newbuildings in each case due or otherwise expected to be paid within the next 12 months. We may require additional working capital for the continued operation of our Vessels, which is dependent upon Vessel employment and fuel costs incurred during idle time. For a description of our contractual obligations, see "– Contractual Obligations."

For the next 12 months, our Board and management will be focusing on a number of business initiatives and strategies to improve cash flow from operations and operating efficiency. In the short term, we expect our cash requirements will arise from our operating expenses and other expenses related to the acquisition of the Acquisition Vessels and the potential acquisition of the Newbuild Vessels. In the long-term, we expect that our cash requirements will arise from our potential acquisitions of in-service LNGCs from third parties, and to our potential entry into additional newbuild arrangements as well as from the acquisition of the Newbuild Vessels pursuant to the applicable newbuild contracts. We believe that our working capital is sufficient for our present short-term liquidity requirements. We believe that, unless there is a major and sustained downturn in market conditions applicable to the LNG shipping industry, our internally generated cash flows will be sufficient to fund our operations, including working capital requirements, for at least 12 months taking into account any possible capital commitments and debt service requirements.

As of September 30, 2022, we had cash and cash equivalents of $94.8 million, and $3.9 million of restricted cash and short-term deposits. Restricted cash and short-term deposits mainly consist of bank deposits, which may only be used to settle certain pre-arranged loan or lease payments and cash belonging to lessor VIEs that we are required to consolidate under U.S. GAAP based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, reducing any credit exposure. Cash and cash equivalents are held primarily in U.S. dollars with some balances held in British Pounds, Norwegian Kroners and Euros.

*Cash Flow Statement Highlights*

The following table summarizes our cash flows from operating, investing and financing activities for the periods indicated:

#### Nine Months ended September 30, 2022 and 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months ended September 30,** | **Nine Months ended September 30,** | **Nine Months ended September 30,** | **Nine Months ended September 30,** |
| <br>**(*in thousands of $*)** | **Successor<sup>(1)</sup>**  | **Predecessor<sup>(1)</sup>**  | **Non-U.S.**<br>**GAAP**<br>**Combined<sup>(2)</sup>**<br>**2022** | **Predecessor**<br>**2021** |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;71699 | &nbsp;&nbsp;&nbsp;27101 | &nbsp;&nbsp;&nbsp;98800 | &nbsp;&nbsp;75982 |
| Net cash (used in) / provided by investing activities | (218276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (218276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Net cash provided by / (used in) financing activities | 194399 | &nbsp;&nbsp;&nbsp;(54111) | 140288 | &nbsp;&nbsp;(65802) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | &nbsp;&nbsp;&nbsp;47822 | &nbsp;&nbsp;&nbsp;(27010) | &nbsp;&nbsp;&nbsp;20812 | &nbsp;&nbsp;10224 |
| **Cash, cash equivalents and restricted cash at beginning of year** | &nbsp;&nbsp;&nbsp;50892 | &nbsp;&nbsp;&nbsp;77902 | &nbsp;&nbsp;&nbsp;77902 | &nbsp;&nbsp;57945 |
| **Cash, cash equivalents and restricted cash at end of year** | &nbsp;&nbsp;&nbsp;98714 | &nbsp;&nbsp;&nbsp;50892 | &nbsp;&nbsp;&nbsp;98714 | &nbsp;&nbsp;50892 |

---

(1)<br> Refer to footnote below financial and operating results table for basis of presentation of the Successor and Predecessor periods.

(2)<br> The combined results are not in accordance with U.S. GAAP and consists of the aggregate of selected financial data of the Successor and Predecessor periods. No other adjustments have been made to the combined presentation.

#### Net cash provided by operating activities
The combined net cash provided by operating activities increased by $22.8 million to $98.8 million for the nine month period ended September 30, 2022 compared to $76.0 million for the nine month period ended September 30, 2021. The increase was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;• higher revenue contribution recognized from our participation in the Cool Pool due to higher utilization and charter rates from our vessels for the nine month period ended September 30, 2022, compared to the same period in 2021; and

83<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• the improvement in the general timing of working capital for the nine month period ended September 30, 2022, compared to the same period in 2021.

#### Net cash used in investing activities
The combined net cash used in investing activities of $218.3 million for the nine month period ended September 30, 2022 related to cash consideration paid for the acquisition of vessels and management entities pursuant to the Vessel SPA and ManCo SPA.

#### Net cash used in financing activities
The combined net cash used in financing activities for the nine month period ended September 30, 2022 principally consists of debt refinancing, scheduled debt repayments, contributions from or repayments of owner's equity and net proceeds from equity raise. Net cash from financing activities of $140.3 million during the nine month period ended September 30, 2022 is comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;• $570.0 million proceeds from the senior secured sustainability term loan facility, which refinanced six of the eight vessels acquired from Golar;

&nbsp;&nbsp;&nbsp;&nbsp;• $269.5 million net proceeds from equity raise as part of the Private Placement completed during the Successor period.

This was partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;• $556.3 million debt repayments, which includes $498.8 million repayments made by our lessor VIE's to terminate five out of the seven sale and leaseback facilities during the Predecessor period; and

&nbsp;&nbsp;&nbsp;&nbsp;• $136.4 million repayments of Parent's funding during the Predecessor period

Net cash used in financing activities of $65.8 million during the nine month period ended September 30, 2021 comprised of $126.7 million scheduled debt repayments, which includes repayments made by our lessor VIE's. This was partially offset by $51.3 million of contributions from Parent's funding and $10.1 million of borrowings made by our lessor VIE's during the period.

#### Years ended December 31, 2021 and 2020

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,** | **Year ended December 31,** |
| <br>**(*in thousands of $*)** | **Predecessor** <br>**2021** | **Predecessor** <br>**2020** |
| Net cash provided by operating activities | &nbsp;&nbsp;110378 | &nbsp;&nbsp;85057 |
| &nbsp;&nbsp;Net cash used in investing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| Net cash used in financing activities | &nbsp;&nbsp;(90380) | &nbsp;&nbsp;(85996) |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | &nbsp;&nbsp;19957 | &nbsp;&nbsp;&nbsp;&nbsp;(990) |
| **Cash, cash equivalents and restricted cash at beginning of year** | &nbsp;&nbsp;57945 | &nbsp;&nbsp;58935 |
| **Cash, cash equivalents and restricted cash at end of year** | &nbsp;&nbsp;77902 | &nbsp;&nbsp;57945 |

---

#### Net cash provided by operating activities
Net cash provided by operating activities increased by $25.3 million to $110.4 million for the year ended December 31, 2021 compared to $85.1 million for the year ended December 31, 2020. The increase was primarily due to:

&nbsp;&nbsp;&nbsp;&nbsp;• higher contribution recognized from our participation in the Cool Pool due to higher utilization and charter rates from the vessels in the pool collectively for the year ended December 31, 2021, compared to the year ended December 31, 2020; and

&nbsp;&nbsp;&nbsp;&nbsp;• the improvement in the general timing of working capital for the year ended December 31, 2021, compared to the same period in 2020.

#### Net cash used in investing activities
Net cash used in investing activities for the years ended December 31, 2021 and 2020 pertained to additions to office equipment and fittings.

84<br>

------

#### **TABLE OF CONTENTS**

#### Net cash used in financing activities
Net cash used in financing activities is principally comprised of debt refinancing, debt repayments and contributions from or repayments of equity. Net cash used in financing activities of $90.4 million in the year ended December 31, 2021 is comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;• $156.4 million of scheduled debt repayments, which includes repayments made by our lessor VIEs (see note 5 "Variable Interest Entities" of our Audited Financial Statements included elsewhere herein); and

&nbsp;&nbsp;&nbsp;&nbsp;• $0.5 million of financing costs paid.

This was partially offset by:

&nbsp;&nbsp;&nbsp;&nbsp;• $10.4 million of proceeds in borrowings made by our lessor VIEs (see note 5 "Variable Interest Entities" of our Audited Financial Statements included elsewhere herein); and

&nbsp;&nbsp;&nbsp;&nbsp;• $56.1 million in contributions from equity.

Net cash used in financing activities of $86.0 million in the year ended December 31, 2020 is comprised of:

&nbsp;&nbsp;&nbsp;&nbsp;• $173.7 million of scheduled debt repayments, which includes repayments made by our lessor VIEs (see note 5 "Variable Interest Entities" of our Audited Financial Statements included elsewhere herein);

&nbsp;&nbsp;&nbsp;&nbsp;• $15.3 million in repayments of equity; and

&nbsp;&nbsp;&nbsp;&nbsp;• $1.8 million of financing costs paid.

This was partially offset by $104.8 million of proceeds in borrowings made by our lessor VIEs (see note 5 "Variable Interest Entities" of our Audited Financial Statements included elsewhere herein).

#### Debt Facilities
Our debt facilities as of December 31, 2021 as reflected in our combined carve-out financial statements represent debt facilities of Golar. In connection with the acquisition of the Original Vessels from Golar we assumed the debt facilities relating to the sale and leaseback arrangements but not the Golar credit facility described below. Following the acquisition of the Original Vessels we refinanced six of the eight Vessel sale and leaseback arrangements with a sustainable-linked bank financing as described below.

#### Relevant Golar Facilities
*$1.125 Billion Facility*

In July 2013, Golar entered into $1.125 billion facility, divided into three tranches, which bears interest at LIBOR plus a margin. As of December 31, 2021, the remaining balance in the facility only relates to the *Kool Frost*, amounting to $54.7 million with a cash collateral of $0.6 million.

#### CoolCo Facilities
*Sustainable-Linked Bank Financing*

On January 26, 2022, we entered into the Vessel SPA with Golar pursuant to which we acquired our Original Vessels and The Cool Pool Limited, a commercial management company, from Golar. In connection with the acquisition of our Original Vessels, we entered into a credit-approved senior sustainability term loan facility of $570 million (with a maturity date of March 2027 and an initial interest rate of SOFR plus 275 basis points) with a syndicate of banks, which refinanced six of our eight Original Vessels. From January 1, 2023, the margin will decrease to 270 basis points if specified sustainability performance targets with respect to vessel efficiency ratios are met, or increase to 280 basis points if such targets are not met. Such targets reduce each year from 2022 to 2026. Following completion of the acquisition of all of the Original Vessels on April 5, 2022, the existing sale and leaseback loans, except for the sale and leaseback arrangements secured by the *Golar Ice* and *Golar Kelvin* which were assumed by us, were refinanced. Following completion of the transactions contemplated under the Vessel SPA, Golar continued to be the guarantor to the *Golar Ice* and *Golar Kelvin* sale and leaseback arrangements, and we pay Golar an annual guarantee fee of 0.5% calculated on the outstanding principal amount under the sale and leaseback arrangements, which guarantees are to remain in place until the earlier of the repayment of the vessel debt or release by the lessors.

85<br>

------

#### **TABLE OF CONTENTS**
The sustainable-linked bank financing contains various financial covenants, including, among others, obligations on us, as the borrower, to maintain: (i) free liquid assets (as defined in the credit facility) not less than the higher of $25 million and 6% of total indebtedness, (ii) working capital ratio (as defined in the credit facility) of at least 1.0, (iii) value adjusted equity (as defined in the credit facility) of at least $250 million, (iv) value adjusted equity ratio (as defined in the credit facility) of at least 30%, and (v) that the value of the security provided over the assets equals or exceeds the Minimum Value (as defined in the credit facility). Further, dividend payments are subject to compliance with such financial covenants and no existing events of default. The financing also contains events of default which include non-payment, cross default, breach of financial covenants, insolvency and environmental incidents or other events or circumstances which have or are likely to have a material adverse effect on our business.

As of September 30, 2022, $550.3 million was outstanding under this facility. As of September 30, 2022 we were in compliance with the financial covenants and obligations under the sustainable-linked bank financing. We expect to remain in compliance with our obligations under the sustainable-linked bank financing in 2022. We expect to satisfy our obligations under the sustainable-linked bank financing with cash flow from operations when due.

*Sale and Leaseback Arrangements*

Pursuant to the Vessel SPA, we acquired certain wholly-owned SPVs which had entered into sale and leaseback arrangements with ICBCL entities, referred to as the "Owners". The particulars of the sale and leaseback arrangements for the *Golar Ice* and *Golar Kelvin* are summarized below. We refinanced the sale and leaseback arrangements for the other vessels we acquired with our sustainable-linked bank financing.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel** | **Effective** <br>**from** | **Sales** <br>**value (in** <br>**$ millions)** | **Lease** <br>**duration** | **First** <br>**repurchase** <br>**option (in** <br>**$ millions)** | **Date of first** <br>**repurchase** <br>**option** | **Net** <br>**repurchase** <br>**obligation** <br>**at the end** <br>**of lease** <br>**term (in** <br>**$ millions)** | **End of** <br>**lease term** |
| *Golar Ice* | February 2015<br> ICBCL | &nbsp;&nbsp;&nbsp;&nbsp;204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8 | February 2020 | &nbsp;&nbsp;&nbsp;&nbsp;71.0 | January 2025 |
| *Golar Kelvin* | January 2015<br> ICBCL | &nbsp;&nbsp;&nbsp;&nbsp;204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8 | January 2020 | &nbsp;&nbsp;&nbsp;&nbsp;71.0 | January 2025 |

---

Under the terms of these sale and leaseback arrangements, our wholly-owned SPVs leased *Golar Ice* and *Golar Kelvin* on bareboat charters for a term of ten years from the Owners for a fixed bareboat rate of $54,000 per day per vessel. As part of the original sale transaction, the Owners obtained financing secured by ship mortgages over *Golar Ice* and *Golar Kelvin*, but the SPVs are not party to these lending agreements. However, under the terms of the respective bareboat charters, the SPVs undertook to provide information and documents required by the Owners under the lending agreements. The SPVs also agreed to acknowledge the lending agreements in writing in any form that the lender may require.

The bareboat charters entered into with the Owners include terms such as:

&nbsp;&nbsp;&nbsp;&nbsp;• trading restrictions limiting the use of the chartered vessel to the transportation of LNG;

&nbsp;&nbsp;&nbsp;&nbsp;• the right to replace the commercial or technical manager of the vessel with the Owners' prior consent and the Owner's right to request the replacement of the technical or commercial manager;

&nbsp;&nbsp;&nbsp;&nbsp;• the requirement to keep the vessels insured during the charter period;

&nbsp;&nbsp;&nbsp;&nbsp;• the obligation to effect repairs and settle any costs associated with repair of the vessels that are not settled under the insurance agreements;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the SPVs using the vessels as a lien, though the Owners have a lien against all cargoes, sub-hires and sub-freights which belong to the SPVs;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on assignment of the bareboat charter; and

&nbsp;&nbsp;&nbsp;&nbsp;• termination events, such as non-payment, a breach of obligations under the charter that remains unremedied after the expiry of a 30 business day notice from the Owner, a failure to pay or an

86<br>

------

acceleration of the maturity of any financial indebtedness that exceeds $10,000,000 (in whichever currency) when it falls due, any insolvency of the SPV or Golar (as the guarantor) and the failure by Golar (as the guarantor) to remain listed on Nasdaq or any other internationally recognized exchange.

*Revolving Credit Facility*

In connection with the execution of the Vessel SPA on January 26, 2022, we entered into a revolving credit facility with Golar, for up to $25 million (with a maturity date of January 2024, a fixed interest rate of 5% and a commitment fee of 50 basis points on the undrawn amount) upon closing of the transactions under the Vessel SPA (the "Golar RCF").

The Golar RCF contains events of default which include non-payment, insolvency, misleading or incorrect material information given by us to the lender and destruction, abandonment, seizure, appropriation or forfeiture of a substantial part of our business or assets. Golar's obligation to effect a drawdown is subject to several conditions precedent, which include (i) approval from our Board of an initial drawdown, (ii) that fundamental representations and warranties given by us are true and correct on the dates of the drawdown request and drawdown itself and (iii) that no events of default have occurred on the dates of the drawdown request and on the drawdown date.

We have not drawn down any amounts under the Golar RCF.

*Acquisition Vessels and Newbuild Vessels Debt Financing*

On November 3, 2022, we entered into a Master Sale Agreement with Quantum Crude Tankers Ltd for the purchase of the Acquisition Vessels (the "MSA"). In connection with the purchase of the Acquisition Vessels we (through our subsidiaries) assumed debt under an agreement for a loan facility of $520 million with a syndicate of banks (with initial interest based on a defined margin and reference rate for the respective interest period). Pursuant to the facility agreement, we also entered into a guarantee and indemnity agreement in favor of the syndicate of lenders.

Both the facility agreement and the guarantee and indemnity contain various covenants, which impose various obligations on us as the borrower. The facility agreement incorporates by reference the financial covenants set out in the guarantee and indemnity and includes covenants such as the following: (i) net debt to total assets ratio of CoolCo and its subsidiaries may not exceed 0.7:1, (ii) total equity annual balance sheet must be at least $200 million; and (iii) minimum level of net liquid assets maintained by CoolCo and its subsidiaries may not fall below the aggregate of (a) six (6) months' scheduled principal (excluding balloon payments) and interest (or its equivalent) on the outstanding funded debt; and (b) $200,000 in respect of each vessel owned by CoolCo and its subsidiaries. The facility agreement also restricts our ability to pay dividends or make any distributions to shareholders while an event of default is ongoing; events of default include non-payment, cross default and insolvency, among others.

As of February 14, 2023, we were in compliance with the financial covenants and obligations under the facility agreement and the guarantee and indemnity pursuant to the Acquisition Vessel purchase financing, and we expect to remain in compliance with our obligations and expect to satisfy our obligations with cash flow from operations when due.

#### Off Balance Sheet Arrangements
We had no off-balance sheet arrangements during the years ended December 31, 2021 and 2020.

#### Contractual Obligations
*Lessor VIEs*

Currently two loans relate to lessor VIEs that we consolidate as VIEs. Although we have no control over the funding arrangements of these entities, we consider ourselves the primary beneficiary of these VIEs and we are therefore required to consolidate these loan facilities into our financial statements. The VIE is classified as "short-term debt," but it is not required to be repaid as long as the corresponding bareboat charter agreements with the VIEs are in place.

87<br>

------

#### **TABLE OF CONTENTS**

#### Contractual Obligations
The following table sets forth our contractual obligations for the periods indicated as at September 30, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Successor** | **Successor** | **Successor** | **Successor** | **Successor** |
| <br>**(*in millions of $*)** | **Total** <br>**Obligation** | **Remainder of** <br>**2022** | **Due in** <br>**2023 - 2024** | **Due in** <br>**2025-2026** | **Due** <br>**Thereafter** |
| CoolCo short-term and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;550.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.0 | &nbsp;&nbsp;&nbsp;&nbsp;382.5  |
| VIE short-term and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;113.0 | &nbsp;&nbsp;&nbsp;&nbsp;113.0 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest commitments on long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;130.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.0  |
| Operating lease obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;794.9 | &nbsp;&nbsp;&nbsp;&nbsp;131.7 | &nbsp;&nbsp;&nbsp;&nbsp;144.9 | &nbsp;&nbsp;&nbsp;&nbsp;131.8 | &nbsp;&nbsp;&nbsp;&nbsp;386.5 |

---

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our last fiscal year, we qualify as an EGC as defined in the JOBS Act. For so long as we remain an EGC, we are permitted, and have elected, to rely on exemptions from specified disclosure requirements that are applicable to other public companies that are not EGCs. These exemptions include:

&nbsp;&nbsp;&nbsp;&nbsp;• being permitted to provide only two years of audited financial statements in this registration statement, in addition to any required unaudited interim financial statements, with correspondingly reduced "Item 5. Operating and Financial Review and Prospects" disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with the auditor attestation requirements in the assessment of our internal control over financial reporting under the Sarbanes-Oxley Act, for up to five years or until we no longer qualify as an emerging growth company; and

&nbsp;&nbsp;&nbsp;&nbsp;• not being required to comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements.

We may take advantage of these provisions for up to five years following completion of this offering or such earlier time when we are no longer an EGC. We will cease to be an EGC if we have more than $1.235 billion in annual revenue, have more than $700 million in market value of our capital stock held by non-affiliates or issue more than $1 billion of non-convertible debt over a three-year period. We may choose to take advantage of some of the available exemptions. We have taken advantage of some reduced reporting burdens in this registration statement. Accordingly, the information contained herein may be different than the information you receive from other public companies in which you may hold stock.

The JOBS Act provides that an EGC may take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an EGC to delay the adoption of accounting standards until those standards would otherwise apply to private companies. We have chosen to opt-out of this extended transition period, and as a result, we will comply with new or revised accounting standards on the relevant dates on which adoption is required.

Upon the consummation of this offering, we will report under the Exchange Act as a non-U.S. company with "foreign private issuer" status. As a foreign private issuer, we may take advantage of certain provisions under the NYSE rules that allow us to follow Bermuda law for certain corporate governance matters. Even after we no longer qualify as an emerging growth company, as long as we qualify as a foreign private issuer under the Exchange Act, we will not be subject to certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including:

&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;• the sections of the Exchange Act requiring insiders to file public reports of their ownership of common shares and trading activities and liability for insiders who profit from trades made in a short period of time; and

88<br>

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, or current reports on Form 8-K, upon the occurrence of specified significant events.

In addition, as a foreign private issuer and an emerging growth company, we are permitted to provide less detailed disclosure regarding executive compensation. Thus, for so long as we remain a foreign private issuer, even if we no longer qualify as an emerging growth company, we will continue to not be subject to more stringent executive compensation disclosures required of public companies that are neither an emerging growth company nor a foreign private issuer.

C. **Research and Development, Patents and Licenses, etc.**

Not applicable.

D. **Trend Information**

See "Item 5. Operating and Financial Review and Prospects – A. Operating Results – Recent Trends and Outlook."

E. **Critical Accounting Estimates**

The preparation of our Audited Financial Statements, included elsewhere in this registration statement, which have been prepared in accordance with U.S. GAAP and the basis of preparation described in note 2.a therein, requires us to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the respective reporting date, and the reported amounts of revenues and expenses during the respective reporting periods. For additional information about our accounting policies and estimates, see note 2 to our Audited Financial Statements included elsewhere herein. The following is a discussion of the accounting policies applied by us that we consider to involve a higher degree of judgment.

#### Revenue and related expense recognition
Revenue includes fixed minimum lease payments under time charter agreements and vessel repositioning fees. Amounts generated from time charter agreements, which we classify as operating leases, are recognized over the term of the agreement on a straight-line basis as services is provided. We do not recognize any amounts if we have not entered into a time charter agreement with a charterer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage.

Repositioning fees (which are included in Time and voyage charter revenues) received in respect of time charter agreements are recognized at the end of the agreement when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the agreement which is not dependent upon the vessel redelivery location, the fee will be recognized evenly over the term of the charter.

Revenues generated from management fees are recorded ratably over the term of the contract as services are provided.

#### Vessels and impairment
*Description: We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. In assessing the recoverability of our Vessels' carrying amounts, we make assumptions regarding estimated future cash flows and estimates in respect of residual scrap value. We perform an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, an impairment loss shall be measured as the amount by which the carrying amount of a long-lived asset (asset group) exceeds its fair value. As of December 31, 2021, the carrying value of all of our Original Vessels (see note 12 to our Audited Financial Statements included elsewhere herein) was higher than their estimated market values (based on third party average ship broker valuations). As a result, we concluded that an impairment trigger existed and performed a recoverability assessment for all of our Vessels. However, no impairment loss was recognized as, for each of these Original Vessels, the projected undiscounted net cash flows were significantly higher than the carrying value.*

89<br>

------

#### **TABLE OF CONTENTS**
*Judgments and estimates: The cash flows on which our assessment of recoverability is based is highly dependent upon our forecasts, which are highly subjective and, although we believe the underlying assumptions supporting this assessment are reasonable and appropriate at the time they were made, it is therefore reasonably possible that a further decline in the economic environment could adversely impact our business prospects in the next year. This could represent a triggering event for a further impairment assessment.*

Accordingly, the principal assumptions we have used in our recoverability assessment (i.e., projected undiscounted net cash flows basis) included, among others, charter rates, vessel operating expenses, drydocking requirements and residual value. These assumptions are based on historical trends but adjusted for future expectations. Specifically, forecasted charter rates are based on information regarding current spot market charter rate (based on a third party information), option renewal rate with the existing counterparty or existing long-term charter rate, in addition to industry analyst and broker reports. Estimated outflows for operating expenses and drydockings are based on historical costs.

*Effect if actual results differ from assumptions: Although we believe the underlying assumptions supporting our impairment assessment are reasonable, if charter rate trends and the length of the current market downturn vary significantly from our forecasts, we may be required to perform step two of the impairment analysis that could expose us to material impairment charges in the future. Our estimates of vessel market values may not be indicative of the current or future market value of our Vessels or prices that we could achieve if we were to sell them and a material loss might be recognized upon the sale of our Vessels.* 

#### Vessel market values
*Description: Under "Vessels and impairment", we discuss our policy for assessing impairment of the carrying values of our Vessels. During the past few years, the market values of certain vessels in the worldwide fleet have experienced particular volatility, with substantial declines in many vessel classes. There is a future risk that the market value of certain of our Vessels could decline below those vessels' carrying value, even though we would not recognize an impairment for those vessels due to our assumption that projected undiscounted net cash flows expected to be earned by such vessels over their operating lives would exceed such vessels' carrying amounts.*

*Judgments and estimates: Our estimates of market value assume that our Vessels are all in good and seaworthy condition without need for repair and, if inspected, would be certified in class without notations of any kind. Our estimates for our LNGCs are based on approximate vessel market values that have been received from third party ship brokers, which are commonly used and accepted by our lenders for determining compliance with the relevant covenants in our credit facilities. Vessel values can be highly volatile, such that our estimates may not be indicative of the current or future market value of our Vessels or prices that we could achieve if we were to sell. In addition, the determination of estimated market values may involve considerable judgment given the illiquidity of the second hand market for these types of vessels.*

*Effect if actual results differ from assumptions: As of December 31, 2021, while we intend to hold and operate our Vessels, were we to hold them for sale, we have determined that the carrying value of our Original Vessels exceeded their aggregate market value. However, as discussed above, for each of these Original Vessels, the carrying value was less than its projected undiscounted net cash flows, consequently, no impairment loss was recognized.* 

#### Recent Accounting Pronouncements
See discussion of significant recent accounting pronouncements in note 3 to our Audited Financial Statements, included elsewhere herein.

90<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM 6.**<br>| **DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES** |

---

A. **Directors and Senior Management**

The following table sets forth information regarding our executive officers and directors as of the date of this registration statement.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Richard Tyrrell | &nbsp;&nbsp;49 | Chief Executive Officer  |
| Johannes P. Boots | &nbsp;&nbsp;60 | Chief Financial Officer |
| Cyril Ducau | &nbsp;&nbsp;44 | Chairman of the Board  |
| Peter Anker | &nbsp;&nbsp;65 | Director |
| &nbsp;&nbsp;Antoine Bonnier | &nbsp;&nbsp;39 | Director |
| &nbsp;&nbsp;Neil Glass | &nbsp;&nbsp;61 | Director |
| Mi Hong Yoon | &nbsp;&nbsp;52 | Director |

---

The business address of the directors and officers is S. E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11, Bermuda.

The following is a brief biography of each of our executive officers and directors:

#### Biographies of Executive Officers

#### Richard Tyrrell – Chief Executive Officer
Richard Tyrrell has served as our Chief Executive Officer since July 2022. He has over 25 years of energy experience, of which eight are directly relevant to LNG, having served as the Chief Executive Officer and Chief Financial Officer of Höegh LNG Partners LP from its IPO in 2014 to September 2018. From September 2018 until June 2022, Mr. Tyrrell served as the Chief Development Officer of Höegh LNG AS. Mr. Tyrrell has relationships across the LNG value chain and a strong track-record of securing new business. Companies under his leadership have raised over $500 million in equity capital in the U.S. and delivered projects globally. Prior to joining the Höegh LNG group, Mr. Tyrrell served as a Managing Director in the energy team of Perella Weinberg Partners, a global, independent advisory and asset management firm, from June 2009 until January 2014. From 2003 to February 2009, Mr. Tyrrell worked for Morgan Stanley in various investment and banking roles. From 1994 to 2000, Mr. Tyrrell was an engineer at Schlumberger Limited. Mr. Tyrrell has a Master of Business Administration from Harvard Business School and an undergraduate degree in Mechanical Engineering from the Imperial College of Science, Technology and Medicine.

#### Johannes P. Boots – Chief Financial Officer
Johannes Boots has served as our Chief Financial Officer since April 2022. He has over 30 years of senior-level financial management and capital raising experience within the energy industry across the United States and Europe. During his career, Mr. Boots mainly worked for U.S. public corporations in the energy industry subsectors of offshore drilling, offshore construction and pipelaying, drilling fluids, and shipping and transportation. From 2019 to 2022, Mr. Boots provided strategic and financial advice to growth companies as an independent consultant. Until 2019, Mr. Boots was the Senior Vice President and Chief Financial Officer of Pacific Drilling S.A. and joined that company in 2010 as Vice President & Treasurer. Prior to 2010, Mr. Boots was the Group Treasurer at Global Industries for three years and served as the interim turnaround executive for the European business unit of Newpark Resources. He also held several financial management positions of increasing responsibilities within Noble Corporation and its predecessor Neddrill for 14 years. Mr. Boots commenced his career in the shipping and transportation industry. Mr. Boots holds a Bachelor's degree in Business Economics from the University of Applied Sciences in Alkmaar, the Netherlands and completed the Executive Advanced Management Program at INSEAD Business School in Fontainebleau, France.

#### Biographies of the Board of Directors

#### Cyril Ducau – Chairman of the Board
Cyril Ducau is the Chief Executive Officer of Eastern Pacific Shipping Pte. Ltd. and was appointed as director and chairman of the Board of the Company in February 2022. He has worked with the Quantum Pacific Group for 14 years and has over 20 years of shipping and finance experience. He is currently Chairman of

91<br>

------

#### **TABLE OF CONTENTS**
Kenon Holdings Ltd., and is an officer or a member of the board of directors of other private companies, each of which may be associated with the same ultimate beneficiary, Mr. Idan Ofer. He is currently an independent director of the Singapore Maritime Foundation and of the Global Centre for Maritime Decarbonisation Limited, which were established by the Maritime and Port Authority of Singapore. He is also a member of the board of directors of Gard P&I (Bermuda) Ltd, a leading maritime insurer. He previously acted as Director and Chairman of Pacific Drilling SA. Prior to joining the Quantum Pacific Group in 2008, Mr. Ducau was Vice President in the Investment Banking Division of Morgan Stanley & Co. International Ltd. in London. Mr. Ducau graduated from ESCP Europe Business School (Paris, Oxford, Berlin) and holds a Master of Science in business administration and a Diplom Kaufmann.

#### Peter Anker – Director
Peter Anker was appointed as a director in February 2022. He served as Chief Executive Officer of RS Platou ASA from 1987 to 2015, and as a board member of Hexicon AB from 2020 to May 2022. He is also the chairman of the board of Langebru AS and advisor (former Chief Executive Officer from 2015 to 2020) to Clarksons Platou AS. He has previously been a member of the board of directors of Clarksons Plc. He holds a M.Sc. from Norwegian School of Economics and Business Administration. Mr. Anker is a previous President of the Norwegians Shipbrokers Association and past member of the Board of The Norwegian Shipowners Association.

#### Antoine Bonnier – Director
Antoine Bonnier was appointed as a director in February 2022. Mr. Bonnier is currently a Managing Director of Quantum Pacific (UK) LLP and serves as a member of the board of directors of Club Atletico de Madrid SAD and of OPC. Mr. Bonnier was previously a member of the investment team of Quantum Pacific Advisory Limited from 2011 to 2012. Prior to joining Quantum Pacific Advisory Limited in 2011, Mr. Bonnier was an Associate in the Investment Banking Division of Morgan Stanley & Co. During his tenure there, from 2005 to 2011, he held various positions in the Capital Markets and Mergers and Acquisitions teams in London, Paris and Dubai. Mr. Bonnier attended the ESCP Europe Business School from 2003 to 2007 and graduated with a Master of Science in Management.

#### Neil Glass – Director
Neil Glass was appointed as a director in February 2022. Mr. Glass graduated from the University of Alberta in 1983 with a degree in Business. He is a member of both the Chartered Professional Accountants of Bermuda and of Alberta, Canada, and is a Chartered Director and Fellow of the Institute of Directors. From September 1983 to August 1990, Mr. Glass worked for the Edmonton, Canada office of Ernst & Young: and from October 1990 to July 1994 with the Bermuda office of Ernst & Young. In 1994, he became General Manager and in 1997 the sole owner of WW Management Limited, tasked with overseeing the day-to-day operations of several international companies and served in such role until December 2014. Mr. Glass has over 20 years' experience as both an executive director and as an independent non-executive director of international companies. He has served as Director of Borr Drilling Limited since December 2019 and also serves as a member of its audit committee and as chair of its nominating and governance committee. He also served as a director and audit committee member of 2020 Bulkers Limited from July 2020 until August 2022 and of Golar LNG Partners LP from September 2020 until April 2021.

#### Mi Hong Yoon – Director
Mi Hong Yoon has served as a Director on our Board since February 2022 and also serves as a Company Secretary. Ms. Yoon is a Managing Director of Golar Management (Bermuda) Limited and Company Secretary of Golar LNG Limited since February 2022. She has extensive international legal and regulatory experience and is responsible for the corporate governance and compliance of the Company. Prior to this role, she was employed by Digicel Bermuda as Chief Legal, Regulatory and Compliance Officer from March 2019 until February 2022 and also served as Senior Legal Counsel of Telstra Corporation Limited's global operations in Hong Kong and London from 2009 to 2019. Ms. Yoon graduated from the University of New South Wales with a Bachelor of Law degree (LLB) and earned a Master's degree (LLM) in international economic law from the Chinese University of Hong Kong. She is a member of the Institute of Directors and has held several director positions.

92<br>

------

#### **TABLE OF CONTENTS**
From March 2022 to August 2022, Ms. Yoon was a Director and Secretary of 2020 Bulkers Ltd. Current directorships and management positions include Himalaya Shipping Ltd. (Director and Secretary) and Borr Drilling Ltd. (Director and Secretary). Ms. Yoon is an Australian citizen and a resident of Bermuda.

B. **Compensation of Directors and Executive Officers**

As we began operations in February 2022, we did not pay any compensation to our directors and officers in 2021. All members of the Board of Directors will be reimbursed for reasonable costs and expenses incurred in attending meetings of our Board of Directors.

For our executive officers, compensation will consist generally of base salary and service fees, a cash incentive bonus and employee benefits that are generally provided to employees.

In the year ended December 31, 2022, we recorded compensation costs of approximately $1.3 million, including salary, bonus and certain employee benefits to all our executive officers and directors as a group.

#### Long-Term Incentive Plan
In November 2022, the Board implemented a long-term incentive program for employees, management and board members of the Company and its affiliates (the "LTIP"). Pursuant to the LTIP, the Board has resolved to grant options over a total number of 1,237,423 shares and 115,000 restricted stock units ("RSUs") to employees, management and board members of the Company (equivalent to approximately 2.25% and 0.2% of the Company's share capital, respectively), of which 11,507 restricted stock units and options over a total number of 742,454 shares were granted to primary insiders of the Company (equivalent to approximately 0.02% and 1.38% of the Company's share capital, respectively). Each share option, when exercised, carries the right to acquire one share in CoolCo, giving the right to acquire up to in aggregate 1,237,423 shares. The exercise price for the share options is $10.00 per share, being the offer price under the Private Placement. The share options will vest over a period of four years, in equal annual installments, on each of November 30, 2023, November 29, 2024, November 30, 2025, and November 30, 2026, and will lapse 10 years from the date of their grant if not exercised.

Pursuant to the LTIP, the RSUs vest subject to a vesting schedule to be determined at grant. The initial RSUs will vest equally in four installments on each of November 30, 2023, November 29, 2024, November 30, 2025 and November 30, 2026. The LTIP allows the Company to determine applicable vesting and performance conditions for future awards as appropriate. When a grantee ceases employment by reason of death, disability or termination without cause (or for any other reason at the discretion of the Company), the RSUs will vest immediately. Where a grantee ceases employment for any other reason, any unvested RSUs will immediately lapse. The RSUs will be granted under the terms of an RSU agreement and the LTIP. A grant of RSUs according to the LTIP in one year does not entitle the grantee to receive RSUs or any other award under the LTIP in subsequent years.

---

| | | |
|:---|:---|:---|
|  | **Number of Share**<br>**Options**<br>**Granted** | **Number of**<br>**Restricted Stock**<br>**Units Granted** |
| Richard Tyrrell | &nbsp;&nbsp;&nbsp;&nbsp;371227 | &nbsp;&nbsp;&nbsp;&nbsp;7591 |
| &nbsp;&nbsp;Johannes P. Boots | &nbsp;&nbsp;&nbsp;&nbsp;123742 | &nbsp;&nbsp;&nbsp;&nbsp;3916 |
| Cyril Ducau | &nbsp;&nbsp;&nbsp;&nbsp;49497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Peter Anker | &nbsp;&nbsp;&nbsp;&nbsp;49497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Antoine Bonnier | &nbsp;&nbsp;&nbsp;&nbsp;49497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Neil Glass | &nbsp;&nbsp;&nbsp;&nbsp;49497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mi Hong Yoon | &nbsp;&nbsp;&nbsp;&nbsp;49497 |  |
| **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**742454** | &nbsp;&nbsp;&nbsp;&nbsp;**11507** |

---

C. **Board Practices**

#### Board of Directors
Our Board consists of five directors. A director is not required to hold any shares in our company by way of qualification. A director who is in any way, whether directly or indirectly, interested in a contract or proposed contract with our company is required to declare the nature of his interest at a meeting of our directors. A

93<br>

------

#### **TABLE OF CONTENTS**
director may vote in respect of any contract, proposed contract, or arrangement that he or she does not have an interest in, and if he or she does have such an interest, their vote shall not be counted and may not be counted in the quorum at any meeting of our directors at which any such contract or proposed contract or arrangement is considered, unless otherwise approved by a majority of the Board. The directors may exercise all of our powers to borrow money, mortgage our undertaking, property and uncalled capital, and issue debentures or other securities whenever money is borrowed or as security for any of our obligations or of any third party.

Our Board is elected annually by a vote of a majority of the common shares represented at the meeting at which at least two shareholders, present in person or by proxy, and entitled to vote (whatever the number of shares held by them) constitutes a quorum. In addition, the maximum and minimum number of directors is determined by a resolution of our shareholders, but no less than two directors shall serve at any given time. Each director shall hold office until the next annual general meeting following his or her election or until his or her successor is elected.

There are no service contracts between us and any member of our Board providing for the accrual of benefits, compensation or otherwise, upon termination of their employment or service.

Our Board has determined that the following directors qualify as "independent" under the NYSE listing standards: Cyril Ducau, Peter Anker, Antoine Bonnier, Neil Glass and Mi Hong Yoon.

As a foreign private issuer, we are permitted to follow home country corporate governance practices subject to the NYSE corporate governance listing standard. Following our listing, we will rely on home country practice in Bermuda to be exempted from certain of the corporate governance requirements of the NYSE, such that we are not required to have a compensation committee. See " – Foreign Private Issuer Exemption." Each committee's members and functions are described below.

#### Committees

#### Audit Committee
The audit committee, which consists of Neil Glass as a member and Antoine Bonnier and Mi Hong Yoon as non-voting observers, will assist the Board of Directors in overseeing our accounting and financial reporting processes and the audits of our financial statements. In addition, the audit committee will be directly responsible for the appointment, compensation, retention and oversight of the work of our independent registered public accounting firm. The Board of Directors has determined that Neil Glass qualifies as an "audit committee financial expert," as such term is defined in the rules of the SEC, and that Neil Glass is independent, as independence is defined under the rules of the SEC and the NYSE applicable to foreign private issuers. Neil Glass acts as chairman of our audit committee.

#### Code of Business Conduct and Ethics ("Code of Business Conduct")
Cool Company Ltd. has a Code of Business Conduct that covers a range of matters including the handling of conflicts of interest, compliance with applicable laws and the reporting of misconduct, as well as other corporate values such as honesty, integrity and respect for others. Our Code of Conduct will be available on our website from the time of our listing on the NYSE. Any amendments to the code, or any waivers of its requirements, will be disclosed on our website.

#### Duties of Directors
Our bye-laws provide that our business is to be managed by our Board of Directors. Under Bermuda common law, members of the board of directors of a Bermuda company owe a fiduciary duty to the company to act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. This duty includes the following essential elements:

&nbsp;&nbsp;&nbsp;&nbsp;• a duty to act in good faith in the best interests of the company;

&nbsp;&nbsp;&nbsp;&nbsp;• a duty not to make a personal profit from opportunities that arise from the office of director;

&nbsp;&nbsp;&nbsp;&nbsp;• a duty to avoid conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;• a duty to exercise powers for the purpose for which such powers were intended.

94<br>

------

#### **TABLE OF CONTENTS**
The Companies Act imposes a duty on directors of a Bermuda company to act honestly and in good faith with a view to the best interests of the company, and to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. In addition, the Companies Act imposes various duties on directors and officers of a company with respect to certain matters of management and administration of the company. Directors and officers generally owe fiduciary duties to the company, and not to the company's individual shareholders.

#### Foreign Private Issuer Exemption
In general, under the NYSE corporate governance standards, foreign private issuers, as defined under the Exchange Act, are permitted to follow home country corporate governance practices instead of the corporate governance practices of the NYSE. Accordingly, we intend to follow certain corporate governance practices of our home country, Bermuda, in lieu of certain of the corporate governance requirements of the NYSE. A brief summary of those differences is provided below.

*Audit committee. The NYSE requires, among other things, that a listed NYSE U.S. company have an audit committee with a minimum of three members all of whom must be independent. Consistent with our status as a foreign private issuer and the jurisdiction of our incorporation (Bermuda), our audit committee consists of one member (who is independent under the NYSE listing standards and U.S. securities laws relating to audit committees) and two non-voting observers.* 

*Compensation committee. The NYSE requires that a listed NYSE U.S. company have a compensation committee of independent directors and a committee charter specifying the purpose, duties and evaluation procedures of the committee. We will rely on home country practice in Bermuda to be exempted from certain of the corporate governance requirements of the NYSE, such that we will not have a compensation committee.* 

*Nominating and governance committee. The NYSE requires that a listed NYSE U.S. company have a nominating/corporate governance committee of independent directors and a committee charter specifying the purpose, duties and evaluation procedures of the committee. Consistent with our status as a foreign private issuer and the jurisdiction of our incorporation (Bermuda), we will not have a nominating/corporate governance committee.* 

*Shareholder Approval. The NYSE requires that a NYSE listed company obtain shareholder approval for the issuance of shares (i) in connection with the acquisition of stock or assets of another company; (ii) when it would result in a change of control; (iii) when a share option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which shares may be acquired by officers, directors, employees, or consultants; or (iv) in connection with a transaction (other than a public offering) involving the sale, issuance or potential issuance of shares at a price less than market value. Our bye-laws, consistent with our status as a foreign private issuer and the jurisdiction of our incorporation (Bermuda), do not require shareholder approval for issuances or shares in the foregoing circumstances.*

*Corporate governance guidelines. The NYSE requires U.S. companies to adopt and disclose corporate governance guidelines. The guidelines must address, among other things: director qualification standards, director responsibilities, director access to management and independent advisers, director compensation, director orientation and continuing education, management succession and an annual performance evaluation. We are not required to adopt such guidelines under Bermuda law and we will not adopt such guidelines.* 

If at any time we cease to be a "foreign private issuer" under the rules of the NYSE and the Exchange Act, as applicable, our Board of Directors will be required to take all action necessary to comply with the NYSE corporate governance rules.

Due to our status as a foreign private issuer and our intent to follow certain home country corporate governance practices, our shareholders will not have the same protections afforded to shareholders of companies that are subject to all the NYSE corporate governance standards. See "Item 10. Additional Information – A. Share Capital."

D. **Employees**

See "Item 4. Information on the Company – B. Business Overview – Business – Human Capital Resources and Social Responsibility."

E. **Share Ownership**

See " – B. Compensation. – Long Term Incentive Plan" and "Item 7. Major Shareholders and Related Party Transactions – A. Major Shareholders."

95<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM 7.**<br>| **MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS** |

---

A. **Major Shareholders**

The following table presents the beneficial ownership of our ordinary shares as of February 14, 2023, for:

&nbsp;&nbsp;&nbsp;&nbsp;• each person, or group of affiliated persons, known by us to own beneficially 5% or more of our outstanding ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;• each of our executive officers and members of our board of directors; and

&nbsp;&nbsp;&nbsp;&nbsp;• all of our executive officers and members of our board of directors as a group.

Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Under those rules, beneficial ownership includes any shares as to which the individual or entity has sole or shared voting power or investment power. Except as otherwise indicated, and subject to community property laws where applicable, we believe, based on the information provided to us, that the persons and entities named in the table below have sole voting and investment power with respect to all ordinary shares shown as beneficially owned by them.

The percentage of beneficial ownership for the following table is based on 53,688,462 common shares outstanding as of February 14, 2023. Options to purchase shares that are exercisable within 60 days are deemed to be beneficially owned by the persons holding these options for the purpose of computing percentage ownership of that person, but are not treated as outstanding for the purpose of computing any other person's ownership percentage.

Unless otherwise indicated, the address for each listed shareholder is: S. E. Pearman Building, 2nd Floor, 9 Par-la-Ville Road, Hamilton HM11, Bermuda.

As of February 14, 2023, to our knowledge, there were no record holders of our ordinary shares located in the United States.

---

| | | |
|:---|:---|:---|
|  | **Number of** <br>**Ordinary Shares** <br>**Beneficially Owned** | **Percentage of** <br>**Ordinary Shares** <br>**Beneficially Owned** |
| **Executive Officers and Board Members**<br>|  |  |
| Richard Tyrrell | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Johannes P. Boots | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cyril Ducau | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Peter Anker | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| &nbsp;&nbsp;Antoine Bonnier | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Neil Glass | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Mi Hong Yoon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**All Executive Officers and Board Members as a Group**<br>**(7 individuals)** | &nbsp;&nbsp;&nbsp;&nbsp;103141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| **5% Shareholders**<br>|  |  |
| EPS Ventures Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;26831737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.9% |
| Golar LNG Limited<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4463846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3% |

---

(1) The 26,831,737 common shares of Cool Company Ltd. are legally and beneficially owned by EPS Ventures Ltd, which is a wholly-owned subsidiary of Quantum Pacific Shipping Limited. The indirect ultimate owner of Quantum Pacific Shipping Limited is a discretionary trust in which Mr. Idan Ofer is the beneficiary. 

(2)<br> Golar LNG Limited is a Bermuda corporation whose common shares are listed on the Nasdaq Global Select Market.

\* Represents ownership of less than 1% of our outstanding common shares.

96<br>

------

B. **Related Party Transactions**

We describe below transactions and series of similar transactions, since inception or currently proposed, to which we were a party or will be a party, in which:

&nbsp;&nbsp;&nbsp;&nbsp;• the amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;• any of our directors, executive officers or beneficial holders of more than 5% of any class of our share capital had or will have a direct or indirect material interest.

Other than as described below, there have not been, nor are there any currently proposed, transactions or series of similar transactions meeting this criteria to which we have been or will be a party other than compensation arrangements, which are described where required under "Item 6. Directors, Senior Management and Employees – B. Compensation of Directors and Executive Officers."

#### Acquisition of Vessels and Issuance of Securities
On January 26, 2022, we, then as a subsidiary of Golar, and Golar entered into the Vessel SPA under which we acquired the Original Vessels and The Cool Pool Limited from Golar. The purchase price for each vessel was $145 million, subject to working capital and debt adjustments, for each vessel. The aggregate amount of purchase consideration for the Vessel SPA was $339.6 million (comprised of $127.9 million in the form of shares in the Company issued to Golar on each respective entity acquisition date pursuant to the Vessel SPA and $211.7 million net cash consideration resulting from acquisition-related refinancing pursuant to our senior sustainability term loan facility which was drawn-down contemporaneously with each respective vessel acquisition date and the Vessel SPA working capital adjustments. Under the terms of the Vessel SPA, Golar provided warranties on the balance sheet and on the Vessels. The balance sheet warranties included warranties on the accounting standards used in the preparation of the management and the audited balance sheet, the inclusion of claims as part of receivables and the accounting of the assets and liabilities of the vessel-owning subsidiaries. The Original Vessel warranties included warranties on the ownership of the Vessels, the disclosed encumbrances, the operational condition of the Vessels, the insurance of the Original Vessels and the absence of pending claims from government bodies against the Original Vessels. The Vessel SPA further provided that in the event of a breach of warranty by Golar, we can make a claim for compensation, if the amount we are entitled to exceeds $50,000; but Golar's liability is limited to $80,000,000 for all claims (in aggregate). In addition to general indemnities, Golar also provided specific indemnities relating to tax and the lease agreements.

Following the Original Vessel acquisitions in 2022, Golar and certain of its subsidiaries, including Golar Management entered into a transition services agreement (the "CoolCo TSA"). Under the terms of the CoolCo TSA, Golar charged us management fees for the provision of management and administrative services during the transitional period until the completion of the ManCo SPA and the acquisition of the management entities. The services provided were charged at a flat rate of $6,000 per day and we could terminate the administrative services agreement by providing two months' written notice. Following the completion of the ManCo Acquisition, the CoolCo TSA is no longer in effect and the services which had been provided under the CoolCo TSA plus other services are now provided pursuant to the Administrative Services Agreement.

On February 2, 2022, we sold 27.5 million common shares at a price of $10.00 per share raising gross proceeds of $275 million in the Private Placement. The proceeds were used to finance the acquisition of the Original Vessels. As a result of the equity raise, EPS became our largest shareholder with an approximate 37.5% shareholding. Golar and additional public shareholders each subsequently held an approximate 31.3% interest. In the Private Placement, we sold 15 million common shares to EPS. We also sold 12.5 million common shares to new investors.

On November 2, 2022 we entered into an agreement with Quantum Crude Tankers Ltd, an affiliate of EPS to acquire the companies that own the Acquisition Vessels for an aggregate purchase price of $660 million.

On November 7, 2022 we completed the Second Private Placement of shares including a primary offering and a secondary offering of existing shares by Golar. The Second Private Placement consisted of (a) a $170 million primary offering in which the Company issued 13,678,462 new common shares; and (b) a $100 million secondary offering of existing shares by Golar which sold 8,046,154 existing common shares. As a result of

97<br>

------

#### **TABLE OF CONTENTS**
the Second Private Placement, EPS increased its shareholding to approximately 49.9%, Golar reduced its shareholding to approximately 8.3% and public shareholders subsequently held approximately 41.8% interest. The Company used the net proceeds from the primary offering to finance the equity portion of the purchase of the Acquisition Vessels.

We completed our purchase of the Acquisition Vessels on November 10, 2022. We financed the purchase price with the proceeds from the primary offering and assumed debt of $520 million.

We also entered into an option agreement with affiliates of QPSL to acquire contracts to purchase the Newbuild Vessels with such contracts to be novated to CoolCo. The option is valid until June 30, 2023 and the purchase consideration under the option agreement is approximately $234 million per vessel.

#### Revolving Credit Facility
In connection with the execution of the Vessel SPA on January 26, 2022, under which we acquired the eight Vessels and the Cool Pool from Golar, we entered into for the Golar RCF, for up to $25 million (with a maturity date of January 2024, a fixed interest rate of 5% and a commitment fee of 50 basis points on the undrawn amount) upon closing of the transactions under the Vessel SPA. We have not yet drawn down any amounts on the Golar RCF.

#### Sale and Leaseback Agreements
Following completion of the acquisition of the Vessels pursuant to the Vessel SPA on April 4, 2022, the existing sale and leaseback loans, except for the sale and leaseback arrangements secured by the *Golar Ice* and *Golar Kelvin* which were assumed by us, were refinanced and Golar continued to be the guarantor to the *Golar Ice* and *Golar Kelvin* sale and leaseback arrangements, and we pay Golar an annual guarantee fee of 0.5% calculated on the outstanding principal amount under the sale and leaseback arrangements, which guarantees are to remain in place until the earlier of the repayment of the vessel debt or release by the lessors.

#### ManCo SPA
On June 30, 2022, we acquired Golar's LNGC and FSRU management companies (four entities, Cool Company Management Ltd., Cool Company Management d.o.o., CoolCo Management Sdn bhd. and Cool Company Management AS) from Golar for a purchase price of approximately $5.0 million plus working capital adjustments of approximately $1.6 million. Through the ManCo Acquisition we acquired full in-house commercial and technical ship management of our Vessels. The ManCo SPA contains certain indemnities for breach of warranties. Furthermore, we have a right, at our option, to sell back the management companies to Golar at the original purchase price, less the working capital adjustments, in the event certain claims arise under the agreement that are not adequately indemnified. This right will lapse in March 2026 if it not exercised.

#### Administrative Services Agreement and Corporate Services Agreement
As part of the terms of the ManCo SPA, we and Golar Management also entered into an Administrative Services Agreement, which replaced the CoolCo TSA, for the provision of the following services from July 1, 2022 to June 30, 2023 by Golar to the Company: IT services, accounting services, treasury services, finance operations services, and any additional services reasonably required by the Company that have been agreed between the parties. The fees, which include a blend of hourly rates for some services and fixed fees for others, are charged based upon the services provided to the Company by Golar with the view that these will reduce as the Company builds its own internal operations and teams. The agreement provides for termination with prior written notice of at least two months by the Company or for cause by Golar Management.

Additionally, we and Golar Management (Bermuda) Limited, a Bermudian subsidiary of Golar ("Golar Bermuda"), among others, entered into a corporate services agreement on April 1, 2022 (the "Bermuda Services Agreement") pursuant to which Golar Bermuda will provide certain corporate secretarial, registrar and administration services to us. The services provided are charged at an annual fee of $177,500. This agreement is valid for one year and shall be extended automatically on a quarterly basis or until the parties terminate with prior written notice or for cause by us.

#### Master Sale Agreement
On November 10, 2022, we acquired the Acquisition Vessels from Quantum Crude Tankers Ltd, an affiliate of EPS, for an aggregate purchase price of $660 million pursuant to the MSA. With the purchase of the

98<br>

------

#### **TABLE OF CONTENTS**
Acquisition Vessels, we expanded the vessels in our fleet by 50%. As the Acquisition Vessels are now part of our fleet, we will continue to manage them, as prior to their purchase pursuant to the MSA we managed them for Quantum Crude Tankers Ltd on behalf of their registered owners.

#### Option Agreement
On November 3, 2022 we entered into an option agreement with Geytech Marine Ltd and Joytech Marine Ltd, which are affiliates of EPS (the "Option Agreement"), to acquire contracts to purchase the two Newbuild Vessels, with such contracts to be novated to CoolCo upon exercise of the option. This option was granted to the Company in consideration of our entry into the MSA, and it will lapse in June 30, 2023 if it is not exercised. The purchase consideration under the Option Agreement is approximately $234 million per vessel.

#### Registration Rights Agreement
We intend to enter into a registration rights agreement with certain of our shareholders, pursuant to which we will grant certain rights to certain of our shareholders and their affiliates and certain of their transferees, including the right, under certain circumstances and subject to certain restrictions, to require us to register under the Securities Act our common shares held by them. Such shareholders will have certain demand registration rights, including the right to require us to file a shelf registration statement registering secondary sales of our common shares held by such shareholders if such form is available to us, as well as certain piggyback registration rights in respect of common shares held by them in connection with registered offerings requested by other registration rights holders, if any, or initiated by us.

#### Related Persons Transactions Policy
In connection with this listing, we will adopt a policy describing the approval by the disinterested members of the Board of certain transactions between us and a related person (as defined below) in accordance with our bye-laws and Code of Business Conduct. Under our bye-laws, interested members of the Board may not participate in the approval of such transactions unless otherwise approved by a majority of the Board, and such transactions will be reviewed and overseen by the disinterested members of the Board in accordance with our bye-laws, Code of Business Conduct and the Related Persons Transactions Policy, with additional review and oversight by the Audit Committee. Transactions subject to the policy would include any financial transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships involving the Company in which a related person has or will have a direct or indirect material interest.

For purposes of the policy, "related person" means:

&nbsp;&nbsp;&nbsp;&nbsp;• any person who is, or at any time since the beginning of the Company's last fiscal year was, a director or executive officer of the Company or a nominee to become a director of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;• any person who is known to be the beneficial owner of more than 5% of any class of the Company's voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;• any immediate family member of any of the foregoing persons; and

&nbsp;&nbsp;&nbsp;&nbsp;• any firm, corporation or other entity in which any of the foregoing persons is employed or is a partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest.

Existing arrangements with related parties and new arrangements with related parties that are entered into in connection with this listing, in each case (i) that are described in this registration statement, (ii) including any subsequent amendment to any such arrangement that is not material to the Company and (iii) any ancillary services provided in connection therewith, will not require review, approval or ratification pursuant to the policy.

C. **Interests of Experts and Counsel**

Not applicable.

99<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM 8.**<br>| **FINANCIAL INFORMATION** |

---

A. **Consolidated Statements and Other Financial Information**

#### Financial Statements
See "Item 18. Financial Statements," which contains our financial statements prepared in accordance with U.S. GAAP.

#### Legal Proceedings
See "Item 4. Information on the Company – B. Business Overview – Business – Legal Proceedings."

#### Dividend Policy
Under our bye-laws, our Board may pay a cash dividend or may declare cash dividends or distributions on such days as may be determined by our Board from time to time. Under Bermuda law, a company may not declare or pay a dividend, or make a distribution out of contributed surplus, if there are reasonable grounds for believing that (a) it is, or would after the payment be, unable to pay its liabilities as they become due; or (b) the realizable value of its assets would thereby be less than its liabilities.

We intend to pay dividends in amounts that will allow us to retain sufficient liquidity to fund our obligations as well as execute our business plan going forward. Furthermore we have in place a number of financing agreements which include covenants that would restrict our ability, without the prior consent of the lenders, to distribute dividends if we are not in compliance with certain financial covenants or have existing events of default. See "Item 3. Key Information – D. Risk Factors – Risks Related to Our Business" for a discussion of risks related to our ability to pay dividends.

We have not paid dividends to our shareholders since incorporation. However through our dividend policy which was announced in October 2022, we aim to allocate our free cash flow to equity primarily to the payment of a quarterly dividend, after allocations to drydocking and capital expenditures related to improving vessel efficiency, beginning in 1Q 2023. Any dividends declared in the future will be at the sole discretion of our Board and will depend upon, among other factors, freight market outlook, the Company's balance sheet, market cyclicality, distributable reserves, liquidity requirements and macroeconomic conditions.

Although we are incorporated in Bermuda, we are classified as a nonresident of Bermuda for exchange control purposes by the Bermuda Monetary Authority. Other than transferring Bermuda Dollars out of Bermuda, there are no restrictions on our ability to transfer funds into or out of Bermuda to pay dividends to U.S. residents who are holders of our common shares or other non-resident holders of our common shares in currency other than Bermuda Dollars.

B. **Significant Changes**

A discussion of the significant changes in our business can be found under "Item 4. Information on the Company – A. History and Development of the Company" and "Item 4. Information on the Company – B. Business Overview."

---

| | |
|:---|:---|
| **ITEM 9.**<br>| **THE OFFER AND LISTING** |

---

A. **Offering and Listing Details**

Our common shares have traded on the Euronext Oslo Exchange ("Euronext") since February 2022, under the symbol "COOL." We intend to change the symbol to "CLCO." On February 13, 2023, the closing price of our ordinary shares on the Euronext was NOK 110.36 per share.

We intend to apply to have our ordinary shares listed on the NYSE under the symbol "CLCO." For a description of the rights of our ordinary shares, see "Item 10. Additional Information – A. Share Capital."

B. **Plan of Distribution**

Not applicable.

100<br>

------

#### **TABLE OF CONTENTS**
C. **Markets**

Our common shares have traded on the Euronext under the symbol "COOL" since February 2022 and we intend to change this to "CLCO." As of February 14, 2023, we had 53,688,462 common shares issued and outstanding.

We are filing this registration statement on Form 20-F in anticipation of the listing of our common shares on the NYSE. Prior to this anticipated listing, there has been no public market for our common shares in the United States. We cannot assure you that an active trading market will develop for our common shares in the United States.

D. **Selling Shareholders**

Not applicable.

E. **Dilution**

Not applicable.

F. **Expenses of the Issue**

Not applicable.

101<br>

------

---

| | |
|:---|:---|
| **ITEM 10.**<br>| **ADDITIONAL INFORMATION** |

---

A. **Share Capital**

*The following description of our share capital summarizes certain provisions of our memorandum of association and our bye-laws that will become effective as of the completion of this listing. Such summaries do not purport to be complete and are subject to, and are qualified in their entirety by reference to, all of the provisions of our memorandum of association and bye-laws, copies of which have been filed as Exhibits to the registration statement. Prospective investors are urged to read the exhibits for a complete understanding of our memorandum of association and bye-laws.*

#### General
Prior to this listing, our shareholders approved certain amendments to our bye-laws which will become effective upon completion of this listing.

Since our incorporation, other than the increase in our share capital to occur in connection with this listing there have been no material changes to our share capital, mergers, amalgamations or consolidations of us or any of our subsidiaries, no material changes in the mode of conducting our business, no material changes in the types of products produced or services rendered and no name changes. There have been no bankruptcy, receivership or similar proceedings with respect to us or our subsidiaries.

There have been no public takeover offers by third parties for our shares nor any public takeover offers by us for the shares of another company which have occurred during the last or current financial years.

We intend to apply to list our common shares on the NYSE under the symbol "CLCO."

Initial settlement of our common shares will take place on the completion date of this listing through The Depository Trust Company ("DTC") in accordance with its settlement procedures for equity securities registered through DTC's book-entry transfer system. Each person beneficially owning common shares registered through DTC must rely on the procedures thereof and on institutions that have accounts therewith to exercise any rights of a holder of the common shares.

#### Share Capital
Our authorized share capital of $400,000,000 consists of 400,000,000 common shares, par value $1.00 per share. There are 53,688,462 common shares issued and outstanding, and no preference shares issued and outstanding. All of our issued and outstanding common shares are fully paid.

Pursuant to our bye-laws, subject to the requirements of any stock exchange on which our shares are listed and to any resolution of the shareholders to the contrary, our Board of Directors is authorized to issue any of our authorized but unissued shares. There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our shares.

#### Common Shares
Holders of common shares have no pre-emptive, redemption, conversion or sinking fund rights. Holders of common shares are entitled to one vote per share on all matters submitted to a vote of holders of common shares. Unless a different majority is required by law or by our bye-laws, resolutions to be approved by holders of common shares require approval by a simple majority of votes cast at a meeting at which a quorum is present.

In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share equally and ratably in our assets, if any, remaining after the payment of all of our debts and liabilities, subject to any liquidation preference on any issued and outstanding preference shares.

#### Preference Shares
Pursuant to Bermuda law and our bye-laws, our Board of Directors may, by resolution, establish one or more series of preference shares having such number of shares, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other special rights, qualifications, limitations or restrictions as may be fixed by the Board of Directors without any further shareholder approval. Such rights, preferences, powers and limitations, as may be established, could have the effect of discouraging an attempt to obtain control of the company.

102<br>

------

#### **TABLE OF CONTENTS**

#### Dividend Rights
Under Bermuda law, a company may not declare or pay dividends if there are reasonable grounds for believing that (i) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) that the realizable value of its assets would thereby be less than its liabilities. Under our bye-laws, each common share is entitled to dividends if, as and when dividends are declared by our Board of Directors, subject to any preferred dividend right of the holders of any preference shares if issued.

Although we are incorporated in Bermuda, we are classified as a nonresident of Bermuda for exchange control purposes by the Bermuda Monetary Authority. Other than transferring Bermuda Dollars out of Bermuda, there are no restrictions on our ability to transfer funds into or out of Bermuda to pay dividends to U.S. residents who are holders of our common shares or other non-resident holders of our common shares in currency other than Bermuda Dollars.

Any cash dividends payable to holders of our common shares listed on the NYSE will be paid to Broadridge Corporate Issuer Solutions, Inc., our paying agent in the United States for disbursement to those holders.

#### Variation of Rights
If at any time we have more than one class of shares, the rights attaching to any class, unless otherwise provided for by the terms of issue of the relevant class, may be varied either (i) with the consent in writing of the holders of 75% of the issued shares of that class; or (ii) with the sanction of a resolution passed by a majority of the votes cast at a general meeting of the relevant class of shareholders at which a quorum consisting of at least two persons holding or representing one-third of the issued shares of the relevant class is present. Our bye-laws specify that the creation or issue of shares ranking equally with existing shares will not, unless expressly provided by the terms of issue of existing shares, vary the rights attached to existing shares. In addition, the creation or issue of preference shares ranking prior to common shares will not be deemed to vary the rights attached to common shares or, subject to the terms of any other class or series of preference shares, to vary the rights attached to any other class or series of preference shares.

#### Transfer of Shares
Our Board of Directors may, in its absolute discretion and without assigning any reason, refuse to register the transfer of a share that it is not fully paid. Our Board of Directors may also refuse to recognize an instrument of transfer of a share unless it is accompanied by the relevant share certificate and such other evidence of the transferor's right to make the transfer as our Board of Directors shall reasonably require. Subject to these restrictions, a holder of common shares may transfer the title to all or any of his common shares by completing a form of transfer in the form set out in our bye-laws (or as near thereto as circumstances admit) or in such other common form as our Board of Directors may accept. The instrument of transfer must be signed by the transferor and transferee, although in the case of a fully paid share our Board of Directors may accept the instrument signed only by the transferor.

Where our shares are listed or admitted to trading on any appointed stock exchange, such as the NYSE, they will be transferred in accordance with the rules and regulations of such exchange.

B. **Memorandum and Articles of Association**

The following is a description of the material terms of our amended and restated bye-laws. The following descriptions of share capital and provisions of our amended and restated bye-laws are summaries and are qualified by reference to our amended and restated bye-laws, a copy of which is filed with the SEC as an Exhibit to this registration statement.

For information regarding the rights, preferences and restrictions attaching to our common shares, please see the section titled "Item 10. Additional Information – A. Share Capital" above.

#### General
We are incorporated under the laws of Bermuda. We are registered with the Registrar of Companies in Bermuda (the "Registrar") under registration number 54129. We were incorporated on October 31, 2018 under the name Cool Company Ltd. Our registered office is located at 2<sup>nd</sup> Floor, S.E. Pearman Building, 9 Par-La-Ville Road, Hamilton, HM 11, Bermuda.

103<br>

------

#### **TABLE OF CONTENTS**
The objects of our business are unrestricted, and the company has the capacity of a natural person. We can therefore undertake activities without restriction on our capacity.

#### Meetings of Shareholders
Under Bermuda law, a company is required to convene at least one general meeting of shareholders each calendar year (the "annual general meeting"). However, the shareholders may by resolution waive this requirement, either for a specific year or period of time, or indefinitely. When the requirement has been so waived, any shareholder may, on notice to the company, terminate the waiver, in which case an annual general meeting must be called. We have chosen not to waive the convening of an annual general meeting.

Bermuda law provides that a special general meeting of shareholders may be called by the Board of Directors of a company and must be called upon the request of shareholders holding not less than 10% of the paid-up capital of the company carrying the right to vote at general meetings. Bermuda law also requires that shareholders be given at least five days' advance notice of a general meeting, but the accidental omission to give notice to any person does not invalidate the proceedings at a meeting. Our bye-laws provide that our Board of Directors may convene an annual general meeting and the Board of Directors may convene a special general meeting. Under our bye-laws, at least seven days' notice of an annual general meeting or a special general meeting must be given to each shareholder entitled to vote at such meeting. This notice requirement is subject to the ability to hold such meetings on shorter notice if such notice is agreed: (i) in the case of an annual general meeting by all of the shareholders entitled to attend and vote at such meeting; or (ii) in the case of a special general meeting by a majority in number of the shareholders entitled to attend and vote at the meeting holding not less than 95% in nominal value of the shares entitled to vote at such meeting. The quorum required for a general meeting of shareholders is two or more persons present in person at the start of the meeting and representing in person or by proxy in excess of 50% of all issued and outstanding common shares.

#### Access to Books and Records and Dissemination of Information
Members of the general public have a right to inspect the public documents of a company available at the office of the Registrar. These documents include the company's memorandum of association, including its objects and powers, and certain alterations to the memorandum of association. The shareholders have the additional right to inspect the bye-laws of the company, minutes of general meetings and the company's audited financial statements, which must be presented in the annual general meeting. The register of members of a company is also open to inspection by shareholders and by members of the general public without charge. The register of members is required to be open for inspection for not less than two hours in any business day (subject to the ability of a company to close the register of members for not more than thirty days in a year). A company is required to maintain its share register in Bermuda but may, subject to the provisions of the Companies Act, establish a branch register outside of Bermuda. A company is required to keep at its registered office a register of directors and officers that is open for inspection for not less than two hours in any business day by members of the public without charge. A company is also required to file with the Registrar a list of its directors to be maintained on a register, which register will be available for public inspection subject to such conditions as the Registrar may impose and on payment of such fee as may be prescribed. Bermuda law does not, however, provide a general right for shareholders to inspect or obtain copies of any other corporate records.

#### Election and Removal of Directors
The number of directors of the Company shall be five unless the shareholders by resolution determine such number otherwise. Each director appointed shall hold office until the next annual general meeting following his or her election or until their successor is elected. Our bye-laws provide that the appointment of each director shall be determined by a simple majority of votes cast at a properly constituted meeting where quorum is maintained. In addition, our bye-laws also provide that our Board of Directors, so long as a quorum of directors remains in office and the Board is granted the power to do so during a general meeting, shall have power at any time to appoint any individual to be a director so as to fill a casual vacancy. The director so appointed shall serve until the next annual general meeting or until their replacement is determined in accordance with the bye-laws.

In accordance with our bye-laws, a director may be removed, by the shareholders, provided notice of the shareholders meeting convened to remove the director is given to the director. The notice must be served on the

104<br>

------

#### **TABLE OF CONTENTS**
director not less than 14 days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his or her removal. The removal of a director shall be determined by a simple majority of votes cast at a properly constituted meeting where quorum is maintained.

#### Proceedings of Board of Directors
Our bye-laws provide that our business is to be managed and conducted by our Board of Directors. Bermuda law permits individual and corporate directors and there is no requirement in our bye-laws or Bermuda law that directors hold any of our shares. There is also no requirement in our bye-laws or Bermuda law that our directors must retire at a certain age.

The compensation of our directors is determined by the shareholders at a general meeting and in the absence of such a determination to the contrary, such compensation shall be deemed to accrue from day to day. Our directors may also be paid all travel, hotel and other reasonable out of pocket expenses properly incurred by them in connection with our business or their duties as directors as may be determined in accordance with our bye-laws.

Provided a director discloses a direct or indirect interest in any contract or arrangement with us as required by Bermuda law and the majority of the Board approves, such director is entitled to vote in respect of any such contract or arrangement in which he or she is interested.

#### Indemnification of Directors and Officers
Section 98 of the Companies Act provides generally that a Bermuda company may indemnify its directors, officers and auditors against any liability which by virtue of any rule of law would otherwise be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability arises from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98 further provides that a Bermuda company may indemnify its directors, officers and auditors against any liability incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to section 281 of the Companies Act.

Our bye-laws provide that we shall indemnify our officers and directors in respect of their actions and omissions, except in respect of their fraud or dishonesty, and that we shall advance funds to our officers and directors for expenses incurred in their defense upon receipt of an undertaking to repay the funds if any allegation of fraud or dishonesty is proven. Subject to Section 14 of the Securities Act, which renders void any purported waiver of the provisions of the Securities Act, our bye-laws provide that the shareholders waive all claims or rights of action that they might have, individually or in right of the company, against any of the company's directors or officers for any act or failure to act in the performance of such director's or officer's duties, except in respect of any fraud or dishonesty of such director or officer. Section 98A of the Companies Act permits us to purchase and maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to him in respect of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or director. We have purchased and maintain a directors' and officers' liability policy for such purpose.

#### Amendment of Memorandum of Association and Bye-laws
Bermuda law provides that the memorandum of association of a company may be amended by a resolution passed at a general meeting of shareholders. Our bye-laws provide that no bye-law shall be rescinded, altered or amended, and no new bye-law shall be made, unless it shall have been approved by a resolution of our Board of Directors and by a resolution of our shareholders, which includes the affirmative vote of a majority of all votes cast on the resolution. In the case of certain bye-laws, such as the bye-laws relating to election and removal of directors, approval of business combinations and amendment of bye-law provisions, the required resolutions must include the affirmative vote of at least 66% of our directors then in office and the affirmative vote of at least 66% of all votes entitled to be cast on the resolution at a general meeting of the shareholders.

Under Bermuda law, the holders of an aggregate of not less than 20% in par value of a company's issued share capital or any class thereof have the right to apply to the Supreme Court of Bermuda for an annulment of any amendment of the memorandum of association adopted by shareholders at any general meeting, other than

105<br>

------

#### **TABLE OF CONTENTS**
an amendment that alters or reduces a company's share capital as provided in the Companies Act. Where such an application is made, the amendment becomes effective only to the extent that it is confirmed by the Supreme Court of Bermuda. An application for an annulment of an amendment of the memorandum of association must be made within 21 days after the date on which the resolution altering the company's memorandum of association is passed and may be made on behalf of persons entitled to make the application by one or more of their number as they may appoint in writing for the purpose. No application may be made by shareholders voting in favor of the amendment.

#### Amalgamations, Mergers and Business Combinations
The amalgamation or merger of a Bermuda company with another company or corporation (other than certain affiliated companies) requires the amalgamation or merger agreement to be approved by the company's Board of Directors and by its shareholders. Unless the company's bye-laws provide otherwise, the approval of 75% of the shareholders voting at such meeting is required to approve the amalgamation or merger agreement, and the quorum for such meeting must be two or more persons holding or representing more than one-third of the issued shares of the company. Our bye-laws provide that a merger or an amalgamation that has been approved by the Board of Directors must only be approved by a simple majority of the votes cast at a general meeting of the shareholders at which the quorum shall be two or more persons present in person and representing in person or by proxy in excess of 33 1/3% of all issued and outstanding common shares.

Under Bermuda law, in the event of an amalgamation or merger of a Bermuda company with another company or corporation, a shareholder of the Bermuda company who did not vote in favor of the amalgamation or merger and who is not satisfied that fair value has been offered for such shareholder's shares may, within one month of notice of the shareholders meeting, apply to the Supreme Court of Bermuda to appraise the fair value of those shares.

#### Shareholder Suits
Class actions and derivative actions are generally not available to shareholders under Bermuda law. The Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it.

When the affairs of a company are being conducted in a manner that is oppressive or prejudicial to the interests of some part of the shareholders, one or more shareholders may apply to the Supreme Court of Bermuda, which may make such order as it sees fit, including an order regulating the conduct of the company's affairs in the future or ordering the purchase of the shares of any shareholders by other shareholders or by the company.

Our bye-laws contain a provision by virtue of which our shareholders waive any claim or right of action that they have, both individually and on our behalf, against any director or officer in relation to any action or failure to take action by such director or officer, except in respect of any fraud or dishonesty of such director or officer. We have been advised by the SEC that in the opinion of the SEC, the operation of this provision as a waiver of the right to sue for violations of federal securities laws would likely be unenforceable in U.S. courts.

106<br>

------

#### **TABLE OF CONTENTS**

#### Capitalization of Profits and Reserves
Pursuant to our bye-laws, our Board of Directors may (i) capitalize any part of the amount of our share premium or other reserve accounts or any amount credited to our profit and loss account or otherwise available for distribution by applying such sum in paying up unissued shares to be allotted as fully paid bonus shares pro rata (except in connection with the conversion of shares) to the shareholders; or (ii) capitalize any sum standing to the credit of a reserve account or sums otherwise available for dividend or distribution by paying up in full, partly paid or nil paid shares of those shareholders who would have been entitled to such sums if they were distributed by way of dividend or distribution.

#### Registrar or Transfer Agent
A register of holders of the common shares will be maintained by Broadridge Corporate Issuer Solutions, Inc. in Bermuda, and a branch register will be maintained in the United States by Broadridge Corporate Issuer Solutions, Inc., which will serve as branch registrar and transfer agent.

#### Untraced Shareholders
Our bye-laws provide that our Board of Directors may forfeit any dividend or other monies payable in respect of any shares that remain unclaimed for six years from the date when such monies became due for payment. In addition, we are entitled to cease sending dividend warrants and checks by post or otherwise to a shareholder if such instruments have been returned undelivered to, or left uncashed by, such shareholder on at least two consecutive occasions or, following one such occasion, reasonable enquires have failed to establish the shareholder's new address. This entitlement ceases if the shareholder claims a dividend or cashes a dividend check or a warrant.

#### Certain Provisions of Bermuda Law
We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda exchange control purposes. This designation allows us to engage in transactions in currencies other than the Bermuda dollar, and there are no restrictions on our ability to transfer funds (other than funds denominated in Bermuda dollars) in and out of Bermuda or to pay dividends to U.S. residents who are holders of our common shares.

Specific permission from the Bermuda Monetary Authority is required for all issues and transfers of securities of Bermuda companies involving persons who are non-resident, other than in cases where general permission has been given to such issue and subsequent transfer. General permission has been given by the Bermuda Monetary Authority for the issue and subsequent transfer of the shares that are the subject of this listing to and between persons who are non-resident for exchange control purposes provided that our shares remain listed on an appointed stock exchange, which includes the NYSE. Approvals or permissions given by the Bermuda Monetary Authority do not constitute a guarantee by the Bermuda Monetary Authority as to our performance or our creditworthiness. Accordingly, in giving such consent or permissions, neither the Bermuda Monetary Authority nor the Registrar shall be liable for the financial soundness, performance or default of our business or for the correctness of any opinions or statements expressed in this registration statement. Certain issues and transfers of common shares involving persons deemed resident in Bermuda for exchange control purposes require the specific consent of the Bermuda Monetary Authority.

In accordance with Bermuda law, share certificates are only issued in the names of companies, partnerships or individuals. In the case of a shareholder acting in a special capacity (for example as a trustee), certificates may, at the request of the shareholder, record the capacity in which the shareholder is acting. Notwithstanding such recording of any special capacity, we are not bound to investigate or see to the execution of any such trust.

#### Comparison of Shareholder Rights
Our corporate affairs are governed by our memorandum of association and bye-laws and by the corporate law of Bermuda. The provisions of the Companies Act, which applies to us, differ in certain material respects from laws generally applicable to U.S. companies incorporated in the State of Delaware and their shareholders.

107<br>

------

#### **TABLE OF CONTENTS**
The following is a summary of significant differences between the Companies Act (including modifications adopted pursuant to our bye-laws) and Bermuda common law applicable to us and our shareholders and the provisions of the Delaware General Corporation Law applicable to U.S. companies organized under the laws of Delaware and their shareholders.

---

| | |
|:---|:---|
| **Bermuda** | **Delaware** |
| ***Shareholder meetings*** | ***Shareholder meetings*** |
| May be called by the Board of Directors and must be called upon the request of shareholders holding not less than 10% of the paid-up capital of the company carrying the right to vote at general meetings. | May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors. |
| May be held in or outside Bermuda.  | May be held in or outside of Delaware.  |
| Notice: | Notice: |
| Shareholders must be given at least five days' advance notice of a general meeting, but the accidental omission to give notice to any person does not invalidate the proceedings at a meeting. | Written notice shall be given not less than 10 nor more than 60 days before the meeting. |
| Notice of general meetings must specify the place, the day and hour of the meeting and in the case of special general meetings, the general nature of the business to be considered. | Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the means of remote communication, if any.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|
| ***Shareholder's voting rights*** | ***Shareholder's voting rights*** |
| Shareholders may act by written consent to elect directors or appoint an auditor. Shareholders may not act by written consent to remove a director or auditor. | With limited exceptions, shareholders may act by written consent to elect directors. |
| Generally, except as otherwise provided in the bye-laws, or the Companies Act, any action or resolution requiring approval of the shareholders may be passed by a simple majority of votes cast. Any person authorized to vote may authorize another person or persons to act for him or her by proxy, provided the instrument appointing the proxy is in the form specified by the bye-laws or such other form as the board of directors may determine. | Any person authorized to vote may authorize another person or persons to act for him or her by proxy. |
| The voting rights of shareholders are regulated by the company's bye-laws and, in certain circumstances, by the Companies Act. The bye-laws may specify the number to constitute a quorum and if the bye-laws permit, a general meeting of the shareholders of a company may be held with only one individual present if the requirement for a quorum is satisfied. | For stock corporations, the certificate of incorporation or bylaws may specify the number to constitute a quorum, but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum. |
| Our bye-laws provide that when a quorum is once present in general meeting it is not broken by the subsequent withdrawal of any shareholders. | When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders. |
| The bye-laws may provide for cumulative voting, although our bye-laws do not. | The certificate of incorporation may provide for cumulative voting. |
| The amalgamation or merger of a Bermuda company with another company or corporation (other than certain affiliated companies) requires the | Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and  |

---

108<br>

------

---

| | |
|:---|:---|
| **Bermuda** | **Delaware** |
| amalgamation or merger agreement to be approved by the company's Board of Directors and by its shareholders. Unless the company's bye-laws provide otherwise, the approval of 75% of the shareholders voting at such meeting is required to approve the amalgamation or merger agreement, and the quorum for such meeting must be two or more persons holding or representing more than one-third of the issued shares of the company. | upon the majority vote by shareholders of each constituent corporation at an annual or special meeting. |
| Subject to its bye-laws, a company may at any meeting of its Board of Directors sell, lease or exchange all or substantially all of its property and assets as its Board of Directors deems expedient and in the best interests of the company to do so. | Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of a corporation entitled to vote. |
| Any company which is the wholly-owned subsidiary of a holding company, or one or more companies which are wholly-owned subsidiaries of the same holding company, may amalgamate or merge without the vote or consent of shareholders in accordance with the Companies Act, provided that the approval of the Board of Directors is obtained and that a director or officer of each such company signs a statutory solvency declaration in respect of the relevant company. | Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting. |
| Any mortgage, charge or pledge of a company's property and assets may be authorized without the consent of shareholders subject to any restrictions under the bye-laws. | Any mortgage or pledge of a corporation's property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| ***Directors*** | ***Directors*** |
| The Board of Directors must consist of at least one director. | The board of directors must consist of at least one member. |
| The number of directors is fixed by the bye-laws, and any changes to such number must be approved by the Board of Directors and/or the shareholders in accordance with the company's bye-laws. | Number of board members shall be fixed by the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by amendment of the certificate of incorporation. |
| Removal: | Removal: |
| Under our bye-laws, any or all directors may be removed, only with cause, by the holders of a majority of the shares entitled to vote at a special meeting convened and held in accordance with the bye-laws for the purpose of such removal. | Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides. |
|  | In the case of a classified board, shareholders may effect removal of any or all directors only for cause.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|

---

109<br>

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bermuda** | **Bermuda** | **Bermuda** | **Delaware** | **Delaware** | **Delaware** |
| ***Duties of directors*** | ***Duties of directors*** | ***Duties of directors*** | ***Duties of directors*** | ***Duties of directors*** | ***Duties of directors*** |
| – | The Companies Act authorizes the directors of a company, subject to its bye-laws, to exercise all powers of the company except those that are required by the Companies Act or the company's bye-laws to be exercised by the shareholders of the company. Our bye-laws provide that our business is to be managed and conducted by our Board of Directors. At common law, members of a Board of Directors owe a fiduciary duty to the company to act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. This duty includes the following essential elements: | The Companies Act authorizes the directors of a company, subject to its bye-laws, to exercise all powers of the company except those that are required by the Companies Act or the company's bye-laws to be exercised by the shareholders of the company. Our bye-laws provide that our business is to be managed and conducted by our Board of Directors. At common law, members of a Board of Directors owe a fiduciary duty to the company to act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. This duty includes the following essential elements: |  | – | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. |
|  | – | a duty to act in good faith in the best interests of the company; | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. |  |  |
|  | – | a duty not to make a personal profit from opportunities that arise from the office of director; | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. |  |  |
|  | – | a duty to avoid conflicts of interest; and | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. |  |  |
|  | – | a duty to exercise powers for the purpose for which such powers were intended.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Under Delaware law, the business and affairs of a corporation are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care to protect the interests of the corporation and a fiduciary duty of loyalty to act in the best interests of its shareholders. The duty of care requires that a director act in good faith, with the care that an ordinarily prudent person would exercise under similar circumstances. Under this duty, a director must inform himself of, and disclose to shareholders, all material information reasonably available regarding a significant transaction. The duty of loyalty requires that a director act in a manner he reasonably believes to be in the best interests of the corporation. He must not use his corporate position for personal gain or advantage. This duty prohibits self-dealing by a director and mandates that the best interest of the corporation and its shareholders take precedence over any interest possessed by a director, officer or controlling shareholder and not shared by the shareholders generally. |  |  |
| – | The Companies Act imposes a duty on directors and officers of a Bermuda company: | The Companies Act imposes a duty on directors and officers of a Bermuda company: | – | In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. |
|  | – | to act honestly and in good faith with a view to the best interests of the company; and | In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. |  |
|  | – | to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. | In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. | In general, actions of a director are presumed to have been made on an informed basis, in good faith and in the honest belief that the action taken was in the best interests of the corporation. However, this presumption may be rebutted by evidence of a breach of one of the fiduciary duties. Should such evidence be presented concerning a transaction by a director, a director must prove the procedural fairness of the transaction, and that the transaction was of fair value to the corporation. |  |
| – | The Companies Act also imposes various duties on directors and officers of a company with respect to certain matters of management and administration of the company. Under Bermuda law, directors and officers generally owe fiduciary duties to the company itself, not to the company's individual shareholders, creditors or any class thereof. Our shareholders may not have a direct cause of action against our directors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | The Companies Act also imposes various duties on directors and officers of a company with respect to certain matters of management and administration of the company. Under Bermuda law, directors and officers generally owe fiduciary duties to the company itself, not to the company's individual shareholders, creditors or any class thereof. Our shareholders may not have a direct cause of action against our directors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |  |  |  |

---

110<br>

------

---

| | |
|:---|:---|
| **Bermuda** | **Delaware** |
| ***Takeovers*** | ***Takeovers*** |
| An acquiring party is generally able to acquire compulsorily the common shares of minority holders of a company in the following ways: |  |
| By a procedure under the Companies Act known as a "scheme of arrangement." A scheme of arrangement could be effected by obtaining the agreement of the company and of holders of common shares, representing in the aggregate a majority in number and at least 75% in value of the common shareholders present and voting at a court ordered meeting held to consider the scheme of arrangement. The scheme of arrangement must then be sanctioned by the Bermuda Supreme Court. If a scheme of arrangement receives all necessary agreements and sanctions, upon the filing of the court order with the Registrar, all holders of common shares could be compelled to sell their shares under the terms of the scheme of arrangement. | Delaware law provides that a parent corporation, by resolution of its board of directors and without any shareholder vote, may merge with any subsidiary of which it owns at least 90% of each class of its capital stock. Upon any such merger, and in the event the parent corporate does not own all of the stock of the subsidiary, dissenting shareholders of the subsidiary are entitled to certain appraisal rights. |
| By a procedure under the Companies Act known as a "scheme of arrangement." A scheme of arrangement could be effected by obtaining the agreement of the company and of holders of common shares, representing in the aggregate a majority in number and at least 75% in value of the common shareholders present and voting at a court ordered meeting held to consider the scheme of arrangement. The scheme of arrangement must then be sanctioned by the Bermuda Supreme Court. If a scheme of arrangement receives all necessary agreements and sanctions, upon the filing of the court order with the Registrar, all holders of common shares could be compelled to sell their shares under the terms of the scheme of arrangement. | Delaware law also provides, subject to certain exceptions, that if a person acquires 15% of voting stock of a company, the person is an "interested shareholder" and may not engage in "business combinations" with the company for a period of three years from the time the person acquired 15% or more of voting stock. |
| If the acquiring party is a company, it may compulsorily acquire all the shares of the target company by acquiring pursuant to a tender offer 90% of the shares or class of shares not already owned by, or by a nominee for, the acquiring party (the offeror), or any of its subsidiaries. If an offeror has, within four months after the making of an offer for all the shares or class of shares not owned by, or by a nominee for, the offeror, or any of its subsidiaries, obtained the approval of the holders of 90% or more of all the shares to which the offer relates, the offeror may, at any time within two months beginning with the date on which the approval was obtained, by notice compulsorily acquire the shares of any nontendering shareholder on the same terms as the original offer unless the Supreme Court of Bermuda (on application made within a one-month period from the date of the offeror's notice of its intention to acquire such shares) orders otherwise. |  |
| Where the acquiring party or parties hold not less than 95% of the shares or a class of shares of the company, by acquiring, pursuant to a notice given to the remaining shareholders or class of shareholders, the shares of such remaining shareholders or class of shareholders. When this notice is given, the acquiring party is entitled and bound to acquire the shares of the remaining shareholders on the terms set out in the notice, unless a remaining shareholder, within one month of receiving such notice, applies to the Supreme Court of Bermuda for an appraisal of the value of |  |

---

111<br>

------

---

| | |
|:---|:---|
| **Bermuda** | **Delaware** |
| their shares. This provision only applies where the acquiring party offers the same terms to all holders of shares whose shares are being acquired.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>|  |
| ***Dissenter's rights of appraisal*** | ***Dissenter's rights of appraisal*** |
| A dissenting shareholder (that did not vote in favor of the amalgamation or merger and who is not satisfied that the fair value has been offered for his shares) of a Bermuda exempted company may, within one month of notice of the shareholders' meeting, apply to the Bermuda Supreme Court to appraise the fair value of those shares. Note that each share of an amalgamating or merging company carries this right to vote in respect of the amalgamation or merger whether or not it otherwise carries the right to vote.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | With limited exceptions, appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation. |
| A dissenting shareholder (that did not vote in favor of the amalgamation or merger and who is not satisfied that the fair value has been offered for his shares) of a Bermuda exempted company may, within one month of notice of the shareholders' meeting, apply to the Bermuda Supreme Court to appraise the fair value of those shares. Note that each share of an amalgamating or merging company carries this right to vote in respect of the amalgamation or merger whether or not it otherwise carries the right to vote.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | The certificate of incorporation may provide that appraisal rights are available for shares as a result of an amendment to the certificate of incorporation, any merger or consolidation or the sale of all or substantially all of the assets. |
| ***Dissolution*** | ***Dissolution*** |
| Under Bermuda law, a solvent company may be wound up by way of a shareholders' voluntary liquidation. Prior to the company entering liquidation, a majority of the directors shall each make a statutory declaration, which states that the directors have made a full enquiry into the affairs of the company and have formed the opinion that the company will be able to pay its debts within a period of 12 months of the commencement of the winding up and must file the statutory declaration with the Registrar. The general meeting must be held within five weeks of the making of the declaration and will be convened primarily for the purposes of passing a resolution that the company be wound up voluntarily and appointing a liquidator. The winding up of the company is deemed to commence at the time of the passing of the resolution.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Under Delaware law, a corporation may voluntarily dissolve (i) if a majority of the board of directors adopts a resolution to that effect and the holders of a majority of the issued and outstanding shares entitled to vote thereon vote for such dissolution; or (ii) if all shareholders entitled to vote thereon consent in writing to such dissolution. |
| ***Shareholder's derivative actions*** | ***Shareholder's derivative actions*** |
| Class actions and derivative actions are generally not available to shareholders under Bermuda law. Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or illegal, or would result in the violation of the company's memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or, for instance, where an act requires the approval of a greater percentage of the company's shareholders than that which actually approved it. | In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder's stock thereafter devolved upon such shareholder by operation of law. |

---

112<br>

------

C. **Material Contracts**

Please see "Item 4. Information on the Company – A. History and Development of the Company," "Item 4. Information on the Company – B. Business Overview," "Item 5. Operating and Financial Review and Prospects – B. Liquidity and Capital Resources," and "Item 7. Major Shareholders and Related Party Transactions – B. Related Party Transactions" for a discussion of material contracts entered into outside of the ordinary course of business in the preceding two years. Except as otherwise disclosed in this registration statement (including the Exhibits), we are not currently, and have not been in the last two years, party to any material contract, other than contracts entered into in the ordinary course of business.

D. **Exchange Controls**

Consent under the Exchange Control Act 1972 (and its related regulations) has been obtained from the Bermuda Monetary Authority for the issue and transfer of our common shares to and between non-residents of Bermuda for exchange control purposes provided our common shares remain listed on an appointed stock exchange, which includes the NYSE. In granting such consent the Bermuda Monetary Authority accepts no responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed in this registration statement.

E. **Taxation**

*The following is a description of the material Bermuda and U.S. federal income tax considerations relevant to an investment decision by a potential investor with respect to our common shares. This discussion does not address all of the tax consequences that may be relevant in light of the investor's particular circumstances. Potential investors should consult their tax advisers regarding the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our common shares in their particular circumstances.*

#### Bermuda Tax Considerations
At the present time, there is no Bermuda income or profits tax, withholding tax, capital gains tax, capital transfer tax, estate duty or inheritance tax payable by us or by our shareholders in respect of our shares. We have obtained an assurance from the Minister of Finance of Bermuda under the Exempted Undertakings Tax Protection Act 1966 that, in the event that any legislation is enacted in Bermuda imposing any tax computed on profits or income, or computed on any capital asset, gain or appreciation or any tax in the nature of estate duty or inheritance tax, such tax shall not, until March 31, 2035, be applicable to us or to any of our operations or to our shares, debentures or other obligations except insofar as such tax applies to persons ordinarily resident in Bermuda or is payable by us in respect of real property owned or leased by us in Bermuda.

#### U.S. Federal Income Tax Considerations
The following discussion is a summary of the material U.S. federal income tax consequences to us of our activities and, subject to the limitations described below, to U.S. Holders (as defined below) of owning and disposing of our common shares, but it does not purport to be a comprehensive description of all tax considerations that may be relevant to a particular person's decision to acquire our common shares.

This discussion is based on the Code, administrative pronouncements, judicial decisions, and final, temporary and proposed Treasury regulations, all as of the date hereof, any of which is subject to change, possibly with retroactive effect.

The discussion below is based, in part, on the description of our business as described in this registration statement and, unless otherwise stated, assumes that we conduct, and will continue to conduct, our business as described herein.

#### U.S. Federal Income Taxation of Our Shipping Income
We anticipate that we will earn substantially all our income from the hiring or leasing of vessels for use on a time or voyage charter basis, including through participation in a commercial pool, or from the performance of services directly related to those uses, all of which we refer to as "shipping income."

113<br>

------

#### **TABLE OF CONTENTS**
Unless we qualify from an exemption from U.S. federal income taxation under the rules of Section 883 of the Code as discussed below, we will be subject to U.S. federal income taxation on our U.S.-source gross shipping income. For this purpose, "shipping income" includes income that is derived from, or in connection with (i) the use of vessels, (ii) the hiring or leasing for use of vessels, (iii) the performance of services directly related to the use of vessels, and (iv) the participation in a pool, partnership, strategic alliance, joint operating agreement or other joint venture that directly or indirectly generates income described in (i) through (iii). For U.S. federal income tax purposes, U.S.-source shipping income includes 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States and 100% of shipping income attributable to transportation exclusively between U.S. ports. Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources outside the U.S. and not subject to any U.S. federal income tax. We do not expect to engage in transportation that produces income that is considered to be 100% U.S.-source shipping income.

Under Section 883 and the applicable Treasury regulations, a non-U.S. corporation will be exempt from U.S. federal income tax on its U.S.-source shipping income if:

(1)<br> it is organized in a "qualified foreign country," which is a country that grants an "equivalent exemption" from tax to corporations organized in the United States in respect of each category of shipping income for which exemption is being claimed under Section 883; and

(2)<br> either

(a) more than 50% of the value of its shares is beneficially owned, directly or indirectly, by "qualified shareholders," which as defined includes individuals who are "residents" of a qualified foreign country;

(b)<br> its shares are "primarily and regularly traded on an established securities market" in a qualified foreign country or in the United States; or

(c) it is a "controlled foreign corporation" and one or more qualified U.S. persons generally own more than 50 percent of the total value of all the outstanding stock.

Bermuda, the jurisdiction where we are incorporated, and the Republic of the Marshall Islands and Liberia, the jurisdictions where our subsidiaries that own or lease our Vessels are incorporated, are qualified foreign countries that currently grant the requisite equivalent exemption from tax in respect of each category of shipping income we expect to earn in the future. Therefore, we would be exempt from U.S. federal income taxation with respect to our U.S.-source shipping income if we are able to satisfy any of the ownership tests described above. As discussed further below, as of the date of this registration statement, it is not clear whether we will be able to satisfy any of these tests for any taxable year.

Under Treasury regulations promulgated under Section 883, stock of a non-U.S. corporation will be "primarily traded" on an established securities market in a given country for a particular taxable year if, with respect to the class or classes of stock relied upon to meet the "regularly traded" requirement discussed in the next sentence, the number of shares of each such class that are traded during such taxable year on all established securities markets in that country exceeds the number of shares in such class that are traded during such taxable year on established securities markets in any other country. The stock of a non-U.S. corporation generally will be considered to be "regularly traded" on an established securities market for any taxable year during which one or more classes of stock that, in the aggregate, represent more than 50% of the vote and value of the outstanding stock in such non-U.S. corporation satisfy certain listing and trading volume requirements. However, a class of stock will not satisfy the "regularly traded" requirement for any taxable year during which 50% or more of the vote and value of the outstanding shares of such class is owned, actually or constructively under specified attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of outstanding shares ("5% Override Rule"). In the event the 5% Override Rule is met, the Treasury regulations provide that the 5% Override Rule will nevertheless not apply if we can establish that within the group of 5% shareholders, there are sufficient qualified shareholders for purposes of Section 883 to preclude non-qualified shareholders in such group from owning 50% or more of our common shares for more than half the number of days during the taxable year. In order to benefit from this exception to the 5% Override Rule, the Company must satisfy certain substantiation requirements with respect to the identity of its 5% shareholders.

114<br>

------

Whether we qualify for the exemption under Section 883 after this listing may, in certain circumstances, depend on a specified percentage of our common shares being owned, directly or indirectly, by shareholders who meet certain tests, including being resident in the United States or certain foreign countries. In such circumstances, we would be required to satisfy certain substantiation and reporting requirements to establish that we so qualify, which in turn would require such shareholders (and certain intermediaries through which they indirectly own our common shares) to provide us with certain documentation. The ownership of our common shares may not allow us to so qualify for the exemption under Section 883, or, even if the ownership of our common shares would allow us to so qualify, we may not be able to satisfy the substantiation and reporting requirements that we would need to meet to establish that we so qualify. As a result, although we expect to use reasonable efforts to determine whether we can qualify for the exemption under Section 883, we cannot provide any assurance that we will qualify for the exemption under Section 883 for 2022 or any subsequent taxable year. If the benefits of Section 883 are unavailable, our U.S.-source shipping income would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, to the extent that such income is not considered to be "effectively connected" with the conduct of a U.S. trade or business, as described below. Because we expect that no more than 50% of our shipping income would be treated as U.S.-source shipping income under the sourcing rules described above, we expect that the maximum effective rate of U.S. federal income tax on our shipping income would not exceed 2% under the 4% gross basis tax rules. The imposition of this tax could have a negative effect on our business and could decrease our earnings available for distribution to our shareholders.

If the exception under Section 883 were unavailable, and any of our U.S.-source shipping income were considered to be "effectively connected" with the conduct of a U.S. trade or business, as described below, any such "effectively connected" U.S.-source shipping income, net of applicable deductions, would be subject to U.S. federal income tax, currently imposed at rates of up to 21%. In addition, we would generally be subject to the 30% "branch profits" tax on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of such U.S. trade or business.

Our U.S.-source shipping income would be considered "effectively connected" with the conduct of a U.S. trade or business only if:

&nbsp;&nbsp;&nbsp;&nbsp;• we had, or were considered to have, a fixed place of business in the United States involved in the earning of U.S.-source shipping income; and

&nbsp;&nbsp;&nbsp;&nbsp;• substantially all of our U.S.-source shipping income was attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.

We do not intend to have, or permit circumstances that would result in us having, any vessel sailing to or from the United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of our shipping operations and other activities, it is anticipated that none of our U.S.- source shipping income will be "effectively connected" with the conduct of a U.S. trade or business.

#### U.S. Federal Income Taxation of Gain on Sale of Assets
Regardless of whether we qualify for exemption under Section 883, we will not be subject to U.S. federal income tax with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. To the extent circumstances permit, we intend to structure any sale of vessels in such a manner, including effecting the sale and delivery of vessels outside of the United States.

#### U.S. Federal Income Taxation of U.S. Holders
A "U.S. Holder" is a holder who, for U.S. federal income tax purposes, is a beneficial owner of our common shares and is (i) a citizen or resident of the United States; (ii) a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or (iii) an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

115<br>

------

#### **TABLE OF CONTENTS**
The following discussion applies only to a U.S. Holder that holds our common shares as capital assets for U.S. federal income tax purposes. In addition, the following discussion does not describe all of the tax consequences that may be relevant in light of the U.S. Holder's particular circumstances, including alternative minimum tax and Medicare contribution tax consequences, as well as the tax consequences applicable to U.S. Holders subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• certain financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;• dealers or traders in securities who use a mark-to-market method of tax accounting;

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding our common shares as part of a hedging transaction, straddle, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to our common shares;

&nbsp;&nbsp;&nbsp;&nbsp;• persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;• entities classified as partnerships for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities;

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding common shares in accounts that offer certain tax advantages, including an "individual retirement account" or "Roth IRA";

&nbsp;&nbsp;&nbsp;&nbsp;• persons that own or are deemed to own ten percent or more of our shares by vote or value; or

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding common shares in connection with a trade or business conducted outside of the U.S.

If an entity that is classified as a partnership for U.S. federal income tax purposes owns our common shares, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. Partnerships owning our common shares and partners in such partnerships should consult their tax advisers as to the particular U.S. federal income tax consequences of owning and disposing of our common shares.

U.S. Holders should consult their tax advisers concerning the U.S. federal, state, local and non-U.S. tax consequences of owning and disposing of our common shares in their particular circumstances.

*Distributions*

Subject to the PFIC rules described below, distributions paid on our common shares, other than certain pro rata distributions of common shares, will generally be treated as dividends to the extent paid out of the Company's current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Because the Company does not maintain calculations of its earnings and profits under U.S. federal income tax principles, it is expected that distributions to U.S. Holders generally will be reported as dividends. The amount of the dividend generally will be treated as foreign-source dividend income to U.S. Holders and will not be eligible for the dividends-received deduction generally available to U.S. corporations under the Code. Dividends will be included in a U.S. Holder's income on the date of the U.S. Holder's receipt of the dividend.

Subject to applicable limitations, including a holding period requirement, dividends paid on our common shares to certain non-corporate U.S. Holders will generally be treated as "qualified dividend income" that is taxable to such U.S. Holders at preferential tax rates provided that (i) our common shares are readily tradable on an established securities market in the U.S. (such as the New York Stock Exchange, on which our common shares are expected to be traded); and (ii) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (which, as discussed below, we do not believe that we are, were for our 2021 taxable year, or will be for any future taxable years). Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a non-corporate U.S. Holder. U.S. Holders should consult their tax advisers regarding the availability of the preferential tax rates on dividends in their particular circumstances.

*Sale or Other Disposition of Our Common Shares*

Subject to the PFIC rules described below, gain or loss realized on the sale or other disposition of our common shares will be capital gain or loss, and will be long-term capital gain or loss if the U.S. Holder held our common shares for more than one year. The amount of the gain or loss will equal the difference between the

116<br>

------

U.S. Holder's tax basis in the common shares disposed of and the amount realized on the disposition. This gain or loss will generally be U.S.-source gain or loss for foreign tax credit limitation purposes. A U.S. Holder's ability to deduct capital losses is subject to certain limitations.

*Passive Foreign Investment Company Rules*

In general, a non-U.S. corporation will be considered a PFIC for any taxable year in which (i) 75% or more of its gross income consists of passive income or (ii) 50% or more of the average quarterly value of its assets consists of assets that produce, or are held for the production of, passive income. For purposes of the above calculations, a non-U.S. corporation that directly or indirectly owns at least 25% by value of the shares of another corporation is treated as if it held its proportionate share of the assets of the other corporation and received directly its proportionate share of the income of the other corporation. Passive income generally includes dividends, interest, rents, royalties and capital gains, other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services generally does not constitute passive income.

We believe that we were not a PFIC for our 2021 taxable year. Based on our current and expected operations, we believe that we will not be a PFIC with respect to our 2022 taxable year and do not expect to become a PFIC in the foreseeable future. We intend to treat our income from our time charters and voyage charters, including through commercial pools, as services income, and not as rental income, for purposes of applying these rules. Accordingly, we believe that our income from our time charters and voyage charters, including through commercial pools, does not constitute passive income for purposes of determining whether we are a PFIC, and, consequently, the assets that we own and operate in connection with the production of that income do not constitute passive assets. While there is no authority under the PFIC rules that directly addresses the treatment of income derived from time charters and voyage charters, including through commercial pools, as passive or nonpassive income, there is substantial legal authority supporting the treatment of such income as not constituting passive income for other tax purposes. However, there is also authority which characterizes income from time charters as rental income rather than services income for other tax purposes. Accordingly, the IRS or a court might not accept our position, and there is a risk that the IRS or a court may determine that we are a PFIC. Moreover, no assurance can be given that we would not become a PFIC for any future taxable year if the nature and extent of our operations change.

If the IRS were successful in asserting that we have been a PFIC for any taxable year during which a U.S. Holder held our common shares, a U.S. Holder could be subject to certain adverse tax consequences. Unless the U.S. Holder were to make a timely "mark-to-market" election, as discussed below, gain recognized on a sale or other disposition (including certain pledges) of our common shares would be allocated ratably over the U.S. Holder's holding period of the common shares. The amounts allocated to the taxable year of disposition and to the years before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for that taxable year for individuals or corporations, as appropriate, and an interest charge would be imposed on the tax attributable to the allocated amounts. Further, to the extent that any distribution received by a U.S. Holder on its common shares exceeded 125% of the average of the annual distributions on the common shares received during the preceding three years or the U.S. Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain, described immediately above. In addition, generally we would continue to be treated as a PFIC with respect to the U.S. Holder for all succeeding years during which the U.S. Holder held our common shares, even if we ceased to meet the threshold requirements for PFIC status. If we were treated as a PFIC for the taxable year in which we paid a dividend or the prior taxable year, the dividend would not constitute "qualified dividend income" and the preferential tax rates discussed above (under " – Distributions") would not apply.

In addition, if we were treated as a PFIC, certain of our corporate subsidiaries may also be treated as PFICs (any such subsidiaries which are PFICs, "Lower-tier PFICs"). Under attribution rules, if we were treated as a PFIC, U.S. Holders will be deemed to own their proportionate shares of our Lower-tier PFICs and will be subject to U.S. federal income tax according to the rules described herein on (i) certain distributions by a Lower-tier PFIC and (ii) a disposition of shares of a Lower-tier PFIC, in each case as if the U.S. Holder held such shares directly, even though holders have not received the proceeds of those distributions or dispositions directly.

117<br>

------

If we were to be treated as a PFIC for any taxable year and our common shares were "regularly traded" on a "qualified exchange," a U.S. Holder could make a mark-to-market election that would result in tax treatment different from the general tax treatment for PFICs described above. Our common shares will be treated as "regularly traded" in any calendar year in which more than a de minimis quantity of the common shares are traded on a qualified exchange on at least 15 days during each calendar quarter. The New York Stock Exchange, on which our common shares are expected to be listed, is a qualified exchange for this purpose. Even if the mark-to-market election is available with respect to our common shares, such election will generally not be available with respect to any of our subsidiaries that are Lower-tier PFICs. U.S. Holders should consult their tax advisers regarding the availability and advisability of making a mark-to-market election in their particular circumstances.

If a U.S. Holder were to make the mark-to-market election, such U.S. Holder generally would recognize as ordinary income any excess of the fair market value of our common shares at the end of each taxable year over its adjusted tax basis, and would recognize an ordinary loss in respect of any excess of the adjusted tax basis of our common shares over their fair market value at the end of the taxable year (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). If a U.S. Holder were to make the election, the U.S. Holder's tax basis in the common shares would be adjusted to reflect the income or loss amounts recognized. Any gain recognized on the sale or other disposition of our common shares in a year when we are a PFIC would be treated as ordinary income and any loss would be treated as an ordinary loss (but only to the extent of the net amount of income previously included as a result of the mark-to-market election). Dividends paid on our common shares would not constitute "qualified dividend income" and the preferential tax rates discussed above (under "- Distributions") would not apply.

We do not intend to provide information necessary for U.S. Holders to make qualified electing fund elections, which if available could result in a further alternative treatment.

If a U.S. Holder owns our common shares during any year in which we are treated as a PFIC, the U.S. Holder generally must file an annual report on an IRS Form 8621(or any successor form) with the U.S. Holder's federal income tax return for that year.

#### Backup Withholding and Information Reporting
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are subject to information reporting, and may be subject to backup withholding, unless (i) the U.S. Holder is a corporation or other exempt recipient or (ii) in the case of backup withholding, the U.S. Holder provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against the holder's U.S. federal income tax liability and may entitle it to a refund, provided that the required information is timely furnished to the IRS.

Certain U.S. Holders who are individuals or entities closely held by individuals may be required to report information relating to securities of non-U.S. companies, such as our common shares, subject to certain exceptions (including an exception for securities held in accounts maintained by financial institutions, in which case the accounts themselves may be reportable if maintained by non-U.S. financial institutions). U.S. Holders should consult their tax advisers regarding their reporting obligations with respect to our common shares.

F. **Dividends and Paying Agents**

Not applicable.

G. **Statement by Experts**

Not applicable.

H. **Documents on Display**

Upon effectiveness of this registration statement, we will become subject to the reporting requirements of the Exchange Act. Accordingly, we will be required to file reports and other information with the SEC, including

118<br>

------

#### **TABLE OF CONTENTS**
annual reports on Form 20-F and to furnish reports on Form 6-K. The SEC maintains an Internet site at www.sec.gov that contains reports, proxy and information statements and other information we have filed electronically with the SEC.

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our executive officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the Exchange Act. In addition, we will not be required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act.

However, we will file with the SEC, within four months after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm. We also intend to voluntarily file with the SEC current reports on Form 6-K that include quarterly financial statements.

In addition, since our ordinary shares are traded on the Euronext, we have filed periodic and immediate reports with, and furnish information to, the Euronext.

I. **Subsidiary Information**

For information on our subsidiaries, see "Item 4. Business – C. Organizational Structure," and Exhibit 8.1 to this registration statement.

119<br>

------

---

| | |
|:---|:---|
| **ITEM 11.**<br>| **QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK** |

---

We are exposed to various market risks, including interest rate, commodity price and foreign currency exchange risks. The following analysis provides quantitative information regarding our exposure to foreign currency exchange rate risk and interest rate risk. There are certain shortcomings inherent in the sensitivity analysis presented, primarily due to the assumption that exchange rates change in a parallel fashion and that interest rates change instantaneously.

*Interest rate risk. A significant portion of our long-term debt obligation is subject to adverse movements in interest rates. Credit exposures are monitored on a counterparty basis, with all new transactions subject to senior management approval.*

The principal amount of our floating rate loans outstanding as of December 31, 2021 was $129.8 million. Based on our floating rate debt at December 31, 2021, a one-percentage point increase in the floating interest rate would increase our interest expense by $1.2 million per annum.

Subsequent to September 30, 2022, we entered into interest rate swap agreements with various financial institutions to reduce the interest rate risk associated with fluctuations and exposure to changes in interest rates associated with our financing agreements. As of September 2022, nominal amount of $383.1 million of the interest exposure for the $570 million bank facility has been hedged at an average fixed rate of 3.13%. The swap agreements, maturing in February 2027, follow the amortization profile of the $570 million bank facility. We may enter into additional financial instruments to manage our exposure to interest rates.

*Foreign currency risk. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency. Periodically, we may be exposed to foreign currency exchange fluctuations as a result of expenses paid by certain subsidiaries in currencies other than U.S. dollars, for instance British Pounds, in relation to our administrative office in the U.K., and Norwegian Kroners and Euros, for operating expenses and capital expenditure projects.* 

We operate principal technical and operations offices in Norway, where the majority of expenses are incurred in NOK. Based on our NOK administrative expenses incurred in 2021, a 10% depreciation of the U.S. dollar against NOK would have increased our expenses by $0.8 million.

The base currency of the majority of our seafaring officers' remuneration was the Euro. Based on the crew costs incurred in 2021, a 10% depreciation of the U.S. dollar against the Euro would have increased our crew cost for 2021 by $1.5 million.

*Inflation risk. Inflation has not had a significant impact on operating or other expenses; however our contracts do not generally contain inflation-adjustment mechanisms and we are subject to risks related to inflation.*

We do not consider inflation to be a significant risk to costs in the current and foreseeable future economic environment. However, should the world economy continue to be affected by inflationary pressures this could result in increased operating and financing costs.

---

| | |
|:---|:---|
| **ITEM 12.**<br>| **DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES** |

---

A. **Debt Securities**

Not applicable.

B. **Warrants and Rights**

Not applicable.

C. **Other Securities**

Not applicable.

D. **American Depositary Shares**

Not applicable.

120<br>

------

#### PART II

---

| | |
|:---|:---|
| **ITEM 13.**<br>| **DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 14.**<br>| **MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 15.**<br>| **CONTROLS AND PROCEDURES** |

---

A. **Disclosure Controls and Procedures**

Not applicable.

B. **Management's Annual Report on Internal Control Over Financial Reporting**

Not applicable.

C. **Attestation Report of the Registered Public Accounting Firm**

Not applicable.

D. **Changes in Internal Control Over Financial Reporting**

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16.**<br>| **[RESERVED]** |

---

---

| | |
|:---|:---|
| **ITEM 16A.**<br>| **AUDIT COMMITTEE FINANCIAL EXPERT** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16B.**<br>| **CODE OF ETHICS** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16C.**<br>| **PRINCIPAL ACCOUNTANT FEES AND SERVICES** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16D.**<br>| **EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16E.**<br>| **PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16F.**<br>| **CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16G.**<br>| **CORPORATE GOVERNANCE** |

---

Not applicable.

121<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ITEM 16H.**<br>| **MINE SAFETY DISCLOSURE** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 16I.**<br>| **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS** |

---

Not applicable.

122<br>

------

#### PART III

---

| | |
|:---|:---|
| **ITEM 17.**<br>| **FINANCIAL STATEMENTS** |

---

We have responded to Item 18 in lieu of this item.

---

| | |
|:---|:---|
| **ITEM 18.**<br>| **FINANCIAL STATEMENTS** |

---

Financial Statements are filed as part of this registration statement, beginning on page F-[1](#tITF).

---

| | |
|:---|:---|
| **ITEM 19.**<br>| **EXHIBITS** |

---

The following documents are filed as part of this registration statement.

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [1.1\*](ny20005919x6_ex1-1.htm) | Memorandum of Association of Cool Company Ltd. |
| [1.2\*](ny20005919x6_ex1-2.htm) | Form of Amended and Restated Bye-laws of Cool Company Ltd. |
| [1.3\*](ny20005919x6_ex1-3.htm) | Certificate of Incorporation of Cool Company Ltd.  |
| [2.1\*](ny20005919x6_ex2-1.htm) | Form of Registration Rights Agreement |
| [2.2\*](ny20005919x6_ex2-2.htm) | Facility Agreement dated February 17, 2022 for up to $570,000,000 Senior Secured Sustainability-Linked Amortizing Term Loan Facility |
| [2.3\*](ny20005919x6_ex2-3.htm) | Loan Agreement dated January 26, 2022 by and between Golar LNG Limited and Cool Company Ltd. relating to a $25,000,000 Revolving Facility |
| [2.4\*](ny20005919x6_ex2-4.htm) | Supplemental Agreement dated November 10, 2022 to the $520,000,000 Secured Loan Facility Agreement |
| [2.5\*](ny20005919x6_ex2-5.htm) | Guarantee and Indemnity dated November 10, 2022 by Cool Company Ltd. in Favor of ING Bank. N.V., Singapore Branch |
| [4.1](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/vesselspa.htm)<sup>[++\*](https://www.sec.gov/Archives/edgar/data/1207179/000120717922000009/vesselspa.htm)</sup> | Share Purchase Agreement dated January 26, 2022 by and between Cool Company Ltd. and Golar LNG Limited (incorporated by reference to Exhibit 4.29 filed with the Form 20-F filed by Golar LNG Limited on April 28, 2022) |
| [4.2](ny20005919x6_ex4-2.htm)<sup>[++\*](ny20005919x6_ex4-2.htm)</sup> | Amendment Agreement to Share Purchase Agreement dated February 25, 2022 by and between Cool Company Ltd. and Golar LNG Limited |
| [4.3](ny20005919x6_ex4-3.htm)<sup>[++\*](ny20005919x6_ex4-3.htm)</sup> | Share Purchase Agreement dated June 30, 2022 by and among Golar Management (Bermuda) Limited, Cool Company Ltd. and Golar LNG Limited |
| [4.4](ny20005919x6_ex4-4.htm)<sup>[++\*](ny20005919x6_ex4-4.htm)</sup> | Administrative Services Agreement dated June 30, 2022 between Golar Management Ltd. and Cool Company Management Ltd. |
| [4.5\*](ny20005919x6_ex4-5.htm) | Master Sale Agreement dated November 3, 2022 between Quantum Crude Tankers Ltd and Cool Company Ltd. |
| [4.6\*](ny20005919x6_ex4-6.htm) | Option Agreement dated November 3, 2022 by and among Cool Company Ltd., Geytech Marine Ltd and Joytech Marine Ltd |

---

123<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [8.1\*](ny20005919x6_ex8-1.htm) | List of subsidiaries |
| [15.1\*](ny20005919x6_ex15-1.htm) | Consent of Ernst & Young LLP |
| [15.2\*](ny20005919x6_ex15-2.htm) | Consent of Clarkson Research Services Limited |

---

\*<br> Filed herewith.

<sup>++</sup><br> Certain portions of this exhibit (indicated by "[\*\*\*]") have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K because it is not material and is the type of information that the registrant treats as private or confidential.

124<br>

------

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this registration statement on its behalf.

---

| | | | |
|:---|:---|:---|:---|
|  |  | Cool Company Ltd. | Cool Company Ltd. |
| Date:  | February 14, 2023 | By: | /s/ Richard Tyrrell |
|  |  |  | Name: Richard Tyrrell  |
|  |  |  | Title: Chief Executive Officer  |
|  |  | By: | /s/ Johannes P. Boots |
|  |  |  | Name: Johannes P. Boots  |
|  |  |  | Title: Chief Financial Officer |

---

125<br>

------

#### **TABLE OF CONTENTS**

#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;**GOLAR SHIPPING AND VESSEL MANAGEMENT (a carve-out business of**<br>**Golar LNG Limited)**<br>|  |
| AUDITED COMBINED CARVE-OUT FINANCIAL STATEMENTS<br>|  |
| [Report of Independent Registered Public Accounting Firm](#tRIR) | &nbsp;&nbsp;[F-3](#tRIR) |
| [Combined Carve-out Statements of Operations for the years ended December 31, 2021 and 2020](#tCCO) | &nbsp;&nbsp;[F-4](#tCCO) |
| [Combined Carve-out Statements of Comprehensive Income for the years ended December 31, 2021 and 2020](#tCCC) | &nbsp;&nbsp;[F-5](#tCCC) |
| [Combined Carve-out Balance Sheets as of December 31, 2021 and 2020](#tCCB) | &nbsp;&nbsp;[F-6](#tCCB) |
| [Combined Carve-out Statements of Cash Flows for the years ended December 31, 2021 and 2020](#tCSC) | &nbsp;&nbsp;[F-7](#tCSC) |
| [Combined Carve-out Statements of Changes in Equity for the years ended December 31, 2021 and 2020](#tCCE) | &nbsp;&nbsp;[F-8](#tCCE) |
| [Notes to the Combined Carve-out Financial Statements](#tNCC) | &nbsp;&nbsp;[F-9](#tNCC) |
| **COOL COMPANY LTD.**<br>|  |
| UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS<br>|  |
| [Unaudited Condensed Statements of Operations for the nine month periods ended September 30, 2022 and 2021](#tUNACONSOO) | [F-33](#tUNACONSOO) |
| [Unaudited Condensed Statements of Comprehensive Income for the nine month periods ended September 30, 2022 and 2021](#tCCCI) | [F-34](#tCCCI) |
| [Unaudited Condensed Balance Sheets as of September 30, 2022 and December 31, 2021](#tCCBS) | [F-35](#tCCBS) |
| [Unaudited Condensed Statements of Cash Flows for the nine month periods ended September 30, 2022 and 2021](#tCCCF) | [F-36](#tCCCF) |
| [Unaudited Condensed Statements of Changes In Equity for the nine month periods ended September 30, 2022 and 2021](#tCCCE) | [F-38](#tCCCE) |
| &nbsp;&nbsp;[Notes to the Unaudited Condensed Consolidated and Combined Carve-Out Financial Statements](#tCCN) | [F-39](#tCCN) |
| **PERNLI MARINE LIMITED<sup>(1)</sup>**<br>|  |
| UNAUDITED FINANCIAL STATEMENTS<br>|  |
| [Unaudited Balance Sheet](#tUNABALS) | [F-63](#tUNABALS) |
| [Unaudited Statement of Operations and Comprehensive Income](#tPMUSO) | [F-64](#tPMUSO) |
| [Unaudited Statement of Equity](#tPMUSE) | [F-65](#tPMUSE) |
| [Unaudited Statement of Cash Flows](#tPMUSC) | [F-66](#tPMUSC) |
| [Notes to Unaudited Financial Statements](#tPMN) | [F-67](#tPMN) |

---

<sup>(</sup><sup>1</sup><sup>)</sup><br> The financial statements of Pernli Marine Limited, Persect Marine Limited, Felox Marine Limited and Respent Marine Limited are presented pursuant to Rule 3-05 of Regulation S-X.

F-1<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **PERSECT MARINE LIMITED<sup>(1)</sup>**<br>|  |
| UNAUDITED FINANCIAL STATEMENTS<br>|  |
| [Unaudited Balance Sheet](#tUNAUBALASH) | &nbsp;&nbsp;[F-73](#tUNAUBALASH) |
| [Unaudited Statement of Operations and Comprehensive Income](#tPSO) | &nbsp;&nbsp;[F-74](#tPSO) |
| [Unaudited Statement of Equity](#tPSE) | &nbsp;&nbsp;[F-75](#tPSE) |
| [Statement of Cash Flows](#tPCF) | &nbsp;&nbsp;[F-76](#tPCF) |
| [Notes to Unaudited Financial Statements](#tPN) | &nbsp;&nbsp;[F-77](#tPN) |
| **FELOX MARINE LIMITED<sup>(1)</sup>**<br>|  |
| UNAUDITED FINANCIAL STATEMENTS<br>|  |
| [Unaudited Balance Sheet](#tUNABALANSH) | &nbsp;&nbsp;[F-83](#tUNABALANSH) |
| [Unaudited Statement of Operations and Comprehensive Income](#tFMUSO) | &nbsp;&nbsp;[F-84](#tFMUSO) |
| [Unaudited Statement of Equity](#tFMUSE) | &nbsp;&nbsp;[F-85](#tFMUSE) |
| [Unaudited Statement of Cash Flows](#tFMUSC) | &nbsp;&nbsp;[F-86](#tFMUSC) |
| [Notes to Unaudited Financial Statements](#tFMN) | &nbsp;&nbsp;[F-87](#tFMN) |
| **RESPENT MARINE LIMITED<sup>(1)</sup>**<br>|  |
| UNAUDITED FINANCIAL STATEMENTS<br>|  |
| [Unaudited Balance Sheet](#tUNAUDIBALSH) | &nbsp;&nbsp;[F-93](#tUNAUDIBALSH) |
| [Unaudited Statement of Operations and Comprehensive Income](#tRMUSO) | &nbsp;&nbsp;[F-94](#tRMUSO) |
| [Unaudited Statement of Equity](#tRMUSE) | &nbsp;&nbsp;[F-95](#tRMUSE) |
| [Unaudited Statement of Cash Flows](#tRMUSC) | &nbsp;&nbsp;[F-96](#tRMUSC) |
| [Notes to Unaudited Financial Statements](#tRMN) | &nbsp;&nbsp;[F-97](#tRMN) |
| **COOL COMPANY LTD.**<br>|  |
| UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION<br>|  |
| [Unaudited Pro Forma Condensed Combined Statements of Operations for the nine month periods ended September 30, 2022](#tUNPROFORCSO) | [F-104](#tUNPROFORCSO) |
| [Unaudited Condensed Combined Balance Sheet for the nine months periods as of September 30, 2022](#tUNPROFORCCBS) | [F-105](#tUNPROFORCCBS) |

---

<sup>(1)</sup> <br> The financial statements of Pernli Marine Limited, Persect Marine Limited, Felox Marine Limited and Respent Marine Limited are presented pursuant to Rule 3-05 of Regulation S-X.

F-2<br>

------

#### Report of Independent Registered Public Accounting Firm

#### To the Shareholders and the Board of Directors of Cool Company Ltd. (as Successor to Golar Shipping <br>

#### and Vessel Management)

#### Opinion on the Financial Statements
We have audited the accompanying combined carve-out balance sheets of Golar Shipping and Vessel Management (a carve-out business of Golar LNG Limited) (the "Predecessor Company") as of December 31, 2021 and 2020, the related combined carve-out statements of operations, combined carve-out statements of comprehensive income, combined carve-out statements of changes in equity and combined carve-out statements of cash flows for each of the two years in the period ended December 31, 2021, and the related notes (collectively referred to as the "combined carve-out financial statements"). In our opinion, the combined carve-out financial statements present fairly, in all material respects, the financial position of the Predecessor Company at December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2021, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Predecessor Company's management. Our responsibility is to express an opinion on the Predecessor Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Predecessor Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

We have served as the Company's auditor since 2022.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

London, United Kingdom<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

September 6, 2022<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

except for Note 1, Note 2 and Note 23, as to which the date is<br>

October 26, 2022

F-3<br>

------

#### **TABLE OF CONTENTS**

#### GOLAR SHIPPING AND VESSEL MANAGEMENT<br>

#### (a carve-out business of Golar LNG Limited)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### COMBINED CARVE-OUT STATEMENTS OF OPERATIONS FOR THE YEARS ENDED <br>

#### DECEMBER 31, 2021 AND 2020

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **Predecessor** <br>**2021** | **Predecessor** <br>**2020** |
| Time and voyage charter revenues | 6, 10 | &nbsp;&nbsp;&nbsp;161958 | &nbsp;&nbsp;&nbsp;164740 |
| Vessel and other management fee revenues | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7820 |
| **Total operating revenues** |  | &nbsp;&nbsp;&nbsp;**171919** | &nbsp;&nbsp;&nbsp;**172560** |
| Vessel operating expenses | 19, 14 | &nbsp;&nbsp;&nbsp;(48048) | &nbsp;&nbsp;&nbsp;(45314) |
| Voyage, charter hire and commission expenses, net | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(709) | &nbsp;&nbsp;&nbsp;(11228) |
| Administrative expenses | 19, 14 | &nbsp;&nbsp;&nbsp;(17743) | &nbsp;&nbsp;&nbsp;(14437) |
| Depreciation and amortization | 12 | &nbsp;&nbsp;&nbsp;(43389) | &nbsp;&nbsp;&nbsp;(44328) |
| &nbsp;&nbsp;**Total operating expenses** |  | &nbsp;&nbsp;**(109889)** | &nbsp;&nbsp;**(115307)** |
| &nbsp;&nbsp;Other operating income | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 |
| **Operating income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**67050** | &nbsp;&nbsp;&nbsp;&nbsp;**60515** |
| **Financial income/(expense)**<br>|  |  |  |
| Interest income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 |
| Interest expense | 16 | &nbsp;&nbsp;&nbsp;(18087) | &nbsp;&nbsp;&nbsp;(26953) |
| Other financial items | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(895) |
| **Net financial expenses** |  | &nbsp;&nbsp;&nbsp;**(18460)** | &nbsp;&nbsp;&nbsp;**(27778)** |
| **Income before income taxes and non-controlling interests** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48590** | &nbsp;&nbsp;&nbsp;&nbsp;**32737** |
| Income taxes | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(353) |
| **Net income** |  | &nbsp;&nbsp;&nbsp;&nbsp;**48368** | &nbsp;&nbsp;&nbsp;&nbsp;**32384** |
| Net income attributable to non-controlling interests |  | &nbsp;&nbsp;&nbsp;(32502) | &nbsp;&nbsp;&nbsp;(33794) |
| &nbsp;&nbsp;**Net income/(loss) attributable to Parent** |  | &nbsp;&nbsp;&nbsp;&nbsp;**15866** | &nbsp;&nbsp;&nbsp;&nbsp;**(1410)** |
| Basic and diluted earnings per share | 22 | &nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;$(1.40) |

---

The accompanying notes are an integral part of these combined carve-out financial statements.<br>

F-4<br>

------

#### **TABLE OF CONTENTS**

#### GOLAR SHIPPING AND VESSEL MANAGEMENT<br>

#### (a carve-out business of Golar LNG Limited)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### COMBINED CARVE-OUT STATEMENTS OF COMPREHENSIVE INCOME<br>

#### FOR THE YEARS ENDED <br>

#### DECEMBER 31, 2021 AND 2020

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **Predecessor** <br>**2021** | **Predecessor** <br>**2020** |
| **COMPREHENSIVE INCOME**<br>|  |  |
| **Net income** | &nbsp;&nbsp;48368 | &nbsp;&nbsp;32384 |
| **Comprehensive income** | &nbsp;&nbsp;**48368** | &nbsp;&nbsp;**32384** |
| **Comprehensive income (loss) attributable to:**<br>|  |  |
| Parent | &nbsp;&nbsp;15866 | &nbsp;&nbsp;(1410) |
| Non-controlling interests | &nbsp;&nbsp;32502 | &nbsp;&nbsp;33794 |
| **Comprehensive income** | &nbsp;&nbsp;**48368** | &nbsp;&nbsp;**32384** |

---

The accompanying notes are an integral part of these combined carve-out financial statements.<br>

F-5<br>

------

#### **TABLE OF CONTENTS**

#### GOLAR SHIPPING AND VESSEL MANAGEMENT<br>

#### (a carve-out business of Golar LNG Limited)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### COMBINED CARVE-OUT BALANCE SHEETS AS OF <br>

#### DECEMBER 31, 2021 AND 2020

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **Predecessor** <br>**2021** | **Predecessor** <br>**2020** |
| **ASSETS**<br>|  |  |  |
| **Current assets**<br>|  |  |  |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;33811 | &nbsp;&nbsp;&nbsp;&nbsp;34324 |
| Restricted cash and short-term deposits | 13 | &nbsp;&nbsp;&nbsp;&nbsp;43311 | &nbsp;&nbsp;&nbsp;&nbsp;22821 |
| Trade accounts receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4445 |
| Amounts due from related parties | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| Inventories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 |
| Other current assets | 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1936 |
| **Total current assets** |  | &nbsp;&nbsp;&nbsp;&nbsp;**79293** | &nbsp;&nbsp;&nbsp;&nbsp;**64456** |
| **Non-current assets**<br>|  |  |  |
| &nbsp;&nbsp;Restricted cash | 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 |
| Vessels and equipment, net | 12 | 1383677 | 1427025 |
| Other non-current assets | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3374 |
| **Total assets** |  | **1466508** | **1495655** |
| **LIABILITIES AND EQUITY**<br>|  |  |  |
| **Current liabilities**<br>|  |  |  |
| Current portion of long-term debt and short-term debt | 16 | &nbsp;&nbsp;338501 | &nbsp;&nbsp;453159 |
| Trade accounts payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 |
| Accrued expenses | 14 | &nbsp;&nbsp;&nbsp;&nbsp;59094 | &nbsp;&nbsp;&nbsp;&nbsp;49549 |
| Amounts due to related parties | 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7105 |
| Other current liabilities | 15 | &nbsp;&nbsp;&nbsp;&nbsp;16396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9100 |
| **Total current liabilities** |  | &nbsp;&nbsp;**417453** | &nbsp;&nbsp;**520663** |
| **Non-current liabilities**<br>|  |  |  |
| Long-term debt | 16 | &nbsp;&nbsp;292322 | &nbsp;&nbsp;322843 |
| Other non-current liabilities | 17 | &nbsp;&nbsp;&nbsp;&nbsp;13678 | &nbsp;&nbsp;&nbsp;&nbsp;10369 |
| **Total liabilities** |  | &nbsp;&nbsp;**723453** | &nbsp;&nbsp;**853875** |
| **Commitments and contingencies** | 20 |  |  |
| **Equity**<br>|  |  |  |
| &nbsp;&nbsp;Parent's equity includes 1,010,000 common shares of $1.00 each issued and outstanding |  | &nbsp;&nbsp;568557 | &nbsp;&nbsp;495784 |
| Non-controlling interests | 5 | &nbsp;&nbsp;174498 | &nbsp;&nbsp;145996 |
| &nbsp;&nbsp;**Total equity** |  | &nbsp;&nbsp;**743055** | &nbsp;&nbsp;**641780** |
| **Total liabilities and equity** |  | **1466508** | **1495655** |

---

The accompanying notes are an integral part of these combined carve-out financial statements.<br>

F-6<br>

------

#### **TABLE OF CONTENTS**

#### GOLAR SHIPPING AND VESSEL MANAGEMENT<br>

#### (a carve-out business of Golar LNG Limited)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### COMBINED CARVE-OUT STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED <br>

#### DECEMBER 31, 2021 AND 2020

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **Predecessor** <br>**2021** | **Predecessor** <br>**2020** |
| **Operating activities**<br>|  |  |  |
| Net income |  | &nbsp;&nbsp;&nbsp;48368 | &nbsp;&nbsp;&nbsp;32384 |
| *Adjustments to reconcile net income to net cash provided by operating activities:*<br>|  |  |  |
| Depreciation and amortization expenses | 12 | &nbsp;&nbsp;&nbsp;43389 | &nbsp;&nbsp;&nbsp;44328 |
| Amortization of deferred charges |  | &nbsp;&nbsp;&nbsp;&nbsp;1259 | &nbsp;&nbsp;&nbsp;&nbsp;2021 |
| *Changes in assets and liabilities:*<br>|  |  |  |
| Compensation cost related to share-based payment |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 |
| Trade accounts receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;3677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(370) |
| Inventories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(908) |
| Other current and other non-current assets |  | &nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;(2199) |
| Amounts due to/(from) related parties |  | &nbsp;&nbsp;&nbsp;(6068) | &nbsp;&nbsp;&nbsp;&nbsp;7956 |
| Trade accounts payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;(1254) |
| Accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;9545 | &nbsp;&nbsp;&nbsp;&nbsp;6740 |
| Other current and non-current liabilities |  | &nbsp;&nbsp;&nbsp;&nbsp;6605 | &nbsp;&nbsp;&nbsp;(4504) |
| **Net cash provided by operating activities** |  | **110378** | &nbsp;&nbsp;&nbsp;**85057** |
| **Investing activities**<br>|  |  |  |
| Additions to vessels and equipment | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| **Net cash used in investing activities** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |
| **Financing activities**<br>|  |  |  |
| Proceeds from short-term and long-term debt |  | &nbsp;&nbsp;&nbsp;10402 | 104806 |
| Repayments of short-term and long-term debt |  | (156364) | (173655) |
| Contributions from/(repayments of) Parent's funding |  | &nbsp;&nbsp;&nbsp;56057 | &nbsp;&nbsp;(15347) |
| Financing arrangement fees and other costs |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) | &nbsp;&nbsp;&nbsp;(1800) |
| **Net cash used in financing activities** |  | &nbsp;&nbsp;**(90380)** | &nbsp;&nbsp;**(85996)** |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** |  | &nbsp;&nbsp;&nbsp;19957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(990) |
| **Cash, cash equivalents and restricted cash at beginning of year** |  | &nbsp;&nbsp;&nbsp;57945 | &nbsp;&nbsp;&nbsp;58935 |
| **Cash, cash equivalents and restricted cash at end of year** |  | &nbsp;&nbsp;&nbsp;77902 | &nbsp;&nbsp;&nbsp;57945 |
| **Supplemental disclosure of cash flow information:**<br>|  |  |  |
| Cash paid during the year for: |  |  |  |
| Interest paid |  | &nbsp;&nbsp;&nbsp;&nbsp;5676 | &nbsp;&nbsp;&nbsp;11115 |
| Tax paid |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 |

---

#### Supplemental note to the combined carve-out statements of cash flows
The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the combined carve-out statements of cash flows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **2021** | **2020** | **2019** |
| &nbsp;&nbsp;Cash and cash equivalents |  | 33811 | 34324 | 34371 |
| Restricted cash and short-term deposits (current portion) | 13 | 43311 | 22821 | 23787 |
| Restricted cash (non-current portion) | 13 | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp;777 |
|  |  | 77902 | 57945 | 58935 |

---

The accompanying notes are an integral part of these combined carve-out financial statements.<br>

F-7<br>

------

#### **TABLE OF CONTENTS**

#### GOLAR SHIPPING AND VESSEL MANAGEMENT<br>

#### (a carve-out business of Golar LNG Limited)<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### COMBINED CARVE-OUT STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED <br>

#### DECEMBER 31, 2021 AND 2020 <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Notes** | **Contributed** <br>**Parent's** <br>**Equity** | **Retained** <br>**deficit** | **Total** <br>**Parent's** <br>**Equity** | **Non-** <br>**controlling** <br>**Interest** | **Total** <br>**Equity** |
| **Combined carve-out predecessor balance at December 31, 2019 *(Unaudited)*** |  | 872251 | (360573) | **511678** | 117202 | **628880** |
| Net (loss) / income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1410) | &nbsp;&nbsp;**(1410)** | &nbsp;&nbsp;33794 | &nbsp;&nbsp;**32384** |
| Cash distributions | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;(5000) | &nbsp;&nbsp;**(5000)** |
| Share based payments contribution |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**863** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**863** |
| Repayments of Parent's funding | 2a | &nbsp;&nbsp;(15347) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **(15347)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **(15347)**  |
| **Combined carve-out predecessor balance at December 31, 2020** |  | **857767** | **(361983)** | **495784** | **145996** | **641780** |
| Net income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;15866 | &nbsp;&nbsp;**15866** | &nbsp;&nbsp;32502 | &nbsp;&nbsp;**48368** |
| Cash distributions | 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;(4000) | &nbsp;&nbsp;**(4000)** |
| Share based payments contribution |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**850** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**850** |
| Capital reduction | 2a | (133812) | 133812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |
| Contributions from Parent's funding | 2a | &nbsp;&nbsp;&nbsp;56057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**56057** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**56057** |
| **Combined carve-out predecessor balance at December 31, 2021** |  | **780862** | **(212305)** | **568557** | **174498** | **743055** |

---

The accompanying notes are an integral part of these combined carve-out financial statements.<br>

F-8<br>

------

#### **TABLE OF CONTENTS**

#### GOLAR SHIPPING AND VESSEL MANAGEMENT<br>

#### (a carve-out business of Golar LNG Limited)

#### NOTES TO THE COMBINED CARVE-OUT FINANCIAL STATEMENTS
1. GENERAL

Golar Shipping and Vessel Management ("GSVM", "we", "us", "our" or "Predecessor") is a carve-out business of Golar LNG Limited ("Golar" or "Parent"). GSVM was engaged in the acquisition, ownership, operation and chartering of liquefied natural gas ("LNG") carriers ("LNGCs"), previously reported within the 'Shipping' segment by Golar, and the operation of third-party fleets under management agreements, previously reported within the 'Corporate and other' segment by Golar.

The Cool Company Ltd. ("CoolCo" or "Successor") is a private limited liability company incorporated in 2018 under the laws of Bermuda. In the period from the incorporation of CoolCo in October 2018 until early 2022 when the transactions described below occurred, the operations of CoolCo are considered insignificant. Commencing in 2022, CoolCo is engaged in the acquisition, ownership, operation and chartering of liquefied natural gas ("LNG") carriers ("LNGCs"), and the operation of third party fleets under management agreements. As of October 26, 2022 CoolCo's owned fleet comprised of eight LNGCs and CoolCo managed twenty-one vessels (including both LNGCs and Floating Storage and Regasification Units ("FSRUs")) for third parties.

On January 26, 2022, CoolCo entered into various agreements with Golar, including:

1) ***Vessel SPA:*** CoolCo and Golar entered into the Vessel SPA, as amended on February 25, 2022, pursuant to which CoolCo acquired all of the outstanding shares of nine of Golar's wholly-owned subsidiaries on various dates in March and April 2022. Eight of these entities are each the registered or disponent owner or lessee of the following modern LNG carriers: *Golar Seal, Golar Crystal, Golar Ice, Golar Bear, Golar Frost*, Golar Glacier, Golar Snow and *Golar Kelvin* (the "Vessels"), each of which operated, as of the acquisition date, under pre-existing time charters of various durations with major energy, utility and commodity trader counterparties. The ninth subsidiary, The Cool Pool Limited, is the entity responsible for the commercial marketing of these LNG carriers.

The Vessel SPA stated a purchase price for each Vessel of $145 million, subject to working capital and debt adjustments, for each vessel. Each acquisition of Golar's subsidiaries closed on phased completion dates corresponding with the date that the respective Golar subsidiary debt was either refinanced with CoolCo's new term facility loan (described further below) for six of the Golar subsidiaries acquired, or assumed by CoolCo (for two of the Golar subsidiaries acquired, for which lender consent was obtained for the change of control of the existing sale and leaseback arrangements for the vessels *Golar Ice* and *Golar Kelvin*, further described in Note 5 herein), which were all subject to customary conditions precedent. CoolCo's acquisitions closed on various dates from March 3, 2022 to April 5, 2022, as follows:

---

| | | |
|:---|:---|:---|
| **Date** | **Name** | **Purpose**  |
| March 3, 2022 | Golar Hull M2022 Corp. | Owns and operates *Golar Crystal* |
| March 7, 2022 | Golar LNG NB12 Corporation | Owns and operates *Golar Frost* |
| March 9, 2022 | Golar Hull M2021 Corp. | Owns and operates *Golar Seal* |
| March 10, 2022 | Golar Hull M2027 Corp. | Owns and operates *Golar Bear* |
| April 1, 2022 | Golar LNG NB10 Corporation | Owns and operates *Golar Glacier* |
| April 1, 2022 | Golar Hull M2047 Corp. | Owns and operates *Golar Snow* |
| April 5, 2022 | Golar Hull M2048 Corp. | Owns and operates *Golar Ice\** |
| April 5, 2022 | Golar LNG NB11 Corporation | Owns and operates *Golar Kelvin\** |
| April 5, 2022 | The Cool Pool Limited | Commercial management company |

---

\* Golar agreed to remain as the guarantor of the payment obligations relating to LNG carriers of two of the acquired Golar subsidiaries, *Golar Ice* and *Golar Kelvin*, in exchange for a guarantee fee of 0.5% on the outstanding contractual balances.

2) ***Revolving Credit Facility:*** CoolCo and Golar also entered into a Revolving Credit Facility for up to $25.0 million (with a maturity date of January 2024, a fixed interest rate of 5% and a commitment fee of 50 basis points on the undrawn amount) to fund CoolCo's working capital requirements.

F-9<br>

------

#### **TABLE OF CONTENTS**
3) ***Transitional Services Agreement:*** CoolCo and Golar entered into a Transitional Services Agreement pursuant to which Golar provided corporate administrative services to CoolCo for a fixed daily fee.

4) ***ManCo Agreement:*** CoolCo and Golar reached an agreement in principle that, following the conclusion of an internal reorganization of Golar's management organization, CoolCo would acquire Golar's LNGC and FSRU management organization.

On January 26, 2022, CoolCo authorized the issuance of 398,990,000 additional common shares at $1 par value, increasing the total number of authorized common shares to 400,000,000. These new common shares have the same rights as the common shares in issue prior to such date.

On February 17, 2022, CoolCo entered into a senior sustainability term loan facility of $570.0 million (with a maturity date of March 2027 and an initial interest rate of the Secured Overnight Financing Rate plus 275 basis points) with a syndicate of banks, which CoolCo drew-down contemporaneously to refinance Golar's existing financing relating to certain of the vessels acquired pursuant to the Vessel SPA, as discussed above.

In February 2022, CoolCo sold 27.5 million common shares at a price of $10.00 per share raising net proceeds of $275 million in a private placement (the "Private Placement"). The net proceeds were also used to finance the acquisition of the Vessels. As a result of the Private Placement and post-acquisitions from Golar, EPS Ventures Ltd. ("EPS"), a wholly-owned subsidiary of Quantum Pacific Shipping Ltd. ("QPSL"), became the largest shareholder with 37.5% of CoolCo's common shares. Golar held 31.3% of the common shares and public shareholders held the remaining common shares. The common shares were listed on the N-OTC immediately following completion of the Private Placement. On February 22, 2022, CoolCo completed its listing of common shares on the Euronext Growth Oslo with the ticker "COOL". Golar determined that it relinquished control of CoolCo on January 26, 2022.

On June 30, 2022, CoolCo entered into various agreements with Golar to purchase Golar's LNG carrier and FSRU management organization. Golar and CoolCo entered into the ManCo SPA (as contemplated in the ManCo Agreement), pursuant to which CoolCo acquired four of Golar's wholly-owned subsidiaries: Cool Company Management Ltd. ("Cool UK"), CoolCo Management Sdn. bhd. ("Cool Malaysia"), Cool Company Management d.o.o. ("Cool Croatia") and Cool Company Management AS ("Cool Norway"), including employees of these entities and agreements to manage third parties' fleets of LNG carriers and FSRUs. Cool UK and Cool Malaysia were formed and incorporated in January 2022 and March 2022, respectively, therefore, no historical results of operations of these entities therein are included within these combined carve-out financial statements.

The ManCo SPA purchase price was approximately $6.6 million, including working capital adjustments, which was paid in cash. Golar and CoolCo also entered into an Administrative Services Agreement, which replaced the Transitional Services Agreement, for the provision of IT, accounting, treasury, finance operations and other corporate overhead functions from July 1, 2022 to June 30, 2023.

References to "Hygo" refer to Golar's former affiliate Hygo Energy Transition Ltd. (formerly known as Golar Power Ltd.) and to any one or more of its subsidiaries. References to "Golar Partners" refer to Golar's former affiliate Golar LNG Partners LP and to any one or more of its subsidiaries. Both Hygo and Golar Partners are wholly owned by New Fortress Energy Inc. as of April 15, 2021.

As of June 30, 2022, EPS, Golar and the public owned 40.0%, 31.3% and 28.7% of the outstanding shares in CoolCo, respectively.

2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) BASIS OF PREPARATION

The combined carve-out financial statements of GSVM as of December 31, 2021 and 2020 and for each of the years ended December 31, 2021 and 2020 are presented as carve-out financial statements and reflect the combined historical results of operations, comprehensive income, financial position and cash flows of the entities listed in note 4, the entities acquired pursuant to the Vessel SPA and the ManCo SPA which were in existence on the respective reporting dates, collectively referred to herein as the "Acquirees" and the lessor variable interest entities ("VIEs") that we have leased vessels from under the finance lease arrangements described in note 5.

The lessor VIEs discussed further in note 5 are wholly-owned, special purpose vehicles ("SPVs") of financial institutions. While we do not hold any equity investments in these SPVs, we have concluded, that we

F-10<br>

------

are the primary beneficiary of these lessor VIEs and accordingly have included these entities in our combined carve-out financial results. These combined carve-out financial statements consolidate the discrete, historical operations of these legal entities (Acquirees, VIEs and entity Cool Company Ltd.), and the equity attributable to the respective lessor VIEs is presented as non-controlling interests on the basis that there was no controlling financial interest present between these entities and that these entities previously had related operations and were previously under common management.

These combined carve-out financial statements are prepared using consistent accounting policies that were applied in Golar's historical consolidated financial statements for the respective periods, and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") (see notes 2.b and 3) and are prepared on a going concern basis.

These combined carve-out financial statements are not intended to be a complete presentation and are not necessarily indicative of the financial position or results of operations that would have been achieved if GSVM had operated on a stand-alone basis as of or during any of the periods presented, nor are they indicative of the financial condition or results going forward due to changes in GSVM following closing of the Vessel SPA and the ManCo SPA and the omission of certain operating expenses and balances, as described below.

All intercompany balances and transactions within GSVM have been eliminated. All intercompany balances and transactions between GSVM and Golar which are not trading in nature were converted to equity as funding from Parent amounting to $56.1 million at December 31, 2021 and treated as a capital reduction amounting to $133.8 million and $15.3 million at December 31, 2021 and 2020, respectively on the basis that these balances were considered a deemed distribution to the Parent (which could be considered to represent Golar's historical investment in GSVM, including accumulated net earnings attributable to Golar, and cost allocations from Golar that were not historically allocated to GSVM). As described in note 19, certain related party transactions between GSVM and Golar are included in these combined carve-out financial statements.

The Combined Carve-out Balance Sheets reflect the assets and liabilities that are specifically identifiable and directly attributable to GSVM. Golar has historically operated a centralized treasury function therefore; Golar cash pooling arrangements, working capital and corporate derivatives have been excluded from the Combined Carve-out Balance Sheets.

The Combined Carve-out Statements of Operations include the revenues and expenses directly attributable to the generation of revenues by GSVM (including all of the revenues and expenses of the Acquirees including Cool Croatia). Golar and its affiliates have historically provided a variety of management and corporate overhead services to GSVM. The Combined Carve-out Statements of Operations includes expense allocations for i) corporate overhead functions such as legal, accounting, treasury and regulatory compliance, included in 'Administrative expenses', which are allocated to GSVM by Golar using a weighted vessel count of Golar's historical fleet, ii) vessel operating functions such as technical and commercial vessel management, included in 'Vessel operating expenses', which are allocated based on arms-length intercompany invoicing, and iii) income taxes, included in Income taxes, which are allocated on a separate returns basis. Revenues and expenses of Cool Norway are included in the Combined Carve-out Statements of Operations based on either specific identification or an allocation using a reasonable approach based on the nature of the item, i.e. relative employee headcount and number of vessels in the fleet.

Where allocations of amounts were necessary, GSVM believes the allocation of these amounts were determined on a reasonable basis, reflecting all of the costs of GSVM and consistently applied in the periods presented.

F-11<br>

------

b) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Below is a summary of the significant accounting policies used in preparing these combined carve-out financial statements:

#### Variable interest entity
A VIE is defined by the accounting standard as a legal entity where either (a) equity interest holders, as a group, lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity's economic performance, and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

#### Foreign currencies
Our functional currency is the U.S. dollar as the majority of our revenues are received in U.S. dollars and a majority of our expenditures are incurred in U.S. dollars. Our reporting currency is the U.S. dollar.

Transactions in foreign currencies during the year are translated into U.S. dollar at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet dates. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction and translation gains or losses are included in the Combined Carve-out Statements of Operations.

#### Lease accounting versus revenue accounting
Contracts relating to our LNG carriers can take the form of operating leases, sales-type leases, direct financing leases and operating and services agreements. Although the substance of these contracts is similar, the accounting treatment varies. We outline our policies for determining the appropriate U.S. GAAP treatment below.

To determine whether a contract conveys a lease agreement for a period of time, we assess whether, throughout the period of use, the customer has both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• the right to obtain substantially all of the economic benefits from the use of the identified asset; and

&nbsp;&nbsp;&nbsp;&nbsp;• the right to direct the use of that identified asset.

If a contract relating to an asset fails to give the counterparties both of the above rights, we account for the agreement as a revenue contract. Where we provide services unrelated to an asset contract, we account for the services as a revenue contract.

#### Lease accounting
When a contract is designated as a lease, we assess whether the contract is an operating lease, sales-type lease, or direct financing lease. An agreement will be a sales-type lease if any of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;• ownership of the asset is transferred at the end of the lease term;

&nbsp;&nbsp;&nbsp;&nbsp;• the contract contains an option to purchase the asset which is reasonably certain to be exercised;

&nbsp;&nbsp;&nbsp;&nbsp;• the lease term is for a major part of the remaining useful life of the asset, although contracts entered into the last 25% of the asset's useful life are not subject to this criterion;

&nbsp;&nbsp;&nbsp;&nbsp;• the discounted value of the fixed payments under the lease represent substantially all of the fair value of the asset; or

&nbsp;&nbsp;&nbsp;&nbsp;• the asset is heavily customized such that it could not be used for another charter at the end of the term.

F-12<br>

------

#### **TABLE OF CONTENTS**

#### Lessor accounting
In making the classification assessment, we estimate the residual value of the underlying asset at the end of the lease term with reference to broker valuations. None of our lease contracts contain residual value guarantees, and any purchase options are disclosed in note 5. Agreements with renewal and termination options under the control of the lessee are included together with the non-cancellable contract period in the lease term when "reasonably certain" to be exercised or if controlled by the lessor. The determination of reasonably certain depends on whether the lessee has an economic incentive to exercise the option. We assess a lease under the modification guidance when there is change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease.

Costs directly associated with the execution of the lease or costs incurred after lease inception or the execution of the contract but prior to the commencement of the lease that directly relate to preparing the vessel for the lease (i.e. bunker costs), are capitalized and amortized to the combined carve-out statements of operations over the lease term. We also defer upfront payments (i.e. repositioning fees) on the combined carve-out balance sheets and amortize to the combined carve-out statements of operations evenly over the lease term.

#### Time charter operating leases
"Time and voyage charter revenues" includes fixed minimum lease payments under time charter agreements and vessel repositioning fees. Amounts generated from time charter agreements, which we classify as operating leases, are recognized over the term of the agreement on a straight-line basis as services are provided. Variable lease payments are recognized as incurred. Lease payments include fixed payments (including unavoidable in-substance payments) and variable lease payments that are based on a rate or index. We do not recognize any amounts if we have not entered into a time charter agreement with a charterer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. For our operating leases, we have elected the practical expedient to combine service revenue and operating lease income given the timing and pattern of transfer of the components are the same. Initial direct costs considered directly related to the negotiation and consummation of the time charter agreement are deferred and recognized over the lease term as services are provided.

Repositioning fees (included in "Time and voyage charter revenues") received in respect of time charter agreements are recognized at the end of the agreement when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the agreement which is not dependent upon the vessel redelivery location, the fee will be recognized evenly over the term of the charter.

Under time charter agreements, voyage expenses are generally paid by our charterers. Voyage-related expenses, principally fuel, may also be incurred when positioning or repositioning a vessel before or after the period of the time charter agreement and during periods when the vessel is not employed or is off-hire (for example, while undergoing repairs) are recognized as incurred.

Vessel operating expenses are recognized as incurred, including drydocking, crewing, repairs and maintenance, insurance, stores, lubricant oils, consumables, logistics costs and communication expenses as well as the associated managerial cost of providing these items and services. Bunker consumption primarily represents fuel consumed during unemployment and while our Vessels are off-hire.

*Cool Pool*

We present our gross share of income earned and costs incurred under the Cool Pool on the face of the combined statements of operations in the line items "Time and voyage charter revenues" and "Voyage, charter hire and commission expenses, net" respectively. For Cool Pool net revenues and/or expenses generated by the other participants in the pooling arrangement, we analogize these to be either the cost of obtaining a contract or the benefit of operating within the Cool Pool, and present them within the line item "Voyage, charter hire and commission expenses, net."

#### Management fee revenues
Management fees are generated from vessel management which includes commercial and technical vessel-related services and administrative services. The management services we provide are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services as a

F-13<br>

------

#### **TABLE OF CONTENTS**
series of distinct services that are substantially the same and have the same pattern of transfer to the customer. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount that we have the right to invoice. Our contracts generally have an initial term of one year or less, with a short notice period ranging from 30 to 120 days, to end the contract. Contract assets arise when we render management services in advance of entitlement to payment from our customers.

#### Use of estimates
The preparation of combined carve-out financial statements requires GSVM to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the combined carve-out financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In assessing the recoverability of our Vessels' carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual or scrap value, charter rates, ship operating expenses, and drydocking requirements. The preparation of combined carve-out financial statements also requires GSVM to make estimates and assumptions of the assets, liabilities, revenues and expenses to be included in these combined carve-out financial statements, see note 2.a.

#### Insurance claims
We have two main types of insurance policies, 'loss of hire' ("LOH") and 'hull and machinery' ("H&M"). LOH indemnifications protect us from loss of hire generated by our insured vessels and related claims are considered gain contingencies, which are recognized when the proceeds from our insurance syndication are realized or deemed realizable, net of any deductions where applicable. LOH is recognized in "Other operating income". Our H&M policies protect us from damage that may be incurred in relation to our vessels and on-board equipment. Our insurance policies are considered loss recoveries, meaning that the timing of recognition of a claim for an insured damage occurs at the time such loss impacts the combined carve-out statements of operations, when deemed probable of being recovered from the counterparty and for an amount net of any deductions that may apply. H&M is recognized in "Vessel operating expenses".

#### Cash and cash equivalents
We consider all demand and time deposits and highly liquid investments with original maturities of three months or less to be equivalent to cash. Amounts are presented net of allowances for credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, limiting any credit exposure.

#### Restricted cash and short-term deposits
Restricted cash and short-term deposits consist of bank deposits, which may only be used to settle certain pre-arranged loan or lease payments, other claims which requires us to restrict cash, and cash held by the VIEs. We place our short-term deposits primarily in fixed term deposits with high credit quality financial institutions. Amounts are presented net of allowances for credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, reducing any credit exposure.

#### Trade accounts receivable
Trade receivables are presented net of allowances for expected credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for expected credit loss. The expected credit loss allowance is calculated using a loss rate applied against an aging matrix, with assets pooled based on the vessel type that generated the underlying revenue, which reflects similar credit risk characteristics.

Our trade receivables have short maturities so we have considered that forecasted changes to economic conditions will have an insignificant effect on the estimate of the allowance, except in extraordinary circumstances.

F-14<br>

------

#### **TABLE OF CONTENTS**

#### Inventories
Inventories, which are comprised principally of fuel, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.

#### Vessels and equipment
Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets' remaining useful economic lives. Management estimates the residual values of our vessels based on a scrap value cost of steel and aluminum times the weight of the vessel noted in lightweight tons. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons.

Refurbishment costs incurred during the period are capitalized as part of vessels and depreciated over the vessels' remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment.

Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally every five years. For vessels that are newly built or acquired, we have adopted the "built-in overhaul" method of accounting. The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets. The estimated cost of the drydocking component is amortized until the date of the first drydocking following acquisition, upon which the cost is capitalized and the process is repeated. When a vessel is disposed, any unamortized drydocking expenditure is charged against income in the period of disposal. Predecessor useful lives applied are as follows:

Vessels 40 years <br> Drydocking expenditure 5 years <br> Office equipment and fittings 3 years

#### Impairment of long-lived assets
We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. In assessing the recoverability of our Vessels' carrying amounts, we make assumptions regarding estimated future cash flows and estimates in respect of residual scrap value. Management performs an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, an impairment loss shall be measured as the amount by which the carrying amount of a long-lived asset (asset group) exceeds its fair value.

#### Debt
Our debt consists of credit facilities with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by financial institutions. Debt is recorded in our combined carve-out balance sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs. Debt issuance costs directly related to the issuance of debt are amortized over the term and are recognized in interest expense using the effective interest method.

#### Deferred charges
Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan under the effective interest method. Amortization of debt issuance cost is included in "Interest expense". These costs are presented as a deduction from the corresponding liability, consistent with debt discounts.

#### Contingencies
In the ordinary course of business, we are subject to various claims, lawsuits and complaints. A contingent loss is recognized in the combined carve-out financial statements if the contingency was present at the date of

F-15<br>

------

#### **TABLE OF CONTENTS**
the combined carve-out financial statements, the likelihood of loss is considered probable and the amount can be reasonably estimated. If we determine that a reasonable estimate of the loss is a range and there is no best estimate within the range, a contingent loss is recognized for the lower amount within the range.

#### Fair value measurements
We account for fair value measurements in accordance with the accounting standards guidance using fair value to measure assets and liabilities. The guidance provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities.

#### Related parties
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are under common control with, or subject to significant influence by, another party. Amounts owed from or to related parties are presented net of allowances for credit losses, which are calculated using a loss rate applied against an aging matrix.

#### Income taxes
Income taxes are based on a separate return basis. The guidance on "Income Taxes" prescribes a recognition threshold and measurement attributes for the recognition and measurement of a tax position taken or expected to be taken in a tax return. Penalties and interest, where applicable, related to uncertain tax positions are recognized in "Income taxes" in the combined carve-out statements of operations.

#### Segment reporting
We conduct our operations through a single operating and reportable segment, the LNG carrier market. A segment is a distinguishable component of our operations that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by management.

#### Earnings per share
Basic earnings per share ("EPS") is computed based on the income available to common shareholders and the Parent's weighted average number of shares outstanding. As at December 31, 2021 and 2020, basic and diluted EPS is determined as follows: Net income attributable to Parent divided by the Parent's outstanding common shares of 1,010,000.

3. RECENTLY ISSUED ACCOUNTING STANDARDS

#### Accounting pronouncements that have been issued but not yet adopted
The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted:

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Date of Adoption** | **Effect on our Combined** <br>**Carve-out Financial** <br>**Statements or Other** <br>**Significant Matters** |
| ASU 2020-04 *Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01 Reference Rate Reform (Topic 848).* | The amendments provide temporary optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The applicable expedients for us are in relation to modifications of contracts within the scope of Topics 310, Receivables, 470, Debt, and 842, | January 1, 2022 | No impact as a result of the adoption of this ASU. |

---

F-16<br>

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Date of Adoption** | **Effect on our Combined** <br>**Carve-out Financial** <br>**Statements or Other** <br>**Significant Matters** |
|  | Leases. This optional guidance may be applied prospectively from any date beginning March 12, 2020 and cannot be applied to modifications that occur after December 31, 2022. |  |  |
| ASU 2021-08 *Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers.* | The amendments provide guidance on the accounting for contract assets and contract liabilities from revenue contracts with customers in a business combination. The new guidance improves comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. This guidance is effective prospectively from any date beginning December 15, 2022. | January 1, 2023 | No impacts are expected as a result of the adoption of this ASU. |

---

4. STRUCTURE

Listed below are certain of the entities included in these combined carve-out financial statements and their purpose as of December 31, 2021. See note 5 for details of the lessor VIEs included in these combined carve-out financial statements.

---

| | | |
|:---|:---|:---|
| **Name** | **Jurisdiction of** <br>**Incorporation** | **Purpose** |
| Golar Hull M2048 Corp. | Marshall Islands | Leases *Golar Crystal\** |
| Golar LNG NB10 Corporation | Marshall Islands | Leases *Golar Glacier\** |
| Golar Hull M2048 Corp. | Marshall Islands | Leases *Golar Ice\** |
| Golar LNG NB11 Corporation | Marshall Islands | Leases *Golar Kelvin\** |
| Golar Hull M2021 Corp. | Marshall Islands | Leases *Golar Seal\** |
| Golar Hull M2047 Corp. | Marshall Islands | Leases *Golar Snow\** |
| Golar Hull M2027 Corp. | Marshall Islands | Leases *Golar Bear\** |
| Golar LNG NB12 Corporation | Marshall Islands | Owns and operates *Golar Frost* |
| The Cool Pool Limited | Marshall Islands | Commercial management company |
| Cool Company Ltd. | Bermuda | Holding company |
| Cool Company Management d.o.o. (formerly Golar Management d.o.o.) | Croatia | Vessel management company |
| Cool Company Management AS (formerly Golar Management Norway AS) | Norway | Vessel management company |

---

\* The above table excludes the lessor VIEs that we have leased vessels from under finance leases. The lessor VIEs are wholly-owned, special purpose vehicles ("SPVs") of financial institutions. While we do not hold any equity investments in these SPVs, we have concluded that we are the primary beneficiary of these lessor VIEs and accordingly have included these entities in our combined carve-out financial statements. See note 5 for further details.

F-17<br>

------

5. VARIABLE INTEREST ENTITIES ("VIEs")

#### Lessor VIEs
As of December 31, 2021, we leased seven vessels from lessor VIEs as part of sale and leaseback agreements of which four were with ICBC Finance Leasing Co. Ltd ("ICBCL") entities, one with a CCB Financial Leasing Corporation Limited ("CCBFL") entity, one with a COSCO Shipping entity and one with a AVIC International Leasing Company Limited ("AVIC") entity. Each of the ICBCL, CCBFL, COSCO Shipping and AVIC entities are wholly-owned, special purpose vehicles ("Lessor SPVs"). In each of these transactions, we sold our vessel and then subsequently leased back the vessel on a bareboat charter for a term of seven to ten years. We have options to repurchase each vessel at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each vessel at the end of each vessel's respective lease period.

While we do not hold any equity investments in the above SPVs, we have determined that we have a variable interest in these SPVs and that these lessor entities, that own the vessels, are VIEs. Based on our evaluation of the agreements, we have concluded that we are the primary beneficiary of these VIEs and, accordingly, these lessor VIEs are included in our combined carve-out financial statements. We did not record any gains or losses from the sale of these vessels as they continued to be reported as vessels at their original costs in our combined carve-out financial statements at the time of each transaction. Similarly, the effect of the bareboat charter arrangement is eliminated upon aggregation of the Lessor SPVs. The equity attributable to the respective lessor VIEs is presented as non-controlling interests in these combined carve-out financial statements.

The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations as of December 31, 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel** | **Effective** <br>**from** | **Lessor** | **Sales** <br>**value** <br>**(in $** <br>**millions)** | **Lease** <br>**duration** | **First** <br>**repurchase** <br>**option** <br>**(in $** <br>**millions)** | **Net** <br>**repurchase** <br>**obligation** <br>**at end of** <br>**lease term** <br>**(in $** <br>**millions)** | **End of** <br>**lease** <br>**term** |
| *Golar Glacier<sup>(1)</sup>* | October 2014 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8<br> October 2019<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;113.4 | April 2023 |
| *Golar Kelvin<sup>(1)</sup>* | January 2015 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8<br> &nbsp;&nbsp;January 2020<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.0 | January 2025 |
| *Golar Snow<sup>(1)</sup>* | January 2015 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8<br> &nbsp;&nbsp;January 2020<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;116.2 | April 2023 |
| *Golar Ice<sup>(1)</sup>* | February 2015 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8<br> February 2020<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.0 | January 2025 |
| *Golar Seal* | March 2016 | CCBFL | 203.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;132.8<br> &nbsp;&nbsp;&nbsp;March 2018<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.4 | March 2026 |
| &nbsp;&nbsp;*Golar Crystal* | March 2017 | COSCO | 187.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.3<br> &nbsp;&nbsp;&nbsp;March 2020<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.0 | March 2027 |
| &nbsp;&nbsp;*Golar Bear* | June 2020 | AVIC | 160.0 | 7 years | &nbsp;&nbsp;&nbsp;&nbsp;100.7<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June 2021<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.0 | June 2027 |

---

(1) In June 2021, we entered into certain amendments to our ICBCL sale and leaseback facilities which includes (i) prepayment of $15.0 million for each sale and leaseback facility in July 2021; and (ii) brought forward our obligation to repurchase the *Golar Glacier* and *Golar Snow* to April 2023 from October 2024 and January 2025, respectively. 

(2)<br> We did not exercise the first repurchase options.

A summary of our payment obligations (excluding repurchase options and obligations) under the bareboat charters with the lessor VIEs as of December 31, 2021, are shown below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **2022** | **2023** | **2024** | **2025** | **2026** | **2027+** |
| &nbsp;&nbsp;*Golar Glacier* | 17100 | &nbsp;&nbsp;4451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| *Golar Kelvin* | 19710 | 19710 | 18468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| *Golar Snow* | 17100 | &nbsp;&nbsp;3608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| *Golar Ice* | 19710 | 19710 | 19764 | &nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| *Golar Seal<sup>(1)</sup>* | 13717 | 13754 | 13717 | 13717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| *Golar Crystal<sup>(2)</sup>* | 10659 | 10622 | 10593 | 10534 | 10500 | 1753 |
| *Golar Bear<sup>(2)</sup>* | 15755 | 15153 | 14562 | 13949 | 13347 | 2721 |

---

(1) In November 2021, we entered into another supplementary agreement with the existing lender CCBFL to extend further *Golar Seal's* put option to January 2025. The last payment obligation relating to the *Golar Seal* has been presented in 2025 even though the maturity of the lease obligation is in March 2026, due to the put option maturing in January 2025 (note 16).

(2)<br> The payment obligations relating to the *Golar Crystal* and *Golar Bear* above include variable rental payments due under the lease based on assumed LIBOR plus a margin.

F-18<br>

------

#### **TABLE OF CONTENTS**
The assets and liabilities of the lessor VIEs that most significantly impact our combined carve-out balance sheets as of December 31, 2021 and 2020, are shown below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Golar** <br>**Glacier** | **Golar** <br>**Kelvin** | **Golar** <br>**Snow** | **Golar Ice** | **Golar** <br>**Seal** | **Golar** <br>**Crystal** | **Golar** <br>**Bear** | **2021** <br>**Total** | **2020** <br>**Total** |
| **Assets**<br>|  |  |  |  |  |  |  |  |  |
| Restricted cash and short-term deposits (note 13) | &nbsp;&nbsp;&nbsp;4340 | &nbsp;&nbsp;&nbsp;5068 | &nbsp;&nbsp;&nbsp;4410 | &nbsp;&nbsp;&nbsp;6689 | &nbsp;&nbsp;&nbsp;3432 | &nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;14156 | &nbsp;&nbsp;&nbsp;**42706** | &nbsp;&nbsp;&nbsp;**20206** |
| **Liabilities**<br>|  |  |  |  |  |  |  |  |  |
| *Debt:*<br>|  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Current portion of long-term debt and short-term debt (note 16)<sup>(1)</sup> | (82751) | (99463) | (81906) | (54872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(8691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **(327683)** | **(442372)** |
| &nbsp;&nbsp;Long-term interest bearing debt – non-current portion (note 16)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (78540) | (66109) | (104044) | **(248693)** | **(268396)** |
|  | (82751) | (99463) | (81906) | (54872) | (78540) | (74800) | (104044) | **(576376)** | **(710768)** |
| &nbsp;&nbsp;Other non-current liabilities<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (11500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**(11500)** | &nbsp;&nbsp;&nbsp;**(7500)** |

---

(1)<br> Where applicable, these balances are net of deferred finance charges (note 16).

(2) Other non-current liabilities relates to dividend payable for lessor VIE of $11.5 million and $7.5 million as of December 31, 2021 and 2020, respectively. The lessor VIE declared dividends of $4.0 million and $5.0 million for the years ended December 31, 2021 and 2020, respectively, which remain unpaid as of December 31, 2021.

The most significant impact of the lessor VIE's operations on our combined carve-out statements of operations and combined carve-out statements of cash flows, as of December 31, 2021 and 2020, are shown below:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| **Combined carve-out statements of operations**<br>|  |  |
| Interest expense | &nbsp;&nbsp;&nbsp;16268 | &nbsp;&nbsp;20059 |
| **Combined carve-out statements of cash flows**<br>|  |  |
| Net debt repayments | (145423) | (87289) |
| Net debt receipts | &nbsp;&nbsp;&nbsp;10402 | 104806 |
| Financing costs paid | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) | &nbsp;&nbsp;(1800) |

---

6. SEGMENT INFORMATION

We operate in one reportable segment, the LNG carrier market. During the years ended December 31, 2021 and 2020, our fleet operated under spot and short to medium-term time charters. In time charter agreements, the charterer controls the areas in which our vessels will operate, which can be worldwide. Accordingly, we do not evaluate our performance according to geographical region.

F-19<br>

------

#### Revenues from external charterers
For the years ended December 31, 2021 and 2020, hire from the following charterers accounted for over 10% of our total combined carve-out time and voyage charter revenues:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2021** | **2020** | **2020** |
| Singaporean trading house | 40715 | 25% | 38732 | 24% |
| European trading house | 35109 | 22% | &nbsp;&nbsp;1283 | &nbsp;&nbsp;1% |
| Dutch trading house | 21577 | 13% | 43536 | 26% |
| International LNG trader | 19896 | 12% | &nbsp;&nbsp;1027 | &nbsp;&nbsp;1% |
| &nbsp;&nbsp;Japanese trading house | 17807 | 11% | &nbsp;&nbsp;6992 | &nbsp;&nbsp;4% |
| British trading house | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | —% | 23686 | 14% |

---

7. OTHER OPERATING INCOME

For the years ended December 31, 2021 and 2020, we received loss of hire insurance proceeds of $5.0 million for the *Golar Ice*, and $3.3 million for the *Golar Ice* and *Golar Bear*, respectively. These proceeds are recognized in "Other operating income" in our combined carve-out statements of operations.

8. OTHER FINANCIAL ITEMS

The following table sets forth other financial items for the years ended December 31, 2021 and 2020:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Foreign exchange loss on operations | &nbsp;&nbsp;(40) | &nbsp;&nbsp;(35) |
| Financing arrangement fees and other costs | (202) | (730) |
| Other | (138) | (130) |
|  | (380) | (895) |

---

9. INCOME TAXES

The components of income tax expense for the years ended December 31 2021 and 2020 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Current tax expense | 222 | 385 |
| Deferred tax expense | &nbsp;&nbsp;— | (32) |
| Total income tax expense | 222 | 353 |

---

The income taxes for the years ended December 31, 2021 and 2020 differed from the amount computed by applying the Bermuda statutory income tax rate of 0% as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Effect of movement in deferred tax balances | &nbsp;&nbsp;— | (32) |
| Effect of adjustments in respect of current tax in prior periods | (43) | &nbsp;&nbsp;81 |
| Effect of taxable income in various countries | 265 | 304 |
| Total tax expense | 222 | 353 |

---

#### Jurisdictions open to examination
The earliest tax year that remains subject to examination by the major taxable jurisdictions in which we operate is 2017 (Norway).

F-20<br>

------

#### **TABLE OF CONTENTS**
10. OPERATING LEASES

#### Rental income
The minimum contractual future revenues to be received on time charters in respect of our vessels as of December 31, 2021, were as follows:

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| 2022 | 159133 |
| 2023 | &nbsp;&nbsp;55785 |
| 2024 | &nbsp;&nbsp;34322 |
| 2025 | &nbsp;&nbsp;22174 |
| 2026 and thereafter | &nbsp;&nbsp;22807 |
| Total minimum contractual future revenues | 294221 |

---

The *Golar Kelvin* charterer extended its charter term to September 2022 from the original charter termination date of April 1, 2022. Following the expiration of its previous charter in April 2022, a new two-year time charter agreement commencing in April 2022 was entered into for *Golar Seal*.

The cost and accumulated depreciation of vessels leased to third parties as of December 31, 2021, was $1,658.9 million and $288.4 million, respectively ($1,658.9 million and $250.0 million as of December 31, 2020).

The components of operating lease income for the years ended December 31, 2021 and 2020 were as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Operating lease income<sup>(1)</sup> | 145833 | 163114 |
| &nbsp;&nbsp;Variable lease income<sup>(1)(2)</sup> | &nbsp;&nbsp;16125 | &nbsp;&nbsp;&nbsp;1626 |
| Total operating lease income | 161958 | 164740 |

---

(1) "Total operating lease income" is presented in "Time and voyage charter revenues". During the years ended December 31, 2021 and 2020, we chartered in an external vessel and recognized operating lease income of $0.9 million and $nil, respectively. 

(2) "Variable lease income" is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases. During the years ended December 31, 2021 and 2020, we chartered in a third party vessel and recognized $2.6 million and $4.6 million of variable lease income, respectively. 

#### Rental expense
We lease certain office premises and equipment on-board our fleet of vessels under operating leases. Many lease agreements include one or more options to renew. We include these renewal options when we are reasonably certain that we will exercise the option. The exercise of these lease renewal options is at our discretion.

Variable lease cost relates to certain of our lease agreements which include payments that vary. These payments are primarily generated from service charges related to our usage of office premises, usage charges for equipment on-board our fleet of vessels and adjustments for inflation.

The components of operating lease cost for the years ended December 31, 2021 and 2020 were as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Operating lease cost<sup>(1)</sup> | 3744 | 4745 |
| Total operating lease cost | 3744 | 4745 |

---

(1) "Operating lease cost" includes short-term lease cost. During the years ended December 31, 2021 and 2020, we sub-chartered out an external vessel and recognized $3.0 million and $3.8 million of cost respectively, presented in "Voyage, charterhire and commission expense, net". The remaining balance in total operating lease cost is included in "Vessel operating expenses".

As of December 31, 2021 and 2020, the right-of-use assets that we recognize as a lessee pursuant to various operating leases amounted to $2.8 million and $3.4 million, respectively.

F-21<br>

------

#### **TABLE OF CONTENTS**
The weighted average remaining lease term for our operating leases is 4.8 years. The weighted-average discount rate applied for the majority of our operating leases is 5.5%.

The maturity of our lease liabilities as of December 31, 2021 is as follows:

---

| | |
|:---|:---|
| *(in thousands of $)* |  |
| 2022 | &nbsp;&nbsp;762 |
| 2023 | &nbsp;&nbsp;630 |
| 2024 | &nbsp;&nbsp;601 |
| 2025 | &nbsp;&nbsp;467 |
| 2026 and thereafter | &nbsp;&nbsp;480 |
| &nbsp;&nbsp;Total minimum lease payments | 2940 |

---

11. OTHER CURRENT ASSETS

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Prepaid expenses | &nbsp;&nbsp;715 | &nbsp;&nbsp;691 |
| Other receivables | &nbsp;&nbsp;689 | 1245 |
|  | 1404 | 1936 |

---

12. VESSELS AND EQUIPMENT, NET

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** | **Year Ended December 31, 2021** |
| <br>*(in thousands of $)* | **Vessels** | **Drydocking** <br>**expenditure** | **Office equipment** <br>**and fittings** | **Total** |
| **Cost**<br>|  |  |  |  |
| As of January 1, 2021 | 1658995 | &nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | 1684025 |
| Additions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Write-off of fully depreciated asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87) |
| As of December 31, 2021 | 1658908 | &nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | 1683979 |
| **Depreciation and amortization**<br>|  |  |  |  |
| As of January 1, 2021 | (250038) | &nbsp;&nbsp;(6927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | (257000) |
| Charge for the year | &nbsp;&nbsp;&nbsp;(38454) | &nbsp;&nbsp;(4934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;(43389) |
| Write-off of fully depreciated asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 |
| As of December 31, 2021 | (288405) | &nbsp;&nbsp;(11861) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) | (300302) |
| Net book value as of December 31, 2021 | 1370503 | &nbsp;&nbsp;12827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | 1383677 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** | **Year Ended December 31, 2020** |
| <br>*(in thousands of $)* | **Vessels** | **Drydocking** <br>**expenditure** | **Office equipment** <br>**and fittings** | **Total** |
| **Cost**<br>|  |  |  |  |
| As of January 1, 2020 | 1665120 | &nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | 1690099 |
| Additions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 |
| Write-off of fully depreciated asset | &nbsp;&nbsp;&nbsp;&nbsp;(6125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(6125) |
| As of December 31, 2020 | 1658995 | &nbsp;&nbsp;24688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | 1684025 |
| **Depreciation and amortization**<br>|  |  |  |  |
| As of January 1, 2020 | (216773) | &nbsp;&nbsp;(1993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | (218797) |
| Charge for the year | &nbsp;&nbsp;&nbsp;(39390) | &nbsp;&nbsp;(4934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;(44328) |
| Write-off of fully depreciated asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6125 |
| As of December 31, 2020 | (250038) | &nbsp;&nbsp;(6927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | (257000) |
| Net book value as of December 31, 2020 | 1408957 | &nbsp;&nbsp;17761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | 1427025 |

---

F-22<br>

------

The following table presents the market values and carrying values of our vessels that we have determined have market values that are less than their carrying values as of December 31, 2021. However, based on the estimated future undiscounted cash flows of these vessels, which are significantly greater than the respective carrying value, no impairment was recognized.

---

| | | | |
|:---|:---|:---|:---|
| *(in millions of $)* | **As of December 31, 2021** | **As of December 31, 2021** | **As of December 31, 2021** |
| **Vessel** | **Market value<sup>(1)</sup>** | **Carrying value** | **Deficit** |
| *Golar Bear* | &nbsp;&nbsp;&nbsp;&nbsp;156.0 | &nbsp;&nbsp;&nbsp;&nbsp;172.8 | (16.8) |
| *Golar Crystal* | &nbsp;&nbsp;&nbsp;&nbsp;155.5 | &nbsp;&nbsp;&nbsp;&nbsp;167.8 | (12.3) |
| *Golar Frost* | &nbsp;&nbsp;&nbsp;&nbsp;156.5 | &nbsp;&nbsp;&nbsp;&nbsp;175.8 | (19.3) |
| *Golar Glacier* | &nbsp;&nbsp;&nbsp;&nbsp;158.0 | &nbsp;&nbsp;&nbsp;&nbsp;172.0 | (14.0) |
| *Golar Ice* | &nbsp;&nbsp;&nbsp;&nbsp;160.8 | &nbsp;&nbsp;&nbsp;&nbsp;179.2 | (18.4) |
| *Golar Kelvin* | &nbsp;&nbsp;&nbsp;&nbsp;160.3 | &nbsp;&nbsp;&nbsp;&nbsp;173.5 | (13.2) |
| *Golar Seal* | &nbsp;&nbsp;&nbsp;&nbsp;153.3 | &nbsp;&nbsp;&nbsp;&nbsp;163.0 | &nbsp;&nbsp;(9.7) |
| *Golar Snow* | &nbsp;&nbsp;&nbsp;&nbsp;161.8 | &nbsp;&nbsp;&nbsp;&nbsp;179.2 | (17.4) |

---

(1) Market values are determined using reference to average broker values provided by independent brokers. Broker values are considered an estimate of the market value for the purpose of determining whether an impairment trigger exists. Broker values are commonly used and accepted by our lenders in relation to determining compliance with relevant covenants in applicable credit facilities for the purpose of assessing security quality.

Since vessel values can be volatile, our estimates of market value may not be indicative of either the current or future prices we could obtain if we sold any of the vessels. In addition, the determination of estimated market values may involve considerable judgment, given the illiquidity of the second-hand markets for these types of vessels.

13. RESTRICTED CASH AND SHORT-TERM DEPOSITS

Our restricted cash and short-term deposits balances as of December 31, 2021 and 2020 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Restricted cash and short-term deposits held by lessor VIEs<sup>(1)</sup> | 42707 | 20206 |
| Restricted cash relating to the $1.125 billion debt facility<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;2615 |
| Restricted cash relating to office lease | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;800 |
| Total restricted cash and short-term deposits | 44091 | 23621 |
| &nbsp;&nbsp;Less: Amounts included in current restricted cash and short-term deposits | (43311) | (22821) |
| Long-term restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;800 |

---

(1) These are amounts held by lessor VIEs that we are required to consolidate under U.S. GAAP into our combined carve-out financial statements as VIEs (note 5).

(2) This refers to cash deposits required under the $1.125 billion debt facility (note 16). 

14. ACCRUED EXPENSES

Our accrued expenses as of December 31, 2021 and 2020 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Interest expense | 52700 | 41548 |
| Vessel operating expenses | &nbsp;&nbsp;3974 | &nbsp;&nbsp;5957 |
| Administrative expenses | &nbsp;&nbsp;2194 | &nbsp;&nbsp;2044 |
| Current tax payable | &nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | 59094 | 49549 |

---

Vessel operating expenses comprise of accruals such as crew wages, brokers' commissions, vessel supplies, routine repairs, maintenance, lubricating oils and other vessel expenses.

Administrative expenses comprise of accruals such as legal and professional fees and other general expenses.

F-23<br>

------

15. OTHER CURRENT LIABILITIES

Our other current liabilities as of December 31, 2021 and 2020 are as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Deferred operating lease and charter hire revenue | 10691 | 8109 |
| Current portion of operating lease liability (note 10) | &nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;833 |
| &nbsp;&nbsp;Other<sup>(1)</sup> | &nbsp;&nbsp;4943 | &nbsp;&nbsp;158 |
|  | 16396 | 9100 |

---

(1) Included in "Other" is an amount payable to Hygo as a result of the participation of its vessels in the Cool Pool of $4.8 million as of December 31, 2021. Following Golar's sale of Hygo in April 2021, Hygo and its affiliates ceased to be related parties.

16. DEBT

As of December 31, 2021 and 2020, our long-term and short-term debt was as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Total long-term and short-term debt | 630823 | 776002 |
| Less: current portion of long-term debt and short-term debt | (338501) | (453159) |
| Long-term debt | 292322 | 322843 |

---

Our outstanding gross debt as of December 31, 2021 was repayable as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **GSVM debt** | **VIE debt<sup>(1)</sup>** | **Total** <br>**debt** |
| *(in thousands of $)* |  |  |  |
| 2022 | &nbsp;&nbsp;10942 | 328047 | 338989 |
| 2023 | &nbsp;&nbsp;10942 | 112485 | 123427 |
| 2024 | &nbsp;&nbsp;32824 | &nbsp;&nbsp;&nbsp;7679 | &nbsp;&nbsp;40503 |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;86219 | &nbsp;&nbsp;86219 |
| 2026 and thereafter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;43280 | &nbsp;&nbsp;43280 |
| Total | &nbsp;&nbsp;54708 | 577710 | 632418 |
| &nbsp;&nbsp;Deferred finance charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(261) | &nbsp;&nbsp;(1334) | &nbsp;&nbsp;(1595) |
| Total | &nbsp;&nbsp;54447 | 576376 | 630823 |

---

(1) These amounts relate to certain lessor entities (for which legal ownership resides with financial institutions) that we are required to consolidate under U.S. GAAP into our combined carve-out financial statements as VIEs (note 5).

As of December 31, 2021 and 2020, our debt was as follows:

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** | **Maturity date** |
| $1.125 billion facility:<br>|  |  |  |
| - Golar Frost facility | 54708 | &nbsp;&nbsp;65649 | 2024/2026<sup>(1)</sup> |
| Subtotal (excluding lessor VIE loans) | 54708 | &nbsp;&nbsp;65649 |  |
| *ICBCL VIE loans:*<br>|  |  |  |
| - Golar Glacier facility | 82816 | 110625 |  |
| - Golar Kelvin facility | 99537 | 128562 |  |
|  |  |  | Repayable on demand |
| - Golar Ice facility | 54947 | &nbsp;&nbsp;83857 |  |
| - Golar Snow facility | 81970 | 111108 |  |
| *CCBFL VIE loan:*<br>|  |  |  |
| - Golar Seal facility | 78540 | &nbsp;&nbsp;90177 | 2025  |

---

F-24<br>

------

---

| | | | |
|:---|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** | **Maturity date** |
| *COSCO VIE loan:*<br>|  |  |  |
| - Golar Crystal facility | &nbsp;&nbsp;75094 | &nbsp;&nbsp;83596 | 2027 |
| *AVIC VIE loan:*<br>|  |  |  |
| - Golar Bear facility | 104806 | 104806 | 2023 |
| Total debt (gross) | 632418 | 778380 |  |
| Deferred finance charges | &nbsp;&nbsp;(1595) | &nbsp;&nbsp;(2378) |  |
| &nbsp;&nbsp;Total debt | 630823 | 776002 |  |

---

(1)<br> The commercial loan tranche matures at the earlier of the two dates, with the remaining balance maturing at the latter date.

#### $1.125 billion facility
In July 2013, Golar entered into a $1.125 billion facility which bears interest at LIBOR plus a margin. At December 31, 2021, the remaining balance in the $1.125 billion facility only relates to the *Golar Frost* amounting to $54.7 million with a cash collateral of $0.6 million, presented under restricted cash (note 13).

The facility is divided into three tranches, with the following general terms:

---

| | | | |
|:---|:---|:---|:---|
| **Tranche** | **Proportion of** <br>**facility** | **Term of loan from** <br>**date of drawdown** | **Repayment terms** |
| K-Sure | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | 12 years | Six-monthly installments |
| &nbsp;&nbsp;KEXIM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40% | 12 years | Six-monthly installments |
| Commercial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | 5 years | Six-monthly installments, unpaid balance to be refinanced after 5 years |

---

The facility bears interest at LIBOR plus a margin of 2.10% for the K-Sure tranche of the facility and 2.75% for both the KEXIM and commercial tranche of the loan.

The K-Sure tranche is funded by a consortium of lenders, of which 95% is guaranteed by a Korean Trade Insurance Corporation (or K-Sure) policy; the KEXIM tranche is funded by the Export Import Bank of Korea (or KEXIM). Repayments under the K-Sure and KEXIM tranches are due semi-annually with a 12 year repayment profile. The commercial tranche is funded by a syndicate of banks and is for a term of five years from date of drawdown with a final balloon payment depending on drawdown dates for each respective vessel. In the event the commercial tranche is not refinanced prior to the end of the five years, both K-Sure and KEXIM have an option to demand repayment of the balances outstanding under their respective tranches. In October 2018, the term of the commercial tranche, and consequently the option to K-Sure and KEXIM, was extended by 5 years. The facility is further divided into vessel-specific tranches dependent upon delivery and drawdown, with each borrower being the subsidiary owning the respective vessel.

In June 2020, we refinanced the portion of the debt facility relating to *Golar Bear* ahead of its maturity and the cash collateral pledged against the Golar Bear facility of $6.0 million was released. Concurrently we entered into an agreement to bareboat charter the vessel with AVIC for $110.0 million (see Lessor VIE debt below for more information).

F-25<br>

------

#### **TABLE OF CONTENTS**

#### Lessor VIEs debt
The following loans relate to our lessor VIE entities, including ICBCL, CCBFL, COSCO, and AVIC that we consolidate as VIEs. Although we have no control over the funding arrangements of these entities, we consider ourselves the primary beneficiary of these VIEs and we are therefore required to consolidate these loan facilities into our financial results. See note 5 for additional information. The vessels in the table below are secured as collateral against these borrowings' long-term loans (note 20).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Facility** | **Effective** <br>**from** | **SPV** | **Loan** <br>**counterparty** | **Loan facility** <br>**at inception** <br>**(in $** <br>**millions)** | **Loan facility** <br>**at December 31,** <br>**2021(in $** <br>**millions)** | **Loan** <br>**duration/maturity** | **Interest** |
| *Golar Glacier* | October 2014 | Hai Jiao 1401 Limited | ICBCIL Finance Co.<sup>(1)</sup> | 184.8 | 82.8 | Repayable on demand | 2.11% - 2.65% |
| &nbsp;&nbsp;*Golar Snow* | January 2015 | Hai Jiao 1402 Limited | ICBCIL Finance Co.<sup>(1)</sup> | 182.6 | 82.0 | Repayable on demand | 2.11% - 2.65% |
| *Golar Kelvin* | January 2015 | Hai Jiao 1405 Limited | ICBCIL Finance Co.<sup>(1)</sup> | 182.5 | 99.5 | Repayable on demand | 2.11% - 2.65% |
| *Golar Ice* | February 2015 | Hai Jiao 1406 Limited | ICBCIL Finance Co.<sup>(1)</sup> | 172.0 | 54.9 | Repayable on demand | 2.11% - 2.65% |
| *Golar Seal<sup>(2)</sup>* | March 2016 | Compass Shipping 1 Corporation Limited | CCBFL | 162.4 | 78.5 | 2025 | 2.46% - 3.50% |
| *Golar Crystal* | March 2017 | Oriental Fleet LNG 01 Limited | COSCO Shipping | 101.0 | 75.1 | 2027 | LIBOR plus margin |
| *Golar Bear<sup>(3)</sup>* | June 2020 | Cool Bear Shipping Limited | AVIC | 110.0 | 104.8 | 2023 | 3.00% - 4.00% |

---

(1)<br> ICBCIL Finance Co. is a related party of ICBCL.

(2) The Golar Seal facility includes a put option that if exercised requires us to repay the facility if an appropriate long-term charter of 4 years or more is not entered into by January 2021. In November 2020, we agreed and executed an extension with CCBFL to extend such put option by one year. In November 2021, we entered into another supplemental agreement with existing lender to extend further the put option maturity to January 2025. Since then, we presented the maturity of the loan facility to January 2025 even though the maturity of the sale and leaseback arrangement is in March 2026 as the maturity date of the call option is the earlier of the two.

(3) The sale and leaseback arrangement for the *Golar Bear* has a term of seven years and bears an interest rate of LIBOR plus margin of 4.00%. However, the loan facility between Cool Bear Shipping Limited and AVIC has a term of three years and bears a fixed interest rate of 4.0%. We presented the maturity of the loan facility to be in 2023 even though the maturity of the sale and leaseback arrangement is in 2027 as the maturity date of the loan facility is the earlier of the two.

#### Debt restrictions
Certain of our debts are collateralized by vessel liens. The existing financing agreements impose operating and financing restrictions which may significantly limit or prohibit, among other things, our ability to incur additional indebtedness, create liens, sell capital shares of subsidiaries, make certain investments, engage in mergers and acquisitions, purchase and sell vessels or enter into time charter agreements or consecutive voyage charter agreements. In addition, lenders may accelerate the maturity of indebtedness under financing agreements and foreclose upon the collateral securing the indebtedness upon the occurrence of certain events of default, including a failure to comply with any of the covenants contained in the financing agreements. Many of our debt agreements contain certain covenants, which require compliance with certain financial ratios. Such ratios include current assets: liabilities and minimum net worth and minimum free cash restrictions.

F-26<br>

------

#### **TABLE OF CONTENTS**
As of December 31, 2021, GSVM was in compliance with all of its financial covenants under its various existing loan agreements.

17. OTHER NON-CURRENT LIABILITIES

As of December 31, 2021 and 2020, our other non-current liabilities were as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Non-current portion of operating lease liability (note 10) | &nbsp;&nbsp;2178 | &nbsp;&nbsp;2869 |
| Lessor VIE dividend payable | 11500 | &nbsp;&nbsp;7500 |
|  | 13678 | 10369 |

---

18. FINANCIAL INSTRUMENTS

#### Interest rate risk management
In certain situations, we may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. We do not hold or issue instruments for speculative or trading purposes. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however we do not anticipate non-performance by any of our counterparties.

#### Foreign currency risk
The majority of our vessels' gross earnings are receivable in U.S. dollars. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency. However, we incur certain expenditure in other currencies, primarily Norwegian Kroner and the Croatian Kuna. There is a risk that currency fluctuations will have a negative effect on the value of our combined carve-out cash flows.

#### Fair values of financial instruments
We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:

Level 1: Quoted market prices in active markets for identical assets and liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

There have been no transfers between different levels in the fair value hierarchy during the year.

The carrying value and fair value of our financial instruments at December 31, 2021 and 2020 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **2021** | **2021** | **2020** | **2020** |
| <br>*(in thousands of $)* | <br>**Fair** <br>**value** <br>**hierarchy** | **Carrying** <br>**value** | **Fair value** | **Carrying** <br>**value** | **Fair value** |
| **Non-derivatives:**<br>|  |  |  |  |  |
| Cash and cash equivalents | Level 1 | &nbsp;&nbsp;&nbsp;33811 | &nbsp;&nbsp;&nbsp;33811 | &nbsp;&nbsp;&nbsp;34324 | &nbsp;&nbsp;&nbsp;34324 |
| Restricted cash and short-term deposits | Level 1 | &nbsp;&nbsp;&nbsp;44091 | &nbsp;&nbsp;&nbsp;44091 | &nbsp;&nbsp;&nbsp;23621 | &nbsp;&nbsp;&nbsp;23621 |
| &nbsp;&nbsp;Trade accounts receivable | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;4445 | &nbsp;&nbsp;&nbsp;&nbsp;4445 |
| &nbsp;&nbsp;Trade accounts payable | Level 1 | &nbsp;&nbsp;&nbsp;(2441) | &nbsp;&nbsp;&nbsp;(2441) | &nbsp;&nbsp;&nbsp;(1750) | &nbsp;&nbsp;&nbsp;(1750) |
| Amounts due to related parties | Level 1 | &nbsp;&nbsp;&nbsp;(1021) | &nbsp;&nbsp;&nbsp;(1021) | &nbsp;&nbsp;&nbsp;(7090) | &nbsp;&nbsp;&nbsp;(7089) |
| Current portion of long-term debt and short-term debt<sup>(1)(2)</sup> | Level 2 | (338988) | (338988) | (453412) | (453412) |
| Long-term debt<sup>(2)</sup> | Level 2 | (293430) | (293430) | (324968) | (324968) |

---

(1) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments.

(2) Our debt obligations are recorded at amortized cost in the combined balance sheets. The amounts presented in the table above, are gross of the deferred charges amounting to $1.6 million and $2.4 million as of December 31, 2021 and 2020, respectively.

F-27<br>

------

#### **TABLE OF CONTENTS**
The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

&nbsp;&nbsp;&nbsp;&nbsp;• The carrying value of cash and cash equivalents, which are highly liquid, is a reasonable estimate of fair value.

&nbsp;&nbsp;&nbsp;&nbsp;• The carrying value of restricted cash and short-term deposits is considered to be equal to the estimated fair value because of their near term maturity.

&nbsp;&nbsp;&nbsp;&nbsp;• The carrying value of trade accounts receivable, trade accounts payable and amounts due to related parties approximate fair values because of the near term maturity of these instruments.

&nbsp;&nbsp;&nbsp;&nbsp;• The estimated fair value for floating long-term debt is considered to be equal to the carrying value since they bear variable interest rates, which are adjusted on a quarterly basis. The fair value measurement of a liability must reflect the non-performance of the entity.

There is a concentration of credit risk with respect to cash and cash equivalents and restricted cash to the extent that substantially all of the amounts are deposited with Nordea Bank of Finland PLC and Citibank. However, we believe this risk is remote, as they are established and reputable establishments with no prior history of default.

There is a concentration of financing risk with respect to our long-term debt to the extent that a substantial amount of our long-term debt is carried with Citibank, K-Sure, KEXIM and commercial lenders of our $1.125 billion facility, as well as with ICBCL, CCBFL, COSCO, and AVIC in regards to our sale and leaseback arrangements (note 5). We believe these counterparties to be sound financial institutions, with investment grade credit ratings. Therefore, we believe this risk is remote.

19. RELATED PARTY TRANSACTIONS

#### Transactions with related parties:
The following table sets forth transactions with related parties for the years ended December 31, 2021 and 2020:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Management fee revenue<sup>(i)</sup> | 6468 | 7820 |
| Egyptian Company for Gas Services ("ECGS")<sup>(ii)</sup> | 1482 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Ship and administrative management fees<sup>(i)</sup> | (5001) | (4546) |
| Total | 2949 | 3274 |

---

#### Amounts due from related parties:
As of December 31, 2021 and 2020, balances with related parties consisted of the following:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Balances due from Golar Partners and its subsidiaries<sup>(iii)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15 |
| Balances due to Golar and its subsidiaries<sup>(iv)</sup> | (1021) | (1147) |
| Balances due to Hygo and its affiliates<sup>(v)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | (5958) |
|  | (1021) | (7090) |

---

(i) *Ship management fees* – Golar through its subsidiary, Golar Management Ltd., charged ship management fees to GSVM for the provision of technical and commercial management of the vessels. Each of our vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar. We may terminate these agreements by providing 30 days' written notice. In addition, Golar Management Ltd. also charged management fees to us for the provision of management and administrative services. The services provided are charged at cost plus a management fee equal to 5% of costs and expenses incurred in connection with providing these services. Where external service providers costs are incurred by Golar on behalf of us, these are recharged at cost. We may terminate the agreement by providing 120 days' written notice.

To enable it to carry out the commercial and technical management services, and management and administrative services to the vessel companies, Golar Management Ltd. entered into management agreements with its subsidiaries, Golar Management d.o.o. (Golar Croatia) and Golar Management Norway AS (Golar Norway) to perform certain services. The services provided by Golar Croatia and Golar Norway are charged to Golar Management Ltd. at cost plus a management fee equal to 5% of their costs and expenses incurred in connection with providing these services. Either of the parties may terminate the agreement by providing 12 months' written notice.

F-28<br>

------

#### **TABLE OF CONTENTS**
Following Golar's sale of Golar Partners and Hygo in April 2021, Golar Partners, Hygo and their affiliates ceased to be related parties.

(ii)<br> *ECGS –* We chartered *Golar Ice* to ECGS, an affiliate of Golar's during the year ended December 31, 2021.

(iii) *Balances due from Golar Partners and its subsidiaries –* Receivables and payables with Golar Partners and its subsidiaries are comprised primarily of unpaid management fees and expenses for management, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. Following Golar's sale of Golar Partners in April 2021, Golar Partners and its affiliates ceased to be related parties.

(iv) *Balances due to Golar and its subsidiaries* – Receivables and payables with Golar and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when Golar pays an invoice on our behalf. Receivables and payables are generally settled quarterly in arrears. Balances owing from Golar and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. 

(v) *Balances due to Hygo and its subsidiaries* – Receivables and payables with Hygo and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Hygo and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. Following Golar's sale of Hygo in April 2021, Hygo and its affiliates ceased to be related parties.

#### Other transactions:
*Net Cool Pool income/expenses – Net income/expenses relating to the other participants in the pooling arrangement are presented on our combined carve-out statements of operations in "Voyage, charter hire and commission expenses, net". For the years ended December 31, 2021 and 2020, we recognized a net profit share of $6.0 million and a net expense share of $4.5 million, respectively, from the pooling arrangement.*

The net profit sharing due to Golar and Hygo, as a result of the participation of their vessels in the Cool Pool amounted to $9.2 million of net expenses and $3.2 million net profit, respectively, for the year ended December 31, 2021 and $2.4 million and $2.1 million of net profit, respectively, for the year ended December 31, 2020.

20. OTHER COMMITMENTS AND CONTINGENCIES

#### Assets pledged
As of December 31, 2021 and 2020, the book value of our Vessels secured under long-term loans was as follows:

---

| | | |
|:---|:---|:---|
| *(in thousands of $)* | **2021** | **2020** |
| Carrying value of vessels secured against long-term loans | 1383330 | 1426718 |

---

At December 31, 2021, the lessor for the six UK tax leases of Golar has second priority interests in relation to the *Golar Frost* and $16.0 million cash deposit which replaced the lessor's previous security interests in the *Golar Spirit, Methane Princess* and the *Golar Grand*.

#### Security interest
With effect from April 15, 2021, a financial institution held a second priority security interest on the *Golar Frost*. This security interest was released in March 2022, and is related to a legacy Golar claim that was subsequently settled by Golar in April 2022.

21. SHARE BASED COMPENSATION

#### Share options
The Golar LNG Limited Long Term Incentive Plan ("LTIP") was adopted by Golar's board of directors, effective October 24, 2017. The maximum aggregate number of Golar common shares that may be delivered pursuant to any and all awards under the LTIP shall not exceed 3,000,000 Golar common shares, subject to adjustment due to recapitalization or reorganization as provided under the LTIP. The LTIP allows for grants of (i) share options, (ii) share appreciation rights, (iii) restricted share awards (iv) share awards, (v) other share-based awards, (vi) cash awards, (vii) dividend equivalent rights, (viii) substitute awards and (ix) performance-based awards, or any combination of the foregoing as determined by Golar's board of directors or nominated committee in its sole discretion. Either authorized unissued Golar shares or treasury shares (if there are any) may be used to satisfy exercised share options.

F-29<br>

------

#### **TABLE OF CONTENTS**
Certain employees of Golar Norway and Golar Croatia were awarded share options in previous years that have not fully vested in the years ended December 31, 2021 and 2020. In 2021 and 2020, no share options were awarded to employees.

The following assumptions were used to determine fair values of share options granted in prior years:

&nbsp;&nbsp;&nbsp;&nbsp;• The assumption for expected future volatility is based primarily on an analysis of historical volatility of Golar's common shares.

&nbsp;&nbsp;&nbsp;&nbsp;• Where the criteria for using the simplified method are met, we have used this method to estimate the expected term of options based on the vesting period of the award that represents the period options granted are expected to be outstanding. Under the simplified method, the mid-point between the vesting date and the maximum contractual expiration date is used as the expected term. Where the criteria for using the simplified method are not met, we used the contractual term of the options.

&nbsp;&nbsp;&nbsp;&nbsp;• The dividend yield has been estimated at 0.0% as the exercise price of the options are reduced by the value of dividends, declared and paid on a per share basis. The exercise price of all options is reduced by the amount of Golar dividends declared and paid.

#### Restricted Stock Units ("RSUs")

#### Time-based RSUs
Pursuant to the LTIP, Golar granted certain individuals, including employees of Golar Norway and Golar Croatia, RSUs during the years ended December 31, 2021 and 2020, respectively. The RSUs vest equally over a period of 3 years.

The fair value of the RSU award is estimated using the market price of Golar's common shares at grant date with expense recognized evenly over the three-year vesting period.

#### Performance-based RSUs
In March 2020, Golar also granted certain individuals RSUs that are subject to the achievement of a total shareholder return ("TSR") performance condition relative to the TSR of a predetermined group of Golar's peer companies over a three-year performance period ending December 31, 2022. Payouts of the performance-based RSUs will range from 0% to 100% of the target awards based on Golar's TSR ranking within its peer group. These awards will vest in March 2023. A GSVM employee, pursuant to the ManCo SPA and acquisition of Golar Norway was awarded performance-based RSUs in March 2020.

The fair value of this award is estimated on the grant date using the Monte Carlo simulation model. The weighted average assumptions as of grant date are presented below:

---

| | |
|:---|:---|
|  | **2020** |
| Remaining performance period | 2.8 years |
| Contractual term | 3.0 years |
| Golar's expected dividend yield | 0.0% |
| Golar's risk-free interest rate | 0.42% |
| Golar share price volatility | 84.00% |
| Golar share price at grant date | $7.49 |

---

The assumption for expected future volatility is based primarily on an analysis of historical volatility of Golar's common stock with an implied volatility factored in for the last 0.9 years of the performance period.

F-30<br>

------

#### **TABLE OF CONTENTS**
22. BASIC AND DILUTED EARNINGS/(LOSS) PER SHARE

The following table shows GSVM's earnings (loss) per share on the number of shares outstanding as of December 31, 2021 and 2020:

---

| | | |
|:---|:---|:---|
| *(in thousands of $, except number of shares and per share data)* | **2021** | **2020** |
| Net income/(loss) attributable to Parent | &nbsp;&nbsp;&nbsp;&nbsp;$15866 | &nbsp;&nbsp;&nbsp;&nbsp;$(1410) |
| &nbsp;&nbsp;Number of shares outstanding | &nbsp;&nbsp;1010000 | &nbsp;&nbsp;1010000 |
| Basic and diluted earnings/(loss) per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.40) |

---

23. SUBSEQUENT EVENTS

GSVM performed an evaluation of subsequent events through to the date of issuance of these combined carve-out financial statements, and determined that there were no recognized or unrecognized subsequent events, other than those set forth in Note 1 to these combined carve-out financial statements, that would require an adjustment or additional disclosure in GSVM's combined carve-out financial statements.

F-31<br>

------

#### COOL COMPANY LTD.<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT FINANCIAL STATEMENTS FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021
The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-32<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED STATEMENTS OF OPERATIONS FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined Carve-out)** | **Predecessor** <br>**(Combined Carve-out)** |
| <br>*(in thousands of $, except per share amounts)* | <br>**Notes** | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022<sup>(1)</sup>** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022<sup>(1)</sup>** | **2021** |
| &nbsp;&nbsp;Time and voyage charter revenues | 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119323 |
| &nbsp;&nbsp;Vessel and other management fee revenues | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5950 |
| Amortization of intangible assets and liabilities arising from charter agreements, net | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Total operating revenues** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122723** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43456** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**125273** |
| Vessel operating expenses | 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36021) |
| Voyage, charter hire and commission expenses, net |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2443) |
| Administrative expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12810) |
| Depreciation and amortization | 9, 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32553) |
| **Total operating expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(60668)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20102)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(83827)** |
| Other operating income | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5020 |
| **Operating income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62055** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27728** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46466** |
| **Financial income/(expense)**<br>|  |  |  |  |
| Interest income |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;Interest expense |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16799) |
| Gains on derivative instruments |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other financial items, net | 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(293) |
| **Net financial expenses** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7483)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4099)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(17088)** |
| **Income before income taxes and non-controlling interests** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54572** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23629** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29378** |
| Income taxes | 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(158) |
| **Net income** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54431** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23244** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29220** |
| Net income attributable to non-controlling interests |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23328) |
| **Net income attributable to the Owners of Cool Company Ltd. / Predecessor's Parent** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52529** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15038** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5892** |
| Basic and diluted earnings per share | 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.83 |

---

<sup>(1)</sup> <br> Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.

The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-33<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
|  | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022<sup>(1)</sup>** | **Phased period** <br>**from** <br>**January 1, 2022 to** <br>**June 30, 2022<sup>(1)</sup>** | **2021** |
| *(in thousands of $)*<br>|  |  |  |
| **Comprehensive income**<br>|  |  |  |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23244 | &nbsp;&nbsp;29220 |
| **Comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54431** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23244** | &nbsp;&nbsp;**29220** |
| **Comprehensive income attributable to:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Owners of Cool Company Ltd. / Predecessor's Parent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038 | &nbsp;&nbsp;5892 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;23328 |
| **Comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54431** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23244** | &nbsp;&nbsp;**29220** |

---

<sup>(1)</sup> <br> Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.

The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-34<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED BALANCE SHEETS AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021

---

| | | | |
|:---|:---|:---|:---|
| | | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
| <br>*(in thousands of $)* | <br>**Notes** | **September 30,**<br>**2022** | **December 31,** <br>**2021** |
| **ASSETS**<br>|  |  |  |
| **Current assets**<br>|  |  |  |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;94790 | &nbsp;&nbsp;&nbsp;&nbsp;33811 |
| Restricted cash and short-term deposits | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp;43311 |
| &nbsp;&nbsp;Trade accounts receivable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 |
| Intangible assets, net | &nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Inventories |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other current assets | &nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 |
| **Total current assets** |  | &nbsp;&nbsp;&nbsp;**110885** | &nbsp;&nbsp;&nbsp;&nbsp;**79293** |
| **Non-current assets**<br>|  |  |  |
| Restricted cash | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 |
| &nbsp;&nbsp;Vessels and equipment, net | &nbsp;&nbsp;12 | &nbsp;&nbsp;1164815 | 1383677 |
| Intangible assets, net | &nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other non-current assets | &nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758 |
| **Total assets** |  | &nbsp;&nbsp;**1293304** | **1466508** |
| **LIABILITIES AND EQUITY**<br>|  |  |  |
| **Current liabilities**<br>|  |  |  |
| Current portion of long-term debt and short-term debt | &nbsp;&nbsp;14 | &nbsp;&nbsp;151183 | &nbsp;&nbsp;338501 |
| &nbsp;&nbsp;Trade accounts payable |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 |
| Accrued expenses |  | &nbsp;&nbsp;&nbsp;&nbsp;42335 | &nbsp;&nbsp;&nbsp;&nbsp;59094 |
| Other current liabilities | &nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;38737 | &nbsp;&nbsp;&nbsp;&nbsp;16396 |
| Amounts due to related parties | &nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 |
| Total current liabilities |  | &nbsp;&nbsp;**241918** | &nbsp;&nbsp;**417453** |
| **Non-current liabilities**<br>|  |  |  |
| Long-term debt | &nbsp;&nbsp;14 | &nbsp;&nbsp;506195 | &nbsp;&nbsp;292322 |
| Other non-current liabilities | &nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;13678 |
| **Total liabilities** |  | &nbsp;&nbsp;**776813** | &nbsp;&nbsp;**723453** |
| &nbsp;&nbsp;**Commitments and contingencies** | &nbsp;&nbsp;19 |  |  |
| **Equity**<br>|  |  |  |
| Owners' / Parent's equity includes 40,010,000 (2021:1,010,000) common shares of $1.00 each issued and outstanding |  | &nbsp;&nbsp;447392 | &nbsp;&nbsp;568557 |
| Non-controlling interests | &nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;69099 | &nbsp;&nbsp;174498 |
| **Total equity** |  | &nbsp;&nbsp;**516491** | &nbsp;&nbsp;**743055** |
| **Total liabilities and equity** |  | &nbsp;&nbsp;**1293304** | **1466508** |

---

The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-35<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021

---

| | | | |
|:---|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined Carve-out)** | **Predecessor** <br>**(Combined Carve-out)** |
| <br>*(in thousands of $)* | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022<sup>(1)</sup>** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022<sup>(1)</sup>** | **2021** |
| **Operating activities**<br>|  |  |  |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29220 |
| *Adjustments to reconcile net income to net cash provided by operating activities:*<br>|  |  |  |
| Depreciation and amortization expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32553 |
| Amortization of intangible assets and liabilities arising from charter agreements, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14504) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Amortization of deferred charges | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 |
| Compensation cost related to share-based payment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 |
| Gains on derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9527) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| *Changes in assets and liabilities:*<br>|  |  |  |
| Trade accounts receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 |
| Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 |
| Other current and other non-current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 |
| &nbsp;&nbsp;Amounts due to/(from) related parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5566) |
| Trade accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12984 |
| Other current and non-current liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269 |
| **Net cash provided by operating activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**71699** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27101** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**75982** |
| **Investing activities**<br>|  |  |  |
| Additions to vessels and equipment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 |
| Consideration for acquisition of vessels and management entities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(218276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) / provided by investing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(218276)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**44** |
| **Financing activities**<br>|  |  |  |
| Proceeds from short-term and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10073 |
| Repayments of short-term and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126670) |
| (Repayments of)/Contributions from Parent's funding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136351) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51270 |
| Financing arrangement fees and other costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475) |
| (Repayments to) / contributions from CoolCo in connection with acquisition, net of equity proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(581072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net proceeds from equity raise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net cash from / (used in) financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**194399** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(54111)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(65802)** |
| **Net increase (decrease) in cash, cash equivalents and restricted cash** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10224 |
| **Cash, cash equivalents and restricted cash at beginning of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57945 |
| &nbsp;&nbsp;**Cash, cash equivalents and restricted cash at end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98714** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50892** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**68169** |

---

<sup>(1)</sup> <br> Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.

The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-36<br>

------

#### **TABLE OF CONTENTS**

#### Supplemental note to the unaudited condensed statements of cash flows
The following table identifies the balance sheet line-items included in cash, cash equivalents and restricted cash presented in the unaudited condensed statements of cash flows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
| <br>*(in thousands of $)* | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022<sup>(1)</sup>** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022<sup>(1)</sup>** | **December 31,** <br>**2021** | **September 30,** <br>**2021** |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28919 | &nbsp;&nbsp;&nbsp;33811 | &nbsp;&nbsp;&nbsp;&nbsp;25984 |
| Restricted cash and short-term deposits (current portion) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21973 | &nbsp;&nbsp;&nbsp;43311 | &nbsp;&nbsp;&nbsp;&nbsp;41400 |
| Restricted cash (non-current portion) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp;785 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**98714** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50892** | &nbsp;&nbsp;&nbsp;**77902** | &nbsp;&nbsp;&nbsp;&nbsp;**68169** |

---

<sup>(1)</sup> <br> Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.

The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-37<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.<br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### UNAUDITED CONDENSED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2022 AND 2021 <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Month Period Ended September 30, 2021** | **Nine Month Period Ended September 30, 2021** | **Nine Month Period Ended September 30, 2021** | **Nine Month Period Ended September 30, 2021** | **Nine Month Period Ended September 30, 2021** |
| <br>*(in thousands of $)* | **Contributed** <br>**Parent's Equity** | **Retained deficit** | **Total Parent's** <br>**Equity** | **Non-** <br>**controlling** <br>**Interest** | **Total** <br>**Equity** |
| **Combined carve-out predecessor<sup>(1)</sup> balance at December 31, 2020 *(Unaudited)*** | &nbsp;&nbsp;&nbsp;&nbsp;**857766** | &nbsp;&nbsp;&nbsp;**(361982)** | &nbsp;&nbsp;&nbsp;**495784** | **145996** | **641780** |
| &nbsp;&nbsp;&nbsp;Net income for the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5892 | &nbsp;&nbsp;&nbsp;**5892** | &nbsp;&nbsp;23328 | &nbsp;&nbsp;**29220** |
| &nbsp;&nbsp;&nbsp;Cash distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(4000) | &nbsp;&nbsp;(4000) |
| &nbsp;&nbsp;&nbsp;Share based payments contribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**618** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**618** |
| &nbsp;&nbsp;&nbsp;Contributions from Parent's funding | &nbsp;&nbsp;&nbsp;&nbsp;51270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;**51270** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**51270** |
| **Combined carve-out predecessor<sup>(1)</sup> balance at September 30, 2021** | &nbsp;&nbsp;&nbsp;&nbsp;**909654** | &nbsp;&nbsp;&nbsp;**(356090)** | &nbsp;&nbsp;&nbsp;**553564** | **165324** | **718888** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Nine Month Period Ended September 30, 2022** | **Nine Month Period Ended September 30, 2022** | **Nine Month Period Ended September 30, 2022** | **Nine Month Period Ended September 30, 2022** | **Nine Month Period Ended September 30, 2022** |
| <br>*(in thousands of $)* | **Contributed** <br>**Parent's /** <br>**Owners' Equity** | **Accumulated** <br>**Retained** <br>**(Losses)/Earnings** | **Total Parent's /** <br>**Owners' Equity** | **Non-** <br>**controlling** <br>**Interest** | **Total** <br>**Equity** |
| **Combined carve-out predecessor<sup>(1)</sup> balance at December 31, 2021** | &nbsp;&nbsp;&nbsp;**780862** | &nbsp;&nbsp;&nbsp;&nbsp;**(212305)** | &nbsp;&nbsp;&nbsp;**568557** | **174498** | **743055** |
| &nbsp;&nbsp;&nbsp;Net income for the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15038 | &nbsp;&nbsp;&nbsp;**15038** | &nbsp;&nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp;**23244**  |
| &nbsp;&nbsp;&nbsp;Share based payments contribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**238** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**238** |
| &nbsp;&nbsp;&nbsp;Deconsolidation of lessor VIEs<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | (115412) | **(115412)** |
| **Combined carve-out predecessor<sup>(1)</sup> balance upon disposal** | &nbsp;&nbsp;&nbsp;**781100** | &nbsp;&nbsp;&nbsp;&nbsp;**(197267)** | &nbsp;&nbsp;&nbsp;**583833** | &nbsp;&nbsp;&nbsp;**67292** | **651125** |
| &nbsp;&nbsp;&nbsp;Cancellation of Parent's equity <sup>(3)</sup>  | &nbsp;&nbsp;&nbsp;(781100) | &nbsp;&nbsp;&nbsp;&nbsp;197267 | &nbsp;&nbsp;&nbsp;**(583833)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **(583833)** |
| **Consolidated successor<sup>(1)</sup> balance upon acquisition** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;67292 | &nbsp;&nbsp;&nbsp;**67292** |
| &nbsp;&nbsp;&nbsp;Issuance of shares for Private Placement<sup>(4)</sup>  | &nbsp;&nbsp;&nbsp;266893  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;**266893**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | **266893**  |
| &nbsp;&nbsp;&nbsp;Issuance of shares to Golar<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;127903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;**127903** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | **127903** |
| &nbsp;&nbsp;&nbsp;Fair value adjustment in relation to acquisition  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(95)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(95)** |
| &nbsp;&nbsp;&nbsp;Net income for the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52529 | &nbsp;&nbsp;&nbsp;**52529** | &nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;**54431**  |
| &nbsp;&nbsp;&nbsp;Share based payments contribution | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**67**  |
| **Consolidated successor<sup>(6)</sup> balance at September 30, 2022** | &nbsp;&nbsp;&nbsp;**394863** | &nbsp;&nbsp;&nbsp;&nbsp;**52529** | &nbsp;&nbsp;&nbsp;**447392** | &nbsp;&nbsp;&nbsp;**69099** | **516491** |

---

<sup>(1)</sup> <br> Refer to Note 2.a for the basis of preparation of the Successor and Predecessor periods.

---

| | |
|:---|:---|
| <sup>(</sup><sup>2</sup><sup>)</sup><br>| Following completion of the acquisition of all of the Original Vessels under the Vessel SPA in April 2022, only two of existing seven sale and leaseback arrangements were assumed by the Company with the remaining sale and leaseback arrangements refinanced with our $570 million senior secured sustainability term loan facility (note 14). The equity attributable to the two Lessor SPVs, assumed by CoolCo, is included in non-controlling interests in the consolidated successor balance as of September 30, 2022 while the remaining lessor VIEs were deconsolidated by the Predecessor. See note 5. |

---

<sup>(</sup><sup>3</sup><sup>)</sup><br> Represents cancellation of 1,000,000 shares for Parent's aggregated equity, upon disposal of entities to CoolCo pursuant to the Vessel SPA and ManCo SPA, previously presented on a combined carve-out basis during the Predecessor period.

<sup>(4)</sup> In February 2022, CoolCo issued 27,500,000 common shares at a price of $10.00 per share raising proceeds of $275.0 million. This was offset by issuance costs totaling $8.1 million. See note 1.

---

| | |
|:---|:---|
| <sup>(</sup><sup>5</sup><sup>)</sup><br>| Represents issuance of 12,500,000 common shares in the Company amounting to $127.9 million of equity issued to Golar in connection with the transfer of vessels on each respective entity acquisition date pursuant to the Vessel SPA. See note 1.  |

---

<sup>(</sup><sup>6</sup><sup>)</sup><br> As of September 30, 2022 there were 40,010,000 shares outstanding.

The accompanying notes are an integral part of these unaudited condensed consolidated and combined carve-out financial statements. <br>

F-38<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.

#### NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED AND <br>

#### COMBINED CARVE-OUT FINANCIAL STATEMENTS
1. GENERAL

The Cool Company Ltd. ("CoolCo", the "Company" or "Successor") is a private limited liability company incorporated in 2018 under the laws of Bermuda. In the period from the incorporation of CoolCo in October 2018 until early 2022 when the transactions described below occurred, the operations of CoolCo are considered insignificant. Commencing in 2022, CoolCo is engaged in the acquisition, ownership, operation and chartering of liquefied natural gas ("LNG") carriers ("LNGCs"), and the operation of third party fleets under management agreements.

As used herein and unless otherwise required by the context, the terms "CoolCo", the "Company", "we", "our", "us" and words of similar import refer to CoolCo or any one or more of its consolidated subsidiaries, or to all such entities.

References to "QPSL" refer to Quantum Pacific Shipping Ltd. and to any one or more of its subsidiaries. References to "EPS" refer to EPS Ventures Ltd., a wholly-owned subsidiary of QPSL.

As of September 30, 2022, CoolCo's owned fleet comprised eight LNGCs and CoolCo managed twenty-one vessels (including both LNGCs and Floating Storage and Regasification Units ("FSRUs")) for third parties.

Golar Shipping and Vessel Management ("GSVM" or "Predecessor") was a carve-out business of Golar LNG Limited ("Golar" or "Parent"). During the Predecessor periods reported herein, GSVM was engaged in the acquisition, ownership, operation and chartering of liquefied natural gas ("LNG") carriers ("LNGCs"), previously reported within the 'Shipping' segment by Golar, and the operation of third-party vessels under management agreements, previously reported within the 'Corporate and other' segment by Golar. On January 26, 2022, CoolCo entered into various agreements with Golar, including:

1) ***<u>Vessel SPA:</u>*** CoolCo and Golar entered into the Vessel SPA, as amended on February 25, 2022, pursuant to which CoolCo acquired all of the outstanding shares of nine of Golar's wholly-owned subsidiaries on various dates in March and April 2022. Eight of these entities are each the registered or disponent owner or lessee of the following modern LNG carriers: *Golar Seal, Golar Crystal, Golar Ice, Golar Bear, Golar Frost*, *Golar Glacier, Golar Snow* and *Golar Kelvin (*the *"Original Vessels"),* each of which operated, as of the acquisition date, under pre-existing time charters of various durations with major energy, utility and commodity trader counterparties. The ninth subsidiary, The Cool Pool Limited, is the entity responsible for the commercial marketing of these LNG carriers.

The Vessel SPA stated a purchase price for each vessel of $145 million, subject to working capital and debt adjustments, for each vessel. Each acquisition of Golar's subsidiaries closed on phased completion dates corresponding with the date that the respective Golar subsidiary debt was either refinanced with CoolCo's new term facility loan (as described further below, for six of the Golar subsidiaries acquired) or assumed by CoolCo (for two of the Golar subsidiaries acquired, for which lender consent was obtained for the change of control of the existing sale and leaseback arrangements for the vessels *Golar Ice* and *Golar Kelvin*, further described in Note 5 herein), which were all subject to customary conditions precedent. CoolCo's acquisitions closed on various dates from March 3, 2022 to April 5, 2022, as follows:

---

| | | |
|:---|:---|:---|
| **Date** | **Name** | **Purpose** |
| March 3, 2022 | Golar Hull M2022 Corp. | Owns and operates *Golar Crystal* |
| March 7, 2022 | Golar LNG NB12 Corp. | Owns and operates *Golar Frost* |
| March 9, 2022 | Golar Hull M2021 Corp. | Owns and operates *Golar Seal* |
| March 10, 2022 | Golar Hull M2027 Corp. | Owns and operates *Golar Bear* |
| April 1, 2022 | Golar LNG NB10 Corp. | Owns and operates *Golar Glacier* |
| April 1, 2022 | Golar Hull M2047 Corp. | Owns and operates *Golar Snow* |
| April 5, 2022 | Golar Hull M2048 Corp. | Leases *Golar Ice\** |
| April 5, 2022 | Golar LNG NB11 Corp. | Leases *Golar Kelvin\**  |
| April 5, 2022 | The Cool Pool Limited. | Commercial management company |

---

\* Golar agreed to remain as the guarantor of the payment obligations relating to LNG carriers of two of the acquired Golar subsidiaries, *Golar Ice* and *Golar Kelvin*, in exchange for a guarantee fee of 0.5% on the outstanding contractual balances.

F-39<br>

------

#### **TABLE OF CONTENTS**
2) ***<u>Revolving Credit Facility</u>:*** CoolCo and Golar also entered into a Revolving Credit Facility for up to $25.0 million (with a maturity date of January 2024, a fixed interest rate of 5% and a commitment fee of 50 basis points on the undrawn amount) to fund CoolCo's working capital requirements which remains undrawn as of September 30, 2022.

3) ***<u>Transitional Services Agreement</u>:*** CoolCo and Golar entered into a Transitional Services Agreement pursuant to which Golar provided corporate administrative services to CoolCo for a fixed daily fee.

4) ***<u>ManCo Agreement</u>:*** CoolCo and Golar reached an agreement in principle that following the conclusion of an internal reorganization of Golar's management organization, CoolCo would acquire Golar's LNGC and FSRU management organization.

On January 26, 2022, CoolCo authorized the issuance of 398,990,000 additional common shares at $1 par value, increasing the total number of authorized common shares to 400,000,000. These new common shares have the same rights as the common shares in issue prior to such date.

On February 17, 2022, CoolCo entered into a senior sustainability term loan facility of $570.0 million (with a maturity date of March 2027 and an initial interest rate of the Secured Overnight Financing Rate plus 275 basis points) with a syndicate of banks, which CoolCo drew-down contemporaneously with the respective vessel acquisitions to refinance Golar's existing financing relating to certain of the vessels acquired pursuant to the Vessel SPA, as discussed above.

In February 2022, CoolCo sold 27.5 million common shares at a price of $10.00 per share raising proceeds of $275 million in a private placement (the "Private Placement"). The proceeds were also used to finance the acquisition of the Vessels. As a result of the Private Placement and post-acquisitions from Golar, EPS Ventures Ltd ("EPS"), a wholly-owned subsidiary of Quantum Pacific Shipping Ltd ("QPSL"), became the largest shareholder with 37.5% of CoolCo's common shares. Golar held 31.3% of the common shares and public shareholders held the remaining common shares. The common shares were listed on Norwegian Over-The-Counter Market (N-OTC) immediately following completion of the Private Placement. On February 22, 2022, CoolCo completed its listing of common shares on the Euronext Growth Oslo with the ticker "COOL". Golar determined that it relinquished control of CoolCo on January 26, 2022.

On June 30, 2022, CoolCo entered into various agreements (the "ManCo SPA") with Golar to purchase Golar's LNG carrier and FSRU management organization. Golar and CoolCo entered into the ManCo SPA (as contemplated in the ManCo Agreement), pursuant to which CoolCo acquired four of Golar's wholly-owned subsidiaries, including employees of these entities and agreements to manage third parties' fleets of LNG carriers and FSRUs. CoolCo's acquisitions of the four management companies closed and these entities were conveyed the following dates:

---

| | | |
|:---|:---|:---|
| **Date**  | **Name**  | **Purpose**  |
| June 30, 2022  | Cool Company Management d.o.o. (formerly Golar Management d.o.o.) ("Cool Croatia")  | Vessel management company in Croatia  |
| June 30, 2022  | Cool Company Management AS (formerly Golar Management Norway AS) ("Cool Norway")  | Vessel management company in Norway  |
| June 30, 2022  | Cool Company Management Ltd ("Cool UK")\*  | Management company in United Kingdom  |
| June 30, 2022  | Cool Company Management Malaysia Sdn Bhd ("Cool Malaysia")\*  | Management company in Malaysia |

---

\*<br> Cool UK and Cool Malaysia were formed and incorporated in January 2022 and March 2022, respectively; therefore, no comparative results of operations of these entities therein are included within the combined carve-out financial statements.

The aggregate amount of purchase consideration for Vessel SPA and ManCo SPA was $346.2 million. This was comprised of $127.9 million in the form of shares in the Company issued to Golar on each respective entity acquisition date pursuant to Vessel SPA, $211.7 million net cash consideration funded by acquisition-related refinancing via the Company's senior secured sustainability term loan facility which was drawn-down contemporaneously with each respective vessel acquisition date and Vessel SPA working capital adjustments and ManCo SPA purchase price of approximately $6.6 million, including working capital adjustments, which was

F-40<br>

------

paid in cash. Golar and CoolCo also entered into an Administrative Services Agreement, which replaced the Transitional Services Agreement, for the provision by Golar to the Company of IT, accounting, treasury, finance operations and other corporate overhead functions from July 1, 2022 to June 30, 2023.

The table below presents the fair values and excess purchase consideration that were allocated to the Company's assets and liabilities based upon fair values as determined by CoolCo.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in $ millions)*  | **Predecessor**<br>**(Combined Carve-out)**  | **Predecessor**<br>**(Combined Carve-out)**  | **Successor** <br>(Consolidated)  | **Successor** <br>(Consolidated)  | **Successor** <br>(Consolidated)  |
|  | **Amounts** <br>**derecognized** <br>**on disposal<sup>(1)</sup>**<br>(A)  | **Fair value**<br>**and other** <br>**adjustments<sup>(2)</sup>** <br>(B)  | **Fair value** <br>**of amounts** <br>**acquired** <br>**C = A + B**  | **Excess**<br>**purchase** <br>**consideration** <br>**allocation** <br>(D)  | **Amounts** <br>**recognized** <br>**upon** <br>**acquisition** <br>**E = C + D**  |
| **Assets Acquired** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Vessels and equipment, net  | &nbsp;&nbsp;&nbsp;1387.3  | &nbsp;&nbsp;&nbsp;&nbsp;(222.2)  | 1165.1  | &nbsp;&nbsp;&nbsp;&nbsp;27.9  | 1193.0  |
| &nbsp;&nbsp;&nbsp;Favorable Contract Intangible Assets  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5  | &nbsp;&nbsp;&nbsp;&nbsp;13.5  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;13.5  |
| &nbsp;&nbsp;&nbsp;Assembled Workforce  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6  |
| &nbsp;&nbsp;&nbsp;Customer Relationships  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6  |
| &nbsp;&nbsp;&nbsp;Other current and non-current assets  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.7  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;61.7  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1  | &nbsp;&nbsp;&nbsp;&nbsp;61.8  |
| **Total assets acquired:**  | &nbsp;&nbsp;&nbsp;**1449.0**  | &nbsp;&nbsp;&nbsp;&nbsp;**(200.7)**  | **1248.3**  | &nbsp;&nbsp;&nbsp;&nbsp;28.2  | **1276.5**  |
| **Liabilities Assumed** <br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154.5  | &nbsp;&nbsp;&nbsp;&nbsp;(4.5)  | &nbsp;&nbsp;150.0  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;150.0  |
| &nbsp;&nbsp;&nbsp;Unfavorable contracts liabilities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.7  | &nbsp;&nbsp;&nbsp;&nbsp;69.7  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;69.7  |
| &nbsp;&nbsp;&nbsp;Other current and non-current liabilities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643.3  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;643.3  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;643.3 |
| **Total liabilities assumed:**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.2  | &nbsp;&nbsp;863.0  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;863.0  |
| Non-controlling interest  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.4  | &nbsp;&nbsp;&nbsp;&nbsp;(0.1)  | &nbsp;&nbsp;&nbsp;&nbsp;67.3  | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;67.3  |
| **Net assets to be acquired:**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583.8  | &nbsp;&nbsp;&nbsp;&nbsp;**(265.8)**  | &nbsp;&nbsp;318.0  | &nbsp;&nbsp;&nbsp;&nbsp;28.2  | &nbsp;&nbsp;346.2  |
| Purchase consideration net<sup>(3)</sup>  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346.2  |  |  |  |  |
| Less: fair values of net assets acquired  | &nbsp;&nbsp;&nbsp;(318.0)  |  |  |  |  |
| Excess purchase consideration  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.2 |  |  |  |  |

---

(1) The amounts derecognized upon disposal reflects the aggregate assets and liabilities that were specifically identifiable and directly attributable to the entities acquired pursuant to the Vessel SPA, that closed on various dates from March 3, 2022 to April 5, 2022, and the four management entities, acquired pursuant to the ManCo SPA that closed on June 30, 2022. 

(2) Represents the fair value and other adjustments to the assets and liabilities of entities acquired pursuant to the Vessel SPA and the ManCo SPA as of the respective disposal dates. The adjustment to Vessels and equipment, net reflect these assets at fair value consistent with the revaluation adjustment, including an impairment of vessels, recognized by the Parent in accordance with ASC 360 Property, plant and equipment, following the classification of such long-lived assets as held-for-sale within the Parent's consolidated financial statements. However, for the purposes of GSVM the vessels were deemed as held for use and therefore no similar impairment has been recognized during the Predecessor Period within the combined carve-out statement of operations. 

F-41<br>

------

(3) The Vessel SPA stated a purchase price of $145 million per vessel, subject to working capital and debt adjustments, for for each of the eight modern LNG carriers subject to working capital and debt adjustments, for each vessel, totaling to $1,160.0 million (the "Vessel SPA Purchase Price"). The Purchase Consideration, net is reconciled below: 

---

| | | |
|:---|:---|:---|
| *(in $ millions)*  |  | **Description**  |
| Vessel SPA purchase price  | &nbsp;&nbsp;1160.0  | Vessel SPA purchase price of $145 million per vessel.  |
| Less: Debt and leases settled | &nbsp;&nbsp;(587.3)  | The settlement of the legacy debt and sale and leaseback obligations on six of the eight vessels, which was partly financed by CoolCo's $570 million bank facility (note 14).  |
| &nbsp;&nbsp;Less: Leases assumed | &nbsp;&nbsp;(233.7)  | Relates to the assumed existing sale and leaseback arrangements from Golar secured by the *Golar Ice* and *Golar Kelvin*. These leases are eliminated on consolidation (note 5).  |
| Add: Working capital adjustments  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 |  |
| &nbsp;&nbsp;Net purchase consideration to Golar under the Vessel SPA  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339.6  | Settled in the form of cash of $211.7 million and 12,500,000 CoolCo shares with an equivalent value of $127.9 million, issued to Golar for entities acquired at the respective acquisition dates pursuant to the Vessel SPA.  |
| Add: ManCo SPA Consideration  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 | This relates to the cash consideration for the ManCo SPA.  |
| **Purchase consideration, net** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346.2 |  |

---

2. BASIS OF PREPARATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) BASIS OF PREPARATION

The formation and funding of CoolCo and its acquisition of the eight TFDE LNG carriers, The Cool Pool Limited and the shipping and FSRU management organization from Golar (as described in Note 1) were completed in a series of phased acquisitions. CoolCo commenced meaningful operations from January 27, 2022, the date of the Private Placement from which point it had the means to finance the acquisitions pursuant to the Vessel SPA and ManCo SPA. CoolCo acquired each of the thirteen legal entities from Golar on multiple acquisition dates during the period from March 3, 2022 to June 30, 2022.

As a result, these financial statements are presented as follows:

a.<br> The successor period of CoolCo, commencing on January 27, 2022, reflects the funds raised from the Private Placement and the phased acquisition of the legal entities acquired from Golar on the respective acquisition dates until September 30, 2022 (the "Successor Period").

b.<br> The predecessor period reflects the combined carve-out financial statements of GSVM which included historical operations and results of each of the legal entities CoolCo acquired from Golar until the day prior to the respective acquisition date (the "Predecessor Period") (see note 2.b).

The financial statements for the Successor Period are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") (see note 2.c) and on a going concern basis.

The Predecessor Period is presented on a combined carve-out basis as further described in note 2.b and in accordance with the accounting policies described in note 2.d.

b) BASIS OF PREPARATION – PREDECESSOR PERIOD

The combined carve-out financial statements of GSVM, reported under the Predecessor Period herein, are presented as carve-out financial statements and reflect the combined historical results of operations, comprehensive income, financial position and cash flows of the entities listed in note 4, the entities acquired pursuant to the Vessel SPA and the ManCo SPA, collectively referred to herein as the "Acquirees" and the lessor variable interest entities ("VIEs") that previously leased vessels under the finance lease arrangements described in note 5.

The lessor VIEs discussed further in note 5 were wholly-owned, special purpose vehicles ("SPVs") of financial institutions. While GSVM did not hold any equity investments in these SPVs, we concluded that GSVM were the primary beneficiary of these lessor VIEs and accordingly have included these entities in the combined carve-out financial results. The combined carve-out financial statements consolidate the discrete, historical operations of these legal entities (Acquirees, VIEs and entity Cool Company Ltd.), and the equity attributable to the respective lessor VIEs is presented as non-controlling interests on the basis that there was no controlling financial interest present between these entities and that these entities previously had related operations and were previously under common management.

F-42<br>

------

These combined carve-out financial statements are prepared using consistent accounting policies that were applied in Golar's historical consolidated financial statements for the respective periods, and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") (see note 2.d) and are prepared on a going concern basis.

The combined carve-out financial statements are not intended to be a complete presentation and are not necessarily indicative of the financial position or results of operations that would have been achieved if GSVM had operated on a stand-alone basis as of or during any of the periods presented, nor are they indicative of the financial condition or results going forward due to changes in GSVM following closing of the Vessel SPA and the ManCo SPA and the omission of certain operating expenses and balances, as described below.

All intercompany balances and transactions within GSVM have been eliminated. All intercompany balances and transactions between the GSVM and Golar which were not trading in nature were converted to equity as funding from Parent, on the basis that these balances were considered a deemed distribution to the Parent (which could be considered to represent Golar's historical investment in GSVM, including accumulated net earnings attributable to Golar, and cost allocations from Golar that were not historically allocated to GSVM). As described in note 18, certain related party transactions between the GSVM and Golar are included in the combined carve-out financial statements.

The combined carve-out balance sheet reflects the assets and liabilities that are specifically identifiable and directly attributable to GSVM. Golar has historically operated a centralized treasury function, therefore Golar cash pooling arrangements, working capital and corporate derivatives have been excluded from the combined carve-out balance sheets.

The combined carve-out statements of operations include the revenues and expenses directly attributable to the generation of revenues by GSVM (including all of the revenues and expenses of the Acquirees). Golar and its affiliates have historically provided a variety of management and corporate overhead services to GSVM. The combined carve-out statements of operations include expense allocations for i) corporate overhead functions such as legal, accounting, treasury and regulatory compliance, included in 'Administrative expenses', which are allocated to us by Golar using a weighted vessel count of Golar's historical fleet, ii) vessel operating functions such as technical and commercial vessel management, included in 'Vessel operating expenses', which are allocated based on arms-length intercompany invoicing, and iii) income taxes, included in Income taxes, which are allocated on a separate returns basis. Revenues and expenses of Cool Norway are included in the combined carve-out statements of operations based on either specific identification or an allocation using a reasonable approach based on the nature of the item, i.e. relative employee headcount and number of vessels in the fleet.

Where allocations of amounts were necessary, GSVM believes the allocations of these amounts were determined on a reasonable basis, reflecting all of the costs of GSVM and consistently applied in the periods presented.

c) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - SUCCESSOR PERIOD:

Below is a summary of the significant accounting policies applied in the preparation of the unaudited condensed consolidated financial statements for the Successor Period.

#### Principles of consolidation
A VIE is defined by the accounting standard as a legal entity where either (a) equity interest holders, as a group, lack the characteristics of a controlling financial interest, including decision making ability and an interest in the entity's residual risks and rewards, or (b) the equity holders have not provided sufficient equity investment to permit the entity to finance its activities without additional subordinated financial support, or (c) the voting rights of some investors are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights. A party that is a variable interest holder is required to consolidate a VIE if the holder has both (a) the power to direct the activities that most significantly impact the entity's economic performance, and (b) the obligation to absorb losses that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE.

The consolidated financial statements include the financial information of the entities listed in notes 4 and 5. Certain VIEs in which we are deemed to be subject to a majority of the risk of loss from the VIE's activities or

F-43<br>

------

#### **TABLE OF CONTENTS**
entitled to receive a majority of the entity's residual returns are consolidated. All inter-company balances and transactions are eliminated. The non-controlling interests of the above-mentioned VIEs are included in the consolidated balance sheets and statements of operations as "Non-controlling interests". Changes in our ownership interest while we retain a controlling financial interest in a subsidiary are accounted for as equity transactions. The carrying amount of the non-controlling interest is adjusted to reflect our changed ownership interest, with any difference between the fair value of consideration and the amount of the adjusted non-controlling interest being recognized in equity.

#### Foreign currencies
Our functional currency is the U.S. dollar as the majority of our revenues are received in U.S. dollars and a majority of our expenditures are incurred in U.S. dollars. Our reporting currency is the U.S. dollar.

Transactions in foreign currencies during the year are translated into U.S. dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet dates. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction and translation gains or losses are included in the unaudited condensed statements of operations.

#### Lease accounting versus revenue accounting
Contracts relating to our LNG carriers can take the form of operating leases, sales-type leases, direct financing leases and operating and services agreements. Although the substance of these contracts is similar, the accounting treatment varies. We outline our policies for determining the appropriate U.S. GAAP treatment below.

To determine whether a contract conveys a lease agreement for a period of time, we assess whether, throughout the period of use, the customer has both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• the right to obtain substantially all of the economic benefits from the use of the identified asset; and

&nbsp;&nbsp;&nbsp;&nbsp;• the right to direct the use of that identified asset.

If a contract relating to an asset fails to give the counterparties both of the above rights, we account for the agreement as a revenue contract. Where we provide services unrelated to an asset contract, we account for the services as a revenue contract.

#### Lease accounting
When a contract is designated as a lease, we assess whether the contract is an operating lease, sales-type lease, or direct financing lease. An agreement will be a sales-type lease if any of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;• ownership of the asset is transferred at the end of the lease term;

&nbsp;&nbsp;&nbsp;&nbsp;• the contract contains an option to purchase the asset which is reasonably certain to be exercised;

&nbsp;&nbsp;&nbsp;&nbsp;• the lease term is for a major part of the remaining useful life of the asset, although contracts entered into the last 25% of the asset's useful life are not subject to this criterion;

&nbsp;&nbsp;&nbsp;&nbsp;• the discounted value of the fixed payments under the lease represent substantially all of the fair value of the asset; or

&nbsp;&nbsp;&nbsp;&nbsp;• the asset is heavily customized such that it could not be used for another charter at the end of the term.

#### Lessor accounting
In making the classification assessment, we estimate the residual value of the underlying asset at the end of the lease term with reference to broker valuations. None of our lease contracts contain residual value guarantees, and any purchase options are disclosed in note 5. Agreements with renewal and termination options under the control of the lessee are included together with the non-cancellable contract period in the lease term when "reasonably certain" to be exercised or if controlled by the lessor. The determination of reasonably certain depends on whether the lessee has an economic incentive to exercise the option. We assess a lease under the modification guidance when there is change to the terms and conditions of the contract that results in a change in the scope or the consideration of the lease.

F-44<br>

------

#### **TABLE OF CONTENTS**
Costs directly associated with the execution of the lease or costs incurred after lease inception or the execution of the contract but prior to the commencement of the lease that directly relate to preparing the vessel for the lease (i.e. bunker costs), are capitalized and amortized to the unaudited condensed statements of operations over the lease term. We also defer upfront payments (i.e. repositioning fees) on the unaudited condensed balance sheets and amortize to the unaudited condensed statements of operations evenly over the lease term.

#### Time charter operating leases
"Time and voyage charter revenues" includes fixed minimum lease payments under time charter agreements and vessel repositioning fees. Amounts generated from time charter agreements, which we classify as operating leases, are recognized over the term of the agreement on a straight-line basis as services are provided. Variable lease payments are recognized as incurred. Lease payments include fixed payments (including unavoidable in-substance payments) and variable lease payments that are based on a rate or index. We do not recognize any amounts if we have not entered into a time charter agreement with a charterer, even if the vessel has discharged its cargo and is sailing to the anticipated load port on its next voyage. For our operating leases, we have elected the practical expedient to combine service revenue and operating lease income given the timing and pattern of transfer of the components are the same. Initial direct costs considered directly related to the negotiation and consummation of the time charter agreement are deferred and recognized over the lease term as services are provided.

Repositioning fees (included in "Time and voyage charter revenues") received in respect of time charter agreements are recognized at the end of the agreement when the fee becomes fixed and determinable. However, where there is a fixed amount specified in the agreement which is not dependent upon the vessel redelivery location, the fee will be recognized evenly over the term of the charter.

Under time charter agreements, voyage expenses are generally paid by our charterers. Voyage-related expenses, principally fuel, may also be incurred when positioning or repositioning a vessel before or after the period of the time charter agreement and during periods when the vessel is not employed or is off-hire (for example, while undergoing repairs) are recognized as incurred.

Vessel operating expenses are recognized as incurred, including drydocking, crewing, repairs and maintenance, insurance, stores, lubricant oils, consumables, logistics costs and communication expenses as well as the associated managerial cost of providing these items and services. Bunker consumption primarily represents fuel consumed during unemployment and while our vessels are off-hire.

*Cool Pool*

We present our gross share of income earned and costs incurred under the Cool Pool on the face of the unaudited condensed statements of operations in the line items "Time and voyage charter revenues" and "Voyage, charter hire and commission expenses, net" respectively. For Cool Pool net revenues and/or expenses generated by the other participants in the pooling arrangement, we analogize these to be either the cost of obtaining a contract or the benefit of operating within the Cool Pool, and present them within the line item "Voyage, charter hire and commission expenses, net."

#### Management fee revenues
Management fees are generated from vessel management which includes commercial and technical vessel-related services and administrative services. The management services we provide are considered a single performance obligation recognized evenly over time as our services are rendered. We consider our services as a series of distinct services that are substantially the same and have the same pattern of transfer to the customer. We recognize revenue when obligations under the terms of our contracts with our customers are satisfied. We have applied the practical expedient to recognize management fee revenue in proportion to the amount that we have the right to invoice. Our contracts generally have an initial term of one year or less, with a short notice period ranging from 30 to 120 days, to end the contract. Contract assets arise when we render management services in advance of entitlement to payment from our customers.

#### Use of estimates
The preparation of unaudited condensed financial statements requires CoolCo to make estimates and assumptions affecting the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of revenues and

F-45<br>

------

#### **TABLE OF CONTENTS**
expenses during the reporting period. Actual results could differ from those estimates. In assessing the recoverability of our vessels' carrying amounts, we make assumptions regarding estimated future cash flows, estimates in respect of residual or scrap value, charter rates, ship operating expenses, and drydocking requirements. Significant estimates include our estimate of fair value of identifiable net assets at acquisition date. Using different assumptions could result in a material change in the fair value of these items, which could have a material impact on the Company's financial position and the results of operations.

#### Insurance claims
We have two main types of insurance policies, 'loss of hire' ("LOH") and 'hull and machinery' ("H&M"). LOH indemnifications protects us from loss of hire generated by our insured vessels, as a result of H&M claims, and related claims are considered gain contingencies, which are recognized when the proceeds from our insurance syndication are realized or deemed realizable, net of any deductions where applicable. LOH is recognized in "Other operating income". Our H&M policies protect us from damage that may be incurred in relation to our vessels and on-board equipment. Our insurance policies are considered loss recoveries, meaning that the timing of recognition of a claim for an insured damage occurs at the time such loss impacts the unaudited condensed statements of operations, when deemed probable of being recovered from the counterparty and for an amount net of any deductions that may apply. H&M premiums and related claims recoveries are recognized in "Vessel operating expenses".

#### Cash and cash equivalents
We consider all demand and time deposits and highly liquid investments with original maturities of three months or less to be equivalent to cash. Amounts are presented net of allowances for credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, limiting any credit exposure.

#### Restricted cash and short-term deposits
Restricted cash and short-term deposits consist of bank deposits, which may only be used to settle certain pre-arranged loan or lease payments, other claims which requires us to restrict cash, and cash held by the VIEs. We place our short-term deposits primarily in fixed term deposits with high credit quality financial institutions. Amounts are presented net of allowances for credit losses, which are assessed based on consideration of whether the balances have short-term maturities and whether the counterparty has an investment grade credit rating, reducing any credit exposure.

#### Trade accounts receivable
Trade receivables are presented net of allowances for expected credit losses. At each balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for expected credit loss. The expected credit loss allowance is calculated using a loss rate applied against an aging matrix, with assets pooled based on the vessel type that generated the underlying revenue, which reflects similar credit risk characteristics.

Our trade receivables have short maturities so we have considered that forecasted changes to economic conditions will have an insignificant effect on the estimate of the allowance, except in extraordinary circumstances.

#### Allowance for credit losses
Financial assets recorded at amortized cost and off-balance sheet credit exposures not accounted for as insurance (including financial guarantees) reflect an allowance for current expected credit losses ("credit losses") over the lifetime of the instrument. The allowance for credit losses reflects a deduction to the net amount expected to be collected on the financial asset. Amounts are written off against the allowance when management believes the un-collectability of a balance is confirmed or certain. Expected recoveries will not exceed the amounts previously written-off or current credit loss allowance by financial asset category. We estimate expected credit losses based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. We have elected to calculate expected credit losses on the combined balance of both the amortized cost and accrued interest from the unpaid principal balance.

F-46<br>

------

#### **TABLE OF CONTENTS**

#### Inventories
Inventories, which are comprised principally of fuel, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.

#### Vessels and equipment
Vessels and equipment are stated at cost less accumulated depreciation. The cost of vessels and equipment less the estimated residual value is depreciated on a straight-line basis over the assets' remaining useful economic lives. Management estimates the residual values of our vessels based on a scrap value cost of steel and aluminum times the weight of the vessel noted in lightweight tons. Residual values are periodically reviewed and revised to recognize changes in conditions, new regulations or other reasons.

Refurbishment costs incurred during the period are capitalized as part of vessels and depreciated over the vessels' remaining useful economic lives. Refurbishment costs are costs that appreciably increase the capacity, or improve the efficiency or safety of vessels and equipment.

Drydocking expenditures are capitalized when incurred and amortized over the period until the next anticipated drydocking, which is generally every five years. Following acquisition of the vessels, the estimated cost of the drydocking component is amortized until the date of the first drydocking, upon which the then incurred drydocking cost is capitalized and the process is repeated. When a vessel is disposed, any unamortized drydocking expenditure is charged against income in the period of disposal.

Useful lives applied are as follows:

Vessels 30 years <br> Drydocking expenditure 5 years <br> Office equipment and fittings 3 years

#### Intangible assets
Our intangible assets are carried at cost and amortized on a straight-line basis over their estimated useful lives (see note 9). We review our intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable in accordance with our accounting policy for impairment of long-lived assets.

Intangible assets or liabilities associated with the acquisition of a vessel are identified and recorded at fair value. Fair value is determined by reference to market data and the discounted amount of expected future cash flows. Where acquired charter rates are higher than market charter rates, an asset is recorded, being the difference between the acquired charter rate and the market charter rate for an equivalent vessel. Where acquired charter rates are less than market charter rates, a liability is recorded, being the difference between the market charter rate and the acquired charter rate for an equivalent vessel. Determining the fair value of acquired assets and assumed liabilities requires the Company to make significant assumptions and estimates of many variables, including market charter rates, expected future charter rates, the level of utilization of its vessels, and its weighted average cost of capital. The amortization of contract intangible assets and liabilities follows the remaining term of underlying contracts of the vessels acquired.

The favorable contract intangible assets have a remaining amortization period of approximately one year and the unfavorable contract liabilities have a remaining amortization period of approximately five years. Assembled workforce and customer relationships intangible assets are amortized on a straight-line basis for periods of five and three years, respectively. All intangible assets and liabilities have been assigned a zero residual value.

#### Impairment of long-lived assets
We continually monitor events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. In assessing the recoverability of our vessels' carrying amounts, we make assumptions regarding estimated future cash flows and estimates in respect of residual scrap value. Management performs an annual impairment assessment and when such events or changes in circumstances are present, we assess the recoverability of long-term assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, an impairment loss shall be measured as the amount by which the carrying amount of a long-lived asset (asset group) exceeds its fair value.

F-47<br>

------

#### **TABLE OF CONTENTS**

#### Debt
Our debt consists of credit facilities, including sale and leaseback arrangements, with banks and other lenders. Debt issuances are placed directly by us or through securities dealers or underwriters and are held by financial institutions. Debt is recorded in our unaudited condensed balance sheets at par value adjusted for unamortized discount or premium and net of unamortized debt issuance costs.

#### Deferred charges
Costs associated with long-term financing, including debt arrangement fees, are deferred and amortized over the term of the relevant loan under the effective interest method. Amortization of debt issuance cost is included in "Interest expense". These costs are presented as a deduction from the corresponding liability, consistent with debt discounts.

#### Contingencies
In the ordinary course of business, we are subject to various claims, lawsuits and complaints. A contingent loss is recognized in the unaudited condensed financial statements if the contingency was present at the date of the unaudited condensed financial statements, the likelihood of loss is considered probable and the amount can be reasonably estimated. If we determine that a reasonable estimate of the loss is a range and there is no best estimate within the range, a contingent loss is recognized for the lower amount within the range.

#### Derivatives
We use derivatives to reduce market risks associated with our operations. We use interest rate swaps for the management of interest risk exposure. The interest rate swaps effectively convert a portion of our debt from a floating to a fixed rate over the life of the transactions without an exchange of underlying principal.

We may seek to reduce our exposure to fluctuations in foreign exchange rates through the use of foreign currency forward contracts.

All derivative instruments are initially recorded at fair value as either assets or liabilities in the accompanying consolidated balance sheets and subsequently remeasured to fair value, regardless of the purpose or intent for holding the derivative.

Where the fair value of a derivative instrument is a net liability, the derivative instrument is classified in "Other current liabilities" in the consolidated balance sheets. Where the fair value of a derivative instrument is a net asset, the derivative instrument is classified in "Other current assets" or "Other non-current assets" in the consolidated balance sheets depending on its maturity. The method of recognizing the resulting gain or loss is dependent on whether the derivative contract is designed to hedge a specific risk and qualifies for hedge accounting. For derivative instruments that are not designated i.e. economic hedges and/or those that do not qualify for hedge accounting purposes, the changes in fair value of the derivative instruments are recognized in earnings and recorded each period in current earnings in "Gains on derivative instruments".

Cash flows from derivative instruments that are accounted for as cash flow hedges are classified in the same category as the cash flows from the items being hedged. We have no existing interest rate swaps held for hedging.

#### Acquisitions
Acquisitions that meet the definition of a business under ASC 805 '*Business combinations*' are accounted for using the acquisition method, whereby all of the assets acquired, liabilities assumed, contractual contingencies, and contingent consideration, when applicable, are recorded at fair value at the acquisition date. Any excess of the purchase price over the fair value of the net assets acquired is recorded as goodwill. For acquisitions that do not meet the definition of a business under ASC 805, we account for the transaction as an asset acquisition whereby the cost of the acquisition is allocated to the assets acquired and liabilities assumed and no goodwill is recognized.

F-48<br>

------

#### **TABLE OF CONTENTS**
In assessing whether the acquisition of the assets and liabilities assumed pursuant to the Vessel SPA, ManCo SPA and related agreements meet the definition of a business, the Company assessed ASC 805 'Business Combinations' and applied the screen test in accordance with paragraphs ASC 805-10-55-5A through 55-5C. The Company determined that transactions contemplated by the Vessel SPA, the ManCo SPA and related agreements meet the screen test, and consequently, the Company accounted for the acquisitions as an asset acquisition. The Company's assessment of ASC 805 considered the fair value of the gross assets that were acquired and the liabilities assumed to determine if that fair value is concentrated in a single identifiable asset (or group of similar identifiable assets) as part of the screen test. The Company identified and calculated the fair values of the following gross assets and liabilities for the purposes of this screen test:

&nbsp;&nbsp;&nbsp;&nbsp;• the eight TFDE LNG carriers acquired (note 12);

&nbsp;&nbsp;&nbsp;&nbsp;• favorable contract intangible assets and unfavorable contracts liabilities (note 9);

&nbsp;&nbsp;&nbsp;&nbsp;• customer relationship intangible asset (note 9);

&nbsp;&nbsp;&nbsp;&nbsp;• assembled workforce intangible asset (note 9); and

&nbsp;&nbsp;&nbsp;&nbsp;• other current assets (note 11)

The fair value of the vessels and the net fair value of the asset/liability for favorable/unfavorable in-progress time charter agreements are considered inseparable and are combined and considered a single asset for purposes of this screen test. The fair value of the gross assets acquired resulted in substantially all of the fair value being concentrated in this single combined asset: approximately 99% of the gross fair value was allocated to this single combined asset of vessels and favorable/unfavorable charter agreements, 0.3% was allocated to the customer relationship intangible asset, 0.4% was allocated to the assembled workforce intangible asset and the remainder was allocated to other current assets. As a result, the Company concluded that the transactions contemplated by the Vessel SPA and ManCo SPA, assessed in the aggregate, constitute an asset acquisition pursuant to ASC 805 because the screen test is met, and therefore the acquisition was accounted for as an asset acquisition. The asset acquisition was recognized on the respective acquisition dates, ranging from March 3, 2022 to June 30, 2022, that the Company obtained control of each respective entity acquired from Golar.

#### Fair value measurements
We account for fair value measurements in accordance with the accounting standards guidance using fair value to measure assets and liabilities. The guidance provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities.

#### Related parties
Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also related if they are under common control with, or subject to significant influence by, another party. Amounts owed from or to related parties are presented net of allowances for credit losses, which are calculated using a loss rate applied against an aging matrix.

#### Income taxes
Income taxes are based on a separate return basis. The guidance on "Income Taxes" prescribes a recognition threshold and measurement attributes for the recognition and measurement of a tax position taken or expected to be taken in a tax return. Penalties and interest, where applicable, related to uncertain tax positions are recognized in "Income taxes" in the unaudited condensed statements of operations.

#### Segment reporting
We conduct our operations through a single operating and reportable segment, the LNG carrier market. A segment is a distinguishable component of our operations that is engaged in business activities from which we earn revenues and incur expenses whose operating results are regularly reviewed by management.

#### Earnings per share
Basic earnings per share is computed based on the income available to common shareholders and the weighted average number of shares outstanding. For the period ended September 30, 2022, the basic and diluted

F-49<br>

------

#### **TABLE OF CONTENTS**
EPS is determined as follows: Net income attributable to the owners of Cool Company Ltd. divided by the weighted average number of outstanding common shares.

d) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES – PREDECESSOR PERIOD

The accounting policies applied for the Successor Period are consistent with those applied in the Predecessor Period with the exception of the following:

#### Vessels and equipment
The useful life and residual value applied for vessels in the Successor Period was revised to 30 years and $20.0 million, respectively, based on management's current best estimates, as compared to 40 years and $14.0 million, respectively, for the Predecessor Period. The built-in overhaul method of accounting applies for the vessels that are newly built or acquired in the Predecessor Period whereas not applicable in the Successor Period.

The built-in overhaul method is based on the segregation of vessel costs into those that should be depreciated over the useful life of the vessel and those that require drydocking at periodic intervals to reflect the different useful lives of the components of the assets.

#### Earnings per share
Basic and diluted earnings per share for the Predecessor Period is determined as follows: Net income attributable to the Predecessor Parent divided by the Predecessor Parent's outstanding common shares of 1,010,000.

3. RECENTLY ISSUED ACCOUNTING STANDARDS

#### Adoption of new accounting standards
In March 2020, the FASB issued ASU 2020-04 *Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting* and in January 2021 the FASB issued ASU 2021-01 *Reference Rate Reform (Topic 848): Scope*. These amendments provide temporary optional expedients and exception for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. We currently do not believe the use of optional expedients in ASU 2020-04 and ASU 2021-01 will have a significant impact on our unaudited condensed financial statements for the Successor Period, however we will continue to evaluate this until December 31, 2022.

In August 2020, the FASB issued ASU 2020-06 *Debt – Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging - Contracts in Entity's Own Equity (Topic 815)*. The amendments simplify the issuer's accounting for convertible instruments and its application of the equity classification guidance. The new guidance eliminates some of the existing models for assessing convertible instruments, which results in more instruments being recognized as a single unit of account on the balance sheet and expands disclosure requirements. The new guidance simplifies the assessment of contracts in an entity's own equity and existing EPS guidance in ASC 260. The adoption of ASU 2020-06 had no impact on our unaudited condensed financial statements for the Successor Period.

In May 2021, the FASB issued ASU 2021-04 *Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging —Contracts in Entity's Own Equity (Subtopic 815-40)*. We adopted this with effect from January 1, 2022. The adoption of ASU 2021-04 had no impact on our unaudited condensed financial statements for the Successor Period.

In July 2021, the FASB issued ASU 2021-05 *Leases (Topic 842) – Lessors – Certain Leases with Variable Lease Payments*. We adopted this with effect from January 1, 2022. We do not expect the adoption of ASU 2021-05 to have material impact on our unaudited condensed financial statements for the Successor Period.

F-50<br>

------

#### **TABLE OF CONTENTS**

#### Accounting pronouncements that have been issued but not yet adopted
The following table provides a brief description of other recent accounting standards that have been issued but not yet adopted:

---

| | | | |
|:---|:---|:---|:---|
| **Standard** | **Description** | **Date of Adoption** | **Effect on our unaudited** <br>**condensed consolidated** <br>**Financial Statements or Other Significant Matters** <br>**for the Successor Period** |
| ASU 2021-08 *Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers* | Requires contract assets and contract liabilities (i.e., deferred revenue) acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606. Generally, this new guidance will result in the acquirer recognizing contract assets and contract liabilities at the same amounts recorded by the acquiree (rather than having such amounts recognized by the acquirer at fair value in acquisition accounting, as has been historical practice). | January 1, 2023 | No material impacts are currently expected as a result of the adoption of this ASU. |
| ASU 2022-03 *Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions* | This amendment is intended to reduce diversity in practice in the measurement of the fair value of equity securities subject to contractual sale restrictions. For entities that have investments in equity securities that are subject to contractual sale restrictions, the contractual restriction on the sale is not considered part of the unit of account of the equity security, is not considered when measuring fair value and additional disclosures are required. This amendment is required to be applied prospectively from date of adoption; early adoption is permitted. | January 1, 2024 | No impact currently expected as a result of the adoption of this ASU. |

---

4. STRUCTURE

Listed below are the significant entities included in the Successor and Predecessor period:

---

| | | | |
|:---|:---|:---|:---|
| | | **Purpose** | **Purpose** |
| <br>**Name** | <br>**Jurisdiction of** <br>**Incorporation** | **Successor** | **Predecessor** |
| Golar Hull M2022 Corporation | Marshall Islands | Owns and operates *Golar Crystal* | Leases *Golar Crystal\** |
| Golar LNG NB10 Corporation | Marshall Islands | Owns and operates *Golar Glacier* | Leases *Golar Glacier\** |
| Golar Hull M2048 Corporation | Marshall Islands | Leases *Golar Ice\** | Leases *Golar Ice\** |
| Golar LNG NB11 Corporation | Marshall Islands | Leases *Golar Kelvin\** | Leases *Golar Kelvin\** |
| Golar Hull M2021 Corporation | Marshall Islands | Owns and operates *Golar Seal* | Leases *Golar Seal\** |

---

F-51<br>

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | | **Purpose** | **Purpose** |
| <br>**Name** | <br>**Jurisdiction of** <br>**Incorporation** | **Successor** | **Predecessor** |
| Golar Hull M2047 Corporation | Marshall Islands | Owns and operates *Golar Snow* | Leases *Golar Snow\** |
| Golar Hull M2027 Corporation | Marshall Islands | Owns and operates *Golar Bear* | Leases *Golar Bear\** |
| Golar LNG NB12 Corporation | Marshall Islands | Owns and operates *Golar Frost* | Owns and operates *Golar Frost* |
| The Cool Pool Limited | Marshall Islands | Commercial management company | Commercial management company |
| Cool Company Ltd. | Bermuda | Holding company | Holding company |
| Cool Company Management d.o.o. (formerly Golar Management d.o.o.) | Croatia | Vessel management company | Vessel management company |
| Cool Company Management AS (formerly Golar Management Norway AS) | Norway | Vessel management company | Vessel management company |
| Cool Company Management Ltd | United Kingdom | Management company | not applicable\*\* |
| Cool Company Management Malaysia Sdn Bhd | Malaysia | Management company | not applicable\*\* |

---

\* The above table excludes the lessor VIEs that we have leased vessels from under finance leases. The lessor VIEs are wholly-owned, special purpose vehicles ("SPVs") of financial institutions. While we do not hold any equity investments in these SPVs, we have concluded that we are the primary beneficiary of these lessor VIEs and accordingly have included these entities in our unaudited condensed financial statements. See note 5 for further details.

\*\* Cool Company Management Ltd and Cool Company Management Malaysia Sdn Bhd were formed and incorporated in January 2022 and March 2022, respectively, therefore, no historical results of operations of these entities are included within Predecessor period combined carve-out financial statements.

5. VARIABLE INTEREST ENTITIES ("VIEs")

#### Lessor VIEs
As part of the original transactions that were entered into by Golar, the vessels we acquired under the Vessel SPA, had been sold and then subsequently leased back on a bareboat charter for a term of seven to ten years, with options available to the Predecessor to repurchase each vessel at fixed predetermined amounts during their respective charter periods and an obligation to repurchase each vessel at the end of each vessel's respective lease period.

Following completion of the acquisition of all of the vessels under the Vessel SPA in April 2022, only the existing sale and leaseback arrangements secured by the *Golar Ice* and *Golar Kelvin* were assumed by us, with the remaining sale and leaseback arrangements refinanced with our $570 million senior secured sustainability term loan facility (note 14). As of September 30, 2022, we leased two vessels from lessor VIEs as part of sale and leaseback agreements with ICBC Finance Leasing Co. Ltd. ("ICBCL") entities. Each of the ICBCL entities are wholly-owned, special purpose vehicles ("Lessor SPVs").

The equity attributable to ICBCL in Lessor SPVs is included in non-controlling interests in our consolidated results. As of September 30, 2022, the *Golar Ice* and *Golar Kelvin* are reported under "Vessels and equipment, net" in our unaudited condensed consolidated balance sheet.

F-52<br>

------

#### **TABLE OF CONTENTS**
The following table gives a summary of the sale and leaseback arrangements, including repurchase options and obligations.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Vessel** | **Effective** <br>**from** | **Lessor** | **Sales** <br>**value** <br>**(in $** <br>**millions)** | **Lease** <br>**duration** | **First** <br>**repurchase** <br>**option** <br>**(in $** <br>**millions)** | **Date of first** <br>**repurchase** <br>**option<sup>(2)</sup>** | **Net** <br>**repurchase** <br>**obligation** <br>**at end of** <br>**lease term** <br>**(in $** <br>**millions)** | **End of** <br>**lease** <br>**term** |
| **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** | **Successor and Predecessor Period** |
| *Golar Kelvin* | January 2015 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8 | January 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.0 | January 2025 |
| *Golar Ice* | February 2015 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8 | February 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.0 | January 2025 |
| **Predecessor Period** | **Predecessor Period** | **Predecessor Period** | **Predecessor Period** | **Predecessor Period** | **Predecessor Period** | **Predecessor Period** | **Predecessor Period** | **Predecessor Period** |
| *Golar Snow<sup>(1)</sup>* | January 2015 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8 | January 2020 | &nbsp;&nbsp;&nbsp;&nbsp;116.2 | April 2023 |
| *Golar Glacier<sup>(1)</sup>* | October 2014 | ICBCL | 204.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;173.8 | October 2019 | &nbsp;&nbsp;&nbsp;&nbsp;113.4 | April 2023 |
| *Golar Seal* | March 2016 | CCBFL | 203.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;132.8 | March 2018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.4 | March 2026 |
| *Golar Crystal* | March 2017 | COSCO | 187.0 | 10 years | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97.3 | March 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.0 | March 2027 |
| *Golar Bear* | June 2020 | AVIC | 160.0 | 7 years | &nbsp;&nbsp;&nbsp;&nbsp;100.7 | June 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.0 | June 2027 |

---

(1) In June 2021, the GSVM entered into certain amendments to the ICBCL sale and leaseback facilities which included (i) prepayment of $15.0 million for each sale and leaseback facility in July 2021; and (ii) brought forward the obligations to repurchase the *Golar Glacier* and *Golar Snow* to April 2023 from October 2024 and January 2025, respectively. 

(2)<br> For each of the sale and leaseback arrangements, the first repurchase options were not exercised.

The assets and liabilities of the lessor VIEs that most significantly impact our unaudited condensed balance sheets as of September 30, 2022 and December 31, 2021, are shown below:

---

| | | |
|:---|:---|:---|
| | **Successor** | **Predecessor** |
| <br>*(in thousands of $)* | **September 30, 2022** | **December 31, 2021** |
| **Assets:**<br>|  |  |
| Restricted cash and short term deposits | &nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp;42706 |
| **Liabilities:**<br>|  |  |
| Current portion of long term debt and short term debt (note 14)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(113035) | &nbsp;&nbsp;&nbsp;&nbsp;(327683) |
| Long term interest bearing debt non-current portion<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(248693) |
| Accrued expenses<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(32637) | &nbsp;&nbsp;&nbsp;&nbsp;(52391) |
| Other non-current liabilities<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11500) |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**(145672)** | &nbsp;&nbsp;&nbsp;&nbsp;**(640267)** |

---

(1)<br> Where applicable, these balances are net of deferred finance charges (note 14).

(2)<br> Includes accrued interest of lessor VIEs which although consolidated into our results, we have no control over the arrangements negotiated by these lessor VIEs including repayment profiles.

(3) Other non-current liabilities relates to dividend payable for lessor VIE of $11.5 million as of December 31, 2021. The sale and leaseback arrangements related to those lessor VIEs that were terminated as part of the Vessel SPA acquisition.

6. OTHER OPERATING INCOME

During the Predecessor Period included within the nine month periods ended September 30, 2022 and 2021, we received loss of hire insurance proceeds for the *Golar Ice* of $4.4 million and $5.0 million, respectively*.* 

F-53<br>

------

7. OTHER FINANCIAL ITEMS, NET

The following table sets forth other financial items for the nine month periods ended September 30, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
|  | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022** | **2021** |
| *(in thousands of $)* |  |  |  |
| Foreign exchange loss on operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(464) | &nbsp;&nbsp;&nbsp;&nbsp;(133) |
| Financing arrangement fees and other costs, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84) |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;(76) |
| **Other financial items, net** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;(293) |

---

8. INCOME TAXES

#### Tax charge
The components of income tax expense for the nine month periods ended September 30, 2022 and 2021 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
|  | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022** | **2021** |
| *(in thousands of $)* |  |  |  |
| &nbsp;&nbsp;Current tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp;158 |
| &nbsp;&nbsp;Deferred tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Total income tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp;158 |

---

#### Jurisdictions open to examination
The earliest tax year that remains subject to examination by the major taxable jurisdictions in which we operate is 2017 (Norway).

9. INTANGIBLE ASSETS, NET

Intangible assets included in current assets relate to intangible assets following the completion of the transactions contemplated by the Vessel SPA, the ManCo SPA and related agreements during 2022 and are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Favorable Contract** <br>**Intangible Assets** | **Assembled** <br>**Workforce** | **Customer** <br>**Relationships** | **As of September 30,** <br>**2022** |
|  | ***Note A*** | ***Note B*** | ***Note B*** |  |
| *(in thousands of $)* |  |  |  |  |
| Cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13482 | &nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp;3600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21682 |
| Less: Accumulated amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9264) | &nbsp;&nbsp;(230) | &nbsp;&nbsp;&nbsp;&nbsp;(300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9794) |
| **Net book value** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4218** | &nbsp;&nbsp;**4370** | &nbsp;&nbsp;&nbsp;&nbsp;**3300** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11888** |
| ***Presented as:***<br>|  |  |  |  |
| - Current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218 | &nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338 |
| - Non-current | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;3450 | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4218** | &nbsp;&nbsp;**4370** | &nbsp;&nbsp;&nbsp;&nbsp;**3300** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11888** |

---

F-54<br>

------

#### **TABLE OF CONTENTS**
A. Favorable Contract Intangible Assets

As part of the acquisition of the eight TFDE LNG carriers pursuant to the Vessel SPA which was accounted for as an asset acquisition, we remeasured the below/above market fair value of the existing underlying time charter party (TCP) contracts that we acquired across the fleet that were included in the pooling arrangement at the respective acquisition dates. The favorable TCP contracts are included under intangible assets and unfavorable TCP contracts are included as liabilities. The net book value of favorable contract intangible assets, net of $4.2 million is included within "current assets". The fair value of the unfavorable contracts liabilities of $18.8 million and $27.1 million are included within "other current liabilities" and "other non-current liabilities", respectively.

The amortization income for the nine month period ended September 30, 2022 amounted to $14.5 million ($23.8 million amortization income of contract liabilities net of $9.3 million amortization expense of contract intangible assets). The net amortization income or expense is included in "Amortization of intangible assets and liabilities arising from charter agreements, net" in the condensed consolidated statements of operations.

B. Assembled Workforce and Customer Relationships

As part of completion of the ManCo SPA, CoolCo purchased Golar's LNGC and FSRU management organization, pursuant to which CoolCo acquired four of Golar's wholly-owned subsidiaries: Cool Company Management Ltd., Cool Malaysia, Cool Croatia and Cool Norway, including employees of these entities and agreements to manage third parties' fleets of LNGCs and FSRUs.

Upon acquisition date pursuant to the ManCo SPA on June 30, 2022, we identified "Assembled workforce" as one of the assets acquired in the asset acquisition and recognized it at fair value on the acquisition date. We also identified "Customer relationships" as one of the assets acquired in the asset acquisition and recognized it at fair value on the acquisition date, which is comprised of the management agreements that we acquired to provide commercial and technical vessel management for third party fleets of LNGCs and FSRUs. The net amortization expense for the nine month period ended September 30, 2022 amounted to $0.5 million and is included within "Depreciation and amortization" in the condensed consolidated statements of operations.

As of September 30, 2022, there was no impairment of intangible assets.

10. OPERATING LEASES

#### Rental income
The components of operating lease income for the nine months period ended September 30, 2022 and 2021 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
|  | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022** | **2021** |
| *(in thousands of $)* |  |  |  |
| Operating lease income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37506 | 105818 |
| Variable lease income / (expense)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(217) | &nbsp;&nbsp;13505 |
| Total operating lease income<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37289 | 119323 |

---

(1)<br> "Variable lease income" is excluded from lease payments that comprise the minimum contractual future revenues from non-cancellable operating leases.

(2) "Total operating lease income" is included within "Time and voyage charter revenues". During the nine month period ended September 30, 2021, we chartered in an external vessel and recognized operating lease income of $0.9 million and $2.6 million of variable lease income. No similar external vessel was chartered for the nine month period ended September 30, 2022.

F-55<br>

------

#### **TABLE OF CONTENTS**
11. OTHER CURRENT ASSETS

---

| | | |
|:---|:---|:---|
| | **Successor** | **Predecessor** |
| <br>*(in thousands of $)* | **September 30, 2022** | **December 31, 2021** |
| Prepaid expenses<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 |
| Other receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 |
| **Other current assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4611** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1404** |

---

(1) Prepaid expenses include deferred costs, in connection with a proposed public offering of the Company's common shares on an international exchange, amounting to $2.0 million which primarily consists of direct and incremental fees for legal, professional and other third-party services relating to the proposed offering. Subsequent to third quarter of 2022, the Company completed a follow-on equity offering in a private placement and changed its intent from a proposed public offering to a direct listing only, resulting in such deferred costs to be recognized in the statement of operations in the fourth quarter.

12. VESSELS AND EQUIPMENT, NET

As of September 30, 2022 and December 31, 2021, our vessels and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Successor** | **Predecessor** |
| <br>*(in thousands of $)* | **September 30, 2022** | **December 31, 2021** |
| Vessels<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1192606 | &nbsp;&nbsp;&nbsp;&nbsp;1683596 |
| Office equipment and fittings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 |
| Less: Accumulated depreciation and amortization<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(28214) | &nbsp;&nbsp;&nbsp;&nbsp;(300302) |
| **Total vessels and equipment, net** | &nbsp;&nbsp;&nbsp;&nbsp;**1164815** | &nbsp;&nbsp;&nbsp;&nbsp;**1383677** |

---

(1) Vessels includes the cost of drydocking expenditure. As part of the asset acquisition of the eight LNGCs pursuant to the Vessel SPA, we revalued the vessels to fair value as of the respective acquisition dates. Fair value was determined in accordance with ASC 820, using a market approach, considering third party vessel valuations and comparable acquisition transactions. 

(2)<br> Depreciation and amortization charges during the Successor Period reflects the impact of remeasurement to fair value of the LNGCs acquired pursuant to the Vessel SPA. See note 1.

Depreciation and amortization expense during the Predecessor Period for the nine month periods ended September 30, 2022 and 2021 amounted to $5.7 million and $32.6 million, respectively. Depreciation and amortization expense during the Successor Period for the nine month period ended September 30, 2022 amounted to $27.9 million.

Capitalized drydocking costs of $15.0 million are included within vessel cost as of September 30, 2022 which will be depreciated until the next expected drydocking for each respective vessel.

13. OTHER NON CURRENT ASSETS

---

| | | |
|:---|:---|:---|
| | **Successor** | **Predecessor** |
| <br>*(in thousands of $)* | **September 30, 2022** | **December 31, 2021** |
| Mark-to-market asset on interest rate swaps | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Operating lease right-of-use-assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443 |
| Others | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 |
| **Other non-current assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11598** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2758** |

---

F-56<br>

------

14. DEBT

As of September 30, 2022 and December 31, 2021, our long-term and short-term debt were as follows:

---

| | | |
|:---|:---|:---|
| | **Successor** | **Predecessor** |
| <br>*(in thousands of $)* | **September 30, 2022** | **December 31, 2021** |
| Total long-term and short-term debt <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;657378 | &nbsp;&nbsp;&nbsp;&nbsp;630823 |
| Less: current portion of long-term debt and short-term debt<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(151183) | &nbsp;&nbsp;&nbsp;&nbsp;(338501) |
| Long-term debt<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;506195 | &nbsp;&nbsp;&nbsp;&nbsp;292322 |

---

At September 30, 2022, our debt is broken down further as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Successor** | **Successor** | **Successor** |
| <br>*(in thousands of $)* | **CoolCo debt** | **VIE Debt<sup>(2)</sup>** | **Total** |
| &nbsp;&nbsp;Current portion of long-term debt and short-term debt<sup>(1)</sup> | &nbsp;&nbsp;38148 | 113035 | 151183 |
| &nbsp;&nbsp;Long-term debt <sup>(1)</sup> | &nbsp;&nbsp;506195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 506195 |
| Total<sup>(1)</sup> | &nbsp;&nbsp;544343 | 113035 | 657378 |

---

(1) The amounts presented in the table above, are net of the deferred charges amounting to $5.9 million and $1.6 million as of September 30, 2022 and December 31, 2021, respectively.

(2) This amount relates to the lessor VIEs (for which legal ownership resides with a financial institution) that we are required to consolidate under U.S. GAAP (see note 5).

*Senior secured sustainability term loan facility*

On February 17, 2022, we entered into a senior secured sustainability term loan facility, which refinanced six of the eight vessels, of up to $570.0 million (the "$570 million bank facility") with a maturity date of March 2027 and an initial interest rate of the Secured Overnight Financing Rate plus 275 basis points with a syndicate of banks, which CoolCo drew-down contemporaneously with the acquisition of the Golar subsidiaries owning the vessels. From January 1, 2023, the margin will decrease to 270 basis points if specified sustainability performance targets with respect to vessel efficiency ratios are met, or increase to 280 basis points if such targets are not met. Such targets lower each year from 2022 to 2026. As of September 30, 2022, the balance outstanding under the $570 million bank facility amounted to $550.2 million.

As of September 30, 2022, we were in compliance with all covenants under our existing debt and lease agreements.

15. OTHER CURRENT LIABILITIES

Other current liabilities as of September 30, 2022 and December 31, 2021 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Successor** | **Predecessor** |
| *(in thousands of $)* | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
| Deferred operating lease and charter hire revenue | &nbsp;&nbsp;&nbsp;&nbsp;13170 | &nbsp;&nbsp;&nbsp;10691 |
| Unfavorable contract intangibles (note 9) | &nbsp;&nbsp;&nbsp;&nbsp;18790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Current portion of operating lease liability | &nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp;762 |
| Debt guarantee liability (note 18) | &nbsp;&nbsp;&nbsp;&nbsp;993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other payables <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5168 | &nbsp;&nbsp;&nbsp;4943 |
| **Other current liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**38737** | &nbsp;&nbsp;&nbsp;**16396** |

---

(1) Included in "Other Payables" is an amount payable to Hygo Energy Transition Ltd. ("Hygo") as a result of the participation of its vessels in the Cool Pool of $5.0 million as of September 30, 2022 (December 31, 2021: $4.8 million). Following Golar's sale of Hygo in April 2021, Hygo and its affiliates ceased to be related parties.

F-57<br>

------

16. OTHER NON-CURRENT LIABILITIES

As of September 30, 2022 and December 31, 2021, our other non-current liabilities were as follows:

---

| | | |
|:---|:---|:---|
|  | **Successor** | **Predecessor** |
| *(in thousands of $)* | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
| Unfavorable contract intangibles (note 9) | &nbsp;&nbsp;&nbsp;&nbsp;27124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Non-current portion of operating lease liability | &nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;2178 |
| Lessor VIE dividend payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11500 |
| Others | &nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Other non-current liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**28700** | &nbsp;&nbsp;&nbsp;**13678** |

---

17. FINANCIAL INSTRUMENTS

#### Interest rate risk management
In certain situations, we may enter into financial instruments to reduce the risk associated with fluctuations in interest rates. We have entered into swaps that convert floating rate interest obligations to fixed rates, which, from an economic perspective, hedge our interest rate exposure. We do not hold or issue instruments for speculative or trading purposes. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts; however we do not anticipate non-performance by any counterparties.

We manage our debt portfolio with interest rate swap agreements in U.S. dollars to achieve an overall desired position of fixed and floating interest rates. The following table summarizes the terms of interest rate swaps as of September 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| ***Instrument*** <br>***(in thousands of $)*** | **Notional amount** | **Maturity Dates** | **Fixed Interest Rates** |
| Interest rate swaps:<br>|  |  |  |
| Receiving Floating, pay fixed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383082 | February 2027 | 2.69% to 3.63% |

---

#### Fair values of financial instruments
We recognize our fair value estimates using a fair value hierarchy based on the inputs used to measure fair value. The fair value hierarchy has three levels based on reliability of inputs used to determine fair value as follows:

Level 1: Quoted market prices in active markets for identical assets and liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

There have been no transfers between different levels in the fair value hierarchy during the nine months period ended September 30, 2022.

The carrying value and estimated fair value of our financial instruments as of September 30, 2022 and December 31, 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Successor** | **Successor** | **Predecessor** | **Predecessor** |
| | | **September 30, 2022** | **September 30, 2022** | **December 31, 2021** | **December 31, 2021** |
| <br>*(in thousands of $)* | <br>**Fair value** <br>**hierarchy** | **Carrying** <br>**value** | **Fair** <br>**value** | **Carrying** <br>**value** | **Fair** <br>**value** |
| **Non-derivatives:**<br>|  |  |  |  |  |
| Cash and cash equivalents<sup>(1)</sup> | Level 1 | &nbsp;&nbsp;&nbsp;94790 | &nbsp;&nbsp;&nbsp;94790 | &nbsp;&nbsp;&nbsp;33811 | &nbsp;&nbsp;&nbsp;33811 |
| Restricted cash and short-term deposits | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;&nbsp;3924 | &nbsp;&nbsp;&nbsp;44091 | &nbsp;&nbsp;&nbsp;44091 |
| Trade accounts receivable<sup>(2)</sup> | Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 |
| Trade accounts payable<sup>(2)</sup> | Level 1 | &nbsp;&nbsp;&nbsp;(1467) | &nbsp;&nbsp;&nbsp;(1467) | &nbsp;&nbsp;&nbsp;(2441) | &nbsp;&nbsp;&nbsp;(2441) |
| Current portion of long-term debt and short-term debt <sup>(3)(4)</sup> | Level 2 | (152519) | (152519) | (338988) | (338988) |
| Long-term debt <sup>(4)</sup> | Level 2 | (510774) | (510774) | (293430) | (293430) |
| **Derivatives:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;Interest rate swaps asset <sup>(5)(6)</sup> | Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

F-58<br>

------

#### **TABLE OF CONTENTS**
(1)<br> The carrying value of cash and cash equivalents, which are highly liquid, is a reasonable estimate of fair value.

(2)<br> The carrying values of trade accounts receivable and trade accounts payable approximate fair values because of the near term maturity of these instruments.

(3) The carrying amounts of our short-term debt approximate their fair values because of the near term maturity of these instruments.

(4) Our debt obligations are recorded at amortized cost in the unaudited condensed consolidated and combined carve-out balance sheets. The amounts presented in the table above, are gross of the deferred charges amounting to $5.9 million and $1.6 million as of September 30, 2022 and December 31, 2021, respectively.

(5)<br> Derivative assets are presented within other non-current assets on the condensed consolidated balance sheet.

(6) The fair value of certain derivative instruments is the estimated amount that we would receive or pay to terminate the agreements at the reporting date, taking into account current interest rates and our creditworthiness and that of our counterparties.

The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

&nbsp;&nbsp;&nbsp;&nbsp;• The carrying value of restricted cash and short-term deposits is considered to be equal to the estimated fair value because of their near term maturity; and

&nbsp;&nbsp;&nbsp;&nbsp;• The estimated fair value for floating long-term debt is considered to be equal to the carrying value since it bears variable interest rates, which are adjusted on a quarterly basis. The fair value measurement of a liability must reflect the non-performance of the entity.

#### Foreign currency risk
The majority of our vessels' gross earnings are receivable in U.S. dollars. The majority of our transactions, assets and liabilities are denominated in U.S. dollars, our functional currency. However, we incur certain expenditure in other currencies, primarily Norwegian Kroner and the Croatian Kuna. There is a risk that currency fluctuations will have a negative effect on the value of our cash flows.

#### Concentration of risk
There is a concentration of credit risk with respect to cash and cash equivalents and restricted cash to the extent that substantially all of the amounts are deposited with Nordea Bank of Finland PLC and Citibank. However, we believe this risk is remote, as they are established and reputable establishments with no prior history of default.

18. RELATED PARTY TRANSACTIONS

#### Transactions with related parties:
The following table sets forth transactions with related parties for the nine month periods ended September 30, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
|  | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022** | **2021** |
| *(in thousands of $)*<br>|  |  |  |
| Ship management fee revenue (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;3983 |
| &nbsp;&nbsp;Ship management and administrative services expense (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(730) | &nbsp;&nbsp;(3754) |
| &nbsp;&nbsp;Egyptian Company for Gas Services ("ECGS") (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;1482 |
| Debt guarantee compensation (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(563) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Commitment fee (d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2956)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**612** | &nbsp;&nbsp;**1711** |

---

F-59<br>

------

#### **TABLE OF CONTENTS**

#### Amounts due to related parties:
As of September 30, 2022 and December 31, 2021, balances with related parties consisted of the following:

---

| | | |
|:---|:---|:---|
| | **Successor** | **Predecessor** |
| <br>*(in thousands of $)* | **September 30,** <br>**2022** | **December 31,** <br>**2021** |
| Balances due to Golar and its subsidiaries (e) | &nbsp;&nbsp;&nbsp;&nbsp;4346 | &nbsp;&nbsp;&nbsp;&nbsp;1021 |
| Balances due to QPSL and its affiliates (f) | &nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**8196** | &nbsp;&nbsp;&nbsp;&nbsp;**1021** |

---

(a) *Ship management fees revenue / Ship management and administrative services expense* - Golar through its subsidiary, Golar Management Ltd. ("Golar Management"), charged ship management fees for the provision of technical and commercial management of the vessels. Each of our vessels is subject to management agreements pursuant to which certain commercial and technical management services were provided by Golar. This provision of technical and commercial management services includes management of four vessels owned by subsidiaries of QPSL, subsequently acquired by the Company (note 21). On June 30, 2022, upon completion of the ManCo SPA, the ship management agreements were acquired by the Company.

In addition, Golar Management and Golar Management (Bermuda) Ltd., entered into the CoolCo Transition Services Agreement ("TSA") pursuant to which Golar provided corporate administrative services to CoolCo. On June 30, 2022, upon completion of the CoolCo Disposal, the CoolCo TSA was replaced by the CoolCo Administrative Services Agreement ("ASA"), for the provision of IT, accounting, treasury, finance operations and other corporate overhead functions.

(b)<br> *ECGS -* We chartered *Golar Ice* to ECGS, an affiliate of Golar's during the nine months period ended September 30, 2021.

(c) *Debt guarantee compensation* – Golar agreed to remain as the guarantor of the payment obligations of two of the acquired subsidiaries' debt relating to two LNG carriers*, Golar Ice and Golar Kelvin,* in exchange for a guarantee fee of 0.5% on the outstanding principal balances, which as of September 30, 2022 was $218.6 million*.* The compensation amounted to $0.6 million for the nine month period ended September 30, 2022.

(d) *Commitment fee –* We obtained a two years revolving credit facility of $25.0 million from Golar, which remains undrawn as of September 30, 2022. The facility bears a fixed interest rate and commitment fee on the undrawn loan of 5% and 0.5% per annum, respectively. The commitment fee amounted to $0.1 million for the nine months ended September 30, 2022.

(e) *Balances due to Golar and its subsidiaries* - Receivables and payables with Golar and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when Golar pays an invoice on our behalf. Receivables and payables are generally settled quarterly in arrears. Balances owing from Golar and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. 

(f) *Balances due to QPSL and its subsidiaries* - Receivables and payables with QPSL and its subsidiaries are comprised primarily of management fees advances received for managing their vessels. We assumed these balances upon conclusion of the acquisition of the LNG carrier and FSRU management organization on June 30, 2022.

19. OTHER COMMITMENTS AND CONTINGENCIES

#### Security interest
With effect from April 15, 2021, a financial institution held a second priority security interest on the *Golar Frost*. This security interest was released in March 2022, which was related to a legacy Golar claim that was subsequently settled by Golar during April 2022.

20. BASIC AND DILUTED EARNINGS PER SHARE

The following table shows the Company's earnings per share on the number of shares issued and outstanding as of September 30, 2022 and December 31, 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **Successor** <br>(Consolidated) | **Predecessor** <br>**(Combined** <br>**Carve-out)** | **Predecessor** <br>**(Combined** <br>**Carve-out)** |
|  | **Phased period from** <br>**January 27, 2022 to** <br>**September 30, 2022** | **Phased period from** <br>**January 1, 2022 to** <br>**June 30, 2022** | **2021** |
| *(in thousands of $, except number of shares and per share data)*<br>|  |  |  |
| Net income attributable to Owners of Cool Company Ltd. / Predecessor's Parent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5892 |
| Weighted average number of shares outstanding | &nbsp;&nbsp;&nbsp;37933018 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 | &nbsp;&nbsp;&nbsp;&nbsp;1010000 |
| Basic and diluted earnings per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.83 |

---

F-60<br>

------

#### **TABLE OF CONTENTS**
21. SUBSEQUENT EVENTS

#### Operational Updates
In November 2022, for a vessel due to enter the spot market, a charter was agreed at $120,000 per day for three years. For another vessel, the Company concluded discussions for another three-year charter commencing in Q1 2023 at a rate that steps down from a high level to a lower level and averages approximately $120,000 per day over the period of the charter.

#### Interest Rate Swaps
During October 2022, CoolCo entered into further interest rate swap agreements with various financial institutions that converts floating rate interest obligations under the $570 million bank facility to fixed interest rates. As a result, the entire interest rate exposure on the nominal outstanding amount of $550.2 million for the $570 million bank facility has now been hedged at an average fixed rate of 3.37%, resulting in an average all-in rate of 6.12%. The swap agreements have a start date in October 2022, maturing in February 2027, and follow the amortization profile of the $570 million bank facility.

#### Second Private Placement
In November 2022, the Company completed private placement of shares consisting of (i) a primary offering of new shares in the Company and (ii) a secondary offering of existing shares by Golar (the "Second Private Placement"). The Company raised gross proceeds equivalent to approximately $170 million through an issuance of 13,678,462 new shares, and Golar sold 8,046,154 existing shares for approximately $100 million. The shares were placed at a price per share of NOK 130.

Upon completion of the Second Private Placement, the Company has a total of 53,688,462 outstanding shares, each share par value $1.00. EPS acquired shares as part of the Second Private Placement for approximately $134.1 million, and as a result as of February 14, 2023 EPS owns approximately 49.9% of CoolCo's outstanding shares, Golar owns 8.3% and 41.8% of the outstanding shares are held by the public.

#### Vessels Acquisition
In November 2022, the Company completed the acquisition of four SPVs with contracted LNG carriers, the 2021 built 2-stroke *Kool Orca*, the 2020 built 2-stroke *Kool Firn*, and the 2015 built TFDE vessels *Kool Boreas* and *Kool Baltic* from Quantum Crude Tankers Ltd, an affiliate of EPS, for an aggregate purchase price of approximately $660 million. The Company financed the purchase price with the $170 million Share issue of the Second Private Placement and assumed debt of a $520 million term loan facility secured by the four SPVs. Maturing in May 2029, the facility carries interest at SOFR plus a margin of 2.0%. Approximately $20 million principal repayment in respect of this facility was paid on November 14, 2022.

In connection with the vessel acquisitions described above, the Company entered into an option agreement with an affiliate of EPS to acquire newbuild contracts for a further two 2-stroke LNG carriers that are scheduled to be delivered in Q1 2025. These two options are exercisable before the end of Q2 2023 at a vessel valuation of $234 million each.

#### Corporate Update
Golar Hull M2048 Corp. was renamed to Kool Ice Corporation effective January 23, 2023.

Golar LNG NB12 Corp. was renamed to Kool Frost Corporation effective February 1, 2023. The vessel owned and operated by this entity was renamed to *Kool Frost* from *Golar Frost* effective February 3, 2023.

F-61<br>

------

#### **TABLE OF CONTENTS**

#### PERNLI MARINE LIMITED

#### UNAUDITED FINANCIAL STATEMENTS

#### PERIOD FROM DATE OF INCORPORATION<br>

#### APRIL 29, 2022 TO SEPTEMBER 30, 2022
F-62<br>

------

#### **TABLE OF CONTENTS**

#### PERNLI MARINE LIMITED

#### UNAUDITED BALANCE SHEET <br>

#### (in U.S. Dollars, except for share data)

---

| | |
|:---|:---|
|  | **September 30, 2022** |
| **ASSETS**<br>|  |
| **Current assets:**<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;$5977373 |
| &nbsp;&nbsp;&nbsp;Amount due from immediate holding company, non-trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;&nbsp;1188968 |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218328 |
| Total current assets | &nbsp;&nbsp;&nbsp;&nbsp;7384769 |
| **Noncurrent asset:**<br>|  |
| &nbsp;&nbsp;&nbsp;Vessel, net of accumulated depreciation of $2,297,754 | &nbsp;&nbsp;146753066 |
| Total noncurrent asset | &nbsp;&nbsp;146758066 |
| Total assets | &nbsp;&nbsp;$154137835 |
| **LIABILITIES AND EQUITY**<br>|  |
| **Current liabilities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;1939531 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | &nbsp;&nbsp;&nbsp;10636749 |
| &nbsp;&nbsp;&nbsp;Amount due to related party, non-trade | &nbsp;&nbsp;&nbsp;29500000 |
| Total current liabilities | &nbsp;&nbsp;&nbsp;42076280 |
| **Noncurrent liability:**<br>|  |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of deferred financing cost of $349,258 | &nbsp;&nbsp;106923469 |
| Total noncurrent liability | &nbsp;&nbsp;106923469 |
| Total liabilities | &nbsp;&nbsp;148999749 |
| **Equity:**<br>|  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value; 500 shares authorized, 100 shares issued and outstanding as of September 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;5137986 |
| Total equity | &nbsp;&nbsp;&nbsp;&nbsp;5138086 |
| **Total liabilities and equity** | &nbsp;&nbsp;$154137835 |

---

See accompanying notes to financial statements.<br>

F-63<br>

------

#### **TABLE OF CONTENTS**

#### PERNLI MARINE LIMITED

#### UNAUDITED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **For the Period from** <br>**April 29, 2022 to** <br>**September 30, 2022** |
| **Revenues** | &nbsp;&nbsp;&nbsp;$11042745 |
| **Operating expenses:**<br>|  |
| &nbsp;&nbsp;&nbsp;Voyage expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25754 |
| &nbsp;&nbsp;&nbsp;Vessel operating expenses | &nbsp;&nbsp;&nbsp;1918114 |
| &nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;2297754 |
| Total operating expenses | &nbsp;&nbsp;&nbsp;4241622 |
| Operating income | &nbsp;&nbsp;&nbsp;6801123 |
| **Other income (expense):**<br>|  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;(1665369) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 |
| Other expense, net | &nbsp;&nbsp;&nbsp;(1663137) |
| **Net income, representing comprehensive income** | &nbsp;&nbsp;&nbsp;$5137986 |

---

See accompanying notes to financial statements.<br>

F-64<br>

------

#### **TABLE OF CONTENTS**

#### PERNLI MARINE LIMITED

#### UNAUDITED STATEMENT OF EQUITY<br>

#### (in U.S. Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Share** <br>**capital** | **Accumulated** <br>**profits** | **Total** |
|  | **US$** | **US$** | **US$** |
| **Balance at April 29, 2022, date of incorporation** | $— | $— | $— |
| Issuance of shares on April 29, 2022, date of incorporation | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net income | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;5137986 | &nbsp;&nbsp;5137986 |
| **Balance at September 30, 2022** | $100 | $5137986 | $5138086 |

---

See accompanying notes to financial statements.<br>

F-65<br>

------

#### **TABLE OF CONTENTS**

#### PERNLI MARINE LIMITED

#### UNAUDITED STATEMENT OF CASH FLOWS<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **Period from** <br>**April 29, 2022 to** <br>**September 30, 2022** |
| **Cashflows from operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net income | &nbsp;&nbsp;&nbsp;$5137986 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;2297754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32218 |
| Changes in operating assets and liabilities:<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;(6716163) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;(1188968) |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;(218328) |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;655501 |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase in cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Cash and cash equivalents at end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

See accompanying notes to financial statements.<br>

F-66<br>

------

#### **TABLE OF CONTENTS**

#### PERNLI MARINE LIMITED<br>

#### NOTES TO UNAUDITED FINANCIAL STATEMENTS<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
| **1**<br>| **GENERAL INFORMATION** |

---

Pernli Marine Ltd. (the "Company") is a company incorporated in the Republic of Liberia. The address of the Company's registered office is 80 Broad Street, Monrovia, Liberia. The Company is engaged in vessel chartering and ship owning.

The immediate, penultimate and ultimate holding companies of the Company at the end of and during the financial period were Quantum Crude Tankers Ltd, Quantum Pacific Shipping Limited and Oceania Holdings Ltd. respectively. All companies are incorporated in the Republic of Liberia. Related companies in these financial statements refer to the subsidiaries of Oceania Holdings Ltd.

---

| | |
|:---|:---|
| **2**<br>| **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** |

---

<u>Basis of preparation</u>

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP").

<u>Accounting estimates</u>

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel impairment, vessel valuations, residual value of vessels and the useful life of vessels. Actual results could differ from those estimates.

<u>Inventories</u>

Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

<u>Vessel, net</u>

Vessels, net is stated at cost, less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the asset to a working condition for its intended use, including capitalized borrowing costs.

Vessels are depreciated on a straight-line basis over their estimated useful life based on the cost of the vessel reduced by the estimated residual value of the vessel. The Company estimates the useful life of the vessel to be 30 years from the vessel-built date. The useful life of the vessel is evaluated to determine if events have occurred which would require modification to their useful life. In addition, the Company estimates residual value of its vessel using the long-range historical average demolition steel price per lightweight tonnage of the vessel.

<u>Deferred financing costs</u>

Deferred financing costs represents fees incurred for obtaining new debt which are deferred and amortized to interest expense over the life of the long-term debt using the effective interest method. Unamortized deferred financing costs are presented as a direct deduction within the outstanding long-term debt balance in the Company's balance sheet.

<u>Revenue recognition</u>

The vessel is deployed in the time charter market and the company records time charter revenue based on time apportionment over the duration of the period of each time charter for which the performance obligation is satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Time charter contracts are considered operating leases and therefore do not fall under the scope of Accounting Standards Codification ("ASC") 606 — *Revenue from Contracts with Customers* ("ASC 606") because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic

F-67<br>

------

#### **TABLE OF CONTENTS**
benefit from such use. The Company has identified that time charter agreement, contain a lease in accordance with ASC 842 and has accounted for the time charter revenue under ASC 842.

Under ASC 842, the Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores and other miscellaneous expenses. Both the lease and non-lease components are earned by passage of time.

<u>Accounting for expenses</u>

Voyage expenses include the cost of bunkers consumed during the ballast period for time charter voyages. The ballast period starts from the completion of the previous voyage and ends on the delivery of the vessel to the current charterers. Vessel operating expenses include crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores, technical management fees and other miscellaneous expenses. All voyage and vessel operating expenses are expensed as incurred on an accrual basis.

<u>Income tax</u>

The Company is not subject to income tax under the tax laws of the country of incorporation. Income arising from shipping activities is subject to gross transportation tax. Gross transportation tax is computed on the gross freight lifted or discharged in certain jurisdictions.

<u>Fair value of financial instruments</u>

The estimated fair values of the Company's financial instruments, such as amount due from company and immediate holding company, trade payables and long-term debt, approximate their individual carrying amounts as of September 30, 2022 due to their short-term maturity or the variable-rate nature of the borrowings.

<u>Recent Accounting Pronouncements</u>

The Financial Accounting Standards Board ("FASB") has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company's financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below.

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ("ASU 2020-04"). ASU 2020-04 addresses concerns about certain accounting consequences that could result from the anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. ASU 2020-04 is elective and applies "to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform." ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Rate Reference Reform (Topic 848), Scope, ("ASU 2021-01"), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rate for margining, discounting, or contract price alignment that is modified as a result of rate reference reform. The Company has assessed that there is no significant impact arising from the adoption of ASU 2020-04 on its long-term debt as the benchmark interest rate used for its long-term debt is Secured Overnight Financing Rate ("SOFR").

---

| | |
|:---|:---|
| **3**<br>| **VESSEL, NET** |

---

On May 12, 2022, the Company entered into an agreement to purchase a 2015-built, 93,508 dwt LNG Tanker vessel. The cost including direct expenses of acquisition was $149,050,820. The Company took delivery of the vessel on during the second quarter of 2022. This acquisition was financed through proceeds from long-term bank debt and unsecured advances from a related company (refer to Note 7 Cash Flow Information).

F-68<br>

------

---

| | |
|:---|:---|
| **4**<br>| **LONG-TERM DEBT** |

---

---

| | |
|:---|:---|
|  | **2022** |
| Principal amount | $118000000 |
| Less: Unamortized deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(439782) |
| Less: Current portion | &nbsp;&nbsp;(10636749) |
| Long-term debt, net | $106923469 |

---

The long-term debt has a maturity date of seven years from the date of drawdown which is May 11, 2022. The secured bank loan bears interest at a rate of SOFR plus 1.8% per annum. Repayments of $5,363,636 are due half-yearly instalments beginning on November 17, 2022, with a final balloon payment for all outstanding principal and accrued interest due upon maturity. The loan is guaranteed by the immediate holding company.

The related debt financing fees amount to $472,000. As of September 30, 2022, $439,782 of deferred financing cost were presented as a direct deduction within the outstanding long-term loan balance in the Company's Balance Sheet. Amortization expense for deferred financing costs for the period ended September 30, 2022 was $32,218. This amortization expense is recorded as a component of interest expense in the Statement of Operations.

For the period ended September 30, 2022, the interest rate on the long-term debt ranged from 2.59% to 4.72%. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 3.03%.

Interest expense consisted of:

---

| | |
|:---|:---|
|  | **2022** |
| Interest expense on bank loans | $1627420 |
| Amortization of deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32218 |
| &nbsp;&nbsp;Bank fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5731 |
|  | $1665369 |

---

*Scheduled Debt Maturity*

The following table sets forth the scheduled repayment of the outstanding principal long-term loan of $118,000,000 as of September 30, 2022:

---

| | |
|:---|:---|
|  | **Total** |
| 2023 | &nbsp;&nbsp;$10727273 |
| 2024 | &nbsp;&nbsp;&nbsp;10727273 |
| 2025 | &nbsp;&nbsp;&nbsp;10727273 |
| 2026 | &nbsp;&nbsp;&nbsp;10727273 |
| 2027 | &nbsp;&nbsp;&nbsp;10727273 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;&nbsp;64363635 |
| Total long-term debt | $118000000 |

---

---

| | |
|:---|:---|
| **5**<br>| **TRADE PAYABLES AND ACCRUED EXPENSES** |

---

Trade payables and accrued expenses consist of the following:

---

| | |
|:---|:---|
|  | **2022** |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;$27658 |
| Accrued vessel acquisition cost | &nbsp;&nbsp;1284029 |
| Accrued interest expense | &nbsp;&nbsp;&nbsp;&nbsp;216685 |
| Accrued vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;411159 |
| Trade payable and accrued expenses | $1939531 |

---

F-69<br>

------

---

| | |
|:---|:---|
| **6**<br>| **FAIR VALUE OF FINANCIAL INSTRUMENT** |

---

The fair values and carrying values of the Company's financial instrument as of September 30, 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

---

| | | |
|:---|:---|:---|
|  | **2022** | **2022** |
|  | **Carrying value** | **Fair value** |
| Principal amount of floating rate debt | $118000000 | $118000000 |

---

The carrying value of the borrowings, which excludes the impact of deferred financing costs, approximate their fair value due to its variable interest nature and interest rates reprice on a monthly basis. The carrying amounts of the Company's other financial instruments as of September 30, 2022 (principally amount due from related company and immediate holding company and Trade payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, "Fair Value Measurements & Disclosures" ("ASC 820-10"), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during year-end as determined based on third party quotes, which are based off of various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was no vessel impairment recorded during the period ended September 30, 2022. The Company did not have any Level 3 financial assets or liabilities as of September 30, 2022.

---

| | |
|:---|:---|
| **7**<br>| **CASH FLOW INFORMATION** |

---

For the period ended September 30, 2022, the Company had non-cash investing activities not included in the Statement of Cash Flows for items included the purchase of vessel of $149,050,820 by incurring the following: 1) Long-term debt of $118,000,000; 2) Advances from related company of $29,500,000; 3) Accrued vessel acquisition cost included in trade payable and accrued expenses of $1,284,029; and 4) Amount due to related company of $266,791. The payment for the acquisition of vessels and proceeds from the long-term debt was executed directly by a related company.

For the period ended September 30, 2022, the Company had non-cash financing activities not included in the Statement of Cash Flows for items included in 1) Amount due from immediate holding company for issue of common stock of $100 and 2) Amount due from related company, trade for payment of deferred financing cost of $472,000.

F-70<br>

------

---

| | |
|:---|:---|
| **8**<br>| **RELATED COMPANY AND PARTY TRANSACTIONS** |

---

The following are related party transactions not disclosed elsewhere in these financial statements:

---

| | |
|:---|:---|
|  | **2022** |
| Receipts on behalf by related company:<br>|  |
| &nbsp;&nbsp;&nbsp;Charter hire income | $11018991 |
| Payments on behalf by related company:<br>|  |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;(3153153) |
| &nbsp;&nbsp;&nbsp;Loan interest and related fees | &nbsp;&nbsp;&nbsp;(1888465) |
| &nbsp;&nbsp;&nbsp;Intercompany loan | &nbsp;&nbsp;(29500000) |

---

Amounts due from related company, trade, amount due from immediate holding company, non-trade and amount due to related party, non-trade on the balance sheet are unsecured, interest-free and repayable on demand.

---

| | |
|:---|:---|
| **9**<br>| **COMMON STOCK** |

---

Each share of the Company's outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to share equally in any dividends declared by the Company's Board of Directors.

---

| | |
|:---|:---|
| **10**<br>| **REVENUE** |

---

Revenue is generated from time charter out contracts. During the period of the time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

The future minimum lease receivables under non-cancellable operating leases are as follows:

---

| | |
|:---|:---|
|  | **2022** |
| 2023 | $29097442 |
| 2024 | &nbsp;&nbsp;29177161 |
| 2025 | &nbsp;&nbsp;&nbsp;7460372 |
|  | $65734975 |

---

---

| | |
|:---|:---|
| **11**<br>| **SUBSEQUENT EVENTS** |

---

On November 10, 2022, Cool Company Ltd executed a Sale and Purchase Agreement ("SNP Agreement") to purchase the 100% of the stake in the Company. Following the execution of the SNP Agreement, the shareholders of the Company changed from Quantum Crude Tankers Ltd to Cool Company Ltd.

F-71<br>

------

#### PERSECT MARINE LIMITED

#### UNAUDITED FINANCIAL STATEMENTS

#### PERIOD FROM DATE OF INCORPORATION<br>

#### APRIL 29, 2022 TO SEPTEMBER 30, 2022
F-72<br>

------

#### **TABLE OF CONTENTS**

#### PERSECT MARINE LIMITED

#### UNAUDITED BALANCE SHEET <br>

#### (in U.S. Dollars, except for share data)

---

| | |
|:---|:---|
|  | **September 30, 2022** |
| **<u>ASSETS</u>**<br>|  |
| **Current assets:**<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;$5885311 |
| &nbsp;&nbsp;&nbsp;Amount due from immediate holding company, non-trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Trade receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;&nbsp;1077746 |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278983 |
| Total current assets | &nbsp;&nbsp;&nbsp;&nbsp;7244770 |
| **Noncurrent asset:**<br>|  |
| &nbsp;&nbsp;&nbsp;Vessel, net of accumulated depreciation of $2,341,420 | &nbsp;&nbsp;149290929 |
| Total noncurrent asset | &nbsp;&nbsp;149290929 |
| **Total assets** | &nbsp;&nbsp;$156535699 |
| **<u>LIABILITIES AND EQUITY</u>**<br>|  |
| **Current liabilities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;2033981 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | &nbsp;&nbsp;&nbsp;10817033 |
| &nbsp;&nbsp;&nbsp;Amount due to related party, non-trade | &nbsp;&nbsp;&nbsp;30000000 |
| Total current liabilities | &nbsp;&nbsp;&nbsp;42851014 |
| **Noncurrent liability:**<br>|  |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of deferred financing cost of $355,178 | &nbsp;&nbsp;108735731 |
| Total noncurrent liability | &nbsp;&nbsp;108735731 |
| Total liabilities | &nbsp;&nbsp;151586745 |
| **Equity:**<br>|  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value; 500 shares authorized, 100 shares issued and outstanding as of September 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;4948854 |
| Total equity | &nbsp;&nbsp;&nbsp;&nbsp;4948954 |
| **Total liabilities and equity** | &nbsp;&nbsp;$156535699 |

---

See accompanying notes to financial statements.<br>

F-73<br>

------

#### **TABLE OF CONTENTS**

#### PERSECT MARINE LIMITED

#### UNAUDITED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **For the Period from** <br>**April 29, 2022 to** <br>**September 30, 2022** |
| **Revenues** | &nbsp;&nbsp;&nbsp;$11046067 |
| **Operating expenses:**<br>|  |
| &nbsp;&nbsp;&nbsp;Voyage expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126080 |
| &nbsp;&nbsp;&nbsp;Vessel operating expenses | &nbsp;&nbsp;&nbsp;1938350 |
| &nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;2341420 |
| Total operating expenses | &nbsp;&nbsp;&nbsp;4405850 |
| Operating income | &nbsp;&nbsp;&nbsp;6640217 |
| **Other income (expense):**<br>|  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;(1693595) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 |
| Other expense, net | &nbsp;&nbsp;&nbsp;(1691363) |
| **Net income, representing comprehensive income** | &nbsp;&nbsp;&nbsp;$4948854 |

---

See accompanying notes to financial statements.<br>

F-74<br>

------

#### **TABLE OF CONTENTS**

#### PERSECT MARINE LIMITED

#### UNAUDITED STATEMENT OF EQUITY<br>

#### (in U.S. Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Share** <br>**capital** | **Accumulated** <br>**profits** | **Total** |
|  | **US$** | **US$** | **U$** |
| **Balance at April 29, 2022, date of incorporation** | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Issuance of shares on April 29, 2022, date of incorporation | &nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net income | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;4948854 | &nbsp;&nbsp;4948854 |
| **Balance at September 30, 2022** | $100 | $4948854 | $4948954 |

---

See accompanying notes to financial statements.<br>

F-75<br>

------

#### **TABLE OF CONTENTS**

#### PERSECT MARINE LIMITED

#### STATEMENT OF CASH FLOWS<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **Period from** <br>**April 29, 2022 to** <br>**September 30, 2022** |
| **Cashflows from operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net income | &nbsp;&nbsp;&nbsp;$4948854 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;2341420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32764 |
| Changes in operating assets and liabilities:<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;(6717298) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;(1077746) |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;(278983) |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;753619 |
| &nbsp;&nbsp;&nbsp;Trade receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2630) |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase in cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Cash and cash equivalents at end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

See accompanying notes to financial statements.<br>

F-76<br>

------

#### **TABLE OF CONTENTS**

#### PERSECT MARINE LIMITED<br>

#### NOTES TO UNAUDITED FINANCIAL STATEMENTS<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
| **1**<br>| **GENERAL INFORMATION** |

---

Persect Marine Ltd. (the "Company") is a company incorporated in the Republic of Liberia. The address of the Company's registered office is 80 Broad Street, Monrovia, Liberia. The Company is engaged in vessel chartering and ship owning.

The immediate, penultimate and ultimate holding companies of the Company at the end of and during the financial period were Quantum Crude Tankers Ltd, Quantum Pacific Shipping Limited and Oceania Holdings Ltd. respectively. All holding companies are incorporated in the Republic of Liberia. Related companies in these financial statements refer to the subsidiaries of Oceania Holdings Ltd.

---

| | |
|:---|:---|
| **2**<br>| **SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** |

---

<u>Basis of preparation</u>

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP").

<u>Accounting estimates</u>

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel impairment, vessel valuations, residual value of vessels and the useful life of vessels. Actual results could differ from those estimates.

<u>Inventories</u>

Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

<u>Vessel, net</u>

Vessels, net is stated at cost, less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the asset to a working condition for its intended use, including capitalized borrowing costs.

Vessels are depreciated on a straight-line basis over their estimated useful life based on the cost of the vessel reduced by the estimated residual value of the vessel. The Company estimates the useful life of the vessel to be 30 years from the vessel-built date. The useful life of the vessel is evaluated to determine if events have occurred which would require modification to their useful life. In addition, the Company estimates residual value of its vessel using the long-range historical average demolition steel price per lightweight tonnage of the vessel.

<u>Deferred financing costs</u>

Deferred financing costs represents fees incurred for obtaining new debt which are deferred and amortized to interest expense over the life of the long-term debt using the effective interest method. Unamortized deferred financing costs are presented as a direct deduction within the outstanding long-term debt balance in the Company's balance sheet.

<u>Revenue recognition</u>

The vessel is deployed in the time charter market and the company records time charter revenue based on time apportionment over the duration of the period of each time charter for which the performance obligation is satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Time charter contracts are considered operating leases and therefore do not fall under the scope of Accounting Standards Codification ("ASC") 606 — *Revenue from Contracts with Customers* ("ASC 606") because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic

F-77<br>

------

#### **TABLE OF CONTENTS**
benefit from such use. The Company has identified that time charter agreement, contain a lease in accordance with ASC 842 and has accounted for the time charter revenue under ASC 842.

Under ASC 842, the Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores and other miscellaneous expenses. Both the lease and non-lease components are earned by passage of time.

<u>Accounting for expenses</u>

Voyage expenses include the cost of bunkers consumed during the ballast period for time charter voyages. The ballast period starts from the completion of the previous voyage and ends on the delivery of the vessel to the current charterers. Vessel operating expenses include crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores, technical management fees and other miscellaneous expenses. All voyage and vessel operating expenses are expensed as incurred on an accrual basis.

<u>Income tax</u>

The Company is not subject to income tax under the tax laws of the country of incorporation. Income arising from shipping activities is subject to gross transportation tax. Gross transportation tax is computed on the gross freight lifted or discharged in certain jurisdictions.

<u>Fair value of financial instruments</u>

The estimated fair values of the Company's financial instruments, such as amount due from company and immediate holding company, trade payables and long-term debt, approximate their individual carrying amounts as of September 30, 2022 due to their short-term maturity or the variable-rate nature of the borrowings.

<u>Recent Accounting Pronouncements</u>

The Financial Accounting Standards Board ("FASB") has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company's financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below.

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ("ASU 2020-04"). ASU 2020-04 addresses concerns about certain accounting consequences that could result from the anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. ASU 2020-04 is elective and applies "to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform." ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Rate Reference Reform4 (Topic 848), Scope, ("ASU 2021-01"), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rate for margining, discounting, or contract price alignment that is modified as a result of rate reference reform. The Company has assessed that there is no significant impact arising from the adoption of ASU 2020-04 on its long-term debt as the benchmark interest rate used for its long-term debt is Secured Overnight Financing Rate ("SOFR").

---

| | |
|:---|:---|
| **3**<br>| **VESSEL, NET** |

---

On May 12, 2022, the Company entered into an agreement to purchase a 2015-built, 93,585 dwt LNG Tanker vessel. The cost including direct expenses of acquisition was $151,632,349. The Company took delivery of the vessel on during the second quarter of 2022. This acquisition was financed through proceeds from long-term bank debt and unsecured advances from a related company (refer to Note 7 Cash Flow Information).

F-78<br>

------

---

| | |
|:---|:---|
| **4**<br>| **LONG-TERM DEBT** |

---

---

| | |
|:---|:---|
|  | **2022** |
| Principal amount | $120000000 |
| Less: Unamortized deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447236) |
| Less: Current portion | &nbsp;&nbsp;(10817033) |
| Long-term debt, net | $108735731 |

---

The long-term debt has a maturity date of seven years from the date of drawdown which is May 11, 2022. The secured bank loan bears interest at a rate of SOFR plus 1.8% per annum. Repayments of $5,454,545 are due half-yearly instalments beginning on November 17, 2022, with a final balloon payment for all outstanding principal and accrued interest due upon maturity. The loan is guaranteed by the immediate holding company.

The related debt financing fees amount to $480,000. As of September 30, 2022, $447,236 of deferred financing cost were presented as a direct deduction within the outstanding long-term loan balance in the Company's Balance Sheet. Amortization expense for deferred financing costs for the period ended September 30, 2022 was $32,764. This amortization expense is recorded as a component of interest expense in the Statement of Operations.

For the period ended September 30, 2022, the interest rate on the long-term debt ranged from 2.59% to 4.72%. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 3.03%.

Interest expense consisted of:

---

| | |
|:---|:---|
|  | **2022** |
| Interest expense on bank loans | $1655003 |
| Amortization of deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32764 |
| &nbsp;&nbsp;Bank fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5828 |
|  | $1693595 |

---

*Scheduled Debt Maturity*

The following table sets forth the scheduled repayment of the outstanding principal long-term loan of $120,000,000 as of September 30, 2022:

---

| | |
|:---|:---|
|  | **Total** |
| 2023 | &nbsp;&nbsp;$10909091 |
| 2024 | &nbsp;&nbsp;&nbsp;10909091 |
| 2025 | &nbsp;&nbsp;&nbsp;10909091 |
| 2026 | &nbsp;&nbsp;&nbsp;10909091 |
| 2027 | &nbsp;&nbsp;&nbsp;10909091 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;&nbsp;65454545 |
| Total long-term debt | $120000000 |

---

---

| | |
|:---|:---|
| **5**<br>| **TRADE PAYABLE AND ACCRUED EXPENSES** |

---

Trade payable and accrued expenses consist of the following:

---

| | |
|:---|:---|
|  | **2022** |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;$27659 |
| Accrued vessel acquisition cost | &nbsp;&nbsp;1280362 |
| Accrued interest expense | &nbsp;&nbsp;&nbsp;&nbsp;220358 |
| Accrued vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;505602 |
| Trade payable and accrued expenses | $2033981 |

---

F-79<br>

------

---

| | |
|:---|:---|
| **6**<br>| **FAIR VALUE OF FINANCIAL INSTRUMENT** |

---

The fair values and carrying values of the Company's financial instrument as of September 30, 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

---

| | | |
|:---|:---|:---|
|  | **2022** | **2022** |
|  | **Carrying value** | **Fair value** |
| Principal amount of floating rate debt | $120000000 | $120000000 |

---

The carrying value of the borrowings, which excludes the impact of deferred financing costs, approximate their fair value due to its variable interest nature and interest rates reprice on a monthly basis. The carrying amounts of the Company's other financial instruments as of September 30, 2022 (principally amount due from related company and immediate holding company and Trade payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, "Fair Value Measurements & Disclosures" ("ASC 820-10"), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during year-end as determined based on third party quotes, which are based off of various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was no vessel impairment recorded during the period ended September 30, 2022. The Company did not have any Level 3 financial assets or liabilities as of September 30, 2022.

---

| | |
|:---|:---|
| **7**<br>| **CASH FLOW INFORMATION** |

---

For the period ended September 30, 2022, the Company had non-cash investing activities not included in the Statement of Cash Flows for items included the purchase of vessel of $151,632,349 by incurring the following: 1) Long-term debt of $120,000,000; 2) Advances from related company of $30,000,000; 3) Accrued vessel acquisition cost included in trade payable and accrued expenses of $1,280,362; and 4) Amount due to related company of $348,320. The payment for the acquisition of vessels and proceeds from the long-term debt was executed directly by a related company.

For the period ended September 30, 2022, the Company had non-cash financing activities not included in the Statement of Cash Flows for items included in 1) Amount due from immediate holding company for issue of common stock of $100 and 2) Amount due from related company, trade for payment of deferred financing cost of $480,000.

F-80<br>

------

---

| | |
|:---|:---|
| **8**<br>| **RELATED COMPANY AND PARTY TRANSACTIONS** |

---

The following are related party transactions not disclosed elsewhere in these financial statements:

---

| | |
|:---|:---|
|  | **2022** |
| Receipts on behalf by related company:<br>|  |
| &nbsp;&nbsp;Charter hire income | $11019115 |
| Payments on behalf by related company:<br>|  |
| Other expenses | &nbsp;&nbsp;&nbsp;(3213332) |
| Loan interest and related fees | &nbsp;&nbsp;&nbsp;(1920472) |
| Intercompany loan | &nbsp;&nbsp;(30000000) |

---

Amounts due from related company, trade, amount due from immediate holding company, non-trade and amount due to related party, non-trade on the balance sheet are unsecured, interest-free and repayable on demand.

---

| | |
|:---|:---|
| **9**<br>| **COMMON STOCK** |

---

Each share of the Company's outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to share equally in any dividends declared by the Company's Board of Directors.

---

| | |
|:---|:---|
| **10**<br>| **REVENUE** |

---

Revenue is generated from time charter out contracts. During the period of the time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

The future minimum lease receivables under non-cancellable operating leases are as follows:

---

| | |
|:---|:---|
|  | **2022** |
| 2023 | $29097442 |
| 2024 | &nbsp;&nbsp;29177162 |
| 2025 | &nbsp;&nbsp;19985226 |
|  | $78259830 |

---

---

| | |
|:---|:---|
| **11**<br>| **SUBSEQUENT EVENTS** |

---

On November 10, 2022, Cool Company Ltd executed a Sale and Purchase Agreement ("SNP Agreement") to purchase the 100% of the stake in the Company. Following the execution of the SNP Agreement, the shareholders of the Company changed from Quantum Crude Tankers Ltd to Cool Company Ltd.

F-81<br>

------

#### FELOX MARINE LIMITED

#### UNAUDITED FINANCIAL STATEMENTS

#### PERIOD FROM DATE OF INCORPORATION<br>

#### APRIL 29, 2022 TO SEPTEMBER 30, 2022
F-82<br>

------

#### **TABLE OF CONTENTS**

#### FELOX MARINE LIMITED

#### UNAUDITED BALANCE SHEET <br>

#### (in U.S. Dollars, except for share data)

---

| | |
|:---|:---|
|  | **September 30, 2022** |
| **<u>ASSETS</u>**<br>|  |
| **Current assets:**<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;$4093159 |
| &nbsp;&nbsp;&nbsp;Amount due from immediate holding company, non-trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;897708 |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276040 |
| Total current assets | &nbsp;&nbsp;&nbsp;&nbsp;5267007 |
| **Noncurrent asset:**<br>|  |
| &nbsp;&nbsp;&nbsp;Vessel, net of accumulated depreciation of $2,273,692 | &nbsp;&nbsp;173544592 |
| Total noncurrent asset | &nbsp;&nbsp;173544592 |
| **Total assets** | &nbsp;&nbsp;$178811599 |
| **<u>LIABILITIES AND EQUITY</u>**<br>|  |
| **Current liabilities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;1051744 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;8653368 |
| &nbsp;&nbsp;&nbsp;Amount due to related party, non-trade | &nbsp;&nbsp;&nbsp;35000000 |
| Total current liabilities | &nbsp;&nbsp;&nbsp;44705112 |
| **Noncurrent liability:**<br>|  |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of deferred financing cost of $429,568 | &nbsp;&nbsp;130820432 |
| Total noncurrent liability | &nbsp;&nbsp;130820432 |
| Total liabilities | &nbsp;&nbsp;175525544 |
| **Equity:**<br>|  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value; 500 shares authorized, 100 shares issued and outstanding as of September 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;3285955 |
| Total equity | &nbsp;&nbsp;&nbsp;&nbsp;3286055 |
| **Total liabilities and equity** | &nbsp;&nbsp;$178811599 |

---

See accompanying notes to financial statements.<br>

F-83<br>

------

#### **TABLE OF CONTENTS**

#### FELOX MARINE LIMITED

#### UNAUDITED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **For the Period from**<br>**April 29, 2022 to**<br>**September 30, 2022** |
| **Revenues** | &nbsp;&nbsp;&nbsp;&nbsp;$9219948 |
| **Operating expenses:**<br>|  |
| &nbsp;&nbsp;&nbsp;Voyage expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35094 |
| &nbsp;&nbsp;&nbsp;Vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;1656010 |
| &nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;2273692 |
| Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;3964796 |
| Operating income | &nbsp;&nbsp;&nbsp;&nbsp;5255152 |
| **Other income (expense):**<br>|  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;(1971429) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 |
| Other expense, net | &nbsp;&nbsp;&nbsp;&nbsp;(1969197) |
| **Net income, representing comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;$3285955 |

---

See accompanying notes to financial statements.<br>

F-84<br>

------

#### **TABLE OF CONTENTS**

#### FELOX MARINE LIMITED

#### UNAUDITED STATEMENT OF EQUITY<br>

#### (in U.S. Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Share** <br>**capital** | **Accumulated profits** | **Total** |
|  | US$ | US$ | U$ |
| **Balance at April 29, 2022, date of incorporation** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Issuance of shares on April 29, 2022, date of incorporation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3285955 | &nbsp;&nbsp;&nbsp;3285955 |
| **Balance at September 30, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$100 | &nbsp;&nbsp;&nbsp;$3285955 | &nbsp;&nbsp;&nbsp;$3286055 |

---

See accompanying notes to financial statements.<br>

F-85<br>

------

#### **TABLE OF CONTENTS**

#### FELOX MARINE LIMITED

#### UNAUDITED STATEMENT OF CASH FLOWS<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **Period from April 29, 2022**<br>**to September 30, 2022** |
| **Cashflows from operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3285955 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2273692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 |
| Changes in operating assets and liabilities:<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5110089) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897708) |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276040) |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690390 |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase in cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Cash and cash equivalents at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Cash and cash equivalents at end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

See accompanying notes to financial statements.<br>

F-86<br>

------

#### **TABLE OF CONTENTS**

#### FELOX MARINE LIMITED<br>

#### NOTES TO UNAUDITED FINANCIAL STATEMENTS<br>

#### (in U.S. Dollars)

#### 1 GENERAL INFORMATION
Felox Marine Ltd. (the "Company") is a company incorporated in the Republic of Liberia. The address of the Company's registered office is 80 Broad Street, Monrovia, Liberia. The Company is engaged in vessel chartering and ship owning.

The immediate, penultimate and ultimate holding companies of the Company at the end of and during the financial period were Quantum Crude Tankers Ltd, Quantum Pacific Shipping Limited and Oceania Holdings Ltd. respectively. All holding companies are incorporated in the Republic of Liberia. Related companies in these financial statements refer to the subsidiaries of Oceania Holdings Ltd.

#### 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
<u>Basis of preparation</u>

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP").

<u>Accounting estimates</u>

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel impairment, vessel valuations, residual value of vessels and the useful life of vessels. Actual results could differ from those estimates.

<u>Inventories</u>

Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

<u>Vessel, net</u>

Vessels, net is stated at cost, less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the asset to a working condition for its intended use, including capitalized borrowing costs.

Vessels are depreciated on a straight-line basis over their estimated useful life based on the cost of the vessel reduced by the estimated residual value of the vessel. The Company estimates the useful life of the vessel to be 30 years from the vessel-built date. The useful life of the vessel is evaluated to determine if events have occurred which would require modification to their useful life. In addition, the Company estimates residual value of its vessel using the long-range historical average demolition steel price per lightweight tonnage of the vessel.

<u>Deferred financing costs</u>

Deferred financing costs represents fees incurred for obtaining new debt which are deferred and amortized to interest expense over the life of the long-term debt using the effective interest method. Unamortized deferred financing costs are presented as a direct deduction within the outstanding long-term debt balance in the Company's balance sheet.

<u>Revenue recognition</u>

The vessel is deployed in the time charter market and the company records time charter revenue based on time apportionment over the duration of the period of each time charter for which the performance obligation is satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Time charter contracts are considered operating leases and therefore do not fall under the scope of Accounting Standards Codification ("ASC") 606 — *Revenue from Contracts with Customers* ("ASC 606") because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic

F-87<br>

------

#### **TABLE OF CONTENTS**
benefit from such use. The Company has identified that time charter agreement, contain a lease in accordance with ASC 842 and has accounted for the time charter revenue under ASC 842.

Under ASC 842, the Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores and other miscellaneous expenses. Both the lease and non-lease components are earned by passage of time.

<u>Accounting for expenses</u>

Voyage expenses include the cost of bunkers consumed during the ballast period for time charter voyages. The ballast period starts from the completion of the previous voyage and ends on the delivery of the vessel to the current charterers. Vessel operating expenses include crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores, technical management fees and other miscellaneous expenses. All voyage and vessel operating expenses are expensed as incurred on an accrual basis.

<u>Income tax</u>

The Company is not subject to income tax under the tax laws of the country of incorporation. Income arising from shipping activities is subject to gross transportation tax. Gross transportation tax is computed on the gross freight lifted or discharged in certain jurisdictions.

<u>Fair value of financial instruments</u>

The estimated fair values of the Company's financial instruments, such as amount due from company and immediate holding company, trade payables and long-term debt, approximate their individual carrying amounts as of September 30, 2022 due to their short-term maturity or the variable-rate nature of the borrowings.

<u>Recent Accounting Pronouncements</u>

The Financial Accounting Standards Board ("FASB") has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company's financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below.

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ("ASU 2020-04"). ASU 2020-04 addresses concerns about certain accounting consequences that could result from the anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. ASU 2020-04 is elective and applies "to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform." ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Rate Reference Reform (Topic 848), Scope, ("ASU 2021-01"), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rate for margining, discounting, or contract price alignment that is modified as a result of rate reference reform. The Company has assessed that there is no significant impact arising from the adoption of ASU 2020-04 on its long-term debt as the benchmark interest rate used for its long-term debt is Secured Overnight Financing Rate ("SOFR").

#### 3 VESSEL, NET
On May 12, 2022, the Company entered into an agreement to purchase a 2020-built, 93,026 dwt LNG Tanker vessel. The cost including direct expenses of acquisition was $175,818,285. The Company took delivery of the vessel on during the second quarter of 2022. This acquisition was financed through proceeds from long-term bank debt and unsecured advances from a related company (refer to Note 7 Cash Flow Information).

F-88<br>

------

#### **TABLE OF CONTENTS**

#### 4 LONG-TERM DEBT

---

| | |
|:---|:---|
|  | **2022** |
| Principal amount | $140000000 |
| Less: Unamortized deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526200) |
| Less: Current portion | &nbsp;&nbsp;&nbsp;&nbsp;(8653368) |
| Long-term debt, net | $130820432 |

---

The long-term debt has a maturity date of 7 years from the date of drawdown which is May 11, 2022. The secured bank loan bears interest at a rate of SOFR plus 1.8% per annum. Repayments of $4,375,000 are due half-yearly instalments beginning on November 17, 2022, with a final balloon payment for all outstanding principal and accrued interest due upon maturity. The loan is guaranteed by the immediate holding company.

The related debt financing fees amount to $560,000. As of September 30, 2022, $526,200 of deferred financing cost were presented as a direct deduction within the outstanding long-term loan balance in the Company's Balance Sheet. Amortization expense for deferred financing costs for the period ended September 30, 2022 was $33,800. This amortization expense is recorded as a component of interest expense in the Statement of Operations.

For the period ended September 30, 2022, the interest rate on the long-term debt ranged from 2.59% to 4.72%. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 3.03%.

Interest expense consisted of:

---

| | |
|:---|:---|
|  | **2022** |
| Interest expense on bank loans | $1930837 |
| Amortization of deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33800 |
| &nbsp;&nbsp;Bank fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6792 |
|  | $1971429 |

---

*Scheduled Debt Maturity*

The following table sets forth the scheduled repayment of the outstanding principal long-term loan of $140,000,000 as of September 30, 2022:

---

| | |
|:---|:---|
|  | **Total** |
| 2023 | &nbsp;&nbsp;&nbsp;$8750000 |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8750000 |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;8750000 |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;8750000 |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;8750000 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;&nbsp;96250000 |
| Total long-term debt | $140000000 |

---

#### 5 TRADE PAYABLES AND ACCRUED EXPENSES
Trade payables and accrued expenses consist of the following:

---

| | |
|:---|:---|
|  | **2022** |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;$27106 |
| Accrued vessel acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;361354 |
| Accrued interest expense | &nbsp;&nbsp;&nbsp;&nbsp;257084 |
| Accrued vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;406200 |
| Trade payable and accrued expenses | $1051744 |

---

F-89<br>

------

#### **TABLE OF CONTENTS**

#### 6 FAIR VALUE OF FINANCIAL INSTRUMENT
The fair values and carrying values of the Company's financial instrument as of September 30, 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

---

| | | |
|:---|:---|:---|
|  | **2022** | **2022** |
|  | **Carrying value** | **Fair value** |
| Principal amount of floating rate debt | $140000000 | $140000000 |

---

The carrying value of the borrowings, which excludes the impact of deferred financing costs, approximate their fair value due to its variable interest nature and interest rates reprice on a monthly basis. The carrying amounts of the Company's other financial instruments as of September 30, 2022 (principally amount due from related company and immediate holding company and Trade payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, "Fair Value Measurements & Disclosures" ("ASC 820-10"), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during year-end as determined based on third party quotes, which are based off of various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was no vessel impairment recorded during the period ended September 30, 2022. The Company did not have any Level 3 financial assets or liabilities as of September 30, 2022.

#### 7 CASH FLOW INFORMATION
For the period ended September 30, 2022, the Company had non-cash investing activities not included in the Statement of Cash Flows for items included the purchase of vessel of $175,818,285 by incurring the following: 1) Long-term debt of $140,000,000; 2) Advances from related party of $35,000,000; 3) Accrued vessel acquisition cost included in trade payable and accrued expenses of $361,354; and 4) Amount due to related company of $456,931. The payment for the acquisition of vessels and proceeds from the long-term debt was executed directly by a related company.

For the period ended September 30, 2022, the Company had non-cash financing activities not included in the Statement of Cash Flows for items included in 1) Amount due from immediate holding company for issue of common stock of $100 and 2) Amount due from related company, trade for payment of deferred financing cost of $560,000.

F-90<br>

------

#### **TABLE OF CONTENTS**

#### 8 RELATED COMPANY AND PARTY TRANSACTIONS
The following are related party transactions not disclosed elsewhere in these financial statements:

---

| | |
|:---|:---|
|  | **2022** |
| Receipts on behalf by related company:<br>|  |
| &nbsp;&nbsp;&nbsp;Charter hire income | &nbsp;&nbsp;&nbsp;$9188306 |
| Payments on behalf by related company:<br>|  |
| &nbsp;&nbsp;&nbsp;Other expenses  | &nbsp;&nbsp;&nbsp;(2854602) |
| &nbsp;&nbsp;&nbsp;Loan interest and related fees  | &nbsp;&nbsp;&nbsp;(2240545) |
| &nbsp;&nbsp;&nbsp;Intercompany loan | &nbsp;&nbsp;(35000000) |

---

Amounts due from related company, trade, amount due from immediate holding company, non-trade and amount due to related party, non-trade on the balance sheet are unsecured, interest-free and repayable on demand.

#### 9 COMMON STOCK
Each share of the Company's outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to share equally in any dividends declared by the Company's Board of Directors.

#### 10 REVENUE
Revenue is generated from time charter out contracts. During the period of the time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

The future minimum lease receivables under non-cancellable operating leases are as follows:

---

| | |
|:---|:---|
|  | **2022** |
| 2023 | &nbsp;&nbsp;$24272500 |
| 2024 | &nbsp;&nbsp;&nbsp;24339000 |
| 2025 | &nbsp;&nbsp;&nbsp;24272500 |
| 2026 | &nbsp;&nbsp;&nbsp;24272500 |
| 2027 | &nbsp;&nbsp;&nbsp;23164721 |
|  | $120321221 |

---

#### 11 SUBSEQUENT EVENTS
On November 10, 2022, Cool Company Ltd executed a Sale and Purchase Agreement ("SNP Agreement") to purchase the 100% of the stake in the Company. Following the execution of the SNP Agreement, the shareholders of the Company changed from Quantum Crude Tankers Ltd to Cool Company Ltd.

F-91<br>

------

#### **TABLE OF CONTENTS**

#### RESPENT MARINE LIMITED

#### UNAUDITED FINANCIAL STATEMENTS

#### PERIOD FROM DATE OF INCORPORATION<br>

#### APRIL 29, 2022 TO SEPTEMBER 30, 2022
F-92<br>

------

#### **TABLE OF CONTENTS**

#### RESPENT MARINE LIMITED

#### UNAUDITED BALANCE SHEET<br>

#### (in U.S. Dollars, except for share data)

---

| | |
|:---|:---|
|  | **September 30, 2022** |
| **<u>ASSETS</u>**<br>|  |
| **Current assets:**<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;$4095237 |
| &nbsp;&nbsp;&nbsp;Amount due from immediate holding company, non-trade | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902994 |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245750 |
| Total current assets | &nbsp;&nbsp;&nbsp;&nbsp;5244081 |
| **Noncurrent asset:**<br>|  |
| &nbsp;&nbsp;&nbsp;Vessel, net of accumulated depreciation of $2,228,774 | &nbsp;&nbsp;176085550 |
| Total noncurrent asset | &nbsp;&nbsp;176085550 |
| **Total assets** | &nbsp;&nbsp;$181329631 |
| **<u>LIABILITIES AND EQUITY</u>**<br>|  |
| **Current liabilities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;1359181 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;8256160 |
| &nbsp;&nbsp;&nbsp;Amount due to related party, non-trade | &nbsp;&nbsp;&nbsp;35500000 |
| Total current liabilities | &nbsp;&nbsp;&nbsp;45115341 |
| **Noncurrent liability:**<br>|  |
| &nbsp;&nbsp;&nbsp;Long-term debt, net of deferred financing cost of $437,442 | &nbsp;&nbsp;133209616 |
| Total noncurrent liability | &nbsp;&nbsp;133209616 |
| Total liabilities | &nbsp;&nbsp;178324957 |
| **Equity:**<br>|  |
| &nbsp;&nbsp;&nbsp;Common stock, no par value; 500 shares authorized, 100 shares issued and outstanding as of September 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings | &nbsp;&nbsp;&nbsp;&nbsp;3004574 |
| Total equity | &nbsp;&nbsp;&nbsp;&nbsp;3004674 |
| **Total liabilities and equity** | &nbsp;&nbsp;$181329631 |

---

See accompanying notes to financial statements.<br>

F-93<br>

------

#### **TABLE OF CONTENTS**

#### RESPENT MARINE LIMITED

#### UNAUDITED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **For the Period from** <br>**April 29, 2022 to** <br>**September 30, 2022** |
| **Revenues** | &nbsp;&nbsp;&nbsp;&nbsp;$9213021 |
| **Operating expenses:**<br>|  |
| &nbsp;&nbsp;&nbsp;Voyage expenses | &nbsp;&nbsp;&nbsp;&nbsp;168454 |
| &nbsp;&nbsp;&nbsp;Vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;1814370 |
| &nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;&nbsp;2228774 |
| Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;4211598 |
| Operating income | &nbsp;&nbsp;&nbsp;&nbsp;5001423 |
| **Other income (expense):**<br>|  |
| &nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;(1999081) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 |
| Other expense, net | &nbsp;&nbsp;&nbsp;&nbsp;(1996849) |
| **Net income, representing comprehensive income** | &nbsp;&nbsp;&nbsp;&nbsp;$3004574 |

---

See accompanying notes to financial statements.<br>

F-94<br>

------

#### **TABLE OF CONTENTS**

#### RESPENT MARINE LIMITED

#### UNAUDITED STATEMENT OF EQUITY<br>

#### (in U.S. Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Share** <br>**capital** | **Accumulated** <br>**profits** | **Total** |
|  | **US$** | **US$** | **US$** |
| **Balance at April 29, 2022, date of incorporation** | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Issuance of shares on April 29, 2022, date of incorporation | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;3004574 | &nbsp;&nbsp;3004574 |
| **Balance at September 30, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$100 | $3004574 | $3004674 |

---

See accompanying notes to financial statements.<br>

F-95<br>

------

#### **TABLE OF CONTENTS**

#### RESPENT MARINE LIMITED

#### UNAUDITED STATEMENT OF CASH FLOWS<br>

#### (in U.S. Dollars)

---

| | |
|:---|:---|
|  | **Period from**<br>**April 29, 2022 to**<br>**September 30, 2022** |
| **Cashflows from operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp;Net income | &nbsp;&nbsp;&nbsp;$3004574 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;2228574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33776 |
| Changes in operating assets and liabilities:<br>|  |
| &nbsp;&nbsp;&nbsp;Amount due from related company, trade | &nbsp;&nbsp;&nbsp;(5021603) |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;&nbsp;(902994) |
| &nbsp;&nbsp;&nbsp;Inventories | &nbsp;&nbsp;&nbsp;&nbsp;(245750) |
| &nbsp;&nbsp;&nbsp;Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;903423 |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net increase in cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents at the beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Cash and cash equivalents at end of period** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** |

---

See accompanying notes to financial statements.<br>

F-96<br>

------

#### **TABLE OF CONTENTS**

#### RESPENT MARINE LIMITED<br>

#### NOTES TO FINANCIAL STATEMENTS<br>

#### (in U.S. Dollars)

#### 1 GENERAL INFORMATION
Respent Marine Ltd. (the "Company") is a company incorporated in the Republic of Liberia. The address of the Company's registered office is 80 Broad Street, Monrovia, Liberia. The Company is engaged in vessel chartering and ship owning.

The immediate, penultimate and ultimate holding companies of the Company at the end of and during the financial period were Quantum Crude Tankers Ltd, Quantum Pacific Shipping Limited and Oceania Holdings Ltd. respectively. All holding companies are incorporated in the Republic of Liberia. Related companies in these financial statements refer to the subsidiaries of Oceania Holdings Ltd.

#### 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
<u>Basis of preparation</u>

These unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP" or "GAAP").

<u>Accounting estimates</u>

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include vessel impairment, vessel valuations, residual value of vessels and the useful life of vessels. Actual results could differ from those estimates.

<u>Inventories</u>

Inventories consist of consumable bunkers and lubricants that are stated at the lower of cost and net realizable value. Cost is determined by the first in, first out method.

<u>Vessel, net</u>

Vessels, net is stated at cost, less accumulated depreciation. Cost includes expenditure that is directly attributable to the acquisition of the asset and any other costs directly attributable to bringing the asset to a working condition for its intended use, including capitalized borrowing costs.

Vessels are depreciated on a straight-line basis over their estimated useful life based on the cost of the vessel reduced by the estimated residual value of the vessel. The Company estimates the useful life of the vessel to be 30 years from the vessel-built date. The useful life of the vessel is evaluated to determine if events have occurred which would require modification to their useful life. In addition, the Company estimates residual value of its vessel using the long-range historical average demolition steel price per lightweight tonnage of the vessel.

<u>Deferred financing costs</u>

Deferred financing costs represents fees incurred for obtaining new debt which are deferred and amortized to interest expense over the life of the long-term debt using the effective interest method. Unamortized deferred financing costs are presented as a direct deduction within the outstanding long-term debt balance in the Company's balance sheet.

<u>Revenue recognition</u>

The vessel is deployed in the time charter market and the company records time charter revenue based on time apportionment over the duration of the period of each time charter for which the performance obligation is satisfied beginning when the vessel is delivered to the charterer until it is redelivered back to the Company. Time charter contracts are considered operating leases and therefore do not fall under the scope of Accounting Standards Codification ("ASC") 606 — *Revenue from Contracts with Customers* ("ASC 606") because (i) the vessel is an identifiable asset; (ii) the Company does not have substantive substitution rights; and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives economic

F-97<br>

------

#### **TABLE OF CONTENTS**
benefit from such use. The Company has identified that time charter agreement, contain a lease in accordance with ASC 842 and has accounted for the time charter revenue under ASC 842.

Under ASC 842, the Company elected not to separate the lease and non-lease components included in the time charter revenue because the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is the same. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores and other miscellaneous expenses. Both the lease and non-lease components are earned by passage of time.

<u>Accounting for expenses</u>

Voyage expenses include the cost of bunkers consumed during the ballast period for time charter voyages. The ballast period starts from the completion of the previous voyage and ends on the delivery of the vessel to the current charterers. Vessel operating expenses include crew wages and related cost, vessel repair and maintenance, vessel insurance, cost of spares and consumable stores, technical management fees and other miscellaneous expenses. All voyage and vessel operating expenses are expensed as incurred on an accrual basis.

<u>Income tax</u>

The Company is not subject to income tax under the tax laws of the country of incorporation. Income arising from shipping activities is subject to gross transportation tax. Gross transportation tax is computed on the gross freight lifted or discharged in certain jurisdictions.

<u>Fair value of financial instruments</u>

The estimated fair values of the Company's financial instruments, such as amount due from company and immediate holding company, trade payables and long-term debt, approximate their individual carrying amounts as of September 30, 2022 due to their short-term maturity or the variable-rate nature of the borrowings.

<u>Recent Accounting Pronouncements</u>

The Financial Accounting Standards Board ("FASB") has issued accounting standards that had not yet become effective as of December 31, 2021 and may impact the Company's financial statements or related disclosures in future periods. Those standards and their potential impact are discussed below.

In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, ("ASU 2020-04"). ASU 2020-04 addresses concerns about certain accounting consequences that could result from the anticipated transition away from the use of LIBOR and other interbank offered rates to alternative reference rates. ASU 2020-04 is elective and applies "to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform." ASU 2020-04 establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. ASU 2020-04 is optional and effective for all entities as of March 12, 2020 and may be applied prospectively to contract modifications made on or before December 31, 2022. In January 2021, the FASB issued ASU 2021-01, Rate Reference Reform (Topic 848), Scope, ("ASU 2021-01"), which clarifies certain provisions in Topic 848, if elected by an entity, to apply to derivative instruments that use interest rate for margining, discounting, or contract price alignment that is modified as a result of rate reference reform. The Company has assessed that there is no significant impact arising from the adoption of ASU 2020-04 on its long-term debt as the benchmark interest rate used for its long-term debt is Secured Overnight Financing Rate ("SOFR").

#### 3 VESSEL, NET
On May 12, 2022, the Company entered into an agreement to purchase a 2021-built, 92,970 dwt LNG Tanker vessel. The cost including direct expenses of acquisition was $178,314,324. The Company took delivery of the vessel on during the second quarter of 2022. This acquisition was financed through proceeds from long-term bank debt and unsecured advances from a related company (refer to Note 7 Cash Flow Information).

F-98<br>

------

#### **TABLE OF CONTENTS**

#### 4 LONG-TERM DEBT

---

| | |
|:---|:---|
|  | **2022** |
| Principal amount | $142000000 |
| Less: Unamortized deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(534224) |
| Less: Current portion | &nbsp;&nbsp;&nbsp;&nbsp;(8256160) |
| Long-term debt, net | $132209616 |

---

The long-term debt has a maturity date of 7 years from the date of drawdown which is May 11, 2022. The secured bank loan bears interest at a rate of SOFR plus 1.8% per annum. Repayments of $4,176,471 are due half-yearly instalments beginning on November 17, 2022, with a final balloon payment for all outstanding principal and accrued interest due upon maturity. The loan is guaranteed by the immediate holding company.

The related debt financing fees amount to $568,000. As of September 30, 2022, $534,224 of deferred financing cost were presented as a direct deduction within the outstanding long-term loan balance in the Company's Balance Sheet. Amortization expense for deferred financing costs for the period ended September 30, 2022 was $33,776. This amortization expense is recorded as a component of interest expense in the Statement of Operations.

For the period ended September 30, 2022, the interest rate on the long-term debt ranged from 2.59% to 4.72%. The weighted average effective interest rate including the amortization of debt issuance costs for the year was 3.03%.

Interest expense consisted of:

---

| | |
|:---|:---|
|  | **2022** |
| Interest expense on bank loans | $1958421 |
| Amortization of deferred financing cost | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33776 |
| &nbsp;&nbsp;Bank fee | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6884 |
|  | $1999081 |

---

*Scheduled Debt Maturity*

The following table sets forth the scheduled repayment of the outstanding principal long-term loan of $142,000,000 as of September 30, 2022:

---

| | |
|:---|:---|
|  | **Total** |
| 2023 | &nbsp;&nbsp;&nbsp;$8352941 |
| 2024 | &nbsp;&nbsp;&nbsp;&nbsp;8352941 |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;8352941 |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;8352941 |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;8352941 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;100235295 |
| Total long-term debt | $142000000 |

---

#### 5 TRADE PAYABLES AND ACCRUED EXPENSES
Trade payables and accrued expenses consist of the following:

---

| | |
|:---|:---|
|  | **2022** |
| Trade payables | &nbsp;&nbsp;&nbsp;&nbsp;$27106 |
| Accrued vessel acquisition cost | &nbsp;&nbsp;&nbsp;&nbsp;455758 |
| Accrued interest expense | &nbsp;&nbsp;&nbsp;&nbsp;260757 |
| Accrued vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;615560 |
| Trade payable and accrued expenses | $1359181 |

---

F-99<br>

------

#### **TABLE OF CONTENTS**

#### 6 FAIR VALUE OF FINANCIAL INSTRUMENT
The fair values and carrying values of the Company's financial instrument as of September 30, 2022 which are required to be disclosed at fair value, but not recorded at fair value, are noted below.

---

| | | |
|:---|:---|:---|
|  | **2022** | **2022** |
|  | Carrying value | Fair value |
| Principal amount of floating rate debt | $142000000 | $142000000 |

---

The carrying value of the borrowings, which excludes the impact of deferred financing costs, approximate their fair value due to its variable interest nature and interest rates reprice on a monthly basis. The carrying amounts of the Company's other financial instruments as of September 30, 2022 (principally amount due from related company and immediate holding company and Trade payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments.

ASC Subtopic 820-10, "Fair Value Measurements & Disclosures" ("ASC 820-10"), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The fair value framework requires the categorization of assets and liabilities into three levels based upon the assumptions (inputs) used to price the assets or liabilities. Level 1 provides the most reliable measure of fair value, whereas Level 3 requires significant management judgment. The three levels are defined as follows:

The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Valuations based on quoted prices in active markets for identical instruments that the Company is able to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.

&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Floating rate debt is considered to be a Level 2 item, as the Company considers the estimate of rates it could obtain for similar debt or based upon transactions amongst third parties. Nonrecurring fair value measurements include vessel impairment assessments completed during year-end as determined based on third party quotes, which are based off of various data points, including comparable sales of similar vessels, which are Level 2 inputs. There was no vessel impairment recorded during the period ended September 30, 2022. The Company did not have any Level 3 financial assets or liabilities as of September 30, 2022.

#### 7 CASH FLOW INFORMATION
For the period ended September 30, 2022, the Company had non-cash investing activities not included in the Statement of Cash Flows for items included the purchase of vessel of $178,314,324 by incurring the following: 1) Long-term debt of $142,000,000; 2) Advances from related company of $35,500,000; 3) Accrued vessel acquisition cost included in trade payable and accrued expenses of $455,758; and 4) Amount due to related company of $358,566. The payment for the acquisition of vessels and proceeds from the long-term debt was executed directly by a related company.

For the period ended September 30, 2022, the Company had non-cash financing activities not included in the Statement of Cash Flows for items included in 1) Amount due from immediate holding company for issue of common stock of $100 and 2) Amount due from related company, trade for payment of deferred financing cost of $568,000.

F-100<br>

------

#### **TABLE OF CONTENTS**

#### 8 RELATED COMPANY AND PARTY TRANSACTIONS
The following are related party transactions not disclosed elsewhere in these financial statements:

---

| | |
|:---|:---|
|  | **2022** |
| Receipts on behalf by related company:<br>|  |
| &nbsp;&nbsp;Charter hire income | &nbsp;&nbsp;&nbsp;$9191763 |
| Payments on behalf by related company:<br>|  |
| Other expenses | &nbsp;&nbsp;&nbsp;(2823978) |
| Loan interest and related fees | &nbsp;&nbsp;&nbsp;(2272548) |
| Intercompany loan | &nbsp;&nbsp;(35500000) |

---

Amounts due from related company, trade, amount due from immediate holding company, non-trade and amount due to related party, non-trade on the balance sheet are unsecured, interest-free and repayable on demand.

#### 9 COMMON STOCK
Each share of the Company's outstanding common stock is permitted one vote on proposals presented to stockholders and is entitled to share equally in any dividends declared by the Company's Board of Directors.

#### 10 REVENUE
Revenue is generated from time charter out contracts. During the period of the time charter agreements, the Company is responsible for operating and maintaining the vessels. These costs are recorded as vessel operating expenses in the Statements of Operations. The Company has elected the practical expedient that allows the Company to combine lease and non-lease components under ASC 842 as the Company believes (1) the timing and pattern of recognizing revenues for operating the vessel is the same as the timing and pattern of recognizing vessel leasing revenue; and (2) the lease component, if accounted for separately, would be classified as an operating lease.

The future minimum lease receivables under non-cancellable operating leases are as follows:

---

| | |
|:---|:---|
|  | **2022** |
| 2023 | &nbsp;&nbsp;$24272500 |
| 2024 | &nbsp;&nbsp;&nbsp;24339000 |
| 2025 | &nbsp;&nbsp;&nbsp;24272500 |
| 2026 | &nbsp;&nbsp;&nbsp;24272500 |
| 2027 | &nbsp;&nbsp;&nbsp;24272500 |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;&nbsp;&nbsp;7010208 |
|  | $128439208 |

---

#### 11 SUBSEQUENT EVENTS
On November 10, 2022, Cool Company Ltd executed a Sale and Purchase Agreement ("SNP Agreement") to purchase the 100% of the stake in the Company. Following the execution of the SNP Agreement, the shareholders of the Company changed from Quantum Crude Tankers Ltd to Cool Company Ltd.

F-101<br>

------

#### **TABLE OF CONTENTS**

#### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
On November 10, 2022, Cool Company Ltd. acquired four special purpose vehicles (the "Acquired Vessel SPVs") with contracted LNG carriers, the 2021 built 2-stroke *Kool Orca*, the 2020 built 2-stroke *Kool Firn*, and the 2015 built TFDE vessels *Kool Boreas* and *Kool Baltic* (the "Acquired Vessels"), from Quantum Crude Tankers Ltd, an affiliate of EPS, for approximately $660 million.

The formation and funding of CoolCo and its acquisition of the eight TFDE LNG carriers and the shipping and FSRU management organization from Golar were completed in a series of phased acquisitions. CoolCo commenced meaningful operations from January 27, 2022, the date of the Private Placement from which point it had the means to finance the acquisitions pursuant to the Vessel SPA and ManCo SPA. CoolCo acquired each of the thirteen legal entities from Golar on multiple acquisition dates during the period from March 3, 2022 to June 30, 2022.

The unaudited pro forma condensed combined financial information presented below has been prepared in accordance with Article 11 of Regulation S-X. The following unaudited pro forma condensed combined financial information for the nine months period ended September 30, 2022 gives effect to the acquisition of the Acquired Vessel SPVs as if they had occurred on January 1, 2022 and is based on the following:

a. CoolCo's interim condensed consolidated financial information during the successor period of the Company, commencing on January 27, 2022, reflects the funding and the phased acquisition of the legal entities acquired from Golar on the respective acquisition dates until September 30, 2022 (the "Successor Period");

b. Combined carve-out financial information of Golar Shipping and Vessel Management ("GSVM" or "Predecessor") a carve-out business of Golar LNG Limited ("Golar" or "Parent") which included historical operations and results of each of the legal entities CoolCo acquired from Golar until the day prior to the respective acquisition date (the "Predecessor Period"); and

c.<br> Aggregated financial information of each of the Acquired Vessel SPVs during the period from April 29, 2022 (the date of incorporation of each of those SPVs) to September 30, 2022 (Note 5).

The assumptions and estimates underlying the adjustments to the unaudited pro forma condensed combined financial information are described in the accompanying notes, which should be read together with the unaudited pro forma condensed combined financial information.

As the operations of the Acquired Vessels did not constitute a "business" for purposes of Article 11 of Regulation S-X prior to the time the Acquired Vessel SPVs were incorporated, the results and related expenses of the Acquired Vessels and Acquired Vessel SPVs are included from April 29, 2022 (the date of incorporation). Accordingly, we do not present pro forma financial information for the fiscal year ended December 31, 2021 as there would be no pro forma adjustments to reflect for the year ended December 31, 2021 and any pro forma statement of operations would be the same as the historical operations and results of GSVM for the year ended December 31, 2021, included elsewhere in this Form 20-F.

The following unaudited pro forma condensed combined financial information was prepared using the asset acquisition method of accounting under accounting principles generally accepted in the United States ("U.S. GAAP"). For accounting purposes, the acquisition of the Acquired Vessel SPVs will be accounted for as an asset acquisition. To determine the accounting for this transaction under U.S. GAAP, a company must assess whether an integrated set of assets and activities should be accounted for as an acquisition of a business or an asset acquisition. The guidance requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen test is met, the set assets and activities, and any assumed liabilities is not a business. In connection with the acquisition of the Acquired Vessel SPVs, substantially all the fair value is included in the Vessels and Equipment and, as such, the acquisition will be treated as an asset acquisition.

Accounting rules require evaluation of certain assumptions, estimates, or determination of financial statement classifications. The accounting policies of CoolCo may materially vary from those of the Acquired Vessel SPVs. During the preparation of the unaudited pro forma condensed combined financial information, management has performed a preliminary analysis and is not aware of any material differences, and accordingly, this unaudited pro forma condensed combined financial information assumes no material differences in accounting policies. Management will conduct a final review of Acquired Vessel SPV's accounting policies in

F-102<br>

------

#### **TABLE OF CONTENTS**
order to determine if differences in accounting policies require adjustment or reclassification of the Acquired SPV's results of operations or reclassification of assets or liabilities to conform to CoolCo's accounting policies and classifications. As a result of this review, management may identify differences that, when conformed, could have a material impact on the unaudited pro forma condensed combined financial information.

The unaudited pro forma condensed combined statements of operations and the unaudited pro forma condensed combined balance sheet give pro forma effect to the acquisition on the terms provided for in the related agreements and the unaudited transaction accounting adjustments reflect adjustments related to (1) the application of the asset acquisition accounting in connection with the acquisition and (2) the preliminary fair value estimate of assets acquired and liabilities assumed. The unaudited pro forma condensed combined financial information is provided for informational purposes only and is not necessarily indicative of the operating results that would have occurred if the transactions had been completed as of the dates set forth above, nor is it indicative of our future results. The unaudited pro forma condensed combined financial information should be read together with the Company's unaudited condensed consolidated financial statements as of and for the nine month period ended September 30, 2022 and the Acquired Vessel SPVs unaudited interim financial statements as of and for the period ended September 30, 2022, included elsewhere in this Form 20-F.

F-103<br>

------

#### UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENTS OF OPERATIONS<br>

#### FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(in thousands of $, except per share amounts)*<br>| **Cool Company** <br>**Limited** <br>(Successor) <br>**Note 1** <br>***Phased period from*** <br>***January 27, 2022 to*** <br>***September 30, 2022*** | **Golar Shipping** <br>**and Vessel** <br>**Management** <br>(Predecessor) <br>**Note 1** <br>***Phased period from*** <br>***January 1, 2022 to*** <br>***June 30, 2022*** | **Acquired Vessel** <br>**SPVs Aggregated** <br>**(Note 1 and 5)** <br>***Period from*** <br>***April 29, 2022*** <br>***to September 30, 2022*** | **Transaction** <br>**accounting** <br>**adjustments** | **Pro Forma** <br>**Combined** |
| Time and voyage charter revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182346 |
| Vessel and other management fee revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(968)<br> &nbsp;&nbsp;4a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8883 |
| Amortization of intangible assets and liabilities arising from charter agreements, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763<br> &nbsp;&nbsp;4b | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17267 |
| **Total operating revenues** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**122723** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**43456** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**40522** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1795** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**208496** |
| Vessel operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7326) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;968<br> &nbsp;&nbsp;4a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(38845) |
| Voyage, charter hire and commission expenses, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1229) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2796) |
| &nbsp;&nbsp;Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6262) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700)<br> &nbsp;&nbsp;4c | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12384) |
| Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28413) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5745) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1959)<br> &nbsp;&nbsp;4b | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45259) |
| Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(60668)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(20102)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(16823)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1691)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(99284)** |
| Other operating income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4374 |
| &nbsp;&nbsp;**Operating income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62055** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27728** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23699** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**104** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**113586** |
| **Financial income/(expense)**<br>|  |  |  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;393 |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15172) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27226) |
| Gains on derivative instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9527 |
| &nbsp;&nbsp;Other financial items, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1597) |
| **Net financial expenses** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7483)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4099)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7321)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(18903)** |
| **Income before income taxes and non-controlling interests** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54572** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23629** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16378** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**104** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94683** |
| Income taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(526) |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54431** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23244** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16378** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**104** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**94157** |
| Net income attributable to non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10108) |
| **Net income attributable to the Owners / Parent** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52529** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15038** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16378** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**104** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**84049** |
| Number of shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;40010000 |  |  | 13678462<br> &nbsp;&nbsp;4d | &nbsp;&nbsp;53688462  |
| Weighted average number of shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;37933018  |  |  | 13678462 <br> &nbsp;&nbsp;4d  | &nbsp;&nbsp;51611480  |
| Basic and diluted earnings per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.38 |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.63 |

---

See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information<br>

F-104<br>

------

#### **TABLE OF CONTENTS**

#### COOL COMPANY LTD.<br>

#### UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET<br>

#### AS OF SEPTEMBER 30, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(in thousands of $)* | **Cool Company** <br>**Limited** <br>(Successor) <br>**Note 1** | **Acquired Vessel** <br>**SPVs Aggregated** <br>**(Note 1 and 5)** | **Transaction** <br>**accounting** <br>**Adjustments** | **Pro Forma** <br>**Combined** |
| **ASSETS**<br>|  |  |  |  |
| **Current assets**<br>|  |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;94790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;30920<br> 4d and <br>4e | &nbsp;&nbsp;125710 |
| Restricted cash and short-term deposits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3468 |
| Trade accounts receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 |
| Intangible assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896<br> 4f | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7234 |
| Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 |
| Amounts due from related party | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20050 | &nbsp;&nbsp;(20050)<br> 4g | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other current assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4611 | &nbsp;&nbsp;&nbsp;&nbsp;4068 | &nbsp;&nbsp;&nbsp;(3850)<br> 4h | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829 |
| **Total current assets** | &nbsp;&nbsp;&nbsp;**110885** | &nbsp;&nbsp;&nbsp;&nbsp;**25140** | &nbsp;&nbsp;&nbsp;&nbsp;**7916** | &nbsp;&nbsp;**143941** |
| **Non-current assets**<br>|  |  |  |  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 |
| Vessels and equipment, net | &nbsp;&nbsp;1164815 | &nbsp;&nbsp;&nbsp;&nbsp;645675 | &nbsp;&nbsp;&nbsp;92765<br> 4i | 1903255 |
| Intangible assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4522<br> 4f | &nbsp;&nbsp;&nbsp;&nbsp;10072 |
| Other non-current assets | &nbsp;&nbsp;&nbsp;&nbsp;11598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11598 |
| **Total assets** | &nbsp;&nbsp;**1293304** | &nbsp;&nbsp;&nbsp;&nbsp;**670815** | **105203** | **2069322** |
| **LIABILITIES AND EQUITY**<br>|  |  |  |  |
| **Current liabilities**<br>|  |  |  |  |
| &nbsp;&nbsp;Current portion of long-term debt | &nbsp;&nbsp;151183 | &nbsp;&nbsp;&nbsp;&nbsp;38363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;189546 |
| Trade accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp;6385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7852 |
| Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;42335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42335 |
| Other current liabilities | &nbsp;&nbsp;&nbsp;&nbsp;38737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7216<br> 4j | &nbsp;&nbsp;&nbsp;&nbsp;45953 |
| Amounts due to related parties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8196 | &nbsp;&nbsp;&nbsp;&nbsp;130000 | (133850)<br> 4g and <br>4h | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4346 |
| **Total current liabilities** | &nbsp;&nbsp;**241918** | &nbsp;&nbsp;&nbsp;&nbsp;**174748** | **(126634)** | &nbsp;&nbsp;**290032** |
| Non-current liabilities<br>|  |  |  |  |
| Long-term debt | &nbsp;&nbsp;506195 | &nbsp;&nbsp;&nbsp;&nbsp;479689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;985884 |
| Other non-current liabilities | &nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;82093<br> 4j | &nbsp;&nbsp;&nbsp;110793 |
| **Total liabilities** | &nbsp;&nbsp;**776813** | &nbsp;&nbsp;&nbsp;&nbsp;**654437** | &nbsp;&nbsp;**(44541)** | **1386709** |
| **Equity**<br>|  |  |  |  |
| Owners' / Parent's equity | &nbsp;&nbsp;394863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 166122<br> 4d | &nbsp;&nbsp;560985 |
| Accumulated Earnings | &nbsp;&nbsp;&nbsp;&nbsp;52529 | &nbsp;&nbsp;&nbsp;&nbsp;16378 | &nbsp;&nbsp;(16378)<br> 4k | &nbsp;&nbsp;&nbsp;&nbsp;52529 |
| Non-controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;69099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;69099 |
| **Total equity** | &nbsp;&nbsp;**516491** | &nbsp;&nbsp;&nbsp;&nbsp;**16378** | **149744** | &nbsp;&nbsp;**682613** |
| **Total liabilities and equity** | &nbsp;&nbsp;**1293304** | &nbsp;&nbsp;&nbsp;&nbsp;**670815** | **105203** | **2069322** |

---

See accompanying notes to the Unaudited Pro Forma Condensed Combined Financial Information<br>

F-105<br>

------

#### **TABLE OF CONTENTS**

#### Notes to Unaudited Pro Forma Condensed Combined Financial Information
1. Basis of presentation

On November 10, 2022, Cool Company Ltd. acquired four special purpose vehicles (the "Acquired Vessel SPVs") with contracted LNG carriers, the 2021 built 2-stroke *Kool Orca*, the 2020 built 2-stroke *Kool Firn*, and the 2015 built TFDE vessels *Kool Boreas* and *Kool Baltic* (the "Acquired Vessels"), from Quantum Crude Tankers Ltd, an affiliate of EPS for approximately USD 660 million. Details of the Acquired Vessel SPVs are as follows:

---

| | |
|:---|:---|
| **Name** | **Purpose** |
| Pernli Marine Limited | Owns and operates *Kool Baltic* |
| Persect Marine Limited | Owns and operates *Kool Boreas* |
| Felox Marine Limited | Owns and operates *Kool Firn* |
| Respent Marine Limited | Owns and operates *Kool Orca* |

---

The unaudited pro forma condensed combined balance sheet as of September 30, 2022 gives effect to the acquisition as if it had occurred on September 30, 2022.

As the operations of the Acquired Vessels did not constitute a "business" for purposes of Article 11 of Regulation S-X prior to the time the Acquired Vessel SPVs were incorporated, the results and related expenses of the Acquired Vessels and Acquired Vessels SPVs are included from April 29, 2022 (the date of incorporation). Accordingly, we do not present pro forma financial information for the fiscal year ended December 31, 2021 as there would be no adjustments to reflect for the year ended December 31, 2021.

The unaudited pro forma condensed combined statement of operations for the nine months ended September 30, 2022 has been prepared using, and should be read in conjunction with, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• CoolCo's unaudited interim condensed consolidated statement of operations for the nine months period ended September 30, 2022, presented in relation to the Successor and the Predecessor period, included elsewhere in this Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;• The aggregated statement of operations of each of the Acquired Vessel SPVs for the period from April 29, 2022 (the date of incorporation of each of the SPVs) to September 30, 2022 (Note 5).

The unaudited pro forma condensed combined balance sheet as of September 30, 2022 has been prepared using the following:

&nbsp;&nbsp;&nbsp;&nbsp;• CoolCo's unaudited interim condensed consolidated balance sheets as of September 30, 2022, included elsewhere in this Form 20-F;

&nbsp;&nbsp;&nbsp;&nbsp;• The aggregated balance sheets of each of the Acquired Vessel SPVs as of September 30, 2022 (Note 5).

The pro forma information has been prepared by our management and it may not be indicative of the results that actually would have occurred had the transaction been in effect on the dates indicated, nor does it purport to indicate the results that may be obtained in the future. They also may not be useful in predicting the future financial condition and results of operations of the combined company. Our actual financial condition and results of operations may differ significantly from the pro forma amounts reflected herein due to a variety of factors.

The Company has preliminarily concluded the acquisition of the Acquired Vessel SPVs repre-sents an asset acquisition by CoolCo of the Acquired Vessel SPVs. To determine the accounting for this transaction under U.S. GAAP, a company must assess whether an integrated set of assets and activities will be accounted for as an acquisition of a business or an asset acquisition. The guidance requires an initial screen test to determine if substantially all of the relative fair value of the gross assets acquired is concentrated in a single asset or group of similar non-financial assets. If that screen test is met, the set of assets and activities, and assumed liabilities is not a business. In connection with the acquisition of the Acquired Vessel SPVs, substantially all of the consider-ation paid is allocated to the fair value of acquired Vessels and Equipment and, as such, the ac-quisition is expected to be treated as an asset acquisition. The Acquired Vessel SPV's assets and liabilities will be measured and recognized at their relative fair values, as estimated in good faith by management, and allocated to

F-106<br>

------

#### **TABLE OF CONTENTS**
the net assets acquired as of the transaction date, and combined with the assets, liabilities, and results of operations of CoolCo on November 10, 2022, the con-summation date of the acquisition. The Company has not yet completed its valuation analysis of the fair market value of the Acquired Vessel SPV's assets acquired and liabilities assumed.

Asset acquisitions are to be accounted for by allocating costs, including transaction costs, of the acquisition to the acquired assets based on their relative fair value basis. For the purpose of meas-uring the estimated fair value of the assets acquired and liabilities assumed, CoolCo estimated the preliminary fair values as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The preliminary fair value measurements utilize estimates based on historical and current market data. The unaudited pro forma adjustments included herein are preliminary and will be adjusted as ad-ditional information becomes available and as additional analyses are performed. The final pur-chase price allocation will be determined subsequent to the acquisition, and the final amounts of the assets acquired, and liabilities assumed may differ materially from the values recorded in the unaudited pro forma condensed combined financial information. The acquisition is subject to closing adjustments that represent management's estimates based on information available as of the date of these unaudited pro forma condensed combined financial statements and which are subject to change as additional information becomes available and analyses are performed.

2. Preliminary Purchase Price Allocation

The accompanying unaudited pro forma condensed combined financial statements reflect a net cash consideration of $135.2 million.

For purposes of this pro forma analysis, the above purchase price has been allocated based on the preliminary relative fair value of the assets and liabilities acquired as follows:

---

| | |
|:---|:---|
| *(in thousands of $)* | **September 30, 2022** <br>**Pro Forma** |
| Vessels and Equipment, net | &nbsp;&nbsp;&nbsp;&nbsp;738440 |
| Intangible assets, net | &nbsp;&nbsp;&nbsp;&nbsp;5417 |
| Unfavorable contracts liabilities | &nbsp;&nbsp;&nbsp;&nbsp;(89308) |
| Net working capital | &nbsp;&nbsp;&nbsp;&nbsp;(1295) |
| Debt, net of unamortized transaction costs | &nbsp;&nbsp;&nbsp;&nbsp;(518052) |
| **Net assets acquired** | &nbsp;&nbsp;&nbsp;&nbsp;**135202** |

---

The guidance in ASC 805 requires an initial screen test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or group of similar assets. If that screen is met, the set is not a business. The initial screen test was met as CoolCo determined that substantially all of the fair value was concentrated in the acquired Vessels and equipment. The fair value of the Vessels and equipment was determined to be approximately $738.4 million, including the excess of purchase price allocation among the assets and liabilities acquired, as shown above.

3. Financing transactions

The Company financed the acquisition of the Acquired Vessel SPVs with a gross $170 million (net: $166.1 million) share issuance of 13,678,462 new shares in a private placement during November 2022 (the "Second Private Placement") and assumed the underlying debt of a $518 million term loan facility, net of unamortized transaction costs, secured by the Acquired Vessel SPVs. Maturing in May 2029, the facility carries interest at SOFR plus a margin of 2.0%. Approximately $20 million principal repayment in respect of this facility was paid on November 14, 2022 which has not been reflected as a pro forma adjustment.

Upon completion of the Second Private Placement, the Company has a total of 53,688,462 outstanding shares of par value of $1.00 each.

F-107<br>

------

4. Pro forma adjustments

The pro forma adjustments are based on our preliminary estimates and assumptions that are subject to change. The following adjustments have been reflected in the unaudited pro forma condensed combined financial information:

(a)<br> Reflects the elimination of technical and commercial management services fee revenue/expense for the management of four vessels provided by the Company's management organization.

(b)<br> Reflects the net amortization income of intangible assets and liabilities arising from charter agreements, net and the incremental depreciation of vessels and equipment based on fair values of assets acquired and liabilities assumed on acquisition.

(c)<br> Reflects administrative services costs associated with the acquisition paid by the Company.

(d) To reflect the issuance of 13,678,462 common shares and the net proceeds of $166.1 million from this issuance of common shares as part of financing of the acquisition.

(e) To reflect the net cash consideration of $135.2 million paid in connection with the acquisition of the Acquired SPVs.

(f) Reflects the above market fair value of favorable contract intangible assets, net of $0.9 million and $4.5 million included under "current assets" and "non-current assets", respectively.

(g) Reflects the deemed reclassification to contributed equity and settlement of net amount payable to related party of $110 million received as part of cash consideration.

(h)<br> Reflects the elimination of net due to/due from balances between the Company and the Acquired Vessel SPVs and are comprised primarily of management fees and other vessel operating cost advances received for managing the Acquired Vessels.

(i)<br> On a preliminary basis, and until the purchase price allocation has been finalized, the consideration price in excess of the net book value of the Acquired Vessels assets has been allocated to Vessels and Equipment, net.

(j) Reflects the below market fair value of the unfavorable contracts liabilities of $7.2 million and $82.1 million that are included within "other current liabilities" and "other non-current liabilities", respectively.

(k)<br> Reflects the elimination of pre-acquisition accumulated earnings of the Acquired Vessel SPVs.

5. Summary Financial Information of Acquired SPVs

The individual and aggregated statement of operations of each of the Acquired Vessel SPVs for the period from April 29, 2022 (date of incorporation of each of the SPVs) to September 30, 2022 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | *For the Period from April 29, 2022 to September 30, 2022* | *For the Period from April 29, 2022 to September 30, 2022* | *For the Period from April 29, 2022 to September 30, 2022* |  |
| *(in thousands of $)* | **Pernli** <br>**Marine Ltd.** | **Persect** <br>**Marine Ltd.** | **Felox** <br>**Marine Ltd.** | **Respent** <br>**Marine Ltd.** | **Acquired** <br>**Vessel SPVs** <br>**Aggregated** |
| &nbsp;&nbsp;Time and voyage charter revenues | &nbsp;&nbsp;&nbsp;11043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9213 | &nbsp;&nbsp;**40522** |
| Voyage, charter hire and commission expenses, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(168) | &nbsp;&nbsp;&nbsp;&nbsp;(355) |
| Vessel operating expenses | &nbsp;&nbsp;&nbsp;(1918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1938) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1656) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1814) | &nbsp;&nbsp;**(7326)** |
| Depreciation | &nbsp;&nbsp;&nbsp;(2298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2229) | &nbsp;&nbsp;**(9142)** |
| **Total operating expenses** | &nbsp;&nbsp;&nbsp;**(4242)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4405)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3965)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4211)** | &nbsp;&nbsp;**(16823)** |
| Operating income | &nbsp;&nbsp;&nbsp;**6801** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6641** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5255** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5002** | &nbsp;&nbsp;**23699** |

---

F-108<br>

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | *For the Period from April 29, 2022 to September 30, 2022* | *For the Period from April 29, 2022 to September 30, 2022* | *For the Period from April 29, 2022 to September 30, 2022* |  |
| *(in thousands of $)* | **Pernli** <br>**Marine Ltd.** | **Persect** <br>**Marine Ltd.** | **Felox** <br>**Marine Ltd.** | **Respent** <br>**Marine Ltd.** | **Acquired** <br>**Vessel SPVs** <br>**Aggregated** |
| **Financial income/(expense)**<br>|  |  |  |  |  |
| &nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;(1665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1694) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1999) | &nbsp;&nbsp;**(7329)** |
| Other financial items, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8** |
| Net financial expenses | &nbsp;&nbsp;&nbsp;(1663) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1969) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1997) | &nbsp;&nbsp;(7321) |
| **Net income** | &nbsp;&nbsp;&nbsp;**5138** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4949** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3286** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3005** | &nbsp;&nbsp;**16378** |

---

5. Summary Financial Information of Acquired SPVs (Continued)

The individual and aggregated balance sheets of each of the Acquired Vessel SPVs as of September 30, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Pernli** <br>**Marine Ltd.** | **Persect** <br>**Marine Ltd.** | **Felox** <br>**Marine Ltd.** | **Respent** <br>**Marine Ltd.** | **Acquired** <br>**Vessel SPVs** <br>**Aggregated** |
| **ASSETS**<br>|  |  |  |  |  |
| **Current assets:**<br>|  |  |  |  |  |
| Amount due from related party | &nbsp;&nbsp;&nbsp;5977 | &nbsp;&nbsp;&nbsp;5885 | &nbsp;&nbsp;&nbsp;4093 | &nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp;20050 |
| Trade receivables | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| Prepaid expenses and other current assets | &nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;1078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903 | &nbsp;&nbsp;&nbsp;4068 |
| Inventories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;1019 |
| &nbsp;&nbsp;Total current assets | &nbsp;&nbsp;&nbsp;**7384** | &nbsp;&nbsp;&nbsp;**7245** | &nbsp;&nbsp;&nbsp;**5267** | &nbsp;&nbsp;&nbsp;**5244** | &nbsp;&nbsp;**25140** |
| **Non-current asset:**<br>|  |  |  |  |  |
| Vessels, net | &nbsp;&nbsp;146753 | &nbsp;&nbsp;149291 | &nbsp;&nbsp;173545 | &nbsp;&nbsp;176086 | 645675 |
| **Total assets** | &nbsp;&nbsp;**154137** | &nbsp;&nbsp;**156536** | &nbsp;&nbsp;**178812** | &nbsp;&nbsp;**181330** | **670815** |
| **LIABILITIES AND EQUITY**<br>|  |  |  |  |  |
| **Current liabilities:**<br>|  |  |  |  |  |
| Trade payable and accrued expenses | &nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;2034 | &nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;1359 | &nbsp;&nbsp;&nbsp;6385 |
| Current portion of long-term debt | &nbsp;&nbsp;10637 | &nbsp;&nbsp;10817 | &nbsp;&nbsp;&nbsp;8653 | &nbsp;&nbsp;&nbsp;8256 | &nbsp;&nbsp;38363 |
| Amount due to related party | &nbsp;&nbsp;29500 | &nbsp;&nbsp;30000 | &nbsp;&nbsp;35000 | &nbsp;&nbsp;35500 | 130000 |
| **Total current liabilities** | &nbsp;&nbsp;**42076** | &nbsp;&nbsp;**42851** | &nbsp;&nbsp;**44706** | &nbsp;&nbsp;**45115** | **174748** |
| **Non-current liability:**<br>|  |  |  |  |  |
| Long-term debt | &nbsp;&nbsp;106923 | &nbsp;&nbsp;108736 | &nbsp;&nbsp;130820 | &nbsp;&nbsp;133210 | 479689 |
| **Total liabilities** | &nbsp;&nbsp;**148999** | &nbsp;&nbsp;**151587** | &nbsp;&nbsp;**175526** | &nbsp;&nbsp;**178325** | **654437** |
| **Equity:**<br>|  |  |  |  |  |
| Common stock, no par value; 500 shares authorized, 100 shares issued each and outstanding as of September 30, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Accumulated earnings | &nbsp;&nbsp;&nbsp;5138 | &nbsp;&nbsp;&nbsp;4949 | &nbsp;&nbsp;&nbsp;3286 | &nbsp;&nbsp;&nbsp;3005 | &nbsp;&nbsp;16378 |
| **Total equity** | &nbsp;&nbsp;&nbsp;**5138** | &nbsp;&nbsp;&nbsp;**4949** | &nbsp;&nbsp;&nbsp;**3286** | &nbsp;&nbsp;&nbsp;**3005** | &nbsp;&nbsp;**16378** |
| &nbsp;&nbsp;**Total liabilities and equity** | &nbsp;&nbsp;**154137** | &nbsp;&nbsp;**156536** | &nbsp;&nbsp;**178812** | &nbsp;&nbsp;**181330** | **670815** |

---

F-109<br>

## Exhibit 1.1

**Exhibit 1.1**

**FORM No. 2**

![](ny20005919x6_ex1-1img003.jpg)

**BERMUDA**

**THE COMPANIES ACT 1981**

**MEMORANDUM OF ASSOCIATION OF COMPANY LIMITED BY SHARES**

**Section 7(1) and (2)**

**MEMORANDUM OF ASSOCIATION**

**OF**

**Cool Company Ltd.**

(hereinafter referred to as "the Company")

&nbsp;&nbsp;&nbsp;&nbsp;1. The liability of the members of the Company is limited to the amount (if any) for the time being unpaid on the shares respectively held by them.

&nbsp;&nbsp;&nbsp;&nbsp;2. We, the undersigned, namely,

---

| | | | |
|:---|:---|:---|:---|
| Name and Address | Bermudian Status | Nationality | Number of Shares |
|  | (Yes or No) |  | Subscribed |
| Quorum Services Limited | Yes | Bermudian | 1 |
| "Thistle House" |  |  |  |
| 4 Burnaby Street |  |  |  |
| Hamilton HM 11 |  |  |  |
| Bermuda |  |  |  |

---

do hereby respectively agree to take such number of shares of the Company as may be allotted to us respectively by the provisional directors of the Company, not exceeding the number of shares for which we have respectively subscribed, and to satisfy such calls as may be made by the directors, provisional directors or promoters of the Company in respect of the shares allotted to us respectively.

3. The Company is to be an exempted company as defined by the Companies Act 1981.

4. The Company, with the consent of the Minister of Finance, has power to hold land situate in Bermuda not exceeding <u>NIL</u> in all, including the following parcels:

N/A

------

&nbsp;&nbsp;&nbsp;&nbsp;5. **The authorised share capital of the Company is US$10,000 common shares divided into shares of US$1.00 each.** 

&nbsp;&nbsp;&nbsp;&nbsp;6. The objects for which the Company is formed and incorporated are unrestricted.

&nbsp;&nbsp;&nbsp;&nbsp;7. The company shall have, pursuant to Section 11 (1) (b) of the Companies Act 1981, the capacity, rights, powers and privileges of a natural person.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Company shall have, pursuant to Section 42 of the Companies Act 1981, the power to issue preference shares which are liable to be redeemed at
 the option of the holder.

&nbsp;&nbsp;&nbsp;&nbsp;9. The Company shall have, pursuant to Section 42A of the Companies Act 1981, the power to purchase its own shares for cancellation

&nbsp;&nbsp;&nbsp;&nbsp;10. The Company shall have, pursuant to Section 42B of the Companies Act 1981, the power to acquire its own shares to be held as treasury shares.

Signed by each subscriber in the presence of at least one witness attesting the signature thereof:

---

| | |
|:---|:---|
| For and on behalf of Quorum Services Limited |  |
| Acting in its capacity as Provisional Director |  |
| ![](ny20005919x6_ex1-1img001.jpg) | ![](ny20005919x6_ex1-1img002.jpg) |
| (Subscribers) | (Witnesses) |

---

Subscribed this 29<sup>th</sup> day of October, 2018.

------

STAMP DUTY (to be affixed)

------

---

| | |
|:---|:---|
| **FORM NO. 7a** | **Registration No. 54129** |

---

![](ny20005919x6_ex1-1img003.jpg)

**BERMUDA**

**CERTIFICATE OF DEPOSIT OF**

**MEMORANDUM OF INCREASE OF SHARE CAPITAL**

**THIS IS TO CERTIFY** that a Memorandum of Increase of Share Capital<br> of

**<u>Cool Company Ltd.</u>**

was delivered to the Registrar of Companies on the **13th** day of **November 2018** in accordance with section 45(3) of ***the Companies Act 1981*** ("the Act").

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20005919x6_ex1-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Given under my hand and Seal of the REGISTRAR OF COMPANIES this **21st** day of **November 2018**<br>![](ny20005919x6_ex1-1img005.jpg)<br> Maria Boodram<br> for **Registrar of Companies** <br>|

---

---

| | | |
|:---|:---|:---|
| Capital prior to increase: | US$ | 10000.00 |

---

---

| | | |
|:---|:---|:---|
| Amount of increase: | US$ | 1599990000.00 |

---

---

| | | |
|:---|:---|:---|
| Present Capital: | US$ | 1600000000.00 |

---

------

---

| | |
|:---|:---|
| **FORM NO. 8a** | **Registration No. 54129** |

---

![](ny20005919x6_ex1-1img006.jpg)

**BERMUDA**

**CERTIFICATE OF DEPOSIT OF**

**MEMORANDUM OF REDUCTION OF SHARE CAPITAL**

**THIS IS TO CERTIFY** that a Memorandum of Reduction of Share Capital<br> of

**<u>Cool Company Ltd.</u>**

was delivered to the Registrar of Companies on the **29th** day of **January 2020** in accordance with section 46 of ***the Companies Act 1981*** ("the Act").

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20005919x6_ex1-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Given under my hand and Seal of the REGISTRAR OF COMPANIES this **26th** day of **February 2020**<br>![](ny20005919x6_ex1-1img008.jpg)<br> George Outerbridge<br> for **Registrar of Companies**<br>|

---

---

| | | |
|:---|:---|:---|
| Capital prior to reduction: | US$ | 1600000000.00 |

---

---

| | | |
|:---|:---|:---|
| Amount of reduction: | US$ | 1598990000.00 |

---

---

| | | |
|:---|:---|:---|
| Present Capital: | US$ | 1010000.00 |

---

------

---

| | |
|:---|:---|
| **FORM NO. 17a** | **Registration No. 54129** |

---

![](ny20005919x6_ex1-1img009.jpg)

**BERMUDA**

**NOTIFICATION OF**

**DIMINUTION OF AUTHORISED BUT UNISSUED**

**SHARE CAPITAL**

**THIS IS TO CERTIFY** that a Diminution of Authorised but Unissued Share Capital<br> of

**<u>Cool Company Ltd.</u>**

was delivered to the Registrar of Companies on the **29th** day of **January 2020** in accordance with section 45(1)(a)(iii) of ***the Companies Act 1981*** ("the Act").

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20005919x6_ex1-1img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Given under my hand and Seal of the REGISTRAR OF COMPANIES this **26th** day of **February 2020** <br>![](ny20005919x6_ex1-1img008.jpg)<br> George Outerbridge<br> for **Registrar of Companies**<br>|

---

---

| | | |
|:---|:---|:---|
| Authorised Share Capital before Cancellation: | US$ | 1600000000.00 |

---

---

| | | |
|:---|:---|:---|
| Share Capital after Cancellation: | US$ | 1010000.00 |

---

------

![](ny20005919x6_ex1-1img012.jpg)

------

![](ny20005919x6_ex1-1img013.jpg)

------

## Exhibit 1.2

------

**Exhibit 1.2**<br>

#### AMENDED AND RESTATED BYE-LAWS

#### OF

#### COOL COMPANY LTD.

I HEREBY CERTIFY that the within-written Bye-laws are a true copy of the Bye-laws of **Cool Company Ltd.** as amended and re-stated in their entirety with effect from [●] 2022.

[●]<br> 

Secretary 

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| ***DEFINITIONS*** | ***1*** |
| ***CONSTRUCTION*** | ***3*** |
| ***REGISTERED OFFICE*** | ***4*** |
| ***SHARES*** | ***4*** |
| ***PREFERENCE SHARES*** | ***5*** |
| ***POWER TO PURCHASE OWN SHARES*** | ***5*** |
| ***MODIFICATION OF RIGHTS*** | ***6*** |
| ***CERTIFICATES*** | ***6*** |
| ***LIEN*** | ***7*** |
| ***CALLS ON SHARES*** | ***8*** |
| ***FORFEITURE OF SHARES*** | ***8*** |
| ***TRANSFER OF SHARES*** | ***9*** |
| ***TRANSMISSION OF SHARES*** | ***10*** |
| ***REGISTERED HOLDERS AND THIRD PARTY INTERESTS*** | ***11*** |
| ***REGISTER OF SHAREHOLDERS*** | ***11*** |
| ***INCREASE OF CAPITAL*** | ***12*** |
| ***ALTERATION OF CAPITAL*** | ***12*** |
| ***REDUCTION OF CAPITAL*** | ***12*** |
| ***GENERAL MEETINGS AND WRITTEN RESOLUTIONS*** | ***12*** |
| ***NOTICE OF GENERAL MEETINGS*** | ***13*** |
| ***PROCEEDINGS AT GENERAL MEETINGS*** | ***14*** |
| ***VOTING*** | ***15*** |
| ***PROXIES AND CORPORATE REPRESENTATIVES*** | ***17*** |
| ***APPOINTMENT AND REMOVAL OF DIRECTORS*** | ***18*** |
| ***JURISDICTION POLICY*** | ***18*** |
| ***RESIGNATION AND DISQUALIFICATION OF DIRECTORS*** | ***19*** |
| ***ALTERNATE DIRECTORS*** | ***19*** |
| ***DIRECTORS' FEES AND ADDITIONAL REMUNERATION AND EXPENSES*** | ***19*** |
| ***DIRECTORS' INTERESTS*** | ***20*** |
| ***POWERS AND DUTIES OF THE BOARD*** | ***21*** |
| ***DELEGATION OF THE BOARD'S POWERS*** | ***21*** |
| ***PROCEEDINGS OF THE BOARD*** | ***22*** |
| ***OFFICERS*** | ***24*** |
| ***REGISTER OF DIRECTORS AND OFFICERS*** | ***24*** |
| ***MINUTES*** | ***24*** |
| ***SECRETARY AND RESIDENT REPRESENTATIVE*** | ***24*** |
| ***THE SEAL*** | ***25*** |
| ***DIVIDENDS AND OTHER PAYMENTS*** | ***25*** |
| ***RESERVES*** | ***26*** |
| ***CAPITALISATION OF PROFITS*** | ***26*** |
| ***RECORD DATES*** | ***27*** |
| ***ACCOUNTING RECORDS*** | ***27*** |
| ***AUDIT*** | ***27*** |
| ***SERVICE OF NOTICES AND OTHER DOCUMENTS*** | ***27*** |
| ***ELECTRONIC COMMUNICATION*** | ***28*** |
| ***WINDING UP*** | ***29*** |
| ***INDEMNITY*** | ***29*** |
| ***CONTINUATION*** | ***30*** |
| ***ALTERATION OF BYE-LAWS*** | ***30*** |
| ***BENEFICIAL OWNERSHIP REGISTER*** | ***30*** |
| ***WARNING NOTICES AND DECISION NOTICES*** | ***31*** |
| ***COMPANY INVESTIGATIONS INTO INTERESTS IN SHARES*** | ***31*** |
| ***PROPER FORUM*** | ***35*** |

---

------

**AMENDED AND RESTATED BYE-LAWS**<br>

**OF**<br>

#### Cool Company Ltd.

#### DEFINITIONS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. In these Bye-laws, and any Schedule, unless the context otherwise requires:

"**Alternate Director**" means such person or persons as shall be appointed from time to time pursuant to Bye-law 106;

"**Annual General Meeting**" means a meeting convened by the Company pursuant to Section 71(1) of the Principal Act;

"**Associate**" means:

(a) in respect of an individual, such individual's spouse, former spouse, sibling, aunt, uncle, nephew, niece or lineal ancestor or descendant, including any step-child and adopted child and their issue and step parents and adoptive parents and their issue or lineal ancestors;

<br> (b) in respect of an individual, such individual's partner and such partner's relatives (within the categories set out in (a) above);

<br> (c) in respect of an individual or body corporate, an employer or employee (including, in relation to a body corporate, any of its directors or officers);

(d) in respect of an individual or body corporate, any person who has nominated that individual or body corporate to the Board or any person upon whose instructions that individual or body corporate is acting;

(e) in respect of a body corporate, any person who controls such body corporate, and any other body corporate if the same person has control of both or if a person has control of one and persons who are his Associates, or such person and persons who are his Associates, have control of the other, or if a group of two or more persons has control of each body corporate, and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person of whom he is an Associate. For the purposes of this paragraph, a person has control of a body corporate if either (i) the directors of the body corporate or of any other body corporate which has control of it (or any of them) are accustomed to acting in accordance with his instructions or (ii) he is entitled to exercise, or control the exercise of, one-third or more of the votes attaching to all of the issued shares of the body corporate or of another body corporate which has control of it (provided that where two or more persons acting in concert satisfy either of the above conditions, they are each to be taken as having control of the body corporate);

"**Bermuda**" means the Islands of Bermuda;

------

"**Board**" means the Board of Directors of the Company or the Directors present at a meeting of Directors at which there is a quorum;

"**Branch Register**" means a branch of the Register for the shares which is maintained by a Registrar pursuant to the terms of an agreement with the Company and pursuant to the Principal Act;

"**Bye-laws**" means these Bye-laws in their present form or as they may be amended and/or restated from time to time;

"**the Companies Acts**" means every Bermuda statute from time to time in force concerning companies insofar as the same applies to the Company including, without limitation, the Principal Act;

"**Company**" means the company incorporated in Bermuda under the name of Cool Company Ltd. on the 31<sup>st</sup> day of October 2018;

"**Company Website**" means the website of the Company established pursuant to Bye-law 164;

"**Director**" means such person or persons as shall be elected or appointed to the Board from time to time pursuant to these Bye-laws, or the Companies Acts;

"**Electronic Record**" means a record created, stored, generated, received or communicated by electronic means and includes any electronic code or device necessary to decrypt or interpret such a record;

"**Electronic Transactions Act**" means the Electronic Transactions Act 1999;

"**Finance Officer**" means such person or persons other than the Resident Representative appointed from time to time by the Board pursuant to Bye-law 135 to act as the Finance Officer of the Company;

"**General Meeting**" means an Annual General Meeting or a Special General Meeting;

"**Jurisdiction Policy**" means the policy in respect of Director residency restrictions and restrictions on venues for meetings of the Board to be established, maintained and amended by the Board pursuant to Bye-law 104.

"**Listing Exchange**" means any stock exchange or quotation system upon which the shares are listed from time to time;

"**Officer**" means such person or persons as shall be appointed from time to time by the Board pursuant to Bye-law 135;

"**paid up**" means paid up or credited as paid up;

"**Principal Act**" means the Companies Act 1981, as amended, restated or re-enacted from time to time;

"**Register**" means the Register of Shareholders of the Company and except in the definitions of "Branch Register" and "Registration Office" in this Bye-law and except in Bye-laws 55 and 56, includes any Branch Register;

------

"**Registered Office**" means the registered office for the time being of the Company;

"**Registrar**" means such person or body corporate who may from time to time be appointed by the Board as registrar of the Company with responsibility to maintain a Branch Register;

"**Registration Office**" means the place where the Board may from time to time determine to keep the Register and/or the Branch Register and where (except in cases where the Board otherwise directs) the transfer and documents of title are to be lodged for registration;

"**Resident Representative**" means any person appointed to act as the resident representative of the Company and includes any deputy or assistant resident representatives;

"**Resolution**" means a resolution of the Shareholders or, where required, of a separate class or separate classes of Shareholders, adopted either in a General Meeting or by written resolution, in accordance with the provisions of these Bye-laws;

"**Seal**" means the common seal of the Company, if any, and includes any duplicate thereof;

"**Secretary**" means the person appointed to perform any or all of the duties of the secretary of the Company and includes a temporary or assistant Secretary and any person appointed by the Board to perform any of the duties of the Secretary;

"**Shareholder**" means a shareholder or member of the Company;

"**Special General Meeting**" means a general meeting, other than the Annual General Meeting; and

"**Treasury Shares**" means any share that was acquired and held by the Company, or as treated as having been acquired and held by the Company, which has been held continuously by the Company since it was acquired and which has not been cancelled; and

#### CONSTRUCTION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. In these Bye-laws, unless the contrary intention appears:

<br> (a) Words importing only the singular number include the plural number and vice versa;

(b) Without prejudice to the generality of paragraph (a), during periods when the Company has elected or appointed only one (1) Director as permitted by the Principal Act references to "the Directors" shall be construed as if they are references to the sole Director of the Company;

<br> (c) Words importing only the masculine gender include the feminine and neuter genders respectively;

<br> (d) Words importing persons include companies or associations or bodies of persons, whether corporate or un-incorporate wherever established;

<br> (e) For the purposes of these Bye-laws a corporation shall be deemed to be present in person if its representative duly authorised pursuant to the Companies Acts is present;

<br> (f) References to a meeting will not be taken as requiring more than one person to be present if the relevant quorum requirement can be satisfied by one person;

------

(g) References to writing shall include typewriting, printing, lithography, facsimile, photography and other modes of reproducing or reproducing words in a legible and non-transitory form including electronic transfers by way of e-mail or otherwise and shall include any manner permitted or authorized by the Electronic Transactions Act;

<br> (h) Unless otherwise defined herein, any words or expressions defined in the Principal Act in force on the date when these Bye-Laws or any part thereof are adopted shall bear the same meaning in these Bye-Laws or such part (as the case may be);

<br> (i) Any reference in these Bye-Laws to any statute or section thereof shall, unless expressly stated, be deemed to be a reference to such statute or section as amended, restated or re-enacted from time to time; and

<br> (j) Headings in these Bye-Laws are inserted for convenience of reference only and shall not affect the construction thereof.

#### REGISTERED OFFICE
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Registered Office shall be at such place in Bermuda as the Board shall from time to time appoint.

#### SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Subject to the provisions of these Bye-laws, the unissued shares of the Company (whether forming part of the original capital or any increased capital) shall be at the disposal of the Board, which may offer, allot,
 grant warrants, options or other securities with rights to convert such securities into shares of the Company over any unissued shares of the Company or otherwise dispose of the Company's unissued shares to such persons at such times and for
 such consideration and upon such terms and conditions as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Board may, in connection with the issue of any shares, exercise all powers of paying commission and brokerage conferred or permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The holders of the Shares shall, subject to the provisions of these Bye-laws:

(a) be entitled to one vote per share;

<br> (b) be entitled to such dividends or distributions as the Board may from time to time declare;

<br> (c) in the event of a winding up or dissolution of the Company, whether voluntary or involuntary or for the purpose of a reorganization or otherwise or upon any distribution of capital, be entitled to the surplus assets of the Company;

<br> (d) generally be entitled to enjoy all the rights attaching to shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Shareholders may, through a General Meeting, exercise all powers of the Company to (i) divide its shares into several classes and attach thereto, respectively, any preferential, deferred, qualified or special
 rights, privileges or conditions; (ii) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; (iii) subdivide its shares, or any of them, into shares of smaller amount than is fixed by
 the memorandum, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived; and
 (iv) make provision for the issue and allotment of shares which do not carry any voting rights.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Where any difficulty arises in regard to any division, consolidation, or sub-division under Bye-law 7, the Board may settle the same as it thinks expedient and, in particular, may arrange for the sale of the shares
 representing fractions and the distribution of the net proceeds of sale in due proportion amongst the Shareholders who would have been entitled to the fractions, and, for this purpose, the Board may authorise some person to transfer the
 shares representing fractions to the purchaser thereof, who shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the
 sale.

#### PREFERENCE SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Subject to the provisions of these Bye-laws, the Board may designate any number of the Company's authorized but unissued shares as preference shares and the Board shall have a corresponding power to re-designate any
 number of unissued preference shares as common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Subject to the Companies Act, any preference shares may, with the sanction of a Resolution, be issued on terms:

<br> (a) that they are to be redeemed on the happening of a specified event or on a given date; and/or,

<br> (b) that they are liable to be redeemed at the option of the Company; and/or,

<br> (c) if authorised by the memorandum of association and or incorporating act of the Company, that they are liable to be redeemed at the option of the holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The terms and manner of redemption of any preference shares shall be either as the Company may in General Meeting determine or, in the event that the Company in General Meeting may have so authorised, as the Board
 or any committee thereof may by resolution determine before the issuance of such shares.

#### POWER TO PURCHASE OWN SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Company shall have the power to purchase shares for cancellation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Company shall have the power to acquire shares to be held as Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Board may exercise all of the powers of the Company to purchase or acquire shares, whether for cancellation or to be held as Treasury Shares in accordance with the Principal Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. At any time that the Company holds Treasury Shares, all of the rights attaching to the Treasury Shares shall be suspended and shall not be exercised by the Company. Without limiting the generality of the foregoing,
 if the Company holds Treasury Shares, the Company shall not have any right to attend and vote at a General Meeting including a meeting under Section 99 of the Principal Act or sign written resolutions and any purported exercise of such a
 right is void.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Company may not by virtue of any Treasury Shares held by it participate in any offer by the Company to Shareholders or receive any distribution (including in a winding up) but without prejudice to the right of
 the Company to sell or dispose of the Treasury Shares for cash or other consideration or to receive an allotment of shares as fully paid bonus shares in respect of the Treasury Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. Except where required by the Principal Act, Treasury Shares shall be excluded from the calculation of any percentage or fraction of the share capital, or shares, of the Company.

#### MODIFICATION OF RIGHTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. Subject to the Companies Acts, all or any of the special rights for the time being attached to any class of shares for the time being issued may from time to time (whether or not the Company is being wound up) be
 altered or abrogated with the consent in writing of the holders of not less than seventy five percent of the issued shares of that class or with the sanction of a resolution passed at a separate general meeting of the holders of such shares
 voting in person or by proxy. To any such separate general meeting, all the provisions of these Bye-laws as to general meetings of the Company shall mutatis mutandis apply, but so that the necessary quorum shall be two or more persons holding
 or representing by proxy any of the shares of the relevant class, that every holder of shares of the relevant class shall be entitled on a poll to one vote for every such share held by him and that any holder of shares of the relevant class
 present in person or by proxy may demand a poll; provided, however, that if the Company or a class of Shareholders shall have only one Shareholder, one Shareholder present in person or by proxy shall constitute the necessary quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The special rights conferred upon the holders of any shares or class of shares shall not, unless otherwise expressly provided in the rights attaching to or the terms of issue of such shares, be deemed to be altered
 by the creation or issue of further shares ranking pari passu therewith.

#### CERTIFICATES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. Subject to the Companies Acts, no share certificates shall be issued by the Company unless the Board has either for all or for some holders of such shares (who may be determined in such manner as the Board thinks
 fit) determined that the holder of such shares may be entitled to share certificates. In the case of a share held jointly by several persons, delivery of a certificate to one of several joint holders shall be sufficient delivery to all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Subject to being entitled to a share certificate under the provisions of Bye-law 20, the Company shall be under no obligation to complete and deliver a share certificate unless specifically called upon to do so by
 the person to whom the shares have been allotted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. If a share certificate is defaced, lost or destroyed it may be replaced without fee but on such terms (if any) as to evidence and indemnity and to payment of the costs and out of pocket expenses of the Company in
 investigating such evidence and preparing such indemnity as the Board may think fit and, in case of defacement, on delivery of the old certificate to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. All certificates for share or loan capital or other securities of the Company (other than letters of allotment, scrip certificates and other like documents) shall, except to the extent that the terms and conditions
 for the time being relating thereto otherwise provide, be issued under the Seal or bearing the signature of at least one person who is a Director or Secretary of the Company or a person expressly authorized to sign such certificates on behalf
 of the Company. The Board may by resolution determine, either generally or in any particular case, that any signatures on any such certificates need not be autographic but may be affixed to such certificates by some mechanical means or may be
 printed thereon.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. Notwithstanding any provisions of these Bye-laws:

(a) the Board shall, subject always to the Companies Acts and any other applicable laws and regulations and the facilities and requirements of any relevant system concerned, have power to implement any arrangements it may, in its absolute discretion, think fit in relation to the evidencing of title to and transfer of uncertificated shares, and to the extent such arrangements are so implemented, no provision of these Bye-laws shall apply or have effect to the extent that it is in any respect inconsistent with the holding or transfer of shares in uncertificated form; and

(b) unless otherwise determined by the Board and as permitted by the Companies Acts and any other applicable laws and regulations, no person shall be entitled to receive a certificate in respect of any share for so long as the title to that share is evidenced otherwise than by a certificate and for so long as transfers of that share may be made otherwise than by a written instrument.

#### LIEN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. The Company shall have a first and paramount lien on every share (not being a fully paid share) for all moneys, whether presently payable or not, called or payable, at a date fixed by or in accordance with the terms
 of issue of such share in respect of such share, and the Company shall also have a first and paramount lien on every share (other than a fully paid share) standing registered in the name of a Shareholder, whether singly or jointly with any
 other person, for all the debts and liabilities of such Shareholder or his estate to the Company, whether the same shall have been incurred before or after notice to the Company of any interest of any person other than such Shareholder, and
 whether the time for the payment or discharge of the same shall have actually arrived or not, and notwithstanding that the same are joint debts or liabilities of such Shareholder or his estate and any other person, whether a Shareholder or
 not. The Company's lien on a share shall extend to all dividends payable thereon. The Board may at any time, either generally or in any particular case, waive any lien that has arisen or declare any share to be wholly or in part exempt from
 the provisions of this Bye-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. The Company may sell, in such manner as the Board may think fit, any share on which the Company has a lien but no sale shall be made unless some sum in respect of which the lien exists is presently payable nor until
 the expiration of fourteen days after a notice in writing, stating and demanding payment of the sum presently payable and giving notice of the intention to sell in default of such payment, has been served on the holder for the time being of
 the share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. The net proceeds of sale by the Company of any shares on which it has a lien shall be applied in or towards payment or discharge of the debt or liability in respect of which the lien exists so far as the same is
 presently payable, and any residue shall (subject to a like lien for debts or liabilities not presently payable as existed upon the share prior to the sale) be paid to the holder of the share immediately before such sale. For giving effect to
 any such sale the Board may authorise some person to transfer the share sold to the purchaser thereof. The purchaser shall be registered as the holder of the share and he shall not be bound to see to the application of the purchase money, nor
 shall his title to the share be affected by any irregularity or invalidity in the proceedings relating to the sale.

------

#### CALLS ON SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. The Board may from time to time make calls upon the Shareholders in respect of any moneys unpaid on their shares (whether on account of the par value of the shares or by way of premium) and not by the terms of issue
 thereof made payable at a date fixed by or in accordance with such terms of issue, and each Shareholder shall (subject to the Company serving upon him at least fourteen days' notice specifying the time or times and place of payment) pay to
 the Company at the time or times and place so specified the amount called on his shares. A call may be revoked or postponed as the Board may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. A call may be made payable by installments and shall be deemed to have been made at the time when the resolution of the Board authorizing the call was passed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. The joint holders of a share shall be jointly and severally liable to pay all calls in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. If a sum called in respect of the share shall not be paid before or on the day appointed for payment thereof the person from whom the sum is due shall pay interest on the sum from the day appointed for the payment
 thereof to the time of actual payment at such rate as the Board may determine, but the Board shall be at liberty to waive payment of such interest wholly or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. Any sum which, by the terms of issue of a share, becomes payable on allotment or at any date fixed by or in accordance with such terms of issue, whether on account of the nominal amount of the share or by way of
 premium, shall for all the purposes of these Bye-laws be deemed to be a call duly made, notified and payable on the date on which, by the terms of issue, the same becomes payable and, in case of non-payment, all the relevant provisions of
 these Bye-laws as to payment of interest, forfeiture or otherwise shall apply as if such sum had become payable by virtue of a call duly made and notified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. The Board may on the issue of shares differentiate between the allottees or holders as to the amount of calls to be paid and the times of payment.

#### FORFEITURE OF SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. If a Shareholder fails to pay any call or installment of a call on the day appointed for payment thereof, the Board may at any time thereafter during such time as any part of such call or installment remains unpaid
 serve a notice on him requiring payment of so much of the call or installment as is unpaid, together with any interest which may have accrued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. The notice shall name a further day (not being less than 14 days from the date of the notice) on or before which, and the place where, the payment required by the notice is to be made and shall state that, in the
 event of non-payment on or before the day and at the place appointed, the shares in respect of which such call is made or installment is payable will be liable to be forfeited. The Board may accept the surrender of any share liable to be
 forfeited hereunder and, in such case, references in these Bye-laws to forfeiture shall include surrender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. If the requirements of any such notice as aforesaid are not complied with, any share in respect of which such notice has been given may at any time thereafter, before payment of all calls or installments and
 interest due in respect thereof has been made, be forfeited by a resolution of the Board to that effect. Such forfeiture shall include all dividends declared in respect of the forfeited shares and not actually paid before the forfeiture.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. When any share has been forfeited, notice of the forfeiture shall be served upon the person who was before forfeiture the holder of the share; but no forfeiture shall be in any manner invalidated by any omission or
 neglect to give such notice as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. A forfeited share shall be deemed to be the property of the Company and may be sold, re-offered or otherwise disposed of either to the person who was, before forfeiture, the holder thereof or entitled thereto or to
 any other person upon such terms and in such manner as the Board shall think fit, and at any time before a sale, re-allotment or disposition the forfeiture may be cancelled on such terms as the Board may think fit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. A person whose shares have been forfeited shall thereupon cease to be a Shareholder in respect of the forfeited shares but shall, notwithstanding the forfeiture, remain liable to pay to the Company all moneys which
 at the date of forfeiture were presently payable by him to the Company in respect of the shares with interest thereon at such rate as the Board may determine from the date of forfeiture until payment, and the Company may enforce payment
 without being under any obligation to make any allowance for the value of the shares forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. An affidavit in writing that the deponent is a Director or the Secretary and that a share has been duly forfeited on the date stated in the affidavit shall be conclusive evidence of the facts therein stated as
 against all persons claiming to be entitled to the share. The Company may receive the consideration (if any) given for the share on the sale, re-allotment or disposition thereof and the Board may authorise some person to transfer the share to
 the person to whom the same is sold, re-allotted or disposed of, and he shall thereupon be registered as the holder of the share and shall not be bound to see to the application of the purchase money (if any) nor shall his title to the share
 be affected by any irregularity or invalidity in the proceedings relating to the forfeiture, sale, re-allotment or disposal of the share.

#### TRANSFER OF SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41. Subject to the Companies Acts and to such of the restrictions contained in these Bye-Laws as may be applicable, any Shareholder may transfer all or any of his shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42. Except where the Company's shares are listed or admitted to trading on a Listing Exchange, shares shall be transferred by an instrument of transfer in the usual common form or in any other form which the Board may
 approve. The instrument of transfer of an share shall be signed by or on behalf of the transferor and, where any share is not fully-paid, the transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43. The Board may, in its absolute discretion, decline to register any transfer of any share which is not a fully-paid share. The Board may also decline to register any transfer unless:

(a) the instrument of transfer is duly stamped (if required) and lodged with the Company, accompanied by the certificate (if any) for the shares to which it relates, and such other evidence as the Board may reasonably require to show the right of the transferor to make the transfer,

<br> (b) the instrument of transfer is in respect of only one class of share,

<br> (c) it is satisfied that all applicable consents, authorisations, permissions or approvals of any governmental body or agency in Bermuda or any other applicable jurisdiction required to be obtained under relevant law prior to such transfer have been obtained.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44. Subject to any directions of the Board from time to time in force, the Secretary may exercise the powers and discretions of the Board under Bye-laws 42 and 43.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45. Where the Company's shares are listed or admitted to trading on a Listing Exchange Bye-laws 42 and 43 shall not apply, and shares may be transferred in accordance with the rules and regulations of the Listing
 Exchange. Where applicable, all transfers of uncertificated shares shall be made in accordance with and be subject to the facilities and requirements of the transfer of title to shares in that class by means of any relevant system concerned
 and, subject thereto, in accordance with any arrangements made by the Board pursuant to Bye-law 24. The Board may also make such additional regulations as it considers appropriate from time to time in connection with the transfer of the
 Company's publicly traded shares and other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46. Where the shares are not listed or admitted to trading on a Listing Exchange and are traded over-the-counter, shares may be transferred in accordance with the Companies Acts and where appropriate, with the
 permission of the Bermuda Monetary Authority. The Board shall decline to register the transfer of any shares unless the permission of the Bermuda Monetary Authority has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47. The transferor shall be deemed to remain the holder of the share until the name of the transferee is entered in the Register in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48. No fee shall be charged by the Company for registering any transfer, probate, letters of administration, certificate of death or marriage, power of attorney, distringas or stop notice, order of court or other
 instrument relating to or affecting the title to any share, or otherwise making an entry in the Register relating to any share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49. Notwithstanding anything contained in these Bye-laws (save for Bye-law 40) the Directors shall not decline to register any transfer of shares, nor may they suspend registration thereof where such transfer is
 executed by any bank or other person to whom such shares have been charged by way of security, or by any nominee or agent of such bank or person, and whether the transfer is effected for the purpose of perfecting any mortgage or charge of
 such shares or pursuant to the sale of such shares under such mortgage or charge, and a certificate signed by any officer of such bank or by such person that such common shares were so mortgaged or charged and the transfer was so executed
 shall be conclusive evidence of such facts,

#### TRANSMISSION OF SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50. In the case of the death of a Shareholder, the survivor or survivors, where the deceased was a joint holder, and the estate representative, where he was sole holder, shall be the only person recognised by the
 Company as having any title to his shares; but nothing herein contained shall release the estate of a deceased holder (whether the sole or joint) from any liability in respect of any share held by him solely or jointly with other persons. For
 the purpose of this Bye-law, estate representative means the person to whom probate or letters of administration has or have been granted in Bermuda or, failing any such person, such other person as the Board may in its absolute discretion
 determine to be the person recognised by the Company for the purpose of this Bye-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51. Any person becoming entitled to a share in consequence of the death of a Shareholder or otherwise by operation of applicable law may, subject as hereafter provided and upon such evidence being produced as may from
 time to time be required by the Board as to his entitlement, either be registered himself as the holder of the share or elect to have some person nominated by him registered as the transferee thereof. If the person so becoming entitled elects
 to be registered himself, he shall deliver or send to the Company a notice in writing signed by him stating that he so elects. If he shall elect to have his nominee registered, he shall signify his election by signing an instrument of
 transfer of such share in favour of his nominee. All the limitations, restrictions and provisions of these Bye-laws relating to the right to transfer and the registration of transfer of shares shall be applicable to any such notice or
 instrument of transfer as aforesaid as if the death of the Shareholder or other event giving rise to the transmission had not occurred and the notice or instrument of transfer was an instrument of transfer signed by such Shareholder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52. A person becoming entitled to a share in consequence of the death of a Shareholder or otherwise by operation of applicable law shall (upon such evidence being produced as may from time to time be required by the
 Board as to his entitlement) be entitled to receive and may give a discharge for any dividends or other moneys payable in respect of the share, but he shall not be entitled in respect of the share to receive notices of or to attend or vote at
 general meetings of the Company or, save as aforesaid, to exercise in respect of the share any of the rights or privileges of a Shareholder until he shall have become registered as the holder thereof. The Board may at any time give notice
 requiring such person to elect either to be registered himself or to transfer the share and if the notice is not complied with within sixty days the Board may thereafter withhold payment of all dividends and other moneys payable in respect of
 the shares until the requirements of the notice have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53. Subject to any directions of the Board from time to time in force, the Secretary may exercise the powers and discretions of the Board under Bye-laws 50, 51 and 52.

#### REGISTERED HOLDERS AND THIRD PARTY INTERESTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54. Except as ordered by a court of competent jurisdiction or as required by law, no person shall be recognised by the Company as holding any share upon trust and the Company shall not be bound by or required in any way
 to recognise (even when having notice thereof) any equitable, contingent, future or partial interest in any share or any interest in any fractional part of a share or (except only as otherwise provided in these Bye-laws or by law) any other
 right in respect of any share except an absolute right to the entirety thereof in the registered holder.

#### REGISTER OF SHAREHOLDERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55. The Secretary shall establish and maintain the Register in the manner prescribed by the Companies Acts. Unless the Board otherwise determines, the Register shall be open to inspection in the manner prescribed by the
 Companies Act. Unless the Board otherwise determines, no Shareholder or intending Shareholder shall be entitled to have entered in the Register or any Branch Register any indication of any trust or any equitable, contingent, future or partial
 interest in any share or any interest in any fractional part of a share and if any such entry exists or is permitted by the Board it shall not be deemed to abrogate any of the provisions of Bye-law 54.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56. Subject to the provisions of the Companies Acts, the Board may resolve that the Company may keep one or more Branch Registers in any place in or outside of Bermuda, and the Board may make, amend and revoke any such
 regulations as it may think fit respecting the keeping of such branch registers. The Board may authorise any share on the Register to be included in a Branch Register or any share registered on a Branch Register to be registered on another
 Branch Register, provided that at all times the Register is maintained in accordance with the Companies Acts.

------

#### INCREASE OF CAPITAL
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57. The Company may from time to time increase its capital by such sum to be divided into shares of such par value as the Company by Resolution shall prescribe.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58. The Company may, by the Resolution increasing the capital, direct that the new shares or any of them shall be offered in the first instance either at par or at a premium or (subject to the provisions of the
 Companies Acts) at a discount to all the holders for the time being of shares of any class or classes in proportion to the number of such shares held by them respectively or make any other provision as to the issue of the new shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59. The new shares shall be subject to all the provisions of these Bye-laws with reference to lien, the payment of calls, forfeiture, transfer, transmission and otherwise.

#### ALTERATION OF CAPITAL
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60. The Company may from time to time by Resolution:

(a) cancel shares which, at the date of the passing of the Resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled; and

<br> (b) change the currency denomination of its share capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61. Where any difficulty arises in regard to any division, consolidation, or sub-division of shares, the Board may settle the same as it thinks expedient and, in particular, may arrange for the sale of the shares
 representing fractions and the distribution of the net proceeds of sale in due proportion amongst the Shareholders who would have been entitled to the fractions, and for this purpose the Board may authorise some person to transfer the shares
 representing fractions to the purchaser thereof, who shall not be bound to see to the application of the purchase money nor shall his title to the shares be affected by any irregularity or invalidity in the proceedings relating to the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62. Subject to the Companies Acts and to any confirmation or consent required by law or these Bye-laws, the Company may by Resolution from time to time convert any preference shares into redeemable preference shares.

#### REDUCTION OF CAPITAL
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63. Subject to the Companies Acts, its memorandum of association and any confirmation or consent required by law or these Bye-laws, the Company may from time to time by Resolution authorise the reduction of its issued
 share capital or any capital redemption reserve fund or any share premium or contributed surplus account in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64. In relation to any such reduction, the Company may by Resolution determine the terms upon which such reduction is to be effected including in the case of a reduction of part only of a class of shares, those shares
 to be affected.

#### GENERAL MEETINGS AND WRITTEN RESOLUTIONS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65. The Board shall convene, and the Company shall hold General Meetings as Annual General Meetings, in accordance with the requirements of the Companies Acts at such times and places as the Board shall appoint. The
 Board may, whenever it thinks fit, and shall, when required by the Companies Acts, convene General Meetings other than Annual General Meetings which shall be called Special General Meetings. Any such Annual or Special General Meeting shall be
 held at the Registered Office of the Company in Bermuda or such other location suitable for such purpose which is permitted pursuant to the terms of the Jurisdiction Policy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66. Except in the case of the removal of auditors and Directors and subject to these Bye-laws, anything which may be done by resolution of the Company in general meeting or by resolution of a meeting of any class of the
 Shareholders of the Company may, without a meeting be done by resolution in writing, signed by a simple majority of all of the Shareholders (or such greater majority as is required by the Companies Acts or these Bye-laws) or their proxies, or
 in the case of a Shareholder that is a corporation (whether or not a company within the meaning of the Companies Acts) on behalf of such Shareholder, being all of the Shareholders of the Company who at the date of the resolution in writing
 would be entitled to attend a meeting and vote on the resolution. Such resolution in writing may be signed by, or in the case of a Shareholder that is a corporation (whether or not a company within the meaning of the Companies Acts), on
 behalf of, all the Shareholders of the Company, or any class thereof, in as many counterparts as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67. Notice of any resolution to be made under Bye-law 66 shall be given, and a copy of the resolution shall be circulated, to all members who would be entitled to attend a meeting and vote on the resolution in the same
 manner as that required for a notice of a meeting of members at which the resolution could have been considered, provided that the length of the period of notice of any resolution to be made under Bye-law 66 be not less than 7 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68. A resolution in writing is passed when it is signed by, or, in the case of a member that is a corporation (whether or not a company within the meaning of the Companies Acts) on behalf of, such number of the
 Shareholders of the Company who at the date of the notice represent a majority of votes as would be required if the resolution had been voted on at a meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69. A resolution in writing made in accordance with Bye-law 66 is as valid as if it had been passed by the Company in general meeting or, if applicable, by a meeting of the relevant class of Shareholders of the Company,
 as the case may be. A resolution in writing made in accordance with Bye-law 66 shall constitute minutes for the purposes of the Companies Acts and these Bye-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70. The accidental omission to give notice to, or the non-receipt of a notice by, any person entitled to receive notice of a resolution does not invalidate the passing of a resolution.

#### NOTICE OF GENERAL MEETINGS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71. An Annual General Meeting shall be called by not less than 7 days' notice in writing and a Special General Meeting shall be called by not less than 7 days' notice in writing. The notice shall be exclusive of the day
 on which it is served or deemed to be served and of the day for which it is given, and shall specify the place, day and time of the meeting, and, in the case of a Special General Meeting, the general nature of the business to be considered.
 Notice of every General Meeting shall be given in any manner permitted by these Bye-laws. Shareholders other than those required to be given notice under the provisions of these Bye-laws or the terms of issue of the shares they hold, are not
 entitled to receive such notice from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72. Notwithstanding that a meeting of the Company is called by shorter notice than that specified in this Bye-law, it shall be deemed to have been duly called if it is so agreed:

(a) in the case of a meeting called as an Annual General Meeting, by all the Shareholders entitled to attend and vote thereat;

------

(b) in the case of any other meeting, by a majority in number of the Shareholders having the right to attend and vote at the meeting, being a majority together holding not less than 95 percent in nominal value of the shares giving that right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73. The accidental omission to give notice of a meeting or (in cases where instruments of proxy are sent out with the notice) the accidental omission to send such instrument of proxy to, or the non-receipt of notice of
 a meeting or such instrument of proxy by, any person entitled to receive such notice shall not invalidate the proceedings at that meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74. The Board may convene a Special General Meeting whenever it thinks fit. A Special General Meeting shall also be convened by the Board on the written requisition of Shareholders holding at the date of the deposit of
 the requisition not less than one tenth in nominal value of the paid-up capital of the Company which as at the date of the deposit carries the right to vote at a general meeting of the Company. The requisition must state the purposes of the
 meeting and must be signed by the requisitionists and deposited at the registered office of the Company and may consist of several documents in like form each signed by one or more of the requisitionists.

#### PROCEEDINGS AT GENERAL MEETINGS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75. No business shall be transacted at any general meeting unless a quorum is present when the meeting proceeds to business, but the absence of a quorum shall not preclude the appointment, choice or election of a
 chairman, which shall not be treated as part of the business of the meeting. Save as otherwise provided by these Bye-Laws, the quorum at any general meeting shall be constituted by two or more Shareholders, either present in person or
 represented by proxy, holding shares carrying voting rights entitled to be exercised at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76. If within fifteen (15) minutes (or such longer time as the chairman of the meeting may determine to wait) after the time appointed for the meeting, a quorum is not present, the meeting, if convened on the
 requisition of Shareholders, shall be dissolved. In any other case, it shall stand adjourned to such other day and such other time and place as the chairman of the meeting may determine and at such adjourned meeting two Shareholders present
 in person or by proxy (whatever the number of shares held by them) shall be a quorum provided that if the Company shall have only one Shareholder, one Shareholder present in person or by proxy shall constitute the necessary quorum. The
 Company shall give not less than 5 days' notice of any meeting adjourned through want of a quorum and such notice shall state that the sole Shareholder or, if more than one, two Shareholders present in person or by proxy (whatever the number
 of shares held by them) shall be a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77. A meeting of the Shareholders or any class thereof may be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate with each
 other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. Each Director shall be entitled to attend and speak at any general meeting of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79. The Chairman (if any) of the Board or in his absence the Director who has been appointed as the head of the Board shall preside as chairman at every general meeting. If there is no such Chairman or such Director, or
 if at any meeting neither the Chairman nor such Director is present within fifteen (15) minutes after the time appointed for holding the meeting, or if neither of them is willing to act as chairman, the Directors present shall choose one of
 their number to act or if one Director only is present he shall preside as chairman if willing to act. If no Director is present, or if each of the Directors present declines to take the chair, the persons present and entitled to vote on a
 poll shall elect one of their number to be chairman.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80. The chairman of the meeting may, with the consent of any meeting at which a quorum is present (and shall if so directed by the meeting), adjourn the meeting from time to time and from place to place but no business
 shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting from which the adjournment took place. When a meeting is adjourned for three months or more, notice of the adjourned meeting
 shall be given as in the case of an original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81. Save as expressly provided by these Bye-laws, it shall not be necessary to give any notice of an adjournment or of the business to be transacted at an adjourned meeting.

#### VOTING
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82. Save where a greater majority is required by the Companies Acts or these Bye-laws, any question proposed for consideration at any general meeting shall be decided on by a simple majority of votes cast, provided that
 any resolution to approve an amalgamation or merger shall be decided on by a simple majority<sup>1</sup> of votes cast and the quorum necessary for such meeting shall be
 two persons at least holding or representing by proxy 33 1/3% of the issued shares of the Company (or the class, where applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83. At any General Meeting, a resolution put to the vote of the meeting shall be decided on a show of hands or by a count of votes received in the form of electronic records unless (before or on the declaration of the
 result of the show of hands or on the withdrawal of any other demand for a poll) a poll is demanded by:

<br> (a) the chairman of the meeting; or

(b) any Shareholder or Shareholders present in person or represented by proxy and holding between them not less than one tenth of the total voting rights of all the Shareholders having the right to vote at such meeting; or

(c) a Shareholder or Shareholders present in person or represented by proxy holding shares conferring the right to vote at such meeting, being shares on which an aggregate sum has been paid up equal to not less than one tenth of the total sum paid up on all such shares conferring such right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84. Unless a poll is so demanded and the demand is not withdrawn, a declaration by the chairman that a resolution has, on a show of hands or on a count of votes received in the form of electronic records, been carried
 or carried unanimously or by a particular majority or not carried by a particular majority or lost shall be final and conclusive, and an entry to that effect in the minute book of the Company shall be conclusive evidence of the fact without
 proof of the number of votes recorded for or against such resolution.

------

<sup>1</sup> No poll may be demanded on the appointment of a chairman of the meeting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85. If a poll is duly demanded, the result of the poll shall be deemed to be the resolution of the meeting at which the poll is demanded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86. A poll demanded on the election of a chairman, or on a question of adjournment, shall be taken forthwith. A poll demanded on any other question shall be taken in such manner and either forthwith or at such time
 (being not later than three months after the date of the demand) and place as the chairman shall direct. It shall not be necessary (unless the chairman otherwise directs) for notice to be given of a poll.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87. The demand for a poll shall not prevent the continuance of a meeting for the transaction of any business other than the question on which the poll has been demanded and it may be withdrawn at any time before the
 close of the meeting or the taking of the poll, whichever is the earlier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88. On a poll, votes may be cast either personally or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89. A person entitled to more than one vote on a poll need not use all his votes or cast all the votes he uses in the same way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90. In the case of an equality of votes, whether on a show of hands, a count of votes received in the form of electronic records or on a poll, the Chairman of such meeting shall be entitled to a second or casting vote
 in addition to any other vote or votes to which he may be entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91. In the case of joint holders of a share, the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders, and for this purpose
 seniority shall be determined by the order in which the names stand in the Register in respect of the joint holding.

A Shareholder who is a patient for any purpose of any statute or applicable law relating to mental health or in respect of whom an order has been made by any Court having jurisdiction for the protection or management of the affairs of persons incapable of managing their own affairs may vote, whether on a show of hands or on a poll, by his receiver, committee, curator bonis or other person in the nature of a receiver, committee or curator bonis appointed by such Court and such receiver, committee, curator bonis or other person may vote on a poll by proxy, and may otherwise act and be treated as such Shareholder for the purpose of general meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92. No Shareholder shall, unless the Board otherwise determines, be entitled to vote at any general meeting unless all calls or other sums presently payable by him in respect of shares in the Company have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93. If (i) any objection shall be raised to the qualification of any voter or (ii) any votes have been counted which ought not to have been counted or which might have been rejected or (iii) any votes are not counted
 which ought to have been counted, the objection or error shall not vitiate the decision of the meeting or adjourned meeting on any resolution unless the same is raised or pointed out at the meeting or, as the case may be, the adjourned
 meeting at which the vote objected to is given or tendered or at which the error occurs. Any objection or error shall be referred to the chairman of the meeting and shall only vitiate the decision of the meeting on any resolution if the
 chairman decides that the same may have affected the decision of the meeting. The decision of the chairman on such matters shall be final and conclusive.

------

#### PROXIES AND CORPORATE REPRESENTATIVES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94. The instrument appointing a proxy shall be in writing under the hand of the appointor or of his attorney authorised by him in writing or, if the appointor is a corporation, either under its seal or under the hand of
 an officer, attorney or other person authorised to sign the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95. Any Shareholder may appoint a standing proxy or (if a corporation) representative by depositing at the Registered Office a proxy or (if a corporation) an authorization and such proxy or authorization shall be valid
 for all general meetings and adjournments thereof or, resolutions in writing, as the case may be, until notice of revocation is received at the Registered Office which if permitted by the Principal Act may be in the form of an electronic
 record. Where a standing proxy or authorization exists, its operation shall be deemed to have been suspended at any general meeting or adjournment thereof at which the Shareholder is present or in respect to which the Shareholder has
 specially appointed a proxy or representative. The Board may from time to time require such evidence as it shall deem necessary as to the due execution and continuing validity of any such standing proxy or authorization and the operation of
 any such standing proxy or authorization shall be deemed to be suspended until such time as the Board determines that it has received the requested evidence or other evidence satisfactory to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96. Subject to Bye-law 95, the instrument appointing a proxy together with such other evidence as to its due execution as the Board may from time to time require, shall be delivered at the Registered Office which if
 permitted by the Principal Act may be in the form of an electronic record (or at such place as may be specified in the notice convening the meeting or in any notice of any adjournment or, in either case or the case of a written resolution, in
 any document sent therewith) prior to the holding of the relevant meeting or adjourned meeting at which the person named in the instrument proposes to vote or, in the case of a poll taken subsequently to the date of a meeting or adjourned
 meeting, before the time appointed for the taking of the poll, or, in the case of a written resolution, prior to the effective date of the written resolution and in default the instrument of proxy shall not be treated as valid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97. Instruments of proxy shall be in any common form or in such other form as the Board may approve and the Board may, if it thinks fit, send out with the notice of any meeting or any written resolution forms of
 instruments of proxy for use at that meeting or in connection with that written resolution. The instrument of proxy shall be deemed to confer authority to demand or join in demanding a poll and to vote on any amendment of a written resolution
 or amendment of a resolution put to the meeting for which it is given as the proxy thinks fit. The instrument of proxy shall unless the contrary is stated therein be valid as well for any adjournment of the meeting as for the meeting to which
 it relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98. A vote given in accordance with the terms of an instrument of proxy shall be valid notwithstanding the previous death or insanity of the principal, or revocation of the instrument of proxy or of the authority under
 which it was executed, provided that no intimation in writing of such death, insanity or revocation shall have been received by the Company at the Registered Office which if permitted by the Principal Act may be in the form of an electronic
 record (or such other place as may be specified for the delivery of instruments of proxy in the notice convening the meeting or other documents sent therewith) one hour at least before the commencement of the meeting or adjourned meeting, or
 the taking of the poll, or the day before the effective date of any written resolution at which the instrument of proxy is used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99. Subject to the Companies Acts, the Board may at its discretion waive any of the provisions of these Bye-laws related to proxies or authorizations and, in particular, may accept such verbal or other assurances as it
 thinks fit as to the right of any person to attend and vote on behalf of any Shareholder at general meetings or to sign written resolutions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100. Notwithstanding any other provision of these Bye-laws, any Shareholder may appoint an irrevocable proxy by depositing at the Registered Office an irrevocable proxy and such irrevocable proxy shall be valid for all
 general meetings and adjournments thereof, or resolutions in writing, as the case may be, until terminated in accordance with its own terms, or until written notice of termination is received at the Registered Office signed by the proxy. The
 instrument creating the irrevocable proxy shall recite that it is constituted as such and shall confirm that it is granted with an interest. The operation of an irrevocable proxy shall not be suspended at any general meeting or adjournment
 thereof at which the Shareholder who has appointed such proxy is present and the Shareholder may not specially appoint another proxy or vote himself in respect of any shares which are the subject of the irrevocable proxy.

#### APPOINTMENT AND REMOVAL OF DIRECTORS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101. The number of Directors shall consist of five (5) Directors (including the Chairperson of the Board) as the Company by Resolution may from time to time determine and each Director shall, subject to the Companies
 Acts and these Bye-laws, hold office until the next Annual General Meeting following his election or until his successor is elected. The Company shall have a Chairman of the Board who shall be appointed at a general meeting by Resolution. If
 the general meeting has not elected a Chairman of the Board, then the Board may elect the Chairman of the Board until elected by a general meeting. The Chairman of the Board, shall perform such duties as may be delegated by the Board or the
 general meeting. The Board shall, at all times, be composed to ensure compliance with the Jurisdiction Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102. The Company may, at the Annual General Meeting or in a general meeting by Resolution, determine that one or more vacancies in the Board shall be deemed casual vacancies for the purpose of these Bye-laws. Without
 prejudice to the power of the Company in any general meeting in pursuance of any of the provisions of these Bye-laws to appoint any person to be a Director, the Board, so long as a quorum of Directors remains in office, shall have power at
 any time and from time to time to appoint any individual to be a Director so as to fill a casual vacancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103. The Company may in a Special General Meeting called for that purpose remove a Director provided notice of any such meeting shall be served upon the Director concerned not less than fourteen days before the meeting

 the absence of any such election by the Board. A Director may also be removed from office by giving him notice to that effect, which names a replacement Director to be appointed by the Board and is signed by or on behalf of not less than
 three quarters of the other Directors, provided that such Directors are acting in accordance with their duties to the Company under these Bye-laws and the Companies Acts.

#### JURISDICTION POLICY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104. The Board shall establish, maintain and amend as required from time to time to ensure compliance with applicable law and/or guidance, rulings or findings of any tax authority which the Board considers relevant to
 the Company, a policy setting out restrictions (i) in respect of residency which may prevent a person qualifying for nomination, appointment or continued appointment to the Board; and (ii) on venues for the holding of meetings of the Board or
 Shareholders of the Company (the "**Jurisdiction Policy** ").

------

#### RESIGNATION AND DISQUALIFICATION OF DIRECTORS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105. The office of a Director shall be vacated upon the happening of any of the following events:

<br> (a) if he resigns his office by notice in writing delivered to the Registered Office or tendered at a meeting of the Board;

<br> (b) if he becomes of unsound mind or a patient for any purpose of any statute or applicable law relating to mental health and the Board resolves that his office is vacated;

<br> (c) if he becomes bankrupt or compounds with his creditors;

<br> (d) if he is prohibited by law from being a Director;

<br> (e) if he ceases to be a Director by virtue of the Companies Acts or is removed from office pursuant to these Bye-laws.

#### ALTERNATE DIRECTORS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106. Director may at any time, by notice in writing signed by him delivered to the Registered Office of the Company or at a meeting of the Board, appoint any person (including another Director) to act as Alternate
 Director in his place during his absence and may in like manner at any time determine such appointment. If such person is not another Director such appointment unless previously approved by the Board shall have effect only upon and subject to
 being so approved. An Alternate Director must qualify for appointment under the Jurisdiction Policy. The appointment of an Alternate Director shall determine on the happening of any event which, were he a Director, would cause him to vacate
 such office or if his appointor ceases to be a Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107. An Alternate Director shall be entitled to receive notices of all meetings of Directors, to attend, be counted in the quorum and vote at any such meeting at which any Director to whom he is alternate is not
 personally present, and generally to perform all the functions of any Director to whom he is alternate in his absence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108. Every person acting as an Alternate Director shall (except as regards powers to appoint an alternate and remuneration) be subject in all respects to the provisions of these Bye-laws relating to Directors and shall
 alone be responsible to the Company for his acts and defaults and shall not be deemed to be the agent of or for any Director for whom he is alternate. An Alternate Director may be paid expenses and shall be entitled to be indemnified by the
 Company to the same extent mutatis mutandis as if he were a Director. Every person acting as an Alternate Director shall have one vote for each Director for whom he acts as alternate (in addition to his own vote if he is also a Director). The
 signature of an Alternate Director to any resolution in writing of the Board or a committee of the Board shall, unless the terms of his appointment provides to the contrary, be as effective as the signature of the Director or Directors to
 whom he is alternate.

#### DIRECTORS' FEES AND ADDITIONAL REMUNERATION AND EXPENSES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109. The amount, if any, of Directors' fees shall from time to time be determined by the Company by Resolution and in the absence of a determination to the contrary in general meeting, such fees shall be deemed to accrue
 from day to day. Each Director may be paid his reasonable travelling, hotel and incidental expenses in attending and returning from meetings of the Board or committees constituted pursuant to these Bye-laws or general meetings and shall be
 paid all expenses properly and reasonably incurred by him in the conduct of the Company's business or in the discharge of his duties as a Director. Any Director who, by request, goes or resides abroad for any purposes of the Company or who
 performs services which in the opinion of the Board go beyond the ordinary duties of a Director may be paid such extra remuneration (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine, and
 such extra remuneration shall be in addition to any remuneration provided for by or pursuant to any other Bye-law.

------

#### DIRECTORS' INTERESTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110. A Director may hold any other office or place of profit with the Company (except that of auditor) in conjunction with his office of Director for such period and upon such terms as the Board may determine, and may be
 paid such extra remuneration therefor (whether by way of salary, commission, participation in profits or otherwise) as the Board may determine, and such extra remuneration shall be in addition to any remuneration provided for by or pursuant
 to any other Bye-law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111. A Director may act by himself or his firm in a professional capacity for the Company (otherwise than as auditor) and he or his firm shall be entitled to remuneration for professional services as if he were not a
 Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112. Subject to the Companies Acts, a Director may notwithstanding his office be a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is otherwise interested;
 and be a Director or other officer of, or employed by, or a party to any transaction or arrangement with, or otherwise interested in, any body corporate promoted by the Company or in which the Company is interested. The Board may also cause
 the voting power conferred by the shares in any other company held or owned by the Company to be exercised in such manner in all respects as it thinks fit, including the exercise thereof in favour of any resolution appointing the Directors or
 any of them to be directors or officers of such other company, or voting or providing for the payment of remuneration to the directors or officers of such other company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113. So long as, where it is necessary, he declares the nature of his interest (whether that be a direct or indirect, interest in a contract or proposed contract, transaction or arrangement with the Company) at the first
 opportunity at a meeting of the Board or by writing to the Directors as required by the Companies Acts, a Director (the "Interested Director") shall not by reason of his office be accountable to the Company for any benefit which he derives
 from any office or employment to which these Bye-laws allow him to be appointed or from any transaction or arrangement in which these Bye-laws allow him to be interested, and no such transaction or arrangement shall be liable to be avoided on
 the ground of any interest or benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114. Subject to the Companies Acts and any further disclosure required thereby, a general notice to the Directors by an Interested Director or officer declaring that he is a director or officer or has an interest in a
 person and is to be regarded as interested in any transaction or arrangement made with that person, shall be a sufficient declaration of interest in relation to any transaction or arrangement so made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115. An Interested Director who has complied with the provisions of the Companies Acts and these Bye-laws with regard to disclosure of his interest shall not be entitled to vote in respect of any contract, transaction or
 arrangement in which he is so interested or have his vote counted on the same, and he shall not be taken into account in ascertaining whether a quorum is present UNLESS the Board, voting on a majority basis, agree, prior to formal discussion
 of the matter, that the Interested Director shall be entitled to vote, have his voted counted in the same and be taken into account in ascertaining whether a quorum is present.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116. Subject to the provisions of the Companies Acts and these Bye-laws, the Board shall determine the threshold for conflicts and/or related party transactions on a case by case basis and such policy(ies) as determined
 by the Board may be set out in one or more standalone documents.

#### POWERS AND DUTIES OF THE BOARD
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117. Subject to the provisions of the Companies Acts and these Bye-laws the Board shall manage the business of the Company and may pay all expenses incurred in promoting and incorporating the Company and may exercise all
 the powers of the Company. No alteration of these Bye-laws shall invalidate any prior act of the Board which would have been valid if that alteration had not been made. The powers given by this Bye-law shall not be limited by any special
 power given to the Board by these Bye-laws and a meeting of the Board at which a quorum is present shall be competent to exercise all the powers, authorities and discretions for the time being vested in or exercisable by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118. The Board may exercise all the powers of the Company to borrow money and to mortgage or charge all or any part of the undertaking, property and assets (present and future) and uncalled capital of the Company and to
 issue debentures and other securities, whether outright or as collateral security for any debt, liability or obligation of the Company or of any other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119. All cheques, promissory notes, drafts, bills of exchange and other instruments, whether negotiable or transferable or not, and all receipts for money paid to the Company shall be signed, drawn, accepted, endorsed or
 otherwise executed, as the case may be, in such manner as the Board shall from time to time by resolution determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120. The Board on behalf of the Company may provide benefits, whether by the payment of gratuities or pensions or otherwise, for any person including any Director or former Director who has held any executive office or
 employment with the Company or with any body corporate which is or has been a subsidiary or affiliate of the Company or a predecessor in the business of the Company or of any such subsidiary or affiliate, and to any member of his family or
 any person who is or was dependent on him, and may contribute to any fund and pay premiums for the purchase or provision of any such gratuity, pension or other benefit, or for the insurance of any such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121. The Board may from time to time appoint one or more of its body to hold any other employment or executive office with the Company for such period and upon such terms as the Board may determine and may revoke or
 terminate any such appointments. Any such revocation or termination as aforesaid shall be without prejudice to any claim for damages that such Director may have against the Company or the Company may have against such Director for any breach
 of any contract of service between him and the Company which may be involved in such revocation or termination. Any person so appointed shall receive such remuneration (if any) (whether by way of salary, commission, participation in profits
 or otherwise) as the Board may determine, and either in addition to or in lieu of his remuneration as a Director.

#### DELEGATION OF THE BOARD'S POWERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122. The Board may by power of attorney appoint any company, firm or person or any fluctuating body of persons, whether nominated directly or indirectly by the Board, to be the attorney or attorneys of the Company for
 such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board under these Bye-laws) and for such period and subject to such conditions as it may think fit, and any such power of
 attorney may contain such provisions for the protection and convenience of persons dealing with any such attorney and of such attorney as the Board may think fit, and may also authorise any such attorney to sub-delegate all or any of the
 powers, authorities and discretions vested in him.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123. The Board may entrust to and confer upon any Director or officer any of the powers exercisable by it upon such terms and conditions with such restrictions as it thinks fit, and either collaterally with, or to the
 exclusion of, its own powers, and may from time to time revoke or vary all or any of such powers but no person dealing in good faith and without notice of such revocation or variation shall be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124. The Board may delegate any of its powers, authorities and discretions to any person or to committees, consisting of such person or persons (whether a member or members of its body or not) as it thinks fit. Any
 committee so formed shall, in the exercise of the powers, authorities and discretions so delegated, conform to any regulations which may be imposed upon it by the Board. Further, the Board may authorize any company, firm, person or body of
 persons to act on behalf of the Company for any specific purpose and in connection therewith to execute any deed, agreement, document or instrument on behalf of the Company.

#### PROCEEDINGS OF THE BOARD
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125. The Board may meet for the despatch of business, adjourn and otherwise regulate its meetings as it thinks fit provided that meetings of the Board are to be convened in accordance with the Jurisdiction Policy.
 Questions arising at any meeting shall be determined by a majority of votes. In the case of an equality of votes the Chairman of the Board shall have a casting vote. A Director may, and the Secretary on the requisition of a Director shall, at
 any time summon a meeting of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126. Notice of a meeting of the Board shall be deemed to be duly given to a Director if it is given to him personally or by word of mouth or sent to him by post, cable, telex, telecopier, electronic means or other mode
 of representing or reproducing words in a legible and non-transitory form at his last known address or any other address given by him to the Company for this purpose. Written notice of Board meetings shall be given with reasonable notice
 being not less than 24 hours whenever practicable. A Director may waive notice of any meeting either prospectively or retrospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127. The quorum necessary for the transaction of the business of the Board shall be fixed by the Board, and unless so fixed at any other number, shall be a majority of Directors (excluding Interested Directors as per
 Bye-Laws 115 or 128) present in person or by alternate, provided that a quorum shall not be present unless the terms of the Jurisdiction Policy are complied with. Any Director who ceases to be a Director at a meeting of the Board may
 continue to be present and to act as a Director and be counted in the quorum until the termination of the meeting if no other Director objects and if otherwise a quorum of Directors would not be present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128. An Interested Director who to his knowledge is in any way, whether directly or indirectly, interested in a contract or proposed contract, transaction or arrangement with the Company and has complied with the
 provisions of the Companies Acts and these Bye-laws with regard to disclosure of his interest and voting on such matters (in accordance with Bye-Law 115) shall be entitled to vote in respect of any contract, transaction or arrangement in
 which he is so interested and if he shall do so his vote shall be counted, and he shall be taken into account in ascertaining whether a quorum is present. Provided that a Director shall not vote (or be counted in the quorum at a meeting) in
 respect of any resolution:

(a) concerning fixing or varying the terms of his service (which, for the avoidance of doubt, includes his remuneration) as a director or employee of the Company, but, where proposals are under consideration concerning the fixing or varying the terms of service of two or more Directors, those proposals may be divided and a separate resolution may be put in relation to each Director and in that case each of the Directors concerned (if not otherwise debarred from voting under this article) shall be entitled to vote (and be counted in the quorum) in respect of each resolution unless it concerns his own terms of service; and

------

(b) relating to enforcement of any contract or transaction in which he or any of his Associates has or may have a, direct or indirect, significant economic or personal interest or is a party to such transaction to and, if he purports to do so, his vote shall not be counted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129. So long as a quorum of Directors remains in office, the continuing Directors may act notwithstanding any vacancy in the Board but, if no such quorum remains, the continuing Directors or a sole continuing Director
 may act only for the purpose of calling a general meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130. The Chairman (if any) of the Board or, his absence the Director who has been appointed as the head of the Board shall preside as chairman at every meeting of the Board. If there is no such Chairman or Director or if
 at any meeting the Chairman or Director is not present within fifteen (15) minutes after the time appointed for holding the meeting, or is not willing to act as chairman, the Directors present may choose one of their number to be chairman of
 the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131. The meetings and proceedings of any committee consisting of two or more members shall be governed by the provisions contained in these Bye-laws for regulating the meetings and proceedings of the Board so far as the
 same are applicable and are not superseded by any regulations imposed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132. A resolution in writing signed by all the Directors for the time being entitled to receive notice of a meeting of the Board or by all the members of a committee for the time being shall be as valid and effectual as
 a resolution passed at a meeting of the Board or, as the case may be, of such committee duly called and constituted provided that no such resolution shall be valid and effective unless the signatures of all such Directors or all such
 committee members are affixed in accordance with the Jurisdiction Policy. Such resolution may be contained in one document or in several documents in the like form each signed by one or more of the Directors (or their Alternate Directors) or
 members of the committee concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133. A meeting of the Board or a committee appointed by the Board may be held by means of such telephone, electronic or other communication facilities as permit all persons participating in the meeting to communicate
 with each other simultaneously and instantaneously and participation in such a meeting shall constitute presence in person at such meeting. A meeting of the Board held in the foregoing manner shall be deemed to take place at the place where
 the largest group of participating Directors or committee members has assembled or, if no such group exists, at the place where the chairman of the meeting participates which place shall, so far as reasonably practicable, be at the Registered
 Office of the Company or at a location which would not result in a contravention of the Jurisdiction Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134. All acts done by the Board or by any committee or by any person acting as a Director or member of a committee or any person duly authorised by the Board or any committee, shall, notwithstanding that it is afterwards
 discovered that there was some defect in the appointment of any member of the Board or such committee or person acting as aforesaid or that they or any of them were disqualified or had vacated their office, be as valid as if every such person
 had been duly appointed and was qualified and had continued to be a Director, member of such committee or person so authorised.

------

#### OFFICERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. The Board may appoint any person as an officer of the Company, whether or not he is a Director, to hold such office as the Board may from time to time determine. Any person elected or appointed pursuant to this
 Bye-law shall hold office for such period and upon such terms as the Board may determine and the Board may revoke or terminate any such election or appointment. Any such revocation or termination shall be without prejudice to any claim for
 damages that such officer may have against the Company or the Company may have against such officer for any breach of any contract of service between him and the Company which may be involved in such revocation or termination. Save as
 provided in the Companies Acts or these Bye-laws, the powers and duties of the officers of the Company shall be such (if any) as are determined from time to time by the Board.

#### REGISTER OF DIRECTORS AND OFFICERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136. The Secretary shall establish and maintain a register of the Directors and Officers of the Company as required by the Companies Acts. Every officer that is also a Director and the Secretary must be listed officers
 of the Company in the Register of Directors and Officers. The register of Directors and Officers shall be open to inspection in the manner prescribed by the Companies Acts between 10.00 a.m. and 12.00 noon on every working day.

#### MINUTES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137. The Directors shall cause minutes to be made and books kept for the purpose of recording:

<br> (a) all appointments of officers made by the Directors;

<br> (b) the names of the Directors and other persons (if any) present at each meeting of Directors and of any committee;

<br> (c) of all proceedings at meetings of the Company, of the holders of any class of shares in the Company, and of committees;

<br> (d) of all proceedings of managers (if any).

#### SECRETARY AND RESIDENT REPRESENTATIVE
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138. The Secretary and Resident Representative, if necessary, shall be appointed by the Board at such remuneration (if any) and upon such terms as it may think fit and any Secretary so appointed may be removed by the
 Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139. The duties of the Secretary shall be those prescribed by the Companies Acts together with such other duties as shall from time to time be prescribed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140. A provision of the Companies Acts or these Bye-laws requiring or authorising a thing to be done by or to a Director and the Secretary shall not be satisfied by its being done by or to the same person acting both as
 Director and as, or in the place of, the Secretary.

------

#### THE SEAL
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141. The Company may, but need not, have a Seal and one or more duplicate Seals for use in any place in or outside Bermuda.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142. If the Company has a Seal it shall consist of a circular metal device with the name of the Company around the outer margin thereof and the country and year of incorporation across the centre thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143. The Board shall provide for the custody of every Seal, if any. A Seal shall only be used by authority of the Board or of a committee constituted by the Board. Subject to these Bye-laws, any instrument to which a
 Seal is affixed shall be signed by at least one Director or the Secretary, or by any person (whether or not a Director or the Secretary), who has been authorised either generally or specifically to attest to the use of a Seal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144. The Secretary, a Director or the Resident Representative may affix a Seal attested with his signature to certify the authenticity of any copies of documents.

#### DIVIDENDS AND OTHER PAYMENTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145. The Board may, from time to time, declare cash dividends or distributions out of contributed surplus to be paid to the Shareholders according to their rights and interests including such interim dividends as appear
 to the Board to be justified by the position of the Company. The Board may also pay any fixed cash dividend which is payable on any shares of the Company quarterly or on such other dates, whenever the position of the Company, in the opinion
 of the Board, justifies such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146. Except insofar as the rights attaching to, or the terms of issue of, any share otherwise provide:

(a) all dividends or distributions out of contributed surplus may be declared and paid according to the amounts paid up on the shares in respect of which the dividend or distribution is paid, and an amount paid up on a share in advance of calls may be treated for the purpose of this Bye-law as paid-up on the share;

(b) dividends or distributions out of contributed surplus may be apportioned and paid pro rata according to the amounts paid-up on the shares during any portion or portions of the period in respect of which the dividend or distribution is paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147. The Board may deduct from any dividend, distribution or other moneys payable to a Shareholder by the Company on or in respect of any shares all sums of money (if any) presently payable by him to the Company on
 account of calls or otherwise in respect of shares of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148. No dividend, distribution or other moneys payable by the Company on or in respect of any share shall bear interest against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149. Any dividend, distribution, interest or other sum payable in cash to the holder of shares may be paid through or any relevant system for such payments, by cheque or warrant sent through the post addressed to the
 holder at his address in the Register or, in the case of joint holders, addressed to the holder whose name stands first in the Register in respect of the shares at his registered address as appearing in the Register or addressed to such
 person at such address as the holder or joint holders may in writing direct. Every such cheque or warrant shall, unless the holder or joint holders otherwise direct, be made payable to the order of the holder or, in the case of joint holders,
 to the order of the holder whose name stands first in the Register in respect of such shares, and shall be sent at his or their risk and payment of the cheque or warrant by the bank on which it is drawn shall constitute a good discharge to
 the Company. Any one of two or more joint holders may give effectual receipts for any dividends, distributions or other moneys payable or property distributable in respect of the shares held by such joint holders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150. Any dividend or distribution out of contributed surplus unclaimed for a period of six years from the date of declaration of such dividend or distribution shall be forfeited and shall revert to the Company and the
 payment by the Board of any unclaimed dividend, distribution, interest or other sum payable on or in respect of the share into a separate account shall not constitute the Company a trustee in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151. The Board may direct payment or satisfaction of any dividend or distribution out of contributed surplus wholly or in part by the distribution of specific assets, and in particular of paid-up shares or debentures of
 any other company, and where any difficulty arises in regard to such distribution or dividend the Board may settle it as it thinks expedient, and in particular, may authorise any person to sell and transfer any fractions or may ignore
 fractions altogether, and may fix the value for distribution or dividend purposes of any such specific assets and may determine that cash payments shall be made to any Shareholders upon the footing of the values so fixed in order to secure
 equality of distribution and may vest any such specific assets in trustees as may seem expedient to the Board. The Board may appoint any person to sign on behalf of the persons entitled to participate in the distribution any contract
 necessary or desirable for giving effect thereto and such appointment shall be effective and binding upon the Shareholders.

#### RESERVES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152. The Board may, before recommending or declaring any dividend or distribution out of contributed surplus, set aside such sums as it thinks proper as reserves which shall, at the discretion of the Board, be applicable
 for any purpose of the Company and pending such application may, also at such discretion, either be employed in the business of the Company or be invested in such investments as the Board may from time to time think fit. The Board may also
 without placing the same to reserve carry forward any sums which it may think it prudent not to distribute.

#### CAPITALISATION OF PROFITS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153. The Company may, upon the recommendation of the Board, at any time and from time to time pass a Resolution to the effect that it is desirable to capitalise all or any part of any amount for the time being standing
 to the credit of any reserve or fund which is available for distribution or to the credit of any share premium account or any capital redemption reserve fund and accordingly that such amount be set free for distribution amongst the
 Shareholders or any class of Shareholders who would be entitled thereto if distributed by way of dividend and in the same proportions, on the footing that the same be not paid in cash but be applied either in or towards paying up amounts for
 the time being unpaid on any shares in the Company held by such Shareholders respectively or in payment up in full of unissued shares, debentures or other obligations of the Company, to be allotted and distributed credited as fully paid
 amongst such Shareholders, or partly in one way and partly in the other, and the Board shall give effect to such Resolution, provided that for the purpose of this Bye-law, a share premium account and a capital redemption reserve fund may be
 applied only in paying up of unissued shares to be issued to such Shareholders credited as fully paid and provided further that any sum standing to the credit of a share premium account may only be applied in crediting as fully paid shares of
 the same class as that from which the relevant share premium was derived.

------

#### RECORD DATES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154. Notwithstanding any other provision of these Bye-Laws, the Directors may fix any date as the record date for:

<br> (a) determining the Shareholders entitled to receive any dividend or other distribution; or

(b) determining the Shareholders entitled to receive notice of and to vote at any general meeting of the Company.

#### ACCOUNTING RECORDS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155. The Board shall cause to be kept accounting records sufficient to give a true and fair view of the state of the Company's affairs and to show and explain its transactions, in accordance with the Companies Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156. The records of account shall be kept at the Registered Office or at such other place or places as the Board thinks fit, and shall at all times be open to inspection by the Directors: PROVIDED that if the records of
 account are kept at some place outside Bermuda, there shall be kept at an office of the Company in Bermuda such records as will enable the Directors to ascertain with reasonable accuracy the financial position of the Company at the end of
 each three month period. No Shareholder (other than an officer of the Company) shall have any right to inspect any accounting record or book or document of the Company except as conferred by law or authorised by the Board or by Resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157. A copy of every balance sheet and statement of income and expenditure, including every document required by law to be annexed thereto, which is to be laid before the Company in general meeting, together with a copy
 of the auditors' report, shall be sent to each person entitled thereto in accordance with the requirements of the Companies Acts. Where the Board has appointed a person to act as the finance officer pursuant to Bye-law 135, the Board may
 delegate to the finance officer responsibility for the proper maintenance and safe keeping of all of the accounting records of the Company and (subject to the terms of any resolution from time to time passed by the Board relating to the
 extent of the duties of the finance officer) the finance officer shall have primary responsibility for (a) the preparation of proper management accounts of the Company (at such intervals as may be required) and (b) the periodic delivery of
 such management accounts to the Registered Office in accordance with the Companies Acts.

#### AUDIT
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158. Save and to the extent that an audit is waived in the manner permitted by the Companies Acts, auditors shall be appointed and their duties regulated in accordance with the Companies Acts, any other applicable law
 and such requirements not inconsistent with the Companies Acts as the Board may from time to time determine.

#### SERVICE OF NOTICES AND OTHER DOCUMENTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159. Any notice or other document (including a share certificate) may be served on or delivered to any Shareholder by the Company either personally or by sending it through the post (by airmail where applicable) in a
 pre-paid letter addressed to such Shareholder at his address as appearing in the Register or by delivering it to or leaving it at such registered address. In the case of joint holders of a share, service or delivery of any notice or other
 document on or to one of the joint holders shall for all purposes be deemed as sufficient service on or delivery to all the joint holders. Any notice or other document if sent by post shall be deemed to have been served or delivered two days
 after it was put in the post, and in proving such service or delivery, it shall be sufficient to prove that the notice or document was properly addressed, stamped and put in the post.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160. Any notice of a general meeting of the Company shall be deemed to be duly given to a Shareholder if it is sent to him by cable, telex, telecopier or other mode of representing or reproducing words in a legible and
 non-transitory form at his address as appearing in the Register or any other address given by him to the Company for this purpose. Any such notice shall be deemed to have been served twenty-four hours after its despatch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161. Any notice or other document shall be deemed to be duly given to a Shareholder if it is delivered to such Shareholder by means of an electronic record in accordance with Section 2AA of the Principal Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162. Any notice or other document delivered, sent or given to a Shareholder in any manner permitted by these Bye-laws shall, notwithstanding that such Shareholder is then dead or bankrupt or that any other event has
 occurred, and whether or not the Company has notice of the death or bankruptcy or other event, be deemed to have been duly served or delivered in respect of any share registered in the name of such Shareholder as sole or joint holder unless
 his name shall, at the time of the service or delivery of the notice or document, have been removed from the Register as the holder of the share, and such service or delivery shall for all purposes be deemed as sufficient service or delivery
 of such notice or document on all persons interested (whether jointly with or as claiming through or under him) in the share.

#### ELECTRONIC COMMUNICATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163. It shall be a term of issue of each share in the Company that each Shareholder shall provide the Secretary or the registrar of the Branch Register with an email or other address for electronic communications by and
 with the Company and any notice or other document shall be deemed to be duly given to a Shareholder if it is delivered to such Shareholder by means of an electronic record in accordance with Section 2AA of the Principal Act. A Shareholder may
 change such Shareholder's address for electronic communications by sending a notice to the Secretary or the registrar of the Branch Register.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164. The Company may establish an extranet or other similar facility (the "**Company Website**") and publish on the Company Website the Company's memorandum of association and
 Bye-laws, Register, register of directors and officers, notices of annual general meeting and special general meeting, proxy and voting forms, Shareholder resolutions in writing proposed for execution by voting shareholders, financial
 statements, prospectuses and circulars and any other documents of the Company required by the Principal Act to be provided to or accessible by Shareholders or which the Board wishes to make applicable to Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165. An email or other notification sent to a Shareholder at the email or other address for such Shareholder provided pursuant to Bye-law 163 above notifying the Shareholder that the Company has published a document on
 the Company Website and which is otherwise in compliance with the provisions of Section 2AA of the Principal Act shall constitute notice of publication of the document and the Company shall be deemed to have delivered the documents referred
 in the email or other notification to the Shareholder.

------

#### WINDING UP
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166. If the Company shall be wound up, the liquidator may, with the sanction of a Resolution of the Company and any other sanction required by the Companies Acts, divide amongst the Shareholders in specie or kind the
 whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may for such purposes set such values as he deems fair upon any property to be divided as aforesaid and may determine how such
 division shall be carried out as between the Shareholders or different classes of Shareholders. The liquidator may, with the like sanction, vest the whole or any part of such assets in trustees upon such trust for the benefit of the
 contributories as the liquidator, with the like sanction, shall think fit, but so that no Shareholder shall be compelled to accept any shares or other assets upon which there is any liability.

#### INDEMNITY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167. Subject to the provisions of Bye-law 174, no Director, Alternate Director, Officer, person or member of a committee authorised under Bye-law 124, Resident Representative of the Company or his heirs, executors or
 administrators shall be liable for the acts, receipts, neglects, or defaults of any other such person or any person involved in the formation of the Company, or for any loss or expense incurred by the Company through the insufficiency or
 deficiency of title to any property acquired by the Company, or for the insufficiency of deficiency of any security in or upon which any of the monies of the Company shall be invested, or for any loss or damage arising from the bankruptcy,
 insolvency, or tortious act of any person with whom any monies, securities, or effects shall be deposited, or for any loss occasioned by any error of judgment, omission, default, or oversight on his part, or for any other loss, damage or
 misfortune whatever which shall happen in relation to the execution of his duties, or supposed duties, to the Company or otherwise in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168. Subject to the provisions of Bye-law 175, every Director, Alternate Director, Officer, person or member of a committee authorised under Bye-law 124, Resident Representative of the Company and their respective heirs,
 executors or administrators shall be indemnified and held harmless out of the funds of the Company to the fullest extent permitted by Bermuda law against all liabilities, loss, damage or expense (including but not limited to liabilities under
 contract, tort and statute or any applicable foreign law or regulation and all reasonable legal and other costs and expenses properly payable) incurred or suffered by him as such Director, Alternate Director, Officer, person or committee
 member or Resident Representative and the indemnity contained in this Bye-law shall extend to any person acting as such Director, Alternate Director, Officer, person or committee member or Resident Representative in the reasonable belief that
 he has been so appointed or elected notwithstanding any defect in such appointment or election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169. Every Director, Alternate Director, Officer, person or member of a committee duly authorised under Bye-law 124, Resident Representative of the Company and their respective heirs, executors or administrators shall be
 indemnified out of the funds of the Company against all liabilities incurred by him as such Director, Alternate Director, Officer, person or committee member or Resident Representative in defending any proceedings, whether civil or criminal,
 in which judgment is given in his favour, or in which he is acquitted, or in connection with any application under the Companies Acts in which relief from liability is granted to him by the court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170. To the extent that any Director, Alternate Director, Officer, person or member of a committee duly authorised under Bye-law 124, Resident Representative of the Company or any of their respective heirs, executors or
 administrators is entitled to claim an indemnity pursuant to these Bye-laws in respect of amounts paid or discharged by him, the relative indemnity shall take effect as an obligation of the Company to reimburse the person making such payment
 or effecting such discharge.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171. The Board may arrange for the Company to be insured in respect of all or any part of its liability under the provision of these Bye-laws and may also purchase and maintain insurance for the benefit of any Directors,
 Alternate Directors, Officers, person or member of a committee authorised under Bye-law 124, employees or Resident Representatives of the Company in respect of any liability that may be incurred by them or any of them howsoever arising in
 connection with their respective duties or supposed duties to the Company. This Bye-law shall not be construed as limiting the powers of the Board to effect such other insurance on behalf of the Company as it may deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172. Notwithstanding anything contained in the Principal Act, the Company may advance moneys to an Officer or Director for the costs, charges and expenses incurred by the Officer or Director in defending any civil or
 criminal proceedings against them on the condition that the Director or Officer shall repay the advance if any allegation of fraud or dishonesty is proved against them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173. Each Shareholder agrees to waive any claim or right of action he might have, whether individually or by or in the right of the Company, against any Director, Alternate Director, Officer of the Company, person or
 member of a committee authorised under Bye-law 124, Resident Representative of the Company or any of their respective heirs, executors or administrators on account of any action taken by any such person, or the failure of any such person to
 take any action in the performance of his duties, or supposed duties, to the Company or otherwise in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174. The restrictions on liability, indemnities and waivers provided for in Bye-laws 167 to 173 inclusive shall not extend to any matter which would render the same void pursuant to the Companies Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175. The restrictions on liability, indemnities and waivers contained in Bye-laws 167 to 173 inclusive shall be in addition to any rights which any person concerned may otherwise be entitled by contract or as a matter of
 applicable Bermuda law.

#### CONTINUATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176. Subject to the Companies Acts, the Company may with the approval of the Board by resolution adopted by a majority of Directors then in office, approve the discontinuation of the Company in Bermuda and the
 continuation of the Company in a jurisdiction outside Bermuda.

#### ALTERATION OF BYE-LAWS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177. These Bye-laws may be amended from time to time in the manner provided for in the Companies Acts, provided that any such amendment shall only become operative to the extent that it has been confirmed by Resolution.

#### BENEFICIAL OWNERSHIP REGISTER
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178. (1) <br> Subject to Bye-law 178(2), the Company shall establish a beneficial ownership register and shall enter therein the information required by the Companies Acts (the "statutorily required information") and shall keep
 the statutorily required information up-to-date, correct and complete as required by the Companies Acts.

------

<sup>(2)</sup> Bye-law 178(1) shall not apply when the Company's shares are admitted to listing on an appointed stock exchange, including the Oslo Stock Exchange and Euronext Expand Oslo, or multi-lateral trading facility such as Euronext Growth Oslo or if the Company is otherwise exempt under the Companies Acts from the requirement to maintain a register of beneficial ownership.<br>

<br> (3) In this Bye-law 178(1) and in Bye-law 178(2), the expressions "beneficial owner" and "relevant legal entity" shall bear the same meaning as in the Companies Acts.

#### WARNING NOTICES AND DECISION NOTICES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179. In any case where the Company has served a notice on a Shareholder, beneficial owner or relevant legal entity requesting that such Shareholder, beneficial owner or relevant legal entity confirm, correct or provide
 any statutorily required information and such Shareholder, beneficial owner or relevant legal entity fails, without reasonable excuse, to confirm, correct or provide the information requested in the notice within the time limit specified by
 the Company in the notice, then the Company may (a) issue a warning notice to such Shareholder, beneficial owner or relevant legal entity advising of the Company's intentions to impose restrictions on the relevant shares or (b) issue a
 decision notice to such Shareholder, beneficial owner or relevant legal entity advising of the imposition of restrictions on the relevant shares or (c) apply to the court for an order directing that the shares in question be subject to
 restriction.

#### COMPANY INVESTIGATIONS INTO INTERESTS IN SHARES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180. For the purposes of Bye-laws 180 and 181:

(a) "**Relevant Share Capital**" means any class of the Company's issued share capital; and for the avoidance of doubt, any adjustment to or restriction on the voting rights attached to shares shall not affect the application of this Bye-law in relation to interests in those or any other shares;

(b) "**interest**" means, in relation to Relevant Share Capital, any interest of any kind whatsoever in any shares comprised therein (disregarding any restraints or restrictions to which the exercise of any right attached to the interest in the share is, or may be, subject) and without limiting the meaning of "interest" a person shall be taken to have an interest in a share if:

<br> (i) he or she enters into a contract for its purchase by him (whether for cash or other consideration); or

<br> (ii) not being the registered holder, he or she is entitled to exercise any right conferred by the holding of the share or is entitled to control the exercise of any such right; or

<br> (iii) he or she is a beneficiary of a trust where the property held on trust includes an interest in the share; or

<br> (iv) otherwise than by virtue of having an interest under a trust, he or she has a right to call for delivery of the share to himself or to his order; or

------

<br> (v) otherwise than by virtue of having an interest under a trust, he or she has a right to acquire an interest in the share or is under an obligation to take an interest in the share; or

<br> (vi) he has a right to subscribe for the share,

whether in any case the contract, right or obligation is absolute or conditional, legally enforceable or not and evidenced in writing or not, and it shall be immaterial that a share in which a person has an interest is unidentifiable;

<br> (c) a person is taken to be interested in any shares in which his spouse or civil partner or any infant child or step-child of his is interested; and "infant" means a person under the age of 18 years;

<br> (d) a person is taken to be interested in shares if a body corporate is interested in them and:

(i) that body or its directors are accustomed to act in accordance with his directions or instructions; or

<br> (ii) he is entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of that company,

PROVIDED THAT (a) where a person is entitled to exercise or control the exercise of one-third or more of the voting power at general meetings of a company and that company is entitled to exercise or control the exercise of any of the voting power at general meetings of another company (the "effective voting power") then, for purposes of Bye-law 180(d)(ii) above, the effective voting power is taken as exercisable by that person and (b) for purposes of this Bye-law 180(d), a person is entitled to exercise or control the exercise of voting power if he or she has a right (whether subject to conditions or not) the exercise of which would make him so entitled or he or she is under an obligation (whether or not so subject) the fulfilment of which would make him so entitled. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181. (1) The Company may give notice under this Bye-law (a "**Request Notice**") to any person whom the Company knows or has reasonable cause to
 believe:

<br> (a) to be interested in shares comprised in the Relevant Share Capital; or

<br> (b) to have been so interested at any time during the three (3) years immediately preceding the date on which the notice is issued.

<br> (2) The Request Notice may request the person:

<br> (a) to confirm that fact or (as the case may be) to indicate whether or not it is the case; and

<br> (b) if he holds, or has during that time held, any such interest, to give such further information as may be requested in accordance with Bye-law 181(1).

<br> (3) A Request Notice may request the person to whom it is addressed to give particulars of his own past or present interest in shares comprised in the Relevant Share Capital (held by him at any time during the three (3) year period mentioned in Bye-law 181(1)(b).

------

<br> (4) The Request Notice may request the person to whom it is addressed, where:

<br> (a) the interest is a present interest and any other interest in the shares subsists; or

<br> (b) another interest in the shares subsisted during that three year period at a time when his own interest subsisted,

<br>to give, so far as lies within his knowledge, such particulars with respect to that other interest as may be requested by the notice, including the identity of persons interested in the shares in question.

<br> (5) The Request Notice may request the person to whom it is addressed where his interest is a past interest, to give (so far as lies within his knowledge) particulars of the identity of the person who held that interest immediately upon his ceasing to hold it.

<br> (6) The information requested by a Request Notice must be given within such time as may be specified in the notice, being a period of not less than 5 days following service thereof.

<br> (7) For the purposes of this Bye-law 181:

<br> (a) a person shall be treated as appearing to be interested in any shares if the Shareholder holding such shares has given to the Company a notification whether following service of a Request Notice or otherwise which either:

<br> (i) names such person as being so interested; or

<br> (ii) (after taking into account any such notification and any other relevant information in the possession of the Company) the Company knows or has reasonable cause to believe that the person in question is or may be interested in the shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182. (1) For the purpose of this Bye-law:

(a) "**Exempt Transfer**" means, in relation to shares held by a Shareholder, a transfer by way of, or in pursuance of, acceptance of a takeover offer for the Company, meaning an offer to acquire all the shares, or all the shares of any class or classes, in the Company (other than shares which at the date of the offer are already held by the offeror), being an offer on terms which are the same in relation to all the shares to which the offer relates or, where those shares include shares of different classes, in relation to all the shares of each class (or an amalgamation or scheme of arrangement having equivalent effect).

(b) "**interested**" is construed as it is for the purpose of Bye-laws 180 and 181;

(c) a person, other than the Shareholder holding a share, shall be treated as appearing to be interested in such share if the Shareholder has informed the Company that the person is or may be so interested, or if the Company (after taking account of information obtained from the Shareholder or, pursuant to a Request Notice, from anyone else) knows or has reasonable cause to believe that the person is or may be so interested;

------

<br> (d) reference to a person having failed to give to the Company information required by Bye-law 180, or being in default of supplying such information, includes references to his having:

<br> (i) failed or refused to give all or any part of such information; and

<br> (ii) given information which he or she knows to be false in a material particular or recklessly given information which is false in a material particular; and

(e) "**transfer**" means a transfer of a share or (where applicable) a renunciation of a renounceable letter of allotment or other renounceable document of title relating to a share.

<sup>(2)</sup> Where a Request Notice is given by the Company to a Shareholder, or another person appearing to be interested in shares held by such Shareholder, and the Shareholder or other person has failed in relation to any shares ("Default Shares", which expression applies also to any shares issued after the date of the Request Notice in respect of those shares and to any other shares registered in the name of such Shareholder at any time whilst the default subsists) to give the Company the information required within fourteen (14) days after the date of service of the Request Notice (and whether or not the Request Notice specified a different period), unless the Board in its absolute discretion otherwise decides:<br>

(a) the Shareholder is not entitled in respect of the Default Shares to be present or to vote (either in person or by proxy) at a general meeting or at a separate meeting of the holders of a class of shares or at an adjourned meeting or on a poll, or to exercise other rights conferred by Shareholdership in relation to any such meeting or poll; and

<br> (b) where the Default Shares represent at least 0.25 per cent. in nominal value of the issued shares of their class:

<br> (i) a dividend (or any part of a dividend) payable in respect of the Default Shares (except on a winding up of the Company) may be withheld by the Company, which shall have no obligation to pay interest on such dividend;

<br> (ii) the Shareholder shall not be entitled to elect to receive shares instead of a dividend; and

<br> (iii) the Board may, in its absolute discretion, refuse to register the transfer of any Default Shares unless:

<br> (1) the transfer is an Exempt Transfer; or

<br> (2) the Shareholder is not himself in default in supplying the information required and proves to the satisfaction of the Board that no person in default of supplying the information required is interested in any of the shares which are the subject of the transfer.

<br> (3) The sanctions under Bye-law 182(2) shall cease to apply seven days after the earlier of:

<br> (a) receipt by the Company of notice of an Exempt Transfer, but only in relation to the shares transferred; and

------

<br> (b) receipt by the Company, in a form satisfactory to the Board, of all the information required by the Request Notice.

<br> (4) The Board may:

<br> (a) give notice in writing to any Shareholder holding Default Shares in uncertificated form requiring the Shareholder:

<br> (i) to change his holding of such shares from uncertificated form into certificated form within a specified period; and

<br> (ii) then to hold such Default Shares in certificated form for so long as the default subsists; and

<br> (b) appoint any person to take any steps in the name of any holder of Default Shares as may be required to change such shares from uncertificated form into certificated form (and such steps shall be effective as if they had been taken by such holder).

<br> (5) Any notice referred to in this Bye-law may be served by the Company upon the addressee either personally or by sending it through the post in a pre-paid letter addressed to the addressee at his usual or last known address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183. The provisions of Bye-laws 180, 181 and 182 are in addition to any and separate from other rights or obligations arising at law or otherwise.

#### PROPER FORUM
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184. Unless the Company consents in writing to the selection of an alternative forum, the sole and exclusive forum for any complaint asserting a cause of action arising under the United States Securities Act of 1933, as
 amended, or the United States Securities Exchange Act of 1934, as amended, to the fullest extent permitted by applicable law, shall be the United States federal district courts.

------

## Exhibit 1.3

**Exhibit 1.3**

---

| | |
|:---|:---|
| **FORM NO. 6** | **Registration No. 54129** |

---

![](ny20005919x6_ex1-3img014.jpg)

**BERMUDA**

**CERTIFICATE OF INCORPORATION**

I hereby in accordance with section 14 of ***the Companies Act 1981*** issue this Certificate of Incorporation and do certify that on the **31st** day of **October 2018**

**Cool Company Ltd.**

was registered by me in the Register maintained by me under the provisions of the said section and that the status of the said company is that of an **exempted** company.

---

| | |
|:---|:---|
| ![](ny20005919x6_ex1-3img015.jpg) | Given under my hand and the Seal of the REGISTRAR OF COMPANIES this **31st** day of **October 2018**<br>![](ny20005919x6_ex1-1img005.jpg)<br> Maria Boodram<br> for **Registrar of Companies** |

---

------

## Exhibit 2.1

------

 **Exhibit 2.1**

<br> **** 

<br> **THIS REGISTRATION RIGHTS AGREEMENT** (as it may be amended from time to time in accordance with the terms hereof, the "<u>Agreement</u>"), dated as of [●], 2023, is made by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Cool Company Ltd.**, a Bermuda exempted company (the "<u>Company</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Golar LNG Limited** ("<u>Golar</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EPS Ventures Ltd** ("<u>EPSV</u>" and, together with Golar and its respective Permitted Transferees, the "<u>Holders</u>"), and each of Golar and EPSV being a Holder.

#### RECITALS
**WHEREAS**, the Company is an owner, operator and manager of liquefied natural gas carriers that is intending to register its outstanding ordinary shares (the "Common Shares") under the U.S. Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>") pursuant to the filing of a registration statement with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") and list them for trading on the New York Stock Exchange ("<u>NYSE</u>") under the symbol "CLCO" (the "<u>Listing</u>");

**WHEREAS**, unless the context otherwise requires, capitalized terms used and not otherwise defined herein shall have the meanings ascribed in <u>Article II</u>;

**WHEREAS**, the Company and the Holders intend that the registration rights set forth in this Agreement be applicable to all outstanding Common Shares which are or may be owned by Golar and EPSV and by any of their Affiliates at any time during the term of this Agreement, and to all of the Common Shares that may be issued or granted at any time in the future on account or by virtue of such Common Shares, as set out in the definition of Registrable Securities below;

**NOW**, **THEREFORE**, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

#### ARTICLE I<br>EFFECTIVENESS
1.1 <u>Effectiveness</u>. This Agreement shall become effective upon the date of the Listing.

#### ARTICLE II<br>DEFINITIONS
2.1 <u>Definitions</u>. As used in this Agreement, the following terms shall have the following meanings:

"<u>Adverse Disclosure</u>" means public disclosure of material non-public information that, in the good faith judgment of the Board of Directors after the advice of counsel: (i) would be required to be made in any Registration Statement filed with the SEC by the Company so that such Registration Statement, from and after its effective date, does not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading when the Company has a bona fide business purpose for preserving such information as confidential; (ii) would reasonably be expected to adversely affect or interfere with any material financing or other material transaction under consideration by the Company; and (iii) would not be required to be made at such time but for the filing, effectiveness or continued use of such Registration Statement when the Company has a bona fide business purpose for preserving such information as confidential.

------

"<u>Affiliate</u>" of any specified Person means any other person which, directly or indirectly, is in control of, is controlled by, or is under common control with, such specified Person. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing.

"<u>Agreement</u>" shall have the meaning set forth in the preamble.

"<u>Beneficial Owner</u>" means, with respect to any security, any Person who directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares (a) voting power, which includes the power to vote, or to direct the voting of, such security or (b) investment power, which includes the power to dispose, or to direct the disposition of, such security. The terms "Beneficially Own" and "Beneficial Ownership" shall have correlative meanings.

"<u>Board of Directors</u>" means the board of directors of the Company.

"<u>Business Day</u>" means any calendar day other than a Saturday, Sunday or other day on which commercial banks in New York, New York; Oslo, Norway; London, United Kingdom; or Hamilton, Bermuda are authorized or required to close.

"<u>Common Shares</u>" shall have the meaning set forth in the recitals.

"<u>Company</u>" shall have the meaning set forth in the preamble.

"<u>Demand Notice</u>" shall have the meaning set forth in <u>Section 3.1(c)</u>.

"<u>Demand Registration</u>" shall have the meaning set forth in <u>Section 3.1(a)(i)</u>.

"<u>Demand Registration Request</u>" shall have the meaning set forth in <u>Section 3.1(a)(i)</u>.

"<u>Exchange Act</u>" shall have the meaning set forth in the recitals.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority.

"<u>Holders</u>" shall have the meaning set forth in the preamble.

------

"<u>Issuer Free Writing Prospectus</u>" means an issuer free writing prospectus, as defined in Rule 433 under the Securities Act, relating to an offer of the Registrable Securities.

"<u>Loss</u>" shall have the meaning set forth in <u>Section 3.9(a)</u>.

"<u>Permitted Transferee</u>" means with respect to any holder of Registrable Securities, (i) any Affiliate or successor entity of such holder or (ii) any Person established for the benefit of, and Beneficially Owned solely by, the holder or the direct or indirect owner(s) of the holder.

"<u>Person</u>" means and includes an individual, a corporation, a partnership, a limited liability company, a trust, an unincorporated organization, a government or any department or agency thereof, or any entity similar to any of the foregoing.

"<u>Piggyback Notice</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Piggyback Registration</u>" shall have the meaning set forth in <u>Section 3.3(a)</u>.

"<u>Pledge Holder</u>" shall have the meaning set forth in <u>Section 4.4</u>.

"<u>Potential Takedown Participant</u>" shall have the meaning set forth in <u>Section 3.2(b)</u>.

"<u>Pro Rata Portion</u>" means, with respect to each Holder requesting that its shares be registered or sold, a number of such shares equal to the aggregate number of Registrable Securities requested to be registered (excluding any shares to be registered or sold for the account of the Company) multiplied by a fraction, the numerator of which is the aggregate number of Registrable Securities then held by such Holder, and the denominator of which is the aggregate number of Registrable Securities then held by all Holders requesting that their Registrable Securities be registered or sold.

"<u>Prospectus</u>" means (i) the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments and supplements, and all other material incorporated by reference in such prospectus, and (ii) any Issuer Free Writing Prospectus.

"<u>Public Offering</u>" means the offer and sale of Registrable Securities for cash pursuant to an effective Registration Statement under the Securities Act (other than a Registration Statement on Form F-4 or Form S-8 or any successor form).

"<u>Registrable Securities</u>" means (i) any Common Shares owned by a Holder during the term of this Agreement, and (ii) any shares issued or issuable with respect to such Common Shares as a result of any stock split, stock dividend, rights offering, recapitalization, merger, exchange or similar event or otherwise.

"<u>Registration</u>" means registration under the Securities Act of the offer and sale of shares of Common Shares under a Registration Statement. The terms "register," "registered" and "registering" shall have correlative meanings.

"<u>Registration Expenses</u>" shall have the meaning set forth in <u>Section 3.8</u>.

------

"<u>Registration Statement</u>" means any registration statement of the Company filed with, or to be filed with, the SEC under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement other than a registration statement (and related Prospectus) filed on Form F-4 or Form S-8 or any successor forms thereto.

"<u>Representatives</u>" means, with respect to any Person, any of such Person's officers, directors, employees, agents, attorneys, accountants, actuaries, consultants, equity financing partners, advisors or other Person associated with, or acting on behalf of, such Person.

"<u>Rule 144</u>" means Rule 144 under the Securities Act (or any successor rule).

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Act</u>" means the Securities Act of 1933.

"<u>Selling Stockholder Information</u>" shall have the meaning set forth in <u>Section 3.9(a)</u>.

"<u>Shelf Registration</u>" means any Registration pursuant to Rule 415 under the Securities Act.

"<u>Shelf Registration Request</u>" shall have the meaning set forth in <u>Section 3.1(a)(ii)</u>.

"<u>Shelf Registration Statement</u>" means a Registration Statement filed with the SEC pursuant to Rule 415 under the Securities Act.

"<u>Shelf Takedown Notice</u>" shall have the meaning set forth in <u>Section 3.2(b)</u>.

"<u>Shelf Takedown Request</u>" shall have the meaning set forth in <u>Section 3.2</u>.

"<u>Suspension</u>" shall have the meaning set forth in <u>Section 3.1(f)</u>.

"<u>Trading Day</u>" means a day on which the principal U.S. securities exchange on which the Common Shares is listed or admitted to trading is open for the transaction of business (unless such trading shall have been suspended for the entire day) or, if the Common Shares is not listed or admitted to trading on such an exchange, Trading Day shall mean a Business Day.

"<u>Transfer</u>" means, with respect to any Registrable Security, any interest therein, or any other securities or equity interests relating thereto, a direct or indirect transfer, sale, exchange, assignment, pledge, hypothecation or other encumbrance or other disposition thereof, including the grant of an option or other right, whether directly or indirectly, whether voluntarily, involuntarily, by operation of law, pursuant to judicial process or otherwise. "<u>Transferred</u>" shall have a correlative meaning.

"<u>Underwritten Offering</u>" means an underwritten offering, including any bought deal or block sale to a financial institution conducted as an Underwritten Offering.

------

"<u>Underwritten Shelf Takedown</u>" means an Underwritten Offering pursuant to an effective Shelf Registration Statement.

"<u>WKSI</u>" means any Securities Act registrant that is a well-known seasoned issuer as defined in Rule 405 under the Securities Act at the most recent eligibility determination date specified in paragraph (2) of that definition.

2.2 <u>Other Interpretive Provisions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words "hereof," "herein," "hereunder" and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any subsection and Section references are to this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The term "including" is not limiting and means "including without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The captions and headings of this Agreement are for convenience of reference only and shall not affect the interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whenever the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

#### ARTICLE III<br>REGISTRATION RIGHTS
The Company shall perform and comply, and cause each of its subsidiaries to perform and comply, with such of the following provisions as are applicable to them. Each Holder shall perform and comply with such of the following provisions as are applicable to such Holder.

3.1 <u>Demand Registration</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Request for Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Following the Listing, subject to <u>Section 3.4</u>, any Holder shall have the right, for itself or together with one or more other Holders, to make a written request from time to time (a "<u>Demand Registration Request</u>") to the Company for Registration of all or part of the Registrable Securities held by such Holder (a "<u>Demand Registration</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Demand Registration Request shall specify (x) the aggregate amount of Registrable Securities proposed to be registered, (y) the intended method or methods of disposition thereof and (z) whether the Demand Registration Request is for an Underwritten Offering or a Shelf Registration (a "<u>Shelf Registration Request</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon receipt of a Demand Registration Request, the Company shall prepare and file with the SEC a Registration Statement registering the offering and sale of the number and type of Registrable Securities on the terms and conditions specified in the Demand Registration Request in accordance with the intended timing and method or methods of distribution thereof specified in the Demand Registration Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If a Demand Registration Request is for a Shelf Registration, and the Company is eligible to file a Registration Statement on Form F-3, the Company shall promptly file with the SEC a Shelf Registration Statement on Form F-3 pursuant to Rule 415 under the Securities Act relating to the offer and sale of Registrable Securities by the initiating Holders from time to time in accordance with the methods of distribution elected by such Holders, subject to all applicable provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Demand Registration Request is for a Shelf Registration and the Company is not eligible to file a Registration Statement on Form F-3, the Company shall promptly file with the SEC a Shelf Registration Statement on Form F-1 or any other form that the Company is then permitted to use pursuant to Rule 415 under the Securities Act (or such other Registration Statement as the Board of Directors may determine to be appropriate) relating to the offer and sale of Registrable Securities by the initiating Holders from time to time in accordance with the methods of distribution elected by such Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If on the date of the Shelf Registration Request the Company is a WKSI, then any Shelf Registration Statement may (if the Board of Directors determines it to be appropriate to do so) include an unspecified amount of Registrable Securities to be sold by unspecified Holders; if on the date of the Shelf Registration Request the Company is not a WKSI, then the Shelf Registration Request shall specify the aggregate amount of Registrable Securities to be registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation on Registrations</u>. The Company shall not be obligated to take any action to effect any Demand Registration if: (i) a Demand Registration or Piggyback Registration was declared effective or an Underwritten Offering was consummated by either the Company or the Holders within the preceding 90 days; (ii) the Company has filed another Registration Statement (other than on Form S-8 or Form F-4 or any successor thereto) that has not yet become effective; (iii) if such Demand Registration is with respect to less than all of the initiating Holder's Registrable Securities, the value of the Registrable Securities proposed to be sold by the initiating Holders have an aggregate market value of at least $20 million, in the case of a Shelf Registration on Form F-3, or in the case of an Underwritten Offering, of at least $40 million; <u>provided</u> that, for the purposes of clauses (i) and (ii), any Registration Statement withdrawn pursuant to <u>Section 3.1(d)</u> shall not affect the Company's obligation to effect any Demand Registration. Subject to the other limitations contained in this Agreement, the Company is not obligated hereunder to effect more than two (2) Demand Registrations in any twelve (12) month period; a registration will not count as a requested registration under this <u>Section 3.1</u> until the Registration Statement relating to such registration has been declared effective by the SEC and unless the requesting Holder was able to register all the Registrable Securities requested by it to be included in such registration.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Demand Notice</u>. Promptly upon receipt of a Demand Registration Request pursuant to <u>Section 3.1(a)</u> (but in no event more than 10 Business Days thereafter), the Company shall deliver a written notice of the Demand Registration Request to all other Holders, if any, offering each such Holder the opportunity to include in the Demand Registration that number of Registrable Securities as the Holder may request in writing (the "<u>Demand Notice</u>"). Subject to <u>Section 3.1(g)</u>, the Company shall include in the Demand Registration all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within five Business Days after the date that the Demand Notice was delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Demand Withdrawal</u>. Each Holder that has requested the inclusion of Registrable Securities in a Registration (other than a Registration in connection with a Public Offering) pursuant to <u>Sections 3.1(a)</u> or <u>(c)</u> may withdraw all or any portion of its Registrable Securities from that registration at any time prior to the effectiveness of the applicable Registration Statement by delivering written notice to the Company. Upon receipt of a notice or notices withdrawing (i) all of the Registrable Securities included in that Registration Statement by the initiating Holder or (ii) a number of such Registrable Securities so as to cause the expected net proceeds to fall below the applicable threshold set forth in <u>Section 3.1(b)</u>, the Company shall cease all efforts to secure effectiveness of the applicable Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effectiveness</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use reasonable best efforts to cause any Registration Statement filed by it pursuant to this Agreement to become effective as promptly as practicable, subject to all applicable provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall use commercially reasonable efforts to keep any Shelf Registration Statement filed on Form F-3 continuously effective under the Securities Act to permit the Prospectus forming a part of it to be usable by Holders until the earlier of: (A) the date as of which all Registrable Securities have been sold pursuant to that Shelf Registration Statement or another Registration Statement filed under the Securities Act (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder); (B) the date as of which no Holder whose Registrable Securities are registered on such Form F-3 holds Registrable Securities; (C) any date reasonably determined by the Board of Directors to be appropriate, excluding any date that is fewer than two years after the effectiveness of the Registration Statement; and (D) the third anniversary of the effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Registration Statement filed is a Shelf Registration Statement on any form other than Form F-3 and such Registration Statement was not filed in connection with an Underwritten Offering, the Company shall use commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act until such time as the Company is eligible to file a Shelf Registration Statement on Form F-3 covering the Registrable Securities thereon or such shorter period during which all Registrable Securities included in the Registration Statement have actually been sold.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Registration Statement filed is a Shelf Registration Statement on any form other than Form F-3 and such Registration Statement was filed in connection with an Underwritten Offering, the Company shall use commercially reasonable efforts to keep the Registration Statement continuously effective under the Securities Act, for a period of at least 180 days after the effective date thereof or such other period as the underwriters for any Underwritten Offering may determine to be appropriate, or such shorter period during which all Registrable Securities included in the Registration Statement have actually been sold; <u>provided</u> that such period shall be extended for a period of time equal to the period the Holders of Registrable Securities may be required to refrain from selling any securities included in the Registration Statement at either the request of the Company or an underwriter of the Company pursuant to the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Delay in Filing; Suspension of Registration</u>. If the filing, initial effectiveness or continued use of a Registration Statement at any time would require the Company to make an Adverse Disclosure, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, the Registration Statement (a "<u>Suspension</u>"); <u>provided</u>, <u>however</u>, that the Company shall use its commercially reasonable efforts to avoid exercising a Suspension (i) for a period exceeding 60 days on any one occasion or (ii) for an aggregate of more than 120 days in any 12-month period. The written notice of such Suspension shall provide a good faith estimate as to the anticipated duration of such Suspension. In the case of a Suspension, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase, or offer to sell or purchase, Registrable Securities, upon receipt of the notice referred to above. The Company shall immediately notify the Holders in writing upon the termination of any Suspension. The Company shall, if necessary, amend or supplement the Prospectus so it does not contain any untrue statement or omission and furnish to the Holders such numbers of copies of the Prospectus as so amended or supplemented as the Holders may reasonably request. The Company shall, if necessary, supplement or amend the Registration Statement, if required by the registration form used by the Company for the Registration Statement or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of Registrable Securities that are included in such Registration Statement. During any Suspension, the Company shall not engage in any transaction involving the offer, issuance, sale or purchase of Common Shares (whether for the benefit of the Company or a third Person), except transactions involving the issuance or purchase of Common Shares as contemplated (i) by Company employee benefit plans or employee or director arrangements and (ii) the Company's entry into an agreement for any merger, acquisition or sale involving the proposed issuance of its Common Shares following the Suspension.

&nbsp;&nbsp;&nbsp;&nbsp; (g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Priority of Securities in Underwritten Offerings</u>. If the managing underwriter or underwriters of any proposed Underwritten Offering advise the Company in writing that, in its or their reasonable opinion, the number of securities requested to be included in the proposed offering exceeds the number that can be sold in that offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, the number of Registrable Securities to be included shall be allocated, (x) first, one hundred percent (100%) to the initiating Holder, (y) second, and only if all securities referred to in clause (x) have been included, to each other Holder that has requested to participate in such Underwritten Offering an amount equal to the lesser of (i) the number of such Registrable Securities requested to be registered or sold by such Holder, and (ii) a number of such shares equal to such Holder's Pro Rata Portion, and (y) third, and only if all securities referred to in clause (x) and clause (y) have been included, any other securities eligible for inclusion.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Participation in Underwritten Offerings</u>. No Person may participate in any Underwritten Offering hereunder unless that Person agrees to sell the Registrable Securities it desires to have covered by the applicable Registration Statement on the basis provided in any underwriting arrangements in customary form and completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of the underwriting arrangements; <u>provided</u> that no Person shall be required to make representations and warranties other than those related to title and ownership of their shares and as to the accuracy and completeness of statements made in a Registration Statement, prospectus, offering circular, or other document in reliance upon and conformity with written information furnished to the Company or the managing underwriter by such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Resale Rights</u>. In the event that a Holder that is a partnership, limited liability company, trust or similar entity requests to participate in a Registration pursuant to this <u>Section 3.1</u> in connection with a distribution of Registrable Securities to its partners, members or beneficiaries, the Registration shall provide for resale by such partners, members or beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Shelf Takedowns</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time the Company has an effective Shelf Registration Statement with respect to Registrable Securities, a Holder, by notice to the Company specifying the intended method or methods of disposition thereof, may make a written request (a "<u>Shelf Takedown Request</u>") that the Company effect an Underwritten Shelf Takedown of all or a portion of such Holder's Registrable Securities that are registered on such Shelf Registration Statement, and as soon as practicable thereafter, the Company shall amend or supplement the Shelf Registration Statement as necessary for such purpose, subject to all applicable provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Promptly upon receipt of a Shelf Takedown Request (but in no event more than two Business Days thereafter (or such shorter period as may be reasonably requested in connection with an underwritten "block trade")) for any Underwritten Shelf Takedown, the Company shall deliver a notice (a "<u>Shelf Takedown Notice</u>") to each other Holder with Registrable Securities covered by the applicable Registration Statement, or to all other Holders if such Registration Statement is undesignated (each a "<u>Potential Takedown Participant</u>"). The Shelf Takedown Notice shall offer each such Potential Takedown Participant the opportunity to include in any Underwritten Shelf Takedown such number of Registrable Securities as each such Potential Takedown Participant may request in writing. The Company shall include in the Underwritten Shelf Takedown all such Registrable Securities with respect to which the Company has received written requests for inclusion therein within three Business Days (or such shorter period as may be reasonably requested in connection with an underwritten "block trade") after the date that the Shelf Takedown Notice has been delivered. Any Potential Takedown Participant shall have the right to withdraw its request to participate in an Underwritten Shelf Takedown by giving written notice to the Company of its request to withdraw; <u>provided, however</u>, that such request must be made in writing prior to the execution of the underwriting agreement; <u>provided, further</u>, that any such withdrawing Holder shall have no rights under this Agreement to initiate an Underwritten Shelf Takedown for six (6) months following the date of such written notice to the Company of its withdrawal. For the avoidance of doubt, any other Holder that is participating in the same Underwritten Shelf Takedown that has not submitted such a request to withdraw may continue to participate in the takedown without effect to its rights under this <u>Section 3.2</u>. Notwithstanding the delivery of any Shelf Takedown Notice, all determinations as to whether to complete any Underwritten Shelf Takedown and as to the timing, manner, price and other terms of any Underwritten Shelf Takedown contemplated by this <u>Section 3.2</u> shall be determined by the initiating Holders.

------

&nbsp;&nbsp;&nbsp;&nbsp; 3.3 <u>Piggyback Registration</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Participation</u>. If the Company at any time proposes to file a Registration Statement under the Securities Act or to conduct a Public Offering with respect to any offering of its equity securities for its own account or for the account of any other Persons (other than (i) a Registration under <u>Sections 3.1</u> or <u>3.2</u>, (ii) a Registration on Form F-4 or Form S-8 or any successor form to such forms, (iii) a Registration of securities solely relating to an offering and sale to employees or directors of the Company or its subsidiaries pursuant to any employee stock plan, employee stock purchase plan or other employee benefit plan arrangement, (iv) a Registration solely for the registration of securities issuable upon the conversion, exchange or exercise of any then-outstanding security of the Company or (v) a Registration relating to a dividend reinvestment plan), then as soon as practicable (but in no event less than 10 Business Days prior to the proposed date of filing of such Registration Statement or, in the case of a Public Offering under a Shelf Registration Statement, the anticipated pricing or trade date), the Company shall give written notice (a "<u>Piggyback Notice</u>") of such proposed filing or Public Offering to all Holders, and such Piggyback Notice shall offer the Holders the opportunity to register under such Registration Statement, or to sell in such Public Offering, such number of Registrable Securities as each such Holder may request in writing (a "<u>Piggyback Registration</u>"). Subject to <u>Section 3.1(b)</u>, the Company shall include in such Registration Statement or in such Public Offering as applicable, all such Registrable Securities that are requested to be included therein within five Business Days after the receipt by such Holder of any such notice; <u>provided</u>, <u>however</u>, that if at any time after giving written notice of its intention to register or sell any securities and prior to the effective date of the Registration Statement filed in connection with such Registration, or the pricing or trade date of a Public Offering under a Shelf Registration Statement, the Company determines for any reason not to register or sell or to delay Registration or the sale of such securities, the Company shall give written notice of such determination to each Holder and, thereupon, (i) in the case of a determination not to register or sell, shall be relieved of its obligation to register or sell any Registrable Securities in connection with such Registration or Public Offering (but not from its obligation to pay the Registration Expenses in connection therewith), without prejudice, however, to the rights of any Holders entitled to request that such Registration or sale be effected as a Demand Registration under <u>Section 3.1</u> or an Underwritten Shelf Takedown, as the case may be, and (ii) in the case of a determination to delay Registration or sale, in the absence of a request for a Demand Registration or an Underwritten Shelf Takedown, as the case may be, shall also be permitted to delay registering or selling any Registrable Securities. Any Holder shall have the right to withdraw all or part of its request for inclusion of its Registrable Securities in a Piggyback Registration by giving written notice to the Company of its request to withdraw prior to the pricing of such securities being registered in such Piggyback Registration.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Priority of Piggyback Registration</u>. If the managing underwriter or underwriters of any proposed offering of Registrable Securities included in a Piggyback Registration informs the Company and the participating Holders in writing that, in its or their opinion, the number of securities that such Holders and any other Persons intend to include in such offering exceeds the number that can be sold in such offering without being likely to have a significant adverse effect on the price, timing or distribution of the securities offered or the market for the securities offered, then the securities to be included in such Registration shall be, (x) first, one hundred percent (100%) of the securities that the Company proposes to sell, (y) second, and only if all the securities referred to in clause (x) have been included, the number of Registrable Securities that, in the opinion of such managing underwriter or underwriters, can be sold without having such adverse effect, with such number to be allocated among the Holders that have requested to participate in such Registration based on an amount equal to the lesser of (i) the number of such Registrable Securities requested to be sold by such Holder, and (ii) a number of such shares equal to such Holder's Pro Rata Portion, and (z) third, and only if all of the Registrable Securities referred to in clause (ii) have been included in such Registration, any other securities eligible for inclusion in such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Effect on Other Registrations</u>. No Registration of Registrable Securities effected pursuant to a request under this <u>Section 3.3</u> shall be deemed to have been effected pursuant to <u>Section 3.1</u> or shall relieve the Company of its obligations under <u>Section 3.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Limitations on Registrations and Underwritten Offerings</u>. Notwithstanding the rights and obligations set forth in <u>Section 3.1</u> and <u>Section 3.2</u>, in no event shall the Company be obligated to take any action to effect any Demand Registration or any Underwritten Shelf Take-Down within 90 days after the consummation of a previous Demand Registration or Underwritten Shelf Take-Down.

&nbsp;&nbsp;&nbsp;&nbsp; 3.5 <u>Registration Procedures</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Requirements</u>. In connection with the Company's obligations under <u>Sections 3.1</u> and <u>3.3</u>, the Company shall use its commercially reasonable efforts to effect such Registration and to permit the sale of such Registrable Securities in accordance with the intended method or methods of distribution thereof as expeditiously as reasonably practicable, and in connection therewith the Company shall use its commercially reasonable efforts to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as promptly as practicable, prepare the required Registration Statement, including all exhibits and financial statements required under the Securities Act to be filed therewith and Prospectus, and, before filing a Registration Statement or Prospectus or any amendments or supplements thereto, (x) furnish to the underwriters, if any, and to the Holders of the Registrable Securities covered by such Registration Statement, copies of all documents prepared to be filed, which documents shall be subject to the review of such underwriters and such Holders and their respective counsel, (y) make such changes in such documents concerning the Holders prior to the filing thereof as such Holders, or their counsel, may reasonably request and (z) except in the case of a Registration under <u>Section 3.3</u>, not file any Registration Statement or Prospectus or amendments or supplements thereto to which participating Holders, in such capacity, or the underwriters, if any, shall reasonably object;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare and file with the SEC such amendments and post-effective amendments to such Registration Statement and supplements to the Prospectus as may be (x) reasonably requested by any participating Holder with Registrable Securities covered by such Registration Statement, (y) reasonably requested by any participating Holder (to the extent such request relates to information relating to such Holder) or (z) necessary to keep such Registration Statement effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify the participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such notice in writing and provide copies of the relevant documents, as soon as reasonably practicable after notice thereof is received by the Company (a) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or any amendment or supplement thereto has been filed, (b) of any written comments by the SEC, or any request by the SEC or other federal or state governmental authority for amendments or supplements to such Registration Statement or such Prospectus, or for additional information (whether before or after the effective date of the Registration Statement) or any other correspondence with the SEC relating to, or which may affect, the Registration, (c) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final Prospectus or the initiation or threatening of any proceedings for such purposes, (d) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects and (e) of the receipt by the Company of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; promptly notify each selling Holder and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement or the Prospectus included in such Registration Statement (as then in effect) contains any untrue statement of a material fact or omits to state a material fact necessary to make the statements therein (in the case of such Prospectus or any preliminary Prospectus, in light of the circumstances under which they were made) not misleading, when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement or Prospectus in order to comply with the Securities Act and, as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the selling Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement or Prospectus, which shall correct such misstatement or omission or effect such compliance;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the extent the Company is eligible under the relevant provisions of Rule 430B under the Securities Act, if the Company files any Shelf Registration Statement, the Company shall include in such Shelf Registration Statement such disclosures as may be required by Rule 430B under the Securities Act (referring to the unnamed selling security holders in a generic manner by identifying the initial offering of the securities to the Holders) in order to ensure that the Holders may be added to such Shelf Registration Statement at a later time through the filing of a Prospectus supplement rather than a post-effective amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prevent, or obtain the withdrawal of, any stop order or other order or notice preventing or suspending the use of any preliminary or final Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; promptly incorporate in a Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment such information as the managing underwriter or underwriters and the participating Holders agree should be included therein relating to the plan of distribution with respect to such Registrable Securities; and make all required filings of such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment as soon as reasonably practicable after being notified of the matters to be incorporated in such Prospectus supplement, Issuer Free Writing Prospectus or post-effective amendment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; furnish to each selling Holder and each underwriter, if any, without charge, as many conformed copies as such Holder or underwriter may reasonably request of the applicable Registration Statement and any amendment or post-effective amendment or supplement thereto, including financial statements and schedules, all documents incorporated therein by reference and all exhibits (including those incorporated by reference);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deliver to each selling Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus) and any amendment or supplement thereto and such other documents as such Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Holder or underwriter (it being understood that the Company shall consent to the use of such Prospectus or any amendment or supplement thereto by each of the selling Holders and the underwriters, if any, in connection with the offering and sale of the Registrable Securities covered by such Prospectus or any amendment or supplement thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on or prior to the date on which the applicable Registration Statement becomes effective, use its commercially reasonable efforts to register or qualify, and cooperate with the selling Holders, the managing underwriter or underwriters, if any, and their respective counsel, in connection with the Registration or qualification of such Registrable Securities for offer and sale under the securities or "Blue Sky" laws of each state and other jurisdiction as any such selling Holder or managing underwriter or underwriters, if any, or their respective counsel reasonably request in writing and do any and all other acts or things reasonably necessary or advisable to keep such Registration or qualification in effect for such period as required by <u>Section 3.1</u>, as applicable; <u>provided</u> that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cooperate with the selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends; and enable such Registrable Securities to be in such denominations and registered in such names as the managing underwriters may request prior to any sale of Registrable Securities to the underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cause the Registrable Securities covered by the applicable Registration Statement to be registered with or approved by such other U.S. governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to consummate the disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; make such representations and warranties to the Holders being registered, and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in public offerings similar to the offering then being undertaken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; enter into such customary agreements (including underwriting and indemnification agreements) and take all such other actions as the participating Holders or the managing underwriter or underwriters, if any, reasonably request in order to expedite or facilitate the Registration and disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of an Underwritten Offering, obtain for delivery to the underwriter or underwriters, if any, an opinion or opinions from counsel for the Company dated the date of the closing under the underwriting agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such underwriters and their counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of an Underwritten Offering, obtain for delivery to the Company and the managing underwriter or underwriters, with copies to the Holders included in such Registration or sale, a comfort letter from the Company's independent certified public accountants or independent auditors (and, if necessary, any other independent certified public accountants or independent auditors of any subsidiary of the Company or any business acquired by the Company for which financial statements and financial data are, or are required to be, included in the Registration Statement) in customary form and covering such matters of the type customarily covered by comfort letters as the managing underwriter or underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under the underwriting agreement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cooperate with each seller of Registrable Securities and each underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; comply with all applicable securities laws and, if a Registration Statement was filed, make available to its security holders, as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and the rules and regulations promulgated thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to cause all Registrable Securities covered by the applicable Registration Statement to be listed on each securities exchange on which any of the Company's equity securities are then listed or quoted and on each inter-dealer quotation system on which any of the Company's equity securities are then quoted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; make available upon reasonable notice at reasonable times and for reasonable periods for inspection by any underwriter participating in any disposition to be effected pursuant to such Registration Statement and by any attorney, accountant or other agent retained by any such underwriter, all pertinent financial and other records and pertinent corporate documents and properties of the Company, and cause all of the Company's officers, directors and employees and the independent public accountants who have certified its financial statements to make themselves available to discuss the business of the Company and to supply all information reasonably requested by any such Person in connection with such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in the case of an Underwritten Offering, cause the senior executive officers of the Company to participate in the customary "road show" presentations that may be reasonably requested by the managing underwriter or underwriters in any such offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; take no direct or indirect action prohibited by Regulation M under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; take all such other commercially reasonable actions as are necessary or advisable in order to expedite or facilitate the disposition of such Registrable Securities in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Company Information Requests</u>. The Company may require each seller of Registrable Securities as to which any Registration or sale is being effected to furnish to the Company such information regarding the distribution of such securities and such other information relating to such Holder and its ownership of Registrable Securities as may be legally required for the Registration of such Registrable Securities, and the Company may exclude from such Registration or sale the Registrable Securities of any such Holder who unreasonably fails to furnish such information within a reasonable time after receiving such request. Each Holder agrees to furnish such information to the Company and to cooperate with the Company as reasonably necessary to enable the Company to comply with the provisions of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Discontinuing Registration</u>. Each Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section 3.5(a)(iv)</u>, such Holder shall discontinue disposition of Registrable Securities pursuant to such Registration Statement until such Holder's receipt of the copies of the supplemented or amended Prospectus contemplated by <u>Section 3.5(a)(iv)</u>, or until such Holder is advised in writing by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus, or any amendments or supplements thereto, and if so directed by the Company, such Holder shall deliver to the Company (at the Company's expense) all copies, other than permanent file copies then in such Holder's possession, of the Prospectus covering such Registrable Securities current at the time of receipt of such notice. In the event the Company shall give any such notice, the period during which the applicable Registration Statement is required to be maintained effective shall be extended by the number of days during the period from and including the date of the giving of such notice to and including the date when each seller of Registrable Securities covered by such Registration Statement either receives the copies of the supplemented or amended Prospectus contemplated by <u>Section 3.5(a)(iv)</u> or is advised in writing by the Company that the use of the Prospectus may be resumed.

&nbsp;&nbsp;&nbsp;&nbsp; 3.6 <u>Underwritten Offerings</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Shelf and Demand Registrations</u>. If requested by the underwriters for any Underwritten Offering, pursuant to a Registration or sale under <u>Section 3.1</u>, the Company shall enter into an underwriting agreement with such underwriters, such agreement to be reasonably satisfactory in substance and form to each of the Company, the participating Holders and the underwriters, and to contain such representations and warranties by the Company and such other terms as are generally prevailing in agreements of that type, including indemnities no less favorable to the recipient thereof than those provided in <u>Section 3.9</u>. The Holders of the Registrable Securities proposed to be distributed by such underwriters shall cooperate with the Company in the negotiation of the underwriting agreement and shall give consideration to the reasonable suggestions of the Company regarding the form thereof, and such Holders shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder's title to the Registrable Securities, such Holder's intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder under such agreement shall not exceed such Holder's proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Piggyback Registrations</u>. If the Company proposes to register or sell any of its securities under the Securities Act as contemplated by <u>Section 3.3</u> and such securities are to be distributed through one or more underwriters, the Company shall, if requested by any Holder pursuant to <u>Section 3.3</u>, and subject to the provisions of <u>Section 3.3(b)</u>, use its commercially reasonable efforts to arrange for such underwriters to include on the same terms and conditions that apply to the other sellers in such Registration or sale all the Registrable Securities to be offered and sold by such Holder among the securities of the Company to be distributed by such underwriters in such Registration or sale. The Holders of Registrable Securities to be distributed by such underwriters shall be parties to the underwriting agreement between the Company and such underwriters and shall complete and execute all questionnaires, powers of attorney and other documents reasonably requested by the underwriters and required under the terms of such underwriting arrangements. Any such Holder shall not be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties or agreements regarding such Holder, such Holder's title to the Registrable Securities, such Holder's intended method of distribution and any other representations to be made by the Holder as are generally prevailing in agreements of that type, and the aggregate amount of the liability of such Holder shall not exceed such Holder's proceeds from the sale of its Registrable Securities in the offering, net of underwriting discounts and commissions but before expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Selection of Underwriters</u>. In the case of an Underwritten Offering under <u>Sections 3.1</u> or <u>3.2</u>, the managing underwriter or underwriters to administer the offering shall be determined by the Holders holding a majority of the Registrable Securities being sold; <u>provided</u> that such underwriter or underwriters shall be reasonably acceptable to the Company.

 <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> 3.7 <u>No Inconsistent Agreements</u>. Neither the Company nor any of its subsidiaries shall hereafter enter into, and neither the Company nor any of its subsidiaries is currently a party to, any agreement with respect to its securities that is inconsistent with the rights granted to the Holders by this Agreement.

 <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> 3.8 <u>Registration Expenses</u>. All expenses incident to the Company's performance of or compliance with this Agreement shall be paid by the Company, including (i) all registration and filing fees, and any other fees and expenses associated with filings required to be made with the SEC or FINRA, (ii) all fees and expenses in connection with compliance with any securities or "Blue Sky" laws (including reasonable fees and disbursements of counsel for the underwriters in connection with Blue Sky qualifications of the Registrable Securities), (iii) all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses), (iv) all fees and disbursements of counsel for the Company and of all independent certified public accountants or independent auditors of the Company and any subsidiaries of the Company (including the expenses of any special audit and comfort letters required by or incident to such performance), (v) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or quotation of the Registrable Securities on any inter-dealer quotation system, (vi) all fees and expenses of any special experts or other Persons retained by the Company in connection with any Registration or sale, (vii) all of the Company's internal expenses (including all salaries and expenses of its officers and employees performing legal or accounting duties) and (viii) all expenses related to the "road show" for any Underwritten Offering (including the reasonable out-of-pocket expenses of the Holders and underwriters, if so requested). All such expenses are referred to herein as "<u>Registration Expenses</u>." The Company shall not be required to pay any fees and disbursements to underwriters not customarily paid by the issuers of securities in an offering similar to the applicable offering, including underwriting discounts and commissions and transfer taxes, if any, attributable to the sale of Registrable Securities.

------

&nbsp;&nbsp;&nbsp;&nbsp; 3.9 <u>Indemnification</u><u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification by the Company</u>. The Company shall indemnify and hold harmless, to the full extent permitted by law, each Holder, each shareholder, member, limited or general partner of such Holder, each shareholder, member, limited or general partner of each such shareholder, member, limited or general partner, each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each of their respective Representatives from and against any and all losses, penalties, judgments, suits, costs, claims, damages, liabilities and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a "<u>Loss</u>" and collectively "<u>Losses</u>") arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which such Registrable Securities are registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or (ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading; <u>provided</u> that no selling Holder shall be entitled to indemnification pursuant to this <u>Section 3.9(a)</u> in respect of any untrue statement or omission contained in any information relating to such selling Holder furnished in writing by such selling Holder to the Company specifically for inclusion in a Registration Statement and used by the Company in conformity therewith (such information, "<u>Selling Stockholder Information</u>"). This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the Transfer of such securities by such Holder and regardless of any indemnity agreed to in the underwriting agreement that is less favorable to the Holders. The Company shall also indemnify underwriters, selling brokers, dealer managers and similar securities industry professionals participating in the distribution, their officers and directors and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above (with appropriate modification) with respect to the indemnification of the indemnified parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification by the Selling Holders</u>. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, its directors and officers and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) from and against any Losses resulting from (i) any untrue statement of a material fact in any Registration Statement under which such Registrable Securities were registered or sold under the Securities Act (including any final, preliminary or summary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein) or (ii) any omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of a Prospectus or preliminary Prospectus, in light of the circumstances under which they were made) not misleading, in each case to the extent, but only to the extent, that such untrue statement or omission is contained in such selling Holder's Selling Stockholder Information. In no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the proceeds from the sale of its Registrable Securities in the offering giving rise to such indemnification obligation, net of underwriting discounts and commissions but before expenses, less any amounts paid by such Holder as a result of liabilities incurred under the underwriting agreement, if any, related to such sale.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Conduct of Indemnification Proceedings</u>. Any Person entitled to indemnification hereunder shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (<u>provided</u> that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder only to the extent, if at all, that it is actually and materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; <u>provided</u>, <u>however</u>, that any Person entitled to indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (w) the indemnifying party has agreed in writing to pay such fees or expenses, (x) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to indemnification hereunder and employ counsel reasonably satisfactory to such Person, (y) the indemnified party has reasonably concluded (based upon advice of its counsel) that there may be legal defenses available to it or other indemnified parties that are different from or in addition to those available to the indemnifying party, or (z) in the reasonable judgment of any such Person (based upon advice of its counsel) a conflict of interest may exist between such Person and the indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not have the right to assume the defense of such claim on behalf of such Person). If the indemnifying party assumes the defense, then no indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party. If such defense is not assumed by the indemnifying party, the indemnifying party shall not be subject to any liability for any settlement made without its prior written consent, but such consent may not be unreasonably withheld. It is understood that the indemnifying party or parties shall not, except as specifically set forth in this <u>Section 3.9(c)</u>, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements or other charges of more than one separate firm admitted to practice in such jurisdiction at any one time unless (x) the employment of more than one counsel has been authorized in writing by the indemnifying party or parties, (y) an indemnified party has reasonably concluded (based on the advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict exists or may exist (based upon advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of such additional counsel or counsels.

------

&nbsp;&nbsp;&nbsp;&nbsp; 3.10 <u>Rules 144 and 144A and Regulation S</u>. To the extent it shall be required to do so under the Exchange Act, the Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder (or, if the Company is not required to file such reports, it shall, upon the request of any Holder, make publicly available such necessary information for so long as necessary to permit sales that would otherwise be permitted by this Agreement pursuant to Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time or any similar rule or regulation hereafter adopted by the SEC), and it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities without Registration under the Securities Act in transactions that would otherwise be permitted by this Agreement and within the limitation of the exemptions provided by (i) Rule 144, Rule 144A or Regulation S under the Securities Act, as such rules may be amended from time to time, or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any Holder, the Company shall deliver to such Holder a written statement as to whether it has complied with such requirements and, if not, the specifics thereof.

&nbsp;&nbsp;&nbsp;&nbsp; 3.11 <u>Existing Registration Statements</u>. Notwithstanding anything herein to the contrary and subject to applicable law and regulation, the Company may satisfy any obligation hereunder to file a Registration Statement or to have a Registration Statement become effective by a specified date by designating, by notice to the Holders, a Registration Statement that previously has been filed with the SEC or become effective, as the case may be, as the relevant Registration Statement for purposes of satisfying such obligation, and all references to any such obligation shall be construed accordingly; <u>provided</u> that such previously filed Registration Statement may be, and is, amended or, subject to applicable securities laws, supplemented to add the number of Registrable Securities, and, to the extent necessary, to identify as selling stockholders those Holders demanding the filing of a Registration Statement pursuant to the terms of this Agreement. To the extent this Agreement refers to the filing or effectiveness of other Registration Statements, by or at a specified time and the Company has, in lieu of then filing such Registration Statements or having such Registration Statements become effective, designated a previously filed or effective Registration Statement as the relevant Registration Statement for such purposes, in accordance with the preceding sentence, such references shall be construed to refer to such designated Registration Statement, as amended or supplemented in the manner contemplated by the immediately preceding sentence.

#### ARTICLE IV<br>MISCELLANEOUS
&nbsp;&nbsp;&nbsp;&nbsp; 4.1 <u>Authority; Effect</u>. Each party hereto represents and warrants to and agrees with each other party that the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized on behalf of such party and do not violate any agreement or other instrument applicable to such party or by which its assets are bound. This Agreement does not, and shall not be construed to, give rise to the creation of a partnership among any of the parties hereto, or to constitute any of such parties members of a joint venture or other association. The Company and its subsidiaries shall be jointly and severally liable for all obligations of each such party pursuant to this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp; 4.2 <u>Notices</u>. Any notices, requests, demands and other communications required or permitted in this Agreement shall be effective if in writing and (i) delivered personally, (ii) sent by facsimile or e-mail, or (iii) sent by overnight courier, in each case, addressed as follows:

If to the Company to:

Cool Company Ltd.

2<sup>nd</sup> Floor S.E. Pearman Building

9 Par-la-Ville Road

Hamilton HM 11 Bermuda

Attention: John Boots

Phone: +44 20 7659 1111<br> E-mail: <u>john.boots@coolcoltd.com</u> / legal@coolcoltd.com

with copies (not constituting notice) to:

Skadden, Arps, Slate, Meagher & Flom (UK) LLP

40 Bank Street, Canary Wharf

London, E14 5DS

United Kingdom<br> Attention: James A. McDonald

E-mail: james.mcdonald@skadden.com<br>

If to Golar or any of its Affiliates:

Golar LNG Limited

2<sup>nd</sup> Floor S.E. Pearman Building

9 Par-la-Ville Road

Hamilton HM 11 Bermuda

Attention: Eduardo Maranhäo<br> Phone: +44 20 7063 7900<br> E-mail: notices@golar.com

If to EPSV or any of its Affiliates:

EPS Ventures Ltd

C/o Eastern Pacific Shipping Pte Ltd

1 Temasek Avenue

#38-01 Millenia Tower

Singapore 039192

Attention: Cyril Ducau<br> Phone: +65 6433 5111<br> E-mail: <u>cyril.ducau@epshipping.com.sg</u>; <u>legal@epshipping.com.sg</u>

------

Notice to the holder of record of any Registrable Securities shall be deemed to be notice to the holder of such securities for all purposes hereof.

Unless otherwise specified herein, such notices or other communications shall be deemed effective (i) on the date received, if personally delivered, (ii) on the date received if delivered by facsimile or e-mail on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (iii) two Business Days after being sent by overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to each of the other parties hereto.

4.3 <u>Termination and Effect of Termination</u>. This Agreement shall terminate upon the date on which no Holder holds any Registrable Securities, except for the provisions of <u>Sections 3.9</u> and <u>3.10</u>, which shall survive any such termination. No termination under this Agreement shall relieve any Person of liability for breach or Registration Expenses incurred prior to termination. In the event this Agreement is terminated, each Person entitled to indemnification rights pursuant to <u>Section 3.9</u> hereof shall retain such indemnification rights with respect to any matter that (i) may be an indemnified liability thereunder and (ii) occurred prior to such termination.

4.4 <u>Permitted Transferees</u>. The rights of a Holder hereunder may be assigned (but only with all related obligations as set forth below) in connection with a Transfer of Registrable Securities to a Permitted Transferee of that Holder. Without prejudice to any other or similar conditions imposed hereunder with respect to any such Transfer, no assignment permitted under the terms of this <u>Section 4.4</u> shall be effective unless the Permitted Transferee to which the assignment is being made, if not a Holder, has delivered to the Company a written acknowledgment and agreement in form and substance reasonably satisfactory to the Company that the Permitted Transferee shall be bound by, and shall be a party to, this Agreement. A Permitted Transferee to whom rights are transferred pursuant to this <u>Section 4.4</u> may not again transfer those rights to any other Permitted Transferee, other than as provided in this <u>Section 4.4</u>. In the event a Holder transfers Registrable Securities included on a Registration Statement in connection with the foreclosure of a pledge of such Registrable Securities and, following the transfer, such Registrable Securities would not be eligible for sale pursuant to Rule 144 (or any successor provision) under the Securities Act without restriction pursuant to such rule on the volume of securities that may be sold in any single transaction, then (A) at the request of the new holder of such Registrable Securities (the "<u>Pledge Holder</u>"), the Company shall amend or supplement such Registration Statement as may be necessary in order to enable such Pledge Holder to offer and sell such Registrable Securities pursuant to such Registration Statement; provided that in no event shall the Company be required to file a post-effective amendment to the Registration Statement unless (X) such Registration Statement includes only Registrable Securities held by the Pledge Holder, Affiliates of the Pledge Holder or transferees of the Pledge Holder or (Y) the Company has received a written consent therefor from every Person for whom Common Shares have been registered on (but not yet sold under) such Registration Statement, other than the Pledge Holder, Affiliates of the Pledge Holder or transferees of the Pledge Holder and (B) all of the rights and obligations of the Company and the Pledge Holder with respect to such Registrable Securities granted under Sections 3.1, 3.3, 3.5, 3.8, 3.9, 3.10 and 4.1 shall continue to be applicable with respect to such Registrable Securities until the earlier of (X) the time required for the Pledge Holder to sell all of the Registrable Securities held by the Pledge Holder or (Y) the end of the effectiveness period of the Registration Statement relating to such Registrable Securities.

------

4.5 <u>Remedies</u>. The parties to this Agreement shall have all remedies available at law, in equity or otherwise in the event of any breach or violation of this Agreement or any default hereunder. The parties acknowledge and agree that in the event of any breach of this Agreement, in addition to any other remedies that may be available, each of the parties hereto shall be entitled to specific performance of the obligations of the other parties hereto and, in addition, to such other equitable remedies (including preliminary or temporary relief) as may be appropriate in the circumstances. No delay of or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar breach or default occurring later; nor shall any such delay, omission nor waiver of any single breach or default be deemed a waiver of any other breach or default occurring before or after that waiver.

4.6 <u>Amendments</u>. This Agreement may not be orally amended, modified, extended or terminated, nor shall any oral waiver of any of its terms be effective. This Agreement may be amended, modified, extended or terminated, and the provisions hereof may be waived, only by an agreement in writing signed by the Company and the Holders of a majority of the Registrable Securities under this Agreement; <u>provided</u>, <u>however</u>, that any amendment, modification, extension or termination that disproportionately and adversely affects any Holder shall require the prior written consent of such Holder. Each such amendment, modification, extension or termination shall be binding upon each party hereto. In addition, each party hereto may waive any right hereunder by an instrument in writing signed by such party.

4.7 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the courts of the State of New York located in New York County and the United States District Court for the Southern District of New York for the purpose of any suit, action, proceeding or judgment relating to or arising out of this Agreement and the transactions contemplated hereunder.

 <u>4.8 WAIVER OF JURY TRIAL</u>. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH PARTY HERETO HEREBY WAIVES AND COVENANTS THAT IT SHALL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE) ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE OR ACTION, CLAIM, CAUSE OF ACTION OR SUIT (IN CONTRACT, TORT OR OTHERWISE), INQUIRY, PROCEEDING OR INVESTIGATION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE SUBJECT MATTER HEREOF OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE TRANSACTIONS CONTEMPLATED HEREBY, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING. EACH PARTY HERETO ACKNOWLEDGES THAT IT HAS BEEN INFORMED BY THE OTHER PARTIES HERETO THAT THIS <u>SECTION 4.8</u> CONSTITUTES A MATERIAL INDUCEMENT UPON WHICH THEY ARE RELYING AND SHALL RELY IN ENTERING INTO THIS AGREEMENT. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS <u>SECTION 4.8</u> WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

------

4.9 <u>Merger; Binding Effect, Etc</u>. This Agreement constitutes the entire agreement of the parties with respect to its subject matter, supersedes all prior or contemporaneous oral or written agreements or discussions with respect to such subject matter, and shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective heirs, representatives, successors and permitted assigns. Except as otherwise expressly provided herein, no Holder or other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of the foregoing shall be null and void.

4.10 <u>Counterparts</u>. This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by telecopier, facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart thereof. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

4.11 <u>Severability</u>. In the event that any provision hereof would, under applicable law, be invalid or unenforceable in any respect, such provision shall be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, applicable law. The provisions hereof are severable, and in the event any provision hereof should be held invalid or unenforceable in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof.

[*Signature pages follow*.]

------

**IN WITNESS WHEREOF**, each of the undersigned has duly executed this Agreement as of the date first above written.

---

| |
|:---|
| **COOL COMPANY LTD.** |
| By: |
| Name: |
| Title: |

---

[*Signature Page to Registration Rights Agreement*]

------

#### <br>

---

| |
|:---|
| **GOLAR LNG LIMITED**  |
| By: <br>|
| Name: |
| Title: |

---

[*Signature Page to Registration Rights Agreement*]

------

---

| |
|:---|
| **EPS VENTURES LTD** |
| By: <br>|
| Name: |
| Title: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>[*Signature Page to Registration Rights Agreement*]

------

## Exhibit 2.2

**Exhibit 2.2**

Private & Confidential Execution version RJXH/ROBG/1001195027

---

| | | |
|:---|:---|:---|
| **Dated** | **17 February** | **2022** |

---

**COOL COMPANY LTD.<br> as Borrower**

**arranged by**

**ABN AMRO BANK N.V.** 

**CITIBANK, N.A., LONDON BRANCH<br> DANSKE BANK A/S** 

**DNB (UK) LIMITED** 

**NORDEA BANK ABP, FILIAL I NORGE<br> as Mandated Lead Arrangers, Bookrunners,<br> Co-ordinators and Sustainability Co-ordinators**

**NORDEA BANK ABP, FILIAL I NORGE<br> as Agent**

**and**

**NORDEA BANK ABP, FILIAL I NORGE<br> as Security Agent**

 **FACILITY AGREEMENT** 

**for** 

**UP TO $570,000,000 SENIOR SECURED<br> SUSTAINABILITY LINKED AMORTISING TERM LOAN<br> FACILITY**

------

**Contents**

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| Section 1 - Interpretation | Section 1 - Interpretation | 1 |
| 1 | Definitions and interpretation | 1 |
| Section 2 - The Facility | Section 2 - The Facility | 38 |
| 2 | The Facility | 38 |
| 3 | Purpose | 38 |
| 4 | Conditions of Utilisation | 39 |
| Section 3 - Utilisation | Section 3 - Utilisation | 41 |
| 5 | Utilisation | 41 |
| Section 4 - Repayment, Prepayment and Cancellation | Section 4 - Repayment, Prepayment and Cancellation | 45 |
| 6 | Repayment | 45 |
| 7 | Illegality, prepayment and cancellation | 46 |
| Section 5 - Costs of Utilisation | Section 5 - Costs of Utilisation | 53 |
| 8 | Interest | 53 |
| 9 | Interest Periods | 55 |
| 10 | Changes to the calculation of interest | 55 |
| 11 | Fees | 57 |
| Section 6 - Additional Payment Obligations | Section 6 - Additional Payment Obligations | 59 |
| 12 | Tax gross-up and indemnities | 59 |
| 13 | Increased Costs | 64 |
| 14 | Other indemnities | 66 |
| 15 | Mitigation by the Lenders | 70 |
| 16 | Costs and expenses | 70 |
| Section 7 - Guarantee | Section 7 - Guarantee | 72 |
| 17 | Guarantee and indemnity | 72 |
| Section 8 - Representations, Undertakings and Events of Default | Section 8 - Representations, Undertakings and Events of Default | 76 |
| 18 | Representations | 76 |
| 19 | Information undertakings | 86 |
| 20 | Financial covenants | 91 |

---

------

---

| | | |
|:---|:---|:---|
| 21 | General undertakings | 94 |
| 22 | Dealings with the Ships | 99 |
| 23 | Condition and operation of the Ships | 102 |
| 24 | Insurance | 106 |
| 25 | Minimum security value | 112 |
| 26 | Bank accounts | 115 |
| 27 | Business restrictions | 117 |
| 28 | Hedging Contracts | 121 |
| 29 | Events of Default | 124 |
| 30 | Position of Hedging Providers | 130 |
| Section 9 - Changes to Parties | Section 9 - Changes to Parties | 132 |
| 31 | Changes to the Lenders | 132 |
| 32 | Changes to the Obligors | 136 |
| Section 10 - The Finance Parties | Section 10 - The Finance Parties | 137 |
| 33 | Roles of Agent, Security Agent, Mandated Lead Arrangers, Bookrunners, Co-ordinators and Sustainability Co-ordinators | 137 |
| 34 | Conduct of business by the Finance Parties | 158 |
| 35 | Sharing among the Finance Parties | 161 |
| Section 11 - Administration | Section 11 - Administration | 163 |
| 36 | Payment mechanics | 163 |
| 37 | Set-off | 167 |
| 38 | Notices | 167 |
| 39 | Calculations and certificates | 170 |
| 40 | Partial invalidity | 170 |
| 41 | Remedies and waivers | 171 |
| 42 | Amendments and waivers | 171 |
| 43 | Confidentiality of Funding Rates | 176 |
| 44 | Confidentiality | 178 |
| 45 | Counterparts and electronic signing | 182 |
| 46 | Contractual recognition of bail-in | 182 |

---

------

---

| | | |
|:---|:---|:---|
| 47 | Qualifying Financial Contract Acknowledgment | 183.0 |
| Section 12 - Governing Law and Enforcement | Section 12 - Governing Law and Enforcement | 185.0 |
| 48 | Governing law | 185.0 |
| 49 | Enforcement | 185.0 |
| Schedule 1 The original parties | Schedule 1 The original parties | 186.0 |
| Schedule 2 Ship information | Schedule 2 Ship information | 196.0 |
| Schedule 3 Conditions precedent | Schedule 3 Conditions precedent | 202.0 |
| Schedule 4 Utilisation Request | Schedule 4 Utilisation Request | 212.0 |
| Schedule 5 Form of Transfer Certificate | Schedule 5 Form of Transfer Certificate | 213.0 |
| Schedule 6 Form of Compliance Certificate | Schedule 6 Form of Compliance Certificate | 215.0 |
| Schedule 7 Repayment Schedule | Schedule 7 Repayment Schedule | 217.0 |
| Schedule 8 Reference Rate Terms | Schedule 8 Reference Rate Terms | 218.0 |
| Schedule 9 Daily Non-Cumulative Compounded RFR Rate | Schedule 9 Daily Non-Cumulative Compounded RFR Rate | 221.0 |
| Schedule 10 Cumulative Compounded RFR Rate | Schedule 10 Cumulative Compounded RFR Rate | 223.0 |
| Schedule 11 Sustainability targets | Schedule 11 Sustainability targets | 224.0 |
| Signatures | Signatures | 228.0 |

---

------

**THIS AGREEMENT** is dated <u>17 February</u> 2022 and made between:

(1) **COOL COMPANY LTD.** (the **Borrower**);

(2) **THE ENTITIES** listed in Schedule 1 as guarantors (the **Owners**);

(3) **ABN AMRO BANK N.V., CITIBANK, N.A., LONDON BRANCH, DANSKE BANK A/S, DNB (UK) LIMITED** and **NORDEA BANK ABP, FILIAL I NORGE** as mandated lead arrangers **(the Mandated Lead Arrangers);** 

(4) **THE FINANCIAL INSTITUTIONS** listed in Schedule 1 as lenders (the **Original Lenders**);

(5) **THE FINANCIAL INSTITUTIONS** listed in Schedule 1 as hedging providers (the **Hedging Providers**);

(6) **ABN AMRO BANK N.V., CITIBANK, N.A., LONDON BRANCH, DNB (UK) LIMITED, DANSKE BANK A/S** and **NORDEA BANK ABP**, **FILIAL I NORGE** as co-ordinators (the **Co-ordinators**);

(7) **ABN AMRO BANK N.V., CITIBANK, N.A., LONDON BRANCH, DNB (UK) LIMITED, DANSKE BANK A/S** and **NORDEA BANK ABP**, **FILIAL I NORGE** as sustainability
 co-ordinators (the **Sustainability Co-ordinators**);

(8) **ABN AMRO BANK N.V., CITIBANK, N.A., LONDON BRANCH**, **DANSKE BANK A/S**, **DNB (UK) LIMITED** and **NORDEA BANK ABP, FILIAL I NORGE** as bookrunners
 (the **Bookrunners**);

(9) **NORDEA BANK ABP, FILIAL I NORGE** as agent of the other Finance Parties (the **Agent**); and

(10) **NORDEA BANK ABP, FILIAL I NORGE** as security agent of the Finance Parties (the **Security Agent**).

**IT IS AGREED** as follows:

**Section 1 - Interpretation**

1 Definitions and interpretation

**1.1** **Definitions** 

In this Agreement and (unless otherwise defined in the relevant Finance Document) the other Finance Documents.

**Account** means any bank account, deposit or certificate of deposit opened, made or established in accordance with clause 26 (*Bank accounts*).

------

**Account Bank** means Nordea Bank Abp, filial i Norge or another bank or financial institution approved by the Majority Lenders at the request of the Borrower.

**Account Holder(s)** means, in relation to any Earnings Account, each Obligor in whose name that Account is held.

**Account Security** means, in relation to an Earnings Account, a deed or other instrument by the relevant Account Holder(s) in favour of the Security Agent in an agreed form conferring a Security Interest over that Earnings Account.

**Accounting Reference Date** means 31 December or such other date as may be approved by the Lenders.

**Additional Business Day** means any day specified as such in the Reference Rate Terms.

**Advance** means each borrowing of a proportion of the Total Commitments by the Borrower or (as the context may require) the outstanding principal amount of such borrowing.

**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.

**Agent** includes any person who may be appointed as such under the Finance Documents.

**Annex VI** means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

**Approved Commercial Manager** means Golar Management Ltd, Cool Company Management Ltd, Golar Management Norway AS (to be renamed Cool Company Management AS), The Cool Pool Limited or another commercial manager approved by the Majority Lenders, such approval not to be unreasonably withheld.

**Approved Flag State** means the Marshall Islands, Malta, Norway, Liberia, United Kingdom or any other international flag acceptable to all the Lenders.

**Approved Technical Manager** means Golar Management Ltd, Cool Company Management Ltd, Golar Management Norway AS (to be renamed Cool Company Management AS) or another technical manager approved by the Majority Lenders, such approval not to be unreasonably withheld.

**Article 55 BRRD** means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

------

**Auditors** mean EY or any other firm appointed to act as statutory auditors of the Group which has been notified to the Agent.

**Available Commitment** means a Lender's Commitment minus:

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

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

**Available Facility** means the aggregate for the time being of all the Lenders' Available Commitments.

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

**Bail-In Legislation means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article
 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any state other than such an EEA Member Country and the United Kingdom, 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to the United Kingdom, the UK Bail-In Legislation.

**Basel II Accord** means the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding any amendment thereto arising out of the Basel III Accord or Reformed Basel III.

**Basel II Approach** means, in relation to any Finance Party, either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Regulations applicable to such Finance Party) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II Accord.

**Basel II Increased Cost** means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel II Regulation in force as at the date hereof (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

------

**Basel II Regulation means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any law or regulation in force as at the date hereof implementing the Basel II Accord, (including the
 relevant provisions of CRD IV and CRR) to the extent only that such law or regulation re-enacts and/or implements the requirements of the Basel II Accord but excluding any provision of such law or regulation implementing the Basel III Accord;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Basel II Approach adopted by a Finance Party or any of its Affiliates.

**Basel III Accord** means, together:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any further guidance or standards published by the Basel Committee on Banking Supervision relating to
 "Basel III"

other than, in each such case, the agreements, rules, guidance and standards set out in Reformed Basel III as amended, supplemented or restated after the date of this Agreement.

**Basel III Increased Cost** means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel III Regulation (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

**Basel III Regulation** means any law or regulation implementing the Basel III Accord (including the relevant provisions of CRD IV and CRR) save to the extent that such law or regulation re-enacts a Basel II Regulation and excluding any such law or regulation which implements Reformed Basel III.

**Borrower** means the company described as such in Schedule 1 *(The original parties)*.

**Borrower Earnings Account** means the interest bearing dollar account of the Borrower with the Account Bank designated as an "**Earnings Account**" under clause 26 (*Bank accounts*).

**Break Costs** means the amount (if any) specified as such in the Reference Rate Terms.

------

**Business Day** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a day (other than a Saturday or Sunday) on which banks are open for general business in London, Oslo,
 Amsterdam, Copenhagen and New York; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any date for repayment of, or payment or purchase of an amount relating to, any Ship Tranche (or any
 relevant part of it) or Unpaid Sum; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the determination of the first day or the last day of an Interest Period for any Ship Tranche (or any
 relevant part of it) or Unpaid Sum, or otherwise in relation to the determination of the length of such an Interest Period,

which is an Additional Business Day relating to that Ship Tranche (or any relevant part of it) or Unpaid Sum.

**Central Bank Rate** has the meaning given to that term in the Reference Rate Terms.

**Central Bank Rate Adjustment** has the meaning given to that term in the Reference Rate Terms.

**Central Bank Rate Spread** has the meaning given to that term in the Reference Rate Terms.

**Change of Control** occurs if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower ceases, at any time following its acquisition of shares in an Owner, to directly wholly own and control such Owner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) together GLNG and/or Quantum Pacific Shipping cease to directly or indirectly own at least 25 per cent
 of the entire issued share capital and voting rights (or equivalent) of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) two or more persons acting in concert (other than GLNG and Quantum Pacific Shipping acting together)
 or any individual person (other than GLNG and Quantum Pacific Shipping acting individually) acquires, legally and/or beneficially and either directly or indirectly, in excess of 30 per cent of the issued share capital and voting rights (or
 equivalent) of the Borrower or have the right or ability to control, directly or indirectly, the Borrower,

and for the purpose of this definition:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **control** of an entity means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the ownership of the voting and/or ordinary shares of that entity; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to direct the management and policies of that entity (including, but not limited to, the
 composition of the majority of the board of directors (or equivalent)), whether through the ownership of voting capital, by contract or otherwise,

and **controlled** shall be construed accordingly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more persons are **acting in concert** if pursuant to an agreement or understanding
 (whether formal or informal) they actively co-operate, through the acquisition (directly or indirectly) of shares in the relevant entity by any of them, either directly or indirectly to obtain or consolidate control of that entity.

**Charged Property** means all of the assets of the Obligors or any other person which from time to time are, or are expressed or intended to be, the subject of the Security Documents.

**Charter** means, in relation to a Ship, a charter commitment for that Ship with an initial term exceeding 24 months (excluding unexercised option periods), which is approved pursuant to clause 22.9 (*Chartering*) and which includes, in respect of Ship C, the Initial Ship C Charter.

**Charterer** means any charterer under a Charter of a Ship.

**Charter Assignment** means, in relation to a Ship and its Charter Documents, at any time when that Ship is subject to a Charter, an assignment by the relevant Owner of its interest in such Charter Documents in favour of the Security Agent in the agreed form.

**Charter Documents** means, in relation to a Ship, any Charter of that Ship, any documents supplementing it and any guarantee or security given by any person for the relevant Charterer's obligations under it.

**Classification** means, in relation to a Ship, the classification specified in respect of that Ship in Schedule 2 (*Ship information*) with the relevant Classification Society or American Bureau of Shipping, Bureau Veritas, ClassNK, DNV, Lloyds' Register or another classification approved in writing by the Majority Lenders as its classification, at the request of the relevant Owner.

**Classification Society** means, in relation to a Ship, the classification society specified in respect of that Ship in Schedule 2 (*Ship information*) or another classification society approved by the Majority Lenders as its Classification Society, at the request of the relevant Owner.

**Code** means the US Internal Revenue Code of 1986.

**Commitment** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Original Lender, the amount set opposite its name under the heading "Commitment" in
 Schedule 1 *(The original parties)* and the amount of any other Commitment assigned to it under this Agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other Lender, the amount of any Commitment assigned to it under this Agreement,

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

**Compliance Certificate** means a certificate substantially in the form set out in Schedule 6 (*Form of Compliance Certificate*) or otherwise approved.

**Compounded Reference Rate** means, in relation to any RFR Banking Day during the Interest Period of any Ship Tranche (or any relevant part of it), the percentage rate per annum which is the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.

**Compounding Methodology Supplement** means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Borrower, the Agent (in its own capacity) and the Agent (acting on the
 instructions of the Majority Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies a calculation methodology for that rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been made available to the Borrower and each Finance Party.

**Confidential Information** means all information relating to an 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is or becomes public information other than as a direct or indirect result of any breach by that
 Finance Party of clause 44 *(Confidentiality)*; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate.

**Confirmation** shall have, in relation to any Hedging Transaction, the meaning given to it in the relevant Hedging Master Agreement.

**Constitutional Documents** means, in respect of an Obligor or GLNG, such Obligor's or GLNG's memorandum and articles of association, bye-laws or other constitutional documents including as referred to in any certificate relating to an Obligor or GLNG delivered pursuant to Schedule 3 (*Conditions precedent*).

**Cool Pool Agreement** means the pool agreement made between, among others, The Cool Pool Limited as pool manager and the participants in the pool in relation to, inter alia, each of the Ships.

**CRD IV** means directive 2013/36/EU of the European Union on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.

**CRR** means the regulation 575/2013 of the European Union on prudential requirements for credit institutions and investment firms.

**Cumulative Compounded RFR Rate** means, in relation to an Interest Period for any Ship Tranche (or any relevant part of it), the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 10 (*Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

**Daily Non-Cumulative Compounded RFR Rate** means, in relation to any RFR Banking Day during an Interest Period for any Ship Tranche (or any relevant part of it), the percentage rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 9 (*Daily Non-Cumulative Compounded RFR Rate*) or in any relevant Compounding Methodology Supplement.

**Daily Rate** means the rate specified as such in the Reference Rate Terms.

**Default** means an Event of Default or any event or circumstance specified in clause 29 *(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 the foregoing) be an Event of Default.

------

**Defaulting Lender** means any Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which has failed to make its participation in an Advance available or has notified the Agent that it
 will not make its participation in an Advance available by the relevant Utilisation Date in accordance with clause 5.5 (*Lenders' participation*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which has otherwise rescinded or repudiated a Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) with respect to which an Insolvency Event has occurred and is continuing,

unless, in the case of paragraph (a) above:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its failure to pay is caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) administrative or technical error; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) a Payment Disruption Event; and

payment is made within three Business Days of its due date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Lender is disputing in good faith whether it is contractually obliged to make the payment in
 question.

**Earnings** means, in relation to a Ship and a person, all money at any time payable to that person for or in relation to the use or operation of that Ship including freight, hire and passage moneys, money payable to that person for the provision of services by or from that Ship or under any charter commitment, requisition for hire compensation, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach and payments for termination or variation of any charter commitment and/or (b) if and whenever the Ship is employed on terms whereby any moneys falling within paragraph (a) 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 Ship.

**Earnings Accounts** means the Borrower Earnings Account, the Owner Earnings Accounts and any Account designated as an "**Earnings Account**" under clause 26 (*Bank accounts*), and **Earnings Account** means any one of them.

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

------

**Environmental Claims means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement, clean-up, removal or other governmental or regulatory action or orders or claims
 instituted or made pursuant to any Environmental Laws or resulting from a Spill; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any claim made by any other person relating to a Spill.

**Environmental Incident** means any Spill from any vessel in circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Fleet Vessel or its owner, operator or manager may be liable for Environmental Claims arising from
 the Spill (other than Environmental Claims arising and fully satisfied before the date of this Agreement); and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Fleet Vessel may be arrested or attached in connection with any such Environmental Claim.

**Environmental Laws** means all laws, regulations and conventions concerning pollution or protection of human health or the environment.

**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.

**EU Ship Recycling Regulation** means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA relevance).

**Event of Default** means any event or circumstance specified as such in clause 29 (*Events of Default*).

**Existing Facility** means the ECA supported term loan facility made available by certain banks and financial institutions to the Owner in respect of Ship C pursuant to a facility agreement dated 25 July 2013 (as supplemented and amended from time to time).

**Existing Leases means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the bareboat charter dated 17 June 2020 and made between the Owner in respect of Ship A and Cool Bear
 Shipping Limited (as supplemented and amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the bareboat charter dated 6 March 2017 and made between the Owner in respect of Ship B and Oriental
 Fleet LNG01 Limited (as supplemented and amended from time to time);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the bareboat charter dated 20 February 2014 and made between the Owner in respect of Ship D and Hai
 Jiao 1401 Limited (as supplemented and amended from time to time);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the bareboat charter dated 17 March 2016 and made between the Owner in respect of Ship E and Compass
 Shipping 1 Corporation Limited (as supplemented and amended from time to time); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the bareboat charter dated 17 February 2014 and made between the Owner in respect of Ship F and Hai
 Jiao 1402 Limited (as supplemented and amended from time to time).

**Existing Financial Indebtedness** means the outstanding Financial Indebtedness in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Existing Facility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Existing Leases.

**Facility** means the term loan facility made available under this Agreement as described in clause 2 (*The Facility*).

**Facility Office means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or
 before the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office through which it will perform its obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax
 purposes.

**Facility Period** means the period from and including the date of this Agreement to and including the date on which the Total Commitments have reduced to zero and all indebtedness of the Obligors under the Finance Documents has been fully paid and discharged.

**FATCA** means:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within
 paragraphs (a) or (b) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.

**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.

**Fee Letters** means the letters between the Borrower and one or more Finance Parties setting out any of the fees referred to in clause 11 (*Fees*) and **Fee Letter** means any one of them.

**Final Repayment Date** means, subject to clause 36.7 (*Business Days*), the date falling 60 months after the date of this Agreement.

**Finance Documents** means this Agreement, the Fee Letters, the Security Documents, any Hedging Contracts, any Hedging Master Agreement, any Compounding Methodology Supplement, any Reference Rate Supplement, any Utilisation Request and any other document designated as such by the Agent and the Borrower.

**Finance Party** means the Agent, the Security Agent, the Account Bank, any Mandated Lead Arranger, any Hedging Provider, any Bookrunner, any Co-ordinator, any Sustainability Co-ordinator or a Lender.

**Financial Indebtedness** means any indebtedness for or in respect of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) moneys borrowed and debit balances at banks or other financial institutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any acceptance under any acceptance credit or bill discounting facility (or dematerialised
 equivalent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar
 instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the amount of any liability in respect of any lease or hire purchase contract which would, in
 accordance with GAAP, be treated as a finance or capital lease;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Treasury Transaction (and, when calculating the value of that Treasury 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 Treasury Transaction, that amount) shall be taken into account);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial
 institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any amount raised by the issue of shares which are redeemable (other than at the option of the issuer)
 before the Final Repayment Date or are otherwise classified as borrowings under GAAP);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any amount of any liability under an advance or deferred purchase agreement if (a) one of the primary
 reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in question or (b) the agreement is in respect of the supply of assets or services and payment is due more than
 180 days after the date of supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any amount raised under any other transaction (including any forward sale or purchase, sale and sale
 back, sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above.

**First Repayment Date** means, in relation to each Ship Tranche and subject to clause 36.7 (*Business Days*), the date falling three months after the date of this Agreement.

**Flag State** means, in relation to a Ship, the country specified in respect of that Ship in Schedule 2 (*Ship information*), or such other state or territory as may be approved by the Lenders, at the request of the relevant Owner, as being the "**Flag State**" of that Ship for the purposes of the Finance Documents.

**Fleet Vessel** means each Ship and any other vessel owned, operated, managed or crewed by any Group Member.

**Funding Rate** means any individual rate notified by a Lender to the Agent pursuant to clause 10.3 (*Cost of funds*).

------

**GAAP** means, as applicable, generally accepted accounting principles in United States of America or International Accounting Standards, International Financial Reporting Standards and related interpretations as amended, supplemented, issued or adopted from time to time by the International Accounting Standards Board to the extent applicable to the relevant financial statements.

**General Assignment** means, in relation to a Ship, a first assignment of the relevant Owner's interest in the Ship's Insurances, Earnings and Requisition Compensation and any management agreement in respect of that Ship by that Owner in favour of the Security Agent in the agreed form.

**GLNG** means Golar LNG Limited a company incorporated in Bermuda with its registered office at 2<sup>nd</sup> Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda.

**GLNG Shareholder Loan** means the up to $25,000,000 revolving loan facility made or to be made available to the Borrower by GLNG.

**Group** means the Borrower and its Subsidiaries for the time being (being the Subsidiaries who are, at any relevant time, the then current Subsidiaries of the Borrower) and, for the purposes of clause 19.2 (*Financial statements*) and clause 20 (*Financial covenants*), any other entity required to be treated as a subsidiary in its consolidated accounts in accordance with GAAP and/or any applicable law.

**Group Member** means any entity which is part of the Group.

**Hedging Contract** means any Hedging Transaction between the Borrower and any Hedging Provider pursuant to any Hedging Master Agreement and includes any Hedging Master Agreement and any Confirmations from time to time exchanged under it and governed by its terms relating to that Hedging Transaction and any contract in relation to such a Hedging Transaction constituted and/or evidenced by them and **Hedging Contracts** means all of them.

**Hedging Contract Security** means a deed or other instrument by the Borrower in favour of the Security Agent in the agreed form conferring a Security Interest over any Hedging Contracts.

**Hedging Exposure** means, as at any relevant date and in relation to any Hedging Provider, the aggregate of the amount certified by each of the Hedging Providers to the Agent to be the net amount in dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to all Hedging Contracts that have been closed out on or prior to the relevant date, that
 is due and owing by the Borrower to the Hedging Providers in respect of such Hedging Contracts on the relevant date; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to all Hedging Contracts that are continuing on the relevant date, that would be payable
 by the Borrower to the Hedging Providers under (and calculated in accordance with) the early termination provisions of the Hedging Contracts as if an Early Termination Date (as defined in the relevant Hedging Master Agreement) had occurred on
 the relevant date in relation to all such continuing Hedging Contracts.

**Hedging Master Agreement** means any agreement made or (as the context may require) to be made between the Borrower and a Hedging Provider comprising an ISDA Master Agreement and Schedule thereto in the agreed form.

**Hedging Transaction** has, in relation to any Hedging Master Agreement, the meaning given to the term "Transaction" in that Hedging Master Agreement.

**Holding Company** means, in relation to a person, any other person in respect of which it is a Subsidiary.

**Increased Costs** has the meaning given to that term in clause 13.1(b) (*Increased Costs*).

**Indemnified Person means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Finance Party and each Receiver and any attorney, agent or other person appointed by them under
 the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Affiliate of each Finance Party and each Receiver; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any officers, employees or agents of each Finance Party and each Receiver.

**Initial Ship C Charter** means, in relation to Ship C, the charter commitment for that Ship details of which are provided in Schedule 2 (*Ship information*).

**Insolvency Event** in relation to a Finance Party (or, for the purposes of clause 31.2, a New Lender) means that the Finance Party (or, for the purposes of clause 32.2, that New Lender):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is dissolved (other than pursuant to a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally
 to pay its debts as they become due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) makes a general assignment, arrangement or composition with or for the benefit of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) institutes or has instituted against it, by a regulator, supervisor or any similar official with
 primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any
 other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding up or liquidation by it or such regulator, supervisor or similar official;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other
 relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding up or liquidation, and, in the case of any such proceeding or petition instituted or presented against
 it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of
 an order for its winding up or liquidation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or
 presentation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the
 Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) has a resolution passed for its winding up, official management or liquidation (other than pursuant to
 a consolidation, amalgamation or merger);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator,
 receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or
 is made, by a person or entity described in paragraph (d) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has a secured party take possession of all or substantially all its assets or has an execution,
 attachment, sequestration or other enforcement action or legal process levied, enforced, taken or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed,
 discharged, stayed or restrained, in each case within 30 days thereafter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) causes or is subject to any event with respect to it which, under the applicable laws of any
 jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

------

**Insurance Notice** means, in relation to a Ship, a notice of assignment from that Ship's Owner in the form scheduled to that Ship's General Assignment or in another approved form.

**Insurances** means, in relation to a Ship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all policies and contracts of insurance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all entries in a protection and indemnity or war risks or other mutual insurance association

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the name of that Ship's owner or the joint names of its owner and any other person in respect of or in connection with that Ship and/or its owner's Earnings from that
 Ship and includes all benefits thereof (including the right to receive claims and to return of premiums).

**Interest Payment** means the aggregate amount of interest that is, or is scheduled to become, payable under any Finance Document.

**Interest Period** means, in relation to each Ship Tranche (or any part of such Ship Tranche), each period determined in accordance with clause 9 (*Interest Periods*) and, in relation to an Unpaid Sum, each period determined in accordance with clause 8.3 (*Default interest*).

**Inventory of Hazardous Material** means a statement of compliance issued by the relevant Classification Society and which includes a list of any and all materials known to be potentially hazardous utilised in the construction of a Ship and which also may be referred to as a List of Hazardous Material.

**Last Availability Date** means 29 April 2022 (or such later date as may be approved by the Lenders).

**Legal Opinion** means any legal opinion delivered to the Agent under clause 4 *(Conditions of Utilisation)*.**

**Legal Reservations means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principle that equitable remedies may be granted or refused at the discretion of a court and the
 limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984,
 the possibility that an undertaking to assume liability for, or indemnify a person against, non-payment of UK stamp duty may be void and defences of set-off or counterclaim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) similar principles, rights and defences under the laws of any Relevant Jurisdiction.

------

**Lender** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Original Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in
 accordance with clause 31 (*Changes to the Lenders*),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which in each case has not ceased to be a Lender in accordance with the terms of this Agreement.

**Lessor**, in respect of a Ship (other than Ship C), means the existing owner of such Ship which is party to an Existing Lease.

**Loan** means the loan made or to be made available under the Facility or the principal amount outstanding for the time being of that loan.

**Lookback Period** means the number of days specified as such in the Reference Rate Terms.

**Losses** means any costs, expenses, payments, charges, losses, demands, liabilities, claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions.

**Loss Payable Clauses** means, in relation to a Ship, the provisions concerning payment of claims under that Ship's Insurances in the form scheduled to that Ship's General Assignment or in another approved form.

**Major Casualty** means any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed the Major Casualty Amount.

**Major Casualty Amount** means, in relation to a Ship, the amount specified as such in Schedule 2 (*Ship information*) against the name of that Ship or the equivalent in any other currency.

**Majority Lenders means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if no part of the Loan is then outstanding, a Lender or Lenders whose Commitments aggregate more than
 66 2/3 per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3 per cent of the Total Commitments immediately prior to that reduction).; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66 2/3 per
 cent of the Loan.

**Manager's Undertaking** means, in relation to a Ship, an undertaking by any manager of that Ship to the Security Agent in the agreed form pursuant to clause 22.4 (*Manager*).

------

**Mandatory Repayment Date** means in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Total Loss of a Ship, the applicable Total Loss Repayment Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a sale of a Ship by the relevant Owner or (subject to release of the applicable Share Security) the
 sale of all or part of an Owner, the date upon which such sale is completed by the transfer of title to the purchaser in exchange for payment of all or part of the relevant purchase price.

**Margin** means the percentage rate per annum determined in accordance with clause 8.1(c) (*Calculation of interest*).

**Market Disruption Rate** means the rate (if any) specified as such in the Reference Rate Terms.

**Material Adverse Effect** means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the business, operations, property, condition (financial or otherwise) or prospects of the Group taken
 as a whole which will, or is reasonably likely to, affect the ability of an Obligor to perform its obligations under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the ability of an Obligor to perform its obligations under the Finance Documents; or

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

**Minimum Value** means, at any time, the amount in dollars which is at that time equal to 135 per cent of the Loan.

**Month** means, in relation to an Interest Period (or any other period for the accrual of commission or fees), a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, subject to adjustment in accordance with the rules specified as Business Day Conventions in the Reference Rate Terms.

**Mortgage** means, in relation to a Ship, a first mortgage of that Ship in the agreed form by the relevant Owner in favour of the Security Agent.

**Mortgage Period** means, in relation to a Ship, the period from the date the Mortgage over that Ship is executed and registered until the date such Mortgage is released and discharged or, if earlier, its Total Loss Date.

**New Lender** has the meaning given to that term in clause 31 (*Changes to the Lenders*).

------

**Obligors** means the parties to the Finance Documents other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Finance Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Approved Commercial Manager (other than, in the event they are an Approved Commercial Manager, the
 Borrower and any Owner);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Approved Technical Manager (other than, in the event they are an Approved Technical Manager, the
 Borrower and any Owner); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) GLNG,

and **Obligor** means any one of them.

**Original Financial Statements means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an Owner, the unaudited management accounts that Owner for its financial year ended 31
 December 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to the Borrower, proforma unaudited combined financial statements of the Borrower for the
 financial year ended 31 December 2021.

**Original Jurisdiction** means, in relation to an Original Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement or, in the case of any other Obligor, as at the date on which that Obligor becomes an Obligor.

**Original Obligor** means each party to this Agreement and the Original Security Documents other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Finance Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Approved Commercial Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Approved Technical Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) GLNG.

**Original Security Documents means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Account Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Charter Assignment in respect of a Ship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the General Assignments in respect of each of the Ships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Hedging Contract Security;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Manager's Undertaking in relation to a Ship if required under clause 22.4 (*Manager*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Mortgages over each of the Ships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Share Security in relation to each Owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any Subordination Agreement.

**Owner** means, in relation to a Ship, the person specified as "Owner" against the name of that Ship in Schedule 2 (*Ship information*) and **Owners** means any or all of them.

**Owner Earnings Accounts** means each of the interest bearing dollar accounts of an Owner with the Account Bank designated as an "**Earnings Account**" under clause 26 (*Bank accounts*).

**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.

**Payment Disruption Event** means either or both of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of any other event which results in a disruption (of a technical or systems-related
 nature) to the treasury or payments operations of a Party preventing that, or any other Party:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) from communicating with other Parties 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 whose operations are disrupted.

**Permitted Maritime Liens** means, in relation to any Ship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any lien disclosed in writing to the Agent prior to the date of this Agreement and approved by the
 Agent;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless a Default is continuing, any ship repairer's or outfitter's possessory lien in respect of that
 Ship for an amount not exceeding the Major Casualty Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any lien on that Ship for master's, officer's or crew's wages outstanding in the ordinary course of
 its trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any lien on that Ship for salvage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other lien arising by operation of law in the ordinary course of trading or on customary terms
 pursuant to a charter commitment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in each case (other than (a) above) securing obligations not more than 30 days overdue.

**Permitted Security Interests** means any Security Interest which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) granted by the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) until the applicable Utilisation Date, granted in connection with the Financial Indebtedness under the
 Existing Facility and Existing Leases which is to be refinanced by the Facility; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) permitted pursuant to the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in writing to the Agent prior to the date of this Agreement and approved by the Agent
 (acting on the instructions of the Majority Lenders); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a Permitted Maritime Lien; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is approved by the Majority Lenders.

**Pollutant** means and includes crude oil and its products, any other polluting, toxic or hazardous substance and any other substance whose release into the environment is regulated or penalised by Environmental Laws.

**Poseidon Principles** means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on <u>www.poseidonprinciples.org</u> as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time.

**Purchase Contract** means, in respect of the Owners, the agreement dated 26 January 2022 and made between the Borrower and GLNG for the acquisition by the Borrower of the entire issued and outstanding share capital of the Owners.

------

**Quantum Pacific Shipping** means Quantum Pacific Shipping Ltd, a company incorporated under the laws of the Republic of Liberia, with registered number C-75624 and registered address at 80 Broad Street, Monrovia, Republic of Liberia.

**Quiet Enjoyment Letter** means, in respect of a Ship where required by the terms of any Charter, a letter by the Security Agent (in a form approved by all the Lenders) addressed to, and acknowledged by, the relevant Owner and Charterer under such Charter of the Ship in an agreed form.

**Receiver** means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any Charged Property under any relevant Security Document.

**Reference Rate Supplement** means a document which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is agreed in writing by the Borrower, the Agent (in its own capacity) and the Agent (acting on the
 instructions of all the Lenders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) specifies the terms which are expressed in this Agreement to be determined by reference to the
 Reference Rate Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been made available to the Borrower and each Finance Party.

**Reference Rate Terms** means the terms set out in Schedule 8 (*Reference Rate Terms*) or in any Reference Rate Supplement.

**Reformed Basel III** means the agreements contained in "Basel III: Finalising post-crisis reforms" published by the Basel Committee on Banking Supervision in December 2017, as amended, supplemented or restated.

**Reformed Basel III Increased Cost** means an Increased Cost which is attributable to the implementation or application of or compliance with any other law or regulation which implements Reformed Basel III (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates.

**Registry** means, in relation to each Ship, such registrar, commissioner or representative of the relevant Flag State who is duly authorised and empowered to register the relevant Ship, the relevant Owner's title to that Ship and the relevant Mortgage under the laws of its Flag State.

**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 Jurisdiction** means, in relation to an Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Original Jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any jurisdiction where any Charged Property owned by it is situated;

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

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

**Relevant Market** means the market specified as such in the Reference Rate Terms.

**Relevant Party** means the Obligors excluding any managers of the Ship other than Golar Management Limited.

**Repayment Date** means, in relation to each Ship Tranche and subject to clause 36.7 (*Business Days*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the First Repayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each of the dates falling at three monthly intervals thereafter up to but not including the Final
 Repayment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Final Repayment Date.

**Repayment Schedule** means the repayment schedule set out in Schedule 7 (*Repayment Schedule*).

**Repeating Representations** means each of the representations and warranties set out in clauses 18.2 (*Status*) to 18.11 (*Ranking and effectiveness of security*), clause 18.23 (*Legal and beneficial ownership*), clause 18.33 (*Sanctions*), clause 18.35 (*No corrupt practices*) and clause 18.36 (*Financing of vessels owned by Group Members*).

**Reporting Day** means the day (if any) specified as such in the Reference Rate Terms.

**Reporting Time** means the relevant time (if any) specified as such in the Reference Rate Terms.

**Representative** means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

**Requisition Compensation** means, in relation to a Ship, any compensation paid or payable by a government entity for the requisition for title, confiscation or compulsory acquisition of that Ship.

------

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

**Restricted Party** means a person, entity or vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that is listed on any Sanctions List or any other sanctions-related list of persons, vessels or
 entities published by or on behalf of a Sanctions Authority (in each case, whether designated by name or by reason of being included in a class of persons, vessels or entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that is domiciled, resident, located, registered as located or having its main place of business in,
 or is incorporated under the laws of, a country or territory which is, subject to Sanctions Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that is directly or indirectly owned or controlled by, or acting on behalf of, at the direction or for
 the benefit of (as interpreted under any relevant Sanctions Laws), a person or entity referred to in (a) and/or (b) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with which any of the Lenders is prohibited from dealing by any Sanctions Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that is otherwise a subject of or targeted by Sanctions Laws.

**RFR** has the meaning given to it in the Reference Rate Terms.

**RFR Banking Day** has the meaning given to it in the Reference Rate Terms.

**Sanctions Authority** means the United Nations, the Norwegian State, the European Union, the United Kingdom, any member states of the European Union and the European Economic Area, the United States of America, the Security Council of the United Nations and any other country whose laws or regulations bind any Relevant Party and any authority, government, official institution or agency acting on behalf of any of them in connection with Sanctions Laws.

**Sanctions Laws** means any trade, economic or financial sanctions laws and/or any regulations, embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority from time to time.

**Sanctions List** means any list of persons, vessels or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority including, without limitation, the "Specially Designated Nationals and Blocked Persons" list issued by the Office of Foreign Assets Control of the US Department of Treasury, the "Consolidated List of Financial Sanctions Targets " issued by Her Majesty's Treasury, or any similar list issued or maintained or made public by any of the Sanctions Authorities each as amended, supplemented or substituted from time to time.

------

**Security Agent** includes any person as may be appointed as such under the Finance Documents and includes any separate trustee or co-trustee appointed under clause 33.32 (*Additional trustees*).

**Security Documents means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Original Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other document as may be executed to guarantee and/or secure any amounts owing to the Finance
 Parties under this Agreement or any other Finance Document.

**Security Interest** means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or other security interest of any kind securing any obligation of any person or any other agreement or arrangement having a similar effect.

**Security Value** means, at any time, the amount in dollars which, at that time, is the aggregate of (a) the market value determined in accordance with clause 25 (*Minimum security value*) (or, if less in relation to an individual Ship, the maximum amount capable of being secured by the Mortgage of the relevant Ship) of the Ships which have not then become a Total Loss and (b) the value of any additional security then held by the Security Agent provided under clause 25 (*Minimum security value*), in each case as most recently determined in accordance with this Agreement.

**Share Security** means, in relation to each Owner, the document constituting a first Security Interest by the Borrower in favour of the Security Agent in the agreed form in respect of all of the shares in such entity.

**Ship A** means the ship described as such in Schedule 2 (*Ship information*).

**Ship B** means the ship described as such in Schedule 2 (*Ship information*).

**Ship C** means the ship described as such in Schedule 2 (*Ship information*).

**Ship D** means the ship described as such in Schedule 2 (*Ship information*).

**Ship E** means the ship described as such in Schedule 2 (*Ship information*).

**Ship F** means the ship described as such in Schedule 2 (*Ship information*).

**Ship Commitment** means, in relation to a Ship, the amount specified as such in respect of such Ship in Schedule 2 (*Ship information*) as cancelled or reduced pursuant to any provision of this Agreement.

------

**Ship Representations** means each of the representations and warranties set out in clauses 18.30 (*Ship status*) and 18.31 (*Ship's employment*).

**Ship Tranche** means, in relation to a Ship, the principal amount of the Ship Commitment for that Ship which has been borrowed under the Facility or the part of that principal amount which is outstanding for the time being.

**Ships** means each of the ships described in Schedule 2 (*Ship information*) and **Ship** means any of them.

**Spill** means any actual or threatened spill, release or discharge of a Pollutant into the environment.

**Statement of Compliance** means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.

**Subordination Agreement** means any agreement made between any relevant Group Member or GLNG and the Security Agent in an agreed form subordinating that Group Member's or GLNG's rights under any loans permitted in accordance with clause 27.3 (*Financial Indebtedness*) (including, without limitation, the GLNG Shareholder Loan).

**Subsidiary** of a person means any other company or entity directly or indirectly controlled by such person and a **wholly owned Subsidiary** of that person means a Subsidiary which has no members except such person and that person's wholly owned Subsidiaries and its or their nominees.

**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).

**Total Commitments** means the aggregate of the Commitments, being, at the date of this Agreement $570,000,000.

**Total Loss** means, in relation to a vessel, its:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) actual, constructive, compromised or arranged total loss; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) requisition for title, confiscation or other compulsory acquisition by a government entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) hijacking, theft, condemnation, capture, seizure, arrest or detention for more than 30 days.

------

**Total Loss Date** means, in relation to the Total Loss of a vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of an actual total loss, the date it happened or, if such date is not known, the date on
 which the vessel was last reported;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a constructive, compromised, agreed or arranged total loss, the earliest of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date notice of abandonment of the vessel is given to its insurers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the insurers do not admit such a claim, the date later determined by a competent court of law to have been the date on which the total loss happened; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date upon which a binding agreement as to such compromised or arranged total loss has been entered
 into by the vessel's insurers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of a requisition for title, confiscation or compulsory acquisition, the date 30 days after
 the date it happened; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of hijacking, theft, condemnation, capture, seizure, arrest or detention, the date 30 days
 after the date upon which it happened.

**Total Loss Repayment Date** means, where a Ship has become a Total Loss, the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date 120 days after its Total Loss Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date upon which insurance proceeds or Requisition Compensation for such Total Loss are paid by
 insurers or the relevant government entity.

**Transfer Certificate** means a certificate substantially in the form set out in Schedule 5 (*Form of Transfer Certificate*) or any other form agreed between the Agent and the Borrower.

**Transfer Date** means, in relation to an assignment, the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the proposed Transfer Date specified in the Transfer Certificate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the date on which the Agent executes the Transfer Certificate.

**Treasury Transaction** means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

**Trust Property** means, collectively:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all moneys duly received by the Security Agent under or in respect of the Finance Documents;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any portion of the balance on any Account held by or charged to the Security Agent at any time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Security Interests, guarantees, security, powers and rights given to the Security Agent under and
 pursuant to the Finance Documents including, without limitation, the covenants given to the Security Agent in respect of all obligations of any Obligor or any other party to the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all assets paid or transferred to or vested in the Security Agent or its agent or received or
 recovered by the Security Agent or its agent in connection with any of the Finance Documents whether from any Obligor or any other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all or any part of any rights, benefits, interests and other assets at any time representing or
 deriving from any of the above, including all income and other sums at any time received or receivable by the Security Agent or its agent in respect of the same (or any part thereof).

**UK Bail-In Legislation** means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

**Unpaid Sum** means any sum due and payable but unpaid by an Obligor under the Finance Documents.

**US Waters** the waters of the United States of America as such term is defined under any applicable laws and regulations.

**Utilisation** means the making of an Advance.

**Utilisation Date** means the date on which a Utilisation is to be made.

**Utilisation Request** means a notice substantially in the form set out in Schedule 4 (*Utilisation Request*).

**VAT** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

**Write-down and Conversion Powers means:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other applicable Bail-In Legislation other than the UK Bail-In Legislation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar or analogous powers under that Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any UK Bail-In Legislation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any powers under that UK 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 UK Bail-In Legislation that are related to or ancillary to any of those powers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar or analogous powers under that UK Bail-In Legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Construction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless a contrary indication appears, any reference in any of the Finance Documents to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Sections, clauses and Schedules are to be construed as references to the Sections and clauses of, and
 the Schedules to, the relevant Finance Document and references to a Finance Document include its Schedules;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a **Finance Document** or any other agreement or instrument is a reference to that Finance
 Document or other agreement or instrument as it may from time to time be amended, restated, novated or replaced, however fundamentally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) words importing the plural shall include the singular and vice versa;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a time of day are to London time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any person includes its successors in title, permitted assignees or transferees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the knowledge, awareness and/or beliefs (and similar expressions) of any Obligor shall be construed so
 as to mean the knowledge, awareness and beliefs of the director and officers of such Obligor, having made due and careful enquiry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) **agreed form** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) where a Finance Document has already been executed by all of the relevant parties, such Finance
 Document in its executed form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) prior to the execution of a Finance Document, the form of such Finance Document separately agreed in
 writing between the Agent and the Borrower as the form in which that Finance Document is to be executed or another form approved at the request of the Borrower or, if not so agreed or approved, is in the form specified by the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) **approved by the Majority Lenders** or **approved by the Lenders** means approved in writing
 by the Agent acting on the instructions of the Majority Lenders or, as the case may be, all of the Lenders (on such conditions as they may respectively impose) and otherwise **approved** means approved in writing by the Agent (on such
 conditions as the Agent may impose) and **approval** and **approve** shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) **assets** includes present and future properties, revenues and rights of every description;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) an **authorisation** means any authorisation, consent, concession, approval, resolution, licence,
 exemption, filing, notarisation or registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) **charter commitment** means, in relation to a vessel, any charter or contract for the use,
 employment or operation of that vessel or the carriage of people and/or cargo or the provision of services by or from it and includes any agreement for pooling or sharing income derived from any such charter or contract;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) **control** of an entity means (except when used in the definition of Change of Control in clause
 1.1 (*Definitions*)):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be
 cast at a general meeting of that entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) appoint or remove all, or the majority, of the directors or other equivalent officers of that entity;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) give directions with respect to the operating and financial policies of that entity with which the
 directors or other equivalent officers of that entity are obliged to comply; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the holding beneficially of more than 50 per cent of the issued share capital of that entity
 (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital) (and, for this purpose, any Security Interest over share capital shall be
 disregarded in determining the beneficial ownership of such share capital);

and **controlled** shall be construed accordingly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) a Lender's **cost of funds** in relation to its participation in any Ship Tranche (or any
 relevant part of it) is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of
 that participation in that Ship Tranche (or any relevant part of it) for a period equal in length to the Interest Period for that Ship Tranche (or the relevant part of it);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the term **disposal** or **dispose** means a sale, transfer or other disposal (including by
 way of lease or loan but not including by way of loan of money) by a person of all or part of its assets, whether by one transaction or a series of transactions and whether at the same time or over a period of time, but not the creation of a
 Security Interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) **$**, **USD** and **dollar** s denote the lawful currency of the United States of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) the **equivalent** of an amount specified in a particular currency (the **specified currency amount**) shall be construed as a reference to the amount of the other relevant currency which can be purchased with the specified currency amount in the London foreign exchange market at or about 11 a.m. on the date the calculation falls
 to be made for spot delivery, as conclusively determined by the Agent (with the relevant exchange rate of any **such** purchase being the **Agent's spot rate of exchange**);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) a **government entity** means any government, state or agency of a state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) a **group of Lenders** includes all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) a **guarantee** means any guarantee, letter of credit, bond, indemnity or similar assurance
 against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such
 obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) **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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) **month** means a period starting on one day in a calendar month and ending on the numerically
 corresponding day in the next calendar month or the calendar month in which it is to end, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that month (if there is one) or on the immediately preceding
 Business Day (if there is not); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if there is no numerically corresponding day in that month, that period shall end on the last Business
 Day in that month

and the above rules in paragraphs (i) to (ii) will only apply to the last month of any period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) an **obligation** means any duty, obligation or liability of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) something being in the **ordinary course of business** of a person means something that is in the
 ordinary course of that person's current day-to-day operational business (and not merely anything which that person is entitled to do under its Constitutional Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) **pay** or **repay** in clause 27 (*Business restrictions*) includes by way of set-off,
 combination of accounts or otherwise;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) a **person** includes any individual, firm, company, corporation, government entity or any
 association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) 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 and, in relation to any Lender, includes (without limitation) any
 Basel II Regulation or Basel III Regulation or any law or regulation which implements Reformed Basel III, in each case which is applicable to that Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) **right** means any right, privilege, power or remedy, any proprietary interest in any asset and
 any other interest or remedy of any kind, whether actual or contingent, present or future, arising under contract or law, or in equity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) **trustee**, **fiduciary** and **fiduciary duty** has in each case the meaning given to such term under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) (i) the **liquidation**, **winding up**, **dissolution**, or **administration** of a
 person or (ii) a **receiver** or **administrative receiver** or **administrator** in the context of insolvency proceedings or security enforcement actions in respect of a person shall be construed so as to include any equivalent
 or analogous proceedings or any equivalent and analogous person or appointee (respectively) under the law of the jurisdiction in which such person is established or incorporated or any jurisdiction in which such person carries on business
 including (in respect of proceedings) the seeking or occurrences of liquidation, winding-up, reorganisation, dissolution, administration, arrangement, adjustment, protection or relief of debtors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) a provision of law is a reference to that provision as amended or re-enacted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxxi) any applicable law or regulation which is a regulation or directive of the EU or which is an EU Treaty
 (as such expression is defined in the European Communities Act 1972) and which is given effect in the United Kingdom under the European Communities Act 1972 includes a reference to any other applicable law or regulation in force in the United
 Kingdom at any time after the repeal of the European Communities Act 1972 which is intended to give effect to the provisions of such regulation, directive of the EU or EU Treaty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A reference in this Agreement to a page or screen of an information service displaying a rate shall
 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any replacement page of that information service which displays that rate; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the appropriate page of such other information service which displays that rate from time to time in
 place of that information service,

and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Agent after consultation with the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or
 replacement rate for, that rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Reference Rate Supplement overrides anything in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 8 (*Reference Rate Terms*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Reference Rate Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the
 Cumulative Compounded RFR Rate overrides anything relating to that rate in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Schedule 9 (*Daily Non-Cumulative Compounded RFR Rate*) or Schedule 10 (*Cumulative Compounded RFR Rate*), as the case may be; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any earlier Compounding Methodology Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Where in this Agreement a provision includes a monetary reference level in one currency, unless a contrary indication appears, such reference level is intended to apply
 equally to its equivalent in other currencies as of the relevant time for the purposes of applying such reference level to any other currencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section, clause and Schedule headings are for ease of reference only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A Default (other than an 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 or, prior to the Agent giving notice under clause 29.24 (*Acceleration*) and the Event of Default is capable of remedy, remedied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Unless a contrary indication appears, in the event of any inconsistency between the terms of this
 Agreement and the terms of any other Finance Document when dealing with the same or similar subject matter, the terms of this Agreement shall prevail.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Third party rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another Indemnified Person, a person who is not a party to a Finance Document has no right under the Contracts
 (Rights of Third Parties) Act 1999 (the **Third Parties Act**) to enforce or enjoy the benefit of any term of the relevant Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Finance Document may be rescinded or varied by the parties to it without the consent of any person who is not a party to it (unless otherwise provided by this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An Indemnified Person who is not a party to a Finance Document may only enforce its rights under that Finance Document through a Finance Party and if and to the extent and in such manner as the Finance Party may
 determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Finance Documents** 

Where any other Finance Document provides that this clause 1.4 shall apply to that Finance Document, any other provision of this Agreement which, by its terms, purports to apply to all or any of the Finance Documents and/or any Obligor shall apply to that Finance Document as if set out in it but with all necessary changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Conflict of documents** 

The terms of the Finance Documents (other than as relates to the creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any provision of this Agreement and any provision of any Finance Document (other than in relation to the creation and/or perfection of security) the provisions of this Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Blocking Regulation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (c) below any provision of clauses 7.1 (Illegality) 18.33 (Sanctions), 21.2 (*Use of proceeds*), 21.4 (*Compliance with laws*) and 21.5 (*Sanctions*) shall not apply to or in
 favour of any Finance Party if and to the extent that it would result in a breach, by or in respect of that Finance Party, of any applicable Blocking Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Clause 1.6, **Blocking Law** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United Kingdom); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar blocking or anti-boycott law applicable to that Finance Party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This clause 1.6 shall only apply in relation to any Finance Party which has notified the Agent that it requires this clause to apply to that Finance Party.

------

**Section 2 - The Facility**

---

| | |
|:---|:---|
| **2** | **The Facility** |

---

**2.1** **The Facility** 

Subject to the terms of this Agreement, the Lenders make available to the Borrower a term loan facility in an amount equal to the Total Commitments.

**2.2** **Finance Parties' rights and obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor 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 an Obligor which relates to a Finance Party's participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on
 its behalf) is a debt owing to that Finance Party by that Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Finance Party may, except as specifically provided in the Finance Documents (including, without limitation, clauses 33.26 (*All enforcement action through the Security Agent*)) and 34.2 (*Finance Parties acting together*), separately enforce its rights under or in connection with the Finance Documents.

---

| | |
|:---|:---|
| **3** | **Purpose** |

---

**3.1** **Purpose** 

The Borrower shall apply all amounts borrowed under the Facility in accordance with this clause 3.

------

**3.2** **Refinancing and general corporate purposes** 

The Commitments shall be made available solely for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to assist the Borrower with acquiring the shares in each Owner and refinancing of the relevant Existing Financial Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for general corporate purposes.

**3.3** **Monitoring** 

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

---

| | |
|:---|:---|
| **4** | **Conditions of Utilisation** |

---

**4.1** **Initial conditions precedent** 

The Lenders will only be obliged to comply with clause 5.5 *(Lenders' participation)* in relation to any Utilisation if on or before the Utilisation Date for that Utilisation, the conditions in clause 4.4 (*Further conditions precedent*) are satisfied and the Agent, or its duly authorised representative, has received or is satisfied that it will receive on the date that the relevant Commitments are made available all of the documents and other evidence listed in Part 1 of Schedule 3 (*Conditions precedent to any Utilisation*) in form and substance satisfactory to the Agent.

**4.2** **Ship and security conditions precedent** 

The Ship Commitment in respect of a Ship Tranche shall only become available for borrowing under this Agreement if the Agent, or its duly authorised representative, has received all of the documents and evidence listed in Part 2 of Schedule 3 (*Ship and security conditions precedent*) relating to the relevant Ship and relevant Owner in form and substance satisfactory to the Agent.

**4.3** **Notice to Lenders** 

The Agent shall notify the Lenders and the Borrower promptly upon receipt and being satisfied with all of the documents and evidence referred to in this clause 4 in form and substance satisfactory to it. Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives any such notification, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

------

**4.4** **Further conditions precedent** 

The Lenders will only be obliged to comply with clause 5.5 (*Lenders' participation*) if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to each Utilisation, on the date of the relevant Utilisation Request and on the proposed Utilisation Date, no Default is continuing or would result from the proposed Utilisation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to each Utilisation, on the date of the relevant Utilisation Request and on the proposed Utilisation Date, all of the representations set out in clause 18 (*Representations*) (other than the Ship
 Representations) are true; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to each Utilisation, on the proposed Utilisation Date, the Ship Representations are true.

**4.5** **Waiver of conditions precedent** 

The conditions in this clause 4 are inserted solely for the benefit of the Finance Parties and may be waived on their behalf in whole or in part and with or without conditions by the Agent acting on the instructions of the Majority Lenders.

**4.6** **Conditions subsequent** 

The Borrower shall provide to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence of the service on any relevant managers of the relevant notices of assignment required under paragraph 2(e) of Part 2 of Schedule 3 (*Ship and security conditions precedent*) within ten Business Days of
 the relevant Utilisation Date (and the Borrower and relevant assignor shall exercise reasonable commercial efforts to obtain the acknowledgments to such notices of assignment within ten Business Days of such Utilisation Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if Quiet Enjoyment Letters are required by the relevant Charterer pursuant to the terms of any Charter, originals of the duly executed and dated Quiet Enjoyment Letters as soon as practicable after signing thereof by
 the relevant Charterer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence of the Borrower being listed on Euronext Growth in Oslo or on NYSE, NASDAQ or any other reputable stock exchange approved by the Lenders on or before 31 March 2022.

------

**Section 3 - Utilisation**

---

| | |
|:---|:---|
| **5** | **Utilisation** |

---

**5.1** **Delivery of a Utilisation Request** 

The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than 11 a.m. three Business Days before the proposed Utilisation Date.

**5.2** **Completion of a Utilisation Request** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the proposed Utilisation Date is a Business Day falling on or before the Last Availability Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the currency and amount of the Utilisation comply with clause 5.3 (*Currency and amount*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the proposed Interest Period complies with clause 9 (*Interest Periods*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it identifies the purpose for the Utilisation and that purpose complies with clause 3 (*Purpose*) *.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Only one Advance may be requested in each Utilisation Request.

**5.3** **Currency and amount** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The currency specified in a Utilisation Request must be dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of each proposed Advance must be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) not less than the outstanding Existing Financial Indebtedness under the Existing Facility or Existing Lease relating to the relevant Ship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) must not exceed the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Ship Commitment for the relevant Ship to which the Advance relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) 65 per cent. of the market value of the relevant Ship to which the Advance relates Ships (such market value being as determined in accordance with clause 25 (*Minimum Security Value*) by the valuations provided
 as a condition precedent pursuant to paragraph 9 of Part 2 of Schedule 3 (*Ship and security conditions precedent*));

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) when aggregated with the Loan already borrowed, the lesser of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) 65 per cent. of the aggregate market values of all the Ships (such market values being as determined in accordance with clause 25 (*Minimum Security Value*) by the valuations provided as a condition precedent
 pursuant to paragraph 9 of Part 2 of Schedule 3 (*Ship and security conditions precedent*)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Total Commitments.

**5.4** **Pre-placement of an Advance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding that the Borrower may not have yet satisfied all of the conditions precedent set out in Schedule 3 (*Conditions precedent*), in order to facilitate compliance by the Borrower with the Purchase
 Contract or in order to facilitate prepayment of Existing Financial Indebtedness, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower has submitted a Utilisation Request in respect of an Advance in accordance with this clause 5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower has satisfied the conditions precedent set out in Part 1 and paragraph 1, paragraph 2 (with the relevant Security Documents other than the relevant Mortgage to be signed undated in escrow), paragraphs 3
 to 5, paragraphs 7 to 12 and paragraph 14 of Part 2 of Schedule 3 (*Conditions precedent*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the opinion of the Agent (acting on the instructions of the Majority Lenders) the Borrower is reasonably likely to satisfy all remaining and outstanding conditions precedent set out in Schedule 3 (*Conditions precedent*) within three (3) Business Days from the Utilisation Date and in any event on or before the Release (as defined below in clause 5.4(b)), the Lenders (following a decision made by the Majority Lenders, all acting reasonably) may,
 subject to the other terms and conditions of this clause 5.4 and the other provisions of this Agreement, make the relevant Advance available on the date specified in the relevant Utilisation Request, being the date falling no more than two
 Business Days before the relevant Existing Financial Indebtedness is to be prepaid, by depositing the Advance with a bank acceptable to the Majority Lenders (acting reasonably) (each a **Refinancing Bank**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advance utilised pursuant to this clause 5.4 (or such part as shall be required to ensure that all payments required to prepay the relevant Existing Financial Indebtedness) shall (subject to the other provisions
 of this Agreement) be remitted by the Agent to the relevant Refinancing Bank as a cash deposit in the Agent's name with the relevant Refinancing Bank with its correspondent bank in New York, on condition that it will be held by the relevant
 Refinancing Bank to the order of the Agent for release by the Agent to the relevant Refinancing (the **Release**) and only subject to such irrevocable instructions addressed from the Agent to the relevant Refinancing Bank as are acceptable to
 the Agent (acting reasonably) (**Irrevocable Instructions**).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Irrevocable Instructions shall in any event provide (inter alia) that the relevant Advance shall be returned to the Agent within five (5) Business Days if not released to the relevant Refinancing Bank or its
 order. The Finance Parties and the Obligors hereby agree that the relevant Advance shall not be released to the relevant Refinancing Bank or to its order, and the Agent (and the authorised representatives of the Agent specified in the Irrevocable
 Instructions) shall not release or agree to release the Advance to the relevant Refinancing Bank or its order, unless and until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the "Protocol of Delivery and Acceptance" in respect of the relevant Ship between the relevant Owner and the relevant Lessor (except in the case of Ship C) has been signed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Agent is satisfied that the transfer of shares of the relevant Owner from GLNG to the Borrower will occur immediately following the Release; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Agent is satisfied that all the conditions precedent set out in Part 2 of Schedule 3 (*Ship and security conditions precedent*), have been (or will be concurrently with the Release) satisfied in full or
 otherwise waived in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower hereby irrevocably and unconditionally undertakes that it shall not give any instructions to the relevant Refinancing Bank in respect of any Advance that are inconsistent with any Irrevocable
 Instructions in respect of such Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall immediately prepay the Advance, together with interest thereon (calculated in accordance with clause 8.1 (*Calculation of interest*)), on the date on which the relevant Refinancing Bank is
 required to return the moneys funded by the Advance to the Agent in accordance with the Irrevocable Instructions (and regardless of whether the relevant Refinancing Bank has then carried out such instructions), provided that any moneys (including
 interest, if any) actually returned to the Agent from the relevant Refinancing Bank shall be applied by the Agent in satisfaction of such prepayment obligation of the Borrower and in payment of any amounts payable by the Borrower under clause
 7.10 (*Restrictions*) as a result of such prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In case of application of this clause 5.4 in respect of any Advance,, such Advance shall accrue interest in accordance with the terms of clause 8.1 (*Calculation of interest*) from the relevant Utilisation Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any amount prepaid under clause 5.4(e) shall be, subject to the other terms of this Agreement, available to be redrawn by the Borrower where there has been a delay in refinancing the relevant Existing Financial
 Indebtedness and the acquisition of shares in the relevant Owner, in again assisting the Borrower to satisfy its obligations under the Purchase Contract and/or the Existing Financial Indebtedness.

**5.5** **Lenders' participation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the conditions set out in this Agreement have been met and subject to clause 6 *(Repayment)*, each Lender shall make its participation in each Advance available by the relevant Utilisation Date through its
 Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The amount of each Lender's participation in each Advance will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to making the Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall promptly notify each Lender of the amount of the Advance and the amount of its participation in the Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall pay all amounts received by it in respect of the Advance (and its own participation in it, if any) to the Borrower or for its account in accordance with the instructions contained in the relevant
 Utilisation Request.

------

**Section 4 - Repayment, Prepayment and Cancellation**

---

| | |
|:---|:---|
| **6** | **Repayment** |

---

**6.1** **Repayment** 

The Borrower shall on each Repayment Date repay such part of each Ship Tranche as is required to be repaid by clause 6.2 (*Scheduled repayment of Facility*).

**6.2** **Scheduled repayment of Facility** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent not previously reduced, each Ship Tranche shall be repaid by instalments on each Repayment Date by the amount specified in the Repayment Schedule (as may be revised by clause 6.3 (*Adjustment of scheduled repayments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Final Repayment Date (without prejudice to any other provision of this Agreement), each Ship Tranche and all other amounts owing under this Agreement and any of the other Finance Documents shall be repaid in
 full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an amount less than the Ship Commitment relating to a Ship Tranche is advanced on the relevant Utilisation Date, the Agent will provide a replacement Repayment Schedule on or about the relevant Utilisation Date,
 to reflect the actual amount of each Ship Tranche. Such Repayment Schedule shall, in the absence of manifest error be conclusive and binding on the Borrower.

**6.3** **Adjustment of scheduled repayments** 

If the Total Commitments have been partially reduced under this Agreement and/or any part of the Loan is prepaid (other than under clause 6.2) before any Repayment Date, then the amount of the instalment by which each Ship Tranche shall be repaid under clause 6.2 on any such Repayment Date (as reduced by any earlier operation of this clause 6.3) shall be reduced pro rata between the Ship Tranches in inverse chronological order (including any balloon instalment) by the amount so reduced or prepaid save where clause 7.7 (*Sale or Total Loss*) applies, where only the instalments of the affected Ship Tranche shall be so reduced.

------

---

| | |
|:---|:---|
| **7** | **Illegality, prepayment and cancellation** |

---

**7.1** **Illegality** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Lender shall promptly notify the Agent (if applicable, providing reasonable detail of the relevant Sanctions Laws, to the extent permitted by law and regulation) upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Borrower, the Available Commitment of that Lender will be immediately cancelled and the undrawn Commitments shall be reduced rateably; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to the extent that the Lender's participation has not been assigned pursuant to clause 7.6 (*Right of replacement or cancellation and prepayment in relation to a single Lender*), the Borrower shall prepay that
 Lender's participation in the Loan on the last day of the Interest Period for the Loan occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier
 than the last day of any applicable grace period permitted by law).

**7.2** **Sanctions activity** 

If an act or omission of a Relevant Party, any of its Subsidiaries, and/or any of their respective directors, officers or employees causes a Lender to be in breach of Sanctions Laws or otherwise results in that Lender becoming a Restricted Party (such Lender, the **Affected Lender**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Affected Lender shall promptly notify the Agent (if applicable, providing reasonable detail of the relevant Sanctions Laws, to the extent permitted by law and regulation) upon becoming aware of that event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon the Agent notifying the Borrower and the other Lenders, the Commitment of the Affected Lender will be immediately cancelled; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Borrower shall repay such part of the Loan relating to the Affected Lender on the last day of the Interest Period occurring after the Agent has notified the Borrower and the other Lenders or, if earlier, the date
 specified by the Affected Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law).

**7.3** **Change of control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly notify the Agent upon any Obligor becoming aware of a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If there is a Change of Control, the Agent shall cancel the Total Commitments and the Borrower shall prepay the Loan in full together with any other amounts owing under this Agreement or any of the other Finance
 Documents, on or prior to the date which is 30 days after the date on which the Change of Control occurred.

------

**7.4** **Voluntary cancellation** 

The Borrower may, if it gives the Agent not less than three Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $5,000,000) of the Facility. Upon any such cancellation the Total Commitments shall be reduced by the same amount and the relevant Commitments of the Lenders reduced pro rata.

**7.5** **Voluntary prepayment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may, if it gives the Agent not less than three Business Days' prior written notice and subject to receipt by the Agent of any applicable early prepayment fee in accordance with clause 11.3 (*Early prepayment fee*), 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 $5,000,000 and is a multiple of $5,000,000), on the last day of an Interest Period in
 respect of the amount to be prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower may, if it gives the Agent not less than ten Business Days' prior written notice (in each case identifying the relevant Ship Tranche) and subject to receipt by the Agent of any applicable early
 prepayment fee in accordance with clause 11.3 (*Early prepayment fee*), prepay the whole of a Ship Tranche, on the last day of an Interest Period in respect of the amount to be prepaid. In the event that the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prepays the whole of a Ship Tranche;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepays such further part of the Loan so as to ensure that on the relevant prepayment date (aa) the Security Value is not less than the Minimum Value and (ab) the ratio of the Security Value to the Loan is the same
 or greater than immediately prior to such prepayment date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pays any applicable early prepayment fee in accordance with clause 11.3 (*Early prepayment fee*),

and provided that the Security Agent is satisfied that the relevant Ship Tranche and any other amounts outstanding in relation to it, under this clause 7.5 or under the Finance Documents have been irrevocably and unconditionally repaid in full, the Security Agent shall, at the request of the Borrower release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Security Documents in relation to the relevant Ship and relevant Owner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the relevant Owner from its obligations and liabilities under the Finance Documents.

------

**7.6** **Right of replacement or cancellation and prepayment in relation to a single Lender** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender claims indemnification from the Borrower under clause 12.3 (*Tax indemnity*) or clause 13 (*Increased Costs*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Lender becomes a Defaulting Lender,

the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues or whilst the relevant Lender continues to be a Defaulting Lender, give the Agent notice of cancellation of the Commitments of that Lender and its intention to procure the repayment of that Lender's participation in the Loan or give the Agent notice of its intention to replace that Lender in accordance with clause 7.6(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On receipt of a notice referred to in clause 7.6(a) above, the Available Commitments of that Lender shall immediately be reduced to zero and (unless the Available Commitments of the relevant Lender are replaced in
 accordance with clause 7.6(d)) the Total Commitments shall be reduced accordingly. The Agent shall as soon as practicable after receipt of a notice referred to in clause 7.6(a)(iii) above, notify all the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On the last day of each Interest Period which ends after the Borrower has given notice under clause 7.6(a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the
 Borrower shall repay that Lender's participation in the Loan and that Lender's corresponding Available Commitment shall be immediately cancelled in the amount of the participations repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower may, in the circumstances set out in clause 7.6(a), on 15 Business Days' prior notice to the Agent and that Lender or in the circumstances set out in clause 7.1, on 15 Business Days' prior notice to the
 Agent and that Lender (subject to such period not extending beyond the earlier of the dates referred to in clause 7.1(c)), replace that Lender by requiring that Lender to assign (and, to the extent permitted by law, that Lender shall assign)
 pursuant to clause 31 (*Changes to the Lenders*) all (and not part only) of its rights under this Agreement to a Lender or other bank, financial institution or fund selected by the Borrower which confirms its willingness to undertake and
 does undertake all the obligations of the assigning Lender in accordance with clause 31 (*Changes to the Lenders*) for a purchase price in cash or other cash payment payable at the time of the assignment equal to the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the outstanding principal amount of such Lender's participation in the Loan;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all accrued interest owing to such Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Break Costs which would have been payable to such Lender pursuant to clause 10.4 (*Break Costs*) had the Borrower prepaid in full that Lender's participation in the Loan on the date of the assignment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all other amounts payable to that Lender under the Finance Documents on the date of the assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The replacement of a Lender pursuant to clause 7.6(d) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in no event shall the Lender replaced under clause 7.6(d) be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Lender shall only be obliged to assign its rights pursuant to clause 7.6(d) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable
 laws and regulations in relation to that assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A Lender shall perform the checks described in clause 7.6(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in clause 7.6(d) above and shall notify the Agent and the Borrower
 when it is satisfied that it has complied with those checks.

**7.7** **Sale or Total Loss** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If a Ship becomes a Total Loss before its Ship Commitment has become available for borrowing under this Agreement, the Total Commitments shall immediately be reduced by the Ship Commitment for such Ship and such Ship
 Commitment shall be reduced to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On a Mandatory Repayment Date in relation to any of the Ships or in relation to an Owner of any of the Ships:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that Ship's Ship Commitment shall be reduced to zero and the Total Commitments and the Available Facility will each be reduced by the amount of that Ship Commitment;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Borrower shall prepay the relevant Ship Tranche and also prepay such further part of the Loan so as to ensure that on the relevant Mandatory Repayment Date (aa) the Security Value is not less than the Minimum
 Value and (ab) the ratio of the Security Value to the Loan is the same or greater than immediately prior to the Mandatory Repayment Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Borrower shall pay any applicable early prepayment fee in accordance with clause 11.3 (*Early prepayment fee*),

and in the case of the sale of all or part of an Owner, the Ship Commitment shall relate to the Ship which is owned by such Owner.

**7.8** **Early termination of Initial Ship C Charter** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except with approval and subject to paragraph (b), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Initial Ship C Charter is terminated, repudiated, cancelled, frustrated or otherwise ceases to be in full force and effect for any reason whatsoever before its redelivery date as at the date of this Agreement
 (except as a result of Ship C becoming a Total Loss); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Ship C is withdrawn by the relevant Owner from service under the Initial Ship C Charter before the time that such Charter was scheduled to expire and is not returned to service within 45 days,

the Borrower shall prepay the Ship Tranche relating to Ship C by an amount equal to the then remaining expected Net Earnings for that Ship from that Initial Ship C Charter no later than the date falling within 60 days of such termination, repudiation, cancellation, frustration, withdrawal or the date which the Initial Ship C Charter ceases to be in full force and effect (as the case may be), together with any applicable early prepayment fee in accordance with clause 11.3 (*Early prepayment fee*).

For the purposes of this clause 7.8(a) "Net Earnings" means the remaining expected Earnings under the Initial C Charter up until the time such Charter was scheduled to expire less any operating expenses.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall not be required to prepay the amount required under paragraph (a) above if, as soon as possible and in any event within 45 days of such repudiation, cancellation, frustration, withdrawal or the
 date which the Initial Ship C Charter ceases to be in full force and effect, the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relevant Owner has entered into an approved charter commitment in respect of Ship C on terms (including hire rate, duration and charterer) acceptable to all Lenders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the relevant Owner has executed a Charter Assignment in favour of the Security Agent in respect of such approved Charter commitment and delivered such related documents of the nature described in Schedule 3 (*Conditions precedent*) as the Agent may require.

**7.9** **Automatic cancellation** 

Any part of a Ship Commitment which has not become available by, or which is undrawn on, the Last Availability Date shall be automatically cancelled at close of business on the Last Availability Date for that Ship Commitment.

**7.10** **Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice of cancellation or prepayment given by any Party under this clause 7 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may not reborrow any part of the Facility which is prepaid or repaid except in accordance with clause 5.4(g) (*Pre-placement of an Advance*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall not 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent receives a notice under this clause 7 it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate.

------

(g) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any prepayment required as a result of a cancellation in full of an individual Lender's Commitment under clause 7.1 (*Illegality*) or clause 7.6 (*Right of cancellation and prepayment in relation to a single Lender*) shall be applied in prepaying the relevant Lender's participation in the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any other prepayment shall be applied pro rata to each Lender's participation in the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any prepayment under this Agreement shall be made together with payment to any Hedging Provider, of any amount falling due to the relevant Hedging Provider under a Hedging Contract as a result of the termination or
 close out of that Hedging Contract or any Hedging Transaction under it in accordance with clause 28.3 (*Unwinding of Hedging Contracts*) in relation to that prepayment.

------

**Section 5 - Costs of Utilisation**

---

| | |
|:---|:---|
| **8** | **Interest** |

---

**8.1** **Calculation of interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate of interest on each Ship Tranche (or any relevant part of it for which there is a separate Interest Period) for any day during an Interest Period is the percentage rate per annum which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Compounded Reference Rate for that day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any day during an Interest Period for a Ship Tranche is not an RFR Banking Day, the rate of interest on that Ship Tranche for that day will be the rate applicable to the immediately preceding RFR Banking Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Margin for the purposes of this Agreement means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 2.75 per cent per annum until 31 December 2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) thereafter, 2.80 per cent per annum unless the applicable Sustainability Performance Target is met, in which case the Margin shall be 2.70 per cent per annum.

**8.2** **Payment of interest** 

Subject to clause 8.4 (*Notifications*), the Borrower shall pay accrued interest on each Ship Tranche (or any relevant part of it) on the last day of each Interest Period for that Ship Tranche (or the relevant part of it).

**8.3** **Default interest** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Contract) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
 payment (both before and after judgment) at a rate which is 2 per cent points per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted the Loan for successive Interest
 Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this clause 8.3 shall be immediately payable by the Obligor on demand by the Agent.

------

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

**8.4** **Notifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall promptly upon an Interest Payment being determinable, notify:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower of that Interest Payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Lender of the proportion of that Interest Payment which relates to that Lender's participation in each Ship Tranche (or any relevant part of it); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Lenders and the Borrower of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) each applicable rate of interest relating to the determination of that Interest Payment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to the extent it is then determinable, the Market Disruption Rate (if any) relating to any Ship Tranche (or any relevant part of it).

This paragraph (a) shall not apply to any Interest Payment determined pursuant to clause 10.3 (*Cost of funds*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall promptly notify the Borrower of each Funding Rate relating to each Ship Tranche (or any relevant part of it).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest relating to any Ship Tranche (or any relevant part of it) to which clause 10.3 (*Cost of funds*) applies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This clause 8.4 shall not require the Agent to make any notification to any Party on a day which is not a Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding clause 8.2 (*Payment of interest*), if the Agent is unable for any reason to provide a notification as required in paragraph (a) above then the Borrower shall pay interest one Business Day
 following the Agent's notification of the Interest Payment due.

**8.5** **Sustainability margin adjustment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the other provisions of this clause, the Margin for each Sustainability Linked Year of the Facility Period shall be determined in accordance with Schedule 11 (*Sustainability targets*) and shall apply
 from the relevant Margin Adjustment Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise defined in this Agreement, expressions used in this clause 8 shall have the meaning given to them in Schedule 11 (*Sustainability targets*).

---

| | |
|:---|:---|
| **9** | **Interest Periods** |

---

**9.1** **Interest Periods** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The first Interest Period for a Ship Tranche stall start on the Utilisation Date for that Ship Tranche and end on the last day of the then current Interest Period for the balance of the Loan (save that for the first
 Ship Tranche to be borrowed, its Interest Period shall end on the date falling one Month after the relevant Utilisation Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each subsequent Interest Period for that Ship Tranche start on the last day of its preceding Interest Period and be one Month or such period of approximately one (1) Month as is necessary for any relevant Interest
 Period to end of a Repayment Date (subject to paragraph (c) below and clause 9.2 (*Non-Business Days*)) or such other period as agreed between the Borrower and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Interest Period shall extend beyond the Final Repayment Date.

**9.2** **Non-Business Days** 

Any rules specified as Business Day Conventions in the Reference Rate Terms shall apply to each Interest Period for any Ship Tranche or Unpaid Sum.

---

| | |
|:---|:---|
| **10** | **Changes to the calculation of interest** |

---

**10.1** **Interest calculation if no RFR or Central Bank Rate** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for any Ship Tranche (or any relevant part
 of it); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Cost of funds will apply as a fallback" is specified in the Reference Rate Terms,

then clause 10.3 (*Cost of funds*) shall apply to that Ship Tranche (or any relevant part of it) for that Interest Period.

------

**10.2** **Market disruption** 

If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Market Disruption Rate is specified in the Reference Rate Terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) before the Reporting Time the Agent receives notifications from a Lender or Lenders (whose participations in any Ship Tranche (or any relevant part of it) exceed 50 per cent. of that Ship Tranche (or any relevant
 part of it)) that its cost of funds relating to its participation in that Ship Tranche (or any relevant part of it) would be in excess of that Market Disruption Rate,

then clause 10.3 (*Cost of funds*) shall apply to that Ship Tranche (or any relevant part of it) for the relevant Interest Period.

**10.3** **Cost of funds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If this clause 10.3 applies to a Ship Tranche (or any relevant part of it) for an Interest Period, clause 8.1 (*Calculation of interest*) shall not apply to that Ship Tranche or relevant part of it for that
 Interest Period and the rate of interest on each Lender's share of that Ship Tranche (or relevant part of it) for that Interest Period shall be the percentage rate per annum which is the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate notified to the Agent by that Lender as soon as practicable and in any event by the Reporting Time for, to be that which expresses as a percentage rate per annum its cost of funds relating to its
 participation in the relevant Ship Tranche or relevant part of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If this clause 10.3 applies and the Agent or the Borrower so require, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for
 determining the rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If this clause 10.3 applies pursuant to clause 10.2 *(Market disruption)* and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Lender's Funding Rate is less than the Market Disruption Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a Lender does not notify a rate to the Agent by the Reporting Time, that Lender's cost of funds relating to its participation in the relevant Ship Tranche (or relevant part of it) for that Interest Period shall be
 deemed, for the purposes of paragraph (a) above, to be the Market Disruption Rate.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to paragraph (d) above, if this clause 10.3 applies but any Lender does not supply a quotation by the Reporting Time, the rate of interest shall be calculated on the basis of the rates notified by the
 remaining Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If this clause 10.3 applies, the Agent shall, as soon as is practicable, notify the Borrower.

**10.4** **Break Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to all or any part of any Ship Tranche (or any relevant part of it) or
 Unpaid Sum being paid by the Borrower on a day prior to the last day of an Interest Period for that Ship Tranche (or relevant part of it) or Unpaid Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become, or may become,
 payable.

---

| | |
|:---|:---|
| **11** | **Fees** |

---

**11.1** **Commitment commission** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of 40 per cent of the Margin per annum on that Lender's Available Commitment calculated on a daily basis from
 20 January 2022 (the **Start Date**) until the End Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall pay the accrued commitment commission on the last day of each fiscal quarter and on and until the date which is the earlier of (i) the date the Facility is fully drawn and (ii) the Last
 Availability Date (such date, for the purpose of this Clause, the **End Date**).

**11.2** **Fees** 

The Borrower shall pay any fees set out in any Fee Letter in the amount and at the times agreed in any applicable Fee Letter.

------

**11.3** **Early prepayment fee** 

In relation to any prepayment in accordance with this Agreement which is the third or more prepayment in a twelve month period other than a prepayment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) required by clause 7.1 (*Illegality*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) required by clause 7.6 (*Right of replacement or cancellation and prepayment in relation to a single Lender*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) required by clause 7.7 (*Sale or Total Loss*) but only to the extent relating to the Total Loss of a Ship; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) required by clause 25.13 (*Security shortfall*),

the Borrower shall pay to the Agent (for the Agent's own account) a fee of $5,000.

------

**Section 6 - Additional Payment Obligations**

---

| | |
|:---|:---|
| **12** | **Tax gross-up and indemnities** |

---

**12.1** **Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Hedging Contract), 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*).

Unless a contrary indication appears, in this clause 12.2 a reference to **determines** or **determined** means a determination made in the absolute discretion of the person making the determination.

**12.2** **Tax gross-up** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor under the relevant Finance Document 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This clause 12.2 shall not apply in respect of any payments under any Hedging Contract, where the gross-up provisions of the relevant Hedging Master Agreement itself shall apply.

**12.3** **Tax indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall (within three Business Days of demand by the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 12.3(a) above shall not apply:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) is compensated for by an increased payment under clause 12.2 (*Tax gross-up*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) is compensated for by an increased payment under clause 12.5 (*Indemnities on after Tax basis*); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) relates to a FATCA Deduction required to be made by a Party or any Obligor which is not a Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Protected Party making, or intending to make a claim under clause 12.3(a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify
 the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A Protected Party shall, on receiving a payment from an Obligor under this clause 12.3, notify the Agent.

**12.4** **Tax Credit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Tax Credit is attributable (A) to an increased payment of which that Tax Payment forms part, (B) to that Tax Payment or (C) to a Tax Deduction in consequence of which that Tax Payment was required; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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** **Indemnities on after Tax basis** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If and to the extent that any sum (the **Indemnity Sum**) constituting (directly or indirectly) an indemnity to any Protected Party but paid by the Borrower to any person other than that Protected Party, shall be
 treated as taxable in the hands of the Protected Party, the Borrower shall pay to that Protected Party such sum (the **Compensating Sum**) as (after taking into account any Tax suffered by that Protected Party on the Compensating Sum) shall
 reimburse that Protected Party for any Tax suffered by it in respect of the Indemnity Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this clause 12.5 a sum shall be deemed to be taxable in the hands of a Protected Party if it falls to be taken into account in computing the profits or gains of that Protected Party for the
 purposes of Tax and, if so, that Protected Party shall be deemed to have suffered Tax on the relevant sum at the rate of Tax applicable to that Protected Party's profits or gains for the period in which the payment of the relevant sum falls to be
 taken into account for the purposes of such Tax.

------

**12.6** **FATCA Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 12.6(c) below, each Party shall, within ten Business Days of a reasonable request by another Party:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) a FATCA Exempt Party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a Party confirms to another Party pursuant to clause 12.6(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall
 notify that other Party reasonably promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 12.6(a) above shall not oblige any Finance Party to do anything and clause 12.6(a)(iii) above shall not oblige any Party to do anything which would or might in its reasonable opinion constitute a breach of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any fiduciary duty; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any duty of confidentiality.

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 clause 12.6(a) above (including, for the avoidance of doubt, where clause 12.6(c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments made 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.

**12.7** **FATCA Deduction** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

------

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

**12.8** **Stamp taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other
 similar Taxes payable in respect of any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless an Event of Default has occurred and is continuing, paragraph (a) above shall not apply in respect of any stamp duty, registration or other similar Taxes which are payable in respect of an assignment, transfer
 or other alienation of any kind by a Finance Party of any of its rights and/or obligations under a Finance Document.

**12.9** **Value added tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All amounts expressed in a Finance Document to be payable 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 clause 12.9(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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 to a Finance Document other
 than the Recipient (the **Subject Party**) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in
 respect of that consideration):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Subject 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 paragraph (a) applies) promptly pay to the Subject 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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Subject 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where a Finance Document requires any party to it 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 thereof as represents VAT save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment of in respect of such VAT from the relevant tax authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference in this clause 12.9 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference
 to the representative member of such group at such time (the term "representative member" to have the same meaning as in the Value Added Tax Act 1994).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

---

| | |
|:---|:---|
| **13** | **Increased Costs** |

---

**13.1** **Increased Costs** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clause 13.3 (*Exceptions*), the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Cost incurred by that Finance
 Party or any of its Affiliates which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arises as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of
 this Agreement; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is a Basel III Increased Cost; and/or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is a Reformed Basel III Increased Cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this Agreement **Increased Costs** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an additional or increased cost; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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 Commitments or funding or performing its obligations under any Finance Document.

**13.2** **Increased Cost claims** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Finance Party intending to make a claim pursuant to clause 13 (*Increased Costs*) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs and setting forth the basis of the computation of such amount but not
 including any matters which such Lender or its Holding Company regards as confidential. If the Borrower requests information regarding the amount of any Increased Costs demanded under paragraph (a) above, the relevant Finance Party invoking this
 clause 13 (*Increased Costs*) shall act reasonably in considering what information (not including any matters which such Finance Party or its holding company regards as confidential) it may be able to provide to the Borrower, which
 information the Agent shall promptly send to the Borrower once received from such Finance Party.

**13.3** **Exceptions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clause 13 (*Increased Costs*) does not apply to the extent any Increased Cost is:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) compensated for by clause 12.5 (*Indemnities on after Tax basis*) or 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 clause 12.3(b) applied);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) attributable to a FATCA Deduction required to be made by a Party; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a Basel II Increased Cost or is attributable to the implementation or application or compliance with any other law or regulation which implements the Basel II Accord (whether such implementation, application or
 compliance is by a government, regulator, Finance Party or any of its Affiliates); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In this clause 13.3, a reference to a **Tax Deduction** has the same meaning given to the term in clause 12.1 (*Definitions*).

---

| | |
|:---|:---|
| **14** | **Other indemnities** |

---

**14.1** **Currency indemnity** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) making or filing a claim or proof against that Obligor; and/or

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

that Obligor shall, as an independent obligation, within three Business Days of demand by a Finance Party, indemnify each Finance Party to whom that Sum is due against any Losses arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (ii) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall (or shall procure that another Obligor will), within three Business Days of demand by a Finance Party, indemnify each Finance Party against any and all Losses properly incurred by that Finance
 Party or any of its Affiliates as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the occurrence of any Event of Default;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any and all Losses arising as a result of clause 35 (*Sharing among the Finance Parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by any
 Finance Party whether in respect of investigating or making an enquiry or otherwise as a result of conduct of any Obligor or Affiliates of the Obligors or any of their directors, officers or employees that violates any Sanctions Laws if such loss
 or liability or cost and expense would not have been, or been capable of being, made or asserted against the relevant Finance Party if it had not entered into any of the Finance Documents and/or exercised any of its rights, powers and discretions
 thereby conferred and/or performed any of its obligations thereunder and/or been involved in any of the transactions contemplated by the Finance Documents and any reasonable counsel fees and disbursements incurred by any Finance Party as a result
 of a Finance Party investigating or making any enquiry relating to a possible or alleged violation of any Sanctions Laws by an Obligor or any of their directors, officers or employees where it is reasonable for a Finance Party to investigate or
 make enquires in relation to any such possible or alleged violation and the Borrower has either requested that a Finance Party undertakes such investigation or makes such enquiries or has approved any such investigation or enquiries (such
 approval not to be unreasonably withheld or delayed);

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.

**14.3** **Indemnity to the Agent and the Security Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly indemnify the Agent and the Security Agent against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any and all Losses properly incurred by the Agent or the Security Agent (acting reasonably) as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) investigating any event which it reasonably believes is a Default;

------

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any action taken by the Agent or the Security Agent or any of its or their representatives, agents or contractors in connection with any powers conferred by any Security Document to remedy any breach of any Obligor's
 or any other party's obligations under the Finance Documents, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any cost, loss or liability (including, without limitation, in respect of liability for negligence or any other category of liability whatsoever) properly incurred by the Agent or the Security Agent (otherwise than
 by reason of the Agent's or the Security Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 36.10 (*Disruption to payment systems etc.)* notwithstanding the Agent's or the
 Security Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent in acting as Agent or the Security Agent under the Finance Documents.

**14.4** **Indemnity concerning security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall (or shall procure that another Obligor will) promptly indemnify, on an after-Tax basis, each Indemnified Person against any and all Losses properly incurred by it in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any failure by the Borrower to comply with its obligations under clause 16 *(Costs and expenses*) or any corresponding provisions in any other Finance Document;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the taking, holding, protection or enforcement of the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the exercise or purported exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and/or any other Finance Party and each Receiver by the Finance Documents or by law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any breach by an Obligor or any other party of the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any claim (whether relating to the environment or otherwise) made or asserted against the Indemnified Person which would not have arisen but for the execution or enforcement of one or more Finance Documents (unless
 and to the extent it is caused by the gross negligence or wilful misconduct of that Indemnified Person); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) (in the case of the Security Agent and/or any other Finance Party and any Receiver) acting as Security Agent and/or as holder of any of the Security Interests under the Security Documents or Receiver under the
 Finance Documents or which otherwise relates to the Charged Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Security Agent may, in priority to any payment to the other Finance Parties, indemnify itself, on an after-Tax basis, out of the Trust Property in respect of, and pay and retain, all sums necessary to give effect
 to the indemnity in this clause 14.4 and shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to it.

**14.5** **Continuation of indemnities** 

The indemnities by the Borrower in favour of the Indemnified Persons contained in this Agreement shall continue in full force and effect notwithstanding any breach by any Finance Party or the Borrower of the terms of this Agreement, the repayment or prepayment of the Loan, the cancellation of the Total Commitments or the repudiation by any Finance Party or the Borrower of this Agreement.

**14.6** **Third Parties Act** 

Each Indemnified Person may rely on the terms of clause 14.4 *(Indemnity concerning security)* and clauses 12 *(Tax gross-up and indemnities)* and 14.7 *(Interest)* insofar as it relates to interest on, or the calculation of, any amount demanded by that Indemnified Person under clause 14.4 *(Indemnity concerning security)*, subject to clause 1.3 (*Third party rights*) and the provisions of the Third Parties Act.

**14.7** **Interest** 

Moneys becoming due by the Borrower to any Indemnified Person under the indemnities contained in this clause 14 *(Other indemnities)* or elsewhere in this Agreement shall be paid on demand made by such Indemnified Person and shall be paid together with interest on the sum demanded from the date of demand therefor to the date of reimbursement by the Borrower to such Indemnified Person (both before and after judgment) at the rate referred to in clause 8.3 *(Default interest)*.

**14.8** **Exclusion of liability** 

No Indemnified Person will be in any way liable or responsible to any Obligor or other person (whether as mortgagee in possession or otherwise) who is a Party or is a party to a Finance Document to which this clause applies for any loss or liability arising from any act, default, omission or misconduct of that Indemnified Person, except to the extent caused by its own gross negligence or wilful misconduct. Any Indemnified Person may rely on this clause 14.8 subject to clause 1.3 (*Third party rights*) and the provisions of the Third Parties Act.

------

---

| | |
|:---|:---|
| **15** | **Mitigation by the Lenders** |

---

**15.1** **Mitigation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in the Facility ceasing to be available or any amount becoming
 payable under or pursuant to, or cancelled pursuant to, any of clause 7.1 (*Illegality*), clause 12 (*Tax gross-up and indemnities*) or clause 13 (*Increased Costs)* including (but not limited to) assigning its rights or
 transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 15.1(a) does not in any way limit the obligations of any Obligor or any other person under the Finance Documents.

**15.2** **Limitation of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under clause 15.1 (*Mitigation*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Finance Party is not obliged to take any steps under clause 15.1 (*Mitigation*) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

---

| | |
|:---|:---|
| **16** | **Costs and expenses** |

---

**16.1** **Transaction expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall promptly within five Business Days of demand pay the Agent, the Mandated Lead Arrangers, the Hedging Providers and the Security Agent the amount of all costs and expenses (including fees, costs and
 expenses of legal advisers (subject to fee quotes being pre-approved by the Borrower), insurance and other consultants and advisers) reasonably incurred and documented by any of them (and by any Receiver) in connection with the negotiation,
 preparation, printing, execution, syndication, registration and perfection and any release, discharge or reassignment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement, the Hedging Master Agreements and any other documents referred to in this Agreement and the Original Security Documents;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other Finance Documents executed or proposed to be executed after the date of this Agreement including any executed to provide additional security under clause 25 (*Minimum security value*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Security Interest expressed or intended to be granted by a Finance Document.

**16.2** **Amendment costs** 

If:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an amendment is required pursuant to clause 42.5 (*Changes to reference rates*),

the Borrower shall, within five Business Days of demand by the Agent, reimburse the Agent for the amount of all costs and expenses (including fees, costs and expenses of legal advisers (subject to fee quotes being pre-approved by the Borrower) and insurance and other consultants and advisers) reasonably incurred and documented by the Agent and the Security Agent (and by any Receiver) in responding to, evaluating, negotiating or complying with that request or requirement and, in the case of clause 42.5 (*Changes to reference rates*), the drafting, negotiation and execution of any Compounding Methodology Supplement or Reference Rate Supplement.

**16.3** **Enforcement, preservation and other costs** 

The Borrower shall, on demand by a Finance Party, pay to each Finance Party the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants, brokers, surveyors and advisers) incurred by that Finance Party in connection with;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the enforcement of, or the preservation of any rights under, any Finance Document and any proceedings initiated by or against any Indemnified Person and as a consequence of holding the Charged Property or enforcing
 those rights and any proceedings instituted by or against any Indemnified Person as a consequence of taking or holding the Security Documents or enforcing those rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any valuation carried out under clause 25 (*Minimum security value*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any inspection carried out under clause 23.9 (*Inspection and notice of dry-dockings*) or any survey carried out under clause 23.17 (*Survey report*).

------

**Section 7 - Guarantee**

---

| | |
|:---|:---|
| **17** | **Guarantee and indemnity** |

---

**17.1** **Guarantee and indemnity** 

Subject to the proviso hereto, each Owner irrevocably and unconditionally jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual performance by each other Obligor of all such Obligor's obligations under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document,
 it shall immediately on demand pay that amount as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties 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 the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have
 been payable by the Borrower under any Finance Document on the date when it would have been due. The amount payable by each Owner under this indemnity will not exceed the amount it would have had to pay under this clause 17.1 if the amount
 claimed had been recoverable on the basis of a guarantee,

provided that each Owner shall only become liable under this clause 17 (*Guarantee and indemnity*) on and with effect from the date upon which the shares in such Owner shall be acquired by the Borrower pursuant to the Purchase Contract.

**17.2** **Continuing guarantee** 

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

**17.3** **Reinstatement** 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any other person or any security for those obligations or otherwise) is made by a Finance 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 each Owner under this clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

------

**17.4** **Waiver of defences** 

The obligations of each Owner under this clause 17 will not be affected by an act, omission, matter or thing (whether or not known to it or any Finance Party) which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 17 including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any time, waiver or consent granted to, or composition with, any Obligor or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any other Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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, any Obligor or other person or any
 non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any insolvency or similar proceedings.

**17.5** **Guarantor Intent** 

Without prejudice to the generality of clause 17.4 (*Waiver of defences*), each Owner expressly confirms that it intends that this guarantee 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.

------

**17.6** **Immediate recourse** 

Each Owner waives any right it may have of first requiring any Finance 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 before claiming from each Owner under this clause 17. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

**17.7** **Appropriations** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) refrain from applying or enforcing any other moneys, security or rights held or received by that Finance 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 no Owner shall be entitled to the benefit of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold in an interest-bearing suspense account any moneys received from any Owner or on account of any Owner's liability under this clause 17.

**17.8** **Deferral of Owner's rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Owner will exercise any
 rights which it may have 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 17:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to be indemnified by another Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Owner has given a guarantee, undertaking or indemnity under this clause
 17 (*Guarantee and indemnity*);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to exercise any right of set-off against any other Obligor; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to claim or prove as a creditor of any other Obligor in competition with any Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Owner receives any benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to the Agent for application in accordance with clause 36 (*Payment mechanics*). This
 only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full.

**17.9** **Additional security** 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

**17.10** **Reservation of rights** 

No failure or delay on the part of the Agent to exercise any power, right or remedy under this guarantee shall operate as a waiver thereof, nor shall any single or partial exercise by the Agent of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this guarantee are cumulative and are not exclusive of any remedies provided by law.

**17.11** **Assignment** 

The Owners shall maintain this guarantee regardless of any assignment, novation or any other transfer of any of the Obligors' or any other person's obligations under the Finance Documents or any rights arising for the Security Agent (as trustee for the Finance Parties) under the Finance Documents.

------

**Section 8 - Representations, Undertakings and Events of Default**

---

| | |
|:---|:---|
| **18** | **Representations** |

---

**18.1** The Borrower and each Owner makes and repeats the representations and warranties set out in this clause 18 to each Finance Party at the times specified in clause 18.37 (*Times when representations are made*).

**18.2** **Status** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor is a limited liability company or corporation, duly incorporated and validly existing under the law of its Original Jurisdiction in good standing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor and each other Group Member has power and authority to carry on its business as it is now being conducted and to own its property and other assets.

**18.3** **Binding obligations** 

Subject to the Legal Reservations, the obligations expressed to be assumed by each Obligor in each Finance Document and any Charter Document to which it is, or is to be, a party are or, when entered into by it, will be legal, valid, binding and enforceable obligations and each Security Document to which an Obligor is, or will be, a party, creates or will create the Security Interests which that Security Document purports to create and those Security Interests are or will be valid and effective.

**18.4** **Power and authority** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor has power to enter into, perform and deliver and comply with its obligations under, and has taken all necessary action to authorise its entry into, each Finance Document and any Charter Document to which
 it is, or is to be, a party and each of the transactions contemplated by those documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No limitation on any Obligor's powers to borrow, create security or give guarantees will be exceeded as a result of any transaction under, or the entry into of, any Finance Document and any Charter Document to which
 such Obligor is, or is to be, a party.

**18.5** **Non-conflict** 

 Security Documents do not and will not conflict with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation applicable to any Obligor;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Constitutional Documents of any Obligor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any agreement or other instrument binding upon any Obligor or any other Group Member or its or any other Group Member's assets,

or constitute a default or termination event (however described) under any such agreement or instrument or result in the creation of any Security Interest (save for a Permitted Maritime Lien or under a Security Document) on any Group Member's assets, rights or revenues.

**18.6** **Validity and admissibility in evidence** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All authorisations required or desirable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations under each Finance Document and any Charter Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to make each Finance Document and any Charter Document to which it is a party admissible in evidence in its Relevant Jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to ensure that each of the Security Interests created under the Security Documents has the priority and ranking contemplated by them,

have been obtained or effected and are in full force and effect except any authorisation or filing referred to in clause 18.13 (*No filing or stamp taxes*), which authorisation or filing will be promptly obtained or effected within any applicable period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor and each other Group Member have been obtained or effected and are in full force and effect if failure to
 obtain or effect those authorisations might have a Material Adverse Effect.

**18.7** **Governing law and enforcement** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the Legal Reservations, the choice of English law or any other applicable law as the governing law of any Finance Document and any Charter Document will be recognised and enforced in each Obligor's
 Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the Legal Reservations, any judgment obtained in England in relation to an Obligor will be recognised and enforced in each Obligor's Relevant Jurisdictions.

------

**18.8** **Information** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Information is true and accurate in all material respects at the time it was given or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There are no facts or circumstances or any other information which could make the Information incomplete, untrue, inaccurate or misleading in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Information does not omit anything which could make the Information incomplete, untrue, inaccurate or misleading in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All opinions, projections, forecasts or expressions of intention contained in the Information and the assumptions on which they are based have been arrived at after due and careful enquiry and consideration and were
 believed to be reasonable by the person who provided that Information as at the date it was given or made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of this clause 18.8, **Information** means: any information provided by any Obligor or any other Group Member to any of the Finance Parties in connection with the Finance Documents and any
 Charter Document or the transactions referred to in them.

**18.9** **Original Financial Statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Original Financial Statements were prepared in accordance with GAAP consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no material adverse change in its assets, business or financial condition of any Obligor since the date of the Original Financial Statements.

**18.10** **Pari passu ranking** 

Each Obligor's payment obligations under the Finance Documents to which it is, or is to be, a party rank at least *pari passu* with all its other present and future unsecured and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

**18.11** **Ranking and effectiveness of security** 

------

**18.12** **No insolvency** 

No corporate action, legal proceeding or other procedure or step described in clause 29.11 (*Insolvency proceedings*) or creditors' process described in clause 29.12 (*Creditors' process*) has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member and none of the circumstances described in clause 29.10 (*Insolvency*) applies to any Group Member.

**18.13** **No filing or stamp taxes** 

Other than in respect of each Mortgage and each Share Security, under the laws of each Obligor's Relevant Jurisdictions it is not necessary or advisable that any Finance Document or any Charter Document to which it is, or is to be, party be filed, recorded 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 any such Finance Document and any Charter Document or the transactions contemplated by the Finance Documents and any Charter Document except any filing, recording or enrolling or any tax or fee payable in relation to any Finance Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant Finance Document.

**18.14** **Tax** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor is required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as specifically stated in any Legal Opinion delivered to the Agent in connection with the first Utilisation of the Facility, the execution or delivery or performance by any Party of the Finance Documents
 will not result in any Finance Party:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) having any liability in respect of Tax in any Flag State; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) having or being deemed to have a place of business in any Flag State or any Relevant Jurisdiction of any Obligor.

**18.15** **Centre of main interests and establishments** 

For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the **Regulations**), the Borrower's centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction and does not have any "establishment" (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.

------

**18.16** **No Default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Finance Document or any Charter
 Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would
 constitute) a default or termination event (however described) under any other agreement or instrument which is binding on any Obligor or any other Group Member or to which any Obligor's (or any other Group Member's) assets are subject which
 might have a Material Adverse Effect.

**18.17** **No proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse
 Effect has or have (to the best of any Obligor's knowledge and belief (having made due and careful enquiry)) been started or threatened against any Obligor or any other Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 is reasonably likely to have a Material Adverse Effect has (to the best
 of any Obligor's knowledge and belief (having made due and careful enquiry)) been made against any Obligor or any other Group Member.

**18.18** **No breach of laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor or other Group Member has breached any law or regulation which breach might have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No labour dispute is current or, to the best of any Obligor's knowledge and belief (having made due and careful enquiry), threatened against any Obligor or other Group Member which may have a Material Adverse Effect.

**18.19** **Environmental matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Environmental Law applicable to any Fleet Vessel and/or any Obligor or other Group Member has been violated in a manner or circumstances which might have, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All consents, licences and approvals required under such Environmental Laws have been obtained and are currently in force.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Environmental Claim has been made or, to the best of any Obligor's knowledge and belief (having made due and careful enquiry), is threatened or pending against any Group Member or any Fleet Vessel where that claim
 might have a Material Adverse Effect and there has been no Environmental Incident which has given, or might give, rise to such a claim.

**18.20** **Tax compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor or other Group Member is materially overdue in the filing of any Tax returns or overdue in the payment of any amount in respect of Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor or other Group Member with respect to Taxes such that a liability of, or claim against, any Obligor or
 other Group Member is reasonably likely to arise for an amount for which adequate reserves have not been provided in the Original Financial Statements and which might have a Material Adverse Effect, except as separately disclosed in writing and
 agreed by the Agent (acting on the instructions of the Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower is resident for Tax purposes only in its Original Jurisdiction.

**18.21** **Anti-corruption law** 

Each Group Member has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

**18.22** **Security and Financial Indebtedness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Security Interest exists over all or any of the present or future assets of any Owner in breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Owner has any Financial Indebtedness outstanding in breach of this Agreement.

**18.23** **Legal and beneficial ownership** 

Each Obligor is or, on the date the Security Documents to which it is a party are entered into, will be, the sole legal and beneficial owner of the respective assets over which it purports to grant a Security Interest under the Security Documents, to which it is a party.

**18.24** **Shares** 

The shares of each Owner are fully paid and not subject to any option to purchase or similar rights. The Constitutional Documents of each Owner do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Security Documents. There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of each Owner (including any option or right of pre-emption or conversion).

------

**18.25** **Accounting Reference Date** 

The financial year-end of each Obligor and other Group Member is the Accounting Reference Date.

**18.26** **No adverse consequences** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than as specifically stated in any Legal Opinion delivered to the Agent in connection with the first Utilisation of the Facility, it is not necessary under the laws of the Relevant Jurisdictions of any Obligor:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in order to enable any Finance Party to enforce its rights under any Finance Document to which it is, or is to be, a party; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under any Finance Document,

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of such Relevant Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Other than as specifically stated in any Legal Opinion delivered to the Agent in connection with the first Utilisation of the Facility, no Finance Party is or will be deemed to be resident, domiciled or carrying on
 business in any Relevant Jurisdiction by reason only of the execution, performance and/or enforcement of any Finance Document.

**18.27** **Copies of documents** 

The copies of the Charter Documents and the Constitutional Documents of the Obligors delivered to the Agent under clause 4 (*Conditions of Utilisation*) will be true, complete and accurate copies of such documents and include all amendments and supplements to them as at the time of such delivery and no other agreements or arrangements exist between any of the parties to those documents which would materially affect the transactions or arrangements contemplated by them or modify or release the obligations of any party under them.

**18.28** **No breach of Initial Ship C Charter** 

Neither the Owner of Ship C nor (so far as that Owner is aware) any other person is in breach of any material provisions of the Charter Documents relating to Initial Ship C Charter to which it is a party nor has anything occurred which entitles or may entitle any party to rescind or terminate it or decline to perform their obligations under it.

------

**18.29** **No immunity** 

No Obligor or any of its assets is immune to any legal action or proceeding.

**18.30** **Ship status** 

Each Ship will on the first day of the relevant Mortgage Period be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) operationally seaworthy and in every way fit for service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) classed with the relevant Classification with the highest class free of all overdue requirements and recommendations or adverse notations of the relevant Classification Society; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) insured in the manner required by the Finance Documents.

**18.31** **Ships' employment** 

Each Ship shall on the first day of the relevant Mortgage Period:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Ship C, have been delivered, and accepted for service, under the Initial Ship C Charter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be free of any other charter commitment which, if entered into after that date, would require approval under the Finance Documents.

**18.32** **Address commission** 

There are no rebates, commissions or other payments in connection with the Initial Ship C Charter other than those referred to in it.

**18.33** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Relevant Party and its respective directors, officers and employees and, so far as each Relevant Party is aware, any of its agents or representatives is and, for the period of twelve months prior to the date of
 this Agreement, was in compliance with all Sanctions Laws which are applicable to such Relevant Party.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Relevant Party, nor any of its Subsidiaries, nor their respective directors, officers or employees of any Relevant Party or any of its Subsidiaries or, so far as each Relevant Party is aware, their agents or
 representatives is and, for the period of twelve months prior to the date of this Agreement, was:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a Restricted Party, or involved in any transaction, activity or conduct that could reasonably be expected to result in its being designated as a Restricted Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to or involved in any inquiry, claim, action, suit, proceeding or investigation by any Sanctions Authority against it with respect to Sanctions Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engaging or has engaged in any transaction that breaches or attempts to breach, directly or indirectly, any Sanctions Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engaged or is engaging, directly or indirectly, in any trade, business or other activities which is in breach of any Sanctions Laws.

**18.34** **No money laundering** 

In relation to the borrowing by the Borrower of the Loan, the performance and discharge of the Obligors' obligations and liabilities under the Finance Documents and the transactions and other arrangements effected or contemplated by this Agreement and the Finance Documents, the Obligors are acting for their own account and the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been implemented by any relevant regulatory authority or otherwise to combat **money laundering** (as defined in Article 1 of the Directive (2005/60/EC) of the European Parliament and of the Council).

**18.35** **No corrupt practices** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Loan is not used by any Obligor for and no Obligor is engaged in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices, including the procurement or the execution of any contract for goods or works relating to its functions and each Obligor has
 instituted and maintains policies and procedures designed to prevent violation of any laws, regulations and rules which prohibit any such Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Financing of Terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this clause 18.35, the following definitions shall apply:

**Collusive Practice** means an arrangement between two or more parties without the knowledge, but designed to improperly influence the actions, of another party.

------

**Corrupt Practice** means the offering, giving, receiving, or soliciting, directly or indirectly, anything of value to improperly influence the actions of another party or any other activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules in any applicable jurisdiction.

**Coercive Practice** means impairing or harming or threatening to impair or harm, directly or indirectly, any party or its property or to improperly influence the actions of that party.

**Financing of Terrorism** means the act of providing or collecting funds with the intention that they be used, or in the knowledge that they are to be used, in order to carry out terrorist acts.

**Fraudulent Practice** means any action, including misrepresentation, to obtain a financial or other benefit or avoid an obligation, by deception.

**18.36** **Financing of vessels owned by Group Members** 

No Group Member has entered into any financing arrangement in relation to any vessel owned by any Group Member which contains dividend and distribution provisions which are more restrictive than the provisions contained in clause 27.13 (*Distributions and other payments*).

**18.37** **Times when representations are made** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to paragraph (e) below, all of the representations and warranties set out in this clause 18 (*other than Ship Representations*) are deemed to be made on the dates of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the first Utilisation Request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the first Utilisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Repeating Representations are deemed to be made on the dates of each subsequent Utilisation Request and Utilisation Date, the date of issuance of each Compliance Certificate and the first day of each Interest
 Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All of the Ship Representations are deemed to be made on the first day of the Mortgage Period for the relevant Ship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances then existing at the date the representation or warranty is
 deemed to be made.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Owner only gives any representation and warranty on and with effect from the date upon which the shares in such Owner are acquired by the Borrower pursuant to the Purchase Contract.

---

| | |
|:---|:---|
| **19** | **Information undertakings** |

---

**19.1** The Borrower undertakes that this clause 19 will be complied with throughout the Facility Period.

**19.2** **Financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall supply to the Agent as soon as the same become available, but in any event within 120 days after the end of each financial year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the audited consolidated financial statements of the Borrower for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the unaudited management accounts of each Owner for that financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall supply to the Agent as soon as the same become available, but in any event within 90 days after the end of each financial quarter of each financial year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the unaudited consolidated financial statements of the Borrower for that financial quarter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the management accounts of each Owner for that financial quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower shall supply to the Agent as soon as they become available, but in any event prior to the beginning of each financial year of the Group, the three year budget and cash flow projections of the Group.

**19.3** **Provision and contents of Compliance Certificate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to clause 19.2 (*Financial statements*), a Compliance Certificate setting out (in reasonable detail) computations
 as to compliance with clause 20 (*Financial covenants*) and clause 25.13 (*Security shortfall*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Compliance Certificate shall be signed by the chief financial officer of the Borrower or, in his or her absence, by two directors of the Borrower.

------

**19.4** **Requirements as to financial statements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each set of financial statements delivered pursuant to clause 19.2 (*Financial statements*) shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be prepared in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) give a true and fair view of (in the case of Annual Financial Statements for any financial year), or fairly represent (in other cases), the financial condition and operations of the Group or (as the case may be) the
 relevant Obligor as at the date as at which those financial statements were drawn up;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) include a profit and loss account, a balance sheet and, in all cases other than in respect of the Borrower, a cashflow statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the case of the annual financial statements provided pursuant to clause 19.2(a)(i) (*Financial Statements*), be audited by the Auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in the case of annual audited financial statements, not be the subject of any qualification in the Auditors' opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall procure that each set of financial statements delivered pursuant to clause 19.2 (*Financial statements*) shall be prepared using GAAP, accounting practices and financial reference periods
 consistent with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of financial statements, the Borrower notifies the Agent that there has been a change in GAAP or the accounting practices and
 the Auditors deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a description of any change necessary for those financial statements to reflect the GAAP or accounting practices and reference periods upon which corresponding Original Financial Statements were prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether clause 20 (*Financial covenants*) has been complied with and to make an
 accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any reference in this Agreement to any 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** **Year-end** 

The Borrower shall procure that each financial year-end of each Obligor and each Group Member falls on the Accounting Reference Date.

**19.6** **Information: miscellaneous** 

The Borrower shall deliver to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at the same time as they are dispatched, copies of all financial statements, financial forecasts, proxy statements and other material communications and documents dispatched by the Borrower or any other Obligor to
 its shareholders or creditors generally (or any class of them);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Group Member, and which, if adversely determined,
 might reasonably be expected to have a Material Adverse Effect or which would involve a liability, or a potential or alleged liability, exceeding $10,000,000 (or its equivalent in other currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
 any Group Member and which is reasonably likely to have a Material Adverse Effect or which would involve a liability, or a potential or alleged liability, exceeding $10,000,000 (or its equivalent in other currencies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly upon becoming aware of them, the details of any change of law or regulation which is likely to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) promptly, such information as the Agent may reasonably require about the Charged Property and compliance of the Obligors or any other person with the terms of any Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) promptly on request, such information as any Finance Party through the Agent may request in connection with investigations of compliance with or breaches of provisions of the Finance Documents relating to Sanctions;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly on request, such further information regarding the financial condition, business, assets and operations of the Group and/or any Group Member and/or any Obligor as any Finance Party through the Agent may
 reasonably request provided that the provision of such further information would not breach any obligation of confidentiality.

------

**19.7** **Information: Sanctions** 

The Borrower shall procure that each Relevant Party shall supply to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions Authority against it or any of its respective directors,
 officers or employees, as well as information on what steps are being taken with regards to answer or oppose such;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon becoming aware of them, notice of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws by any Sanctions Authority against any of its agents or representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly upon becoming aware, notice that it or any of its directors, officers, employees, agents or representatives has become or will become a Restricted Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly upon becoming aware, notice that it has identified (i) that any representation made or deemed to be made in clause 18.33 (*Sanctions*) is or proves to be incorrect or misleading or (ii) any
 non-compliance with clause 21.2 (*Use of proceeds*) or clause 21.5 (*Sanctions*).

**19.8** **Information: US waters** 

The Borrower shall provide the Agent with at least ten days prior written notice of any Ship entering US Waters together with a confirmation as to how long the relevant Ship will remain in US Waters.

**19.9** **Notification of Default** 

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

**19.10** **Sufficient copies** 

The Borrower, if so requested by the Agent, shall deliver sufficient copies of each document to be supplied under the Finance Documents to the Agent to distribute to each of the Lenders and the Hedging Providers.

**19.11** **Direct electronic delivery by Company** 

The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that information directly to that Lender in accordance with Clause 38.5 (*Electronic communication*) to the extent that Lender and the Agent agree to this method of delivery.

------

**19.12** **" *Know your customer*" checks** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a proposed assignment by a Lender or a Hedging Provider of any of its rights under this Agreement or any Hedging Contract to a party that is not already a Lender or a Hedging Provider prior to such assignment,

obliges the Agent, the relevant Hedging Provider or any Lender (or, in the case of paragraph (c) above, any prospective new Lender or Hedging Provider) 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 the Agent or any Lender or any Hedging Provider supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender or any Hedging Provider) or any Lender or any Hedging Provider (for itself or, in the case of the event described in paragraph (c) above, on behalf of any prospective new Lender or Hedging Provider) in order for the Agent, such Lender or any Hedging Provider or, in the case of the event described in paragraph (c) above, any prospective new Lender or Hedging Provider 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Finance Party shall promptly upon the request of the Agent or the Security Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security
 Agent (for itself) in order for it 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.

------

---

| | |
|:---|:---|
| **20** | **Financial covenants** |

---

The Borrower undertakes that this clause 20 will be complied with throughout the Facility Period, as tested on a quarterly basis in accordance with clause 20.3 (*Financial testing*).

**20.1** **Financial definitions** 

In this clause 20, clause 7.8 (*Early termination of Initial Ship C Charter*), clause 27.13 (*Distributions and other payments*) and in clause 1.1 (*Definitions*):

**Cash** means cash in hand.

**Cash Equivalents** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) deposits with first class international banks the maturity of which does not exceed 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) bonds, certificates of deposit and other money market instruments or securities issued or guaranteed by the Norwegian or United States Governments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other instrument approved by the Agent, with the authorisation of the Majority Lenders.

**Current Assets** means, as at any date of determination, all of the short-term assets of the Group determined in accordance with GAAP on a consolidated basis as shown in the balance sheet for the Group and calculated on the same basis as was applied in the Latest Accounts but using the information current as at the relevant date of determination.

**Current Liabilities** means, as at any date of determination, all of the short term liabilities of the Group (less the current portion of long-term debt, the current portion of long-term capital lease obligations and mark to market swap valuations (but only to the extent they relate to financial instruments associated with hedging of foreign currency, commodity prices and interest rates and for the avoidance of doubt, inclusive of non-cash valuations of any of the foregoing) and excluding in all respects the Leasing Loans, except for adding back the current portion of contractual sale and leaseback loans between the Group and lessors which is eliminated for Group consolidation purposes (but not including the final sale and leaseback loan repayment amounts due on maturity), determined in accordance with GAAP on a consolidated basis as shown in the balance sheet for the Group and calculated on the same basis as was applied in the Latest Accounts but using the information current as at the relevant date of determination.

------

**Free Liquid Assets** means the aggregate value of Cash or Cash Equivalents freely available for use by the Group for any lawful purpose without restriction (other than any restriction arising exclusively from any covenant to maintain a minimum level of free Cash or Cash Equivalents similar to that in clause 20.2(a) and provided that (i) any undrawn amounts under the GLNG Shareholder Loan are excluded and (ii) amounts maintained in the Earnings Accounts of the Owners pursuant to clause 26.2(e) (*Earnings Accounts*) are included) notwithstanding any Security Interest, right of set-off or agreement with any other party, where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the value of Cash Equivalents shall be deemed to be their quoted price, as at any date of determination, on any recognised exchange (being an exchange recognised and approved by the Agent) on which the same are
 listed or any dealing facility through which the same are generally traded; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Cash or Cash Equivalents denominated in a currency other than dollars shall be deemed to have a value in dollars equal to the dollar equivalent thereof at the rate of exchange published daily by the Agent as at
 any date of determination.

**Leasing Loans** means, in relation to any sale and leaseback transaction from time to time entered into by any Group Member, any short term funding or loans incurred by the special purpose entity acting as lessor (wholly owned by the relevant leasing group) in such sale and leaseback transaction which that Group Member is required to include in its balance sheet pursuant to the "Variable Interest Entity" account convention in GAAP.

**Latest Accounts** means the most recent consolidated financial statements of the Borrower.

**Total Indebtedness** means the aggregate debt and lease obligations (as such terms are defined in GAAP and presented in the consolidated balance sheet for the Group from time to time) as demonstrated by the then most recent financial statements of the Group delivered pursuant to clause 19 (*Information undertakings*) including negative mark-to-market valuations of any Treasury Transactions (after reducing those negative mark-to-market valuations by netting them with any positive mark-to-market valuations of any Treasury Transactions entered into with the same derivative counterparty) and any transactions which might have the effect of commercial borrowing under GAAP.

**Total Liabilities** means, as at any date of determination, all of the liabilities of the Group determined in accordance with GAAP on a consolidated basis as shown in the balance sheet for the Group and calculated on the same basis as was applied in the Latest Accounts but using the information current as at the relevant date of determination.

**Value Adjusted Assets** means the total market value of the Group's total assets, which shall be the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fair market value of all vessels owned, leased or otherwise controlled by means of equity (on a consolidated basis) by the Group, determined based on the average of the latest valuations (i) in respect of the
 Ships, carried out under clause 25 (*Minimum security value)* and (ii) in respect of any other vessels, provided by the Borrower upon the same conditions and requirements of clause 25 *(Minimum security value);* and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the book value or fair market value of all other tangible and intangible assets, determined in accordance with GAAP, consistently applied.

**Value Adjusted Equity** means the aggregate amount of the Group's Value Adjusted Assets less Total Liabilities.

**Value Adjusted Equity Ratio** means the ratio of the Group's Value Adjusted Equity to its Value Adjusted Assets, in each case on a consolidated basis.

**Working Capital Ratio** means the ratio between Current Assets, as numerator, and Current Liabilities as denominator.

**20.2** **Financial condition** 

The Borrower shall ensure that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Free Liquid Assets**: the aggregate value of the Free Liquid Assets of the Group (excluding any undrawn amounts under the GLNG Shareholder Loan) shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at all times up to and including 29 June 2022, not less than the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $25,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an amount equal to three per cent. of Total Indebtedness on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at all times after and including 30 June 2022 up to and including 29 September 2022, not less than the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $25,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an amount equal to five per cent. of Total Indebtedness on a consolidated basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) at all times after and including 30 September 2022, not less than the higher of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) $25,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) an amount equal to six per cent. of Total Indebtedness on a consolidated basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Working Capital Ratio**: at all times the Working Capital Ratio shall be greater than 1.0x;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Value Adjusted Equity**: at all times the Value Adjusted Equity shall be not less than $250,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Value Adjusted Equity Ratio**: at all times the Value Adjusted Equity Ratio shall be not less than 30%.

**20.3** **Financial testing** 

The financial covenants set out in clause 20.2 (*Financial condition*) shall be calculated in accordance with GAAP and tested by reference to each of the financial statements delivered pursuant to clause 19.2 *(Financial statements)* and/or each Compliance Certificate delivered pursuant to clause 19.3 (*Provision and contents of Compliance Certificate*).

---

| | |
|:---|:---|
| **21** | **General undertakings** |

---

**21.1** The Borrower and (with effect from the date upon which the shares in such Owner are acquired by the Borrower pursuant to the Purchase Contract) each Owner undertakes that this clause 21 will be complied with by and
 in respect of each Obligor and each other Group Member throughout the Facility Period.

**21.2** **Use of proceeds** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The proceeds of any Utilisation will be used exclusively for the purposes specified in clause 3 (*Purpose*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Obligor shall (and each Obligor shall procure that none of its Subsidiaries will) request any Utilisation and, directly or knowingly indirectly, use the proceeds of the Loan (directly or indirectly) or lend,
 contribute or otherwise make available the proceeds of the Loan to any Subsidiary or other person or entity (whether or not related to any Group Member):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in breach of Sanctions Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) for the purpose of financing or facilitating any trade, business or other activities involving a Restricted Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in any country or territory which is or whose government is the subject or target of Sanctions Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in any manner or for a purpose prohibited by Sanctions Laws or that could reasonably be expected to result in any Relevant Party or a Finance Party being in breach of any Sanctions Laws or becoming a Restricted
 Party.

------

**21.3** **Authorisations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor will promptly:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) supply certified copies to the Agent of,

any authorisation required under any law or regulation of a Relevant Jurisdiction to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) enable it to perform its obligations under the Finance Documents and the Charter Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document or any Charter Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect.

**21.4** **Compliance with laws** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor and each other Group Member will, comply in all respects with all laws and regulations (including Environmental Laws) to which it may be subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower shall procure that each of the Relevant Parties shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) comply with all laws or regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) applicable to its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) applicable to each Ship, its ownership, employment, operation, management and registration,

including the ISM Code, the ISPS Code, all Environmental Laws, the laws of the Flag State and all Sanctions Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) obtain, comply with and do all that is necessary to maintain in full force and effect any consent, authorisation, licence or approval of any governmental or public body or authorities or courts applicable to each
 Ship or its operation required under any Environmental Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without limiting clause 21.4(b) above, not employ a Ship 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 Laws.

------

**21.5** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Relevant Party shall, and shall procure that each of their respective officers, directors, employees and each other member of the Group will, comply with Sanctions Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower and, if applicable, each of its Subsidiaries shall maintain in effect policies and procedures designed to ensure compliance by it, and shall procure that each Relevant Party maintains in effect policies
 and procedures designed to ensure compliance by such Relevant Party and the directors, officers and employees of it and of each Relevant Party, with all Sanctions Laws which are applicable to it and each Relevant Party and the requirements of
 clause 21.2 (*Use of Proceeds*) and this clause 21.5 and to ensure that each Relevant Party and the directors, officers and employees of each Relevant Party do not engage in any activity that could reasonably be expected to result in any
 such person being designated as a Restricted Party. Upon request, the Borrower shall provide the Agent with full details of such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Relevant Party shall use any revenue or benefit derived from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance Parties if this shall lead to a breach of
 Sanctions Laws.

**21.6** **Anti-corruption law** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Obligor or other Group Member will directly or indirectly use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other
 similar legislation in other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall (and the Borrower shall ensure that each other Group Member will):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) conduct its businesses in compliance with applicable anti-corruption laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain policies and procedures designed to promote and achieve compliance with such laws.

**21.7** **Tax compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor and each other Group Member shall pay and discharge all Taxes imposed upon it or its assets within the time allowed by law without incurring penalties unless and only to the extent that:

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its most recent financial statements delivered to the Agent under clause 19.2 (*Financial statements*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such payment can be lawfully withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as approved by the Majority Lenders, the Borrower shall maintain its residence for Tax purposes in the jurisdiction in which it is incorporated and ensure that it is not resident for Tax purposes in any other
 jurisdiction.

**21.8** **Change of business** 

Except as approved by the Lenders, no material change will be made to the general nature of the business of the Obligors or the Group taken as a whole from that carried on at the date of this Agreement, provided that the Borrower shall be entitled to acquire Golar Management Norway AS, Cool Company Management Ltd and other management entities from GLNG and its Affiliates.

**21.9** **Merger and corporate reconstruction** 

Subject to the proviso set out below, except as approved by the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Obligor will enter into any amalgamation, demerger, merger, consolidation, redomiciliation, legal migration or corporate reconstruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no Obligor will materially change its corporate structure,

provided that the Borrower shall be entitled to establish additional Subsidiaries and the Borrower shall be entitled to acquire Golar Management Norway AS, Cool Company Management UK Ltd and other management entities from GLNG and its Affiliates.

**21.10** **Borrower listing** 

With effect from when the Borrower is listed on Euronext Growth in Oslo as required by clause 4.6(c) (*Conditions subsequent*), the Borrower shall remain listed on Euronext Growth in Oslo or on NYSE, NASDAQ or any other reputable stock exchange approved by the Lenders.

**21.11** **Further assurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the
 Agent may reasonably require):

 over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Security Agent provided by or pursuant to the Finance Documents or by law;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to
 the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to facilitate the accession by a New Lender to any Security Document following an assignment in accordance with clause 31.1 (*Assignments by the Lenders*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Obligor shall 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 Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents.

**21.12** **Negative pledge in respect of Charged Property** 

Except for Permitted Security Interests, no Obligor will grant or allow to exist any Security Interest over any Charged Property.

**21.13** **Environmental matters** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent will be notified as soon as reasonably practicable of any Environmental Claim being made against any Group Member or any Fleet Vessel which, if successful to any extent, might have a Material Adverse Effect
 and of any Environmental Incident which may give rise to such a claim and will be kept regularly and promptly informed in reasonable detail of the nature of, and response to, any such Environmental Incident and the defence to any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Environmental Laws (and any consents, licences or approvals obtained under them) applicable to Fleet Vessels will not be violated in a way which might have a Material Adverse Effect.

------

---

| | |
|:---|:---|
| **22** | **Dealings with the Ships** |

---

**22.1** The Borrower and each Owner undertakes that this clause 22 will be complied with in relation to each Ship throughout the relevant Ship's Mortgage Period.

**22.2** **Ship's name and registration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Ship's name shall only be changed after prior notice to the Agent and, the Borrower shall promptly take all necessary steps to update all applicable insurance, class and registration documents with such change of
 name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Ship shall be permanently registered in the name of the relevant Owner with the relevant Registry under the laws of its Flag State. Except with approval of the Lenders, a Ship shall not be registered under any
 other flag or at any other port or fly any other flag (other than that of its Flag State), provided that no such approval shall be required for the registration of a Ship under the flag of another Approved Flag State as long as replacement
 Security Interests are granted in respect of that Ship (which are, in the opinion of the Lenders, equivalent to those in place prior to such registration) in favour of the Security Agent immediately following the registration of such ship under
 the flag of that Approved Flag State. If a registration is for a limited period, it shall be renewed at least 45 days before the date it is due to expire and the Agent shall be notified of that renewal at least 30 days before that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing will be done and no action will be omitted if that might result in such registration being forfeited or imperilled or a Ship being required to be registered under the laws of another state of registry.

**22.3** **Sale or other disposal of a Ship, other vessels or entities** 

Except with approval of the Lenders or as may be agreed in the Finance Documents, the relevant Owner will not sell, or agree to sell, transfer, abandon or otherwise dispose of the relevant Ship or any share or interest in it, unless the consideration for such sale, transfer or disposal (together with any other unencumbered or unrestricted cash available to the Borrower or to the relevant Owner) shall be sufficient to meet the Borrower's prepayment obligations under clause 7.7 (*Sale or Total Loss*).

**22.4** **Manager** 

Each Ship shall be commercially managed by an Approved Commercial Manager and technically managed by an Approved Technical Manager. A manager of a Ship shall not be appointed unless that manager and the terms of its appointment are approved (such approval not to be unreasonably withheld or delayed) by the Majority Lenders in writing and it has delivered a duly executed Manager's Undertaking. There shall be no material change to the terms of appointment of a manager whose appointment has been approved unless such change is also approved (such approval not to be unreasonably withheld or delayed) the Majority Lenders in writing.

------

**22.5** **Copy of Mortgage on board** 

A properly certified copy of the relevant Mortgage shall be kept on board each Ship with its papers and shown to anyone having business with that Ship which might create or imply any commitment or Security Interest over or in respect of that Ship (other than a lien for crew's wages and salvage) and to any representative of the Agent or the Security Agent.

**22.6** **Inventory of Hazardous Materials** 

An Inventory of Hazardous Materials shall be maintained in relation to and on board each Ship.

**22.7** **Notice of Mortgage** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A framed printed notice of the Ship's Mortgage shall be prominently displayed in the navigation room and in the Master's cabin of each Ship. The notice must be in plain type and read as follows:

"**NOTICE OF MORTGAGE**

This Ship is subject to a first mortgage in favour of *[**here insert name of mortgagee**]* of *[**here insert address of mortgagee**]*. Under the said mortgage and related documents, neither the Owner nor any charterer nor the Master of this Ship has any right, power or authority to create, incur or permit to be imposed upon this Ship any commitments or encumbrances whatsoever other than for crew's wages and salvage".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No-one will have any right, power or authority to create, incur or permit to be imposed upon a Ship any lien whatsoever other than for crew's wages and salvage or other Permitted Maritime Liens.

**22.8** **Conveyance on default** 

Where a Ship is (or is to be) sold in exercise of any power conferred by the Security Documents, the relevant Owner shall, upon the Agent's request, immediately execute such form of transfer of title to that Ship as the Agent may require.

------

**22.9** **Chartering** 

Except with approval of the Lenders (which approval shall not be unreasonably withheld or delayed but a condition of which in respect of a charter commitment falling under paragraphs (a) or (b) below will be the relevant Owner executing a Charter Assignment in favour of the Security Agent), the relevant Owner shall not enter into any charter commitment for a Ship, which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a bareboat or demise charter or passes possession and operational control of that Ship to another person;

(b) lasting more than 24 calendar months (excluding unexercised options); or

(c) to another Group Member (except to The Cool Pool Limited).

---

| | |
|:---|:---|
| **22.10** | **Lay up** |
|  | Except with approval, a Ship shall not be laid up or deactivated. |
| **22.11** | **Sharing of Earnings** |
|  | Except with approval, no Owner shall enter into any arrangement under which its Earnings from a Ship may be shared with anyone else. The terms of the pool arrangements under the Cool Pool Agreement are approved as they exist at the date of this Agreement. |
| **22.12** | **Payment of Earnings** |
|  | The relevant Owner's Earnings from the Ship shall be paid in the way required by the Ship's General Assignment or otherwise in accordance with the provisions of this Agreement. |
| **22.13** | **Poseidon Principles** |
|  | The Borrower (on behalf of the relevant Owner) shall, at the cost of the Borrower, on or before 31 July in each calendar year, supply or procure the supply to the Agent of all information necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to each Ship for the preceding calendar year provided always that no Lender shall publicly disclose such information with the identity of any Ship without the prior written consent of the Borrower and/or the relevant Owner. |

---

For the avoidance of doubt, such information shall be "Confidential Information" for the purposes of clause 45 (*Confidential Information*) but the Borrower (on behalf of each Owner) acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender's portfolio climate alignment.

------

---

| | |
|:---|:---|
| **23** | **Condition and operation of the Ships** |

---

**23.1** The Borrower undertakes that this clause 23 will be complied with in relation to each Ship throughout the relevant Ship's Mortgage Period.

**23.2** **Defined terms** 

In this clause 23 and in Schedule 3 *(Conditions precedent)*:

**applicable code** means any code or prescribed procedures required to be observed by a Ship or the persons responsible for its operation under any applicable law (including but not limited to those currently known as the ISM Code and the ISPS Code).

**applicable law** means all laws and regulations applicable to vessels registered in a Ship's Flag State or which for any other reason apply to a Ship or to its condition or operation at any relevant time.

**applicable operating certificate** means any certificates or other document relating to a Ship or its condition or operation required to be in force under any applicable law or any applicable code.

**23.3** **Repair** 

Each Ship shall be kept in a good, safe and efficient state of repair. The quality of workmanship and materials used to repair a Ship or replace any damaged, worn or lost parts or equipment shall be sufficient to ensure that that Ship's value is not reduced.

**23.4** **Modification** 

Except with approval (which shall not be unreasonably withheld or delayed) the structure, type or performance characteristics of a Ship shall not be modified in a way which could or might materially alter that Ship or materially reduce its value.

**23.5** **Removal of parts** 

Except with approval (which shall not be unreasonably withheld or delayed), no material part of a Ship or any equipment shall be removed from that Ship if to do so would materially reduce its value (unless at the same time it is replaced with equivalent parts or equipment owned by the relevant Owner free of any Security Interest except under the Security Documents).

**23.6** **Third party owned equipment** 

Except with approval (which shall not be unreasonably withheld or delayed), equipment owned by a third party shall not be installed on a Ship if it cannot be removed without causing damage to the structure or fabric of that Ship or incurring significant expense.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.7** **Maintenance of class; compliance with laws and codes** 

Each Ship's class shall be the relevant Classification. Each Ship and every person who owns, operates or manages each Ship shall comply with all applicable laws and the requirements of all applicable codes and regulations (including, but not limited to, all Environmental Laws and all Sanctions Laws). There shall be kept in force and on board each Ship or in such person's custody any applicable operating certificates which are required by applicable laws or applicable codes to be carried on board that Ship or to be in such person's custody.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.8** **Surveys** 

Each Ship shall be submitted to continuous surveys and any other surveys which are required for it to maintain the Classification as its class. Copies of reports of those surveys shall be provided promptly to the Agent if it so requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.9** **Inspection and notice of dry-dockings** 

The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed to board each Ship at all reasonable times to inspect it and given all proper facilities needed for that purpose, which right shall only be exercised once per calendar year in respect of each Ship or, if a Default has occurred, at any further times whilst such Default is continuing. The Agent shall be given reasonable advance notice of any intended dry-docking of each Ship (whatever the purpose of that dry-docking).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.10** **Prevention of arrest** 

All debts, damages, liabilities and outgoings which have given, or may give, rise to maritime, statutory or possessory liens on, or claims enforceable against, a Ship, its Earnings or Insurances shall be promptly paid and discharged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.11** **Release from arrest** 

Each Ship, its Earnings and Insurances shall promptly be released from any arrest, detention, attachment or levy, and any legal process against that Ship shall be promptly discharged, by whatever action is required to achieve that release or discharge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.12** **Information about a Ship** 

The Agent shall promptly be given any information which it may reasonably require about each Ship or its employment, position, use or operation, including details of towages and salvages, and copies of all its charter commitments entered into by or on behalf of any Obligor and copies of any applicable operating certificates.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.13** **Notification of certain events** 

The Agent shall promptly be notified of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any damage to a Ship where the cost of the resulting repairs may exceed the Major Casualty Amount for that Ship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any occurrence which may result in a Ship becoming a Total Loss;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any requisition of a Ship for hire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Environmental Incident involving a Ship and Environmental Claim being made in relation to such an incident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any withdrawal or threat to withdraw any applicable operating certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the issue of any operating certificate required under any applicable code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the receipt of notification that any application for such a certificate has been refused;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any requirement or recommendation made in relation to a Ship by any insurer or that Ship's Classification Society or by any competent authority which is not, or cannot be, complied with in the manner or time required
 or recommended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any arrest or detention of a Ship or any exercise or purported exercise of a lien or other claim on that Ship or its Earnings or Insurances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.14** **Payment of outgoings** 

All tolls, dues and other outgoings whatsoever in respect of a Ship and its Earnings and Insurances shall be paid promptly. Proper accounting records shall be kept of each Ship and its Earnings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.15** **Evidence of payments** 

The Agent shall be allowed proper and reasonable access to those accounting records when it requests it and, when it requires it, shall be given satisfactory evidence that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the wages and allotments and the insurance and pension contributions of each Ship's crew are being promptly and regularly paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all deductions from its crew's wages in respect of any applicable Tax liability are being properly accounted for; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each Ship's master has no claim for disbursements other than those incurred by him in the ordinary course of trading on the voyage then in progress.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.16** **Repairers' liens** 

Save with respect to scheduled periodic dry-docking, except with approval, a Ship shall not be put into any other person's possession for work to be done on that Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount for that Ship unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on that Ship or its Earnings for any of the cost of such work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.17** **Survey report** 

As soon as reasonably practicable after the Agent requests it, the Agent shall be given a report on the seaworthiness and/or safe operation of each Ship, from approved surveyors or inspectors. This right shall only be exercised once per calendar year in respect of each Ship or, if a Default has occurred, at any further times whilst such Default is continuing. If any recommendations are made in such a report they shall be complied with in the way and by the time recommended in the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.18** **Lawful use** 

A Ship shall not be employed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in any way or in any activity which is unlawful under international law or the domestic laws of any relevant country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in carrying illicit or prohibited goods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in any manner contrary to any Sanctions Laws; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if there are hostilities in any part of the world (whether war has been declared or not), in carrying contraband goods,

and the persons responsible for the operation of that Ship shall take all necessary and proper precautions to ensure that this does not happen.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.19** **War zones** 

Except with approval, each Ship shall not enter or remain in any zone which has been declared a war zone by any government entity or that Ship's war risk insurers. If approval is granted for it to do so, any requirements of the Agent and/or that Ship's insurers necessary to ensure that that Ship remains properly insured in accordance with the Finance Documents (including any requirement for the payment of extra insurance premiums) shall be complied with.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.20** **Sustainable and socially responsible dismantling** 

The Obligors shall ensure that the Ships and any other Fleet Vessels (including where such vessels are sold to an intermediary with the intention of being scrapped):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) are recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible matter in accordance with the Hong Kong International Convention for the Sale and Environmentally
 Sound Recycling of 2009 (whether or not in force) or the EU Ship Recycling Regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) are only recycled or scrapped where an Inventory of Hazardous Materials is available for that Ship or Fleet Vessel.

---

| | |
|:---|:---|
| **24** | **Insurance** |

---

**24.1** The Borrower undertakes that this clause 24 shall be complied with in relation to each Ship and its Insurances throughout the relevant Ship's Mortgage Period.

**24.2** **Insurance terms** 

In this clause 24:

**excess risks** means the proportion (if any) of claims for general average, salvage and salvage charges not recoverable under the hull and machinery insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its insured value.

**excess war risk P&I cover** means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but not limited to) hull and machinery, crew and protection and indemnity risks.

**hull cover** means insurance cover against the risks identified in clause 24.3(a).

**minimum hull cover** means, in relation to a Ship, an amount equal at the relevant time to the higher of (a) the market value of that Ship as determined in accordance with clause 25 (*Minimum Security Value*); and (b) 120 per cent of the relevant Ship Tranche.

**P&I risks** means the usual risks (including liability for oil pollution, excess war risk P&I cover) 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).

------

**24.3** **Coverage required** 

Each Ship shall at all times be insured:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) against fire and usual marine risks (including excess risks) and war risks (including war protection and indemnity risks and terrorism risks, piracy and confiscation risks) on an agreed value basis (which shall
 include the total insured value of that Ship, including any sum insured under freight interest insurance), for at least its minimum hull cover, provided that, in the event that part of the agreed insurable value of that Ship is insured by way of
 an increased value policy (or, in the case of cover under the Nordic Marine Insurance Plan, a hull interest policy), the hull and machinery marine risks policy shall be for an amount of not less than 80 per cent of the agreed insurable value,
 unless the relevant approved brokers or approved insurers have confirmed in writing to the Agent that such hull and machinery marine risks policy provides that the conditions for condemnation will be met when any casualty damage to that Ship is
 sufficiently extensive that the cost of removing and repairing that Ship exceeds the amount insured under the hull and machinery marine risks policy, in which case the hull and machinery marine risks policy shall be for an amount of not less than
 66 2/3 per cent of the agreed insurable value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) against P&I risks for the highest amount then available in the insurance market for vessels of similar age, size and type as that Ship (which, in relation to liability for oil pollution, is currently
 $1,000,000,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) against such other risks and matters which the Agent notifies it that it considers reasonable for a prudent shipowner or operator to insure against at the time of that notice; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) on terms which comply with the other provisions of this clause 24.

**24.4** **Placing of cover** 

The insurance coverage required by clause 24.3 (*Coverage required*) shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the name of a Ship's Owner and (in the case of a Ship's hull cover) no other person (other than the Security Agent if required by it) (unless such other person is approved and, if so required by the Agent, has
 duly executed and delivered a first priority assignment of its interest in that Ship's Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Agent so requests, in the joint names of a Ship's Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for
 premiums or calls);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in dollars or another approved currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) on approved terms and with approved insurers or associations.

**24.5** **Deductibles** 

The aggregate amount of any excess or deductible under a Ship's hull cover shall not exceed an approved amount.

**24.6** **Mortgagee's insurance** 

The Borrower shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of a Ship and the other Ships on approved terms, or in considering or making claims under:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a mortgagee's interest insurance cover for the benefit of the Finance Parties for an aggregate amount up to 120 per cent of the Available Facility and a mortgagee's additional perils (pollution risks) cover for the
 benefit of the Finance Parties if a Ship enters US Waters for at least that Ship's minimum hull cover; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other insurance cover which the Agent reasonably requires in respect of any Finance Party's interests and potential liabilities (whether as mortgagee of that Ship or beneficiary of the Security Documents),
 provided that the taking out of such cover is in accordance with the then current market practice within the shipping finance industry for ships of the type of the Ships.

**24.7** **Fleet liens, set off and cancellations** 

If a Ship's hull cover also insures other vessels, the Security Agent shall either be given an undertaking in approved terms by the brokers or (if such cover is not placed through brokers or the brokers do not, under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) set off against any claims in respect of that Ship any premiums due in respect of any of such other vessels insured (other than other Ships); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cancel that cover because of non-payment of premiums in respect of such other vessels, or the Borrower shall ensure that hull cover for that Ship and any other Ships is provided under a separate policy from any other
 vessels.

------

**24.8** **Payment of premiums** 

All premiums, calls, contributions or other sums payable in respect of the Insurances shall be paid punctually and the Agent shall be provided with all relevant receipts or other evidence of payment upon request.

**24.9** **Details of proposed renewal of Insurances** 

At least seven days before any of a Ship's Insurances are due to expire, the Agent shall be notified of the names of the brokers, insurers and associations proposed to be used for the renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances are proposed to be renewed.

**24.10** **Instructions for renewal** 

At least seven days before any of a Ship's Insurances are due to expire, instructions shall be given to brokers, insurers and associations for them to be renewed or replaced on or before their expiry.

**24.11** **Confirmation of renewal** 

Each Ship's Insurances shall be renewed upon their expiry in a manner and on terms which comply with this clause 24 and confirmation of such renewal given by approved brokers or insurers to the Agent at least seven days (or such shorter period as may be approved) before such expiry.

**24.12** **P&I guarantees** 

Any guarantee or undertaking required by any protection and indemnity or war risks association in relation to a Ship shall be provided when required by the association.

**24.13** **Insurance documents** 

The Agent shall be provided with pro forma copies of all insurance policies and other documentation issued by brokers, insurers and associations in connection with a Ship's Insurances as soon as they are available after they have been placed or renewed and all insurance policies and other documents relating to that Ship's Insurances shall be deposited with any approved brokers or (if not deposited with approved brokers) the Agent or some other approved person.

------

**24.14** **Letters of undertaking** 

Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations.

**24.15** **Insurance Notices and Loss Payable Clauses** 

The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance policies and other documents by the incorporation of a Loss Payable Clause and an Insurance Notice in respect of each Ship and its Insurances signed by its Owner and, unless otherwise approved, each other person assured under the relevant cover (other than the Security Agent if it is itself an assured).

**24.16** **Insurance correspondence** 

If so required by the Agent, the Agent shall promptly be provided with copies of all written communications between the assureds and brokers, insurers and associations relating to any of a Ship's Insurances as soon as they are available.

**24.17** **Qualifications and exclusions** 

All requirements applicable to a Ship's Insurances shall be complied with and that Ship's Insurances shall only be subject to approved exclusions or qualifications.

**24.18** **Independent report** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent, upon being instructed to do so by any Lender, asks the Borrower for a detailed report from an approved independent firm of marine insurance brokers giving their opinion on the adequacy of a Ship's
 Insurances then the Agent shall be provided promptly with such a report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following such reports shall be provided at no cost to the Agent or (if the Agent obtains such a report itself) the Borrower shall reimburse the Agent for the cost of obtaining that report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as required pursuant to paragraph 7(a) of the conditions precedent set out in Part 2 of Schedule 3 (*Conditions precedent*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) one further such report following any material change (in the opinion of the Agent acting on the instructions of the Lenders (acting reasonably) or the approved independent firm of marine insurance brokers but which
 shall include any change to a broker or P&I or war risks club) to a Ship's Insurances; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any further such reports requested at any time during which a Default has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The cost of any reports requested by the Agent under clause 24.18(a) in excess of those for the account of the Borrower under clause 24.18(b) shall be for the account of the Agent but the Borrower shall nonetheless
 provide the Agent with such information as it requires in order to obtain such a report.

**24.19** **Collection of claims** 

All documents and other information and all assistance required by the Agent to assist it and/or the Security Agent in trying to collect or recover any claims under a Ship's Insurances shall be provided promptly.

**24.20** **Employment of Ship** 

Each Ship shall only be employed or operated in conformity with the terms of that Ship's Insurances (including any express or implied warranties) and not in any other way (unless the insurers have consented and any additional requirements of the insurers have been satisfied).

**24.21** **Declarations and returns** 

If any of a Ship's Insurances are on terms that require a declaration, certificate or other document to be made or filed before that Ship sails to, or operates within, an area, those terms shall be complied with within the time and in the manner required by those Insurances.

**24.22** **Application of recoveries** 

All sums paid under a Ship's Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.

**24.23** **Settlement of claims** 

Any claim under a Ship's Insurances for a Total Loss or Major Casualty shall only be settled, compromised or abandoned with prior approval of the Lenders (which approval, in the case of a Major Casualty, shall not be unreasonably withheld or delayed).

------

**24.24** **Change in insurance requirements** 

If the Agent gives notice to the Borrower to change the terms and requirements of this clause 24 (which the Agent may only do, in such manner as it considers appropriate, as a result in changes of circumstances or practice after the date of this Agreement and in order to better align the terms and requirements of this clause 24 with the then current market practice within the shipping finance industry for ships of the type of the Ships), this clause 24 shall be modified in the manner so notified by the Agent on the date 14 days after such notice from the Agent is received.

---

| | |
|:---|:---|
| **25** | **Minimum security value** |

---

**25.1** The Borrower undertakes that this clause 25 will be complied with throughout any Mortgage Period.

**25.2** **Valuation of Ships** 

For the purpose of the Finance Documents, the value at any time of any Ship or any other asset over which additional security is provided under this clause 25 will be its value as most recently determined in accordance with this clause 25 or, if no such value has been obtained, its value under any valuation provided pursuant to clause 4 (*Conditions of Utilisation*).

**25.3** **Valuation frequency** 

Valuation of each Ship and each such other asset in accordance with this clause 25 may be required by the Agent (acting on the instructions of the Majority Lenders) at any time.

**25.4** **Expenses of valuation** 

The Borrower shall bear, and reimburse to the Agent where incurred by the Agent, all costs and expenses of providing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) one set of valuations of each Ship per calendar half-year, which sets shall for the avoidance of doubt include a third valuation if the higher of the two valuations is more than 110 per cent of the lower, pursuant to
 clause 25.12 (*Differences in Valuations*) (which shall not include the costs and expenses of providing any valuations required under clause 4 (*Conditions of Utilisation*) which shall also be for the account of the Borrower); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in addition to those referred to in (a) above, any sets of valuations (which sets shall for the avoidance of doubt include a third valuation if the higher of the two valuations is more than 110 per cent of the lower)
 carried out at any time when an Event of Default has occurred and is continuing.

------

**25.5** **Valuations procedure** 

The value of any Ship shall be determined in accordance with, and by valuers approved and appointed in accordance with, this clause 25. Additional security provided under this clause 25 shall be valued in such a way, on such a basis and by such persons (including the Agent itself) as may be approved by the Lenders or as may be agreed in writing by the Borrower and the Agent (on the instructions of the Lenders).

**25.6** **Currency of valuation** 

Valuations shall be provided by valuers in dollars or, if a valuer is of the view that the relevant type of vessel is generally bought and sold in another currency, in that other currency. If a valuation is provided in another currency, for the purposes of this Agreement it shall be converted into dollars at the Agent's spot rate of exchange for the purchase of dollars with that other currency as at the date to which the valuation relates.

**25.7** **Basis of valuation** 

Each valuation will be addressed to the Agent in its capacity as such and made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without physical inspection (unless required by the Agent);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm's length on normal commercial terms between a willing buyer and a willing seller; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without taking into account the benefit or the burden of any charter commitment.

**25.8** **Information required for valuation** 

The Borrower shall promptly provide to the Agent and any such valuer any information which they reasonably require for the purposes of providing such a valuation.

**25.9** **Approval of valuers** 

All valuers must have been approved. The Agent may (acting on the instructions of the Majority Lenders) from time to time notify the Borrower of approval of one or more independent ship brokers as valuers for the purposes of this clause 25. The Agent shall (following receipt of instructions of the Majority Lenders) respond promptly to any request by the Borrower for approval of a broker nominated by the Borrower. The Agent may (acting on the instructions of the Majority Lenders) at any time by notice to the Borrower withdraw any previous approval of a valuer for the purposes of future valuations. That valuer may not then be appointed to provide valuations unless it is once more approved. If the Agent has not approved at least three brokers as valuers at the time when the valuation is required under this clause 25, the Agent shall (acting on the instructions of the Majority Lenders) promptly notify the Borrower of at least three valuers which are approved. The approved valuers as at the date of this Agreement are Affinity (Shipping) LLP, Clarkson Valuations Ltd., Poten & Partners Inc., Braemar ACM Valuations Ltd. and Fearnleys AS.

------

**25.10** **Appointment of valuers** 

When a valuation is required for the purposes of this clause 25, the Agent (acting on the instructions of the Majority Lenders) or, if so approved at that time, the Borrower shall promptly appoint approved valuers to provide such a valuation. If the Borrower is approved to appoint valuers but fails to do so promptly, the Agent may appoint approved valuers to provide that valuation.

**25.11** **Number of valuers** 

Each valuation must be carried out by two approved valuers each of whom shall be nominated by the Borrower. If the Borrower fails promptly to nominate either or both valuers then the Agent may (acting on the instructions of the Majority Lenders) nominate either or both valuers (as applicable).

**25.12** **Differences in valuations** 

If valuations provided by individual valuers differ, the value of the relevant Ship for the purposes of the Finance Documents will be the mean average of those valuations. If the higher of the two valuations obtained pursuant to clause 25.11 is more than 110 per cent of the lower of the two valuations then a third valuation shall be obtained by the Agent (acting on the instructions of the Majority Lenders) from a third approved valuer and the value of the relevant ship for the purposes of the Finance Documents will be the mean average of those three valuations.

**25.13** **Security shortfall** 

If at any time the Security Value is less than the Minimum Value, the Borrower shall promptly notify the Agent of such deficiency and its intended proposal to remedy such deficiency. The Borrower shall then within 30 days of such notice ensure that the Security Value equals or exceeds the Minimum Value. For this purpose, the Borrower may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide additional security over other assets approved by the Lenders in accordance with this clause 25; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cancel part of the Available Facility under clause 7.4 (*Voluntary cancellation*) and prepay the required amount on five Business Days' notice such prepayment to be applied against the Loan on a pro rata basis.

------

**25.14** **Creation of additional security** 

The value of any additional security which the Borrower offers to provide to remedy all or part of a shortfall in the amount of the Security Value will only be taken into account for the purposes of determining the Security Value if and when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that additional security, its value and the method of its valuation have been approved by the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a Security Interest over that security has been constituted in favour of the Security Agent or (if appropriate) the Finance Parties in an approved form and manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been unconditionally amended in such manner as the Agent requires in consequence of that additional security being provided; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Agent, or its duly authorised representative, has received such documents and evidence it may reasonably require in relation to that amendment and additional security including documents and evidence of the type
 referred to in Schedule 3 in relation to that amendment and additional security and its execution and (if applicable) registration.

**25.15** **Release of additional security** 

If at any time the Security Agent holds additional security provided under this clause 25 and the Security Value, disregarding the value of that additional security, is equal to or greater than the Minimum Value and the Security Value has been determined by reference to valuations provided no more than 90 days previously, the Borrower may, by notice to the Agent, require the release and discharge of that additional security. The Agent shall then promptly direct the Security Agent to release and discharge that additional security if no Default is then continuing or will result from such release and discharge and, upon such release and discharge and, if so required by the Agent, the Borrower shall reimburse to the Agent any costs and expenses payable under clause 16.1 (*Transaction expenses*) in relation to that release and discharge.

---

| | |
|:---|:---|
| **26** | **Bank accounts** |

---

**26.1** The Borrower undertakes that this clause 26 will be complied with throughout the Facility Period.

**26.2** **Earnings Accounts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower and each Owner shall be the holder of one or more Accounts with the Account Bank which is designated as an "**Earnings Account**" for the purposes of the Finance Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Earnings of the Ships and all moneys payable to the relevant Owner under a Ship's Insurances and any net amount payable to the Borrower under any Hedging Contract shall be paid by the persons from whom they are
 due or, if applicable, paid by the Owner or the Borrower receiving the same, to an Earnings Account unless required to be paid to the Security Agent under the relevant Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The relevant Account Holder(s) shall not withdraw amounts standing to the credit of an Earnings Account except as permitted by clauses 26.2(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to clause 26.2(e), if there is no continuing Default or Event of Default and subject as otherwise prohibited under this Agreement, the relevant Account Holder shall be entitled to deal freely with amounts
 standing to the credit of any Earnings Accounts for which it is the Account Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Borrower shall (without prejudice to the rights of the Finance Parties under this Agreement following or in respect of the termination of any Charter) procure that, in respect of each Ship, there is a minimum of
 $2,000,000 maintained in the relevant Owner Earnings Account relating to that Ship at any time when that Ship is not subject to a Charter or the relevant Charter has been terminated and has not been replaced by another charter commitment approved
 by the Lenders.

**26.3** **Other provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Earnings Account may only be designated for the purposes described in this clause 25 if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such designation is made in writing by the Agent and acknowledged by the Borrower and specifies the name and address of the Account Bank and the number and any designation or other reference attributed to the
 Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) an Account Security has been duly executed and delivered by the relevant Account Holder in favour of the Security Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any notice required by the Account Security to be given to the Account Bank has been given to, and acknowledged by, the Account Bank in the form required by the relevant Account Security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Agent, or its duly authorised representative, has received such documents and evidence it may require in relation to the Earnings Account and the Account Security including documents and evidence of the type
 referred to in Schedule 3 in relation to the Account and the relevant Account Security.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rates of payment of interest and other terms regulating any Earnings Account will be a matter of separate agreement between the relevant Account Holder(s) and the Account Bank. If an Earnings Account is a fixed
 term deposit account, the relevant Account Holder(s) may select the terms of deposits until the relevant Account Security has become enforceable and the Security Agent directs otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The relevant Account Holder(s) shall not close any Earnings Account or alter the terms of any Earnings Account from those in force at the time it is designated for the purposes of this clause 25 or waive any of its
 rights in relation to an Earnings Account except with approval (which approval, except in the case of a closure of an Earnings Account, shall not be unreasonably withheld or delayed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The relevant Account Holder(s) shall deposit with the Security Agent all certificates of deposit, receipts or other instruments or securities relating to any Earnings Account, notify the Security Agent of any claim
 or notice relating to an Earnings Account from any other party and provide the Agent with any other information it may request concerning any Earnings Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the Agent and the Security Agent agrees that if it is the Account Bank in respect of an Earnings Account then there will be no restrictions on creating a Security Interest over that Earnings Account as
 contemplated by this Agreement and it shall not (except with the approval of the Majority Lenders) exercise any right of combination, consolidation or set-off which it may have in respect of that Earnings Account in a manner adverse to the rights
 of the other Finance Parties.

---

| | |
|:---|:---|
| **27** | **Business restrictions** |

---

**27.1** Except as otherwise approved by the Majority Lenders, the Borrower and (with effect from the date upon which the shares in such Owner are acquired by the Borrower pursuant to the Purchase Contract) each Owner
 undertakes that this clause 27 will be complied with by the relevant party throughout the Facility Period.

**27.2** **General negative pledge** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Owner shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 27.2(a) above does not apply to any Security Interest, listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) those granted or expressed to be granted by any of the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Permitted Security Interests;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (except in relation to Charged Property) any other lien arising by operation of law in the ordinary course of trading and not as a result of any default or omission by any Owner.

**27.3** **Financial Indebtedness** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Owner shall incur or permit to exist, any Financial Indebtedness owed by it to anyone else except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Financial Indebtedness incurred under the Finance Documents and Hedging Contracts for Hedging Transactions entered into pursuant to clause 28.2 *(Hedging)*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) until the date upon which the relevant Existing Financial Indebtedness is repaid, the relevant Existing Financial Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Financial Indebtedness owed to another Group Member, provided that such Financial Indebtedness is subordinated in a manner acceptable to all of the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Financial Indebtedness owed to trade creditors of the Group given in the ordinary course of its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Financial Indebtedness permitted under clause 27.4 (*Guarantees*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness owed by the Borrower to another Group Member or GLNG shall be subordinated in a manner acceptable to all of the Lenders.

**27.4** **Guarantees** 

No Owner shall give or permit to exist, any guarantee by it in respect of indebtedness of any person or allow any of its indebtedness to be guaranteed by anyone else except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) guarantees entered into under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) guarantees in favour of trade creditors of the Group given in the ordinary course of its business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) guarantees which are Financial Indebtedness permitted under clause 27.3 (*Financial Indebtedness*).

**27.5** **Loans and credit** 

No Owner shall be a creditor in respect of Financial Indebtedness other than in respect of trade credit granted by it in the ordinary course of business.

------

**27.6** **Bank accounts and financial transactions** 

No Owner shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) maintain any current or deposit account with a bank or financial institution except for the Earnings Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) hold cash in any account (other than an Earnings Account); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly permitted under this clause 27 (*Business restrictions*).

**27.7** **Disposals** 

No Owner shall enter into a single transaction or a series of transactions, whether related or not and whether voluntarily or involuntarily, to dispose of any asset except for any of the following disposals so long as they are not prohibited by any other provision of the Finance Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) disposals permitted by clauses 27.2 (*General negative pledge*) or 27.3 (*Financial Indebtedness*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the application of cash or cash equivalents in the acquisition of assets or services in the ordinary course of its business.

**27.8** **Chartering-in** 

None of the Borrower or the Owners shall charter-in or hire any vessel from any person except, in respect of an Owner, pursuant to the relevant Existing Lease until such Existing Lease is terminated.

**27.9** **Contracts and arrangements with Affiliates** 

Neither the Borrower nor any of the Owners shall be party to any arrangement or contract with any of its Affiliates unless such arrangement or contract is on an arm's length basis.

**27.10** **Subsidiaries** 

No Owner shall establish or acquire a company or other entity.

------

**27.11** **Acquisitions and investments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Owner shall acquire any person, business, assets or liabilities or make any investment in any person or business or enter into any joint-venture arrangement, without the approval of all of the Lenders, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) capital expenditures or investments related to maintenance of a Ship in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquisitions of assets in the ordinary course of business (not being new businesses or vessels);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the incurrence of liabilities in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any loan or credit not otherwise prohibited under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) pursuant to any Finance Documents to which it is party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower may only acquire any person, business, assets or liabilities or make any investment in any person or business or enter into any joint-venture arrangement where each of the following conditions is
 satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default is continuing or would result from doing so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to any Distribution, the Group would remain in compliance with the financial covenants set out in clause 20 (*Financial covenants*) and clause 25.13 (*Security shortfall*).

**27.12** **Reduction of capital** 

No Owner shall redeem or purchase or otherwise reduce any of its equity or any other share capital or any warrants or any uncalled or unpaid liability in respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other undistributable reserve in any manner unless permitted pursuant to clause 27.13 (*Distributions and other payments*).

**27.13** **Distributions and other payments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses 27.13(b) and 27.13(c), no Obligor shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) declare or pay (including by way of set-off, combination of accounts or otherwise) any dividend or redeem or make any other distribution or payment (whether in cash or in specie), including any interest and/or unpaid
 dividends, in respect of its equity or any other share capital or any warrants for the time being in issue; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any payment (including by way of set-off, combination of accounts or otherwise) by way of interest, or repayment, redemption, purchase or other payment, in respect of any shareholder loan, loan stock or similar
 instrument,

(each a **Distribution**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Owner may only declare, pay or make a Distribution to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower may only declare, pay or make a Distribution where each of the following conditions is satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Event of Default is continuing or would result from doing so; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) after giving effect to any Distribution, the Group would remain in compliance with the financial covenants set out in clause 20 (*Financial covenants*) and clause 25.13 (*Security shortfall*).

---

| | |
|:---|:---|
| **28** | **Hedging Contracts** |

---

**28.1** **General** 

The Borrower undertakes that this clause 28 will be complied with throughout the Facility Period.

**28.2** **Hedging** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, at any time during the Facility Period, the Borrower wishes to enter into any Treasury Transaction so as to hedge all or any part of its exposure under this Agreement to interest rate fluctuations, it shall
 advise the Agent in writing and the Hedging Providers shall have the right to match, on a pro-rata basis between the Hedging Providers willing to participate, the terms of any such Treasury Transaction offered to the Borrower by an entity which
 is not a Hedging Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Borrower agrees that it shall not enter into a speculative hedging transaction (which would include hedging transactions which are: (i) not entered into to hedge a real risk or exposure which the Borrower has or
 (ii) entered into by the Borrower for the main purpose of financial losses or gains) under any Treasury Transaction with a Hedging Provider.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to clause 28.2(e), any such Treasury Transaction shall be concluded with a Hedging Provider on the terms of the Hedging Master Agreement with that Hedging Provider but (except with the approval of the
 Majority Lenders) no such Treasury Transaction shall be concluded unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) its purpose is to hedge the Borrower's interest rate risk in relation to borrowings under this Agreement for a period exceeding 12 months expiring no later than the Final Repayment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) interest under such Treasury Transaction is payable at intervals of one Month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) its notional principal amount, when aggregated with the notional principal amount of any other continuing Hedging Contracts, does not and will not exceed the Loan as then scheduled to be repaid pursuant to clause 6.2
 (*Scheduled repayment of Facility*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If and when any such Treasury Transaction has been concluded with a Hedging Provider, it shall constitute a Hedging Contract for the purposes of the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If, after receiving the proposed terms of any such Treasury Transaction from a Hedging Provider, another reputable bank or financial institution (which is not a Hedging Provider) agrees to enter into a Treasury
 Transaction to hedge all or any part of the Borrower's exposure under this Agreement to interest rate fluctuations on terms which are better than those offered by a Hedging Provider and each Hedging Provider (having been provided with full
 details of the terms on which such reputable bank or financial institution has agreed to enter into such a Treasury Transaction) has confirmed that it is not willing to match such terms, the Borrower shall be entitled to enter into the Treasury
 Transaction on an unsecured basis (other than the provision of cash collateral) with that reputable bank or financial institution on those terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Borrower shall notify the Agent of any Treasury Transaction entered into pursuant to clause 28.2(e) and clauses 28.3 to 28.9 shall apply to any such Treasury Transaction as if all references to a "Hedging Master
 Agreement", "Hedging Contracts" and "Hedging Transactions" were references to the equivalent documents or transactions in respect of such Treasury Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Borrower shall, if requested to do so:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) enter into such deeds or other instruments as may be required to confer a Security Interest over the Borrower's rights under any Treasury Transaction entered into pursuant to clause 28.2(e) in favour of the Security
 Agent equivalent to the Security Interest conferred by the Hedging Contract Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enter into (and procure the registration of) any amendment to each Mortgage deemed necessary or desirable by the Agent for the purposes of ensuring that any Hedging Contract is fully and properly secured by each
 Mortgage in an amount acceptable to the Agent; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on or before (aa) the date of any Hedging Master Agreement and (bb) the documents described in paragraphs (i) to (ii) above are entered into, provide to the Agent any documents of the nature described in Schedule 3 (*Conditions precedent)* which the Agent may require in connection with the entry into any such Hedging Master Agreement, Hedging Contract Security and/or any amendment to each Mortgage.

**28.3** **Unwinding of Hedging Contracts** 

If, at any time, and whether as a result of any prepayment (in whole or in part) of the Loan or any cancellation (in whole or in part) of any Commitment or otherwise, the aggregate notional principal amount under all Hedging Transactions in respect of the Loan entered into by the Borrower exceeds or will exceed the amount of the Loan outstanding at that time after such prepayment or cancellation, then (unless otherwise approved by the Majority Lenders) the Borrower shall immediately close out and terminate sufficient Hedging Transactions (on a pro rata basis) as are necessary to ensure that the aggregate notional principal amount under the remaining continuing Hedging Transactions equals, and will in the future be equal to, the amount of the Loan at that time and as scheduled to be repaid from time to time thereafter pursuant to clause 6.2 (*Scheduled repayment of Facility*).

**28.4** **Variations** 

Except with approval (which approval shall not be unreasonably withheld or delayed) or as required by clause 28.3 (*Unwinding of Hedging Contracts*), any Hedging Master Agreement and the Hedging Contracts shall not be varied.

**28.5** **Releases and waivers** 

Except with approval, there shall be no release by the Borrower of any obligation of any other person under the Hedging Contracts (including by way of novation), no waiver of any breach of any such obligation and no consent to anything which would otherwise be such a breach.

**28.6** **Assignment of Hedging Contracts by Borrower** 

Except with approval or by the Hedging Contract Security, the Borrower shall not assign or otherwise dispose of its rights under any Hedging Contract.

------

**28.7** **Termination of Hedging Contracts by Borrower** 

Except with approval, the Borrower shall not terminate or rescind any Hedging Contract or close out or unwind any Hedging Transaction except in accordance with clause 28.3 (*Unwinding of Hedging Contracts*) for any reason whatsoever.

**28.8** **Performance of Hedging Contracts by Borrower** 

The Borrower shall perform its obligations under the Hedging Contracts.

**28.9** **Information concerning Hedging Contracts** 

The Borrower shall provide the Agent with any information it may request concerning any Hedging Contract, including all reasonable information, accounts and records that may be necessary or of assistance to enable the Agent to verify the amounts of all payments and any other amounts payable under the Hedging Contracts.

---

| | |
|:---|:---|
| **29** | **Events of Default** |

---

**29.1** Each of the events or circumstances set out in clauses 29.2 to 29.22 is an Event of Default.

**29.2** **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 provided however that no Event of Default shall occur if its failure to pay is caused by an administrative or technical error which is outside its control and, in each case, such payment is made within three Business Days of the due date.

**29.3** **Hedging Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Event of Default (as defined in any Hedging Master Agreement) has occurred and is continuing under any Hedging Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An Early Termination Date (as defined in any Hedging Master Agreement) has occurred or been or become capable of being effectively designated under any Hedging Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A person entitled to do so gives notice of such an Early Termination Date under any Hedging Contract except with approval or as may be required by clause 28.3 *(Unwinding of Hedging Contracts*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Hedging Contract is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases to remain in full force and effect for any reason except with approval or as may be required by clause 28.3 *(Unwinding of Hedging Contracts*).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No Event of Default under this clause 29.3 will occur if the failure to comply is waived by the relevant Hedging Provider under the relevant Hedging Contract or is remedied, (i) in the case of a failure to comply
 which relates to a non-payment, within three Business Days of the due date or (ii) in the case of any other failure to comply, within seven days of the earlier of (A) the relevant Hedging Provider giving notice to the Borrower and (B) the
 Borrower or any Finance Party becoming aware of the failure to comply.

**29.4** **Financial covenants** 

The Borrower does not comply with clause 20 (*Financial covenants*) or clause 19.2 (*Financial statements*).

**29.5** **Value of security** 

The Borrower does not comply with clause 25.13 (*Security shortfall*).

**29.6** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Insurances of a Ship are not placed and kept in force in the manner required by clause 24 (*Insurance*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any insurer either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancels any such Insurances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) disclaims liability under them by reason of any mis-statement or failure or default by any person.

**29.7** **Other obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Obligor or any other person does not comply with any provision of the Finance Documents (other than those referred to in clauses 29.2 (*Non-payment*), 29.3 (*Hedging Contracts*), 29.4 (*Financial covenants*), 29.5 (*Value of security*), 29.6 (*Insurance*), and 29.22 (*Sanctions*)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Event of Default under clause 29.7(a) above will occur if the Agent (acting on the instructions of the Majority Lenders) considers that the failure to comply is capable of remedy and the failure is remedied within
 ten Business Days of the earlier of (A) the Agent giving notice to the Borrower and (B) the Borrower becoming aware of the failure to comply.

**29.8** **Misrepresentation** 

Any representation or statement made or deemed to be made by an Obligor or any other person in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading to a material extent when made or deemed to be made.

------

**29.9** **Cross default** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Financial Indebtedness of any Group Member is not paid when due nor within any originally applicable grace period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Financial Indebtedness of any Group Member 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any commitment for any Financial Indebtedness of any Group Member is cancelled or suspended by a creditor of that Group Member as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The counterparty to a Treasury Transaction entered into by any Group Member becomes entitled to terminate that Treasury Transaction early by reason of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any creditor of any Group Member becomes entitled to declare any Financial Indebtedness of that Group Member due and payable prior to its specified maturity as a result of an event of default (however described).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No Event of Default will occur under this clause 29.9 if the aggregate amount of Financial Indebtedness of the Group or commitment for Financial Indebtedness falling within clauses 29.9(a) to 29.9(e) above is less
 than $10,000,000 (or its equivalent in any other currency or currencies).

**29.10** **Insolvency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Group Member is unable or admits inability to pay its debts as they fall due, is deemed to, or is declared to, be unable to pay its debts under applicable law, suspends making payments on any of its debts or, by
 reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The value of the assets of any Group Member is less than its liabilities (taking into account contingent and prospective liabilities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A moratorium is declared in respect of any indebtedness of any Group Member. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

------

**29.11** **Insolvency proceedings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any corporate action, legal proceedings or other procedure or step is taken in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Member other
 than a solvent liquidation or reorganisation of any Group Member which is not an Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a composition, compromise, assignment or arrangement with any creditor of any Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the appointment of a liquidator (other than in respect of a solvent liquidation of a Group Member which is not an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar
 officer in respect of any Group Member or any of its assets (including the directors of any Group Member requesting a person to appoint any such officer in relation to it or any of its assets); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enforcement of any Security Interest over any assets of any Group Member,

or any analogous procedure or step is taken in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clause 29.11(a) shall not apply to any winding-up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or dismissed within seven days of commencement or, if earlier, the
 date on which it is advertised.

**29.12** **Creditors' process** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any expropriation, attachment, sequestration, execution or any other analogous process or enforcement action affects any asset or assets of any Group Member and is not discharged within seven days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any judgment or order for an amount is made against any Group Member and is not stayed or complied with within seven days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Event of Default will occur under this clause 29.12 if, in relation to clause 29.12(a) above, the value of such asset or assets is or, in relation to clause 29.12(b) above, such amount is less than $10,000,000 (or
 its equivalent in any other currency or currencies).

**29.13** **Unlawfulness and invalidity** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any obligation or obligations of any Obligor or any other person under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation
 individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

 a Finance Party) to be ineffective for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Security Document does not create legal, valid, binding and enforceable security over the assets charged under that Security Document or the ranking or priority of such security is adversely affected.

**29.14** **Cessation of business** 

Any Group Member suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

**29.15** **Repudiation and rescission of Finance Documents** 

An Obligor or any other person rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a Finance Document.

**29.16** **Litigation** 

Either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any litigation, alternative dispute resolution, arbitration or administrative proceeding is taking place, or threatened; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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,

against any Group Member or any of its assets, rights or revenues which has or would involve, if adversely determined, a liability exceeding $10,000,000 (or its equivalent in other currencies) or which the Majority Lenders reasonably believe will have a Material Adverse Effect.

**29.17** **Material Adverse Effect** 

Any Environmental Incident or other event or circumstance or series of events (including any change of law) occurs which the Majority Lenders reasonably believe has, or is reasonably likely to have, a Material Adverse Effect.

------

**29.18** **Security enforceable** 

Any Security Interest (other than a Permitted Maritime Lien) in respect of Charged Property becomes enforceable.

**29.19** **Arrest of Ship** 

Any Ship is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim and the relevant Owner fails to procure the release of that Ship within a period of 30 days thereafter (or such longer period as may be approved) or, in the case of seizure or detention of that Ship as a result of piracy, within a period of 365 days thereafter.

**29.20** **Ship registration** 

Except with approval of the Lenders, the registration of any Ship under the laws and flag of its Flag State is cancelled or terminated or, where applicable, not renewed or, if that Ship is only provisionally registered on the date of its Mortgage, that Ship is not permanently registered under such laws within 90 days of such date.

**29.21** **Political risk** 

The Flag State of any Ship or any Relevant Jurisdiction of an Obligor becomes involved in hostilities or civil war or there is a seizure of power in the Flag State or any such Relevant Jurisdiction by unconstitutional means if, in any such case, such event or circumstance, in the reasonable opinion of the Agent, has or is reasonably likely to have, a Material Adverse Effect and, within 14 days of notice from the Agent to do so, such action as the Agent may require to ensure that such event or circumstance will not have such an effect has not been taken by the Borrower.

**29.22** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Relevant Party, any of its Subsidiaries, or a director, officer or employee of a Relevant Party is or becomes a Restricted Party and either (a) in the reasonable opinion of the Lenders the situation cannot be
 remedied within 30 days or (b) if the situation can be remedied within thirty days, without being contrary to any law or regulation, such action as the Majority Lenders may require shall not have been taken within 30 days of the Agent notifying
 the Borrower of such required action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any breach of any representation contained in clause 18.33 (*Sanctions*) made or deemed to be made by an Obligor, is or proves to have been incorrect or misleading when made or deemed to be made, or any
 undertaking in clause 19.7 (*Information: Sanctions*), clause 21.2 (*Use of proceeds*), clause 21.4(b)(i) (*Compliance with laws*) (in so far as it relates to Sanctions Laws), clause 21.5 (*Sanctions*) or clause 23.18(d) (*Lawful use*) is not complied with.

------

**29.23** **Expropriation** 

The authority or ability of any Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any Obligor or any of its assets.

**29.24** **Acceleration** 

On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the Total Commitments at which time they shall immediately be cancelled and the Facility shall immediately cease to be available for further utilisation; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, at which time they shall become
 immediately due and payable; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declare that all or part of the Loan be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) declare that no withdrawals be made from any Account; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) exercise or direct the Security Agent and/or any other beneficiary of the Security Documents to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

---

| | |
|:---|:---|
| **30** | **Position of Hedging Providers** |

---

**30.1** **Rights of Hedging Providers** 

Each Hedging Provider is a Finance Party and as such, will be entitled to share in the security constituted by the Security Documents in respect of any liabilities of the Borrower under the Hedging Contracts with such Hedging Provider in the manner and to the extent contemplated by the Finance Documents.

------

**30.2** **No voting rights** 

No Hedging Provider shall be entitled to vote on any matter where a decision of the Lenders alone is required under this Agreement, whether before or after the termination or close out of the Hedging Contracts with such Hedging Provider

**30.3** **Acceleration and enforcement of security** 

Neither the Agent nor the Security Agent or any other beneficiary of the Security Documents shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to clause 29 *(Events of Default*) or pursuant to the other Finance Documents, to have any regard to the requirements of the Hedging Provider except to the extent that the relevant Hedging Provider is also a Lender.

**30.4** **Close out of Hedging Contracts** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Hedging Provider shall be entitled to terminate or close out any Hedging Contract or any Hedging Transaction under it prior to its stated maturity except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if, following the occurrence of any Event of Default or Termination Event (as each such expression is defined in the Hedging Master Agreements), the relevant Hedging Provider is entitled to terminate or close out the
 relevant Hedging Transaction pursuant to the relevant Hedging Contract.; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Agent takes any action under clause 29.24 (*Acceleration*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the Loan and other amounts outstanding under the Finance Documents (other than amounts outstanding under the Hedging Contracts) have been repaid by the Borrower in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If there is a net amount payable to the Borrower under a Hedging Transaction or a Hedging Contract upon its termination and close out, the relevant Hedging Provider shall forthwith pay that net amount (together with
 interest earned on such amount) to the Security Agent for application in accordance with clause 33.24(a) (*Order of application*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Default has occurred and is continuing and there is a net amount payable to a Hedging Provider under a Hedging Transaction or a Hedging Contract upon its termination and close out, the Borrower shall forthwith
 pay that net amount (together with interest earned on such amount) to the Agent for application in accordance with clause 36.5 (*Partial payments*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Hedging Provider (in any capacity) shall set-off any such net amount against or exercise any right of combination in respect of any other claim it has against the Borrower.

------

**Section 9 - Changes to Parties**

---

| | |
|:---|:---|
| **31** | **Changes to the Lenders** |

---

**31.1** **Assignments by the Lenders** 

Subject to this clause 31, a Lender (the **Existing Lender**) may assign any of its rights under this Agreement 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**).

**31.2** **Conditions of assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An Existing Lender must consult with the Borrower for no more than five Business Days before it may make an assignment in accordance with clause 31.1 (*Assignments by the Lenders*) unless the assignment is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to another Lender, an Affiliate of a Lender or a fund which is a Related Fund of that Existing Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) made at a time when an Event of Default is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent will promptly advise the Borrower of the assignment in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No assignment may be made to a New Lender if an Insolvency Event has occurred and is, at the time of the proposed transfer, continuing in relation to that New Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An assignment will only be effective:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the New Lender entering into any documentation required for it to accede as a party to any Security Document to which the Original Lender is a party in its capacity as a Lender and, in relation to such Security
 Documents, completing any filing, registration or notice requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) on the performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations relating to any person that it is required to carry out in relation to such
 assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if that Existing Lender assigns equal fractions of its Commitments and participation in the Loan and each Utilisation (if any) under the Facility.

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

**31.3** **Fee** 

The New Lender shall, on or before the date upon which an assignment takes effect, pay to the Agent (for its own account) a fee of $5,000.

**31.4** **Limitation of responsibility of Existing Lenders** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the financial condition of any Obligor;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,

and any representations or warranties implied by law are excluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has made (and shall continue to make) its own independent investigation and assessment of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the financial condition and affairs of the Obligors and their related entities in connection with its participation in this Agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents;

and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in
 force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in any Finance Document obliges an Existing Lender to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) accept a re-assignment from a New Lender of any of the rights assigned under this clause 31 (*Changes to the Lenders*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor or any other person of its obligations under the Finance Documents or by reason of the application
 of any Basel II Regulation to the transactions contemplated by the Finance Documents or otherwise.

**31.5** **Procedure for assignment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the conditions set out in clause 31.2 (*Conditions of assignment*) an assignment may be effected in accordance with clause 31.5(d) below when (a) the Agent executes an otherwise duly completed
 Transfer Certificate and (b) the Agent executes any document required under clause 31.5(d) which it may be necessary for it to execute in each case delivered to it by the Existing Lender and the New Lender duly executed by them and, in the case
 of any such other document, any other relevant person. The Agent shall, subject to clause 31.5(b), as soon as reasonably practicable after receipt by it of a Transfer Certificate and any such other document each duly completed, appearing on its
 face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and such other document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate on their behalf without any consultations with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On the Transfer Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Transfer Certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the **Relevant Obligations**) and expressed to be the subject of the release in the Transfer
 Certificate (but the obligations owed by the Obligors or any other person under the Finance Documents shall not be released); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the New Lender shall become a Party to the Finance Documents as a "Lender" for the purposes of all the Finance Documents and will be bound by obligations equivalent to the Relevant Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Lenders may utilise procedures other than those set out in this clause 31.5 *(Procedure for assignment)* to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor
 or unless in accordance with clauses 31.5 *(Procedure for assignment),* to obtain a release by that Obligor from the obligations owed to that 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 31.2 *(Conditions of assignment)*.

**31.6** **Copy of Transfer Certificate to Borrower** 

The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate and any other document required under clause 31.2(d), send a copy of that Transfer Certificate and such other documents to the Borrower.

**31.7** **Security over Lenders' rights** 

In addition to the other rights provided to Lenders under this clause 31 each Lender may without consulting with or obtaining consent from an Obligor, at any time charge, assign or otherwise create a Security Interest 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender
 as security for those obligations or securities, except that no such charge, assignment or Security Interest shall:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent and the Mandated Lead Arrangers each may, at their own expense, publish information about their participation in, or agency or arrangement in respect of, the Facility and, for such purposes, to use the
 Borrower's and/or the Obligors' logo and trademark in connection with such publication.

---

| | |
|:---|:---|
| **32** | **Changes to the Obligors** |

---

**32.1** **Assignment and transfers by Obligors** 

No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

------

**Section 10 - The Finance Parties**

---

| | |
|:---|:---|
| **33** | **Roles of Agent, Security Agent, Mandated Lead Arrangers, Bookrunners, Co-ordinators and Sustainability Co-ordinators** |

---

**33.1** **Appointment of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent under and in connection with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each such other Finance Party authorises the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with
 any other incidental rights, powers, authorities and discretions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to execute each of the Security Documents and all other documents that may be approved by the Majority Lenders for execution by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent accepts its appointment under clause 33.2(a) as agent for the Finance Parties (for so long as they are Finance Parties) on and subject to the terms of this clause 33, and any Finance Documents to which it
 is a Party.

**33.2** **Instructions to Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent shall:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in all other cases, the Majority Lenders; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The 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 Lender or
 group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives
 those instructions or that clarification.

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender's or any Hedging Provider's consent) in any legal or arbitration proceedings relating to any
 Finance Document. This clause (f) 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 Security Documents.

**33.3** **Duties of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to clause 31.6 (*Copy of Transfer Certificate to Borrower*), clause (a) shall not apply to any Transfer Certificate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or a Mandated Lead Arranger or the Security Agent for their own
 account) under this Agreement it shall promptly notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The 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).

**33.4** **Role of the Mandated Lead Arrangers, Bookrunners, Co-ordinators and the Sustainability Co-ordinators** 

Except as specifically provided in the Finance Documents, the Mandated Lead Arrangers, the Bookrunners, the Co-ordinators and the Sustainability Co-ordinators have no obligations of any kind to any other Party under or in connection with any Finance Document or the transactions contemplated by the Finance Documents.

**33.5** **No fiduciary duties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement constitutes the Agent, the Mandated Lead Arrangers, the Bookrunners, the Co-ordinators and the Sustainability Co-ordinators as a trustee or fiduciary of any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the Agent, the Security Agent, the Mandated Lead Arrangers, the Bookrunners, the Co-ordinators and the Sustainability Co-ordinators shall be bound to account to any Lender or any Hedging Provider for any sum
 or the profit element of any sum received by it for its own account or have any obligations to the other Finance Parties beyond those expressly stated in the Finance Documents.

**33.6** **Business with the Group** 

The Agent, the Security Agent, the Mandated Lead Arrangers, the Bookrunners, the Co-ordinators and the Sustainability Co-ordinators may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Obligor or other Group Member or their Affiliates.

**33.7** **Rights and discretions of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) assume that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) rely on a certificate from any person:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 (i) above, may assume the truth and accuracy of that certificate.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Default has occurred (unless it has actual knowledge of a Default arising under clause 29.2 (*Non-payment*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any notice or request made by the Borrower (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts in the conduct of its obligations and responsibilities under the
 Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without prejudice to the generality of clause 33.7(c) or clause 33.7(e), the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any
 lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The 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 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be liable for any error of judgment made by any such person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Agent's gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, nor any Mandated Lead 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. The Agent and any Mandated Lead Arranger may do anything which in its opinion, is necessary or desirable to comply with any law or regulation
 of any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Without prejudice to the generality of clause 33.7(h), the Agent may (but is not obliged) disclose the identity of a Defaulting Lender to the other Finance Parties and the Borrower and the Agent shall disclose the
 same upon the written request of the Majority Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any provision of any Finance Document to the contrary, the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Neither the Agent nor any Mandated Lead Arranger shall be obliged to request any certificate, opinion or other information under clause 19 (*Information undertakings*) unless so required in writing by a Lender
 or any Hedging Provider, in which case the Agent shall promptly make the appropriate request of the Borrower if such request would be in accordance with the terms of this Agreement.

------

**33.8** **Responsibility for documentation and other matters** 

Neither the Agent nor any Mandated Lead Arranger is responsible or liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, any Mandated Lead Arranger, an Obligor or any other person given in or in connection with any Finance
 Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or of any representations in
 any Finance Document or of any copy of any document delivered under any Finance Document;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any Charged Property or any investments made or retained in good faith or by reason of any other matter or thing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) accounting to any person for any sum or the profit element of any sum received by it for its own account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the failure of any Obligor or any other party to perform its obligations under any Finance Document or any Charter Document or the financial condition of any such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) ascertaining whether all deeds and documents which should have been deposited with it (or the Security Agent) under or pursuant to any of the Security Documents have been so deposited;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) investigating or making any enquiry into the title of any Obligor to any of the Charged Property or any of its other property or assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) failing to register any of the Security Documents with the Registrar of Companies or any other public office;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) failing to register any of the Security Documents in accordance with the provisions of the documents of title of any Obligor to any of the Charged Property;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) failing to take or require any Obligor or any other person to take any steps to render any of the Security Documents effective as regards property or assets outside England or Wales or to secure the creation of any
 ancillary charge under the laws of the jurisdiction concerned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) (unless it is the same entity as the Security Agent) the Security Agent and/or any other beneficiary of a Security Document failing to perform or discharge any of its duties or obligations under the Security
 Documents; or

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

**33.9** **No duty to monitor** 

The Agent shall not be bound to enquire:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) whether or not any Default has occurred;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) whether any other event specified in any Finance Document has occurred.

**33.10** **Exclusion of liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting clause 33.10(b) (and without prejudice to any other provision of the Finance Documents excluding or limiting the liability of the Agent) the Agent will not be liable (including, without limitation,
 for negligence or any other category of liability whatsoever) for:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Charged Property or any other agreement, arrangement or document entered into,
 made or executed in anticipation of, under or in connection with, any Finance Document or the Charged Property unless directly caused by its gross negligence, wilful misconduct or fraudulent behaviour; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) without prejudice to the generality of paragraphs (a) and (b) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any act, event or circumstance not reasonably within its control; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Payment 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by
 that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this clause subject to clause 1.3 *(Third party rights)* and the provisions of the Third Parties Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The 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 Agent if the 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 Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall oblige the Agent or any Mandated Lead Arrangers to carry out

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any "know your customer" or other checks in relation to any person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,

on behalf of any Lender or any Hedging Provider and each Lender and any Hedging Provider confirms to the Agent and the Mandated Lead Arrangers 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 Agent or any Mandated Lead Arranger.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document or the Charged 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 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 Agent at any time which increase the amount of that loss. In no event shall the 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 Agent has been advised of the possibility of such loss or damages.

**33.11** **Lenders' indemnity to the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
 Agent, within three Business Days of demand, against:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Losses for negligence or any other category of liability whatsoever incurred by such Lenders' Representative in the circumstances contemplated pursuant to clause 36.10 (*Disruption to payment systems etc*)
 notwithstanding the Agent's negligence, gross negligence, or any other category of liability whatsoever but not including any claim based on the fraud of the Agent); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any other Losses (otherwise than by reason of the Agent's gross negligence or wilful misconduct) including the costs of any person engaged in accordance with clause (c) (*Rights and discretions of the Agent*) and any Receiver in acting as its agent under the Finance Documents,

in each case incurred by the Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document or out of the Trust Property).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clause 33.11(c), the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to clause 33.11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clause 33.11(b) shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent to an Obligor.

**33.12** **Resignation of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders each Hedging Provider, the Security Agent and the Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Alternatively the Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Majority Lenders have not appointed a successor Agent in accordance with clause (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrower) may
 appoint a successor Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under clause 33.12(c), the
 Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this clause 33 and
 any other term of this Agreement dealing with the rights or obligations of the 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 Agent's normal fee rates and those amendments will bind the Parties.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agent's resignation notice shall only take effect upon the appointment of a successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
 obligation in respect of the Finance Documents (other than its obligations under clause 33.12(e)) but shall remain entitled to the benefit of clause 14.3 (*Indemnity to the Agent and the Security Agent*) and this clause 33 (and any agency
 fees for the account of the retiring 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.

**33.13** **Replacement of the Agent** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After consultation with the Borrower, the Majority Lenders may, by giving 30 days' notice to the Agent replace the Agent by appointing a successor Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent
 may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent.
 As from this date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under clause 33.13(b)) but shall remain entitled to the benefit of clause 14.3 (*Indemnity to the Agent and the Security Agent*) and this clause 33 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any successor Agent 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.

33.14 Replacement of the Agent for FATCA withholding

The Agent shall resign in accordance with clause 33.14(b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to clause 33.14(b) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agent fails to respond to a request under clause 12.6 (*FATCA Information*) and a Lender reasonably believes that the Agent will not
 be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the information supplied by the Agent pursuant to clause 12.6 (*FATCA Information*) indicates that the Agent will not be (or will have
 ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that
 FATCA Application Date;

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 Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign.

33.15 Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department, division or team directly responsible
 for the management of the Finance Documents which shall be treated as a separate entity from any other of its divisions, departments or teams.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and
 the Agent shall not be deemed to have notice of it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Mandated Lead 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.

33.16 Relationship with the Lenders and Hedging Providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent may treat the person shown in its records as each Lender or as each Hedging Provider at the opening of business (in the place of the
 Agent's principal office as notified to the Finance Parties from time to time) as a Lender or (as the case may be) as a Hedging Provider acting through its Facility Office:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 or (as the case may be) a Hedging Provider to the contrary in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Lender and each Hedging Provider shall supply the Agent with any information that the Agent may reasonably specify as being necessary or
 desirable to enable the Agent or the Security Agent to perform its functions as Agent or Security Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Lender and each Hedging Provider shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the
 Security Agent.

------

33.17 Credit appraisal by the Lenders and Hedging Providers

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document or any Charter Document, each Lender and each Hedging Provider confirms to each other Finance Party 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 Finance Document or any Charter Document including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the financial condition, status and nature of each Obligor and other Group Member;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the right or title of any person in or to, or the value or sufficiency of, any part of the Charged Property, the priority of the Security
 Documents or the existence of any Security Interest affecting the Charged Property.

33.18 Agent's management time and additional remuneration

Any amount payable to the Agent under clause 14.3 (*Indemnity to the Agent and the Security Agent*), clause 16 (*Costs and expenses*) and clause 33.11 (*Lenders' indemnity to the Agent*) shall include the cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under clause 11 (*Fees*).

33.19 Deduction from amounts payable by the Agent

If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the 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.

------

33.20 Common parties

Although the Agent and the Security Agent may from time to time be the same entity, that entity will have entered into the Finance Documents (to which it is party) in its separate capacities as agent for the Finance Parties and (as appropriate) security agent and trustee for the Finance Parties. Where any Finance Document provides for the Agent or Security Agent to communicate with or provide instructions to the other, while they are the same entity, such communication or instructions will not be necessary.

33.21 Security Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under any applicable law) trustee under
 and in connection with the Security Documents and confirms that the Security Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to the beneficiaries of those
 Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each other Finance Party authorises the Security Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the Majority Lenders for execution
 by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Security Agent accepts its appointment under clause 33.21 (*Security Agent*) as trustee of the Trust Property with effect from the
 date of this Agreement and declares that it holds the Trust Property on trust for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in clauses 33.21-33.28 (inclusive) and the
 Security Documents to which it is a party.

33.22 Application of certain clauses to Security Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Clauses 33.7(c) (*Rights and discretions of the Agent*), 33.8 (*Re* s *ponsibility for documentation and other matters*), clause
 33.9 (*No duty to monitor*), 33.10 (*Exclusion of liability*), 33.11 (*Lenders' indemnity to the Agent*), 33.12 (*Resignation of the Agent*), 33.15 (*Confidentiality*), 33.16 (*Relationship with the Lenders and Hedging Providers*), 33.17 (*Credit appraisal by the Lenders and Hedging Providers*), 33.18 (A *gent's management time and additional remuneration*) and 33.19 (*Deduction from amounts payable by the Agent*) shall each extend
 so as to apply to the Security Agent in its capacity as such and for that purpose each reference to the "Agent" in these clauses shall extend to include in addition a reference to the "Security Agent" in its capacity as such and, in clause
 33.7(c) (*Rights and discretions of the Agent*), references to the Lenders and a group of Lenders shall refer to the Agent.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, clause 33.12 (*Resignation of the Agent*) shall, for the purposes of its application to the Security Agent pursuant to clause
 33.22(a), have the following additional sub-clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably
 required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not have vested in its successor
 by operation of law. All such acts, deeds and documents shall be done or, as the case may be, executed at the cost of the retiring Security Agent (except where the Security Agent is retiring under clause 33.13(a) as extended to it by clause
 33.22(a), in which case such costs shall be borne by the Lenders (in proportion to their shares of the Total Commitments or, if the Total Commitments are then zero, to their shares of the Total Commitments immediately prior to their reduction
 to zero).

33.23 Instructions to Security Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Security Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 the Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Agent 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 those instructions or that clarification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the Agent shall override any
 conflicting instructions given by any other Parties and will be binding on all Finance Parties.

------

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Security Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender's or the
 relevant Hedging Provider's consent) in any legal or arbitration proceedings relating to any Finance Document. This clause (f) 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 Security Documents.

33.24 Order of application

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Security Agent agrees to apply the Trust Property and each other beneficiary of the Security Documents agrees to apply all moneys received
 by it in the exercise of its rights under the Security Documents in accordance with the following respective claims:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, as to a sum equivalent to the amounts payable to the Security Agent under the Finance Documents (excluding any amounts received by the
 Security Agent pursuant to clause 33.11 (*Lenders' indemnity to the Agent*) as extended to the Security Agent pursuant to clause 33.22 (*Application of certain clauses to Security Agent*)), for the Security Agent absolutely;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, as to a sum equivalent to the aggregate amount then due and owing to the other Finance Parties (other than the Hedging Providers)
 under the Finance Documents (other than the Hedging Contracts or any Hedging Master Agreement), for those Finance Parties absolutely for application between them in accordance with clause 36.5 *(Partial payments)*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, until such time as the Security Agent is satisfied that all obligations owed to the Finance Parties (other than the Hedging Providers)
 have been irrevocably and unconditionally discharged in full, held by the Security Agent on a suspense account for payment of any further amounts owing to the Finance Parties (other than the Hedging Providers) under the Finance Documents (other
 than the Hedging Contracts or any Hedging Master Agreement) and further application in accordance with this clause 33.24(a) as and when any such amounts later fall due;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fourthly, as to a sum equivalent to the aggregate amount then due and owing to the Hedging Providers under the Hedging Contracts and any
 Hedging Master Agreements, for those Hedging Providers absolutely for application between them in accordance with clause 36.5 (*Partial payments*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) fifthly, until such time as the Security Agent is satisfied that all obligations owed to the Hedging Providers have been irrevocably and
 unconditionally discharged in full, held by the Security Agent on a suspense account for payment of any further amounts owing to the Hedging Providers under the Hedging Contracts, any Hedging Master Agreement and any other Finance Documents and
 further application in accordance with this clause 33.24(a) as and when any such amounts later fall due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) sixthly, to such other persons (if any) as are legally entitled thereto in priority to the Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) seventhly, as to the balance (if any), for the Obligors by or from whom or from whose assets the relevant amounts were paid, received or
 recovered or other person entitled to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Security Agent and each other beneficiary of the Security Documents shall make each application as soon as is practicable after the
 relevant moneys are received by, or otherwise become available to, it save that (without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent) any other
 beneficiary of the Security Documents or any receiver or administrator may credit any moneys received by it to a suspense account for so long and in such manner as the Security Agent), any other beneficiary of the Security Documents or such
 receiver or administrator may from time to time determine with a view to preserving the rights of the Finance Parties or any of them to prove for the whole of their respective claims against the Borrower or any other person liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Security Agent and/or any other beneficiary of the Security Documents shall obtain a good discharge in respect of the amounts expressed to
 be due to the other Finance Parties as referred to in this clause 33.24 by paying such amounts to the Agent for distribution in accordance with clause 36 (*Payment mechanics*).

33.25 Powers and duties of the Security Agent as trustee of the security

In its capacity as trustee in relation to the Trust Property, the Security Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent
 with the provisions of this Agreement or any of the Security Documents), have all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Agent by this
 Agreement and/or any Security Document but so that the Security Agent may only exercise such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall (subject to clause 33.24(a) (*Order of application*)) be entitled (in its own name or in the names of nominees) to invest moneys
 from time to time forming part of the Trust Property or otherwise held by it as a consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion of the Security Agent, it would not be
 practicable to distribute immediately, by placing the same on deposit in the name or under the control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the same and the Security Agent shall not
 be responsible for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Agent's gross negligence or wilful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) may, in the conduct of its obligations under and in respect of the Security Documents (otherwise than in relation to its right to make any
 declaration, determination or decision), instead of acting personally, employ and pay any agent (whether being a lawyer or any other person) to transact or concur in transacting any business and to do or concur in doing any acts required to be
 done by the Security Agent (including the receipt and payment of money) and on the basis that (i) any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted
 and acts done by him or any partner or employee of his or her in connection with such employment and (ii) the Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such
 agent if the Security Agent shall have exercised reasonable care in the selection of such agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) may place all deeds and other documents relating to the Trust Property which are from time to time deposited with it pursuant to the Security
 Documents in any safe deposit, safe or receptacle selected by the Security Agent exercising reasonable care or with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security
 Agent exercising reasonable care and may make any such arrangements as it thinks fit for allowing Obligors access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security Agent shall not be
 responsible for any loss incurred in connection with any such deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company (save that it shall take
 reasonable steps to pursue any person who may be liable to it in connection with such loss).

------

33.26 All enforcement action through the Security Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in favour of
 the Security Agent only or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such
 Security Documents except through the Security Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in their
 favour or to exercise any rights, discretions or powers or to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents
 except through the Security Agent. If any Finance Party (other than the Security Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other sufficient authority to
 the Security Agent to enable the Security Agent to exercise any rights, discretions or powers or to grant any consents or releases under such Security Document.

33.27 Co-operation to achieve agreed priorities of application

The other Finance Parties shall co-operate with each other and with the Security Agent and any receiver or administrator under the Security Documents in realising the property and assets subject to the Security Documents and in ensuring that the net proceeds realised under the Security Documents after deduction of the expenses of realisation are applied in accordance with clause 33.24(a) (*Order of application*).

33.28 Indemnity from Trust Property

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the Security Agent and each Affiliate
 of the Security Agent and each officer or employee of the Security Agent or its Affiliate (each a **Relevant Person**) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages, costs, claims,
 charges or expenses whatsoever properly incurred or suffered by such Relevant Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the execution or exercise or bona fide purported execution or exercise of the trusts, rights, powers, authorities, discretions and duties
 created or conferred by or pursuant to the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as a result of any breach by an Obligor or any other person of any of its obligations under any Finance Document;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen if the Finance Documents had not
 been executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance Documents relating to the Trust
 Property or the provisions of any of the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rights conferred by this clause 33.28 are without prejudice to any right to indemnity by law given to trustees generally and to any
 provision of the Finance Documents entitling the Security Agent or any other person to an indemnity in respect of, and/or reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any of the Finance
 Documents or the performance of any duties under any of the Finance Documents. Nothing contained in this clause 33.28 shall entitle the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims,
 charges or expenses to the extent that the same arise from such person's own gross negligence or wilful misconduct.

33.29 Finance Parties to provide information

The other Finance Parties shall provide the Security Agent with such written information as it may reasonably require for the purposes of carrying out its duties and obligations under the Security Documents and, in particular, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by clause 33.24(a) (*Order of application*) above and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security Documents, clause 36.5 (*Partial payments*) and clause 33.24(a) (*Order of application*).

33.30 Release to facilitate enforcement and realisation

------

33.31 Undertaking to pay

Each Obligor which is a Party undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by the Security Agent, pay to the Security Agent all money from time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection with the Finance Documents.

33.32 Additional trustees

The Security Agent shall have power by notice in writing to the other Finance Parties and the Borrower to appoint any person approved by the Borrower (such approval not to be unreasonably withheld or delayed) either to act as separate trustee or as co-trustee jointly with the Security Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Security Agent reasonably considers such appointment to be in the best interests of the Finance Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be
 performed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any person of a judgment already
 obtained,

and any person so appointed shall (subject to the provisions of this Agreement) have such rights (including as to reasonable remuneration), powers, duties and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove any person so appointed. At the request of the Security Agent, the other parties to this Agreement shall forthwith execute all such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the Security Agent in its name and on its behalf to do the same. Such a person shall accede to this Agreement as a Security Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the provisions of this Agreement) have such trusts, powers, authorities, liabilities and discretions (not exceeding those conferred on the Security Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be conferred or imposed by the instrument of appointment (being no less onerous than would have applied to the Security Agent but for the appointment). The Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such person if the Security Agent shall have exercised reasonable care in the selection of such person.

------

33.33 Non-recognition of trust

It is agreed by all the parties to this Agreement that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed to be constituted by this clause
 33, the relationship of the Security Agent and the other Finance Parties shall be construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions of this Agreement shall have
 full force and effect between the parties to this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the provisions of this clause 33 insofar as they relate to the Security Agent in its capacity as trustee for the Finance Parties and the
 relationship between themselves and the Security Agent as their trustee may be amended by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to effect the alteration of the
 relationship between the Security Agent and the other Finance Parties and each such other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such amendments.

34 Conduct of business by the Finance Parties

34.1 Finance Parties tax affairs

No provision of this Agreement will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

<br> 34.2 Finance Parties acting together

Notwithstanding clause 2.2 (*Finance Parties' rights and obligations*), if the Agent makes a declaration under clause 29.24 (*Acceleration*) the Agent shall, in the names of all the Finance Parties, take such action on behalf of the Finance Parties and conduct such negotiations with the Borrower and any Group Members and generally administer the Facility in accordance with the wishes of the Majority Lenders. All the Finance Parties shall be bound by the provisions of this clause and no Finance Party shall be entitled to take action independently against any Obligor or any of its assets without the prior consent of the Majority Lenders after the Agent makes a declaration under clause 29.24 (*Acceleration*).

------

This clause shall not override clause 33 (*Roles of Agent*, *Security Agent, Mandated Lead Arrangers, Bookrunners and Co-ordinators*) as it applies to the Security Agent.

34.3 Majority Lenders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be subject to the consent, approval
 or request of, the Majority Lenders or for any action to be taken on the instructions of the Majority Lenders (a **majority decision**), such majority decision shall (as between the Lenders) only be regarded as having been validly given or
 issued by the Majority Lenders if all the Lenders shall have received prior notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued such majority decision. However (as
 between any Obligor and the Finance Parties) the relevant Obligor shall be entitled (and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have been obtained to constitute
 Majority Lenders when notified to this effect by the Agent whether or not this is the case.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, within ten Business Days of the Agent despatching to each Lender a notice requesting instructions (or confirmation of instructions) from
 the Lenders or the agreement of the Lenders to any amendment, modification, waiver, variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the Agent has not received a reply specifically giving
 or confirming or refusing to give or confirm the relevant instructions or, as the case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of performance, then (irrespective of whether such
 Lender responds at a later date) the Agent shall treat any Lender which has not so responded as having indicated a desire to be bound by the wishes of 662/3 per cent of those Lenders (measured in terms of the total Commitments of those Lenders)
 which have so responded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purposes of clause 34.3(b), any Lender which notifies the Agent of a wish or intention to abstain on any particular issue shall be
 treated as if it had not responded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Clauses 34.3(b) and 34.3(c) shall not apply in relation to those matters referred to in, or the subject of, clause 35.5 (*Exceptions*).

34.4 Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower acknowledges that any Mandated Lead Arranger and its parent undertaking, subsidiary undertakings and fellow subsidiary
 undertakings (together an **Mandated Lead Arranger Group**) may be providing debt finance, equity capital or other services (including financial advisory services) to other persons with which the Borrower may have conflicting interests in
 respect of the Facility or otherwise.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No member of an Mandated Lead Arranger Group shall use confidential information gained from any Obligor by virtue of the Facility or its
 relationships with any Obligor in connection with their performance of services for other persons. This shall not, however, affect any obligations that any member of an Mandated Lead Arranger Group has as Agent in respect of the Finance
 Documents. The Borrower also acknowledges that no member of an Mandated Lead Arranger Group has any obligation to use or furnish to any Obligor information obtained from other persons for their benefit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The terms **parent undertaking**, **subsidiary undertaking** and **fellow subsidiary undertaking** when used in this clause have
 the meaning given to them in sections 1161 and 1162 of the Companies Act 2006.

34.5 Replacement of a Defaulting Lender

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 20 Business Days' prior written notice to
 the Agent and such Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to clause 31 (*Changes to the Lenders*) all (and not part only) of its rights and obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to clause 31(*Changes to the Lenders*) all
 (and not part only) of the undrawn Commitments of the Lender,

to a Lender or other bank or financial institution (a **Replacement Lender**) selected by the Borrower, and which is acceptable to the Agent (acting reasonably and with the approval of the Majority Lenders) and (in the case of any transfer of any undrawn Commitments), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption of the transferring Lender's participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any transfer of rights and obligations of a Defaulting Lender pursuant to this clause shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall have no right to replace the Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the transfer must take place no later than 20 days after the notice referred to in clause 34.5(a); and

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

35 Sharing among the Finance Parties

35.1 Payments to Finance Parties

If a Finance Party (a **Recovering Finance Party**) receives or recovers any amount from an Obligor other than in accordance with clause 36 (*Payment mechanics*) (a **Recovered Amount**) and applies that amount to a payment due under the Finance Documents then:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the
 receipt or recovery been received or made by the Agent and distributed in accordance with clause 36 (*Payment mechanics*), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or
 distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the **Sharing Payment**)
 equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 36.5 (*Partial payments*).

35.2 Redistribution of payments

The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the **Sharing Finance Parties**) in accordance with clause 36.5 (*Partial payments*) towards the obligations of that Obligor to the Sharing Finance Parties.

35.3 Recovering Finance Party's rights

On a distribution by the Agent under clause 35.2 (*Redistribution of payments*) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant 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 Obligor.

------

35.4 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each Sharing Finance Party shall, upon request of the Agent, pay to the 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated
 as not having been paid by that Obligor.

35.5 Exceptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This clause 35 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this clause,
 have a valid and enforceable claim against the relevant Obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it notified that other Finance Party of the legal or arbitration proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the taking legal or arbitration proceedings was in accordance with the terms of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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.

------

**Section 11 - Administration**

36 Payment mechanics

36.1 Payments to the Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On each date on which an Obligor or a Lender is required to make a payment under a Finance Document (other than a Hedging Contract), that
 Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for
 settlement of transactions in the relevant currency in the place of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Agent) and with such bank as the Agent, in each case, specifies.

36.2 Distributions by the Agent

Each payment received by the Agent under the Finance Documents for another Party shall, subject to clause 36.3 (*Distributions to an Obligor*) and clause 36.4 (*Clawback and pre-funding*) be made available by the 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 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).

36.3 Distributions to an Obligor

The Agent may (with the consent of the Obligor or in accordance with clause 37 (*Set-off*)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

36.4 Clawback and pre-funding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other
 Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Agent or its Affiliate or Representative on its behalf or direction (the Agent and its applicable Affiliate or Representative, an **Agent Entity**) pays an amount to another Party (unless paragraph (c) below applies) or, at the direction of such Party, that Party's Affiliate, Related Fund or Representative (such Party and its applicable Affiliate, Related Fund or
 Representative, an **Other Party Entity**) and it proves to be the case (in the sole determination of the Agent) that (i) neither the Agent nor the applicable Agent Entity actually received that amount or (ii) such amount was otherwise paid
 in error (whether such error was known or ought to have been known to such other Party or applicable Other Party Entity), then the Party to whom that amount (or the proceeds of any related exchange contract) was paid (or on whose direction its
 applicable Other Party Entity was paid) by the applicable Agent Entity shall hold such amount on trust or, to the extent not possible as a matter of law, for the account (or will procure that its applicable Other Party Entity holds on trust or
 for the account) of the Agent Entity and on demand (or will procure that its applicable Other Party Entity shall) refund the same to the Agent Entity together with interest on that amount from the date of payment to the date of receipt by the
 Agent Entity, calculated by the Agent to reflect its cost of funds.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower shall on demand refund it to the Agent; and

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

36.5 Partial payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Agent receives a payment for application against amounts in respect of any Finance Documents that is insufficient to discharge all the
 amounts then due and payable by an Obligor under those Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) first, in or towards payment pro rata of any unpaid amount owing to the Agent, the Security Agent or the Mandated Lead Arrangers under those
 Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) secondly, in or towards payment to the Lenders pro rata of any amount owing to the Lenders under clause 33.11 (*Lenders' indemnity to the Agent*) including any amount resulting from the indemnity to the Security Agent under clause 33.22 (*Application of certain clauses to Security Agent*);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) thirdly, in or towards payment to the Lenders pro rata of any accrued interest, fee, commission or any principal or any other sum due but
 unpaid under those Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) fourthly, in or towards payment to the Hedging Providers pro rata of any net accrued interest, fees, commission or any other net amounts due to
 them but unpaid under the Hedging Contracts which is due but unpaid under those Finance Documents; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent shall, if so directed by all the Lenders and each Hedging Provider, vary the order set out in paragraphs (ii) to (v) of clause
 36.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clauses 36.5(a) and 36.5(b) above will override any appropriation made by an Obligor.

36.6 No set-off by Obligors

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

36.7 Business Days

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or
 Unpaid Sum at the rate payable on the original due date.

36.8 Currency of account

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses 36.8(b) to 36.8(c), dollars is the currency of account and payment for any sum due from an Obligor under any Finance
 Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars on its due date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars and, if they were incurred in a
 currency other than dollars, the amount payable under the Finance Documents shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency other than dollars may be sold for
 dollars and the Obligor which executed that Security Document shall indemnify the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability to that Obligor in respect of
 any loss resulting from any fluctuation in exchange rates after the sale.

36.9 Change of currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

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

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

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

36.10 Disruption to payment systems etc.

If either the Agent determines (in its discretion) that a Payment Disruption Event has occurred or the Agent is notified by the Borrower that a Payment Disruption Event has occurred:

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Agent shall not be obliged to consult with the Borrower 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined that a Payment Disruption Event has
 occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 42 (*Amendments and waivers*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including,
 without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in
 connection with this clause 36.10; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

---

| | |
|:---|:---|
| 37 | Set-off |

---

A Finance Party may set off any matured obligation due from an 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 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.

---

| | |
|:---|:---|
| 38 | Notices |

---

38.1 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 letter.

------

38.2 Addresses

The address (and the department or officer, if any, for whose attention the communication is to be made) of each Obligor or Finance Party for any communication or document to be made or delivered under or in connection with the Finance Documents is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of any Obligor which is a Party, that identified with its name in Schedule 1 (*The original parties*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of any Obligor which is not a Party, that identified in any Finance Document to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of the Security Agent, the Agent and any other original Finance Party that identified with its name in Schedule 1 (*The original parties*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of each Lender or other Finance Party, that notified in writing to the Agent on or prior to the date on which it becomes a Party in
 the relevant capacity,

or, in each case, any substitute address or department or officer as an Obligor or Finance Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice.

38.3 Delivery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 38.2 (*Addresses*), if addressed to that department or officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the
 Agent or the Security Agent and then only if it is expressly marked for the attention of the department or officer identified in Schedule 1 (*The original parties*) (or any substitute department or officer as the Agent or the Security
 Agent shall specify for this purpose).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All notices from or to an Obligor shall be sent through the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any communication or document made or delivered to the Borrower in accordance with this clause will be deemed to have been made or delivered to
 each of the Obligors.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any communication or document which becomes effective, in accordance with clauses 38.3(a) to (d) above, after 5:00pm in the place of receipt
 shall be deemed only to become effective on the following day.

38.4 Notification of address

Promptly upon receipt of notification of an address or change of address pursuant to clause 38.2 (*Addresses*) or changing its own address, the Agent shall notify the other Parties.

38.5 Electronic communication

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any communication or document to be made or delivered by one Party to another under or in connection with the Finance Documents may be made or
 delivered by electronic mail or other electronic means to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of
 information by that means; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any electronic communication or document made or delivered by one Party to another will be effective only when actually received in readable
 form and in the case of any electronic communication or document made or delivered by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any electronic communication or document which becomes effective, in accordance with clause 38.5(b) above, after 5:00 p.m. in the place of
 receipt shall be deemed only to become effective on the following day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any reference in a Finance Document to a communication being sent or received or a document being delivered shall be construed to include that
 communication or document being made available in accordance with this clause 38.5.

38.6 English language

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any notice given under or in connection with any Finance Document shall be in English.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All other documents provided under or in connection with any Finance Document shall be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in English; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation
 will prevail unless the document is a constitutional, statutory or other official document.

39 Calculations and certificates

39.1 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.

39.2 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.

39.3 Day count convention

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission
 or fee is calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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 Market differs, in
 accordance with that market practice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) subject to paragraph (b) below, without rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be
 rounded to two decimal places.

40 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 nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

------

41 Remedies and waivers

No failure to exercise, nor any delay in exercising, on the part of any Finance 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 of the Finance Documents. No election to affirm any of the Finance Documents on the part of any Finance 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 the Finance Documents are cumulative and not exclusive of any rights or remedies provided by law.

42 Amendments and waivers

42.1 Required consents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to clauses 42.2 (*All Lender matters*) and 42.3 (*Other exceptions*), any term of the Finance Documents may be amended or
 waived with the consent of the Agent (acting on the instructions of the Majority Lenders and, if it affects the rights and obligations of the Agent or the Security Agent, the consent of the Agent or the Security Agent and, if it affects the
 rights and obligations of the Hedging Providers, the consent of the Hedging Providers and any such amendment or waiver agreed or given by the Agent will be binding on all the Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may (or, in the case of the Security Documents, instruct the Security Agent to) effect, on behalf of any Finance Party, any amendment
 or waiver permitted by this clause 42.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Without prejudice to the generality of sub-clauses (c), (d) and (e) of clause 33.7 *(Rights and discretions of the Agent)*, the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Obligor agrees to any such amendment or waiver permitted by this clause 42 which is agreed to by the Borrower. This includes any amendment
 or waiver which would, but for this clause 42.1(d), require the consent of the Owners.

42.2 All Lender matters

An amendment, waiver or discharge or release or a consent of, or in relation to, the terms of any Finance Document that has the effect of changing or which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the definition of "Change of Control" in clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the definition of "Last Availability Date" in clause 1.1 (*Definitions*);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the definition of "Majority Lenders" in clause 1.1 (*Definitions*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an extension to the date of payment of any amount under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable or the rate at which
 they are calculated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an increase in, or an extension of, any Commitment or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders
 pro rata under the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a change to the Borrower or any other Obligor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any provision which expressly requires the consent or approval of all the Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the definitions of "Restricted Party", "Sanctions Authority", "Sanctions Laws" or "Sanctions List" in clause 1.1 (*Definitions*) or any provision which relates to
 Sanctions, a Restricted Party (including, without limitation, clause 7.2 (*Sanctions activity*), clause 18.33 (*Sanctions*), clause 19.7 (*Information: Sanctions*), clause 21.2 (*Use of proceeds*), clause 21.5 (*Sanctions*)
 and clause 29.22 (*Sanctions*));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) clause 2.2 (*Finance Parties' rights and obligations*), clause 7.3 (*Change of Control and delisting*), clause 31 (*Changes to the Lenders*), clause 35.1 (*Payments to Finance Parties*), this clause 42, clause 48 (*Governing law*) or clause 49.1 (*Jurisdiction of English courts*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) a change to clause 8.5 (*Sustainability margin adjustment*) or Schedule 11 (*Sustainability targets*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the order of distribution under 33.24(a) (*Order of application*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the order of distribution under clause 36.5 (*Partial payments*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the currency in which any amount is payable under any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) an increase in any Commitment or the Total Commitments, an extension of any period within which the Facility is available for Utilisation or
 any requirement that a cancellation of Commitments reduces the Commitments pro rata;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Security Documents are distributed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the nature or scope of the guarantee and indemnity granted under clause 17 (*Guarantee and indemnity*); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the circumstances in which the security constituted by the Security Documents are permitted or required to be released under any of the Finance
 Documents, shall not be made, or given, without the prior consent of all the Lenders.

------

42.3 Other exceptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amendments to or waivers in respect of the Hedging Contracts may only be agreed by the relevant Hedging Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent, any Hedging Provider, the Mandated Lead
 Arrangers, the Bookrunners, the Co- ordinators and the Sustainability Co-ordinators in their respective capacities as such (and not just as a Lender) may not be effected without the consent of the Agent, the Security Agent, any Hedging
 Provider, the Mandated Lead Arrangers, the Bookrunners, the Co- ordinators and the Sustainability Co-ordinators (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding clauses 42.1 (*Required consents*) and 42.2 (*All Lender matters*), the Agent may make technical amendments to the
 Finance Documents arising out of manifest errors on the face of the Finance Documents, where such amendments would not prejudice or otherwise be adverse to the interests of any Finance Party without any reference or consent of the Finance
 Parties.

42.4 Releases

Except with the approval of the Lenders or for a release which is expressly permitted or required by the Finance Documents, the Agent shall not have authority to authorise the Security Agent to release:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Charged Property from the security constituted by any Security Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any Obligor or any other person from any of its guarantee or other obligations under any Finance Document.

42.5 Changes to reference rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Obligor agrees and acknowledges that it shall co-operate with the Finance Parties in good faith to agree and implement any amendment or
 waiver as contemplated pursuant to this clause 42.5 as a result of an RFR Replacement Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to clause 42.3 (*Other exceptions*), if a RFR Replacement Event has occurred, any amendment or waiver which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing for the use of a Replacement Reference Rate in place of (or in addition to) the RFR; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any
 consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) implementing market conventions applicable to that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as
 a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be
 determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on the Loan under this Agreement to
 any recommendation of a Relevant Nominating Body which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relates to the use of a risk-free reference rate on a compounded basis in the international or any relevant domestic syndicated loan markets;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is issued on or after the date of this Agreement,

may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Obligors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In this clause 42.5:

**Relevant Nominating Body** means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

------

**Replacement Reference Rate** means a reference rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for the RFR by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of the RFR (provided that the market or economic reality that such reference rate measures is the same as that measured by
 the RFR); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the **Replacement Reference Rate** will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan
 markets as the appropriate successor or alternative to the RFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Majority Lenders and the Borrower, an appropriate successor or alternative to the RFR.

**RFR Replacement Event** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the methodology, formula or other means of determining the RFR has, in the opinion of the Majority Lenders materially changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the administrator of the RFR or its supervisor publicly announces that such administrator is insolvent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange,
 regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of the RFR is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide the RFR;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the administrator of the RFR publicly announces that it has ceased or will cease, to provide the RFR permanently or indefinitely and, at that
 time, there is no successor administrator to continue to provide the RFR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the supervisor of the administrator of the RFR publicly announces that the RFR has been or will be permanently or indefinitely discontinued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the administrator of the RFR or its supervisor announces that the RFR may no longer be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the administrator of the RFR determines that the RFR should be calculated in accordance with its reduced submissions or other contingency or
 fallback policies or arrangements and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders) temporary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the RFR is calculated in accordance with any such policy or arrangement for a period no less than the period specified as the "RFR Contingency
 Period" in the Reference Rate Terms; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the opinion of the Majority Lenders and the Borrower, the RFR is otherwise no longer appropriate for the purposes of calculating interest
 under this Agreement.

43 Confidentiality of Funding Rates

43.1 Confidentiality and disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by
 paragraphs (b) and (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Funding Rate to the Borrower pursuant to clause 8.4 *(Notification of rates of interest)*; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Funding Rate 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 Agent and the relevant Lender.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Agent may disclose any Funding Rate, and each Obligor may disclose any Funding Rate, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 is to be given pursuant to this clause 43.1(c)(ii) 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 Quotation or is otherwise bound by requirements of confidentiality in relation to it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 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 Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any person with the consent of the relevant Lender.

43.2 Related obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Agent and each Obligor acknowledge that each Funding Rate 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 Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of the circumstances of any disclosure made pursuant to clause 43.1(c)(ii) *(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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon becoming aware that any information has been disclosed in breach of this clause 43.2.

43.3 No Event of Default

No Event of Default will occur under clause 29.7 *(Other obligations)* by reason only of an Obligor's failure to comply with this clause 43.3.

44 Confidentiality

44.1 Confidential Information

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save as permitted by clause 44.2 (*Disclosure of Confidential Information*) and below, and to ensure that all such information is protected with security measures and a degree of care that would apply to its own confidential information. The obligations in this clause 44 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available.

44.2 Disclosure of Confidential Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Finance Party may disclose to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
 advisers, insurers, re-insurers, brokers and re-insurance brokers, 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 clause 44.2(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Finance Party and any of that Finance Party's Affiliates may disclose to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or
 more Finance Documents or which succeeds (or which may potentially succeed) it as Agent, and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or
 any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional
 advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) appointed by any Finance Party or any of that Finance Party's Affiliates or by a person to whom clause 44.2(b)(i) or clause 44.2(b)(ii) above
 applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) appointed by any Finance Party or any of that Finance Party's Affiliates or by a person to whom clause 44.2(b)(ii) above applies to act as a
 verification agent in respect of any transaction referred to in clause 44.2(b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to
 in clause 44.2(b)(i) or clause 44.2(b)(ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) 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 filing of this Agreement with the U.S. Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to clause 31.7 (Security
 over Lenders' rights);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) who is a Party; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) with the consent of the Borrower;

in each case, such Confidential Information as that Finance Party shall consider appropriate if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in relation to clause 44.2(b)(i), clause 44.2(b)(ii), clause 44.2(b)(iii) and clause 44.2(b)(iv) above, the person to whom the Confidential
 Information is to be given has entered into a confidentiality undertaking substantially in a recommended form of the Loan Market Association from time to time or in any other form agreed between the Borrower and the relevant Finance Party (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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) in relation to clause 44.2(b)(v) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in relation to clause 44.2(b)(vi), clause 44.2(b)(vii) and clause 44.2(b)(viii) 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to any person appointed by that Finance Party or by a person to whom clause 44.2(b)(i) or clause 44.2(b)(ii) above applies to provide
 administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be
 required to be disclosed to enable such service provider to provide any of the services referred to in this clause44.2(c) if the service provider to whom the Confidential 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 Borrower and the relevant Finance Party;

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to any relevant publisher, such Confidential Information as may be required to be disclosed to enable such publisher to compile and publish
 relevant league tables and rankings if the publisher 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.

44.3 Disclosure to numbering service providers

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) names of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) country of domicile of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) place of incorporation of Obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) clause 48 *(Governing law)*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the names of the Agent and the Arrangers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) date of each amendment and restatement of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amount of Total Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) currency of the Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) type of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) ranking of Facility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the term of the Facility;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) such other information agreed between such Finance Party and the Borrower,

------

to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Borrower represents that none of the information set out in paragraphs (a)(i) to (xiv) above is, nor will at any time be, unpublished
 price-sensitive information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Agent shall notify the Borrower and the other Finance Parties of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service
 provider.

45 Counterparts and electronic signing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties acknowledge and agree that any Party may execute this Agreement by electronic signature. The Parties agree that the use of an
 electronic signature appearing on this Agreement shall have the same validity and legal effect as a manuscript signature and is made with the intention of authenticating this Agreement and evidencing the relevant Party's intention to be bound
 by the terms of this Agreement.

46 Contractual recognition of bail-in

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party and each Obligor acknowledges and accepts that any liability of any Party to any other Party 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

47 Qualifying Financial Contract Acknowledgment

To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any agreement or instrument that is a QFC (such support, **QFC Credit Support** and each such QFC a **Supported QFC**), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the **U.S. Special Resolution Regimes**) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other jurisdiction):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a Covered Entity that is party to a Supported QFC (each, a **Covered Party**) becomes subject to a proceeding under a U.S.
 Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such
 Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
 interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S.
 Special Resolution Regime, Default Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent
 than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Rights and remedies of the
 Parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purposes of this Clause 39 (*Qualifying Financial Contact Acknowledgment*):

**BHC Act Affiliate** of a Party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such Party.

**Covered Entity** means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

**Default Right** has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

**QFC** has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

------

**Section 12 - Governing Law and Enforcement**

48 Governing law

This Agreement and any non-contractual obligations connected with it are governed by English law.

49 Enforcement

49.1 Jurisdiction of English courts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any
 non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a **Dispute**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will
 argue to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This clause 49.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings
 relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.

49.2 Service of process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party (other than an Obligor
 incorporated in England and Wales):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) irrevocably appoints the person named in Schedule 1 (*The original parties*) as that Obligor's English process agent as its agent for
 service of process in relation to any proceedings before the English courts in connection with any Finance Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must
 immediately (and in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose.

**This Agreement has been entered into on the date stated at the beginning of this Agreement.**

------

**Schedule 1**

<br> **The original parties**

**Borrower**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Cool Company Ltd. |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Bermuda |
| &nbsp;&nbsp;**Registration number (or equivalent, if any)** | &nbsp;&nbsp;54129 |
| &nbsp;&nbsp;**English process agent (if not incorporated in England)** | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;9 Par-la-Ville, Road Hamilton HM11, Bermuda |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> treasury@golar.com<br> Eduardo.maranhao@golar.com |

---

**The Owners**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Golar Hull M2027 Corp. |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Registration number** (**or equivalent, if any**) | &nbsp;&nbsp;46891 |
| &nbsp;&nbsp;**English process agent** (**if not incorporated in England**) | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> treasury@golar.com<br> Eduardo.maranhao@golar.com |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Golar Hull M2022 Corp. |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Registration number** (**or equivalent, if any**) | &nbsp;&nbsp;46819 |
| &nbsp;&nbsp;**English process agent** (**if not incorporated in England**) | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> treasury@golar.com<br> Eduardo.maranhao@golar.com |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Golar LNG NB12 Corporation |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Registration number** (**or equivalent, if any**) | &nbsp;&nbsp;53183 |
| &nbsp;&nbsp;**English process agent** (**if not incorporated in England**) | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> treasury@golar.com<br> Eduardo.maranhao@golar.com |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Golar Hull M2021 Corp. |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Registration number** (**or equivalent, if any**) | &nbsp;&nbsp;46818 |
| &nbsp;&nbsp;**English process agent** (**if not incorporated in England**) | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> treasury@golar.com<br> Eduardo.maranhao@golar.com |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Golar LNG NB10 Corporation |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Registration number** (**or equivalent, if any**) | &nbsp;&nbsp;52982 |
| &nbsp;&nbsp;**English process agent** (**if not incorporated in England**) | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> treasury@golar.com<br> Eduardo.maranhao@golar.com |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Golar Hull M2047 Corp. |
| &nbsp;&nbsp;**Original Jurisdiction** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Registration number** (**or equivalent, if any**) | &nbsp;&nbsp;48780 |
| &nbsp;&nbsp;**English process agent** (**if not incorporated in England**) | &nbsp;&nbsp;Cool Company Management Ltd, 6th floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| &nbsp;&nbsp;**Registered office** | &nbsp;&nbsp;Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 |
| &nbsp;&nbsp;**Address for service of notices** | &nbsp;&nbsp; 6<sup>th</sup> floor, the Zig Zag, 70 Victoria Street, London SW1E 6SQ, Att: Treasury / CoolCo CFO<br> <u>treasury@golar.com</u><br> Eduardo.maranhao@golar.com |

---

------

**The Original Lenders**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;ABN AMRO Bank N.V., Oslo Branch |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Lending office:<br> Address: Olav V's Gate 5, N-0161 Oslo, Norway<br> For credit matters:<br> Address: Olav V's Gate 5, N-0161 Oslo, Norway<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; mail_lending_oslo@no.abnamro.com<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Lending Oslo (Attn: Ivar Espelid)<br> For operational matters:<br> Address: Coolsingel 93, 3012 AE Rotterdam, The Netherlands, PAC GL09.14<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loket.leningenadministratie.ccs@nl.abnamro.com<br> Attention: &nbsp;&nbsp;&nbsp;&nbsp;Lening en Administratie |
| &nbsp;&nbsp;**Term Loan Commitment ($)** | &nbsp;&nbsp;114000000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Citibank, N.A., Jersey Branch |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Lending office:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; PO Box 728, 38 Esplanade, St Helier, Jersey, JE4 8ZT<br> For credit matters:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Centre, 33 Canada Square, London E14 5LB<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; jonathan.beasley@citi.com<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Jonathan Beasley<br> For operational matters:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; Loans Processing Unit, Citibank Europe Plc, Poland Branch, Prosta 36 Street, 00-838 Warsaw, Poland<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notices.webranchesloans@citi.com /<br> westerneuropeloans@citi.com<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Loans Processing Unit |
| &nbsp;&nbsp;**Term Loan Commitment ($)** | &nbsp;&nbsp;114000000 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Danske Bank, Norwegian Branch |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Lending office:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; Søndre Gate 15, 7466 Trondheim, Norway<br> For credit matters:<br> Address :&nbsp;&nbsp;&nbsp;&nbsp;Bryggetorget 4, 0250 Oslo, Norway<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; htof@danskebank.com /<br> Einar.Stavrum@danskebank.com;<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Henrik Sebastian Toften, Einar Stavrum<br> For operational matters:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; 2-12 Holmens Kanal, DK 1092 Copenhagen K., Denmark<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; loanmanshi@danskebank.com<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Loan Management Shipping |
| &nbsp;&nbsp;**Term Loan Commitment ($)** | &nbsp;&nbsp;114000000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;DNB (UK) Limited |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; 8<sup>th</sup> Floor<br> The Walbrook Building<br> 25 Wallbroo <br> London EC4N 8AF<br> For credit matters:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; 8<sup>th</sup> Floor<br> The Walbrook Building<br> 25 Wallbrook <br> London EC4N 8AF <br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;CMOA Department<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cmoalondon@dnb.no<br> For operational matters:<br> Address:&nbsp;&nbsp;&nbsp;&nbsp; 8<sup>th</sup> Floor<br> The Walbrook Building 25<br> Wallbrook<br> London EC4N 8AF <br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Loan Administration Dept<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ladlondon@dnb.no |
| &nbsp;&nbsp;**Term Loan Commitment ($)** | &nbsp;&nbsp;114000000 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp, filial i Norge |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; Essendrops gate 7<br> 0368 Oslo<br> Norway<br> Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+47 24014647 / +47 955 25 201<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Didrik.b.wahl@nordea.com /<br> Fredrik.flem@nordea.com<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Shipping & Offshore |
| &nbsp;&nbsp;**Term Loan Commitment ($)** | &nbsp;&nbsp;114000000 |

---

**The Agent**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp, filial i Norge |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; Essendrops gate 7<br> 0368 Oslo<br> Norway<br> Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +47 2401 1292<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>agency.soosid@nordea.com</u><br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Shipping & Offshore |

---

**The Security Agent**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp, filial i Norge |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; Essendrops gate 7<br> 0368 Oslo<br> Norway<br> Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +47 2401 1292<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>agency.soosid@nordea.com</u><br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Shipping & Offshore |

---

------

**The Hedging Providers**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;ABN AMRO Bank N.V. |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; 10 Gustav Mahlerlaan, Amsterdam, The Netherlands<br> Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +31 20 343 4870<br> E-mail:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;mdu@nl.abnamro.com |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Danske Bank A/S |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; 2-12 Holmens Kanal, DK 1092 Copenhagen K., Denmark<br> Tel :&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+47 23 13 91 99<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; patrick.johansen@danskebank.no<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;Patrick Johansen |

---

---

| |
|:---|
| &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; 8<sup>th</sup> Floor<br> The Walbrook Building<br> 25 Wallbrook<br> London EC4N 8AF<br> Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +44 207 621 1111<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;CMOA Department<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cmoalondon@dnb.no |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp |
| &nbsp;&nbsp;**Facility Office, address and attention details for notices and account details for payments** | &nbsp;&nbsp; Address:&nbsp;&nbsp;&nbsp;&nbsp; c/o Nordea Danmark, Filial af Nordea Bank Abp, Finland, 7288 Derivatives Services, PO Box 850, DK-0900 Copenhagen K, Denmark<br> Tel:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +45 55 47 51 71<br> Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; otc@nordea.com |

---

------

**The Bookrunners**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;ABN AMRO Bank N.V. |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Citibank, N.A., London Branch |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Danske Bank A/S |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;DNB (UK) Limited |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp, Filial i Norge |

---

------

**The Mandated Lead Arrangers**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;ABN AMRO Bank N.V. |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Citibank, N.A., London Branch |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Danske Bank A/S |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;DNB (UK) Limited |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp, Filial i Norge |

---

**The Co-ordinators**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;ABN AMRO Bank N.V. |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Citibank, N.A., London Branch |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Danske Bank A/S |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;DNB (UK) Limited |
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;Nordea Bank Abp, Filial i Norge |

---

------

**Schedule 2**

**Ship information**

**Ship A**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Ship:** | &nbsp;&nbsp;Golar Bear |
| &nbsp;&nbsp;**Capacity:** | &nbsp;&nbsp;160,000 cbm |
| &nbsp;&nbsp;**Year built:** | &nbsp;&nbsp;2014 |
| &nbsp;&nbsp;**Type of ship:** | &nbsp;&nbsp;Liquefied natural gas carrier |
| &nbsp;&nbsp;**Owner:** | &nbsp;&nbsp;Golar Hull M2027 Corp. |
| &nbsp;&nbsp;**Flag State:** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Port of Registry:** | &nbsp;&nbsp;Majuro |
| &nbsp;&nbsp;**IMO Number:** | &nbsp;&nbsp;9626039 |
| &nbsp;&nbsp;**Classification:** | &nbsp;&nbsp;✠1A1, Tanker for Liquefied Gas Ship type 2G (Membrane tank, Maximum pressure 25kPaG, Minimum temperature -163<sup>o</sup>C and Specific gravity 500 kg/m<sup>3</sup>), NAUTICUS(Newbuilding), E0, BIS, TMON, COAT-PSPC(B), NAUT-OC, GAS FUELLED, COMF-V(3)C(3), CSA-2, CLEAN, Recyclable |
| &nbsp;&nbsp;**Classification Society:** | &nbsp;&nbsp;Det Norske Veritas |
| &nbsp;&nbsp;**Major Casualty Amount:** | &nbsp;&nbsp;$5000000 |
| &nbsp;&nbsp;**Ship Commitment:** | &nbsp;&nbsp;$95000000 |

---

------

**Ship B**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Ship:** | &nbsp;&nbsp;Golar Crystal |
| &nbsp;&nbsp;**Capacity:** | &nbsp;&nbsp;160,000 cbm |
| &nbsp;&nbsp;**Year built:** | &nbsp;&nbsp;2014 |
| &nbsp;&nbsp;**Type of ship:** | &nbsp;&nbsp;Liquefied natural gas carrier |
| &nbsp;&nbsp;**Owner:** | &nbsp;&nbsp;Golar Hull M2022 Corp. |
| &nbsp;&nbsp;**Flag State:** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Port of Registry:** | &nbsp;&nbsp;Majuro |
| &nbsp;&nbsp;**IMO Number:** | &nbsp;&nbsp;9624926 |
| &nbsp;&nbsp;**Classification:** | &nbsp;&nbsp;✠1A1, Tanker for Liquefied Gas Ship type 2G (Membrane tank, Maximum pressure 25kPaG, Minimum temperature -163<sup>o</sup>C and Specific gravity 500 kg/m<sup>3</sup>), NAUTICUS(Newbuilding), E0, BIS, TMON, COAT-PSPC(B), NAUT-OC, GAS FUELLED, COMF- V(3)C(3), CSA-2, CLEAN, Recyclable |
| &nbsp;&nbsp;**Classification Society:** | &nbsp;&nbsp;Det Norske Veritas |
| &nbsp;&nbsp;**Major Casualty Amount:** | &nbsp;&nbsp;$5000000 |
| &nbsp;&nbsp;**Ship Commitment:** | &nbsp;&nbsp;$95000000 |

---

------

**Ship C**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Ship:** | &nbsp;&nbsp;Golar Frost |
| &nbsp;&nbsp;**Capacity:** | &nbsp;&nbsp;160,000 cbm |
| &nbsp;&nbsp;**Year built:** | &nbsp;&nbsp;2014 |
| &nbsp;&nbsp;**Type of ship:** | &nbsp;&nbsp;Liquefied natural gas carrier |
| &nbsp;&nbsp;**Owner:** | &nbsp;&nbsp;Golar LNG NB12 Corporation |
| &nbsp;&nbsp;**Flag State:** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Port of Registry:** | &nbsp;&nbsp;Majuro |
| &nbsp;&nbsp;**IMO Number:** | &nbsp;&nbsp;9655042 |
| &nbsp;&nbsp;**Charter description:** | &nbsp;&nbsp;Time Charter Party entered into between CNOOC Gas and Power Trading & Marketing Ltd. and Golar LNG NB12 Corporation on 12 October 2021 in respect of the Golar Frost, as amended on 29 December 2021. |
| &nbsp;&nbsp;**Charterer:** | &nbsp;&nbsp;CNOOC Gas and Power Trading & Marketing Ltd. |
| &nbsp;&nbsp;**Classification:** | &nbsp;&nbsp;✠1A1, Tanker for Liquefied Gas Ship type 2G (Membrane tank, Maximum pressure 25kPaG, Minimum temperature -163<sup>o</sup>C and Specific gravity 500 kg/m<sup>3</sup>), NAUTICUS(Newbuilding), E0, BIS, TMON, COAT-PSPC(B), NAUT-OC, GAS FUELLED, COMF-V(3)C(3), CSA-2, CLEAN, Recyclable |
| &nbsp;&nbsp;**Classification Society:** | &nbsp;&nbsp;Det Norske Veritas |
| &nbsp;&nbsp;**Major Casualty Amount:** | &nbsp;&nbsp;$5000000 |
| &nbsp;&nbsp;**Ship Commitment:** | &nbsp;&nbsp;$95000000 |

---

------

**Ship D**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Ship:** | &nbsp;&nbsp;Golar Glacier |
| &nbsp;&nbsp;**Capacity:** | &nbsp;&nbsp;162,000 cbm |
| &nbsp;&nbsp;**Year built:** | &nbsp;&nbsp;2014 |
| &nbsp;&nbsp;**Type of ship:** | &nbsp;&nbsp;Liquefied natural gas carrier |
| &nbsp;&nbsp;**Owner:** | &nbsp;&nbsp;Golar LNG NB10 Corporation |
| &nbsp;&nbsp;**Flag State:** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Port of Registry:** | &nbsp;&nbsp;Majuro |
| &nbsp;&nbsp;**IMO Number:** | &nbsp;&nbsp;9654696 |
| &nbsp;&nbsp;**Classification:** | &nbsp;&nbsp;✠1A1, Tanker for Liquefied Gas, BIS, Clean, COAT-PSPC(B), E0 F(A, M, C) Gas fuelled NAUT(OC), NAUTICUS(Newbuilding), OPP-F Plus, Recyclable, TMON |
| &nbsp;&nbsp;**Classification Society:** | &nbsp;&nbsp;Det Norske Veritas |
| &nbsp;&nbsp;**Major Casualty Amount:** | &nbsp;&nbsp;$5000000 |
| &nbsp;&nbsp;**Ship Commitment:** | &nbsp;&nbsp;$95000000 |

---

------

**Ship E**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Ship:** | &nbsp;&nbsp;Golar Seal |
| &nbsp;&nbsp;**Capacity:** | &nbsp;&nbsp;160,000 cbm |
| &nbsp;&nbsp;**Year built:** | &nbsp;&nbsp;2013 |
| &nbsp;&nbsp;**Type of ship:** | &nbsp;&nbsp;Liquefied natural gas carrier |
| &nbsp;&nbsp;**Owner:** | &nbsp;&nbsp;Golar Hull M2021 Corp. |
| &nbsp;&nbsp;**Flag State:** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Port of Registry:** | &nbsp;&nbsp;Majuro |
| &nbsp;&nbsp;**IMO Number:** | &nbsp;&nbsp;9624914 |
| &nbsp;&nbsp;**Classification:** | &nbsp;&nbsp;✠1A1, Tanker for Liquefied Gas Ship type 2G (Membrane tank, Maximum pressure 25kPaG, Minimum temperature -163<sup>o</sup>C and Specific gravity 500 kg/m<sup>3</sup>), NAUTICUS(Newbuilding), E0, BIS, TMON, COAT-PSPC(B), NAUT-OC, GAS FUELLED, COMF-V(3)C(3), CSA-2, CLEAN, Recyclable |
| &nbsp;&nbsp;**Classification Society:** | &nbsp;&nbsp;Det Norske Veritas |
| &nbsp;&nbsp;**Major Casualty Amount:** | &nbsp;&nbsp;$5000000 |
| &nbsp;&nbsp;**Ship Commitment:** | &nbsp;&nbsp;$95000000 |

---

------

**Ship F**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Ship:** | &nbsp;&nbsp;Golar Snow |
| &nbsp;&nbsp;**Capacity:** | &nbsp;&nbsp;160,000 cbm |
| &nbsp;&nbsp;**Year built:** | &nbsp;&nbsp;2015 |
| &nbsp;&nbsp;**Type of ship:** | &nbsp;&nbsp;Liquefied natural gas carrier |
| &nbsp;&nbsp;**Owner:** | &nbsp;&nbsp;Golar Hull M2047 Corp. |
| &nbsp;&nbsp;**Flag State:** | &nbsp;&nbsp;Marshall Islands |
| &nbsp;&nbsp;**Port of Registry:** | &nbsp;&nbsp;Majuro |
| &nbsp;&nbsp;**IMO Number:** | &nbsp;&nbsp;9635315 |
| &nbsp;&nbsp;**Classification:** | &nbsp;&nbsp; ✠1A1, Tanker for Liquefied Gas, BIS, Clean, COAT-PSPC(B), Comf(C-3, V-2), CSA(2), E0, Gas fuelled, NAUT(OC), NAUTICUS(Newbuilding), Recyclable, TMON<br>|
| &nbsp;&nbsp;**Classification Society:** | &nbsp;&nbsp;Det Norske Veritas |
| &nbsp;&nbsp;**Major Casualty Amount:** | &nbsp;&nbsp;$5000000 |
| &nbsp;&nbsp;**Ship Commitment:** | &nbsp;&nbsp;$95000000 |

---

------

**Schedule 3** 

**Conditions precedent**

**Part 1**

**Conditions precedent to any Utilisation**

1 Original Obligors' and GLNG corporate documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Constitutional Documents of each Original Obligor and GLNG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of a resolution of the board of directors of each Original Obligor and GLNG (or, if applicable, any committee of
 such board empowered to approve and authorise the following matters):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party (its **Relevant Documents**) and resolving that it execute its Relevant Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons to execute its Relevant Documents on its behalf; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if
 relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection with its Relevant Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If applicable, a copy of a resolution of the board of directors of the relevant company, establishing any committee
 referred to in paragraph (b) above and conferring authority on that committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A notarised or certified passport copy (containing a specimen signature) of each person authorised by the resolution
 referred to in paragraph (b) above in relation to the Finance Documents and related documents and who has executed any such document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A copy of a resolution signed by all the holders of the issued shares in each Original Obligor approving the terms of, and
 the transactions contemplated by, the Relevant Documents to which such Obligor is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A certificate of the Borrower (signed by a director) confirming that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee,
 security or similar limit binding on any Original Obligor to be exceeded; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no consents, authorisations, licences or approvals are necessary for any Original Obligor to authorise or are required by
 any Original Obligor in connection with the borrowing by the Borrower of the Loan pursuant to this Agreement or the execution, delivery and performance of any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A copy of any power of attorney under which any person is to execute any of the Relevant Documents on behalf of any
 Original Obligor or GLNG.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) A certificate of an authorised signatory of the relevant Original Obligor and GLNG certifying that each copy document
 relating to it specified in this Part of this Schedule is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement and that any such resolutions or power of
 attorney have not been revoked.

2 Legal opinions

The following Legal Opinions, each addressed to the Agent, the Security Agent, the Original Lenders and the Hedging Providers and capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Legal Opinion of Norton Rose Fulbright LLP, London on matters of English law, substantially in the form approved by all
 of the Lenders prior to signing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Legal Opinion of the legal advisers to the Agent in each jurisdiction (other than England and Wales) in which an Obligor
 and GLNG is incorporated and/or which is or is to be the Flag State of a Ship, or in which an Earnings Account opened at the relevant time is established substantially in the form approved by all of the Lenders prior to signing this Agreement.

3 Other documents and evidence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Evidence that any process agent referred to in clause 49.2 (*Service of process*) or any equivalent provision of any
 other Finance Document entered into on or before the first Utilisation Date, if not an Original Obligor, has accepted its appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Fee Letter duly executed by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy, certified by an approved person to be a true and complete copy, of each of the Charter Documents relating to the
 Initial Ship C Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or
 desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Original Financial Statements, together with a Compliance Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Evidence that the fees, commissions, costs and expenses then due from the Borrower pursuant to clause 11 (*Fees*) and
 clause 16 (*Costs and expenses*) have been paid or will be paid by the first Utilisation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Evidence satisfactory to the Agent (on the instructions of all the Lenders)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that since 31 December 2021 no material adverse change has occurred which could adversely affect the business, financial
 condition, performance, assets, operations or prospects of any Obligor and their Affiliates (taken as a whole);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) of the absence of any circumstance, change or condition in the international or relevant domestic bank, loan syndication,
 financial or capital markets generally that, in the opinion of any Lender, could impair the prospects of achieving successful syndication of the Facility in due course; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the absence of any event or circumstance which, in the opinion of any Lender, has adversely affected or which could
 adversely affect the ability of the Borrower to perform its obligations under the Finance Documents or any other Obligor to perform its obligations under the Finance Documents.

4 Hedging Master Agreements and Hedging Contract Security

If applicable, evidence that if required by the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Hedging Master Agreements have been executed by the Borrower and each Hedging Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower has executed the Hedging Contract Security in favour of the Security Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any notice required to be given to each Hedging Provider under the Hedging Contract Security has been given to it and
 acknowledged by it in the manner required by the Hedging Contract Security.

------

5 Equity raising

Evidence satisfactory to the Agent (on the instructions of all the Lenders) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower has been listed on NOTC or another reputable stock exchange approved by the Lenders and has raised an amount
 not less than $100,000,000 in new equity from the equity capital markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a gross amount of not less than $250,000,000 (inclusive of the $100,000,000 required by paragraph (a) above) has been
 credited to an escrow account for which the Borrower is the end beneficiary and that the conditions to the release of the part of such amount relating to the relevant Ship Tranche are satisfied or will be satisfied upon the first Utilisation.

6 Purchase Contract etc.

A copy of (a) the Purchase Contract and (b) (if available) any documents pursuant to which the Existing Leases shall be terminated and the relevant Ships acquired by the relevant Owners.

7 Cool Pool Agreement

A copy of the Cool Pool Agreement.

8 GLNG Shareholder Loan

Such information as any Finance Party may reasonably request through the Agent regarding any existing and proposed shareholder loans including, without limitation, the GLNG Shareholder Loan and execution of any Subordination Agreement and any other subordination documentation required pursuant to clause 27.3 (*Financial Indebtedness*).

9 Minimum Cash balance

Evidence satisfactory to the Agent (on the instructions of all the Lenders) that the Borrower has not less than $25,000,000 of Cash.

10 "Know your customer" information

Such documentation, information and other evidence as any Finance Party may need in order to carry out and be satisfied with the results of all necessary "know your customer" or other similar checks (including sanctions) or identification procedures under all laws and regulations and internal policies applicable to that Finance Party.

11 Taxation

If relevant, evidence in a form acceptable to the Agent that any withholding tax will be paid or any necessary applications have been or will be sent to the relevant tax authorities.

------

12 Further documentation

Such further documentation, evidence, authorisations or opinions as the Agent may reasonably require.

------

**Part 2** 

**Ship and security conditions precedent**

1 Corporate documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A certificate of an authorised signatory of the relevant Owner certifying that each copy document relating to it specified
 in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation to
 it have not been revoked or amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A certificate of an authorised signatory of each other Obligor which is party to any of the Original Security Documents
 required to be executed at or before the first Utilisation Date certifying that each copy document relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date
 approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation to it have not been revoked or amended.

---

| | |
|:---|:---|
| 2 | Security |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Mortgage and the General Assignment in respect of the relevant Ship duly executed by the relevant Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In respect of Ship C and any other Ship subject to a Charter, the Charter Assignment duly executed by the relevant Owner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Share Security in respect of the relevant Owner duly executed by the Borrower together with all letters, transfers,
 certificates and other documents required to be delivered under such Share Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Manager's Undertaking in respect of the relevant Ship then required pursuant to the Finance Documents duly executed by
 the relevant manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Duly executed notices of assignment and acknowledgements of those notices as required by any of the above Security
 Documents and, in respect of the acknowledgments required from any relevant Charterer and subject to the terms of the relevant Charter Assignment, any relevant acknowledgments shall be provided as conditions subsequent in accordance with clause
 4.6(a) (*Conditions subsequent*).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If a Quiet Enjoyment Letter is required by any relevant Charterer pursuant to the terms of any relevant Charter, evidence
 acceptable to the Agent that the Quiet Enjoyment Letters are in a form agreed to by the Security Agent, the relevant Owner and the relevant Charterer (which have consented to the relevant Security Documents) and that the duly executed and dated
 Quiet Enjoyment Letters will follow as conditions subsequent in accordance with clause 4.6(b) (*Conditions subsequent*).

------

3 Delivery and registration of Ship

Evidence that the relevant Ship:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or will be upon redelivery from the Existing Lessor (if applicable) legally and beneficially owned by the relevant Owner
 and registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is classed with the relevant Classification free of all overdue requirements and recommendations of the relevant
 Classification Society;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is insured in the manner required by the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) where applicable, has been delivered, and accepted for service, under its Charter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) is free of any other charter commitment which would require approval under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) is managed on terms approved pursuant to clause 22.4 (*Manager*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any prior registration (other than through the relevant Registry in the relevant Flag State) of each of the Ships has been
 or will be cancelled.

4 Existing Financial Indebtedness

Evidence that all amounts outstanding under the relevant Existing Financial Indebtedness which is to be prepaid by the relevant Advance have been or will be (as a result of the relevant Utilisation) discharged in full and that all related commitments are or will be cancelled in full and that all Security Interests and guarantees in connection with the Existing Financial Indebtedness have been or will be discharged in full.

5 Mortgage registration

Evidence that the Mortgage in respect of the relevant Ship has been or will be immediately after the time of the relevant Release in accordance with clause 5.4 (*Pre-placement of an Advance*) registered against such Ship through the relevant Registry under the laws and flag of the relevant Flag State.

------

---

| | |
|:---|:---|
| **6** | **Legal opinions** |

---

To the extent required by the Agent, the following further Legal Opinions, each addressed to the Agent, the Security Agent, the Original Lenders and the Hedging Providers and capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Facility:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Legal Opinion of Norton Rose Fulbright LLP, London on matters of English law, substantially in the form approved by all
 of the Lenders prior to signing this Agreement in relation to Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Legal Opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction in which an Obligor is
 incorporated and/or which is or is to be the Flag State of a Ship, or in which an Earnings Account opened at the relevant time is established substantially in the form approved by all of the Lenders prior to signing this Agreement.

7 Insurance

In relation to the relevant Ship's Insurances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an opinion from insurance consultants appointed by the Agent on such Insurances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) evidence that such Insurances have been placed in accordance with clause 24 (*Insurance*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of
 the Security Agent in an approved form in relation to the Insurances.

8 ISM and ISPS Code

Copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the document of compliance issued in accordance with the ISM Code to the person who is the operator of the relevant Ship
 for the purposes of that code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the safety management certificate in respect of the relevant Ship issued in accordance with the ISM Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the international ship security certificate in respect of the relevant Ship issued under the ISPS Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if so requested by the Agent, any other certificates issued under any applicable code required to be observed by the relevant Ship or in
 relation to its operation under any applicable law.

------

9 Value of security

Valuations obtained (not more than 15 days before the first Utilisation Date) in accordance with clause 25 (*Minimum security value*) showing that the Security Value will be not less than 135 per cent of the Available Facility upon execution of the Security Documents specified in paragraph 2 (*Security*) of this Part 2 of this Schedule and the relevant Utilisation.

10 Environmental matters

Copies of the relevant Ships' certificate of financial responsibility and vessel response plan required under United States law and evidence of their approval by the appropriate United States government entity.

11 Management Agreement

Where a manager of the relevant Ship has been approved in accordance with clause 22.4 *(Manager)*, a copy, certified by an approved person to be a true and complete copy, of the agreement between the relevant Owner and the manager relating to the appointment of the manager.

12 Bank Accounts

Evidence that any Account required to be established under clause 26 (*Bank accounts*) has been opened and established, that any Account Security in respect of each such Account has been executed and delivered by the relevant Account Holder in favour of the Security Agent and that any notice required to be given to the Account Bank under that Account Security has been given to it and acknowledged by it in the manner required by that Account Security and that an amount has been credited to it.

13 Existing Financial Indebtedness

Pursuant to, or in connection with, repayment of the relevant Existing Financial Indebtedness (and save in the case of Ship C), copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a signed and undated Bill of Sale in respect of the relevant Ship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a signed and undated Protocol of Delivery and Acceptance in respect of the relevant Ship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) commercial invoice issued by the relevant Lessor in respect of the relevant Ship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of any document pursuant to which the relevant Existing Lease shall be terminated and the relevant Ship acquired by
 the relevant Owner.

------

14 Acquisition of Owner

Evidence in a form and substance satisfactory to the Agent that all of the issued and outstanding shares in the relevant Owner have been (or will be as part of the closing process relating to the relevant Utilisation and repayment of the Existing Financial Indebtedness) transferred to, and registered in the name of, the Borrower.

------

**Schedule 4**

**Utilisation Request**

From: Cool Company Ltd.

To: Nordea Bank Abp filial i Norge as Agent

Dated: [●]

Dear Sirs

**$570,000,000 Facility Agreement dated [●] 2022 (the Agreement)**

1 We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

2 We wish to borrow an Advance on the following terms:

Proposed Utilisation Date: [●] (or, if that is not a Business Day, the next Business Day)

Amount: $[●]

3 We confirm that each condition specified in clause 4.4 (*Further conditions precedent*) is satisfied on the date of this Utilisation Request.

4 The purpose of this Advance is [●] and its proceeds should be credited to [●].

5 This Utilisation Request is irrevocable.

Yours faithfully

authorised signatory for

**Cool Company Ltd.**

------

**Schedule 5** 

**Form of Transfer Certificate**

To: Nordea Bank filial i Norge as Agent

From: [●] (the **Existing Lender**) and [●] (the **New Lender**)

Dated:

**$570,000,000 Facility Agreement dated [●] 2022 (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 31.5 (*Procedure for assignment*):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the
 other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in the Loans under the Agreement as specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the
 Existing Lender's Commitment(s) and participations in the Loans under the Agreement specified in the Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Facility Office and address and attention details for notices of the New Lender for the purposes of clause 38.2 (*Addresses*) are set
 out in the Schedule.

3 The proposed Transfer Date is [●].

4 The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in sub-clause (c) of clause 31.4 *(Limitation of responsibility of Existing Lenders)*.

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 connected 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.

------

**The Schedule**

**Rights to be assigned and obligations to be released and undertaken**

**[insert relevant details]**

*[Facility Office address, email address and attention details for notices and account details for payments.]*

[Existing Lender] [New Lender]

By:

This is accepted by the Agent as a Transfer Certificate and the Transfer Date is confirmed as [●].

Signature of this Transfer Certificate by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party.

**[Agent]**

By:

------

**Schedule 6**

**Form of Compliance Certificate**

<br> To: Nordea Bank Abp, filial i Norge as Agent

---

| | |
|:---|:---|
| From: | Cool Company Ltd. (the **Company**) |

---

Dated: [●]

Dear Sirs

**$570,000,000 Facility Agreement dated [●] 2022 (the Agreement)**

1 I 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Working Capital Ratio**: at all times the Working Capital Ratio shall be greater than 1.0x;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Value Adjusted Equity**: at all times the Value Adjusted Equity shall be not less than $250,000,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) **Value Adjusted Equity Ratio**: at all times the Value Adjusted Equity Ratio shall be not less than 30%.

2 I confirm that:

(a) the aggregate value of the Free Liquid Assets of the Group (excluding any undrawn amounts under the GLNG Shareholder Loan) is $[●], and was at all times in the period for which the financial statements and managements accounts attached hereto relate, not less than the higher of (i) $[●] and (ii) an amount equal to [●] per cent. of Total Indebtedness on a consolidated basis;

(b) the Group's Working Capital Ratio is [●]and was at all times in the period for which the financial statements and management accounts attached hereto relate, greater than 1.0x;

(c) the Group's Value Adjusted Equity is [●] and was at all times in the period for which the financial statements and management accounts attached hereto relate, not less than $250,000,000; and

(d) the Group's Value Adjusted Equity Ratio is [●] and was at all times in the period for which the financial statements and management accounts attached hereto relate, not less than 30%.

3 [I confirm that no Default is continuing.] [*If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.*]

------

4 [I confirm that the Borrower is in compliance with the provisions of clause 25 (*Minimum security value*) of the Facility Agreement and attach evidence demonstrating such compliance over the last twelve months.]

5 I attach the financial statements and management accounts required to be provided pursuant to clause 19.2 (*Financial statements*) of the Facility Agreement.

Signed by:

**Chief Financial Officer**

------

**Schedule 7**

**Repayment Schedule**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date**  | **Ship Tranche – <br> Ship A (Golar <br> Bear)** | **Ship Tranche –<br> Ship B (Golar<br> Crystal)** | **Ship Tranche – <br> Ship C (Golar <br> Frost)** | **Ship Tranche –<br> Ship D (Golar<br> Glacier)** | **Ship Tranche – <br> Ship E (Golar <br> Seal)** | **Ship Tranche –<br> Ship F (Golar <br> Snow)** | **Loan <br> outstanding** |
| Utilisation Date | 950000000 | 950000000 | 950000000 | 950000000 | 950000000 | 950000000 | 570000000 |
| Repayment 1 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 560128970 |
| Repayment 2 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 550257939 |
| Repayment 3 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 540386909 |
| Repayment 4 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 530515879 |
| Repayment 5 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 520644848 |
| Repayment 6 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 510773818 |
| Repayment 7 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 500902788 |
| Repayment 8 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 491031757 |
| Repayment 9 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 481160727 |
| Repayment 10 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 471289697 |
| Repayment 11 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 461418667 |
| Repayment 12 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 451547636 |
| Repayment 13 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 441676606 |
| Repayment 14 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 431805576 |
| Repayment 15 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 421934545 |
| Repayment 16 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 412063515 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Repayment 17 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 402192485 |
| Repayment 18 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 392321454 |
| Repayment 19 | 1627629 | 1667067 | 1619419 | 1619117 | 1742813 | 1594986 | 382450424 |
| Repayment 20 | 64075056 | 63325721 | 64231039 | 64236786 | 61886560 | 64695262 | 0 |

---

------

**Schedule 8**

**Reference Rate Terms**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CURRENCY:** | &nbsp;&nbsp;Dollars. |
| &nbsp;&nbsp;**Cost of funds as a fallback** | &nbsp;&nbsp;Cost of funds will apply as a fallback. |
| &nbsp;&nbsp;***Definitions*** |  |
| &nbsp;&nbsp;**Additional Business Days:** | &nbsp;&nbsp;An RFR Banking Day. |
| &nbsp;&nbsp;**Break Costs:** | &nbsp;&nbsp;None specified |
| &nbsp;&nbsp;**Business Day Conventions (definition of "Month" and clause 9.2 (*Non-Business Days*)):** | &nbsp;&nbsp;If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period: |
| &nbsp;&nbsp;**Business Day Conventions (definition of "Month" and clause 9.2 (*Non-Business Days*)):** &nbsp;&nbsp;(i) | &nbsp;&nbsp;subject to paragraph (iii) 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; |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;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 |
| &nbsp;&nbsp; &nbsp;&nbsp;(iii) | &nbsp;&nbsp;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. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;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). |
| &nbsp;&nbsp;**Central Bank Rate:** &nbsp;&nbsp;(a) | &nbsp;&nbsp; The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;if that target is not a single figure, the arithmetic mean of: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;the lower bound of that target range. |
| &nbsp;&nbsp;**Central Bank Rate Adjustment:** | &nbsp;&nbsp;In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Agent), of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR is available. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Central Bank Rate Spread** | &nbsp;&nbsp; In relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) calculated by the Agent of: |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;the RFR for that RFR Banking Day; and |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;the Central Bank Rate prevailing at close of business on that RFR Banking Day. |
| &nbsp;&nbsp;**Daily Rate:** | &nbsp;&nbsp;The **Daily Rate** for any RFR Banking Day is: |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;the RFR for that RFR Banking Day: or |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;the Central Bank Rate for that RFR Banking Day; and |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;the applicable Central Bank Rate Adjustment; or |
| &nbsp;&nbsp; &nbsp;&nbsp;(c) | &nbsp;&nbsp;if paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of: |
| &nbsp;&nbsp; &nbsp;&nbsp;(i) | &nbsp;&nbsp;the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and |
| &nbsp;&nbsp; &nbsp;&nbsp;(ii) | &nbsp;&nbsp;the applicable Central Bank Rate Adjustment, |
|  | &nbsp;&nbsp;rounded, in either case, to five decimal places and if, in either case, that rate is less than zero, the Daily Rate shall be deemed to be zero. |
| &nbsp;&nbsp;**Lookback Period:** | &nbsp;&nbsp;Five RFR Banking Days without observation shift. |
| &nbsp;&nbsp;**Market Disruption Rate:** | &nbsp;&nbsp;The percentage rate per annum which is the Cumulative Compounded RFR Rate for the Interest Period of the relevant Ship Tranche. |
| &nbsp;&nbsp;**Relevant Market:** | &nbsp;&nbsp;The market for overnight cash borrowing collateralized byUS Government securities. |
| &nbsp;&nbsp;**Reporting Day:** | &nbsp;&nbsp;The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period. |
| &nbsp;&nbsp;**RFR:** | &nbsp;&nbsp;The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate). |
| &nbsp;&nbsp;**RFR Contingency Period:** | &nbsp;&nbsp;30 days. |
| &nbsp;&nbsp;**RFR Banking Day:** | &nbsp;&nbsp;Any day other than: |
| &nbsp;&nbsp; &nbsp;&nbsp;(a) | &nbsp;&nbsp;a Saturday or Sunday; and |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;***Interest Periods*** |  |
| &nbsp;&nbsp;Length of Interest Period: &nbsp;&nbsp;(a) | &nbsp;&nbsp;Each Interest Period will be one Month. |
| &nbsp;&nbsp; &nbsp;&nbsp;(b) | &nbsp;&nbsp;The first Interest Period for a Ship Tranche stall start on the Utilisation Date for that Ship Tranche and end on the last day of the then current Interest Period for the balance of the Loan (save that for the first Ship Tranche to be borrowed, its Interest Period shall end on the date falling one Month after the relevant Utilisation Date). |
| &nbsp;&nbsp; &nbsp;&nbsp;(c) | &nbsp;&nbsp;Each subsequent Interest Period for that Ship Tranche start on the last day of its preceding Interest Period and be one Month (subject to paragraph (d) below and clause 9.2 (*Non-Business Days*)) or such other period as agreed between the Borrower and the Lenders. |
| &nbsp;&nbsp;***Reporting Times*** |  |
| &nbsp;&nbsp;Deadline for Lenders to report market disruption in accordance with clause 10.2 (*Market disruption*) | &nbsp;&nbsp;Close of business in London on the Reporting Day for the relevant Ship Tranche. |
| &nbsp;&nbsp;Deadline for Lenders to report their cost of funds in accordance with clause 10.3 (*Cost of funds*) | &nbsp;&nbsp;Close of business on the date falling two Business Days after the Reporting Day for the relevant Ship Tranche or relevant part of it (or, if earlier, on the date falling two Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Ship Tranche). |

---

------

**Schedule 9**

**Daily Non-Cumulative Compounded RFR Rate**

The "**Daily Non-Cumulative Compounded RFR Rate**" for any RFR Banking Day "**i**" during an Interest Period for a Ship Tranche is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

![](ny20005919x6_ex2-2img002.jpg)

where:

"**UCCDRi**" means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "**i**";

"**UCCDR<sub>i-1</sub>**" means, in relation to that RFR Banking Day "**i**", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;

"**n<sub>i</sub>**" means the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day; and

the "**Unannualised Cumulative Compounded Daily Rate**" for any RFR Banking Day (the "**Cumulated RFR Banking Day**") during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):

![](ny20005919x6_ex2-2img003.jpg)

where:

"**ACCDR**" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

"**tn<sub>i</sub>**" means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;

"**Cumulation Period**" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

------

the "**Annualised Cumulative Compounded Daily Rate**" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to five decimal places) calculated as set out below:

![](ny20005919x6_ex2-2img004.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days in the Cumulation Period;

"**Cumulation Period**" has the meaning given to that term above;

"**i**" means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;

"**DailyRate<sub>i-LP</sub>**" means, for any RFR Banking Day "**i**" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the Lookback Period prior to that RFR Banking Day "**i**";

"**n<sub>i</sub>**" means, for any RFR Banking Day "**i**" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day;

"**dcc**" has the meaning given to that term above; and

"**tn<sub>i</sub>**" has the meaning given to that term above.

------

**Schedule 10**

**Cumulative Compounded RFR Rate**

The "**Cumulative Compounded RFR Rate**" for any Interest Period for a Ship Tranche is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of "**Annualised Cumulative Compounded Daily Rate**" in Schedule 9 (*Daily Non-Cumulative Compounded RFR Rate*)) calculated as set out below:

![](ny20005919x6_ex2-2img005.jpg)

where:

"**d<sub>0</sub>**" means the number of RFR Banking Days during the Interest Period;

"**i**" means a series of whole numbers from one to d**0**, each representing the relevant RFR Banking Day in chronological order during that Interest Period;

"**DailyRate<sub>i-LP</sub>**" means for any RFR Banking Day "**i**" during that Interest Period, the Daily Rate for the RFR Banking Day which is the Lookback Period prior to that RFR Banking Day "**i**";

"**n<sub>i</sub>**" means, for any RFR Banking Day "**i**", the number of calendar days from, and including, that RFR Banking Day "**i**" up to, but excluding, the following RFR Banking Day;

"**dcc**" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and

"**d**" means the number of calendar days during that Interest Period.

------

**Schedule 11**

**Sustainability targets**

1 Definitions

In this Schedule 11:

---

| | |
|:---|:---|
| **AER:** | Shall mean in relation to a vessel for a calendar year, the efficiency ratio of that vessel using the parameters of fuel consumption, distance travelled and deadweight at maximum summer draught, reported in unit grams of CO<sub>2</sub> per tonne per nautical mile and calculated in line with the Poseidon Principles as follows: |

---

---

| |
|:---|
| ![](ny20005919x6_ex2-2img006.jpg) |
| where: |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; C<sup>i</sup>is carbon emissions for voyage i computed using the fuel consumption and carbon factor of each type of fuel;

(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; dwt is the deadweight at maximum summer draught of the relevant vessel; and

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D<sub>i </sub>is the distance travelled on the voyage.

---

| | |
|:---|:---|
| **Fleet:** | Shall mean all vessels owned, leased or otherwise controlled by means of equity by any Group Member, but for the avoidance of doubt, excluding any vessels managed by any management company within the Group on behalf of entities which are not Group Members. |

---

---

| | |
|:---|:---|
| **KPI:** | Shall mean the weighted average AER in respect of the Fleet for the applicable Sustainability Linked Year. |

---

---

| | |
|:---|:---|
| **Sustainability Compliance Certificate:** | Shall mean a certificate substantially in the form set out in the appendix hereto (*Form of Sustainability Compliance Certificate*). DNV is pre-approved as a Sustainability Expert. |

---

---

| | |
|:---|:---|
| **Sustainability<br> Expert:** | Shall mean a qualified provider of third party assurance or attestation services appointed by the Borrower (and acceptable to the Sustainability Co-ordinators) whose costs shall be for the account of the Borrower. |

---

---

| | |
|:---|:---|
| **Sustainability<br> Linked Year:** | Shall mean each year of the Facility Period in respect of which there is a Sustainability Performance Target. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Sustainability<br> Performance <br> Target:** | Shall mean the applicable KPI set out below: | Shall mean the applicable KPI set out below: | Shall mean the applicable KPI set out below: | Shall mean the applicable KPI set out below: | Shall mean the applicable KPI set out below: | Shall mean the applicable KPI set out below: |
| **Sustainability<br> Performance <br> Target:** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;2022 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2025 | &nbsp;&nbsp;2026 |
|  | &nbsp;&nbsp;**AER** | &nbsp;&nbsp;8.2 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;7.75 | &nbsp;&nbsp;7.5 |

---

------

---

| | |
|:---|:---|
| **Sustainability Performance Test Date:** | Shall mean, in each calendar year, the date falling not later than 180 days after 31 December in the previous calendar year. |

---

2 Sustainability undertakings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not later than the Sustainability Performance Test Date, the Borrower shall supply the Sustainability Co-ordinators and the
 Agent with a Sustainability Compliance Certificate setting out (in form and substance satisfactory to the Sustainability Co-ordinators, acting reasonably) computations and information in compliance with this paragraph 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Sustainability Compliance Certificate shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) report on the achievement of the Sustainability Performance Target for the relevant Sustainability Linked Year as at the
 relevant Sustainability Performance Test Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) be signed by the chief financial officer of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If requested to do so by the Majority Lenders, the Sustainability Co-ordinators shall discuss the Sustainability Compliance
 Certificate or any aspect of it with the relevant Sustainability Expert and report on those discussions to the Lenders. The Borrower shall pay the reasonable costs and expenses of the Sustainability Co-ordinators and the Sustainability Experts
 so incurred as notified to the Borrower by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Borrower shall provide any additional clarification regarding the Sustainability Compliance Certificate as the
 Sustainability Co-ordinators may from time to time reasonably require.

3 Sustainability representations

On the date of each Sustainability Compliance Certificate, the Borrower represents and warrants to the Sustainability Co-ordinators that, as at the Sustainability Performance Test Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the information contained in the Sustainability Compliance Certificate accurately presents the achievement (if applicable)
 of the Sustainability Performance Target for the relevant Sustainability Linked Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Sustainability Performance Target contained in the Sustainability Compliance Certificate has been verified by a
 Sustainability Expert.

4 Margin adjustment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless within ten (10) Business Days of receipt of a Sustainability Compliance Certificate pursuant to paragraph 2(a) above
 any Sustainability Co-ordinator notifies the Agent that the Sustainability Performance Target for the relevant Sustainability Linked Year has not been achieved, the level of Margin designated in paragraph 2(c) of the relevant Sustainability
 Compliance Certificate for the next Sustainability Linked Year shall apply with effect from the first day of the next Interest Period falling ten (10) Business Days after receipt of the Sustainability Compliance Certificate pursuant to
 paragraph 2(a) above (the **Margin Adjustment Date**) for the next Sustainability Linked Year and with effect from the Margin Adjustment Date all references to "Margin" in this Agreement shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that a Sustainability Compliance Certificate indicates that the Sustainability Performance Target for the
 relevant Sustainability Linked Year has not been achieved, the level of Margin designated in paragraph 2(c) of the relevant Sustainability Compliance Certificate shall be 2.80%.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the absence of the provision by the Borrower of a Sustainability Compliance Certificate in accordance with paragraph
 2(a) above, the Margin shall, with reference to the previous Sustainability Linked Year remain at or, as the case may be, revert to 2.80% with effect from the Margin Adjustment Date. For the avoidance of doubt, the Borrower may elect not to
 furnish a Sustainability Compliance Certificate and such election will not constitute a Default or an Event of Default.

------

**Appendix** 

**Form of Sustainability Compliance Certificate**

---

| | |
|:---|:---|
| To: | **ABN AMRO BANK N.V., CITIBANK, N.A., LONDON BRANCH, DANSKE BANK A/S, DNB (UK) LIMITED and NORDEA BANK ABP, FILIAL I NORGE** as Sustainability Co-ordinators |

---

---

| | |
|:---|:---|
| From: | **COOL COMPANY LTD.** |

---

Dated: [●]

Dear Sirs

**$570,000,000** 

**Facility Agreement dated [●] (the Agreement)**

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

2 We confirm that, as at the date hereof:

(a) the weighted average AER of the Fleet for the calendar year ending 31 December [●] was:

[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the weighted average AER of the Fleet referred to in paragraph (a) above has been verified by a Sustainability Expert:

[●]; and

(c) accordingly, with effect from [ *insert first day of next Interest Period* ], the Margin for the next Sustainability Linked Year should be: [●]

Signed by:

Chief Financial Officer of **COOL COMPANY LTD.**

------

**Signatures**

**The Borrower**

**COOL COMPANY LTD.**

By: /s/ Roger Swan

Name: Roger Swan

Title: Attorney-in-fact

------

**The Owners**

**GOLAR HULL M2027 CORP.**

---

| | |
|:---|:---|
| By: | /s/ Roger Swan |

---

Name: Roger Swan

Title: Attorney-in-fact

**GOLAR HULL M2022 CORP.**

---

| | |
|:---|:---|
| By: | /s/ Roger Swan |

---

Name: Roger Swan

Title: Attorney-in-fact

**GOLAR LNG NB12 CORPORATION**

---

| | |
|:---|:---|
| By: | /s/ Roger Swan |

---

Name: Roger Swan

Title: Attorney-in-fact

**GOLAR LNG NB10 CORPORATION**

---

| | |
|:---|:---|
| By: | /s/ Roger Swan |

---

Name: Roger Swan

Title: Attorney-in-fact

**GOLAR HULL M2021 CORP.**

---

| | |
|:---|:---|
| By: | /s/ Roger Swan |

---

Name: Roger Swan

Title: Attorney-in-fact

------

**GOLAR HULL M2047 CORP.**

---

| | |
|:---|:---|
| By: | /s/ Roger Swan |

---

Name: Roger Swan

Title: Attorney-in-fact

------

**The Mandated Lead Arrangers**

**ABN AMRO BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

**CITIBANK, N.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Director, BCMA |

---

**DANSKE BANK A/S**

---

| | | |
|:---|:---|:---|
| By: | /s/ Rolf Erik Linge | /s/ Einar Stavrum |
| Name: | Rolf Erik Linge | Einar Stavrum |
| Title: | Managing Director | Senior Vice President |

---

**DNB (UK) LIMITED**

---

| | | |
|:---|:---|:---|
| By: | /s/ Craig Ramsay | /s/ Danielle Eastop |
| Name: | Craig Ramsay | Danielle Eastop |
| Title: | Authorised Signatory | Authorised Signatory |

---

**NORDEA BANK ABP, FILIAL I NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

------

**The Bookrunners**

**ABN AMRO BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

**CITIBANK, N.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Director, BCMA |

---

**DANSKE BANK A/S**

---

| | | |
|:---|:---|:---|
| By: | /s/ Rolf Erik Linge | /s/ Einar Stavrum |
| Name: | Rolf Erik Linge | Einar Stavrum |
| Title: | Managing Director | Senior Vice President |

---

**DNB (UK) LIMITED**

---

| | | |
|:---|:---|:---|
| By: | /s/ Craig Ramsay | /s/ Danielle Eastop |
| Name: | Craig Ramsay | Danielle Eastop |
| Title: | Authorised Signatory | Authorised Signatory |

---

**NORDEA BANK ABP, FILIAL l NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

------

**The Co-ordinators**

**ABN AMRO BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

**CITIBANK, N.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Director, BCMA |

---

**DANSKE BANK A/S**

---

| | | |
|:---|:---|:---|
| By: | /s/ Rolf Erik Linge | /s/ Einar Stavrum |
| Name: | Rolf Erik Linge | Einar Stavrum |
| Title: | Managing Director | Senior Vice President |

---

**DNB (UK) LIMITED**

---

| | | |
|:---|:---|:---|
| By: | /s/ Craig Ramsay | /s/ Danielle Eastop |
| Name: | Craig Ramsay | Danielle Eastop |
| Title: | Authorised Signatory | Authorised Signatory |

---

**NORDEA BANK ABP, FILIAL l NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

------

**The Sustainability Co-ordinators**

**ABN AMRO BANK N.V.**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

**CITIBANK, N.A., LONDON BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Andrew Mason |
| Name: | Andrew Mason |
| Title: | Director, BCMA |

---

**DANSKE BANK A/S**

---

| | | |
|:---|:---|:---|
| By: | /s/ Rolf Erik Linge | /s/ Einar Stavrum |
| Name: | Rolf Erik Linge | Einar Stavrum |
| Title: | Managing Director | Senior Vice President |

---

**DNB (UK) LIMITED**

---

| | | |
|:---|:---|:---|
| By: | /s/ Craig Ramsay | /s/ Danielle Eastop |
| Name: | Craig Ramsay | Danielle Eastop |
| Title: | Authorised Signatory | Authorised Signatory |

---

**NORDEA BANK ABP, FILIAL l NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

------

**The Agent**

**NORDEA BANK ABP, FILIAL l NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

**The Security Agent**

**NORDEA BANK ABP, FILIAL l NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

------

**The Lenders**

**ABN AMRO BANK N.V., OSLO BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

**CITIBANK, N.A., JERSEY BRANCH**

---

| | |
|:---|:---|
| By: | /s/ Jitendra Pal |
| Name: | Jitendra Pal |
| Title: | Vice President |

---

**DANSKE BANK, NORWEGIAN BRANCH**

---

| | | |
|:---|:---|:---|
| By: | /s/ Rolf Erik Linge | /s/ Einar Stavrum |
| Name: | Rolf Erik Linge | Einar Stavrum |
| Title: | Managing Director | Senior Vice President |

---

**DNB (UK) LIMITED**

---

| | | |
|:---|:---|:---|
| By: | /s/ Craig Ramsay | /s/ Danielle Eastop |
| Name: | Craig Ramsay | Danielle Eastop |
| Title: | Authorised Signatory | Authorised Signatory |

---

**NORDEA BANK ABP, FILIAL I NORGE**

---

| | |
|:---|:---|
| By: | /s/ Guy Robson |
| Name: | Guy Robson |
| Title: | Attorney-in-fact |

---

------

**The Hedging Providers**

**ABN AMRO BANK N.V.**

---

| | | |
|:---|:---|:---|
| By: | /s/ Mick Borms | /s/ Emile J. Karsten |
| Name: | Mick Borms | Emile J. Karsten |
| Title: | Managing Director | Director |

---

**DANSKE BANK A/S**

---

| | | |
|:---|:---|:---|
| By: | /s/ Rolf Erik Linge | /s/ Einar Stavrum |
| Name: | Rolf Erik Linge | Einar Stavrum |
| Title: | Managing Director | Senior Vice President |

---

**DNB BANK ASA**

---

| | | |
|:---|:---|:---|
| By: | /s/ Craig Ramsay | /s/ Danielle Eastop |
| Name: | Craig Ramsay | Danielle Eastop |
| Title: | Authorised Signatory | Authorised Signatory |

---

**NORDEA BANK ABP**

---

| | | |
|:---|:---|:---|
| By: | /s/ Didrik B. Wahl | /s/ Erik Havnvik |
| Name: | Didrik B. Wahl | Erik Havnvik |
| Title: | Associate | Director |

---

------

## Exhibit 2.3

------

**Exhibit 2.3**<br>

EXECUTION VERSION

Date 26 January 2022

**GOLAR LNG LIMITED**<br> as Lender

-and-

#### COOL COMPANY LIMITED<br> as Borrower

------

------

&nbsp;&nbsp;&nbsp;&nbsp; <br>

______________________________________ &nbsp;&nbsp;&nbsp;&nbsp; <br>

------

#### LOAN AGREEMENT
______________________________________ &nbsp;&nbsp;&nbsp;&nbsp; <br>

relating to

a US$25,000,000 revolving credit facility

------

#### INDEX

#### <br>

---

| | | |
|:---|:---|:---|
| **Clause** |  | **Page** |
| 1 | INTERPRETATION | 1 |
| 2 | FACILITY | 2 |
| 3 | DRAWDOWN | 2 |
| 4 | INTEREST AND COMMITMENT FEE | 3 |
| 5 | DEFAULT INTEREST | 3 |
| 6 | REPAYMENT, PREPAYMENT AND CANCELLATION | 4 |
| 7 | CONDITIONS PRECEDENT | 5 |
| 8 | REPRESENTATIONS AND WARRANTIES | 5 |
| 9  | UNDERTAKINGS | 6 |
| 10  | PAYMENTS AND CALCULATIONS | 6 |
| 11 | EVENTS OF DEFAULT | 7 |
| 12 | INDEMNITIES | 8 |
| 13 | NO SET-OFF OR TAX DEDUCTION | 9 |
| 14 | ILLEGALITY | 9  |
| 15 | TRANSFERS | 10 |
| 16 | NOTICES | 10 |
| 17 | SUPPLEMENTAL | 11 |
| 18 | LAW AND JURISDICTION | 11 |
| Schedule 1: Drawdown Notice | Schedule 1: Drawdown Notice | 13 |

---

**** 

&nbsp;&nbsp;&nbsp;&nbsp; <br>

------

**THIS AGREEMENT** is made on 26 January 2022

#### BETWEEN
**(1)**&nbsp;&nbsp;&nbsp;&nbsp; **GOLAR LNG LIMITED,** a company incorporated in Bermuda whose registered office is at 2n<sup>d</sup> Floor, S.E. Pearman Building, 9 Par-La-Ville Road, Hamilton, HM 11, Bermuda (the "**Lender**"**);** and

**(2)**&nbsp;&nbsp;&nbsp;&nbsp; **COOL COMPANY LIMITED,** a company incorporated in Bermuda whose registered office is at 2n<sup>d</sup> Floor, S.E. Pearman Building, 9 Par-La-Ville Road, Hamilton, HM 11, Bermuda (the "**Borrower**)"**.**

**IT IS AGREED** as follows:

---

| | |
|:---|:---|
| **1** | **INTERPRETATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Definitions**. In this Agreement:

"**Advance**" means the principal amount of each borrowing by the Borrower under this Agreement;

"**Availability Period**" means the period commencing on the date of this Agreement and ending on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date falling 24 months after the date of this Agreement (or such later date as the Lender may agree with the Borrower); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if earlier, the date on which the Commitment is fully cancelled in accordance with this Agreement;

"**Available Commitment**" means, at any time during the Availability Period, the Commitment less the amount of the Loan at that time;

"**Business Day**" means a day on which banks are open in London and, in respect of a day on which a payment is required to be made under this Agreement, also in New York City;

"**Commitment**" means $25,000,000 as that amount may be cancelled in accordance with this Agreement;

"**Dollars**" and "$" means the lawful currency for the time being of the United States of America;

"**Drawdown Date**" means, in relation to an Advance, the date requested by the Borrower for an Advance to be made, or (as the context requires) the date on which the Advance is actually made;

"**Drawdown Notice**" means a notice in the form set out in Schedule 1 (or in any other form approved by the Lender);

------

"**Event of Default**" means any of the events or circumstances described in Clause 11.1;

"**Interest Period**" means the period of one (1) month, three (3) months or six (6) months or such other period as may be agreed by the Lender and the Borrower;

"**Loan**" means the principal amount for the time being outstanding under this Agreement;

"**Repayment Date**" means, in relation to each Advance, the last date of the Interest Period or, if earlier, the Termination Date;

"**Senior Debt**" means any current or future liability (actual or contingent) payable or owing by the Borrower to any bank, financial institution, trust, fund or other lender under or in connection with any debt, bond, swap or other financial instrument of the Borrower;

"**Termination Date**" means the date falling 24 months after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Clause references.** References in this Agreement to Clauses are, unless otherwise specified, references to clauses of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **References to persons.** References to "**person**" or "**persons**" or to words importing persons include, without limitation, individuals, firms, corporations, government agencies, committees, departments, authorities and
 other bodies, incorporated or unincorporated, whether having distinct legal personality or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Clause headings.** Clause headings are for ease of reference only.

---

| | |
|:---|:---|
| **2** | **FACILITY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Amount of facility.** Subject to the other provisions of this Agreement, the Lender shall make a revolving credit facility not exceeding
 $25,000,000 available to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Purpose of facility.** The Borrower undertakes to use each Advance to finance its general working capital requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Subordination**. The Parties acknowledge that the Loan shall be subordinated to the Senior Debt
 in all respects (including upon insolvency), and, notwithstanding anything to the contrary contained in this Agreement (including under Clause 3 or 4 hereof), the Borrower shall not be required to make, and shall not make, any payment of
 principal, interest or any other amount under the Loan, if a default or event of default (as defined in any Senior Debt financing documents) shall have occurred and be continuing.

---

| | |
|:---|:---|
| **3** | **DRAWDOWN** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Request for Advance**. Subject to the following conditions, the Borrower may request an Advance
 to be made by ensuring that the Lender receives a completed Drawdown Notice not later than 11.00 a.m. (London time) 3 Business Day prior to the intended Drawdown Date.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Availability**. The conditions referred to in Clause 3.1 are that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Drawdown Date has to be a Business Day during the Availability Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of an Advance shall be at least $5,000,000 and shall not exceed the Available Commitment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the aggregate amount of the Advances shall not exceed the Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Drawdown Notice irrevocable.** A Drawdown Notice must be signed by an officer of the Borrower; and once served, a Drawdown Notice cannot
 be revoked without the prior consent of the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Disbursement of Advance**. Subject to the provisions of this Agreement, the Lender shall on each
 Drawdown Date make each Advance to the Borrower; and payment to the Borrower shall be made to the account which the Borrower specifies in the Drawdown Notice.

---

| | |
|:---|:---|
| **4** | **INTEREST AND COMMITMENT FEE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Calculation of interest.** The rate of interest on each Advance for each Interest Period is five per cent (5%) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Payment of interest.** Subject to clause 6, the Borrower shall pay accrued interest on each Advance on the last day of the Interest
 Period applicable to that Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **Commencement date of Interest Period.** An Interest Period for an Advance shall start on the Drawdown Date of that Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 **Commitment Fee**. The Borrower shall pay to the Lender a fee (the "**Commitment Fee** "**)** computed at the rate per annum of 0.5 per cent (0.5%) of the Available Commitment, calculated from the date of this Agreement to the expiry of the Availability Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 **Payment of Commitment Fee**. The accrued Commitment Fee is payable on the last day of each
 successive period of one month which ends during the Availability Period, on the last day of the Availability Period and, if cancelled in full, on the cancelled amount at the time the cancellation is effective.

---

| | |
|:---|:---|
| **5** | **DEFAULT INTEREST** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Payment of default interest on overdue amounts.** If the Borrower fails to pay any amount payable under this Agreement when due, it shall
 pay immediately on demand by the Lender pay interest at the default rate in accordance with Clause 5.2 on the overdue amount from its due date up to until the date of actual payment (as well after as before judgment).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 **Default rate of interest**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest shall accrue on an overdue amount at the rate of 2 per cent. per annum above the rate (subject to paragraph (b) below) which would have been payable by if the overdue
 amount had, during the period of non-payment, constituted the Loan for successive Interest Periods, each of a duration selected by the Lender (acting reasonably).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any overdue amount consists of all or part of the Loan (or any relevant part which became due on a day which was not the last day of an Interest Period relating to the Loan
 or the relevant part of it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or the relevant part of it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 **Payment of accrued default interest.** Subject to the other provisions of this Agreement, any interest due under this Clause shall be
 paid on the last day of the Interest Period by reference to which it was determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 **Compounding of default interest.** Any such interest which is not paid at the end of the Interest Period by reference to which it was
 determined shall thereupon be compounded.

---

| | |
|:---|:---|
| **6** | **REPAYMENT, PREPAYMENT AND CANCELLATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Repayment Date for each Advance.** Each Advance shall be repaid in full on the Repayment Date applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Deemed repayment.** In respect of an Advance, if no repayment is made on the Repayment Date for that Advance then the Advance shall be
 deemed to have been repaid by a further Advance in the same amount and with the same Interest Period which shall be deemed to have been drawn down on the Repayment Date for the original Advance. For the avoidance of doubt, this Clause only
 applies in respect of amounts due on Repayment Dates and not in respect of amounts due on the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Additional payments on Termination Date.** On the Termination Date, the Borrower shall repay any Advance then outstanding in full and
 shall additionally pay to the Lender all other sums, if any, then owing or accrued under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Voluntary prepayment.** The Borrower may prepay the whole (but not part only) of an Advance on the last day of an Interest Period
 applicable to such Advance on giving at least 5 days' prior written notice to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 **Effect of notice of prepayment.** A prepayment notice may not be withdrawn or amended without the consent of the Lender and the amount
 specified in the prepayment notice shall become due and payable by the Borrower on the date for prepayment specified in the prepayment notice.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 **Amounts payable on prepayment.** A prepayment shall be made together with any amount payable under Clause 13 or otherwise under this
 Agreement in respect of the amount prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 **Reborrowing permitted.** Subject to the terms of this Agreement, any amount repaid or prepaid may be reborrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 **Voluntary cancellation.** The Borrower may cancel the whole (or any part) of the Commitment on giving at least 5 days' prior written
 notice to the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 **Effect of notice of cancellation.** The service of a cancellation notice shall cause the amount of the Commitment specified in the notice
 to be permanently cancelled.

---

| | |
|:---|:---|
| **7** | **CONDITIONS PRECEDENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Conditions**. The Lender's obligation to make an Advance is subject to the following conditions
 precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in respect of the first Drawdown, a copy of a resolution of the board of directors of the Borrower (or, if applicable, any committee of such board empowered to approve and
 authorise the following matters):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) authorising a specified person or persons to execute this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Drawdown Notice) to be signed and/or despatched by it under or in connection with this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, on the date of the Drawdown Request and on the Drawdown Date, the representations and warranties in Clause 8 are true and correct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that, on the date of the Drawdown Request and on the Drawdown Date, but prior to the making of the Advance, no Event of Default has occurred and is continuing or would result
 from the borrowing of the Advance.

---

| | |
|:---|:---|
| **8** | **REPRESENTATIONS AND WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Borrower's representations and warranties.** The Borrower represents and warrants to the Lender that the following statements are, at the
 date hereof, true and accurate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly formed with limited liability under the laws of the Republic of the Marshall Islands and has full power and authority to enter into and perform its obligations under
 this Agreement;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the execution, delivery and performance of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have been duly authorised by all necessary corporate action on its part; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) do not contravene any applicable law, regulation or order binding on it or any of its assets or its constitutional documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) neither the execution, delivery and performance by it of this Agreement require the consent or approval of, the giving of notice to, the registration with, or the taking of any
 other action in respect of, any relevant governmental authority or agency, except such as have been obtained and are in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) this Agreement constitutes its legal, valid and binding obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Survival of representations and warranties.** The representations and warranties given in this Clause 8 shall be deemed to be repeated on
 the date of each Drawdown Notice, each Drawdown Date, and the last day of each Interest Period, and shall survive the execution of this Agreement **.** 

---

| | |
|:---|:---|
| **9** | **UNDERTAKINGS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **General**. The Borrower undertakes with the Lender to comply with the following provisions of
 this Clause 9 at all times whilst it has any outstanding obligations or liabilities under this Agreement, except as the Lender may otherwise permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Notification of Event of Default**. The Borrower will promptly inform the Lender of any event
 which constitutes or may constitute an Event of Default or which may adversely affect the Borrower's ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 **Information**. The Borrower will deliver to the Lender such financial information in respect of
 its business and financial status as the Lender may reasonably require including, but not limited to, copies of its unaudited quarterly financial statements and of its audited annual financial statements.

---

| | |
|:---|:---|
| **10** | **PAYMENTS AND CALCULATIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Currency and method of payments** All payments to be made by the Borrower to the Lender under this Agreement shall be made to the Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by not later than 11.00 a.m. (New York City time) on the due date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in same day Dollar funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to such account of the Lender as the Lender may from time to time notify to the Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Payment on non-Business Day.** If any payment by the Borrower under this Agreement would otherwise fall due on a day which is not a
 Business Day **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the due date shall be extended to the next succeeding Business Day; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to the immediately preceding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Basis for calculation of periodic payments.** Default interest shall accrue from day to day and shall be calculated on the basis of the
 actual number of days elapsed and a 360 day year.

---

| | |
|:---|:---|
| **11** | **EVENTS OF DEFAULT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Events of Default**. An Event of Default occurs if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower fails to pay when due any sum payable under this Agreement unless such failure is due to a technical breakdown or communication error in which case the Borrower
 shall rectify such non-payment within 3 Business Days of it having been notified of the missed payment by the Lender; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any breach by the Borrower occurs of any provision of this Agreement (other than a breach covered by paragraph (a)) which is capable of remedy and which continues unremedied 10
 Business Days after receipt by the Borrower of a written request from the Lender that the breach be remedied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any information given by the Borrower to the Lender in relation to this Agreement proves to be misleading or incorrect in any material respect when made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other loan or guarantee of the Borrower exceeding $10,000,000 is declared (or is capable of being declared) by the relevant creditor or creditors due prematurely due to a
 default, to non-payment or any security in respect thereof becomes enforceable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a lien, arrest, distress or similar event is levied upon or against a substantial part of the assets of the Borrower which is not discharged or contested in good faith within 10
 Business Days after the Borrower has become aware of the same; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a substantial part of the Borrower's business or assets is destroyed, abandoned, seized, appropriated or forfeited for any reason; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any order shall be made by any competent court or resolution passed by the Borrower for the appointment of a liquidator, administrator or receiver of, or for the winding-up of,
 the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) an encumbrancer takes possession of or a receiver is appointed of the whole or any material part of the assets of the Borrower or a distress, execution or other process is
 levied or enforced upon or sued out against the whole or a material part of the assets of the Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Borrower is insolvent or is unable to pay its debts as they fall due, or admits its insolvency or its inability to, pay its debts as they fall due, or shall be adjudicated
 or found bankrupt or insolvent, or shall enter into any composition or other arrangement with its creditors generally; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any event shall occur which under the law of any jurisdiction to which the Borrower is subject has an effect equivalent or similar to any of the events referred to in Clause
 11.1(g), (h), or (i); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Borrower ceases or suspends or threatens to cease or suspend the carrying on of its business or a substantial part of its business or disposes of or threatens to dispose of
 a substantial part of its business or assets which is material in the context of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) it becomes unlawful for the Borrower to perform its obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any representation of warranty made or deemed to be made or repeated under Clause 8 is untrue or incorrect in any material respect or misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Actions following an Event of Default.** On or at any time after, the occurrence of an Event of Default the Lender may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) serve on the Borrower a notice stating that all obligations of the Lender to the Borrower under this Agreement are cancelled; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) serve on the Borrower a notice stating that the Loan, any accrued default interest and all other amounts owing under this Agreement are immediately due and payable or are due
 and payable on demand; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) take any other action which, as a result of the Event of Default or any notice served under paragraph (a) or (b), the Lender is entitled to take under this Agreement or any
 applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Termination of obligations.** On the service of a notice under Clause 11.2(a), all the obligations of the Lender to the Borrower under
 this Agreement shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 **Acceleration of Loan**. On the service of a notice under Clause 11.2(b), the Loan and all other
 amounts accrued or owing from the Borrower under this Agreement shall subject to Clause 2.3 become immediately due and payable or, as the case may be, payable on demand **.** 

---

| | |
|:---|:---|
| **12** | **INDEMNITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 **Indemnities regarding the borrowing and repayment of Loan.** The Borrower shall fully indemnify the Lender on its demand in respect of
 all claims, expenses, liabilities and losses which are made or brought against or incurred by the Lender as a result of or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any failure (for whatever reason) by the Borrower to make payment of any amount due under this Agreement on the due date or, if so payable, on demand; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the occurrence of an Event of Default and/or the acceleration of repayment of the Loan under Clause 11.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 **Breakage costs.** Without limiting its generality, Clause 13.1 covers any claim, expense, liability or loss, including a loss of a
 prospective profit, incurred by the Lender in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of the Loan and/or any overdue amount (or an aggregate amount which includes the Loan
 or any overdue amount).

---

| | |
|:---|:---|
| **13** | **NO SET-OFF OR TAX DEDUCTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 **No deductions.** All amounts due from the Borrower under this Agreement shall be paid **:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) without any form of set-off, cross-claim or condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 **Grossing-up for taxes.** If the Borrower is required by law to make a tax deduction from any payment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower shall notify the Lender as soon as it becomes aware of the requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Lender receives a net amount which, after the tax deduction, is equal to
 the full amount which it would otherwise have received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 In this Clause 13 "**tax deduction**" means any deduction or withholding on account of tax from a
 payment under this Agreement.

---

| | |
|:---|:---|
| **14** | **ILLEGALITY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 **Illegality**. This Clause 14 applies if the Lender notifies the Borrower that it has become:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted
 or applied; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) contrary to, or inconsistent with, any regulation, for the Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 **Notification and effect of illegality.** On the Lender notifying the Borrower under Clause 14.1, the Commitment shall be cancelled; and
 the Borrower shall repay or prepay the Advances in full on the last day of the current Interest Period or if earlier, the date specified in the lender's notice under Clause 14.1 which must not be earlier than the last day of any applicable
 grace period allowed by law.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 **Mitigation**. If circumstances arise which would result in a notification under Clause 14.1 then,
 without in any way limiting the rights of the Lender under Clause 14.2, the Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement to a subsidiary not affected by the circumstances but
 the Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) have an adverse effect on its business, operations or financial condition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) involve it in any expense (unless indemnified to its satisfaction) or tax liability.

---

| | |
|:---|:---|
| **15** | **TRANSFERS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 **No Transfers**. Neither party may, without the consent of the other party, transfer any of its
 rights, liabilities or obligations under this Agreement.

---

| | |
|:---|:---|
| **16** | **NOTICES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 **General**. Unless otherwise specifically provided, any notice under or in connection with this
 Agreement shall be given by letter or fax and shall be effective upon receipt; and references in this Agreement to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 **Addresses for communications.** A notice by letter or fax shall be sent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to the Lender:

Golar LNG Limited<br> c/o Golar Management Ltd<br> 6<sup>th</sup> Floor, The Zig Zag, 70 Victoria Street<br> London, SW1E 6SQ, United Kingdom<br>Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +44(0) 20 7063 7901<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to the Borrower:

Cool Company Limited<br> c/o Cool Company Management Ltd<br> 6<sup>th</sup> Floor, The Zig Zag, 70 Victoria Street<br> London, SW 6SQ, United Kingdom<br>Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; +44(0) 20 7063 7901<br> Attention:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Financial Officer

or to such other address as the relevant party may notify the other.

------

---

| | |
|:---|:---|
| **17** | **SUPPLEMENTAL** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 **Rights cumulative.** The rights and remedies which this Agreement gives to the Lender are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cumulative;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) may be exercised as often as appears expedient; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not, unless explicitly and specifically stated so, be taken to exclude or limit any right or remedy conferred by any law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 **Severability**. If any provision of this Agreement is or subsequently becomes void, unenforceable
 or illegal, that shall not affect the validity, enforceability or legality of the other provisions of this Agreement **.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 **Third party rights.** A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999
 to enforce or to enjoy the benefit of any term of this Agreement.

---

| | |
|:---|:---|
| **18** | **LAW AND JURISDICTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1 **English law.** This Agreement shall be governed by, and construed in accordance with, English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2 **Exclusive English jurisdiction.** Subject to Clause 19.3, the courts of England shall have exclusive jurisdiction to settle any Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3 **Choice of forum for the exclusive benefit of the Lender.** Clause 19.2 is for the exclusive benefit of the Lender, which reserves the
 rights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in
 England.

The Borrower shall not commence any proceedings in any country other than England in relation to a Dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4 **Process agent.** The Borrower irrevocably appoints Cool Company Management Limited at its registered office for the time being, presently
 at 6<sup>th</sup> Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, United Kingdom, to act as its agent to receive and accept on its behalf any process or other
 document relating to any proceedings in the English courts which are connected with a Dispute.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5 **Lender's rights unaffected.** Nothing in this Clause 18 shall exclude or limit any right which the Lender may have (whether under the law
 of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6 **Meaning of "proceedings".** In this Clause 18, "**proceedings**" means

 proceedings of any kind, including an application for a provisional or protective measure and a "**Dispute**" means any dispute arising out of or in connection with
 this Agreement (including a dispute relating to the existence, validity or termination of this Agreement).

**THIS AGREEMENT** has been entered into on the date stated at the beginning of this Agreement.

------

#### SCHEDULE 1

#### DRAWDOWN NOTICE
To: Golar LNG Limited,<br> 2nd Floor, S.E. Pearman Building,<br> 9 Par La Ville Road, Hamilton<br> HM 11, Bermuda

[•] 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We refer to the loan agreement (the "**Loan Agreement** "**)** dated 26 January 2022 and made between us as Borrower and
 you as Lender in connection with a revolving credit facility of up to US$25,000,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We request to borrow as follows (the "**Advance** "**):-** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount: US$[0]; |

---

(b). Drawdown Date: [0];

(c). Interest Period: [0]

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d). | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment instructions: account in our name and numbered [•] with [•] of [•]. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We represent and warrant that no Event of Default has occurred or will result from the borrowing of the Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This notice cannot be revoked without the prior consent of the Lender.

Yours faithfully

Name:<br> Title:<br> for and on behalf of<br> **COOL COMPANY LIMITED**

------

#### EXECUTION PAGE

#### <br>
**LENDER

<br>** 

<br> #### BORROWER

------

## Exhibit 2.4

**Exhibit 2.4**

**Execution copy**

**<u>DATED</u>** <u>10 November **2022**</u>

**PERNLI MARINE LTD** <br> **PERSECT MARINE LTD** <br> **FELOX MARINE LTD** <br> **RESPENT MARINE LTD** <br> **(as borrowers)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH**

**CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**

**KFW IPEX-BANK GMBH**

**NORDEA BANK ABP, FILIAL I NORGE**

**SMBC BANK INTERNATIONAL PLC** <br> **(as banks)**

**- and –**

**ING BANK N.V., SINGAPORE BRANCH**

**CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**

**KFW IPEX-BANK GMBH**

**NORDEA BANK ABP, FILIAL I NORGE** <br> **(as mandated lead arrangers)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH** <br> **(as coordinator)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH** <br> **(as agent and security trustee)**

**- and -**

**ING BANK N.V.**

**CREDIT AGRICOLE CORPORATE & INVESTMENT BANK** 

**KFW IPEX-BANK GMBH**

**NORDEA BANK ABP**

**SUMITOMO MITSUI BANKING CORPORATION, LONDON BRANCH** <br> **(as swap provider)**

**- and –**

**ING BANK N.V., SINGAPORE BRANCH** <br> **(as bookrunner)**

**- and –**

**ING BANK N.V., SINGAPORE BRANCH** <br> **(as sustainability coordinator)**

**SUPPLEMENTAL AGREEMENT TO THE**

**US$520,000,000 SECURED**

**LOAN FACILITY AGREEMENT**

------

**CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| 1 | DEFINITIONS AND INTERPRETATION | 2 |
| 2 | REPRESENTATIONS AND WARRANTIES | 3 |
| 3 | AMENDMENTS TO ORIGINAL LOAN AGREEMENT | 3 |
| 4 | CONDITIONS PRECEDENT | 3 |
| 5 | CONFIRMATION AND UNDERTAKING | 5 |
| 6 | COUNTERPARTS AND INTERPRETATION ETC | 6 |
| 7 | COMMUNICATIONS | 6 |
| 8 | LAW AND JURISDICTION | 6 |

---

---

| | | |
|:---|:---|:---|
| SCHEDULE 1 | THE BORROWERS | 13.0 |
| SCHEDULE 2 | THE BANKS AND THE SWAP PROVIDERS | 14.0 |
| SCHEDULE 3 | AMENDED AND RESTATED LOAN AGREEMENT | 15.0 |
| SCHEDULE 4 | EFFECTIVE DATE NOTICE | 16.0 |

---

------

**SUPPLEMENTAL AGREEMENT TO THE US$520,000,000 SECURED LOAN FACILITY**

**AGREEMENT DATED 11 MAY 2022**

**Dated:** 10 November **2022**

**BETWEEN:**

(1) the corporations listed in Schedule 1, each of which is a corporation incorporated under the laws of the country indicated against its name in Schedule 1 with
 its registered office at the address indicated against its name in Schedule 1 (together the "**Borrowers**" and each a **"Borrower"**); and

(2) the banks listed in Schedule 2, each acting through its office at the address indicated against its name in Schedule 2 (together the "**Banks**" and each a
 "**Bank** "); and

(3) **ING BANK N.V., SINGAPORE BRANCH, CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**, **KFW IPEX-BANK GMBH** and **NORDEA BANK ABP, FILIAL I NORGE** as

 mandated lead arrangers (together the "**Mandated Lead Arrangers"** and each a "**Mandated Lead Arranger** "); and

(4) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as agent for the Finance Parties
 (in that capacity, the "**Agent** "); and

(5) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as security
 trustee for the relevant Finance Parties (in that capacity, the "**Security Trustee** "); and

(6) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as coordinator
 (in that capacity, the "**Coordinator** "); and

(7) the banks identified as swap providers and listed in Schedule 2, each acting through its office at the address indicated against its name
 in Schedule 2 and on a multibranch basis if specified as a "Multibranch Party" in the relevant Master Agreement (together, the "**Swap Providers**" and each a "**Swap Provider** "); and

(8) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as bookrunner
 (in that capacity, the "**Bookrunner** "); and

(9) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as
 sustainability coordinator (in that capacity, the "**Sustainability Coordinator** ").

**SUPPLEMENTAL TO** a secured loan facility agreement dated 11 May 2022 (as amended, supplemented and/or varied from time to time, the "**Original Loan Agreement**") made between, the Borrowers, the Banks, the Mandated Lead Arrangers, the Agent, the Security Trustee, the Coordinator, the Swap Providers and the Bookrunner.

**WHEREAS:-**

The Borrowers and the Finance Parties agree to amend and restate the Original Loan Agreement on the terms set out in this Supplemental Agreement.

------

**IT IS AGREED** as follows:-

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

1.1 In this Supplemental Agreement:

"**Amended and Restated Loan Agreement**" means the Original Loan Agreement as amended and restated by this Supplemental Agreement in the form set out at Schedule 3.

"**Applicable Documents**" means this Supplemental Agreement, the Mortgage Amendments, the Replacement Guarantee and the Deed of Release and "**Applicable Document**" means any one of them.

"**Deed of Release**" means the deed of release to be issued by the Security Agent in favour of the Outgoing Guarantor in respect of the Existing Guarantee.

"**Effective Date**" means the date certified in an Effective Date Notice as the effective date of this Supplemental Agreement.

"**Effective Date Notice**" means a notice described as such for the purposes of this Supplemental Agreement (either in the form set out in Schedule 4 or such other form as the Agent may select) and signed by the Agent (acting on the instructions of the Banks) provided that the Agent (acting on the instructions of the Banks) shall not be obliged to sign any such notice unless the conditions precedent set out at Clause 4 have all been satisfied.

"**Existing Guarantee**" means the guarantee and indemnity dated 11 May 2022 in relation to, amongst other things, the Original Loan Agreement made by the Outgoing Guarantor in favour of the Security Trustee.

"**Mortgage Amendments**" means the amendments, addendums or equivalent to be executed in connection with each of the Mortgages relative to the amendment and restatement of the Original Loan Agreement on the Effective Date and "**Mortgage Amendment**" means any one of them.

"**New Guarantor**" means Cool Company Ltd., an exempted company incorporated under the laws of Bermuda whose registered office is at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda.

"**Outgoing Guarantor**" means Quantum Crude Tankers Ltd, a corporation incorporated under the laws of the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, PO Box 1405, Majuro, Marshall Islands MH96960.

"**Replacement Guarantee**" means the guarantee and indemnity granted or to be granted by the New Guarantor in favour of the Security Agent in such form and containing such terms and conditions as the Agent shall require.

1.2 Unless otherwise specified in this Supplemental Agreement, or unless the context otherwise requires, all words and expressions defined in
 the Amended and Restated Loan Agreement shall have the same meaning when used in this Supplemental Agreement and clauses 1.128 to 1.135 of the Amended and Restated Loan Agreement shall apply to the interpretation of this Supplemental Agreement
 as if they were set out in full.

------

1.3 Each of the parties to this Supplemental Agreement (the "Parties") agrees that this Supplemental Agreement is a Finance Document.

1.4 The Parties intend that this Supplemental Agreement take effect as a deed.

1.5 This Supplemental Agreement supersedes the terms and conditions contained in any correspondence relating to the subject matter of this
 Supplemental Agreement exchanged between any Finance Party and any Security Party or their representatives prior to the date of this Supplemental Agreement.

---

| | |
|:---|:---|
| **2** | **REPRESENTATIONS AND WARRANTIES** |

---

Each of the representations and warranties contained in clause 4 of the Amended and Restated Loan Agreement shall be deemed repeated by each of the Borrowers at the date of this Supplemental Agreement, by reference to the facts and circumstances then pertaining, as if references to the Finance Documents included this Supplemental Agreement.

---

| | |
|:---|:---|
| **3** | **AMENDMENTS TO ORIGINAL LOAN AGREEMENT** |

---

3.1 With effect from the Effective Date, the Original Loan Agreement shall be, and shall be deemed by this Supplemental Agreement to have been
 amended and restated in the form of the Amended and Restated Loan Agreement and, as amended and restated, the Original Loan Agreement shall continue in full force and effect and shall be binding on each of the parties to it on the terms of the
 Amended and Restated Loan Agreement.

3.2 With effect from the Effective Date, the Sustainability Coordinator shall become a party to the Amended and Restated Loan Agreement as the
 sustainability coordinator.

---

| | |
|:---|:---|
| **4** | **CONDITIONS PRECEDENT** |

---

4.1 Before the Agent (acting on the instructions of the Banks) shall have any obligation to sign an Effective Date Notice, the Borrowers shall
 deliver or cause to be delivered to or to the order of the Agent, in form and substance satisfactory to the Agent (acting on the instructions of the Banks), accompanied where necessary by translations into the English language, certified in a
 manner acceptable to the Agent and containing such attestations as the Agent may require (in the case of translations, certifications and attestations, acting reasonably):-.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 For each Security Party, a copy, certified by a duly authorised officer, director or secretary of that Security Party as true, complete,
 accurate and unamended, of the Articles of Incorporation and By-laws (or equivalent documents) of that Security Party, and of any other documents establishing or limiting the constitution of that Security Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 For each Security Party, a copy, certified by a duly authorised officer, director or secretary of that Security Party as true, complete,
 accurate and neither amended nor revoked, of (i) if a Borrower, a resolution of the directors and (if required) a resolution of the shareholders of that Borrower and (ii) if the New Guarantor, a resolution of the directors of the New Guarantor,
 together, where appropriate, with waivers of notice of any meetings, approving and authorising the execution of the Applicable Documents to which it is or is to be a party and of all matters incidental thereto or in connection therewith.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 A certificate by a duly authorised officer, director or secretary of each Borrower setting out the names of the directors and officers of
 that Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 A certificate by a duly authorised officer, director or secretary of the New Guarantor setting out the names of the directors and officers
 of the New Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 If applicable, an official certificate of good standing of each Security Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 The power of attorney of any of the Security Parties under which any documents are to be executed or transactions undertaken by that
 Security Party, which in the case of each Borrower shall be notarially attested and/or legalised if required by the Registration Authority of that Borrower's Vessel for the purpose of registering the relevant Mortgage Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.7 Specimen signatures and, if required, passport copies of the attorneys and directors of the Borrowers and the New Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.8 A letter from Cool Company Management Limited, accepting their appointment by each Security Party as agent for service of process pursuant
 to all relevant Finance Documents (including this Supplemental Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.9 Confirmation satisfactory to the Agent that all legal opinions required by the Agent will be given substantially in the form required by
 the Banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.10 If required, the Mortgage Amendments together with all other documents required in connection therewith, duly executed by the relevant
 Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.11 If required, evidence that the Mortgage Amendments will be capable of registration on the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.12 Evidence that each Relevant Vessel will be insured in the manner required by the relevant Finance Documents on the Effective Date and that
 letters of undertaking will be issued in the manner required by those Finance Documents (such evidence to include, without limitation, a confirmation that an insurance report (in form and substance acceptable to the Agent (acting on the
 instructions of the Majority Banks)) will be issued by an external insurance adviser mutually acceptable to the Agent and the Security Parties (such report at the cost and expense of the Borrowers) within seven (7) Business Days of the
 Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.13 This Supplemental Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.14 The Replacement Guarantee, together with all other documents required by it (or evidence that the same will be made available to the Agent
 on the Effective Date).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.15 The Deed of Release (or evidence that the same will be signed on the Effective Date).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.16 A copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the 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 Applicable Document or for the validity and enforceability of any Applicable
 Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.17 Such documentation and other evidence as is reasonably requested by the Agent in order for the Agent to comply with all necessary "know
 your customer" or similar identification procedures in relation to the New Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.18 Evidence that all of the shares of the Borrowers have been transferred or will be transferred on the Effective Date from the Outgoing
 Guarantor to the New Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.19 Evidence of an equity raise/initial public offering by the New Guarantor on Euronext Growth Oslo for a capital raise in an amount
 acceptable to the Banks including, without limitation, such documentation and other evidence as is reasonably requested by the Agent in relation thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.20 Evidence of the terms relating to any shareholder loans advanced by the New Guarantor (or any of its Subsidiaries) to any of the Borrowers
 (as creditor), such terms to provide that the rights of the New Guarantor under such shareholder loans shall be subordinated to the rights of the Finance Parties under the Finance Documents on terms acceptable to the Agent (acting on the
 instructions of the Majority Banks).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.21 Evidence of the consent from the charterers of each Vessel (being Shell Tankers (Singapore) Private Limited) in relation to the change of
 the shareholder of the Borrowers from the Outgoing Guarantor to the New Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.22 Payment to the Agent of any fees payable to the relevant Finance Parties pursuant to the fee letters signed on the same date as this
 Supplemental Agreement (or evidence that such fees will be paid to the Agent on the Effective Date).

---

| | |
|:---|:---|
| **5** | **CONFIRMATION AND UNDERTAKING** |

---

5.1 As and from the Effective Date, each of the Borrowers confirms that all of their respective obligations under or pursuant to each of the
 Security Documents to which they are respectively a party remain in full force and effect, despite the amendments to the Original Loan Agreement made in this Supplemental Agreement, as if all references in any of the Security Documents to the
 Original Loan Agreement (however described) were references to the Amended and Restated Loan Agreement.

5.2 As and from the Effective Date, each of the Borrowers confirms that all of their respective obligations under or pursuant to each of the
 Security Documents to which it is a party remain in full force and effect, notwithstanding the execution of the Deed of Release and the release and discharge of the Existing Guarantee thereunder.

5.3 As and from the Effective Date, the security interests in any of the Security Documents remain valid and effective and secure, amongst
 other things, the Amended and Restated Loan Agreement.

------

5.4 As and from the Effective Date, the definition of any term in any of the Finance Documents to which a Security Party is a party shall, to
 the extent necessary, be modified to reflect the amendment and restatement of the Original Loan Agreement made in or pursuant to this Supplemental Agreement.

---

| | |
|:---|:---|
| **6** | **COUNTERPARTS AND INTERPRETATION ETC** |

---

6.1 This Supplemental Agreement may be executed in any number of counterparts each of which shall be an original but which shall together
 constitute the same instrument.

6.2 The provisions of clause 18.6 of the Amended and Restated Loan Agreement shall apply to this Supplemental Agreement (mutatis mutandis) as
 if they were set out in full in this Supplemental Agreement.

6.3 The provisions of clause 18.18 of the Amended and Restated Loan Agreement shall apply to this Supplemental Agreement (mutatis mutandis) as
 if they were set out in full in this Supplemental Agreement.

---

| | |
|:---|:---|
| **7** | **COMMUNICATIONS** |

---

The provisions of clause 17 of the Amended and Restated Loan Agreement shall apply to this Supplemental Agreement as if they were set out in full and as if references to "the Finance Documents" were references to this Supplemental Agreement and as references therein to the "Borrowers" were references to all the parties to this Supplemental Agreement except for the Finance Parties.

---

| | |
|:---|:---|
| **8** | **LAW AND JURISDICTION** |

---

8.1 This Supplemental Agreement and any non-contractual obligations arising out of or in connection with it shall in all respects be governed
 by and construed in accordance with English law.

8.2 For the exclusive benefit of the Finance Parties, the parties to this Supplemental Agreement irrevocably agree that the courts of England
 are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Supplemental Agreement or relating to any non-contractual obligations arising from or in connection with this Supplemental Agreement and
 that any suit, action or proceedings arising out of or in connection with this Supplemental Agreement may be brought in those courts PROVIDED THAT nothing contained in this Clause shall limit the right of the Finance Parties to take any suit,
 action or proceedings against any of the Borrowers in any other court of competent jurisdiction nor shall the taking of any suit, action or proceedings against any of the Borrowers in one or more jurisdictions preclude the taking of any suit,
 action or proceedings in any other jurisdiction, whether concurrently or not.

8.3 Each of the Borrowers irrevocably waives any objection which it may now or in the future have to the laying of the venue of any suit,
 action or proceedings in any such court as is referred to in Clause 8.2 and any claim that such suit, action or proceedings has been brought in an inconvenient or inappropriate forum and irrevocably agrees that a judgment in any such suit,
 action or proceedings brought in any such court shall be conclusive and binding on the Borrowers and may be enforced in the courts of any other jurisdiction.

------

8.4 Each of the Borrowers irrevocably agrees that any writ, notice, judgment or other legal process in respect of this Supplemental Agreement
 and any of the other Finance Documents to which it is a party shall be sufficiently served on it if addressed to it and left at or sent by post to the Address for Service.

------

**IN WITNESS** of which the parties to this Supplemental Agreement have executed this Supplemental Agreement as a deed the day and year first before written.

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Ben Orchard |
| as a **DEED** by <u>Ben Orchard</u> | as a **DEED** by <u>Ben Orchard</u>) |  |
| as duly authorised attorney | as duly authorised attorney) |  |
| for and on behalf of | for and on behalf of) |  |
| **PERNLI MARINE LTD** | **PERNLI MARINE LTD**) |  |
| (as a Borrower) | (as a Borrower) |  |
| in the presence of:- | SIAN SANDERS) | /s/ Sian Sanders |
|  | INCE GORDON DADDS LLP |  |
|  | ALDGATE TOWER, 2 LEMAN STREET |  |
|  | LONDON |  |
|  | E1 8QN |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Ben Orchard |
| as a **DEED** by <u>Ben Orchard</u> | as a **DEED** by <u>Ben Orchard</u>) |  |
| as duly authorised attorney | as duly authorised attorney) |  |
| for and on behalf of | for and on behalf of) |  |
| **PERSECT MARINE LTD** | **PERSECT MARINE LTD**) |  |
| (as a Borrower) | (as a Borrower) |  |
| in the presence of:- | SIAN SANDERS) | /s/ Sian Sanders |
|  | INCE GORDON DADDS LLP |  |
|  | ALDGATE TOWER, 2 LEMAN STREET |  |
|  | LONDON |  |
|  | E1 8QN |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Ben Orchard |
| as a **DEED** by <u>Ben Orchard</u> | as a **DEED** by <u>Ben Orchard</u>) |  |
| as duly authorised attorney | as duly authorised attorney) |  |
| for and on behalf of | for and on behalf of) |  |
| **FELOX MARINE LTD** | **FELOX MARINE LTD**) |  |
| (as a Borrower) | (as a Borrower) |  |
| in the presence of:- | SIAN SANDERS) | /s/ Sian Sanders |
|  | INCE GORDON DADDS LLP |  |
|  | ALDGATE TOWER, 2 LEMAN STREET |  |
|  | LONDON |  |
|  | E1 8QN |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Ben Orchard |
| as a **DEED** by <u>Ben Orchard</u> | as a **DEED** by <u>Ben Orchard</u>) |  |
| as duly authorised attorney | as duly authorised attorney) |  |
| for and on behalf of | for and on behalf of) |  |
| **RESPENT MARINE LTD** | **RESPENT MARINE LTD**) |  |
| (as a Borrower) | (as a Borrower) |  |
| in the presence of:- | SIAN SANDERS) | /s/ Sian Sanders |
|  | INCE GORDON DADDS LLP |  |
|  | ALDGATE TOWER, 2 LEMAN STREET |  |
|  | LONDON |  |
|  | E1 8QN |  |

---

Supplemental Agreement No. 1 <br>

------

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chung Kane Yoongu |
| as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u> | as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u>) | Chung Kane Yoongu |
| as duly authorised | as duly authorised) | Director |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Tan Yuan Yuan |
| (as a Bank) | (as a Bank) | Tan Yuan Yuan |
| in the presence of:- | ING Bank N.V. Singapore) |  |
| /s/ Chua Herk Yuan | 1 Wallich Street |  |
| Chua Herk Yuan | #12-02 Guoco Tower |  |
|  | Singapore 078881 |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **CREDIT AGRICOLE** | **CREDIT AGRICOLE**) |  |
| **CORPORATE & INVESTMENT BANK** | **CORPORATE & INVESTMENT BANK**) |  |
| (as a Bank) | (as a Bank) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **KFW IPEX-BANK GMBH** | **KFW IPEX-BANK GMBH**) |  |
| (as a Bank) | (as a Bank) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **NORDEA BANK ABP, FILIAL I NORGE** | **NORDEA BANK ABP, FILIAL I NORGE**) |  |
| (as a Bank) | (as a Bank) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Aipa Shah |
| as a **DEED** by <u>Aipa Shah and Masao Yokoyama</u> | as a **DEED** by <u>Aipa Shah and Masao Yokoyama</u>) | Aipa Shah |
| as duly authorised | as duly authorised) | MD & Co-GM |
| for and on behalf of | for and on behalf of) |  |
| **SMBC BANK INTERNATIONAL PLC** | **SMBC BANK INTERNATIONAL PLC**) | /s/ Masao Yokoyama |
| (as a Bank) | (as a Bank) | Masao Yokoyama |
| in the presence of:- | /s/ Pierre Kerdmaff) | Executive Director |
|  | Pierre Kerdmaff |  |
|  | 100 Liverpool Street, London EC2M 2AT |  |

---

Supplemental Agreement No. 1 <br>

------

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chung Kane Yoongu |
| as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u> | as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u>) | Chung Kane Yoongu |
| as duly authorised | as duly authorised) | Director |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Tan Yuan Yuan |
| (as a Mandated Lead Arranger) | (as a Mandated Lead Arranger) | Tan Yuan Yuan |
| in the presence of:- | ING Bank N.V. Singapore) |  |
| /s/ Chua Herk Yuan | 1 Wallich Street |  |
| Chua Herk Yuan | #12-02 Guoco Tower |  |
|  | Singapore 078881 |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Attorney-in-fact |
| as duly authorised | as duly authorised) |  |
| for and on behalf of | for and on behalf of) |  |
| **CREDIT AGRICOLE** | **CREDIT AGRICOLE**) |  |
| **CORPORATE & INVESTMENT BANK** | **CORPORATE & INVESTMENT BANK**) |  |
| (as a Mandated Lead Arranger) | (as a Mandated Lead Arranger) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **KFW IPEX-BANK GMBH** | **KFW IPEX-BANK GMBH**) |  |
| (as a Mandated Lead Arranger) | (as a Mandated Lead Arranger) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **NORDEA BANK ABP, FILIAL I NORGE** | **NORDEA BANK ABP, FILIAL I NORGE**) |  |
| (as a Mandated Lead Arranger) | (as a Mandated Lead Arranger) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chung Kane Yoongu |
| as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u> | as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u>) | Chung Kane Yoongu |
| as duly authorised | as duly authorised) | Director |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Tan Yuan Yuan |
| (as Coordinator) | (as Coordinator) |  |
| in the presence of:- | ING Bank N.V. Singapore) |  |
| /s/ Chua Herk Yuan | 1 Wallich Street |  |
| Chua Herk Yuan | #12-02 Guoco Tower |  |
|  | Singapore 078881 |  |

---

Supplemental Agreement No. 1 <br>

------

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Margaret Wong |
| as a **DEED** by <u>Margaret Wong and Yeo Chai Wee</u> | as a **DEED** by <u>Margaret Wong and Yeo Chai Wee</u>) | Margaret Wong |
| as duly authorised | as duly authorised) | Vice President |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Yeo Chai Wee |
| (as Agent) | (as Agent) | Yeo Chai Wee |
| in the presence of:- | ING Bank N.V., Singapore Branch) | Manager |
| /s/ Jaden Toh | 1 Wallich Street |  |
| Jaden Toh | #12-01 Guoco Tower |  |
| Assistant Manager | Singapore 078881 |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Margaret Wong |
| as a **DEED** by <u>Margaret Wong and Yeo Chai Wee</u> | as a **DEED** by <u>Margaret Wong and Yeo Chai Wee</u>) | Margaret Wong |
| as duly authorised | as duly authorised) | Vice President |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Yeo Chai Wee |
| (as Security Trustee) | (as Security Trustee) | Yeo Chai Wee |
| in the presence of:- | ING Bank N.V. Singapore Branch) | Manager |
| /s/ Jaden Toh | 1 Wallich Street |  |
| Jaden Toh | #12-01 Guoco Tower |  |
| Assistant Manager | Singapore 078881 |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chung Kane Yoongu |
| as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u> | as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u>) | Chung Kane Yoongu |
| as duly authorised | as duly authorised) | Director |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V.** | **ING BANK N.V.**) | /s/ Tan Yuan Yuan |
| (as a Swap Provider) | (as a Swap Provider) | Tan Yuan Yuan |
| in the presence of:- | ING Bank N.V. Singapore) |  |
| /s/ Chua Herk Yuan | 1 Wallich Street |  |
| Chua Herk Yuan | #12-02 Guoco Tower |  |
|  | Singapore 078881 |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **CREDIT AGRICOLE** | **CREDIT AGRICOLE**) |  |
| **CORPORATE & INVESTMENT BANK** | **CORPORATE & INVESTMENT BANK**) |  |
| (as a Swap Provider) | (as a Swap Provider) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |

---

Supplemental Agreement No. 1 <br>

------

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **KFW IPEX-BANK GMBH** | **KFW IPEX-BANK GMBH**) |  |
| (as a Swap Provider) | (as a Swap Provider) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chang Wei Liang |
| as a **DEED** by <u>Chang Wei Liang</u> | as a **DEED** by <u>Chang Wei Liang</u>) | Chang Wei Liang |
| as duly authorised | as duly authorised) | Attorney-in-fact |
| for and on behalf of | for and on behalf of) |  |
| **NORDEA BANK ABP** | **NORDEA BANK ABP**) |  |
| (as a Swap Provider) | (as a Swap Provider) |  |
| in the presence of:- | /s/ Revathi Sasitharan) |  |
|  | Revathi Sasitharan |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Aipa Shah |
| as a **DEED** by <u>Aipa Shah and Masaoo Yokoyama</u> | as a **DEED** by <u>Aipa Shah and Masaoo Yokoyama</u>) | Aipa Shah |
| as duly authorised | as duly authorised) | MD & Co-GM |
| for and on behalf of | for and on behalf of) |  |
| **SUMITOMO MITSUI BANKING** | **SUMITOMO MITSUI BANKING**) | /s/ Masaoo Yokoyama |
| **CORPORATION, LONDON BRANCH** | **CORPORATION, LONDON BRANCH**) | Masaoo Yokoyama |
| (as a Swap Provider) | (as a Swap Provider) | Executive Director |
| in the presence of:- | /s/ Pierre Kerdmaff) |  |
|  | Pierre Kerdmaff |  |
|  | 100 Liverpool Street, London EC2M 2AT |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chung Kane Yoongu |
| as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u> | as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u>) | Chung Kane Yoongu |
| as duly authorised | as duly authorised) | Director |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Tan Yuan Yuan |
| (as Bookrunner) | (as Bookrunner) | Tan Yuan Yuan |
| in the presence of:- | ING Bank N.V. Singapore) |  |
| /s/ Chua Herk Yuan | 1 Wallich Street |  |
| Chua Herk Yuan | #12-02 Guoco Tower |  |
|  | Singapore 078881 |  |

---

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED**) | /s/ Chung Kane Yoongu |
| as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u> | as a **DEED** by <u>Kane Chung and Tan Yuan Yuan</u>) | Chung Kane Yoongu |
| as duly authorised | as duly authorised) | Director |
| for and on behalf of | for and on behalf of) |  |
| **ING BANK N.V., SINGAPORE BRANCH** | **ING BANK N.V., SINGAPORE BRANCH**) | /s/ Tan Yuan Yuan |
| (as Sustainablity Coordinator) | (as Sustainablity Coordinator) | Tan Yuan Yuan |
| in the presence of:- | ING Bank N.V. Singapore) |  |
| /s/ Chua Herk Yuan | 1 Wallich Street |  |
| Chua Herk Yuan | #12-02 Guoco Tower |  |
|  | Singapore 078881 |  |

---

Supplemental Agreement No. 1 <br>

------

**SCHEDULE 1**

**The Borrowers**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Borrower** | &nbsp;&nbsp;**Country of Incorporation** | &nbsp;&nbsp;**Registered Office** |
| &nbsp;&nbsp;**Pernli Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Persect Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Felox Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Respent Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |

---

Supplemental Agreement No. 1

------

**SCHEDULE 2**

**The Banks and the Swap Providers**

**<u>The Banks</u>**

**ING Bank N.V., Singapore Branch**

1 Wallich Street, #12-01 Guoco Tower, Singapore 078881

**Credit Agricole Corporate & Investment Bank**

12 Place des Etats-Unis, CS 70052, <br> 92547, Montrouge Cedex, France

**KfW IPEX-Bank GmbH**

Palmengartenstrasse 5-9, 60325 Frankfurt

Germany

**Nordea Bank Abp, filial i Norge**

Essendrops gate 7, 0368 Oslo, Norway

**SMBC Bank International Plc**

100 Liverpool Street

London EC2M 2AT

United Kingdom

**<u>The Swap Providers</u>**

**ING Bank N.V.**

Foppingadreef 7

P.O. Box 1800, NL-1000 BV Amsterdam

The Netherlands

**Credit Agricole Corporate & Investment Bank**

12 Place des Etats-Unis, CS 70052, <br> 92547, Montrouge Cedex, France

**KfW IPEX-Bank GmbH**

Palmengartenstrasse 5-9, 60325 Frankfurt

Germany

**Nordea Bank Abp**

c/o Nordea Danmark, Filial af Nordea Bank Abp, Finland <br> 7288 Derivatives Services

Postbox 850

DK-0900 Copenhagen C

Denmark

**Sumitomo Mitsui Banking Corporation, London Branch**

100 Liverpool Street

London EC2M 2AT

United Kingdom

Supplemental Agreement No. 1

------

**SCHEDULE 3**

**Amended and Restated Loan Agreement**

Supplemental Agreement No. 1

------

**Execution Copy**

**<u>DATED 11 MAY 2022</u>**

**(amended and restated pursuant to a supplemental agreement dated** <u>10 November</u> **2022)**

**PERNLI MARINE LTD <br> PERSECT MARINE LTD <br> FELOX MARINE LTD <br> RESPENT MARINE LTD <br> (as borrowers)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH**

**CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**

**KFW IPEX-BANK GMBH**

**NORDEA BANK ABP, FILIAL I NORGE <br> (as banks)**

**ING BANK N.V., SINGAPORE BRANCH**

**CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**

**KFW IPEX-BANK GMBH**

**NORDEA BANK ABP, FILIAL I NORGE <br> (as mandated lead arrangers)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH <br> (as coordinator)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH <br> (as agent and security trustee)**

**- and -**

**ING BANK N.V.**

**CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**

**KFW IPEX-BANK GMBH**

**NORDEA BANK ABP <br> (as original swap providers)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH <br> (as bookrunner)**

**- and -**

**ING BANK N.V., SINGAPORE BRANCH <br> (as sustainability coordinator)**

**US$520,000,000 SECURED**

**LOAN FACILITY AGREEMENT**

------

**CONTENTS**

**Page**

1. DEFINITIONS AND INTERPRETATION 5

2. THE LOAN AND ITS PURPOSE 20

3. CONDITIONS PRECEDENT AND SUBSEQUENT 22

4. REPRESENTATIONS AND WARRANTIES 27

5. REPAYMENT AND PREPAYMENT 29

6. SALE AND RELEASE OF VESSELS, TOTAL LOSS AND MANDATORY PREPAYMENT 31

7. INTEREST 34

8. FLAG; CHANGE OF OWNERSHIP AND FLAG 39

9. FEES 41

10. SECURITY DOCUMENTS 41

11. AGENCY AND TRUST 42

12. COVENANTS 52

13. EVENTS OF DEFAULT 59

14. SET-OFF AND LIEN 63

15. SYNDICATION AND SUB-PARTICIPATION 63

16. PAYMENTS, MANDATORY PREPAYMENT, RESERVE REQUIREMENTS AND ILLEGALITY 66

17. NOTICES 71

18. MISCELLANEOUS 71

19. LAW AND JURISDICTION 74

20. CONFIDENTIALITY 75

------

---

| | | |
|:---|:---|:---|
| 21. | HEADINGS AND CONTENTS PAGE(S) | 77 |
| 22. | CONTRACTUAL RECOGNITION OF BAIL-IN | 77 |
| 23. | PERSONAL DATA PROTECTION | 79 |
| 24. | LETTER OF OFFER | 79 |
| SCHEDULE 1 | SCHEDULE 1 | 84 |
| SCHEDULE 2 | SCHEDULE 2 | 85 |
| SCHEDULE 3 | SCHEDULE 3 | 89 |
| SCHEDULE 4 | SCHEDULE 4 | 90 |
| SCHEDULE 5 | SCHEDULE 5 | 93 |
| SCHEDULE 6 | SCHEDULE 6 | 95 |
| APPENDIX A | APPENDIX A | 99 |
| APPENDIX B | APPENDIX B | 100 |
| SCHEDULE 7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FORM OF DEED OF ACCESSION | SCHEDULE 7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FORM OF DEED OF ACCESSION | 107 |

---

------

**LOAN AGREEMENT**

**Dated: 11 May 2022 (amended and restated pursuant to a supplemental agreement dated** <u>10 November</u> **2022)**

**BETWEEN:**

(1) the corporations listed in Schedule 1, each of which is a corporation incorporated under the laws of the country indicated
 against its name in Schedule 1 with its registered office at the address indicated against its name in Schedule 1 (together the "**Borrowers**" and each a "**Borrower** "); and

(2) the banks identified as banks and listed in Schedule 2, each acting through its office at the address indicated against its name
 in Schedule 2 (together the "**Banks**" and each a "**Bank** "); and

(3) **ING BANK N.V., SINGAPORE BRANCH**, **CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**, **KFW IPEX-BANK GMBH** and **NORDEA BANK ABP, FILIAL I NORGE** as mandated lead arrangers (together the "**Mandated Lead Arrangers**" and each a "**Mandated Lead Arranger** "); and

(4) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as
 agent for the Finance Parties (in that capacity, the "**Agent** "); and

(5) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as
 security trustee for the relevant Finance Parties (in that capacity, the "**Security Trustee** "); and

(6) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as
 coordinator (in that capacity, the "**Coordinator** "); and

(7) the banks identified as original swap providers and listed in Schedule 2, each acting through its office at the address indicated
 against its name in Schedule 2 and on a multibranch basis if specified as a "Multibranch Party" in the relevant Master Agreement (together, the "**Original Swap Providers** "; and

(8) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as
 bookrunner (in that capacity, the "**Bookrunner** "); and

(9) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as
 sustainability coordinator (in that capacity, the "**Sustainability Coordinator** ").

**WHEREAS:-**

(A) Each of the Borrowers is or will be the registered owner of the Vessel indicated against its name in Schedule 1 and each of the
 Vessels is or will be registered under the laws and flag indicated against the name of that Vessel in Schedule 1.

(B) Each of the Banks has agreed to advance to the Borrowers, as joint and several debtors and obligors, its respective commitment of
 an aggregate amount not exceeding five hundred and twenty million Dollars ($520,000,000) in order to assist the Borrowers in financing part of the cost of acquisition of their respective Vessels.

------

**IT IS AGREED** as follows:-

**1. DEFINITIONS AND INTERPRETATION**

In this Agreement (including its Recitals):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. "**Acceding Swap Provider**" means a Bank (or an Affiliate thereof) which has executed the Deed of Accession and "**Acceding Swap Providers**" means more than one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. "**Address for Service**" means Cool Company Management Limited, 5<sup>th</sup> Floor, 7 Clarges Street, London W1J 8AE or such other address in England or Wales as the Borrowers or, in relation to the Guarantee, the Guarantor, may from time to time designate by not fewer than ten (10) days'
 written notice to the Agent for that purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. "**Administration**" has the meaning given to it in paragraph 1.1.3 of the ISM Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. "**Advance Date**" means any date on which the Loan or any part thereof is advanced to the Borrowers pursuant to this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5. "**Affiliate**" has the meaning given to that term in the Guarantee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6. "**Annex VI**" means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International
 Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7. "**Approved Classification Society**" means American Bureau of Shipping, Nippon Kaiji Kyokai (Class NK), DNV, Lloyd's
 Register, Bureau Veritas, Korean Register of Shipping, China Classification Society or an equivalent organisation or any other classification society each as approved by the Agent (acting on the instructions of the Majority Banks).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8. "**Assignments**" means the deeds of assignment of the Insurances, Earnings and Requisition Compensation to be entered into on
 or around the Advance Date relevant to a Vessel Loan relevant to a Vessel as referred to in Clause 10.1 (or in the context of a Transferred Vessel, as referred to, provided for and entered into pursuant to Clauses 8.1(e) and 8.2) and "**Assignment** "
 means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9. "**Availability Termination Date**" means 13 May 2022, or such later date as the Borrowers and the Agent (acting on the
 instructions of all the Banks) shall agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10. "**Bank Affiliate**" means, in relation to any Bank or to the Agent or to the Security Trustee, a wholly-owned subsidiary (as
 defined in section 1159(2) of the Companies Act 2006) of that Bank or of the Agent or of the Security Trustee, or the holding company (as defined in section 1159(1) of the Companies Act 2006) of that Bank or of the Agent or of the Security
 Trustee or any other wholly-owned subsidiary of that holding company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11. "**Borrower Four**" means the Borrower designated as "**Borrower Four**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12. "**Borrower One**" means the Borrower designated as "**Borrower One**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13. "**Borrower Three**" means the Borrower designated as "**Borrower Three**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14. "**Borrower Two**" means the Borrower designated as "**Borrower Two**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15. "**Break Costs**" means, in respect of each Vessel Loan, the amount certified by the Agent (which certificate, if requested by
 the Borrowers, shall contain a calculation in reasonable detail) to be the present value of the positive amount, if any, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of interest (exclusive of the Margin) which would otherwise have accrued pursuant to this Agreement on the principal
 amount prepaid for the period beginning on the date of the prepayment and ending on the last day of the then current Interest Period;

minus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the interest component of the amount which each relevant Bank would have been able to obtain by placing an amount equal to the
 principal amount received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the expiry of the then current Interest Period.

The calculated Break Costs will be advised to the Agent and the Agent will advise the Borrowers accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16. "**Business Day**" means any day on which banks are open for the transaction of business of the nature contemplated by this
 Agreement (and not authorised by law to close) in London (England), Singapore, Oslo (Norway), Frankfurt (Germany), Hong Kong, Paris (France), Tokyo (Japan) and, only in relation to a day on which a payment in Dollars is required, New York
 (United States of America) and, only in relation to the fixing of an interest rate, a US Government Securities Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17. "**Code**" means the US Internal Revenue Code of 1986.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18. "**Commitment**" means, in respect of each Bank, the amount of the Loan which that Bank agrees to advance to the Borrowers as
 its several liability as indicated against the name of that Bank in Schedule 2 or, where the context permits, the amount thereof for the time being outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19. "**Company**" means, at any given time and in relation to any Vessel, the company responsible for that Vessel's compliance
 with the ISM Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20. "**Confidential Information**" means all information relating to any Security Party, any other member of the Group, the
 Finance Documents or the Loan of which a

------

Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party 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 Loan from either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Security Party, any other member of the Group or any of its advisers; or

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

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 information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 20; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is identified in writing at the time of delivery as non-confidential by any Security Party, any other member of the Group or any
 of its advisers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above
 or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with any Security Party or any other member of 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21. "**Confidentiality Agreement**" means a confidentiality agreement between the Borrowers, the Guarantor and the proposed
 recipient of Confidential Information in the form set out at Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22. "**Confirmation**" means, in respect of a Master Agreement, a confirmation exchanged or deemed to be exchanged between the
 relevant Swap Provider and the Borrower party to that Master Agreement evidencing a Transaction as contemplated by that Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23. "**Convention**" means the Maritime Labour Convention, 2006 as adopted by the International Labour Organization on 23 February
 2006.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24. "**Credit Support Document**" means any document described as such in any Master Agreement and, where the context permits, any
 other document referred to in any Credit Support Document which has the effect of creating an Encumbrance in favour of any of the Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25. "**Credit Support Provider**" means, in respect to each Master Agreement, any person (other than the Borrower party to that
 Master Agreement) described as such in that Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26. "**Currency of Account**" means, in respect of any payment to be made to a Finance Party under or pursuant to any of the
 Finance Documents, the currency in which that payment is required to be made by the terms of the relevant Finance Document.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27. "**Daily Simple SOFR**" means, for any day, a rate per annum equal to SOFR (and rounded to the same number of decimal places
 as Term SOFR) for the day that is 5 US Government Securities Business Days prior to (i) if such day is a US Government Securities Business Day, that day or (ii) if such day is not a US Government Securities Business Day, the US Government
 Securities Business Day immediately preceding such day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28. "**Deed of Accession**" means a deed of accession to this Agreement materially in the form set out in Schedule 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29. "**Deeds of Covenants**" means, in the context of a Transferred Vessel, any deed of covenants to be entered into as referred
 to, provided for and entered into pursuant to Clauses 8.1(e) and 8.2 and "**Deed** of **Covenants**" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30. "**Default Rate**" means the rate per annum that is the aggregate of (a) the Margin, (b) the applicable Reference Rate and (c)
 two per cent (2%) or, at any time when Clause 7.14 applies to a Vessel Loan, for any Unpaid Sum applicable to that Vessel Loan, the rate which is two per cent (2%) per annum higher than the rate which would have been payable if that Unpaid Sum
 had, during the period of non-payment, constituted part of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31. "**Delivery Date CPs**" means, in respect of a Vessel Loan, those conditions precedent listed in Clause 3.1 or, as the case
 may be, Clause 3.2 to which the Borrowers and all Banks may mutually agree after the date of this Agreement are permitted to be satisfied on the delivery date of the relevant Vessel if that occurs later than the Advance Date of that Vessel
 Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32. "**DOC**" means a valid Document of Compliance issued for the Company by the Administration pursuant to paragraph 13.2 of the
 ISM Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33. "**Dollars**" and "**$**" each means available and freely transferable and convertible funds in lawful currency of the
 United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34. "**Drawdown Notice**" means a notice complying with Clause 2 and materially in the form of Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35. "**Drawing**" means any part of the Loan advanced or to be advanced pursuant to a Drawdown Notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36. "**Earnings**" means, in relation to each Vessel, all hires, freights, pool income and other sums payable from time to time to
 or for the account of the relevant Borrower in respect of that Vessel including (without limitation) all remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, compensation in respect of
 any requisition for hire and damages (whether awarded by any court or arbitral tribunal or by agreement or otherwise) for breach, termination or variation of any contract for the operation, employment or use of that Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37. "**Early Termination Date**" has the meaning given to it in a Master Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38. "**Effective Date**" has the meaning set out in the Supplemental Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39. "**Encumbrance**" means any mortgage, charge, pledge, lien, assignment, hypothecation, title retention or trust arrangement or
 any other agreement or arrangement which has the effect of creating security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40. "**Event of Default**" means any of the events set out in Clause 13.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41. "**Facility Period**" means the period beginning on the date of this Agreement and ending on the date when the whole of the
 Indebtedness has been repaid in full and the Security Parties have ceased to be under any further actual or contingent liability to the Finance Parties under or in connection with the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42. "**FATCA**" means:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43. "**FATCA Application Date**" means:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraph (a) above the first
 date from which such payment may become subject to a deduction or withholding required by FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44. "**FATCA Deduction**" means a deduction or withholding from a payment under a Finance Document (excluding any Master
 Agreement) required by FATCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45. "**FATCA Exempt Party**" means a party to any of the Finance Documents (excluding any Master Agreement) that is entitled to
 receive payments free from any FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46. "**Fee Letters**" means the fee letters issued on or before the date of this Agreement by the Agent or any other Finance Party
 to the Borrowers and countersigned by the Borrowers and "**Fee Letter**" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47. "**Finance Documents**" means this Agreement, any Master Agreements, the Security Documents, any Fee Letter and any other
 document designated as such by the Agent and the Borrowers and "Finance Document" means any one of them.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48. "**Finance Parties**" means the Banks, the Agent, the Swap Providers, the Mandated Lead Arrangers, the Coordinator, the
 Sustainability Coordinator, the Bookrunner and the Security Trustee and "**Finance Party**" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49. "**GLNG**" means Golar LNG Limited, a company incorporated under the laws of Bermuda with its registered office at 2<sup>nd</sup> Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamiliton HM11, Bermua.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50. "**Group**" means the Guarantor and all Subsidiaries of the Guarantor from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51. "**Guarantee**" means the guarantee and indemnity of the Guarantor as referred to in Clause 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52. "**Guarantor**" means Cool Company Ltd., an exempted company incorporated under the laws of Bermuda with its registered office
 at 2<sup>nd</sup> Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda and/or (where the context permits) any other company or person who shall with the
 prior written approval of all the Banks at any time during the Facility Period give to the Banks or to the Agent or the Security Trustee on their behalf a guarantee and/or indemnity for the due repayment of all or part of the Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53. "**Historic Term SOFR**" means, in relation to a Vessel Loan or part thereof, the most recent applicable Term SOFR for a
 period equal in length to the Interest Period of that Vessel Loan and which is as of a day which is no more than five (5) US Government Securities Business Days before the Quotation Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54. "**Indebtedness**" means the Loan and all other sums of any nature including costs (together with all interest thereon) which
 from time to time may be or become due and payable by the Security Parties or any one of them to any of the Finance Parties pursuant to the Finance Documents, or, where the context permits, the amount thereof for the time being outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55. "**Insurances**" means, in relation to any Vessel, all policies and contracts of insurance (including all entries in
 protection and indemnity or war risks associations) which are from time to time taken out or entered into in respect of or in connection with that Vessel or her increased value or her Earnings and (where the context permits) all benefits
 thereof, including all claims of any nature and returns of premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56. "**Interest Payment Date**" means each date for the payment of interest in accordance with Clause 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57. "**Interest Period**" means each interest period (or, where the context permits, periods) selected by the Borrowers or
 otherwise agreed by the Agent pursuant to Clause 7.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58. "**Interpolated Historic Term SOFR**" means, in relation to a Vessel Loan or part thereof, the rate (rounded to the same number
 of decimal places as Term SOFR) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the most recent applicable Term SOFR (as of a day which is not more than five (5) US Government Securities Business Days before
 the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Vessel Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no such Term SOFR is available for a period which is less than the Interest Period of that Vessel Loan, SOFR for a day which
 is no more than five (5) and no less than two (2) US Government Securities Business Days before the Quotation Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the most recent applicable Term SOFR (as of a day which is not more than five (5) US Government Securities Business Days before
 the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59. "**Interpolated Term SOFR**" means, in relation to a Vessel Loan or part thereof, the rate (rounded to the same number of
 decimal places as Term SOFR) which results from interpolating on a linear basis between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the applicable Term SOFR (as of the Quotation Day) for the longest period (for which Term SOFR is available) which is less than
 the Interest Period of that Vessel Loan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if no such Term SOFR is available for a period which is less than the Interest Period of that Vessel Loan, SOFR for the day which
 is two (2) US Government Securities Business Days before the Quotation Day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the applicable Term SOFR (as of the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the
 Interest Period of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60. "**ISM Code**" means the International Management Code for the Safe Management of Ships and for Pollution Prevention, as
 adopted by the Assembly of the International Maritime Organisation on 4 November 1993 by resolution A.741 (18) and incorporated on 19 May 1994 as Chapter X of the Safety of Life at Sea Convention 1974.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61. "**ISPS Code**" means the International Ship and Port Security Code as adopted by the Conference of Contracting Governments to
 the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62. "**ISSC**" means a valid international ship security certificate for a Vessel issued under the ISPS Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63. "**law**" means any law, statute, treaty, convention, regulation, instrument or other subordinate legislation or other
 legislative or quasi-legislative rule or measure, or any order or decree of any government, judicial or public or other body or authority.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64. "**Loan**" means the aggregate of the Vessel Loans advanced or to be advanced by the Banks to the Borrowers pursuant to Clause
 2 or, where the context permits, the amount thereof for the time being outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65. "**Majority Banks**" means Banks whose aggregate Proportionate Shares are (or the Bank whose Proportionate Share is) greater
 than 66 <sup>2</sup>/<sub>3</sub>%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66. "**Managers**" means Cool Company Management Ltd (inclusive of its sub-contractor Cool Company Management A/S as ISM Company
 and sub-manager) or any other organisation agreed by the Agent (acting on the instructions of the Majority Banks) or permitted, in each case, pursuant to Clause 12.1.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67. "**Margin**" means, in respect of a Vessel Loan, (i) from its Advance Date and to and excluding the Effective Date, one point
 eight zero per cent (1.80%) per annum and (ii) from and including the Effective Date and for the remainder of the Facility Period, two per cent (2%) per annum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68. "**Master Agreements**" means, together each ISDA Master Agreement (or any other form of master agreement relating to interest
 exchange transactions) entered into from time to time between a Borrower and a Swap Provider, including the Schedule to that Master Agreement, each Confirmation exchanged pursuant to that Master Agreement and all Transactions from time to time
 entered into under that Master Agreement and "**Master Agreement**" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69. "**Master Agreement Proceeds**" means any and all sums due and payable to a Borrower under any Master Agreement to which it is
 a party following an Early Termination Date thereunder (subject always to all rights of netting and set-off contained in that Master Agreement) and all rights to require and enforce the payment of those sums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70. "**Master Agreement Charges**" means the deeds of charge referred to in Clause 10.1.3 and "**Master** Agreement **Charge** "
 means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71. "**Maturity Date**" means, in respect of each Vessel Loan, the date occurring on the seventh (7<sup>th</sup>) anniversary of the Advance Date of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72. "**Mortgages**" means the first preferred mortgages or first priority statutory mortgages to be entered into on or around the
 Advance Date relevant to a Vessel Loan relevant to a Vessel as referred to in Clause 10.1 (or in the context of a Transferred Vessel, as referred to, provided for and entered into pursuant to Clauses 8.1(e) and 8.2) and "**Mortgage**" means
 any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73. "**Ownership Mandatory Prepayment Event**" means any of the circumstances specified in Clause 6.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74. "**Permitted Encumbrance**" means any Encumbrance which has the prior written approval of the Agent (acting on the
 instructions of the Majority Banks), or any Encumbrance arising either by operation of law or in the ordinary course of the business of any Borrower which is either promptly discharged or contested in good faith by that Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75. "**Poseidon Principles**" means the financial industry framework for assessing and disclosing the climate alignment of ship
 finance portfolios published in June 2019 as the same may be amended or replaced to reflect the changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from
 time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76. "**Potential Event of Default**" means any event which, with the giving of notice and/or the passage of time in respect of any
 grace period for the remedying of an Event of Default, the making of a determination under the Finance Documents or any combination of any of the foregoing, would constitute an Event of Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77. "**Prohibited Person**" means any person (whether designated by name or by reason of being included in a class of persons)
 against whom Sanctions are directed or who is acting on behalf of one or more persons or entities against whom Sanctions are directed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78. "**Proportionate Share**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for each Bank and at any time, the proportion which the then outstanding amount of that Bank's Commitment (whether or not
 advanced) bears to the then outstanding amount of the total Commitments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of a Swap Provider and for the purposes of Clause 7.16, at any relevant time, the proportionate share for that Swap
 Provider's or its Affiliate's facility office (in its capacity as a Bank) as determined in accordance with sub-paragraph (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79. "**Published Rate**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Term SOFR for any Quoted Tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80. "**Published Rate Contingency Period**" means, in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Term SOFR (all Quoted Tenors), ten (10) US Government Securities Business Days; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SOFR, ten (10) US Government Securities Business Days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81. "**Published Rate Replacement Event**" means, in relation to a Published Rate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the methodology, formula or other means of determining that Published Rate has, in the opinion of the Majority Banks and the
 Borrowers, materially changed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal,
 exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Published Rate is insolvent,

provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that Published Rate
 permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Published Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the supervisor of the administrator of that Published Rate publicly announces that such Published Rate has been or will be
 permanently or indefinitely discontinued; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the administrator of that Published Rate (or the administrator of an interest rate which is a constituent element of that
 Published Rate) determines that that Published Rate should be calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Banks and the Borrowers)
 temporary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than the applicable
 Published Rate Contingency Period; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the opinion of the Majority Banks and the Borrowers, that Published Rate is otherwise no longer appropriate for the purposes
 of calculating interest under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82. "**Purchase Price**" means, in respect of each Vessel, the purchase price in Dollars set out beside each Vessel in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83. "**Quantum Pacific**" means Quantum Pacific Shipping Limited, a corporation incorporated under the laws of Liberia with its
 registered office at 80 Broad Street, Monrovia, Liberia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84. "**Quotation Day**" means, in relation to any period for which an interest rate is to be determined, two (2) US Government
 Securities Business Days before the first day of that period (unless market practice differs in the relevant syndicated loan market, in which case the Quotation Day will be determined by the Agent in accordance with that market practice (and if
 quotations would normally be given on more than one day, the Quotation Day will be the last of those days)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85. "**Quoted Tenor**" means, in relation to Term SOFR, any period for which that rate is customarily displayed on the relevant
 page or screen of an information service.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86. "**Reference Rate**" means, in relation to a Vessel Loan or any part thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the applicable Term SOFR (as of the Quotation Day) and for a period equal in length to the Interest Period of that Vessel Loan;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) as otherwise determined pursuant to Clauses 7.11 to 7.13,

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87. "**Registration Authority**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as long as a Vessel is registered under Liberian flag, the Deputy Commissioner of Maritime Affairs of the Republic of Liberia
 (the "Libdepcom") (whether or not acting through the Libdepcom office in New York or London); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in respect of any other flag state, the relevant registration authority of that flag state for the registration of ships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88. "**Relevant Amount**" means prior to the earlier of the date of any public offering or private placement of any equity (or a
 combination thereof) involving (but not limited to) the Guarantor or its direct or indirect holding company, one (1) or more and, after such date, fifty per cent (50%) or more.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89. "**Relevant Market**" means the market for overnight cash borrowing collateralised by US Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90. "**Relevant Nominating Body**" means any applicable central bank, regulator or other supervisory authority or a group of them,
 or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91. "**Relevant Vessel**" means, in respect of any Advance Date for a Vessel Loan, each Vessel specified in the Drawdown Notice to
 which that Advance Date relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92. "**Repayment Date**" means the date for payment of any Repayment Instalment in accordance with Clause 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93. "**Repayment Instalment**" means any instalment of the Loan or any part thereof to be repaid by the Borrowers pursuant to
 Clause 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94. "**Replacement Reference Rate**" means a reference rate which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) formally designated, nominated or recommended as the replacement for a Published Rate by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the
 same as that measured by that Published Rate); or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Relevant Nominating Body,

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the "Replacement Reference Rate" will be the replacement under paragraph (ii) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the opinion of the Majority Banks and the Borrowers, generally accepted in the international or any relevant domestic
 syndicated loan markets as the appropriate successor to a Published Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the opinion of the Majority Banks and the Borrowers, an appropriate successor to a Published Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95. "**Requisition Compensation**" in relation to any Vessel means all compensation or other moneys which may from time to time be
 payable to the relevant Borrower as a result of that Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way of requisition for hire).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96. "**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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) imposed by law or regulation of the United Kingdom, the European Union, the United Nations or its Security Council, the United
 States of America, the Netherlands, France, Norway, Germany, Japan or Singapore or the respective governmental institutions or agencies of any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise imposed by any law or regulation by which any Security Party or any Affiliate of any of them is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97. "**Sanctioned Country**" means any country or territory which is, or whose government is, the target of country-wide
 Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98. "**Security Documents**" means the Mortgages, the Deeds of Covenants (if applicable), the Assignments, the Guarantee, the
 Master Agreement Charges, any other Credit Support Documents and (where the context permits) any one or more of them and any other agreement or document which may at any time be executed as security for the repayment of the Indebtedness and
 "Security Document" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99. "**Security Parties**" means the Borrowers, the Guarantor and any other Credit Support Provider and "**Security Party** "
 means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.100. "**SMC**" means, in relation to each Vessel, a valid safety management certificate issued for that Vessel by or on behalf of the relevant
 Administration pursuant to paragraph 13.7 of the ISM Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.101. "**SMS**" means, in relation to each Vessel, a safety management system for that Vessel developed and implemented in accordance with the
 ISM Code and including the functional requirements, duties and obligations required by the ISM Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.102. "**SOFR**" means the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person
 which takes over the administration of that rate) published (before any correction, recalculation or republication by the administrator) by the Federal Reserve Bank of New York (or any other person which takes over the publication of that
 rate).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.103. "**SOLAS**" means the International Convention for the Safety of Life at Sea of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.104. "**Statement of Compliance**" means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex
 VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.105. "**Subsidiary**" means a subsidiary undertaking, as defined in section 1162 of the Companies Act 2006.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.106. "**Supplemental Agreement**" means the supplemental agreement to this Agreement dated <u>10 November</u> 2022 made between, amongst
 others, the Agent, the Security Trustee, the Banks, Swap Providers and the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.107. "**Swap Providers**" means the Original Swap Providers and, from time to time, any Acceding Swap Provider and "**Swap Provider**" shall
 refer to any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.108. "**Tax Deduction**" means a deduction or withholding for or on account of Tax from a payment under a Finance Document (excluding any Master
 Agreement), other than a FATCA Deduction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.109. "**Taxes**" means and includes all tax, levies, imposts, duties, charges, fees, deductions and withholdings (including any related interest
 and penalties) and any restrictions or conditions resulting in any charge, other than taxes on the overall net income of any Bank, and "Tax" and "Taxation" shall be interpreted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.110. "**Term SOFR**" means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which
 takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the
 publication of that rate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.111. "**Total Loss**" means, in relation to any Vessel, an actual, constructive, arranged, agreed or compromised total loss of that Vessel or
 the requisition for title or compulsory acquisition of that Vessel by or on behalf of any government or other authority (other than by way of requisition for hire) or capture of that Vessel, provided that the requisition for title, compulsory
 acquisition or capture of any Vessel shall not be a Total Loss if (a) that Vessel is restored to the possession of the relevant Borrower within thirty (30) days of her requisition, acquisition or capture and (b) the security conferred on the
 Security Trustee by the Mortgage relating to that Vessel is either not prejudiced by the requisition, acquisition or capture or is replaced immediately on the restoration of that Vessel to the possession of the relevant Borrower by a mortgage
 substantially equivalent to the Mortgage for that Vessel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.112. "**Total Loss Date**" means, in respect of a Vessel, the date on which a Total Loss shall, for the purpose of the Finance Documents, be
 deemed to have occurred in respect of that Vessel, namely:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Total Loss consists of an actual loss, at 12.00 noon (London time) on the actual date of loss or, if that is not known, on
 the date on which that Vessel was last heard of; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Total Loss consists of requisition of title, compulsory acquisition or capture at 12.00 noon (London time) on the first
 day after the expiry of the period of thirty (30) days after the date upon which that Vessel was requisitioned or acquired by or on behalf of the relevant government or authority or captured; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Total Loss consists of an agreed, arranged, compromised or constructive total loss, at 12.00 noon (London time) on the
 earliest to occur of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the date on which notice of abandonment of the Vessel is given to her insurers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (if the insurers do not admit the claim for total loss) the date on which a total loss is subsequently adjudged to have occurred
 by a competent court or tribunal, or on which liability in respect of a total loss is admitted by underwriters; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the date of any agreement, arrangement or compromise entered into by or on behalf of the relevant Borrower with insurers in
 respect of the Total Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.113. "**Transaction**" means, in relation to a Master Agreement, a transaction entered into between the relevant Swap Provider and the Borrower
 party to that Master Agreement governed by that Master Agreement and entered into solely for the purpose of hedging the relevant Borrower's floating rate interest exposure under this Agreement in a manner consistent with Clause 7.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.114. "**Transfer Certificate**" means a certificate substantially in the form set out in Schedule 4 signed by a Bank, a Transferee and the Agent
 whereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Bank seeks to procure the transfer to such Transferee of all or a part of such Bank's rights and obligations hereunder upon and subject
 to the terms and conditions set out in Clause 15; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Transferee undertakes to perform the obligations it will assume as a result of delivery of such certificate to the Agent as is
 contemplated in Clause 15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.115. "**Transfer Date**" means, in relation to a Transfer Certificate, the date for the making of the transfer or as specified in the schedule
 to such Transfer Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.116. "**Transferred Vessel**" has the meaning given to that term in Clause 8.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.117. "**Transferee**" means a bank or financial institution to which a Bank seeks to transfer all or part of such Bank's rights and obligations
 hereunder.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.118. "**Trust Property**" means (a) all benefits derived by the Security Trustee from Clause 10 and (b) all benefits arising under (including,
 without limitation, all proceeds of the enforcement of) each of the Finance Documents (other than this Agreement) with the exception of benefits arising solely for the benefit of the Security Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.119. "**Unwind Costs**" means all costs, losses, premiums or penalties incurred or to be incurred by a Swap Provider as a result of any
 prepayment of all or part of the Loan (whether pursuant to Clause 5 or otherwise) including (without limitation) any liabilities, expenses or losses incurred by that Swap Provider in terminating, closing out, restructuring or reversing, or
 otherwise in connection with, any Transaction entered into by that Swap Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.120. "**Unpaid Sum**" shall have the meaning given to that term in Clause 7.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.121. "**US Government Securities Business Day**" means any day other than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a Saturday or a Sunday; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the
 fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.122. "**Vessel Four**" means the Vessel designated as "**Vessel Four**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.123. "**Vessel Loan**" means, for each Vessel, that part of the Loan advanced or to be advanced to the Borrowers by the Banks in respect of that
 Vessel as determined pursuant to Clause 2.2 or, where the context permits, the aggregate principal amount so advanced for that Vessel and for the time being outstanding and "**Vessel Loans**" means more than one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.124. "**Vessel One**" means the Vessel designated as "**Vessel One**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.125. "**Vessel Three**" means the Vessel designated as "**Vessel Three**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.126. "**Vessel Two**" means the Vessel designated as "**Vessel Two**" in Schedule 1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.127. "**Vessels**" means the vessels listed in Schedule 1 or any other vessel which may from time to time be mortgaged in favour of the Security
 Trustee as security for the obligations of the Security Parties under the Finance Documents, and everything now or in the future belonging to them on board and ashore and "**Vessel**" means any one of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.128. Words denoting the plural number shall be deemed to include the singular and vice versa, and words denoting persons shall be deemed to include
 corporations, partnerships, associations of persons (whether incorporated or not) or governmental or quasi-governmental bodies or authorities and vice versa.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.129. References in this Agreement to Recitals, Clauses, Schedules and Appendices are references to recitals and Clauses of and schedules and
 appendices to this Agreement; references to this Agreement include the Recitals, the Schedules and the Appendices, and references in this Agreement to any document (including, without limitation, to all or any of the Finance Documents) are,
 unless the context otherwise requires, to be interpreted as references to that document as amended, supplemented, novated or replaced from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.130. References to any Finance Party include its successors, transferees and assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.131. All obligations, covenants, representations, warranties and undertakings in or pursuant to the Finance Documents assumed, given, made or
 entered into by the Borrowers shall, unless otherwise expressly provided or documented, be assumed, given, made or entered into by the Borrowers jointly and severally and the liability of each Borrower shall not in any way be discharged,
 impaired or otherwise affected by (i) any forbearance or any other time or other indulgence granted to any other Borrower or any other Security Party under or in connection with the Security Documents, (ii) any amendment, variation, novation or
 replacement of any other Finance Document, (iii) the failure of a Finance Document to be legal, valid, binding and enforceable in relation to any other Borrower or any other Security Party for any reason, (iv) the winding-up or dissolution of
 any other Borrower or any other Security Party, (v) the entering into of any compromise or composition with any other Borrower or any other Security Party or (vi) any other act, omission, thing or circumstance which would or might, but for this
 provision, operate to discharge, impair or otherwise affect such liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.132. References to statutes or provisions of statutes are references to those statutes, or those provisions, as from time to time amended, replaced
 or re-enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.133. A Potential Event of Default is "**continuing**" if it has not been remedied or waived and an Event of Default is "**continuing**" if it
 has not been remedied or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.134. A "**regulation**" includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any
 governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.135. In this Agreement, words and expressions defined in a Master Agreement, unless the context otherwise requires, have the same meaning.

**2.** **THE LOAN AND ITS PURPOSE** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. Subject to the terms and conditions contained in this Agreement (including, without limitation, any cancellation of any
 Commitment), and in reliance on each of the representations and warranties made or to be made in or in accordance with each of the Finance Documents, each of the Banks agrees to advance to the Borrowers its Commitment of a term loan comprising
 up to four (4) Vessel Loans and, subject to the terms of Clause 2.2, in an aggregate amount not exceeding five hundred and twenty million Dollars ($520,000,000). The Borrowers shall use the Vessel Loans for the purposes referred to in Recital
 (B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. Subject to the satisfaction by the Borrowers of the conditions set out in Clause 3.1, 3.2 or 3.3 (as the case may be), the Loan
 shall be advanced to the Borrowers or to their order in no more than four (4) Drawings (and only one (1) Drawing per Vessel Loan).

Each Drawing shall be advanced on a Business Day in Dollars and shall be by such method of funds transfer as the Agent shall determine, provided that the total amount advanced in connection with a Vessel shall, subject to the aggregate amount of the four (4) Vessel Loans not exceeding the maximum amount referred to at Clause 2.1, not exceed eighty per cent (80%) of the Purchase Price of that Vessel and the maximum amount specified for that Vessel in Schedule 6; and provided that the Borrowers shall have submitted a Drawdown Notice to the Agent not more than ten (10) and not fewer than three (3) Business Days before the required Advance Date for the Drawing or Drawings in question. Each Drawdown Notice shall be submitted to the Agent via email, with the original to follow via express mail. Each Drawdown Notice, once given, shall be irrevocable and shall constitute a warranty by the Borrowers that all conditions precedent to the advance of the Drawing or Drawings in question will have been satisfied on or before the requested Advance Date; that no Event of Default or Potential Event of Default will then have occurred, and that no Event of Default or Potential Event of Default will result from the advance of the Drawing or Drawings in question.

------

The Agent shall, on receipt of the email copy of the Drawdown Notice, notify the Banks of the receipt of a Drawdown Notice, following which, each Bank shall advance its Proportionate Share of the relevant Drawing(s) to the Agent on the relevant Advance Date.

Any undrawn amounts in respect of a Vessel Loan shall automatically be cancelled on the earlier of (a) the Advance Date in respect of that Vessel Loan and (b) the day immediately after the Availability Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. None of the Banks shall be under any obligation to advance all or any part of its Commitment in relation to any Vessel Loan after
 the Availability Termination Date unless that Bank in its discretion agrees otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4. The obligations of each Finance Party under this Agreement are several. The failure of a Finance Party to perform any of its
 obligations under or pursuant to this Agreement shall not affect the obligations of the Borrowers to any Finance Party and no Finance Party shall be liable for the failure of any other Finance Party to perform its obligations under this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. Without prejudice to the obligations of the Borrowers under this Agreement, none of the Finance Parties shall be obliged to
 monitor or verify the application of the Loan (or any part thereof) by the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. 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 Security Party is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with Clause 2.7. 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 Security Party which relates to a Finance Party's participation in the
 Loan or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Security Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. 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.** **CONDITIONS PRECEDENT AND SUBSEQUENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Before any Bank shall have any obligation to advance any part of its Commitment relating to any Vessel Loan to be advanced on the
 first Advance Date, the Borrowers shall pay the fees then owing in accordance with any Fee Letter and Clause 9 and shall deliver or cause to be delivered to or to the order of the Agent, in form and substance satisfactory to the Agent,
 accompanied where necessary by translations into the English language, certified in a manner acceptable to the Agent and containing such attestations as the Agent may require (in the case of translations, certifications and attestations, acting
 reasonably):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1. For each Security Party, a copy, certified by a duly authorised officer, director or secretary of that Security Party as true,
 complete, accurate and unamended, of the Articles of Incorporation and By-laws (or equivalent documents) of that Security Party, and of any other documents establishing or limiting the constitution of that Security Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2. For each Security Party, a copy, certified by a duly authorised officer, director or secretary of that Security Party as true,
 complete, accurate and neither amended nor revoked, of, if a Borrower, a resolution of the directors and (if required) a resolution of the shareholders of that Borrower and, if the Guarantor, a resolution of the directors of the Guarantor,
 together, where appropriate, with waivers of notice of any meetings, approving and authorising the execution of those of the Finance Documents to which it is or is to be a party and of all matters incidental thereto or in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3. A certificate by a duly authorised officer, director or secretary of each Borrower setting out the names of the directors and
 officers of that Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4. A certificate by a duly authorised officer, director or secretary of the Guarantor setting out the names of the directors and
 officers of the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5. If applicable, an official certificate of good standing of each Security Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6. The power of attorney of any of the Security Parties under which any documents are to be executed or transactions undertaken by
 that Security Party, which in the case of each Borrower shall be notarially attested and/or legalised if required by the Registration Authority of that Borrower's Vessel for the purpose of registering the relevant Mortgage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7. This Agreement, the Guarantee and the Fee Letters duly executed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8. If a Master Agreement has been entered into, the Master Agreement Charge in respect of that Master Agreement together with the
 Mortgage, the Deed of Covenants (if relevant) and the Assignment in respect of each Relevant Vessel and all notices required by any of them, duly executed by the relevant Security Parties. The Borrowers undertake to deliver on the first Advance
 Date (or, if later, the date of delivery of that Relevant Vessel) these notices to the appropriate third parties and request the third parties to acknowledge these notices in the manner envisaged in the applicable Security Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9. A letter from Hill Dickinson Services (London) Limited accepting their appointment by each Security Party as agent for service of
 process pursuant to the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10. The Drawdown Notice for the relevant Vessel Loan(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11. Confirmation satisfactory to the Agent that all legal opinions required by the Agent will be given substantially in the form
 required by the Banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12. Such documentation and other evidence as is reasonably requested by the Agent in order for the Banks to comply with all necessary
 "Know your Customer" or similar identification procedures in relation to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13. Evidence that each Relevant Vessel is (or will be from the delivery date of that Relevant Vessel to the relevant Borrower)
 insured in the manner required by the relevant Finance Documents and that letters of undertaking will be issued in the manner required by those Finance Documents (such evidence to include, without limitation, a confirmation that an insurance
 report (in form and substance acceptable to the Agent (acting on the instructions of the Majority Banks)) will be issued by an external insurance adviser mutually acceptable to the Agent and the Security Parties (such report at the cost and
 expense of the Borrowers irrespective of Clause 18.11) within the time periods required by this Agreement (the "**Insurance Report** ")).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14. A letter of undertaking from the Managers confirming that each Relevant Vessel is managed by the Managers and incorporating
 subordination and insurance covenants (in the case of Cool Company Management Ltd, Cool Company Management A/S also being party to such letter of undertaking or providing s separate similar letter of undertaking).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15. Evidence that each Relevant Vessel is on the first Advance Date (or will be from the delivery date of that Relevant Vessel to the
 relevant Borrower) owned by that Borrower free of registered Encumbrances (except for Encumbrances made in favour of the Security Trustee in accordance with this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16. An executed certificate from the relevant Borrower of each Relevant Vessel attaching a certified true copy classification
 certificate confirming that each Relevant Vessel is classed with the highest class applicable to vessels of her type with an Approved Classification Society free of recommendations and qualifications affecting class and with machinery and/or
 hull on continuous survey, together with a certified copy of the SMC for each Relevant Vessel and a certified copy of the DOC of the Managers of that Relevant Vessel (in the case of Cool Company Management Ltd, being that of Cool Company
 Management A/S) (such condition precedent being treated as a condition subsequent pursuant to Clause 3.3 in respect of each Relevant Vessel so long as a signed (undated) copy of each relevant Borrower's certificate is provided together with
 copies only of the aforementioned classification certificate and SMC for each Relevant Vessel reflecting the previous ownership of that Relevant Vessel).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.17 A copy of the relevant memorandum of agreement (or similar) regulating the purchase of each Relevant Vessel by each relevant
 Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.18 For each Relevant Vessel, the commercial invoice for the final Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.19 For each Relevant Vessel, the bill of sale evidencing the transfer of title of that Vessel to the relevant Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.20 For each Relevant Vessel, the protocol of delivery and acceptance evidencing the unconditional delivery of that Vessel to the
 relevant Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.21 For each Relevant Vessel, evidence of payment or remittance to the relevant seller (or on its behalf) of that part of the
 Purchase Price for that Relevant Vessel not being financed by the relevant Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.22 Specimen signatures of relevant signatories and, if required, passport copies of the attorneys and directors of the Borrowers and
 the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.23 A time charter delivery certificate (or similar) evidencing that each Relevant Vessel is subject to and delivered into its time
 charter with Shell Tankers (Singapore) Private Limited (or other evidence acceptable to the Agent (acting on the instructions of all the Banks) that each Relevant Vessel is subject to and delivered into such charters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Before any Bank shall have any obligation to advance any part of its Commitment relating to any Vessel Loan to be advanced on any
 Advance Date (except for the first Advance Date), the Borrowers shall pay any commitment fees then owing in accordance with Clause 9 (and any other Indebtedness as notified by the Agent to the Borrowers) and shall deliver or cause to be
 delivered to or to the order of the Agent on or before such Advance Date, in form and substance satisfactory to the Agent, accompanied where necessary by translations into the English language, certified in a manner acceptable to the Agent and
 containing such attestations as the Agent may require (in the case of translations, certifications and attestations, acting reasonably):-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1. Confirmation from the Borrowers that none of the documents and evidence delivered to or to the order of the Agent pursuant to
 Clauses 3.1.1 to 3.1.6 (inclusive) have been modified, amended or revoked since their delivery to or to the order of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2. The Drawdown Notice for the relevant Vessel Loan(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3. The Mortgage, the Deed of Covenants (if relevant) and the Assignment in respect of each Relevant Vessel and all notices required
 by any of them, duly executed by the relevant Security Parties. The Borrowers undertake to deliver on the relevant Advance Date (or if later, the date of delivery of that Relevant Vessel) these notices to the appropriate third parties and
 request the third parties to acknowledge these notices in the manner envisaged in the applicable Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.4. Evidence that each Relevant Vessel is (or will be from the delivery date of that Relevant Vessel to the relevant Borrower)
 insured in the manner required by the relevant Finance Documents and that letters of undertaking will be issued in the manner required by those Finance Documents (such evidence to include, without limitation, confirmation that an Insurance
 Report will be issued in the same manner as Clause 3.1.13).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.5. A letter of undertaking from the Managers confirming that each Relevant Vessel is managed by the Managers and incorporating
 subordination and insurance covenants (in the case of Cool Company Management Ltd, Cool Company Management A/S also being party to such letter of undertaking or providing s separate similar letter of undertaking).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.6. Evidence that each Relevant Vessel is on the relevant Advance Date (or will be from the delivery date of that Relevant Vessel to
 the relevant Borrower) owned by that Borrower free of registered Encumbrances (except for Encumbrances made in favour of the Security Trustee in accordance with this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.7. Confirmation satisfactory to the Agent that all further legal opinions required by the Agent will be given substantially in the
 form required by the Banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.8. An executed certificate from the relevant Borrower of each Relevant Vessel attaching a certified true copy classification
 certificate confirming that each Relevant Vessel is classed with the highest class applicable to vessels of her type with an Approved Classification Society free of recommendations and qualifications affecting class and with machinery and/or
 hull on continuous survey, together with a certified copy of the SMC for each Relevant Vessel and a certified copy of the DOC of the Managers of that Relevant Vessel (in the case of Cool Company Management Ltd, being that of Cool Company
 Management A/S) (such condition precedent being treated as a condition subsequent pursuant to Clause 3.3 in respect of each Relevant Vessel so long as a signed (undated) copy of each relevant Borrower's certificate is provided together with
 copies only of the aforementioned classification certificate and SMC for each Relevant Vessel reflecting the previous ownership of that Relevant Vessel)..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.9. If applicable, an official certificate of good standing of each Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.10 A copy of the relevant memorandum of agreement (or similar) regulating the purchase of each Relevant Vessel by each relevant
 Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.11 For each Relevant Vessel, the commercial invoice for the final Purchase Price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.12 For each Relevant Vessel, the bill of sale evidencing the transfer of title of that Vessel to the relevant Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.13 For each Relevant Vessel, the protocol of delivery and acceptance evidencing the unconditional delivery of that Vessel to the
 relevant Borrower.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.14 For each Relevant Vessel, evidence of payment or remittance to the relevant seller (or on its behalf) of that part of the
 Purchase Price for that Relevant Vessel not being financed by the relevant Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.15 A time charter delivery certificate (or similar) evidencing that each Relevant Vessel is subject to and delivered into its time
 charter with Shell Tankers (Singapore) Private Limited (or other evidence acceptable to the Agent (acting on the instructions of all the Banks) that each Relevant Vessel is subject to and delivered into such charters).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. In relation to each Advance Date, the Borrowers undertake to deliver or to cause to be delivered to the Agent:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.1. Evidence of registration of the relevant Mortgage(s) with first priority with the applicable Registration Authority, on that
 Advance Date (or, if later the delivery date of the Relevant Vessel(s) to the relevant Borrower(s));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.2. Letters of undertaking as required by the relevant Assignment(s) in form and substance acceptable to the Agent accompanied by
 copies of all current policies of insurance, cover notes and certificates of entry, on that Advance Date or as soon as practicable thereafter but in any event within thirty (30) Business Days of that Advance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.3. The Insurance Report (as defined in Clause 3.1.13) within seven (7) Business Days of the satisfaction of Clause 3.3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.4. Such legal opinions as the Agent shall require, on that Advance Date or as soon as practicable thereafter but in any event within
 five (5) Business Days of that Advance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.5. To the extent that a certified true class certificate and SMC reflecting the ownership change and change of management for a
 Relevant Vessel applicable to that Advance Date is not provided on that Advance Date, full satisfaction of Clause 3.1.16 or, as the case may be, Clause 3.2.8 within seven (7) Business Days of that Advance Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.6. A time charter on-hire certificate evidencing that the Relevant Vessel is on hire under its time charter with Shell Tankers
 (Singapore) Private Limited (or other evidence acceptable to the Agent (acting on the instructions of all the Banks) that the Relevant Vessel is on hire under such charter), within thirty (30) days of that Advance Date,

Provided that, in the case of Clauses 3.3.2, 3.3.3 and 3.3.4, the Agent and the Banks acknowledge that delivery of the relevant documents and/or evidence is not within the direct control of the Borrowers (but in the case of Clause 3.3.4, the Borrowers acknowledge that they and any other applicable members of the Group will have provided all documents within their control for the issuance of the legal opinions) and, subject to the Borrowers using all reasonable efforts to procure the delivery of such documents and/or evidence from such third parties by the respective deadline dates, the Banks shall instruct the Agent to, and upon receipt of such instructions, the Agent shall, reasonably extend the relevant deadline dates.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. No Bank shall be under any obligation to advance any part of its Commitment nor to act on any Drawdown Notice if, at the date of
 that Drawdown Notice or at the Advance Date requested in that Drawdown Notice, an Event of Default or Potential Event of Default shall have occurred and be continuing, or if an Event of Default or Potential Event of Default would result from
 the advance of the Drawing or Drawings in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. Notwithstanding Clause 3.1 and 3.2, subject to a closing procedure acceptable to all the Banks being adopted for a Vessel Loan,
 the Banks agree to advance that Vessel Loan no more than one (1) Business Day prior to the proposed delivery date of the relevant Vessel to a suspense account (or similar) at a bank or other entity acceptable to all the Banks (the "**Escrow Account**") so long as the conditions precedent set out in Clause 3.1 and/or Clause 3.2 for that Vessel Loan have been satisfied. In such circumstance, the Agent shall not be obliged to sign any release instructions (or similar) required by
 the relevant closing procedure unless in respect of the relevant Vessel Loan (i) it receives all of the documents and other evidence referred to in Clause 3.1 or, as the case may be, Clause 3.2 including, without limitation, the Delivery Date
 CPs for that Vessel Loan (or the Agent is satisfied it will receive the same on the date of delivery of that Vessel) and (ii) no Event of Default or Potential Event of Default is continuing at that time or will arise from the release of the
 relevant Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. If for any reason a Vessel Loan remitted to the Escrow Account is returned to the Agent under the terms of a closing procedure,
 after consultation with the Borrowers, the Banks may, at their discretion, treat such return as a mandatory prepayment event and use the returned proceeds towards prepayment of that Vessel Loan and the Borrowers shall thereafter be obliged to
 prepay in full the balance of that Vessel Loan to the Agent (on behalf of the Banks) and shall indemnify each Finance Party for any and funding and other costs, losses, liabilities and expenses incurred in relation to the prepayment of such
 Vessel Loan by that Finance Party, and will be liable for (without limitation) interest on that Vessel Loan in with accordance with Clause 7, as well as any Break Costs or Unwind Costs.

**4.** **REPRESENTATIONS AND WARRANTIES** 

Each of the Borrowers represents and warrants to each Finance Party at the date of this Agreement and at the date of each Drawdown Notice and at each Advance Date and (except in the case of the representations and warranties contained in Clauses 4.6, 4.7, 4.9 and 4.10) at each Interest Payment Date (by reference to the facts and circumstances then pertaining) that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. each of the Security Parties is a body corporate duly constituted and existing and (where applicable) in good standing under the
 laws of its country of incorporation with perpetual existence and the power (inter alia) to sue and be sued, to own assets and to carry on its business as it is being conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. none of the Security Parties is insolvent or in liquidation or administration or subject to any other insolvency procedure and no
 receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of any of the Security Parties or all or any part of their respective assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. the Finance Documents when duly executed and delivered will, subject to any general principles of law limiting its obligations
 which are specifically referred to in any legal opinion delivered pursuant to Clause 3, constitute the legal, valid and binding obligations of the Security Parties enforceable in accordance with their respective terms and in entering into this
 Agreement and the other Finance Documents to which they are a party, the Security Parties are acting on their own account and are not in breach of any law or regulatory measure relating to "money laundering" as defined in Article 1 of the
 Directive (EU) 2015/849 (as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4. all acts, conditions and things required to be done and performed and to have happened prior to the execution and delivery of the
 Finance Documents in order to constitute the Finance Documents the legal, valid and binding obligations of the Security Parties enforceable in accordance with their respective terms have been done, performed and have happened in compliance with
 all applicable laws, and each Security Party has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the
 transactions contemplated by those Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5. with the exception only of the registrations referred to in Clause 3.3, all (if any) consents, licences, approvals and
 authorisations of or registrations with or declarations to any governmental authority, bureau or agency which may be required in connection with the execution, delivery, performance, validity, admissibility or enforceability of the Finance
 Documents have been obtained and remain in full force and effect and none of the Borrowers is aware of any event or circumstance which could reasonably be expected adversely to affect the right of any of the Security Parties to hold and/or
 obtain renewal of any such consents, licences, approvals or authorisations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6. none of the Borrowers is aware of any material facts or circumstances which have not been disclosed to the Agent and which might,
 if disclosed, have adversely affected the decision of the Banks in considering whether or not to make loan facilities available to the Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7. there is no action, suit, arbitration or administrative proceeding nor any contemplated action, suit, arbitration or
 administrative proceeding pending or to its knowledge about to be pursued before any court, tribunal or governmental or other authority against any of the Security Parties which would, or would be likely to, have a materially adverse effect on
 the business, assets or financial condition of any of the Security Parties and which would, in the case of the Guarantor, be likely in the opinion of the Agent to prevent the Guarantor fulfilling its obligations under or pursuant to the Finance
 Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8. the execution, delivery and performance of the Finance Documents will not contravene any contractual restriction or any law
 binding on any of the Security Parties, or the Articles of Incorporation and By-laws (or equivalent documents) of any of the Security Parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9. the Loan will be used for the purposes specified in Recital (B); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10. each of the Borrowers is wholly legally and beneficially owned (directly or indirectly) by the Guarantor; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11. no Event of Default has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12. the Security Parties are in compliance with all applicable tax laws and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13. once a Vessel is delivered to its Borrower, that Borrower and the Managers are in compliance with all applicable environmental
 laws relating to that Vessel and its operation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14. any existing loans or advances to the Borrowers (or any one of them) or the Guarantor by any member of the Group or by affiliates
 of the Group are unsecured and do not rank in priority (of payment or in any other respect) to the Indebtedness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15. each of the Security Parties has conducted its businesses in compliance with all applicable anti-corruption and anti-bribery laws
 and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16. as regards Sanctions: (i) no Security Party is a Prohibited Person, nor is the Relevant Amount of its shares owned directly or
 indirectly by a Prohibited Person nor is it controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and no Security Party owns or controls a Prohibited Person; (ii) no Security Party is located,
 resident or incorporated in a Sanctioned Country; (iii) no proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or
 for a purpose prohibited by Sanctions; (iv) each of the Security Parties is in compliance with all Sanctions (provided any representations and/or warranties provided herein shall apply to the benefit of any Finance Party only to the extent that
 the receipt and acceptance by that Finance Party of the representation in this Clause does not result in any violation of, conflict with or liability under (a) Council Regulation (EC) 2271/1996; (b) if applicable, Council Regulation (EC)
 2271/1996 of 22 November 1996 (as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) and any provisions of the Sanctions and Anti-Money Laundering Act 2018; or (c) section 7 foreign
 trade rules (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 paragraph 1 no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)) or a similar anti-boycott statute).

**5.** **REPAYMENT AND PREPAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. Subject to the provisions of this Clause 5.1, the Borrowers agree to repay each Vessel Loan by a series of consecutive equal
 semi-annual Repayment Instalments in accordance with Schedule 6, together (in each case, where applicable) with a balloon payment as set out in Schedule 6 payable on the Maturity Date of that Vessel Loan together with the final Repayment
 Instalment in respect of that Vessel Loan. The first Repayment Date in relation to each Vessel Loan shall be the date which is six (6) calendar months after the Advance Date in respect of that Vessel Loan and subsequent Repayment Dates for the
 Vessel Loan shall be at consecutive intervals of six (6) calendar months thereafter. If the maximum amount of a Vessel Loan (being the maximum specified for that Vessel Loan in Schedule 6) is not advanced to the Borrowers, the amount of each
 Repayment Instalment and (in each case, where applicable) the balloon payment in respect of the relevant Vessel Loan shall be reduced pro rata to the actual amount advanced for that Vessel Loan or otherwise in accordance with Clause 5.6 (if
 applicable).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. The Borrowers may prepay each Vessel Loan in whole or in part (but, if in part, in an amount equal to two hundred and fifty
 thousand Dollars ($250,000) or an integral multiple of that amount or as otherwise may comply with the provisions of this Agreement or be agreed by the Agent (acting on the instructions of the Majority Banks)) provided that they shall have
 first given to the Agent no later than 10:00 a.m. (Singapore time) on at least the third Business Day prior to the date of the proposed prepayment written notice expiring on a Business Day of their intention to do so. Any such notice once given
 shall be irrevocable and shall oblige the Borrowers to make the prepayment referred to in the notice on the Business Day specified in the notice, together with all interest accrued on the amount prepaid up to and including that Business Day
 and, subject to Clause 5.3, without premium or penalty. Any such notice shall specify the Vessel Loan or Vessel Loans to which the prepayment relates and the manner of application towards each such Vessel Loan (which shall be in inverse order
 of maturity or on a pro rata basis (at the Borrowers' option)), failing which the Agent shall be entitled to split the prepaid amount pro rata towards each Vessel Loan with such split amount of a Vessel Loan being applied towards each remaining
 Repayment Instalment and (in each case, where applicable) any balloon payment of that Vessel Loan on a pro rata basis, or otherwise in such manner as the Agent (acting on the instructions of the Majority Banks) and the Borrowers shall agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. If the Borrowers shall, subject always to Clause 5.2, make a prepayment in respect of a Vessel Loan (including, without
 limitation, any prepayment required by or made pursuant to Clause 3.6, 6.1, 6.2, 6.7, 6.8, 16.6 or 16.7) on a day other than the last day of an Interest Period for that Vessel Loan, they shall, in addition to the amount prepaid, pay to the
 Agent on behalf of the Banks any Break Costs payable in relation to the prepayment and shall further pay to each Swap Provider, if required by a Swap Provider, any Unwind Costs payable as a result of the prepayment and regardless of whether or
 not the prepayment in question is made on the last day of an Interest Period for that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. Subject to the application set out in Clause 11.14, any prepayment, interest and Break Costs payment to the Agent shall be
 applied in satisfaction or reduction, in respect of the relevant Vessel Loan, first of all interest outstanding on the amount prepaid in respect of that Vessel Loan and any Break Costs in respect of that Vessel Loan, next of costs and other
 moneys due and outstanding to the Banks and/or the Agent in respect of that Vessel Loan, next of the outstanding Repayment Instalments in respect of that Vessel Loan in the manner provided in the relevant Clause or, if no manner is provided in
 the relevant Clause, in inverse order of maturity commencing with (in each case, where applicable) any balloon payment or (if the Borrowers so select) towards each remaining Repayment Instalment and (in each case, where applicable) any balloon
 payment on a pro rata basis, or otherwise in such manner as the Agent (acting on the instructions of the Majority Banks) and the Borrowers shall agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5. No amount repaid or prepaid pursuant to this Agreement may in any circumstances be re-borrowed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6. At any time and from time to time, the Borrowers may voluntarily reduce the whole, or any part, of the undrawn amounts under any
 Vessel Loan provided they have first given to the Agent no later than 10:00 a.m. (Singapore time) on the third Business Day prior to the date of the proposed reduction written notice of their intention to do so. Any such notice, once given,
 shall be irrevocable and the amount of each Repayment Instalment and (in each case, where applicable) any balloon payment in respect of that Vessel Loan shall be reduced, at the Borrowers' option, either (i) in inverse order of maturity,
 commencing with (in each case, where applicable) any balloon payment, or (ii) on a pro rata basis, or (iii) otherwise in such manner as the Agent (acting on the instructions of the Majority Banks) and the Borrowers shall agree, and if the whole
 of the amount of any Vessel Loan is reduced to zero prior to the Advance Date of that Vessel Loan, so long as no Event of Default shall have occurred and be continuing, the Finance Parties will, at the cost of the Borrowers and following the
 request of the Borrowers, release the relevant Borrower whose Vessel is the subject of that Vessel Loan from all its obligations contained in the Finance Documents in accordance with Clause 5.7.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7. If the Borrowers repay or voluntarily prepay in full a particular Vessel Loan and fully pay all of the associated payments
 related thereto as set out at Clauses 5.2 and 5.3 or reduce the whole amount of a Vessel Loan to zero before its Advance Date, the Borrowers may request the Finance Parties to release the relevant Borrower from all its obligations under this
 Agreement and the Security Documents relevant to that Borrower's Vessel and if the Majority Banks agree to such request, all of the Finance Parties agree, no later than ten (10) days from notification of the Majority Banks' consent, to (at the
 cost of the Borrowers) release that Borrower from its obligations under this Agreement and the Security Documents to which that Borrower is a party PROVIDED ALWAYS THAT no Finance Party shall have any obligation to release any of the
 aforementioned obligations if an Event of Default is then continuing. Each Bank agrees not to unreasonably withhold its consent under this Clause 5.7 it being acknowledged that it shall not, inter alia, be unreasonable for a Bank to withhold
 its consent to any such request at any time when an Event of Default is continuing. The Security Trustee shall not, without the consent of all the Banks, release any of the Security Documents at any time when an Event of Default is continuing
 other than pursuant to an enforcement process.

**6.** **SALE AND RELEASE OF VESSELS, TOTAL LOSS AND MANDATORY PREPAYMENT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. In the event that any of the Vessels shall become a Total Loss at any time during the Facility Period, the Borrowers shall
 procure that the whole of the insurance proceeds shall be paid to the Agent in prepayment of the relevant Vessel Loan together with all interest accrued and unpaid relative thereto up to and including the date of prepayment and any Break Costs
 (if applicable) and any Unwind Costs (if applicable), in accordance with Clause 5.3, and any other Indebtedness applicable to that Vessel as notified by the Agent to the Borrowers. If the amount of such insurance proceeds is less than the
 aggregate of the relevant Vessel Loan together with all interest accrued and unpaid relative thereto up to and including the date of prepayment and any Break Costs (if applicable) and any Unwind Costs (if applicable), any other Indebtedness
 applicable to that Vessel as notified by the Agent to the Borrowers, the Borrowers shall pay to the Agent (on behalf of the Banks) an amount not less than the difference between the amount of such insurance proceeds and the aggregate of such
 sums (save that any payment in respect of Unwind Costs shall be paid directly to each Swap Provider). Unless an Event of Default shall then have occurred and be continuing (in which event the Agent shall be entitled to retain such insurance
 proceeds and apply them in accordance with Clause 14.3) the Agent shall, promptly following receipt of such insurance proceeds, release to or to the order of the relevant Borrower the amount by which the amount of such insurance proceeds
 exceeds the aggregate of the relevant Vessel Loan in respect of which the insurance proceeds were paid, interest accrued and unpaid on such sum up to and including the date of prepayment, any Break Costs, any Unwind Costs and any other
 Indebtedness as notified by the Agent to the Borrowers, and the Agent shall apply the retained balance in accordance with Clause 5.4 (save that Unwind Costs shall be payable to each Swap Provider). The parties agree that the proceeds of the
 Insurances (other than in the case of Total Loss) shall be applied in accordance with the loss payable clause(s) endorsed on the Insurances from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. So long as no Event of Default shall have occurred and be continuing, any Borrower may sell or otherwise dispose of its Vessel or
 agree to do so provided that contemporaneously with the sale or disposal, there is a prepayment made to the Agent on behalf of the Banks of an amount not less than the relevant Vessel Loan together with a payment to the Agent of all interest
 accrued and unpaid on such sum up to and including the date of prepayment, any Break Costs (if applicable), in accordance with Clause 5.3, any payment to each Swap Provider of any Unwind Costs (if applicable) and any other Indebtedness
 applicable to that Vessel as notified by the Agent to the Borrowers, and the Borrowers shall use all reasonable efforts to give as much notice as may be practicable in connection with the proposed sale of a Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. If a Vessel is sold by a Borrower or becomes a Total Loss, so long as no Event of Default shall have occurred and be continuing,
 the Finance Parties agree that, following a written request by the Borrowers to do so, they shall deliver to or to the order of the relevant Borrower, at the cost and expense of the Borrowers, an executed certificate of satisfaction of the
 Mortgage (or the equivalent for the applicable Registration Authority) relating to that Borrower's Vessel and will re-assign, at the cost and expense of the Borrowers, to that Borrower, to the extent then subsisting and capable of
 re-assignment, the Insurances, Earnings and Requisition Compensation of that Borrower's Vessel, provided that the Agent on behalf of the Banks shall have first received payment of the relevant Vessel Loan in full together with payment of all
 interest accrued and unpaid on such sum up to and including the date of prepayment and any Break Costs (if applicable) and any other Indebtedness applicable to that Vessel as notified by the Agent to the Borrowers and each Swap Provider shall
 have received payment of any Unwind Costs (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. All sale proceeds actually received by the Agent pursuant to Clause 6.2 and prepayments and other sums paid by the Borrowers
 pursuant to or as referred to at Clause 6.3 shall be applied by the Agent in accordance with Clause 5.4. Unless an Event of Default shall then have occurred and be continuing (in which event the Agent shall be entitled to retain such sale
 proceeds and apply them in accordance with Clause 14.3), the balance (if any) of any sale proceeds retained by the Agent after application in accordance with Clause 5.4 shall be immediately released to or to the order of the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. Following the making in full of any prepayment and associated payments pursuant to Clause 6.1, **6.2** or **6.3** and so
 long as no Event of Default shall have occurred and be continuing, following a request from the Borrowers, the Finance Parties will release the relevant Borrower from all its obligations contained in the Finance Documents to which it is a party
 (including, without limitation, releasing the Security Documents entered into by that Borrower).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. Upon the end of the Facility Period, the Finance Parties will release the Security Parties from all of their obligations
 contained in the Finance Documents and the Security Trustee will deliver to or to the order of the Borrowers, at the cost and expense of the Borrowers, an executed certificate of satisfaction of any relevant Mortgage (or the equivalent for the
 applicable Registration Authority) and will, at the cost and expense of the Borrowers, re-assign to the Borrowers, to the extent then subsisting and capable of re-assignment, the Insurances, Earnings and Requisition Compensation of the relevant
 Vessels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.1. any sum payable to any Bank by a Security Party is required to be increased under Clause 16.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7.2. any Bank claims indemnification from the Borrowers under Clause 18.8 or Clause 16.5,

the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the unadvanced Commitment(s) of that Bank and their intention to procure the repayment of that Bank's participation in the Loan. On receipt of such a notice in relation to a Bank, the unadvanced Commitment(s) of that Bank shall immediately be reduced to zero; and on the last day of the Interest Period of each Vessel Loan which ends after the Borrowers have given such notice in relation to a Bank (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Bank's participation in each Vessel Loan together with all interest and other amounts accrued under the Finance Documents and including any amounts payable in accordance with Clause 5.3.

Any prepayment under this Clause 6.7 shall be split between each outstanding Vessel Loan in accordance with the relevant Bank's participation in each outstanding Vessel Loan with such split amount for a Vessel Loan being applied towards each remaining Repayment Instalment and (in each case, where applicable) any balloon payment of that Vessel Loan on a pro rata basis, or otherwise in such manner as the Agent (acting on the instructions of the Majority Banks) and the Borrowers shall agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. If within ninety (90) days of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.1. the Guarantor ceasing to directly or indirectly wholly legally and beneficially own and control any Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.2. GLNG and Quantum Pacific (treated as a whole) ceasing to directly or indirectly own legally and beneficially at least twenty five
 per cent (25%) of the entire issued share capital and voting rights (or equivalent) of the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.3. Quantum Pacific ceasing to directly or indirectly own legally and beneficially at least twenty per cent (20%) of the entire
 issued share capital and voting rights (or equivalent) of the Guarantor; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8.4. two or more persons acting in concert (other than a person acting together with Quantum Pacific) or any individual person (other
 than Quantum Pacific acting individually) acquiring, legally and/or beneficially and either directly or indirectly, in excess of thirty per cent (30%) of the entire issued share capital and voting rights (or equivalent) of the Guarantor or
 having the right or ability to control, directly or indirectly, the Guarantor,

the Agent (acting on the instructions of all Banks) has not waived or provided a consent in relation to such relevant circumstance, the Borrowers shall be obliged to make a full prepayment of the Loan on the ninety-first (91<sup>st</sup>) day after the occurrence of such circumstance.

For the purposes of this Clause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **control** of an entity means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ownership of the voting and/or ordinary shares of that entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the power to direct the management and policies of that entity (including, but not limited to, the composition of the majority of
 the board of directors (or equivalent)), whether through the ownership of voting capital, by contract or otherwise,

and **controlled** shall be construed accordingly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two or more persons are **acting in concert** if pursuant to an agreement or understanding (whether formal or informal) they
 actively co-operate, through the acquisition (directly or indirectly) of shares in the relevant entity by any of them, either directly or indirectly, to obtain or consolidate control of that entity.

Any prepayment required to be made by the Borrowers under this Clause 6.8 shall be made together with all accrued but unpaid interest, any Break Costs and any Unwind Costs payable in relation to such prepayment together with any other Indebtedness as notified by the Agent to the Borrowers.

If a full prepayment of the Loan is required under this Clause 6.8, on the due date for such prepayment the unadvanced Commitments of all Banks shall be automatically cancelled.

**7.** **INTEREST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Subject to Clause 7.14, interest shall accrue on each Vessel Loan (or any relevant part thereof) during an Interest Period for
 that Vessel Loan at the percentage rate per annum which is the aggregate of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Margin; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Reference Rate for that Interest Period.

------

Interest Periods for each Vessel Loan (or any relevant part thereof) shall be for a duration of one (1), three (3) or six (6) months as selected by the Borrowers by written notice to the Agent not later than 10:00 a.m. (Singapore time) on the third Business Day before the beginning of the Interest Period in question, or such other duration as may be requested by the Borrowers and available to and agreed by the Banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. The first Interest Period in respect of a Vessel Loan shall begin on the Advance Date of that Vessel Loan and the final Interest
 Period of that Vessel Loan shall, notwithstanding Clause 7.1, end on the Maturity Date of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3. If the Borrowers shall select, or the Borrowers and the Agent shall agree, an Interest Period for a Vessel Loan which is to
 expire after the next Repayment Date in respect of that Vessel Loan, the part of that Vessel Loan equal to the next Repayment Instalment shall be deemed to be a separate tranche, and there shall in respect of that tranche be an Interest Period
 of such duration as shall expire on the next Repayment Date in respect of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4. If the Borrowers shall at any time fail to select an Interest Period for a Vessel Loan or to agree an Interest Period for a
 Vessel Loan with the Agent in accordance with Clause 7.1, the rate applicable for that Vessel Loan after the expiry of the then current Interest Period for that Vessel Loan shall be the rate determined by the Agent in accordance with Clause 7.1
 for a period of one (1) month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5. Interest on a Vessel Loan shall be paid by the Borrowers to the Agent on behalf of the Banks on the last day of each Interest
 Period and additionally, during any Interest Period exceeding six (6) months, on the last day of each successive six (6) month period after the beginning of that Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6. Each Interest Period for a Vessel Loan shall, subject to Clauses 7.2, 7.3 and 7.4, end on the date which numerically corresponds
 to the date on which the immediately preceding Interest Period for that Vessel Loan ended (or, in the case of the first Interest Period for a Vessel Loan, to the Advance Date relating to that Vessel Loan) in the calendar month which is the
 number of months selected or agreed after the calendar month in which the immediately preceding Interest Period for that Vessel Loan ended (or, in the case of the first Interest Period for a Vessel Loan, in which the Advance Date relating to
 that Vessel Loan occurred), except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1. if there is no such numerically corresponding date in the calendar month in which the Interest Period ends, the Interest Period
 shall end on the last Business Day in that calendar month; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2. if any Interest Period would end on a day which is not a Business Day, that Interest Period shall end on the next succeeding
 Business Day (unless the next succeeding day falls in the next calendar month, in which event the Interest Period in question shall end on the preceding Business Day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7. In the event of any default by the Borrowers in the due payment of any sum payable by the Borrowers under or pursuant to the
 Finance Documents (excluding any Master Agreement) (and ignoring, for the purposes of this Clause, the additional periods of three (3) Business Days and ten (10) Business Days referred to in Clause 13.2.1), the amount unpaid (the "**Unpaid Sum** ")

 shall, from the date of the default, bear interest up to the date of actual payment (both before and after judgment) at the Default Rate, compounded at such intervals as the Agent shall in its discretion determine, which interest shall be
 payable from time to time by the Borrowers to the Agent on behalf of the Banks on demand.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8. Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such
 interest, commission or fee is calculated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.1. 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
 Market differs, in accordance with that market practice); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8.2. subject to Clause 7.9 below, without rounding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9. The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by a Security Party under a Finance
 Document shall be rounded to 2 decimal places.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10. Each determination of an interest rate made by the Agent in accordance with this Clause 7 shall (save in the case of manifest
 error or on any question of law) be final and conclusive. The Agent shall promptly notify the Banks and the Borrowers of the determination of a rate of interest under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11. If no Term SOFR is available for the Interest Period of a Vessel Loan, the applicable Reference Rate shall be the Interpolated
 Term SOFR for a period equal in length to the Interest Period of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12. If no Term SOFR is available for the Interest Period of a Vessel Loan and it is not possible to calculate the Interpolated Term
 SOFR, the applicable Reference Rate shall be the Historic Term SOFR for a period equal in length to the Interest Period of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13. If Clause 7.12 above applies but no Historic Term SOFR is available for the Interest Period of a Vessel Loan, the applicable
 Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of that Vessel Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14. If Clause 7.13 above applies but no Interpolated Historic Term SOFR is available for an Interest Period of a Vessel Loan, the
 rate of interest on that Vessel Loan (or any relevant part thereof) for any day during that Interest Period will be the percentage rate per annum which is the aggregate (a) the Margin and (b) Daily Simple SOFR for that day, provided that if
 Daily Simple SOFR for any day is less than zero, Daily Simple SOFR for that day will be deemed zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15. Any Bank (or its Affiliate) may become a party to this Agreement as a Swap Provider by it (or its Affiliate) and each other party
 to this Agreement executing a Deed of Accession and the relevant Bank (or its Affiliate) shall, upon the "Effective Date" of such Deed of Accession become a party to this Agreement as a Swap Provider. None of the Finance Parties (other than the
 Swap Providers) may enter into any interest rate hedging and/or swap transactions with a Borrower. The Swap Providers may only enter into interest rate hedging and/or swap transactions with the Borrowers in accordance with the terms of this
 Agreement. Upon the "Effective Date" of a Deed of Accession, the Acceding Swap Provider thereunder shall be bound by all of the obligations of a Swap Provider under this Agreement as if it were an Original Swap Provider and shall have all
 rights, benefits and entitlements of a Swap Provider as if it were an Original Swap Provider.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16. Any Swap Provider may, at the Borrowers' request, enter into one or more interest rate hedging and/or swap transactions under the
 Master Agreements restricted to the Borrowers' floating rate interest exposure under this Agreement, provided that no Swap Provider shall be obliged by virtue of this Agreement to enter into any such arrangements and this Agreement shall not be
 construed as an offer by any Swap Provider to the Borrowers to enter into any such hedging and/or swap transaction. Each Swap Provider shall, following the Borrowers' request to enter into an interest rate hedge or swap, have a first right of
 refusal and a last right to match the best pricing available to the Borrowers, to undertake, in its Proportionate Share, any hedging and/or swap transactions relating to the Borrowers' floating rate interest exposure under this Agreement.
 Notwithstanding the foregoing, if any Swap Provider declines to provide such hedging facilities or fails to match the best pricing available to the Borrowers, the other Swap Providers willing to provide such hedging facilities at the best
 pricing available to the Borrowers shall be entitled (but not obliged) to provide the non-participating Swap Provider's Proportionate Share of the hedging facilities on an equal basis (or on such other basis as those Swap Providers shall
 agree). Hedging facilities entered into between each Swap Provider and the Borrowers in accordance with this Clause 7.16 shall be secured by the property assets and rights the subject of the Security Documents and on a pari passu basis as set
 out in Clauses 11.14 and 14.3.

The Swap Providers shall not, without the unanimous approval of all of the Banks, enter into any currency exchange transaction with the Borrowers or any one of them under a Master Agreement or any interest hedging and/or other swap transaction with the Borrowers or any one of them which does not comply with the terms of this Clause 7.16 and which does not solely relate to hedging the Borrowers' floating rate interest obligations under this Agreement for a period expiring no later than the latest Maturity Date and on a basis consistent with the scheduled amortisation of the Loan. Further, the Swap Providers agree with the Banks that any interest rate hedging transactions entered into between any Swap Provider and a Borrower shall be done on a per Vessel Loan basis and that the terms of any Master Agreement between the Swap Providers and a Borrower shall be such that in the case of any prepayment of a Vessel Loan, that Swap Provider shall have the discretion to wholly or partially terminate any continuing interest rate hedging transactions related to that Vessel Loan so that the aggregate notional amount of interest rate hedging transactions entered into by a Borrower relevant to that Vessel Loan thereafter does not and will not in the future (taking into account the scheduled amortisation of that Vessel Loan) exceed the outstanding amount of that Vessel Loan from time to time.

If, despite this Clause, the Swap Providers decline to provide hedging facilities covering all of the Borrowers' floating rate interest exposure under this Agreement, the Borrowers or any one of them may enter into hedging facilities with one or more other banks or financial institutions acceptable to the Agent (acting on the instructions of the Majority Banks) solely to hedge that part of the Borrowers' floating rate interest exposure not hedged by facilities provided by the Swap Providers and any such hedging facilities shall not be secured by the property, assets and rights the subject of the Security Documents and the rights of the relevant hedging providers under such hedging facilities shall be subordinated to the rights of the Finance Parties under the Finance Documents on terms acceptable to the Agent (acting on the instructions of the Majority Banks).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17. Each Borrower irrevocably and unconditionally, jointly and severally:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17.1. guarantees to each Swap Provider punctual performance by each other Borrower of all that Borrower's obligations under its Master
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17.2. undertakes with each Swap Provider that whenever another Borrower does not pay any amount when due under or in connection with
 its Master Agreement, that it shall immediately on demand pay that amount as if it was the principal obligor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.17.3. indemnifies each Swap Provider immediately on demand against any cost, loss or liability suffered by the relevant Swap Provider
 if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Swap Provider would otherwise have been entitled to recover.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18. The guarantee set out at Clause 7.17 (the "**Swap Guarantee**") is a continuing guarantee and will extend to the ultimate
 balance of sums payable by any Borrower under its Master Agreements, regardless of any intermediate payment or discharge in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19. If any payment by a Borrower or any discharge given by a Swap Provider (whether in respect of the obligations of any Borrower or
 any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19.1. the liability of each Borrower under the Swap Guarantee shall continue as if the payment, discharge, avoidance or reduction had
 not occurred; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19.2. the relevant Swap Provider shall be entitled to recover the value or amount of that security or payment from each relevant
 Borrower, as if payment, discharge, avoidance or reduction had not occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20. The obligations of each Borrower under the Swap Guarantee will not be affected by an act, omission, matter or thing which, but
 for this Clause 7.20 would reduce, release or prejudice any of its obligations under the Swap Guarantee (without limitation and whether or not known to it or the Swap Providers) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.1. any time, waiver or consent granted to, or composition with, any Borrower or other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.2. the release of any other Borrower or any other person under the terms of any composition or arrangement with any creditor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.3. 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, any Borrower or other person or any non-presentation or non-observance of any formalities or other requirement in respect of any instrument or any failure to realise the full value of any security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.4. any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a
 Borrower or any other person;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.5. any amendment, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case, however
 fundamental and of whatsoever nature) or replacement of a Finance Document or any other document or security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.6. any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any document or
 security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20.7. any insolvency or similar proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21. Each Borrower waives any right it may have of first requiring any Swap Provider (or any trustee or agent on its behalf) to
 proceed against or enforce any other rights or security or claim payment from any person before claiming from that Borrower under the Swap Guarantee. This waiver applies irrespective of any law or any provision of a Finance Document to the
 contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22. The Swap Guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held
 by or on behalf of the Swap Providers.

**8.** **FLAG; CHANGE OF OWNERSHIP AND FLAG** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Each Vessel shall throughout the Facility Period after its delivery to the relevant Borrower remain registered under the laws and
 flag indicated against the name of that Vessel in Schedule 1 and each of the Borrowers shall throughout the Facility Period after such delivery remain the registered owner of the Vessel indicated against its name in Schedule 1, provided however
 that the Finance Parties agree that any Borrower (a "**Transferring Borrower**") may change the flag of its Vessel to either Liberia, Isle of Man, Bahamas, Bermuda, Singapore, Panama, Marshall Islands, British or Malta flag (or such other
 flag as may be acceptable to all the Banks) and if necessary may transfer ownership of its Vessel (each, a "**Transferred Vessel**") to a new single purpose company which is directly or indirectly wholly-owned by the Guarantor (an "**SPC** ")

 in each case subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) written consent of the Agent (acting on the instructions of the Majority Banks or, if the change of flag is not to one of the
 flags referred to in Clause 8.1 above, all the Banks) to the proposed change of flag, which consent shall not be unreasonably withheld or delayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the receipt by the Agent of evidence and documents of the kinds referred to in Clauses 3.1, 3.2 and 3.3 of this Agreement in
 respect of the relevant SPC (if required) and the relevant Vessel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if a transfer of ownership is required, such SPC being acceptable to the Agent (acting on the instructions of all the Banks and
 the Swap Providers (each acting reasonably));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if a transfer of ownership is required, such SPC and the Guarantor executing a document in favour of the Agent (on behalf of the
 Banks) in the form of Schedule 5 hereto pursuant to which such SPC shall assume the rights and obligations of the Transferring Borrower under the Finance Documents (as such Borrowers may change from time to time pursuant to this Agreement
 excluding the Master Agreements to which that Borrower is a party) and such documents as any Swap Provider may require to ensure such company shall assume the rights and obligations of the Transferring Borrower under the Master Agreement; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the relevant Borrower (or if applicable, the SPC) executing, delivering and registering in favour of the Security Trustee on
 behalf of the Banks and the Swap Providers a new first preferred mortgage or first priority statutory mortgage and (if applicable) collateral deed of covenants in respect of the relevant Vessel, together (if the relevant Vessel is a Transferred
 Vessel) with a new deed of assignment of the Insurances, Earnings and Requisition Compensation of that Vessel, and new Master Agreement Charges by the SPC (such new security documents to be on terms acceptable to the Agent (acting on the
 instructions of the Banks), such acceptance to be provided where the new security documents are on the same terms (mutatis mutandis) as the Security Documents being replaced).

In each case, the Agent will promptly notify the Banks and the Swap Providers of the proposed change of flag and, if required, change of ownership and each Bank and the Swap Providers hereby irrevocably and unconditionally authorises the Agent to execute on their respective behalves the document referred to in Clause 8.1(d) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. With effect on and from the date of receipt by the Agent of all of the consents and relevant documents referred to in Clause
 8.1(a) to (e) above and, if relevant, the Agent's execution of the document referred to in Clause 8.1(d) above the Finance Documents (excluding any Master Agreement) shall be automatically amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if a transfer of ownership is required, all references in the Finance Documents (excluding any Master Agreement) to the
 Transferring Borrower shall be interpreted as references to the SPC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all references in this Agreement to the Mortgage, the Deed of Covenants (if applicable) and the Assignment in relation to the
 relevant Vessel or to the Transferred Vessel in question and the Master Agreement Charges in relation to the Borrower originally owning that Transferred Vessel shall be interpreted as references to the Mortgage, the Deed of Covenants (if
 applicable), the Assignment and the Master Agreement Charge executed, delivered and registered in accordance with Clause 8.1(b) and (e);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the particulars of the relevant Vessel or the Transferred Vessel specified in Schedule 1 of this Agreement shall be amended to
 reflect its change of flag and, if necessary, its ownership by the SPC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the definition of, and references in each of the Finance Documents (excluding any Master Agreement) to, this Agreement and any of
 the other Finance Documents (excluding any Master Agreement) shall be interpreted as references to this Agreement and those Finance Documents as amended, supplemented and/or replaced in accordance with this Clause, and, if a transfer of
 ownership is required, the Finance Parties shall be released from further obligations towards the Transferring Borrower under the Finance Documents (excluding any Master Agreement) and shall assume obligations and acquire rights towards the
 relevant SPC equivalent to the discharged rights and obligations related to the Transferring Borrower as referred to in Clause 8.3.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3. If a transfer of ownership is required, with effect on and from the date of receipt by the Agent of all of the documents and
 consent referred to in Clause 8.1(a) to (e) above all security held by the Security Trustee from the Transferring Borrower including, without limitation, in respect of the Transferred Vessel, its Insurances, Earnings or Requisition Compensation
 and in respect of its Master Agreement Proceeds shall at the request and cost of the Borrowers promptly be released and reassigned to the Transferring Borrower and the Transferring Borrower shall be released from all further obligations under
 or pursuant to the Finance Documents (excluding any Master Agreement) to which it is a party.

**9.** **FEES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Borrowers shall pay to the Agent the fees in the amounts, for the account of the relevant Finance Parties and at the times
 agreed in any Fee Letter in accordance with the terms of any such Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 In respect of each Vessel Loan, the Borrowers shall pay to the Agent (for distribution among the Banks pro rata in accordance
 with their respective undrawn and non-cancelled Commitments) a commitment fee calculated at the rate per annum equal to thirty five per cent (35%) of the Margin on any undrawn and non-cancelled amount of that Vessel Loan. The commitment fee in
 respect of each Vessel Loan shall accrue from the date of this Agreement until the earlier to occur of (i) the Advance Date in respect of that Vessel Loan and (ii) the Availability Termination Date, or (iii) such earlier date upon which the
 full undrawn amount of that Vessel Loan is cancelled, and shall be payable in one lump sum on the earlier to occur of (i) the Advance Date in respect of that Vessel Loan, (ii) the Availability Termination Date or (iii) such earlier date upon
 which the full undrawn amount of that Vessel Loan is cancelled.

**10.** **SECURITY DOCUMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. As security for the due repayment of the Indebtedness, the relevant Borrowers shall execute and deliver to the Security Trustee
 or cause to be executed and delivered to the Security Trustee the following cross collateralised Security Documents in such form and containing such terms and conditions as the Agent shall require:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1. on the Effective Date, the guarantee and indemnity from the Guarantor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2. on or before any Advance Date (or, if later, the delivery date of the relevant Vessel to the relevant Borrower):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a first preferred or (if applicable) first priority statutory mortgage over each Relevant Vessel together with (if applicable) a
 collateral deed of covenants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a first priority assignment of the Insurances, Earnings and Requisition Compensation in respect of each Relevant Vessel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3. upon entry by a Borrower and a Swap Provider into a Master Agreement, a first priority deed of charge over the Master Agreement
 Proceeds in respect of that Master Agreement from that Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. For each Vessel, if required by the charterers applicable to that Vessel as of the date of the Mortgage of that Vessel (being
 Shell Tankers (Singapore) Private Limited), the Security Trustee shall provide a quiet enjoyment letter (each a "Quiet Enjoyment Letter") in favour of such charterers in the form to be mutually agreed by the Security Trustee (on behalf of the
 relevant Finance Parties and acting on the instructions of all the Banks), the Borrowers and such charterers. A Quiet Enjoyment Letter shall include the right of the Security Trustee to step into the relevant charter at any time following the
 occurrence of an Event of Default.

**11.** **AGENCY AND TRUST** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. Each of the Banks and the Swap Providers appoints the Agent as its agent for the purpose of administering the Loan and the
 Finance Documents and, subject to this Clause, irrevocably authorises the Agent and its directors, officers, employees and agents acting on the instructions from time to time of the Majority Banks (unless otherwise stated herein) to exercise
 all rights, powers, authorities, discretions (including, without limitation, determining matters to be acceptable to or agreed by the Agent) and remedies under or pursuant to the Finance Documents, together with all powers reasonably incidental
 thereto. Subject to this Clause, each of the Banks and the Swap Providers irrevocably authorises the Agent and its directors, officers, employees and agents acting on the instructions from time to time of the Majority Banks (unless otherwise
 stated herein) to give or withhold any waivers, consents or approvals under or pursuant to any of the Finance Documents; and to collect, receive, release or pay any moneys thereunder; and to execute on its behalf any Finance Document (other
 than this Agreement) and any variation or amendment of any Finance Document (including this Agreement). The Agent shall have no duties or responsibilities as Agent other than those expressly conferred on it by the Finance Documents and shall
 not be obliged to act on any instructions if to do so would, in the reasonable opinion of the Agent, be contrary to any provision of the Finance Documents or to any law, or would expose the Agent to any actual or potential liability to any
 third party.

Except where expressly provided to the contrary, references in this Clause 11 to the "**Finance Documents**" or to any "**Finance Document**" shall not include any Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Notwithstanding Clause 11.1, and subject to Clause 11.3, except with the prior written consent of all the Banks, the Agent shall
 not be entitled to:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.1. release or vary any security, guarantee or indemnity given for the Borrowers' obligations under this Agreement, except in
 accordance with either Clause 5.7, Clause 6, Clause 8 or Clause 13.1 (in conjunction with an exercise of rights, remedies, powers or discretions by the Security Trustee under the Finance Documents as referred to in Clause 13.1); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.2. agree to waive the payment by any of the Security Parties of any sum of money payable by any of the Security Parties under the
 Finance Documents or waive, modify, vary or otherwise amend or excuse performance by any of the Security Parties of any material provision of the Finance Documents; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.3. extend the due date for the payment of any sum of money payable by any of the Security Parties under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.4. take or refrain from taking any steps if the effect of such action or inaction may lead to the increase of the obligations of any
 Bank under any of the Finance Documents (including, without limitation, increasing any Commitment); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.5. agree to change the currency in which any sum is payable under the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.6. agree to change this Clause 11.2; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.7. agree to change the definition of "**Majority Banks**" in Clause 1.65; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.8. agree a reduction in the Margin or a reduction in the amount of any payment of principal, interest or fees payable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.9. amend, waive or provide a consent in relation to any provision which expressly requires the consent of all the Banks; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.10. agree to change Clause 19; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.11. agree to change the manner in which proceeds of enforcement of the Security Documents are distributed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.12. agree to change Clause 5.7, Clause 6.8 or Clause 11.14; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2.13. agree to change the proviso wording included as part of Clause 4.16 and 12.13.2 in relation to excluding the Banks that can rely
 on the substantive terms of those Clauses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. If a Published Rate Replacement Event has occurred in relation to any Published Rate, any amendment or waiver which relates to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) providing for the use of a Replacement Reference Rate in place of that Published Rate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without
 limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) implementing market conventions applicable to that Replacement Reference Rate;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) providing for appropriate fallback (and, if applicable, market disruption) provisions for that Replacement Reference Rate; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one party to this Agreement to another as a result of the application of that Replacement
 Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination
 or recommendation),

may be made with the consent of the Agent (acting on the instructions of the Majority Banks) and the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. If any Bank fails to respond to a request for an amendment or waiver described in Clause 11.3 within fifteen (15) Business Days (or such longer time period in relation to any request which the Borrowers and the Agent
 may agree) of that request being made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) its Commitment(s) or participation(s) shall not be included for the purpose of calculating all of the Commitments or participations under the Loan when ascertaining whether any relevant percentage of total
 Commitments or participations has been obtained to approve that request; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) its status as a Bank shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Banks has been obtained to approve that request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. Neither the Agent nor any of its directors, officers, employees or agents shall be liable to any Bank or any Swap Provider for anything done or omitted to be done by the Agent under or in connection with the Finance
 Documents unless as a result of the Agent's gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. Each of the Banks and the Swap Providers acknowledges that (i) it has not relied on any representation made by the Agent or any of the Agent's directors, officers, employees or agents or by any other person acting or
 purporting to act on behalf of the Agent to induce it to enter into any of the Finance Documents, and that (ii) it has made and will continue to make without reliance on the Agent, and based on such documents and other evidence as it considers
 appropriate, its own independent investigation of the financial condition and affairs of each of the Security Parties in connection with the making and continuation of the Loan, and that (iii) it has made its own appraisal of the creditworthiness
 of each of the Security Parties. The Agent shall not have any duty or responsibility at any time to provide any of the Banks or any other Finance Party with any credit or other information relating to any of the Security Parties unless that
 information is received by the Agent pursuant to the terms of the Finance Documents. Each of the Banks and each other Finance Party agrees that it will not assert nor seek to assert against any director, officer, employee or agent of the Agent or
 against any other person acting or purporting to act on behalf of the Agent any claim which it might have against them in respect of any of the matters referred to in this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7. The Agent shall have no responsibility or liability to any of the Security Parties or to the Banks or the Swap Providers on account of (i) the failure of any Bank or any Swap Provider or any of the Security Parties
 to perform any of their respective obligations under the Finance Documents, or (ii) for the financial condition of any of the Security Parties, the Banks, or the Swap Providers, or (iii) for the completeness or accuracy of any statements,
 representations or warranties made in or pursuant to any of the Finance Documents, or in or pursuant to any document delivered pursuant to or in connection with any of the Finance Documents, or (iv) for the negotiation, execution, effectiveness,
 legality, genuineness, validity, enforceability, admissibility in evidence or sufficiency of any of the Finance Documents or of any document executed or delivered pursuant to or in connection with any of the Finance Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8. The Agent may:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.1. assume that all representations or warranties made by any of the Security Parties in or pursuant to any of the Finance Documents are true and complete unless it has actual knowledge to the contrary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.2. assume that no Event of Default has occurred unless it has actual knowledge to the contrary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.3. rely on any document or communication reasonably believed by the Agent to be genuine; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.4. rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.5. rely as to any factual matters which might reasonably be expected to be within the knowledge of any of the Security Parties on a certificate signed by or on behalf of that Security Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.6. refrain from exercising any right, power, discretion or remedy unless and until instructed to exercise that right, power, discretion or remedy and as to the manner of its exercise by the Majority Banks or (as
 applicable) all of the Banks and unless and until the Agent has received from the Banks any payment which the Agent may require on account of, or any security which the Agent may require for, any costs, claims, expenses (including legal and other
 professional fees) and liabilities which it considers it may incur or sustain in complying with such instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9. The Agent shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.1. if requested in writing by any Bank to do so, make enquiry and advise the Banks as to the performance or observance of any of the provisions of the Finance Documents by the Security Parties or as to the existence of
 an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.2. provide to each of the Banks as soon as reasonably practicable copies of all financial and other information received by the Agent from any of the Security Parties pursuant to Clause 12.6 of this Agreement or clause
 9 of the Guarantee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9.3. inform the Banks as soon as reasonably practicable of any Event of Default of which the Agent has actual knowledge.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10. The Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed repeated by any of the Security Parties or actual knowledge of the occurrence
 of any Event of Default or Potential Event of Default unless any of the Banks or any of the Security Parties shall have given written notice thereof to the Agent or the Agent has gained actual knowledge thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11. The Agent may, without any liability to account to any of the Banks or the Swap Providers, generally engage in any kind of banking or trust business with any of the Security Parties or any of their respective
 subsidiaries or associated companies or any Bank or the Swap Providers as if it were not the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12. The Banks shall promptly on the Agent's request reimburse the Agent rateably in accordance with their respective Proportionate Shares for all amounts payable by the Borrowers to the Agent pursuant to Clauses 12.5,
 18.6, 18.7, 18.8 or 18.11 to the extent that those amounts are not paid by the Borrowers. The Banks, to the extent the Agent is not indemnified by, and able to recover from, the Borrowers, agree to indemnify the Agent rateably in accordance with
 their respective Proportionate Shares on demand against all liabilities, damages, costs and claims incurred by the Agent in connection with the Finance Documents or the performance of its duties and obligations or exercise of its rights, powers,
 discretions or remedies under or pursuant to any of the Finance Documents, or any action taken or omitted by the Agent under or pursuant to any of the Finance Documents, unless those liabilities, damages, costs or claims arise solely from the
 Agent's own gross negligence or wilful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13. In performing its duties and exercising its rights, powers, discretions and remedies under or pursuant to the Finance Documents, the Agent shall be entitled:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (at its own expense, unless an Event of Default shall have occurred and be continuing, in which case, at the expense of the Borrowers subject to the provisions of this Clause) to employ and pay agents to do anything
 which the Agent is empowered to do under or pursuant to the Finance Documents (but which it cannot reasonably perform itself without employing or paying such agents) (including the receipt of money and documents and the payment of money); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to instruct (at the expense of the Borrowers) any lawyer, banker, broker, accountant, valuer or any other person believed by the Agent in good faith to be competent to give any required opinion, advice or information
 (and to act or refrain from taking action in reliance of any such opinion, advice or information).

Notwithstanding the preceding provisions of this Clause, the Borrowers will not at any time have any liability for expenses incurred by the Agent of the nature described in this Clause if they relate to general agency functions typically performed by an agent bank in respect to a syndicated loan transaction in return for an agency fee.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14. The Agent shall pay promptly to the order of each Finance Party every sum of money received by the Agent pursuant to the Finance Documents for that Finance Party (including, without limitation, any sum of money
 received by the Agent for the Swap Providers pursuant to Clause 6.1) and until so paid such amount (together with all interest accrued thereon) shall be held by the Agent on trust absolutely for that Finance Party. If the Agent receives a payment
 that is insufficient to discharge all the amounts then due and payable by a Security Party under the Finance Documents, the Agent shall apply that payment towards the obligations of that Security Party under the Finance Documents in the following
 order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) firstly, in or towards payment pro rata of any unpaid fees, costs, expenses and default interest of the Agent under the Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) secondly, in or towards payment pro rata of any accrued fees, commissions, costs, expenses (including any sums paid by the Banks under Clause 11.12) due but unpaid under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) thirdly, in or towards payment pro rata of (i) any accrued interest (including default interest) due to the Banks but unpaid under this Agreement, and (ii) any amounts due and unpaid to a Swap Provider under any
 Master Agreement (other than swap termination sums/close-out payments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fourthly, in or towards payment pro rata of (i) any part of the Loan due but unpaid under this Agreement, and (ii) any swap termination sums/close-out payments due and unpaid to a Swap Provider under any Master
 Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents (including any Master Agreement).

This Clause will override any appropriation made by a Security Party or otherwise set out in this Agreement.

The Banks and the Swap Providers acting unanimously may, in their discretion, change the order of application set out in this Clause 11.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15. The Agent shall have no liability to pay any sum to any Bank or any Swap Provider until it has itself received payment of that sum. If, however, the Agent does pay any sum to a Bank or a Swap Provider on account of
 any amount prospectively due to that Bank pursuant to Clause 11.14 before it has itself received payment of that amount, and the Agent does not in fact receive payment within three (3) Business Days after the date on which that payment was
 required to be made by the terms of the Finance Documents, each Bank or each Swap Provider receiving any such payment shall, on demand by the Agent, refund to the Agent an amount equal to the amount received by it, together with an amount
 sufficient to reimburse the Agent for any amount which the Agent may certify that it has been required to pay by way of interest on money borrowed to fund the amount in question during the period beginning on the date on which that amount was
 required to be paid by the terms of the Finance Documents and ending on the date on which the Agent receives reimbursement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16. If at any time any Bank receives or recovers by way of set-off, the exercise of any lien or otherwise (other than in accordance with Clause 11.14, Clause 14.3 or from any assignee or transferee of or sub-participant
 in that Bank's Commitment), an amount from any Security Party in respect of any sum due from any of the Security Parties under the Finance Documents which is greater than that which it would have received if the amount had been recovered by the
 Agent and applied in the manner applicable at the time of recovery by the relevant Bank under the terms of Clause 11.14 or Clause 14.3 (the amount of the excess being referred to in this Clause 11.16 as the "**Excess Amount**") then:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16.1. that Bank shall promptly notify the Agent which shall notify the other Banks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16.2. that Bank shall pay to the Agent an amount equal to the Excess Amount within ten (10) days of its receipt or recovery of the Excess Amount; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16.3. the Agent shall treat that payment as if it were a payment by the Borrowers on account of the sum owed to the Banks as aforesaid and shall account to the Banks in respect of the Excess Amount in accordance with the
 provisions of Clause 11.14 or Clause 14.3 (as the case may be).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.17. Notwithstanding anything contained in this Clause, if a Bank has commenced an action or proceeding in any court to recover sums owing to it under the Finance Documents and, as a result thereof, or in connection
 therewith, has received an Excess Amount, the Agent shall not distribute any of that Excess Amount to any other Bank which had been notified of such action or proceeding and had the legal right to, but did not, join such action or proceeding or
 commence and diligently prosecute a separate action or proceeding to enforce its rights in the same or another court.

Further, this Clause 11.16 shall not apply to a Bank that received an Excess Amount to the extent that that Bank would not, after making any payment pursuant to Clause 11.16, have a valid and enforceable claim against the relevant Security Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18. If all or any part of any Excess Amount is rescinded or must otherwise be restored to any of the Security Parties or to any other third party, any Bank which has received any part of that Excess Amount by way of
 distribution from the Agent pursuant to this Clause shall repay to the Agent for the account of the Bank which originally received or recovered the Excess Amount, their respective share of the Excess Amount (or the relevant part thereof) (as
 determined by the Agent) and in a manner that results in the Banks sharing rateably in the amount of the receipt or payment retained in a manner consistent with Clause 11.14 or Clause 14.3 (as the case may be), together with interest thereon at a
 rate equivalent to that (if any) paid by the Bank receiving or recovering the Excess Amount to the person to whom that Bank is liable to make payment in respect of such amount and the provisions of Clause 11.16.3 shall apply only to the retained
 amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19. Each of the Banks and the Agent shall notify one another of the proposed institution of any legal proceedings under any of the Finance Documents prior to their commencement. No Swap Provider may without the prior
 written consent of the Agent (acting on the instructions of the Majority Banks) or as part of a general enforcement by the Finance Parties of their rights following an Event of Default institute any legal proceedings under any of the Finance
 Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20. If an Event of Default shall occur entitling the Banks and/or the Swap Providers (or the Agent on their behalf) to exercise any of their rights, powers, discretions and/or remedies under or pursuant to the Finance
 Documents, the Agent shall, subject to Clause 11.2, act, or refrain from acting, in accordance with the instructions of the Majority Banks.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.21. Where the Agent is authorised or directed to act or refrain from acting in accordance with the instructions of the Banks or the Majority Banks each of the Banks shall provide the Agent with instructions within three
 (3) Business Days of the Agent's request (which request may be made orally or in writing and which will set out the action the Agent intends to take if the Agent does not receive instructions from the Banks). If any Bank does not provide the
 Agent with instructions within that period, that Bank shall be bound by the decision of the Agent. If no Bank gives instructions to the Agent, the Agent may take such action as it considers appropriate, and shall notify each Bank of the action it
 has taken and the Banks shall be bound by the decision of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.22. Any notice, approval, demand, request, document or communication under this Clause may be given, delivered, made or served, in the case of the Agent (in its capacity as Agent or one of the Banks or the Swap
 Providers), and in the case of the other Banks or the Swap Providers, by letter, email, secure website administered by the Agent or fax at the address, email address or fax number indicated in Schedule 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23. All moneys payable to any Bank or the Swap Providers under this Clause 11 shall be paid to such account at such bank as that Bank or the Swap Providers may from time to time in writing direct to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24. Subject to a successor being appointed in accordance with this Clause 11, the Agent may resign as agent and/or security trustee at any time without assigning any reason by giving to the Borrowers and the other
 Finance Parties notice of its intention to do so. In that event, the Majority Banks may within thirty (30) days after the date of such notice appoint a successor acceptable to the Borrowers to act as agent and/or security trustee or, if they fail
 to do so, the Agent may appoint any other bank or financial institution which is established for the purpose of or regularly engaged in, this type of business acceptable to the Borrowers as its successor. Notwithstanding the foregoing, at any
 time during which an Event of Default is continuing, any appointment of a successor agent and/or security trustee by the Majority Banks or the Agent shall not be required to be acceptable to the Borrowers.

Alternatively, the Agent may resign and appoint one of its Bank Affiliates or one of the Banks (as at the date of this Agreement) as successor agent and/or security trustee by giving to the Borrowers and the other Finance Parties notice. In such circumstances, such Bank Affiliate or Bank shall be deemed to be acceptable to the Borrowers.

The Borrowers shall not be liable for any costs and expenses incurred by any of the Finance Parties in connection with any resignation and appointment contemplated by this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25. The resignation of the Agent as agent and/or security trustee pursuant to Clause 11.24 shall take effect simultaneously with the appointment of its successor on written notice of that appointment being given to the
 Borrowers and the Finance Parties. The Agent shall thereupon be discharged from all further obligations as agent and/or security trustee but shall remain entitled to the benefit of the provisions of this Clause, and its successor and each of the
 other parties to this Agreement shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original party to this Agreement. Subject to any proposed successor (that is not a Finance Party or
 a Bank Affiliate) first entering into a Confidentiality Agreement, the Borrowers irrevocably authorise the Agent to disclose to any proposed successor as agent and/or security trustee (whether before or after the Agent's resignation and whether
 or not such successor is actually appointed) all Confidential Information which the Agent in its discretion considers necessary or desirable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26. Except as provided in Clauses 11.14, 11.28 and 11.29 the Agent shall not have any fiduciary relationship with or be deemed to be a trustee of or for any of the Banks or any of the Swap Providers or the other Finance
 Parties and nothing contained in any of the Finance Documents shall constitute a partnership between all or any of the Banks and any of the Swap Providers or between the Agent and any of the Banks or any of the Swap Providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.27. The expression "**the Banks**" when used in the Finance Documents shall include the Agent in its capacity as one of the Banks. The Agent shall be entitled to exercise its rights, powers, discretions and remedies
 under or pursuant to the Finance Documents in its capacity as one of the Banks in the same manner as the other Banks and as if it were not also the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28. Unless the context otherwise requires, the expression "**the Agent**" when used in the Finance Documents means the Agent and the Security Trustee collectively. Each of the other Finance Parties hereby appoints the
 Security Trustee as its security trustee to act in such capacity on its behalf under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29. The Security Trustee agrees and declares, and each of the other Finance Parties acknowledges, that, subject to the terms and conditions of this Clause, the Security Trustee holds the Trust Property on trust for the
 Finance Parties absolutely. Each of the other Finance Parties agrees that the obligations, rights and benefits vested in the Security Trustee in its capacity as security trustee shall be performed and exercised in accordance with this Clause. The
 Security Trustee in its capacity as security trustee shall have the benefit of all the provisions of this Agreement benefiting the Agent as agent for the Banks and the Swap Providers, and all the powers and discretions conferred on trustees by
 the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 or by general law or otherwise (to the extent not inconsistent with this Agreement) provided that Part I of the Trustee Act 2000 shall not apply to the duties of the
 Security Trustee in relation to the trusts constituted by the Finance Documents. In addition:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29.1. the Security Trustee (and any attorney, agent or delegate of the Security Trustee) may indemnify itself or himself out of the Trust Property against all liabilities, costs, fees, damages, charges, losses and expenses
 sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested in the Security Trustee or any
 other such person by or pursuant to the Finance Documents or in respect of anything else done or omitted to be done in any way relating to the Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29.2. each of the other Finance Parties acknowledge that the Security Trustee shall be under no obligation to insure any property nor to require any other person to insure any property and shall not be responsible for any
 loss which may be suffered by any person as a result of the lack or insufficiency of any insurance; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29.3. the Security Trustee and the other Finance Parties agree that the perpetuity period applicable to the trusts declared by this Agreement shall be the period of one hundred and twenty five (125) years from the date of
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30. The Agent shall resign in accordance with Clause 11.24 above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to Clause 11.24 above) if on or after the date which
 is three (3) months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30.1. the Agent fails to respond to a request under Clause 12.17 and the Borrowers or a Bank reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
 Application Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30.2. the information supplied by the Agent pursuant to Clause 12.17 indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30.3. the Agent notifies the Borrowers and the Banks that the 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) the Borrowers or a Bank reasonably believes that a party to any Finance Document will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and the Borrowers or that Bank, by notice to the Agent, requires it to resign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31. Except as specifically provided in the Finance Documents, each of the Coordinator, the Sustainability Coordinator, each Mandated Lead Arranger and the Bookrunner has no obligations of any kind to any other party to
 this Agreement under or in connection with any Finance Document or the transactions contemplated by the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.32. In no circumstances shall the Agent be liable to pay interest on any sums it receives under or in connection with the Finance Documents or any of the property, rights and assets subject to the Security Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.33. Nothing in this Agreement constitutes the Coordinator, the Sustainability Coordinator, any Mandated Lead Arranger or the Bookrunner as a trustee or fiduciary of any other person.

------

**12.** **COVENANTS** 

Each Borrower covenants with the Banks and with the Agent as follows:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. None of the Borrowers will without the Agent's (acting on the instructions of the Majority Banks (save for Clauses 12.1.1, **12.1.3**, **12.1.8**, 12.1.9 and **12.1.11** in which case acting on the instructions of all the Banks))
 prior written consent:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.1. create or permit to arise or continue any Encumbrance (including, without limitation, if the Borrowers contemplate in the future to create second priority security over the Vessels any such second priority security
 over the Vessels) or other third party right on or over all or any part of its present or future assets or undertaking, other than any Permitted Encumbrances existing from time to time; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.2. subject to any existing indebtedness that is to be refinanced by the Loan in accordance with the terms of this Agreement and to which that Borrower is to be fully released from (including, without limitation any
 joint and several liability in respect to loans related to other vessels), incur any other debt for borrowed money, give guarantees or assume lease obligations (including off balance sheet lease obligations) except as contemplated by this
 Agreement, trade debt to be incurred in the ordinary course of business and unsecured loans from other members of the Group which are subordinated in a manner consistent to that set out in clause 10 of the Guarantee (provided that no Borrower
 will be in breach of this Clause in the event that it enters into a new facility agreement for the purpose of refinancing the Loan (or its Vessel Loan) provided that on or before any drawdown thereunder the Loan (or its Vessel Loan) has been or
 will be fully prepaid in accordance with the prepayment provisions in this Agreement); nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.3. at any time following the occurrence and during the continuation of any Event of Default repay any loans which have been or shall be made to any of the Borrowers by any other member of the Group nor, at any time,
 grant any security in respect of any such loans; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.4. except in the ordinary course of trading of the Vessels and as contemplated by this Agreement, incur any liability to any third party which is in the reasonable opinion of the Agent of a substantial nature; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.5. engage in any business other than the ownership, operation, chartering and management of the Vessels; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.6. except in the ordinary course of trading of the Vessels and as expressly provided for in the Finance Documents, make any loan nor enter into any guarantee or indemnity or otherwise voluntarily assume any actual or
 contingent liability in respect of any obligation of any other person (except that the Borrowers may, unless an Event of Default shall have occurred and be continuing, make loans to the Guarantor and other members of the Group); nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.7. purchase or lease any capital assets or financial assets or make any capital expenditure other than in relation to the Vessels; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.8. at any time after the occurrence and during the continuation of an Event of Default or at any time when the Guarantor is not in compliance with the financial covenants set out at clause 8.2 of the Guarantee, pay any
 dividends or make any other distributions to shareholders; nor

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.9. except in accordance with Clause 6 or Clause 8, sell or otherwise dispose of any Vessel or any shares in any Vessel; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.10. except in respect to a change to a member of the Group or a change in commercial management pursuant to a pool arrangement, permit any change in the identity of the Managers from that advised to the Agent at the date
 of this Agreement, such consent not to be unreasonably withheld; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.11. permit any mergers or consolidations of the Security Parties which might reasonably be expected to have a material adverse effect on the ability of the Banks or the Security Trustee on their behalf to enforce their
 rights under the Finance Documents; nor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1.12. save for as contemplated by this Agreement, assign, novate or encumber or in any other way transfer any of its rights or obligations under any Master Agreement.

For the avoidance of doubt, Clauses 12.1.2 and 12.1.4 shall not prohibit the Borrowers from entering into any Transaction or other interest rate hedging transactions permitted by Clause 7.16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. Each Borrower undertakes to inform the Agent as soon as reasonably practicable of the occurrence of any Ownership Mandatory Prepayment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. For the purpose of the Finance Documents, the market value of the Vessels shall be mutually agreed between the Borrowers and the Agent (acting on the instructions of the Majority Banks) from time to time during the
 Facility Period. If at any time during the Facility Period the Borrowers and the Agent (acting on the instructions of the Majority Banks) fail to agree on the market value of any Vessel, the market value of that Vessel shall for the purpose of
 the Finance Documents be the value certified by an independent and reputable sale and purchase broker nominated by the Borrowers from the list set out in Schedule 3 or as otherwise approved by the Agent (acting on the instructions of the Majority
 Banks). Any such valuation shall be addressed to the Agent and may be made without physical inspection on the basis of a sale of that Vessel for prompt delivery for cash at arm's length on normal commercial terms as between a willing seller and a
 willing buyer and free of any existing charter or other contract of employment. Notwithstanding the above, the aforesaid valuations shall take into account the charter or other contract of employment if such Vessel is (i) a Very Large Ore
 Carrier; (ii) a containership of 10,000 or more TEU; or (iii) is of a type for which there is no active sale and purchase market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. If the Borrowers (a) fail to nominate any sale and purchase broker acceptable to the Agent pursuant to Clause 12.3 within seven (7) days of being required to do so by the Agent by notice in accordance with Clause 17,
 or (b) if the Agent (acting on the instructions of the Majority Banks) does not accept the valuation of a Vessel determined pursuant to Clause 12.3, the Borrowers irrevocably authorise the Agent to appoint such sale and purchase broker as the
 Banks may in their discretion consider appropriate from the list set out in Schedule 3 and undertake promptly on request to supply to the Agent and to any such broker such information concerning that Vessel, its condition and its employment as
 the Agent and the broker may reasonably require. The market value in the case of (ii) above shall be the average of the two (2) valuations of that Vessel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. The Borrowers shall be liable for all reasonable costs and expenses incurred by the Agent in obtaining any valuations from time to time required pursuant to Clauses 12.3 and 12.4, and shall reimburse the Agent in
 respect of all such costs and expenses from time to time on demand, provided only that the Borrowers shall not be liable for the costs and expenses incurred in determining the market value of each Vessel pursuant to Clause 12.3 and 12.4 more than
 one (1) time in any consecutive period of twelve (12) months following the date of this Agreement unless an Event of Default shall have occurred and be continuing, in which event the Borrowers shall be liable for the costs of obtaining all
 valuations from time to time as reasonably required by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. The Borrowers will supply or procure that the Guarantor supplies to the Agent from time to time during the Facility Period (i) the Group's unaudited quarterly consolidated financial statements, in each case no later
 than ninety (90) days from the end of the quarter to which they relate (other than any quarter ending on 31 December of each fiscal year during the Facility Period, which do not need to be provided) and (ii) the Group's audited annual
 consolidated financial statements for each of the Group's financial years, in each case no later than one hundred twenty (120) days from the end of the financial year to which they relate. The Borrowers will in addition provide on the request of
 the Agent from time to time such information and explanations as may from time to time be reasonably requested by the Agent as to the operation of the Vessels, and will procure that the Agent be given general information and explanations relating
 to the Guarantor and to all other companies and vessels in the Group. For the avoidance of doubt, the Borrowers are single purpose entities and will not provide audited annual reports and accounts or individual quarterly financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. The Borrowers will permit the Agent and its agents to review the Borrowers' operating and insurance records from time to time during the Facility Period on reasonable notice and during normal business hours in the
 place in which the records are to be reviewed, and shall reimburse the Agent from time to time on demand in respect of all costs and expenses incurred by the Agent in doing so, provided only that the Borrowers shall not be liable for the costs
 and expenses incurred in relation to more than one (1) such review in each consecutive period of twelve (12) months following the date of this Agreement unless an Event of Default shall have occurred and be continuing, in which event the
 Borrowers shall be liable for all such costs and expenses from time to time incurred by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. The Borrowers shall have complete discretion to enter into charterparties covering the Vessels for periods that they may select. If requested to do so by the Agent (acting on the instructions of the Majority Banks)
 at any time following the occurrence and during the continuation of an Event of Default, each relevant Borrower will promptly execute and deliver in favour of the Banks (or the Security Trustee on their behalf) a specific assignment of the
 benefit of any such charterparty in respect of its Vessel in such form as the Agent (acting on the instructions of the Majority Banks) may reasonably require, and will give notice of each such assignment to, and procure the acknowledgement of
 each such notice by, the charterer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. The Borrowers will immediately notify the Agent in writing of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9.1. the occurrence of any Event of Default, any action, suit, arbitration or administrative proceeding against any of the Borrowers which would, or would be likely to have a materially adverse effect on the business,
 assets, or financial condition of that Borrower; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9.2. any incident relating to any Vessel which results or is anticipated to result in damage to that Vessel in excess of two million Dollars ($2,000,000),

and will, in each case, provide the Agent with all relevant details in connection with the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. The Borrowers will procure that, following the occurrence and during the continuation of any Event of Default, all Earnings are paid to such accounts at such bank as the Agent may from time to time direct to the
 Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11. The Borrowers will as and from the delivery of a Vessel:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.1. procure that each Vessel remains for the remaining duration of the Facility Period subject to a SMS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.2. maintain a valid and current SMC for that Vessel throughout the remaining Facility Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.3. procure that each Company for that Vessel maintains a valid and current DOC throughout the remaining Facility Period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11.4. immediately notify the Agent in writing of any withdrawal, suspension or cancellation of the SMC of that Vessel or the DOC of any Company of that Vessel or the change of identity of any Company of that Vessel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12. The Borrowers will as and from the delivery of a Vessel:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12.1. procure that that Vessel maintains for the remaining duration of the Facility Period a valid ISSC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12.2. procure that that Vessel's security system and associated security equipment complies with the applicable requirements of Chapter XI-2 of SOLAS and Part A of the ISPS Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13. The Borrowers shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13.1. comply in all respects with all laws to which they may be subject (including all applicable environmental laws relating to the Vessels and their operation), if (except as regards Sanctions, to which Clause 12.13.2
 applies, and anti-corruption and anti-bribery laws to which Clause 12.13.3 applies) failure so to comply would materially impair their ability to perform their respective obligations under the Finance Documents;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13.2. comply and shall procure that each other Security Party shall comply in all respects with all Sanctions provided that the undertakings given herein shall apply to the benefit of any Finance Party only to the extent
 that the receipt and acceptance by that Finance Party of the undertakings in this Clause does not result in any violation of, conflict with or liability under (i) Council Regulation (EC) 2271/1996; (ii) if applicable, Council Regulation (EC)
 2271/1996 of 22 November 1996 (as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018) and any provisions of the Sanctions and Anti-Money Laundering Act 2018; or (iii) section 7 foreign
 trade rules (AWV) (*Außenwirtschaftsverordnung*) (in connection with section 4 paragraph 1 no. 3 foreign trade law (AWG) (*Außenwirtschaftsgesetz*)) or a similar anti-boycott statute; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13.3. conduct and shall procure that each other Security Party conducts its businesses in compliance with applicable anti-corruption and anti-bribery laws and maintain policies and procedures designed to promote and
 achieve compliance with such laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14. The Borrowers shall file all requisite tax returns and pay all tax which becomes due and payable (except where contested in good faith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15. The Borrowers shall comply with the Convention for the duration of the Facility Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16. If:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16.1. 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16.2. any change in the status of, or the composition of the shareholding in, a Security Party after the date of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16.3. a proposed assignment or transfer by a Bank of any of its rights and obligations under this Agreement to a party that is not a Bank prior to such assignment or transfer,

obliges the Agent or any Bank or any Swap Provider (or, in the case of Clause 12.16.3, any prospective new Bank) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the request of the Agent or any Bank or any Swap Provider supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Bank or any Swap Provider) or any Bank (for itself or, in the case of the event described in Clause 12.16.3, on behalf of any prospective new Bank) or any Swap Provider in order for the Agent, such Bank, such Swap Provider or, in the case of the event described in Clause 12.16.3, any prospective new Bank 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.

------

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

The Borrowers shall also promptly upon request of the Agent or any Bank supply, or procure the supply of such documentation and other evidence as is reasonably requested by the Agent or any Bank in or order for the Agent or such Bank to carry out all ongoing and necessary "know your customer" or similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17. FATCA Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17.1. Subject to Clause 12.17.3 below, each party to a Finance Document shall, within ten (10) Business Days of a reasonable request by another party to the Finance Documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) supply to the requesting party such forms, documentation and other information relating to its status under FATCA as the requesting party reasonably requests for the purposes of such requesting party's compliance
 with FATCA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) supply to the requesting party such forms, documentation and other information relating to its status as the requesting party reasonably requests for the purposes of such requesting party's compliance with any other
 law, regulation, or exchange of information regime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17.2. If a party to any Finance Document confirms to another party to any Finance Document pursuant to Clause 12.17.1(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17.3. Clause 12.17.1 above shall not oblige any Finance Party to do anything, and Clause 12.17.1(c) above shall not oblige any other party to any Finance Document to do anything, which would or might in its reasonable
 opinion constitute a breach of any law or regulation, any fiduciary duty or any duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17.4. If a party to any Finance Document fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with Clause 12.17.1(a) or Clause 12.17.1(b)
 above (including, for the avoidance of doubt, where Clause 12.17.3 above applies), then such party shall be treated for the purposes of the Finance Documents (and payments made 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.17.5. If a Bank fails to supply any withholding certificate, withholding statement, document, authorisation, waiver or information as the Agent may require to certify or establish the status of a Bank under FATCA or any
 other law or regulation, or any withholding certificate, withholding statement, document, authorisation, waiver or information provided by a Bank to the Agent is or becomes materially inaccurate or incomplete, then such Bank shall indemnify the
 Agent, within three (3) Business Days of demand, against any cost, loss, Tax or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (including any related interest and
 penalties) in acting as Agent under the Finance Documents as a result of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18. DAC6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18.1. In the Clause 12.18, "DAC6" means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18.2. The Borrowers shall supply to the Agent (in sufficient copies for all the Banks, if the Agent so requests):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly following the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Finance Documents or any transaction carried out (or
 to be carried out) in connection with any transaction contemplated by the Finance Documents contains a hallmark as set out in Annex IV of DAC6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by
 any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if
 available).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19. Each Borrower shall not knowingly sell the Vessel owned by it for recycling purposes without having ascertained that such Vessel will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19.1. if the Vessel is flagged in an EU member state, be recycled at an approved yard under the EU Shipping Recycling Regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19.2. if the Vessel is not flagged in an EU member state, be recycled at a yard certified to operate under The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and/or EU
 Ship Recycling Regulation by a classification society acceptable to the Agent and who is a member of the IACS (International Association of Classification Societies).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.20. The Borrowers shall upon the request of any Bank and at the cost of the Borrowers, on or before 31st July in each calendar year, supply or procure the supply to the Agent of all information necessary in order for any
 Bank to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex
 VI and any Statement of Compliance, in each case relating to each Vessel for the preceding calendar year provided always that no Bank shall publicly disclose such information with the identity of the Vessels without the prior written consent of
 the Borrowers. For the avoidance of doubt, such information shall be Confidential Information for the purposes of Clause 20, but the Borrowers acknowledge that, in accordance with the Poseidon Principles, such information will form part of the
 information published regarding the relevant Bank's portfolio climate alignment.

**13.** **EVENTS OF DEFAULT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1. Should any of the events listed in Clause 13.2 occur and be continuing the Agent may at its discretion and shall if so instructed by the Majority Banks by notice to the Borrowers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cancel the unadvanced Commitments, whereupon they shall immediately be cancelled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) declare all or any part of the Indebtedness (including such unpaid interest as shall have accrued and all other amounts accrued or outstanding under the Finance Documents (but excluding any such amount arising under
 or in connection with any Master Agreement)) to be immediately payable, whereupon they shall become immediately due and payable (for the avoidance of doubt, each Swap Provider shall maintain the exclusive right of declaring that any amount due
 under any Master Agreement to which it is a party, is immediately due and payable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) declare that the Indebtedness is payable on demand, whereupon it shall immediately become payable on demand by the Agent on the instructions of the Majority Banks; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) exercise or direct the Security Trustee to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2. The events referred to in Clause 13.1 are:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.1. if the Borrowers default in the payment of any Repayment Instalment, (in each case, where applicable) any balloon payment or any interest on the Loan (or any part thereof) when due and that default is not remedied
 within three (3) Business Days of the due date or if the Borrowers default in the payment of any other part of the Indebtedness when due and that default is not remedied within ten (10) Business Days, provided that it shall not be an Event of
 Default if the payment is delayed by any bank involved in processing such payment, subject to the Borrowers using all reasonable efforts to secure the release of the payment and such payment is released no later than ten (10) Business Days after
 the due date of such payment provided that if the Agent (acting on the instructions of all the Banks, acting in their discretion) is satisfied that the Borrowers are using all reasonable efforts to secure the release of the payment and that the
 delay is temporary, then the Agent (acting on the instructions of all the Banks, acting in their discretion) may (but is not obliged to) extend the ten (10) Business Day period for that payment by such number of days as the Agent may (acting on
 the instructions of all the Banks, acting in their discretion) determine; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.2. if any representation or warranty or any other information made or given by any of the Security Parties to the Finance Parties in or leading up to or during the currency of any of the Finance Documents shall be false
 or incorrect or misleading in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.3. if a distress or execution or other process of a court or authority is levied on any of the property of any of the Security Parties before or after final judgment or by order of any competent court or authority and
 is not satisfied within fourteen (14) days of levy (and which, in the case of the Guarantor, would be likely to prevent the Guarantor from performing its obligations under the Finance Documents) unless a valid appeal is lodged and the Agent is
 reasonably satisfied that the rights of the Finance Parties pursuant to the Finance Documents will not be affected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.4. if any Security Party shall:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) resolve to appoint or apply for or consent to the appointment of a receiver, trustee, administrator, administrative receiver, compulsory manager, liquidator or other similar officer of itself or of all or part of its
 assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be unable or admit its inability to pay its debts as they fall due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) make a general assignment or floating charge for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) file a petition in bankruptcy or liquidation or a petition or an answer seeking re-organisation or an arrangement with creditors to take advantage of any insolvency law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) file any answer admitting the material allegations of or consent to or default in answering a petition filed against it in any bankruptcy, liquidation, re-organisation, administration or insolvency proceedings; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) suspend or cease trading or threaten to suspend or cease trading by reason of actual or impending insolvency or for any other reason, except, in the case of a Borrower, as a result of a sale of its Vessel permitted
 by this Agreement or a Total Loss of its Vessel; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) have appointed to it a liquidator, receiver, administrative receiver, administrator, compulsory manager or trustee or other similar officer under any applicable law; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.5. if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any of the Security Parties fails to observe or perform any of the covenants, conditions, undertakings, agreements or obligations on its part contained in any of the Finance Documents (other than those of a
 non-material nature (such materiality being in the opinion of the Agent (acting on the instructions of the Majority Banks)) provided that no such failure to observe or perform shall constitute an Event of Default if it is capable of remedy and is
 remedied within fourteen (14) days after receipt by that Security Party of written notice from the Agent (acting on the instructions of the Majority Banks) requiring it to do so); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any of the Security Parties shall in any other way be in breach of or do or cause to be done any act repudiating or evidencing an intention to repudiate any of the Finance Documents; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there shall occur any event which would or would with the passage of time render performance of any of the Finance Documents impossible or unlawful or unenforceable by the Finance Parties (unless it is only in
 relation to security and provided the Security Party in question is negotiating with the Agent in good faith to provide replacement security materially equivalent to the security prejudiced); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a notice is given by any Swap Provider under section 6(a) of any Master Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.6. if any of the conditions set out in Clause 3.3 is not satisfied by the deadlines set out therein or such later dates as the Agent may agree in accordance with the instructions of all the Banks (acting reasonably); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.7. if any consent, licence, approval or authorisation which is now or which may at any time during the Facility Period become necessary to enable any of the Security Parties to comply with any of its obligations in or
 pursuant to any of the Finance Documents shall be revoked, withdrawn or withheld or modified in a manner which the Agent considers is, or may be, prejudicial to the interests of the Finance Parties or shall cease to remain in full force and
 effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.8. if any proceedings are commenced or threatened or any order or judgment is given by any court for the bankruptcy, liquidation, winding up, administration or re-organisation of any Security Party or for the
 appointment of a receiver, administrator, liquidator or trustee of any Security Party or of all or part of the assets of any Security Party or if any person shall appoint or purport to appoint such receiver, administrator, liquidator or trustee
 and, in the reasonable opinion of the Agent, such event would be likely to have a materially adverse effect on the ability of the Security Parties to perform their obligations under or pursuant to the Finance Documents; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.9. if the business of any of the Security Parties is wholly or partially curtailed by any seizure or intervention by or under authority of any government or if all or a substantial part of the undertaking, property or
 assets of any of the Security Parties is seized, nationalised, expropriated or compulsorily acquired by or under authority of any government (a "**Seizure**") **PROVIDED ALWAYS THAT** a Seizure shall not be an Event of Default if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the relevant undertaking, property or asset is insured (to the Agent's reasonable satisfaction) against the risk of Seizure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no insurer has refused to meet or has disputed (with just cause) the claim for Seizure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of all insurance proceeds in respect of the Seizure is made in full and all of the outstanding Indebtedness (as notified by the Agent to the Borrowers) in respect of the Seizure is repaid in full to the Agent
 within one hundred and twenty (120) days of the date of Seizure or such longer period as the Agent may agree (acting on the instructions of all the Banks); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.10. if any Vessel or any other vessel which may from time to time be mortgaged to the Banks or to the Security Trustee on their behalf as security for the repayment of the Indebtedness is lost, destroyed or abandoned or
 is requisitioned for hire by or on behalf of any government or other authority or is confiscated, forfeited or condemned as prize or shall be or become a Total Loss **PROVIDED THAT** any such event shall not be an Event of Default if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) that Vessel or other vessel is insured in accordance with the Security Documents and a claim for such event is available under the terms of the relevant insurances; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) no insurer has refused to meet or has disputed (with just cause) the claim; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) payment of all insurance proceeds in respect of the claim is made in full and the amount of the outstanding Vessel Loan relevant to the Vessel the subject of the relevant event and all of the outstanding Indebtedness
 relative thereto (as notified by the Agent to the Borrowers) is repaid in full to the Security Trustee within one hundred and twenty (120) days of the Total Loss Date (or in the case of any other event referred to in this Clause 13.2.10, the
 actual date on which such event took place) or such longer period as the Agent may agree (acting on the instructions of all the Banks); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.11. if any other indebtedness or obligation for borrowed money in an aggregate amount in excess of five million Dollars ($5,000,000) of any of the Security Parties shall by reason of default on the part of that Security
 Party become due or capable of being declared due prior to its stated maturity or shall not be repaid or satisfied when due; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.12. if the Guarantor shall give notice to the Agent to determine its obligations under the Guarantee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.13. if anything is done or permitted or omitted to be done by any of the Security Parties which in the reasonable opinion of the Agent jeopardises or imperils (or may jeopardise or imperil) the rights conferred on any
 Finance Party by the Finance Documents; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.14. if any event which (in the reasonable opinion of the Agent) is of a similar nature or is analogous to any of the events set out above, but which may bear a different name or description, shall occur under the laws of
 any applicable jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2.15. if any of the events set out in clauses 8.2 to 8.9 of any Mortgage (or equivalent clauses under any Deed of Covenants) occurs.

**14.** **SET-OFF AND LIEN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1. Each Borrower irrevocably authorises the Finance Parties at any time following the occurrence and during the continuation of an Event of Default to set off without notice any liability of any of the Borrowers to any
 of the Finance Parties (whether present or future) against any credit balance from time to time standing on any accounts (whether current or otherwise and whether or not subject to notice) of any of the Borrowers with any branch of any of the
 Finance Parties in or towards satisfaction of the Indebtedness and, in the name of that Finance Party or that Borrower, to do all such acts and execute all such documents as may be required to effect such application, and in addition each of the
 Finance Parties shall have a lien on and be entitled to retain and realise as additional security for the repayment of the Indebtedness any cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or
 marketable or other securities and property of all kinds of any of the Borrowers (or of that Finance Party as agent or nominee of any of the Borrowers) from time to time held by that Finance Party whether for safe custody or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2. Notwithstanding any term to the contrary in relation to any deposit or credit balance on any account of any of the Borrowers with any of the Finance Parties, following the occurrence and during the continuation of an
 Event of Default no such deposit or credit balance shall be repayable to the Borrowers until all of the Indebtedness shall have been repaid in full. Any Finance Party may nevertheless permit full or partial repayment of any such deposit or credit
 balance without affecting the application of this Clause to any remaining deposit or credit balance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3. Subject to Clause 6, each of the Borrowers irrevocably authorises the Agent to apply all sums which the Agent may receive in connection with the exercise or enforcement of any rights of the Security Trustee under the
 Security Documents) in or towards satisfaction of all or any part of the Indebtedness in the order set out at (a) to (e) of Clause 11.14.

**15.** **SYNDICATION AND SUB-PARTICIPATION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1. Each of the Banks may transfer all or any of its rights and obligations under or pursuant to the Finance Documents or assign all or any of its rights under or pursuant to the Finance Documents to any of its Bank
 Affiliates, another Bank or a Bank Affiliate of that Bank without requiring the Borrowers' consent and, subject to Clause 15.2, may, at any time during the Facility Period, transfer all or any of its rights and obligations under or pursuant to
 the Finance Documents or grant sub-participations or assign all or any of its rights under or pursuant to the Finance Documents to not more than one (1) additional bank approved by the Borrowers or Guarantor, provided any transfer, assignment or
 sub-participation to another Bank, a Bank Affiliate or an additional bank as aforesaid (i) does not result in any cost to the Borrowers and (ii) relates to an amount of the Loan not less than fifteen million Dollars ($15,000,000). The Borrowers
 will co-operate fully with the Banks in connection with any transfer, assignment or sub-participation permitted by this Clause 15; will (at the expense of the Banks) execute and procure the execution of such documents as the Banks may require in
 connection therewith; and, subject to any proposed transferee, assignee or sub-participant (who is not a Bank Affiliate, another Bank or a Bank Affiliate of that other Bank) first entering into a Confidentiality Agreement, irrevocably authorise
 the Banks to disclose to any proposed transferee, assignee or sub-participant (whether before or after such transfer, assignment or sub-participation and whether or not such transfer, assignment or sub-participation shall take place) all
 Confidential Information which the Banks may in their discretion consider necessary or desirable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2. Subject to Clause 15.7, any transfer, assignment or sub-participation (not to a Bank Affiliate of the relevant Bank, another Bank or a Bank Affiliate of that other Bank) under Clause 15.1 may only be to a bank which
 has the prior written consent of the Borrowers, which approval will not be unreasonably withheld or delayed.

Further, if the transfer or assignment by a Bank relates to all its rights and obligations or (as the case may be) all its rights under or pursuant to the Finance Documents and at such time that Bank's related/affiliated Swap Provider has continuing Transactions, as a condition to such Bank making such assignment or transfer it shall procure, at no additional cost to the Borrowers (including, without limitation, documentation costs and Tax and gross up liability) that (i) its related/affiliated Swap Provider novates to the assignee or transferee (or its Affiliate) its position under the Master Agreements to which it is a party and (ii) such transferee swap provider accedes to the terms of this Agreement (by way of executing a Deed of Accession), and the Borrowers and (in the case of an accession to this Agreement only) the Finance Parties agree to cooperate with the transferor Bank in connection with such novation and accession. Subject to the proposed transferee swap provider first entering into a Confidentiality Agreement, the Borrowers irrevocably authorise the relevant Swap Provider to disclose to any proposed transferee swap provider (whether before or after the relevant novation and whether or not such novation shall take place) all Confidential Information which the relevant Swap Provider in its discretion considers necessary or desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.3. Any assignee, transferee or sub-participant of any Bank shall (unless limited by the express terms of the assignment, transfer or participation) take the full benefit of every provision of the Finance Documents
 benefiting that Bank, **PROVIDED THAT** an assignment or sub-participation will only be effective on performance by the Agent of all necessary "Know your Customer" or other similar checks under all applicable laws, regulations and internal
 policies in relation to such assignment or sub-participation to the assignee or sub-participant, the completion of which the Agent shall promptly notify to the Banks and the assignee or sub-participant (as the case may be). The Agent accepts no
 liability to any person for any damages, costs or losses whatsoever for any delay or failure of an assignment or sub-participation becoming effective as a result of such checks.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4. If any Bank wishes to transfer all or any of its Commitment as contemplated in Clause 15.1 or Clause 15.7 then such transfer may be effected by the delivery to the Agent of a duly completed and duly executed Transfer
 Certificate in which event, on the later of the Transfer Date specified in such Transfer Certificate and the fifth Business Day after (or such earlier Business Day endorsed by the Agent on such Transfer Certificate falling on or after) the date
 of delivery of such Transfer Certificate to the Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.1. to the extent that in such Transfer Certificate the Bank thereto seeks to transfer its Commitment, each Security Party and such Bank shall be released from further obligations towards one another hereunder in
 relation to the Commitment actually being transferred by the Transfer Certificate and their respective rights against one another in relation thereto shall be cancelled (such rights, benefits and obligations being referred to in this Clause 15.4
 as "**discharged rights and obligations** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.2. each Security Party and the Transferee party thereto shall assume obligations towards one another and/or acquire rights against one another which differ from such discharged rights and obligations only insofar as
 such Security Party and such Transferee have assumed and/or acquired the same in place of the relevant Security Party and such Bank; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.4.3. the Agent, the Security Trustee, the Swap Providers, such Transferee and the other Banks shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had
 such Transferee been an original party hereto as a Bank with the rights, benefits and/or obligations acquired or assumed by it as a result of such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.5. In order to give effect to such Transfer Certificate, the Finance Parties and the Security Parties each hereby irrevocably and unconditionally authorise the Agent to execute on their respective behalves each Transfer
 Certificate delivered to the Agent pursuant to Clause 15.4 without the Agent being under any obligation to take any further instructions from or give any prior notice to them before doing so and the Agent shall execute each such Transfer
 Certificate on behalf of the Finance Parties and the Security Parties forthwith upon its receipt thereof pursuant to Clause 15.4, **PROVIDED THAT** the Agent shall only be obliged to execute a Transfer Certificate once it is satisfied it has
 complied with all necessary "Know your Customer" or other similar checks under all applicable laws, regulations and internal policies in relation to the transfer to the Transferee, the completion of which the Agent shall promptly notify to the
 Banks and the Transferee. The Agent accepts no liability to any person for any damages, costs or losses whatsoever for any delay or failure to execute a Transfer Certificate resulting from such checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.6. The Agent shall promptly notify the Finance Parties, the Transferee and the Security Parties upon the execution by it of any Transfer Certificate together with details of the amount transferred, the Transfer Date and
 the parties to such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.7. Notwithstanding the provisions of this Clause 15, at any time during which an Event of Default is continuing, a Bank shall be entitled to assign any of its rights under the Finance Documents, transfer any of its
 rights and obligations under the Finance Documents or sub-participate any of its Commitment to any other bank or financial institution without requiring the Borrowers' prior written consent and without the obligation to arrange a novation of the
 relevant Master Agreements (if relevant) and the Borrowers irrevocably authorise the Banks to disclose to any proposed transferee, assignee or sub-participant (whether before or after such transfer, assignment or sub-participation and whether or
 not such transfer, assignment or sub-participation shall take place) all Confidential Information which the Banks in their discretion consider necessary or desirable provided always that the proposed transferee, assignee or sub-participant first
 enters into a Confidentiality Agreement exactly in the form of Appendix B. Notwithstanding Clause **Error! Reference source not found.** and the preceding provisions of this Clause 15.7, if at any time when an Event of Default is continuing,
 a proposed transferee, assignee or sub-participant of a Bank has signed a Confidentiality Agreement substantially in the form of and on terms materially the same as Appendix B and the Borrowers and the Guarantor have not counter-signed that
 Confidentiality Agreement within five (5) Business Days of receipt by the Borrowers of that Confidentiality Agreement, the Bank in question shall thereafter be authorised to disclose Confidential Information to that proposed transferee, assignee
 or sub-participant.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.8. Unless the Agent otherwise agrees, any assignee of a Bank or any Transferee shall, on the date upon any assignment or any transfer under this Clause 15 takes effect, pay to the Agent (for its own account) a fee of
 three thousand five hundred Dollars ($3,500).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **PAYMENTS, MANDATORY PREPAYMENT, RESERVE REQUIREMENTS AND ILLEGALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1. All moneys payable by the Borrowers under or pursuant to any of the Finance Documents (excluding any Master Agreement) shall be paid to such accounts at such banks as the Agent may from time to time direct to the
 Borrowers and (unless payable in any other Currency of Account) shall be paid in Dollars in same day funds (or such funds as are required by the authorities in the United States of America for settlement of international payments for immediate
 value). Payments shall be deemed to have been received by the Agent on the date on which the Agent receives authenticated advice of receipt, unless that advice is received by the Agent on a day other than a Business Day or at a time of day
 (whether on a Business Day or not) when the Agent in its discretion considers that it is impossible or impracticable for the Agent to utilise the moneys received for value that same day, in which event those moneys shall be deemed to have been
 received by the Agent on the next Business Day following the date of receipt of advice by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2. All payments (whether of principal or interest or otherwise) to be made by the Borrowers pursuant to the Finance Documents (excluding any Master Agreement) shall, subject only to Clause 16.3, be made without any Tax
 Deduction, and payments to be made by a Security Party under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim and the Borrowers will not claim any equity in respect of
 any payment due from them to the Finance Parties under or in relation to any of the Finance Documents (excluding any Master Agreement). If at any time any law requires (or is interpreted to require) any of the Borrowers to make a Tax Deduction
 from any payment, that Borrower will simultaneously with making that payment pay to the Agent whatever additional amount (after taking into account any additional Taxes on, or Tax Deduction from, or restrictions or conditions on, that additional
 amount) is necessary to ensure that, after making the Tax Deduction, the Banks receive a net sum equal to the sum which they would have received had no Tax Deduction been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3. If at any time any of the Borrowers is required by law to make a Tax Deduction, that Borrower shall promptly notify the Agent and will pay the full amount required in connection with that Tax Deduction to the
 relevant authority within the time allowed for such payment under the applicable law and will, no later than the earlier of thirty (30) days after making that payment required in connection with that Tax Deduction and the date of receipt, deliver
 to the Agent an original receipt issued by the relevant authority evidencing the payment to that authority of all amounts required in connection with that Tax Deduction. If a Borrower pays any additional amount under this Clause and a Finance
 Party subsequently receives a refund or allowance from any tax authority which that Finance Party identifies as being referable to that increased amount so paid by that Borrower, that Finance Party shall, as soon as reasonably practicable, pay to
 that Borrower an amount equal to the amount of the refund or allowance received, if and to the extent that it may do so without prejudicing its right to retain that refund or allowance and without putting itself in any worse financial position
 than that in which it would have been had the relevant Tax Deduction not been required to have been made. Nothing in this Clause shall be interpreted as imposing any obligation on any Finance Party to apply for any refund or allowance nor as
 restricting in any way the manner in which any Finance Party organises its tax affairs, nor as imposing on any Finance Party any obligation to disclose to a Borrower any information regarding its tax affairs or tax computations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4. If any payment to be made under any of the Finance Documents (excluding any Master Agreement) shall be due on a day which is not a Business Day that payment shall be made on the next succeeding Business Day (unless
 the next succeeding Business Day falls in the next calendar month in which event the payment shall be made on the preceding Business Day). Any such variation of time shall be included in computing any interest in respect of that payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5. If, by reason of (a) the introduction of any law or regulation, or any change in any law or regulation, or the interpretation, application or administration of any law or regulation, or (b) compliance with any law,
 regulation, request or requirement from any central bank or any fiscal, monetary or other authority; or (c) the implementation or application of or compliance with Basel III, CRDIV or CRR, or any law, or regulation that implements or applies
 Basel III, CRDIV or CRR:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.1. any Finance Party shall be subject to any Tax with respect to payments of all or any part of the Indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.2. the basis of Taxation of payments to any Finance Party in respect of all or any part of the Indebtedness shall be changed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.3. any reserve requirements shall be imposed, modified or deemed applicable against assets held by or deposits in or for the account of or loans by any branch of any Bank; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.4. the manner in which any Bank allocates capital resources to its obligations under this Agreement or any ratio (whether cash, capital adequacy, liquidity or otherwise) which any Bank is required or requested to
 maintain shall be affected; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.5.5. there is imposed on any Finance Party with respect to the Indebtedness or the Finance Documents any other condition;

and the result of any of the above shall be to increase the cost to any Bank of making or maintaining its Commitment or to cause any Bank to suffer a material reduction in the rate of return on its overall capital below a level which might reasonably have been anticipated at the date of this Agreement, then, on demand to the Borrowers by the Agent, the Borrowers shall from time to time pay to the Agent for the account of the Bank affected the amount which shall compensate that Bank for such additional cost or reduced return. A certificate signed by an authorised signatory of the Agent setting out the amount of that payment and the basis of its calculation shall be submitted to the Borrowers and shall be conclusive evidence of such amount save for manifest error or on any question of law.

------

This Clause does not apply to the extent any additional cost or reduced return referred to in this Clause is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) attributable to a Tax Deduction required by law to be made by a Borrower; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) attributable to a FATCA Deduction required to be made by a party to any Finance Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) compensated for by Clause 18.7 (or would have been compensated for under Clause 18.7 but was not so compensated solely because any of the exclusions in Clause 18.7 applied); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) attributable to the wilful breach by the relevant Finance Party (or holding company of that Finance Party) of any law or regulation.

For the purpose of this Clause 16.5:

"**Basel III**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III"."

"**CRD IV**" means Directive 2013/36/EU 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 Directive 2006/48/EC and 2006/49/EC, as amended, supplemented or restated.

"**CRR**" means Regulation (EU) no. 575/2013 of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as amended, supplemented or restated.

------

For the avoidance of doubt, this Clause 16.5 shall not apply to the Swap Providers or any Master Agreement, the terms of a Master Agreement applying to that Master Agreement in the circumstances detailed in this Clause 16.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.1. Notwithstanding anything contained in the Finance Documents, the obligations of a Bank to make or maintain its Commitment shall terminate in the event that a change in any law or in the interpretation of any law by
 any authority charged with its administration shall make it unlawful for that Bank to make or maintain its Commitment, or it becomes unlawful for an Affiliate of a Bank for that Bank to make or maintain its Commitment (but save where, in each
 case, the reason for such unlawfulness relates to the determination or charging of interest rates based on Term SOFR, in which case Clause 16.6.2 below shall apply instead of this Clause 16.6.1). In such event, the Agent shall, by written notice
 to the Borrowers, declare the relevant Bank's obligations to be immediately terminated and, if all or part of the Loan shall have been advanced by the Banks to the Borrowers, the Indebtedness attributable to such Bank (including all accrued
 interest) shall be repaid no later than thirty (30) days (or such shorter period as the relevant law dictates) from the date of such notice or such earlier date as may be required by the law in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.6.2. Notwithstanding anything contained in the Finance Documents, in the event that a change in any law or in the interpretation of any law by any authority charged with its administration shall make it unlawful for a
 Bank to determine or charge interest rates based on Term SOFR, the Banks and the Borrowers shall enter into discussions in good faith for a period of thirty (30) days or such shorter period as the Majority Banks and the Borrowers shall agree with
 a view to agreeing a Replacement Reference Rate. If the Majority Banks and the Borrowers are unable to agree on a Replacement Reference Rate following such discussions, the Agent shall, by written notice to the Borrowers, declare the relevant
 Bank's obligations to be immediately terminated and, if all or part of the Loan shall have been advanced by the Banks to the Borrowers, the Indebtedness attributable to such Bank (including all accrued interest) shall be repaid no later than
 thirty (30) days (or such shorter period as the relevant law dictates) from the date of such notice or such earlier date as may be required by the law in question.

Any prepayment under this Clause 16.6 shall be split between each outstanding Vessel Loan pro rata in accordance with the relevant Bank's participation in each outstanding Vessel Loan with such split amount for a Vessel Loan being applied towards each remaining Repayment Instalment and (in each case, where applicable) any balloon payment of that Vessel Loan on a pro rata basis, or otherwise in such manner as the Agent (acting on the instructions of the Majority Banks) and the Borrowers shall agree and shall be subject to Clause 5.3.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7. If at any time any Bank shall determine (which determination shall be final and conclusive and binding on the Borrowers) that adequate and fair means do not exist for ascertaining the rate of interest on any Vessel
 Loan pursuant to this Agreement (and provided no relevant amendment or waiver has been made pursuant to Clause 11.3):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.1. that Bank shall give notice to the Agent and the Agent shall give notice to the Borrowers of the occurrence of such event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.2. the Agent shall as soon as reasonably practicable certify to the Borrowers in writing the effective cost to the Banks of maintaining that Vessel Loan for such further period as shall be selected by the Banks and the
 rate of interest payable by the Borrowers for that period; or, if the resulting rate of interest is not acceptable to the Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.7.3. the Agent on behalf of and acting on the instructions of the Banks will negotiate with the Borrowers in good faith with a view to modifying this Agreement to provide a substitute basis for that Vessel Loan which is
 financially a substantial equivalent to the basis provided for in this Agreement.

If, within thirty (30) days of the giving of the notice referred to in Clause 16.7.1, the Borrowers and the Agent (acting on the instructions of all the Banks) shall fail to agree in writing on a substitute basis for that Vessel Loan, the Borrowers will immediately prepay that Vessel Loan in full together with all other Indebtedness associated thereto (as certified by the Agent). Clause 5.3 shall apply to that prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8. FATCA Deduction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8.1 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.8.2 Each party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the party to whom it is making the payment
 and, in addition, shall notify the Borrowers and the Agent and the Agent shall notify the other Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.9. The Agent shall have no liability to pay any sum to the Borrowers until it has itself received payment of that sum. If, however, the Agent does pay any sum to the Borrowers on account of any amount prospectively due
 to the Borrowers pursuant to Clause 2 before it has itself received payment of that amount, the Borrowers will, on demand by the Agent, refund to the Agent an amount equal to the sum so paid, together with an amount sufficient to reimburse the
 Agent for any interest which the Agent may certify that it has been required to pay on money borrowed to fund the sum in question during the period beginning on the date of payment and ending on the date on which the Agent receives reimbursement.

------

**17.** **NOTICES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1. Except for notices, approvals, demands, requests, documents, or communications made or given pursuant to Clause 11.22, which shall be made or given in accordance with Clause 11.22, any notice, approval, demand,
 request, document or communication may be given, delivered, made or served under or in relation to any of the Finance Documents by letter, email, secure website (administered by the Agent or, in relation to anything required to be provided by the
 Borrowers pursuant to Clause 12.6, administered by or on behalf of the Borrowers) or fax and shall be in the English language and sent addressed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 in the case of the Finance Parties to the Agent at its address at the head of this Agreement marked for the attention of Therese Miranda, Margaret Wong (fax number: (65) +65 6539 7747;
 email: <u>Agency.Services.Asia@asia.ing.com</u>); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 in the case of the Borrowers to the Borrowers care of Cool Company Management Limited, 5<sup>th</sup>Floor, 7 Clarges
 Street, London W1J 8AE, United Kingdom marked for the attention of Sarah Choudhry (<u>sarah.choudhry@coolcoltd.com</u>) and John Boots (john.boots@coolcoltd.com),

or such other address (electronic or otherwise) and/or fax number as any Finance Party or the Borrowers may designate for themselves by written notice to the others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2. Any such notice, approval, demand, request, document or communication shall be deemed to have been duly given, delivered, made or served to or on, and received by, the Borrowers, (a) in the case of a fax, on the date
 sent provided the electronic confirmation of transmission is obtained, (b) in the case of an email or posting on secure website, on the date such communication is sent or posted, or (c) if delivered to an officer of any of the Borrowers or left
 at the address specified for the Borrowers in Clause 17.1 at the time of delivery or leaving. Any notice, approval, request, document or communication shall only be deemed to have been duly given, delivered, made or served to or on, and received
 by, the Finance Parties on actual receipt by the Agent.

**18.** **MISCELLANEOUS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.1. No failure or delay on the part of any Finance Party in exercising any right, power, discretion or remedy under or pursuant to any of the Finance Documents, nor any actual or alleged course of dealing between any
 Finance Party and any of the Borrowers, shall operate as a waiver thereof unless expressly agreed to do so in writing by the Banks, nor shall any single or partial exercise by any Finance Party of any such right, power, discretion or remedy
 preclude any other or further exercise thereof or the exercise by any Finance Party of any other right, power, discretion or remedy. No variation or amendment of any of the Finance Documents shall be valid unless in writing and signed by or on
 behalf of all of the Finance Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.2. The rights and remedies expressly provided in the Finance Documents are cumulative and not exclusive of any rights or remedies which the Finance Parties would otherwise have. If at any time one or more provisions of
 any of the Finance Documents becomes invalid, illegal or unenforceable in any respect that provision shall be severed from the remainder and the validity, legality and enforceability of the remaining provisions shall not be affected or impaired
 in any way.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3. The Finance Documents shall be binding on each of the Security Parties and their respective permitted transferees and assignees and shall inure to the benefit of the Finance Parties and their respective successors,
 transferees and assignees. Save for as set out in Clause 8, none of the Security Parties may assign nor transfer any of its rights or obligations under or pursuant to any of the Finance Documents without the prior written consent of the Agent
 (acting on the instructions of all the Banks (acting reasonably)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.4. If any provision of the Finance Documents shall be deemed invalid or unenforceable in whole or in part by reason of any present or future law or any decision of any court, or if the documents at any time held by the
 Finance Parties be deemed by the Banks for any reason insufficient to carry out the terms of this Agreement, then from time to time the Borrowers will promptly, on demand by the Agent, execute or procure the execution of such further documents as
 in the reasonable opinion of the Agent are necessary to provide security for the repayment of the Indebtedness similar to that intended to be provided by the Finance Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.5. In the event of any Finance Party receiving or recovering any amount payable under any of the Finance Documents (including, without limitation, pursuant to any order, judgment or award given or made in respect of any
 amount due under a Finance Document) a currency other than the Currency of Account and if the amount received or recovered is insufficient when converted into the Currency of Account at the date of receipt to satisfy in full the amount due, the
 Borrowers shall, on the Agent's written demand, pay to the Agent (on behalf of the relevant Finance Parties) such further amount(s) in the Currency of Account as are sufficient to satisfy in full the amount due and such further amount(s) shall be
 due as a separate debt under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.6. The Borrowers are liable for all reasonable expenses incurred by each Finance Party in connection with or incidental to the negotiation, preparation, execution and registration of the Finance Documents (whether or
 not any of the Finance Documents are actually executed or registered and whether or not all or any part of the Loan is advanced) and of any amendments, addenda or supplements thereto (whether or not completed) and of any other documents which may
 at any time be required by the Finance Parties to give effect to the terms of any of the Finance Documents or which any Finance Party is entitled to call for or obtain pursuant to the terms of any of the Finance Documents, and all expenses
 incurred by each Finance Party in connection with or incidental to the exercise of the rights, powers, discretions and remedies of the Finance Parties under or pursuant to the Finance Documents and to the transactions contemplated by or referred
 to in the Finance Documents. The Borrowers will, within fourteen (14) days of submission of the relevant accounts, reimburse the Agent (for the account of the relevant Finance Party) for all expenses referred to in the preceding sentence of this
 Clause.

The Borrowers shall, within fourteen (14) days of submission of the relevant accounts, reimburse each of the Agent and the Security Trustee for the amount of all costs and expenses (including legal fees) reasonably incurred by each Finance Party in connection with any change arising as a result of an amendment required under Clause 11.3.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.7. The Borrowers shall indemnify the Finance Parties against all losses and costs incurred or sustained by any Finance Party as a consequence of any Event of Default or if a Vessel Loan is not advanced on the Advance
 Date specified in the Drawdown Notice therefor (other than by reason of any default of any Bank) including (without limitation) any Break Costs, any losses and costs incurred by any Bank in liquidating or re-employing fixed deposits from third
 parties acquired to effect or maintain all or any part of the Loan or any overdue amount, and any liabilities, expenses or losses incurred by any Bank or by the Agent in terminating or reversing, or otherwise in connection with, any interest rate
 and/or currency swap or any other transaction or arrangement entered into by any office of any Bank or of the Agent to hedge any exposure arising under this Agreement or in terminating or reversing or otherwise in connection with any open
 position arising under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.8. The Borrowers shall pay all Taxes to which all or any part of the Indebtedness or any of the Finance Documents may be at any time subject and shall indemnify the Finance Parties on demand against all liabilities,
 costs, claims and expenses resulting from any omission to pay or delay in paying any such Taxes. This Clause shall not apply to the extent a loss, liability or cost is compensated for by an increased payment under Clause 16.2 or relates to a
 FATCA Deduction required to be made by a party to any Finance Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.9. The Borrowers shall cover any cost, loss or liability incurred by any Finance Party in any jurisdiction arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any
 environmental laws relating to the Vessels and their operation or any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10. The Borrowers shall, on demand, indemnify each Finance Party against any cost, loss or liability incurred by such Finance Party as a result of any civil penalty or fine against it, and all reasonable costs and
 expenses (including reasonable counsel fees and disbursements) incurred by it in connection with the defence against any such civil penalty or fine if they are the result of conduct by any Security Party or any of their partners, directors,
 officers, employees, agents or advisers, that violates any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11. The Borrowers irrevocably authorise the Agent at any time and from time to time during the Facility Period if the Agent considers it reasonably necessary or appropriate to do so to protect the interest of the Banks
 in the Insurances, to consult insurance advisers on any matters relating to the Insurances, including, without limitation, the collection of insurance claims. In connection with obtaining the advice of any insurance adviser as aforesaid, the
 Borrowers irrevocably authorise the Agent to deliver copies of the Finance Documents incorporating covenants in respect of any of the Insurances to such insurance advisers. The Borrowers will provide such advisers and consultants with all
 reasonable information and documents relating to the insurances which they may from time to time require, and, if an Event of Default has occurred and is continuing, will reimburse the Agent on demand for all reasonable costs and expenses
 incurred by the Agent in connection with the consultation or retention of such advisers or consultants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.12. If any Finance Party shall at any time in its discretion release any party from all or any part of any of the Finance Documents or from any term, covenant, Clause, condition or obligation contained in any of the
 Finance Documents, the liability of any other party to the Finance Documents shall not be varied or diminished.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13. Any certificate or statement signed by an authorised signatory of the Agent purporting to show the amount of the Indebtedness (or any part of the Indebtedness) or any other amount referred to in any of the Finance
 Documents shall, save for manifest error or on any question of law, be conclusive evidence as against the Borrowers of that amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14. The representations and warranties on the part of the Borrowers contained in this Agreement shall survive the execution of this Agreement and the advance of all or part of the Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15. Each of the Borrowers agrees that any rights which it may have at any time during the Facility Period by reason of its performance of its obligations under the Finance Documents to be indemnified by any other
 Security Parties and/or to take the benefit of any security taken by the Finance Parties pursuant to the Finance Documents shall be exercised in such manner and on such terms as all the Banks may require and agrees to hold any sums received by it
 as a result of its having exercised any such right on trust for the Banks absolutely to be applied by the Banks towards repayment of the Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16. Each of the Borrowers agrees that it will not at any time during the Facility Period claim any set-off or counterclaim against any other Security Parties in respect of any liability owed to it by that other Security
 Party under or in connection with the Finance Documents nor prove in competition with the Finance Parties in any liquidation of (or analogous proceeding in respect of) any other Security Parties in respect of any payment made under the Finance
 Documents or in respect of any sum which includes the proceeds of realisation of any security held by the Finance Parties for the repayment of the Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17. This Agreement may be executed in any number of counterparts each of which shall be original but which shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.18. Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of this Agreement is enforceable by a person who is not a party to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19. If there is any conflict between this Agreement on the one hand and any of the other Finance Documents on the other, this Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.20. References in this Clause 18 to the "Finance Documents" or to any "Finance Document" shall not include any Master Agreement.

**19.** **LAW AND JURISDICTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1. This Agreement and any non-contractual obligations arising out of or in connection with it shall in all respects be governed by and construed in accordance with English law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2. For the exclusive benefit of the Finance Parties, the parties to this Agreement irrevocably agree that the courts of England are to have exclusive jurisdiction to settle any disputes which may arise out of or in
 connection with this Agreement or relating to any non-contractual obligations arising from or in connection with this Agreement and that any suit, action or proceedings arising out of or in connection with this Agreement may be brought in those
 courts **PROVIDED THAT** nothing contained in this Clause shall limit the right of the Finance Parties to take any suit, action or proceedings against any of the Borrowers in any other court of competent jurisdiction nor shall the taking of
 any suit, action or proceedings against any of the Borrowers in one or more jurisdictions preclude the taking of any suit, action or proceedings in any other jurisdiction, whether concurrently or not.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.3. Each of the Borrowers irrevocably waives any objection which it may now or in the future have to the laying of the venue of any suit, action or proceedings in any such court as is referred to in Clause 19.2 and any
 claim that such suit, action or proceedings has been brought in an inconvenient or inappropriate forum and irrevocably agrees that a judgment in any such suit, action or proceedings brought in any such court shall be conclusive and binding on the
 Borrowers and may be enforced in the courts of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.4. Each of the Borrowers irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently served on it if addressed to it and left at or sent by post to the Address for Service.

**20.** **CONFIDENTIALITY** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 20.2 (including, without limitation, as permitted by those Clauses
 referred to in Clause 20.2.3), 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2. Any Finance Party may disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.1. to its head office, any of its head office's branches, any of its representative offices or any of its Affiliates and any of its or their officers, directors, employees, professional advisers, third party service
 providers (which provide services of any kind to any Finance Party on a need-to-know basis, or where such disclosure is made to the third party service provider as a routine part of the scope of work performed by such third party service
 provider, in connection with the operation of its business), auditors and partners 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
 Clause 20.2.1 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.2. to any person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) who is a party to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) with the consent of the Security Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) which is a classification society or other entity that a Bank has engaged to make the calculations necessary to enable than Bank to comply with its reporting obligations under the Poseidon Principles; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) who is an insurance broker, potential insurer or insurer or potential reinsurer or reinsurer for the purposes of credit insurance only,

in each case, such Confidential Information as that Finance Party shall consider appropriate if, in relation to paragraphs (a), (b), (e) and (f) 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, provided that any information received by the Finance Parties in connection with Clause 12.20 and any information disclosed under paragraphs (a), (b), (e) and (f) above shall only be disclosed as may be absolutely necessary fulfil the relevant requirements, calculations or, as the case may be, credit insurance assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.3. Clause 11.25, Clause 15.1, Clause 15.2, Clause 15.7 and this Clause 20 constitute the entire agreement between the parties to this Agreement in relation to the obligations of the Finance Parties under the Finance
 Documents regarding Confidential Information and supersede any previous agreement, whether express or implied, regarding Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.4. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.5. Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (a) of Clause 20.2.2 except where such disclosure is made to any of the persons referred to in that Clause during the
 ordinary course of its supervisory or regulatory function; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) upon becoming aware that Confidential Information has been disclosed in breach of this Clause 20.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2.6. The obligations in this Clause 20 are continuing and, in particular, shall survive and remain binding on each Finance Party following the date on which all amounts payable by the Security Parties under or in
 connection with the Finance Documents have been paid in full and the Loan has been cancelled or otherwise ceases to be available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.3. Each Finance Party acknowledges that, promptly upon a request from the Borrowers, it shall (i) return all Confidential Information supplied to that Finance Party by the Borrowers, (ii) destroy or permanently erase
 (to the extent technically practicable) all copies of Confidential Information made by that Finance Party and (iii) use all reasonable endeavours to ensure that anyone who has received any Confidential Information destroys or permanently erases
 (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that that Finance Party or the recipients are required to retain any such Confidential Information by any
 applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body, or where the Confidential Information has been disclosed under paragraph (a) of Clause 20.2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.4. Not Used.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.5. Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other matters to the extent that preventing that disclosure would otherwise cause any transaction contemplated by the
 Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in Part II A 1 of Annex IV of Directive 2011/16/EU (as amended by Council Directive of 25
 May 2018 (2018/822/EU).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.6. Nothing in this Clause 20 shall be construed as constituting an agreement between any Security Party and any Finance Party for a higher degree of confidentiality that that prescribed in section 47 of, and in the
 Third Schedule to, the Banking Act 1970 of Singapore.

**21.** **HEADINGS AND CONTENTS PAGE(S)** 

The headings and contents page(s) used in this Agreement are for the purpose of reference only, have no legal or other significance, and shall be ignored in the interpretation of this Agreement.

**22.** **CONTRACTUAL RECOGNITION OF BAIL-IN** 

In this Clause 22:

"**Article 55 BRRD**" means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

"**Bail-In Action**" means the exercise of any Write-down and Conversion Powers.

------

"**Bail-In Legislation**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from
 time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any state other than such EEA Member Country and the United Kingdom, 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to the United Kingdom, the UK Bail-In Legislation.

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

"**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.

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

"**UK Bail-In Legislation**" means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable to the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

"**Write-down and Conversion Powers**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any other applicable Bail-In Legislation (other than the UK Bail-In Legislation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any similar or analogous powers under that Bail-In Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to the UK Bail-In Legislation any powers under that UK 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 UK Bail-In Legislation that are related to or ancillary to any of those powers.

------

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to the Finance Documents, each party to the Finance Documents acknowledges and accepts that any liability of any party to a Finance Document to any other 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Bail-In Action in relation to any such liability, including (without limitation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a cancellation of any such liability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) 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.

**23.** **PERSONAL DATA PROTECTION** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1. The Borrowers acknowledge and accept that in relation to the operation of the Loan, the Finance Parties collect, use, disclose and process personal data relating to individuals associated with the Security Parties
 (including, where applicable, the directors, officers, employees, shareholders, beneficial owners, and authorised signatories of the Security Parties) (the "**Relevant Persons** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.2. The Borrowers represent and warrant that the Security Parties have, where necessary, issued all necessary notices to, and obtained all necessary consents from, the Relevant Persons (or have alternative lawful grounds
 for disclosure) in each case in order for the data to be disclosed to and used by the Finance Parties in compliance with applicable data protection laws or regulations for customer due diligence and such other reasonable purposes as set out in
 the relevant Finance Party's personal data protection policy (as updated or amended from time to time) or as permitted by applicable laws or regulation.

**24.** **LETTER OF OFFER** 

Except for any Fee Letter, this Agreement shall in all respects supersede the terms and conditions contained in any correspondence relating to the subject matter of this Agreement exchanged between the Agent, any other Finance Party and the Borrowers or their agents prior to the date of this Agreement.

------

**IN WITNESS** of which the parties to this Agreement have executed this Agreement the day and year first before written.

---

| |
|:---|
| **SIGNED** by Kenneth Cambie) |
| as duly authorised attorney) |
| for and on behalf of) |
| **PERNLI MARINE LTD**) |
| (as Borrower) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by Kenneth Cambie) |
| as duly authorised attorney) |
| for and on behalf of) |
| **PERSECT MARINE LTD**) |
| (as Borrower) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by Kenneth Cambie) |
| as duly authorised attorney) |
| for and on behalf of) |
| **FELOX MARINE LTD**) |
| (as Borrower) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by Kenneth Cambie) |
| as duly authorised attorney) |
| for and on behalf of) |
| **RESPENT MARINE LTD**) |
| (as Borrower) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V., SINGAPORE BRANCH**) |
| (as a Bank) |
| in the presence of:-) |

---

------

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **CREDIT AGRICOLE CORPORATE &**) |
| **INVESTMENT BANK**) |
| (as a Bank) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **KFW IPEX-BANK GMBH**) |
| (as a Bank) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **NORDEA BANK ABP, FILIAL I NORGE**) |
| (as a Bank) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V., SINGAPORE BRANCH**) |
| (as a Mandated Lead Arranger) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **CREDIT AGRICOLE CORPORATE &**) |
| **INVESTMENT BANK**) |
| (as a Mandated Lead Arranger) |
| in the presence of:-) |

---

------

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **KFW IPEX-BANK GMBH**) |
| (as a Mandated Lead Arranger) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **NORDEA BANK ABP, FILIAL I NORGE**) |
| (as a Mandated Lead Arranger) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V., SINGAPORE BRANCH**) |
| (as Agent) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V., SINGAPORE BRANCH**) |
| (as Security Trustee) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V., SINGAPORE BRANCH**) |
| (as Coordinator) |
| in the presence of:-) |

---

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V.**) |
| (as Original Swap Provider) |
| in the presence of:-) |

---

------

---

| |
|:---|
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **CREDIT AGRICOLE CORPORATE &**) |
| **INVESTMENT BANK**) |
| (as Original Swap Provider) |
| in the presence of:-) |
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **KFW IPEX-BANK GMBH**) |
| (as Original Swap Provider) |
| in the presence of:-) |
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **NORDEA BANK ABP**) |
| (as Original Swap Provider) |
| in the presence of:-) |
| **SIGNED** by) |
| as duly authorised) |
| for and on behalf of) |
| **ING BANK N.V., SINGAPORE BRANCH**) |
| (as Bookrunner) |
| in the presence of:-) |

---

------

**SCHEDULE 1**

**The Borrowers and the Vessels**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Borrower** (together the "**Borrowers**" and each a "**Borrower**") | &nbsp;&nbsp;**Country of Incorporation** | &nbsp;&nbsp;**Registered Office** | &nbsp;&nbsp;**Vessel Name** | &nbsp;&nbsp;**Flag of Vessel** | &nbsp;&nbsp;**Type of Vessel** | &nbsp;&nbsp;**CBM (approx.)** | &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;**Purchase Price ($)** |
| &nbsp;&nbsp; Pernli Marine Ltd<br> ("**Borrower One**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street,<br> Monrovia, Liberia | &nbsp;&nbsp;Currently named SCF Melampus and to be renamed Kool Baltic on delivery ("**Vessel One**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;LNG Tanker (Ice 2) | &nbsp;&nbsp;170200 | &nbsp;&nbsp;Oct 2014 | &nbsp;&nbsp;147500000 |
| &nbsp;&nbsp; Persect Marine Ltd<br> ("**Borrower Two**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street,<br> Monrovia, Liberia | &nbsp;&nbsp;Currently named SCF Mitre and to be named Kool Boreas on delivery ("**Vessel Two**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;LNG Tanker (Ice 2) | &nbsp;&nbsp;170200 | &nbsp;&nbsp;Jan 2015 | &nbsp;&nbsp;150000000 |
| &nbsp;&nbsp; Felox Marine Ltd<br> ("**Borrower Three**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street,<br> Monrovia, Liberia | &nbsp;&nbsp;Currently named SCF Barents and to be renamed Kool Firn on delivery ("**Vessel Three**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;LNG Tanker | &nbsp;&nbsp;174000 | &nbsp;&nbsp;Sept 2020 | &nbsp;&nbsp;175000000 |
| &nbsp;&nbsp; Respent Marine Ltd<br> ("**Borrower Four**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street,<br> Monrovia, Liberia | &nbsp;&nbsp;Currently named SCF Timmerman and to be named Kool Orca on delivery ("**Vessel Four**") | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;LNG Tanker | &nbsp;&nbsp;174000 | &nbsp;&nbsp;Feb 2021 | &nbsp;&nbsp;177500000 |

---

------

**SCHEDULE 2**

**The Banks, the Original Swap Providers and the Commitments**

---

| | |
|:---|:---|
| **The Banks** | **Commitments** |
| **ING Bank N.V., Singapore Branch** <br> 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 **\*** <br><u>Credit</u><br>Fax: +65 6232 6511/+65 6232 6518 <br> Attn: Yuan Yuan Tan/Michelle Teh <br> Email: <u>yuan.yuan.tan@asia.ing.com</u><br> /Michelle.Teh@asia.ing.com  | $209,375,971.92 in aggregate <br> $47,512,239.79 in respect of the Vessel Loan for Vessel One <br> $48,317,531.98 in respect of the Vessel Loan for Vessel Two <br> $56,370,453.97 in respect of the Vessel Loan for Vessel Three <br> $57,175,746.18 in respect of the Vessel Loan for Vessel Four  |
| <br> <u>Operations</u><br>Fax: +65 6539 7753 <br> Attn: Deal Execution Team <br> Email: Execution@ING.com <br>|  |
| **Credit Agricole Corporate & Investment Bank** <br> 12 Place des Etats-Unis, CS 70052, 92547, Montrouge Cedex, France<br><u>Credit</u><br>Credit Agricole Asia Shipfinance Limited <br> 27<sup>th</sup> Floor, Two Pacific Place <br> 88 Queensway <br> Hong Kong  | $96,496,366.74 in aggregate <br> $21,897,252.45 in respect of the Vessel Loan for Vessel One <br> $22,268,392.34 in respect of the Vessel Loan for Vessel Two <br> $25,979,791.04 in respect of the Vessel Loan for Vessel Three <br> $26,350,930.91 in respect of the Vessel Loan for Vessel Four  |
| <br> Fax: +852 3910 5001 <br> Attn: Harvey Ven/Alex Cheng<br> Email: Harvey.ven@ca-cib.com<br> /Alex.cheng@ca-cib.com<br>|  |
| <u>Operations</u><br>12 Place des Etats-Unis, CS 70052,<br> 92547, Montrouge Cedex, France<br> Fax: +33 (0)1 41 89 19 34 <br> Attn: Clémentine Costil/Anja<br> Rakotoarimanana  |  |

---

------

---

| | |
|:---|:---|
| **KfW IPEX-Bank GmbH** <br> Palmengartenstrasse 5-9, 60325 Frankfurt Germany<br><u>Credit</u><br>Fax: N/A <br> Attn: Arne Osthues/Marcel Abt <br> Email: <u>arne.osthues@kfw.de/marcel.abt</u>@kfw.de<br>| $173,333,333.33 in aggregate<br> $39,333,333.33 in respect of the Vessel Loan for Vessel One<br> $39,999,999.99 in respect of the Vessel Loan for Vessel Two<br> $46,666,666.68 in respect of the Vessel Loan for Vessel Three <br> $47,333,333.33 in respect of the Vessel Loan for Vessel Four<br>|
| <u>Operations</u><br>Fax: +49 69 7431 2944 <br> Attn: Vincent Ertlé <br> Email: vincent.ertle@kfw.com<br>|  |
| **Nordea Bank Abp, filial i Norge** <br> Essendrops gate 7, 0368 Oslo, Norway <br><u>Credit</u><br>Fax: N/A <br> Attn: Henrik Trulsen/Jens Petersen <br> Email: <u>Henrik.trulsen@nordea.com/</u> <br> Jens.petersen-1@nordea .com<br>| $40,794,328.01 in aggregate <br> $9,257,174.43 in respect of the Vessel Loan for Vessel One <br> $9,414,075.69 in respect of the Vessel Loan for Vessel Two <br> $10,983,088.31 in respect of the Vessel Loan for Vessel Three <br> $11,139,989.58 in respect of the Vessel Loan for Vessel Four<br>|
| <u>Operations</u><br>Fax: N/A <br> Attn: Structured Loan and Collateral Services <br> Email: <u>Sls.norway@nordea.com</u> <br>|  |
| \* Pursuant to a Transfer Certificate countersigned by the Agent on 4 July 2022, ING Bank N.V., Singapore Branch transferred the loan participations described below to **SMBC Bank International Plc** on 7 July 2022: |  |
| $36,042,638.58 in aggregate<br>$8,178,906.45 in respect of the Vessel Loan for Vessel One<br>$8,317,531.98 in respect of the Vessel Loan for Vessel Two<br>$9,703,787.31 in respect of the Vessel Loan for Vessel Three<br>$9,842,412.84 in respect of the Vessel Loan for Vessel Four |  |

---

------

**Original Swap Providers**

**ING Bank N.V.** 

Foppingadreef 7

P.O. Box 1800, NL-1000 BV Amsterdam

The Netherlands

Email:<u>Trade.Processing.Derivatives.AMS@INGBank.com</u>

Fax: +31 20 501 3381

Attn: Operations/Derivatives/Location Code:

TRC00.013

AND

**ING Bank N.V., Singapore Branch** 

1 Wallich Street, #12-01 Guoco Tower

Singapore 078881

D: +65 6232 6027

Email: <u>evelyn.tan@asia.ing.com</u>

Attn: Evelyn Tan

**Credit Agricole Corporate & Investment Bank** 

12 Place des Etats-Unis, CS 70052,

92547, Montrouge Cedex, France

Fax: +33 1 41 89 64 79/+33 1 41 89 29 86

Attn: Legal Department

**KfW IPEX-Bank GmbH** 

Palmengartenstrasse 5-9, 60325 Frankfurt

Germany

E-mail: arne.osthues@kfw.de

Fax: N/A

Attn: Arne Osthues

**Nordea Bank Abp** 

c/o Nordea Danmark, Filial af Nordea Bank Abp,

Finland

7288 Derivatives Services

Postbox 850

DK-0900 Copenhagen C

Denmark

E-mail: otc@nordea.com

Tel: +45 55 47 51 71

------

---

| |
|:---|
| **\*** Pursuant to a Deed of Accession dated **______________** 2022 **Sumitomo Mitsui Banking Corporation, London Branch** became an Acceding Swap Provider with the details below: |
| 100 Liverpool Street <br> London EC2M 2AT <br> United Kingdom |
| Attention: Derivative Operations / Confirmations & Settlements<br> E-mail: gblooadderivatives@gb.smbcgroup.com <br> Cc: pierre_kerdoncuff@gb.smbcgroup.com /<br> alexis_andrzejewski@fr.smbcgroup.com |

---

------

**SCHEDULE 3**

**List of approved sale and purchase brokers**

**(Clauses 12.3 and 12.4)**

Arrow Valuations

Barry Rogliano Salles

Braemar ACM

Clarksons Platou

Fearnleys

Hesnes Shipping AS

Howe Robinson

Simpson Spence Young

Sterling Shipping Services Limited

------

**SCHEDULE 4**

**Form of Transfer Certificate**

To: ING Bank N.V., Singapore Branch 1 Wallich Street, #12-01 Guoco Tower Singapore 078881

**TRANSFER CERTIFICATE**

Relating to the agreement (as from time to time amended, varied, novated or supplemented, the "**Agreement**") dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 whereby a US$520,000,000 loan facility was made available to Pernli Marine Ltd and others (the "**Borrowers**") by certain banks on whose behalf ING Bank N.V., Singapore Branch acted as agent and security trustee in connection therewith.

1 Terms defined in the Agreement shall, subject to any contrary indication, have the same meanings herein. The terms Bank and Transferee are defined in the Schedule hereto.

---

| | |
|:---|:---|
| 2 | The Bank (i) confirms that the details in the Schedule hereto under the heading "**Loan Commitment**" accurately summarises its Loan Commitment in the Agreement and (ii) requests the Transferee to accept and procure the transfer to the Transferee of the portion of such Loan Commitment specified in the Schedule hereto by counter-signing and delivering the Transfer Certificate to the Agent at its address for the service of notices specified in the Agreement. |

---

---

| | |
|:---|:---|
| 3 | The Transferee hereby requests the Agent to accept this Transfer Certificate as being delivered to the Agent pursuant to and for the purposes of Clause 15.4 of the Agreement so as to take effect in accordance with the terms thereof on the Transfer Date or on such later date as may be determined in accordance with the terms thereof. |

---

---

| | |
|:---|:---|
| 4 | The Transferee confirms that it has received a copy of the Agreement together with such other information as it has required in connection with this transaction and that it has not relied and will not hereafter rely on the Bank or any other party to the Agreement to check or enquire on its behalf into the legality, validity, effectiveness, adequacy, accuracy or completeness of any such information and further agrees that it has not relied and will not rely on the Bank or any other party to the Agreement to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of the Borrowers or any other party to the Agreement. |

---

---

| | |
|:---|:---|
| 5 | Execution of this Transfer Certificate by the Transferee constitutes its representation to the Bank and all other parties to the Agreement that it has power to become party to the Agreement as a Bank on the terms herein and therein set out and has taken all steps to authorise execution and delivery of this Transfer Certificate. |

---

---

| | |
|:---|:---|
| 6 | The Transferee hereby undertakes with the Bank and each of the other parties to the Agreement that it will perform in accordance with their terms and all those obligations which by the terms of the Agreement will be assumed by it after the delivery of this Transfer Certificate to the Agent and satisfaction of the conditions (if any) subject to which the Transfer Certificate is expressed to take effect. |

---

------

---

| | |
|:---|:---|
| 7 | The Bank makes no representation or warranty and assumes no responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of the Agreement or any document relating thereto and assumes no responsibility for the financial condition of any Security Party or for the performance and observance by any Security Party of any of their obligations under the Agreement or any document relating thereto and any and all such conditions and warranties, whether express or implied by law or otherwise, are hereby excluded. |

---

---

| | |
|:---|:---|
| 8 | The Bank hereby gives notices that nothing herein or in the Agreement (or any document relating thereto) shall oblige the Bank to (i) accept a re-transfer from the Transferee of the whole or any part of its rights, benefits and/or obligations under the Agreement transferred pursuant hereto or (ii) support any losses directly or indirectly sustained or incurred by the Transferee for any reason whatsoever including, without limitation, the non-performance by the Borrowers or any other party to the Agreement (or any document relating thereto) of their obligations under any such document. The Transferee hereby acknowledges the absence of any such obligation as is referred to in (i) or (ii) above. |

---

9 This Transfer Certificate and the rights and obligations of the parties hereunder shall be governed by and construed in accordance with English law.

**THE SCHEDULE**

---

| | |
|:---|:---|
| 1 | Bank: |

---

2 Transferee:

3 Transfer Date:

4 Loan Commitment: Portion Transferred

---

| | |
|:---|:---|
| [Transferor Bank] | [Transferee Bank] |
| By: | By: |
| Date: | Date: |

---

ING Bank N.V., Singapore Branch, as Agent for and on behalf of itself and each of the Finance Parties (other than the Transferor Bank) and each Security Party

By:

Date:

------

**Administrative details of the Transferee**

Address:

Contact Name:

Account for payments:

Fax:

Telephone:

------

**SCHEDULE 5**

**Form of SPC's Undertaking**

To: ING Bank N.V., Singapore Branch 1 Wallich Street, #12-01 Guoco Tower Singapore 078881

**UNDERTAKING**

This Undertaking relates to an agreement (as the same may be from time to time amended, supplemented, novated or replaced the "**Agreement**") dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 on the terms and subject to the conditions of which a US$520,000,000 loan facility was made available to Pernli Marine Ltd and others (together the "**Borrowers**" and each a "**Borrower**") by a group of banks on whose behalf you act as agent.

1 Terms defined in the Agreement shall, unless otherwise expressly defined, have the same meanings in this Undertaking.

---

| | |
|:---|:---|
| 2 | In consideration of the Banks approving a transfer from [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] as the Transferring Borrower to us of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] as the Transferred Vessel pursuant to Clause 8 of the Agreement we irrevocably and unconditionally agree, with effect from [the date of this Undertaking], to become a Borrower for all purposes of the Agreement, jointly and severally with the Borrowers, in place of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] as the Transferring Borrower. |

---

3 We agree that, with effect from the date of this Undertaking:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 [  ***insert name of transferring borrower*** ] as Transferring Borrower of [  ***insert jurisdiction of transferring borrower*** ] is no longer a Borrower under the Agreement and is released from all its
 obligations under the Finance Documents (excluding any Master Agreement) to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 all references in the Finance Documents (excluding any Master Agreement) to "**the Borrowers**" shall be interpreted as including us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 we shall be bound by all obligations imposed on the Borrowers by the Agreement as if we had been a party to the Agreement when originally executed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Schedule 1 to the Agreement shall be deemed to have been amended to include our name under the heading "**Name of Borrower**" in place of the Transferring Borrower [and the flag of the Transferred Vessel to be
 amended to read "[flag of vessel]"].

4 We represent and warrant to the Finance Parties, at the date of this Undertaking, in the terms of Clause 4 of the Agreement (mutatis mutandis, but as if all references to "Security Parties" were references to ourselves).

5 We confirm that we have received a copy of the Agreement.

------

**IN WITNESS** of which we have executed this Undertaking this &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20[ ]

---

| |
|:---|
| **SIGNED** and **DELIVERED**) |
| as a deed by) |
| the duly authorised) |
| attorney for and on behalf) |
| of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] ) |
| in the presence of:-) |

---

This Undertaking and any non-contractual obligations arising out of or in connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Undertaking) are governed by English law.

We confirm that we are aware of the terms of the above Undertaking and irrevocably agree that all liabilities and obligations undertaken by us under or pursuant to the Finance Documents (excluding any Master Agreement) remain in full force and effect. We confirm our agreement to the variations to the Agreement set out in paragraph 3 of the above Undertaking.

for and on behalf of

***[names of all Borrowers]***

***[name of Guarantor]***

Date:

Acknowledged and agreed

**ING Bank N.V., Singapore Branch**

as Agent

By:

Date:

------

**SCHEDULE 6**

**Repayment Schedule**

---

| | | | |
|:---|:---|:---|:---|
|  | **VESSEL LOAN FOR VESSEL ONE** | **VESSEL LOAN FOR VESSEL ONE** |  |
| **Instalment No.** | **Repayment** | **Balloon (US$)** | **Amount outstanding** |
|  | **Instalment (US$)** |  | **(US$)** |
|  |  |  | 118,000,000.00\* |
| 1 | 5363636.36 |  | 112636363.64 |
| 2 | 5363636.36 |  | 107272727.28 |
| 3 | 5363636.36 |  | 101909090.92 |
| 4 | 5363636.36 |  | 96545454.56 |
| 5 | 5363636.36 |  | 91181818.20 |
| 6 | 5363636.36 |  | 85818181.84 |
| 7 | 5363636.36 |  | 80454545.48 |
| 8 | 5363636.36 |  | 75090909.12 |
| 9 | 5363636.36 |  | 69727272.76 |
| 10 | 5363636.36 |  | 64363636.40 |
| 11 | 5363636.36 |  | 59000000.04 |
| 12 | 5363636.36 |  | 53636363.68 |
| 13 | 5363636.36 |  | 48272727.32 |
| 14 | 5363636.36 | 42909090.96 | _ |

---

**\*Subject to Clause 2.2, the maximum amount that may be advanced for Vessel Loan for Vessel One.**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VESSEL LOAN FOR VESSEL TWO** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VESSEL LOAN FOR VESSEL TWO** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Instalment No.** | **Repayment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Balloon (US$)** | **Amount outstanding** |
|  | **Instalment (US$)** |  | **(US$)** |
|  |  |  | 120,000,000.00\* |
| 1 | 5454545.45 |  | 114545454.55 |
| 2 | 5454545.45 |  | 109090909.10 |
| 3 | 5454545.45 |  | 103636363.65 |
| 4 | 5454545.45 |  | 98181818.20 |
| 5 | 5454545.45 |  | 92727272.75 |
| 6 | 5454545.45 |  | 87272727.30 |
| 7 | 5454545.45 |  | 81818181.85 |
| 8 | 5454545.45 |  | 76363636.40 |
| 9 | 5454545.45 |  | 70909090.95 |
| 10 | 5454545.45 |  | 65454545.50 |
| 11 | 5454545.45 |  | 60000000.05 |
| 12 | 5454545.45 |  | 54545454.60 |
| 13 | 5454545.45 |  | 49090909.15 |
| 14 | 5454545.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43636363.70 |  |

---

**\*Subject to Clause 2.2, the maximum amount that may be advanced for Vessel Loan for Vessel Two.**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**VESSEL LOAN FOR VESSEL THREE** | &nbsp;&nbsp;&nbsp;&nbsp;**VESSEL LOAN FOR VESSEL THREE** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Instalment No.** | **Repayment** | **Balloon (US$)** | **Amount outstanding** |
|  | **Instalment (US$)** |  | **(US$)** |
|  |  |  | 140,000,000.00\* |
| 1 | 4375000 |  | 135625000.00 |
| 2 | 4375000 |  | 131250000.00 |
| 3 | 4375000 |  | 126875000.00 |
| 4 | 4375000 |  | 122500000.00 |
| 5 | 4375000 |  | 118125000.00 |
| 6 | 4375000 |  | 113750000.00 |
| 7 | 4375000 |  | 109375000.00 |
| 8 | 4375000 |  | 105000000.00 |
| 9 | 4375000 |  | 100625000.00 |
| 10 | 4375000 |  | 96250000.00 |
| 11 | 4375000 |  | 91875000.00 |
| 12 | 4375000 |  | 87500000.00 |
| 13 | 4375000 |  | 83125000.00 |
| 14 | 4375000 | 78750000 |  |

---

**\*Subject to Clause 2.2, the maximum amount that may be advanced for Vessel Loan for Vessel Three.**

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VESSEL LOAN FOR VESSEL FOUR** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VESSEL LOAN FOR VESSEL FOUR** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Instalment No.** | **Repayment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Balloon (US$)** | **Amount outstanding** |
|  | **Instalment (US$)** |  | **(US$)** |
|  |  |  | 142,000,000.00\* |
| 1 | 4176470.59 |  | 137823529.41 |
| 2 | 4176470.59 |  | 133647058.82 |
| 3 | 4176470.59 |  | 129470588.23 |
| 4 | 4176470.59 |  | 125294117.64 |
| 5 | 4176470.59 |  | 121117647.05 |
| 6 | 4176470.59 |  | 116941176.46 |
| 7 | 4176470.59 |  | 112764705.87 |
| 8 | 4176470.59 |  | 108588235.28 |
| 9 | 4176470.59 |  | 104411764.69 |
| 10 | 4176470.59 |  | 100235294.10 |
| 11 | 4176470.59 |  | 96058823.51 |
| 12 | 4176470.59 |  | 91882352.92 |
| 13 | 4176470.59 |  | 87705882.33 |
| 14 | 4176470.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83529411.74 |  |

---

**\*Subject to Clause 2.2, the maximum amount that may be advanced for Vessel Loan for Vessel Four.**

------

**APPENDIX A**

**Form of Drawdown Notice**

---

| | |
|:---|:---|
| To: | ING Bank N.V., Singapore Branch<br> 1 Wallich Street, #12-01 Guoco Tower<br> Singapore 078881 |
| From: | Pernli Marine Ltd |
|  | Persect Marine Ltd |
|  | Felox Marine Ltd |
|  | Respent Marine Ltd |

---

Date: [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] 2022

Dear Sirs,

**Drawdown Notice – Vessel Loan[s] for [Vessel One] [Vessel Two] [Vessel Three] [Vessel Four]**

We refer to the Loan Agreement dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] 2022 made between (amongst others) ourselves and yourselves (the "**Agreement**").

Words and phrases defined in the Agreement shall have the same meaning when used in this Drawdown Notice.

Pursuant to Clause 2.2 of the Agreement, we hereby irrevocably request that you advance in respect of the Vessel Loan[s] for [Vessel One] [Vessel Two] [Vessel Three] [Vessel Four] the amount of [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] Dollars ($[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]) to us for value on [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] 2022, which is a Business Day, by paying the said sum as follows:

[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]

We hereby warrant that the relevant representations and warranties contained in Clause 4 of the Agreement are true and correct at the date of this Drawdown Notice and will be true and correct on [ ] 2022; that no Event of Default nor Potential Event of Default has occurred and is continuing, and that no Event of Default or Potential Event of Default will result from the advance of the Vessel Loans requested in this Drawdown Notice.

We select the period of [ ] ([ ]) month[s] as the first Interest Period for the Vessel Loan[s] requested in this Drawdown Notice.

---

| | | | |
|:---|:---|:---|:---|
|  | Yours faithfully | Yours faithfully |  |
| <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
| [ ] | [ ] | [ ] | [ ] |
| Attorney-in-Fact | Attorney-in-Fact | Attorney-in-Fact | Attorney-in-Fact |
| For and on behalf of | For and on behalf of | For and on behalf of | For and on behalf of |
| **Pernli Marine Ltd** | **Persect Marine Ltd** | **Felox Marine Ltd** | **Respent Marine Ltd** |

---

------

**APPENDIX B**

**CONFIDENTIALITY AGREEMENT**

**DATE: [** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**]**

**PARTIES:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] (the "**Recipient** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The corporations listed in Schedule 1, each of which is a corporation incorporated according to the laws of the country indicated against its name in Schedule 1 with its registered office at the address indicated
 against its name in Schedule 1 (together the "**Borrowers**" and each a "**Borrower** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Cool Company Ltd., a corporation incorporated under the laws of the Republic of the Marshall Islands whose registered office is at 2<sup>nd</sup>
 Floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda (the "**Guarantor** ")

**BACKGROUND**

The Recipient wishes to [acquire an interest in the Loan Agreement (as defined below) which, subject to the Loan Agreement, may be by way of transfer, assignment or the entering into of a sub-participation] [acquire by way of novation the position of [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] (the "**Swap Provider**") under the Master Agreements (as defined below)] [be appointed as successor agent and/or security trustee, subject to the Loan Agreement (as defined below)] [provide credit risk insurance information to a Finance Party (as defined below), subject to the Loan Agreement (as defined below)]<sup>1</sup> (the "**Transaction**") and the Disclosing Parties (as defined below) wish to ensure that Confidential Information (as defined below) disclosed by them (or on their behalf) to the Recipient in connection with the Transaction remains confidential and is not used by the Recipient for any purpose other than the Permitted Purpose.

**1.** **DEFINITIONS** 

In this Agreement terms defined in the Loan Agreement shall, unless the context otherwise requires, have the same meaning and:

"**Affiliate**" means, with respect to a specified Person, any Person that directly or indirectly controls, is controlled by, or is under common control with, the specified Person, for which purpose "**control**" means the ownership of more than one half of the voting share capital (or equivalent rights of ownership) of that Person.

"**Confidential Information**" means all information relating to the Disclosing Parties, the Disclosing Party Group, the Finance Documents, and/or the Transaction which is provided to the Recipient or any Representatives of the Recipient in relation to the Finance Documents, 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 information that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is or becomes public information other than as a direct or indirect result of any breach of this Agreement; or

<sup>1</sup>Delete as applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is identified in writing at the time of delivery as non-confidential by a Disclosing Party or any Disclosing Party Representative; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) is known by the Recipient, any Representatives of the Recipient or any members of the Recipient Group before the date the information is disclosed to such parties or is lawfully obtained
 by such parties after that date, from a source which is, as far as the Recipient is aware, unconnected with the Disclosing Party Group and which, in either case, as far as the Recipient is aware, has not been obtained in breach of, and is not
 otherwise subject to, any obligation of confidentiality.

"**Disclosing Parties**" means the Borrowers and/or the Guarantor.

"**Disclosing Party Group**" means the Guarantor, each of the Guarantor's holding companies and subsidiaries and each subsidiary of each of the Guarantor's holding companies (as each such term is defined in the Companies Act 2006).

"**Disclosing Party Representatives**" means the officers, directors, employees, agents, consultants and professional advisers of each Disclosing Party.

"**Finance Documents**" has the meaning given to that term in the Loan Agreement.

"**Finance Party**" has the meaning given to that term in the Loan Agreement.

"**Loan Agreement**" means the secured loan facility agreement dated &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 whereby a US$520,000,000 loan facility was made available to the Borrowers by certain lenders on whose behalf ING Bank N.V., Singapore Branch acted as agent and security trustee in connection therewith (as from time to time amended, varied, novated or supplemented).

["**Master Agreements**" means the ISDA Master Agreements dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ] and made between the Swap Provider and each Borrower, including each Schedule thereto and each Confirmation exchanged thereunder.]

"**Permitted Purpose**" means the Recipient's evaluation of the opportunity to [participate in financing for the Disclosing Parties in relation to the Transaction] [acquire the position of the Swap Provider under the Master Agreements and accede to the terms of the Loan Agreement] [be appointed as successor agent and/or security trustee pursuant to the terms and subject to the conditions of the Loan Agreement] [provide credit risk insurance information to a Finance Party]<sup>2</sup>.

"**Person**" means any individual or legal entity.

"**Recipient Group**" means the Recipient, each of the Recipient's holding companies and subsidiaries and each subsidiary of each of the Recipient's holding companies (as each such term is defined in the Companies Act 2006).

"**Representatives**" means the head office, branches or Affiliates, officers, directors, employees, professional advisers, auditors and partners of the Recipient.

**2.** **CONFIDENTIALITY UNDERTAKING** 

In consideration of the Disclosing Parties making Confidential Information available to the Recipient and the Recipient's Representatives, the Recipient undertakes (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 3 below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to the Recipient's own confidential information, and (b) to use the Confidential Information only for the Permitted Purpose.

<sup>2</sup>Delete as applicable.

------

**3.** **PERMITTED DISCLOSURE** 

The Recipient may disclose:

3.1 to any member of the Recipient Group or any of its Representatives such Confidential Information as the Recipient shall consider appropriate for the Permitted Purpose if any person to whom the Confidential
 Information is to be given pursuant to this paragraph 3.1 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; and

3.2 subject to the requirements of the Loan Agreement, to any person to whom information is required or requested to be disclosed by 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, such Confidential Information as the Recipient shall consider appropriate.

**4.** **NOTIFICATION OF DISCLOSURE** 

The Recipient agrees (to the extent permitted by law and regulation) to inform the relevant Disclosing Party:

4.1 prior to the disclosure of Confidential Information made pursuant to paragraph 3.2 above, with written notice of such requirement so that the Disclosing Parties or any Disclosing Party Representative may seek a
 protective order or other appropriate remedy, and in the event such protective order or other remedy is obtained the Recipient shall use all reasonable endeavours to ensure that any Confidential Information required to be disclosed will be
 covered by such protective order or other remedy;

4.2 if the Recipient is unable to comply with paragraph 4.1 above, of the full circumstances of any disclosure of Confidential Information made pursuant to paragraph 3.2 above immediately following that disclosure; and

4.3 upon becoming aware that Confidential Information has been disclosed in breach of this Agreement.

**5.** **RETURN OF COPIES** 

If discussions in relation to the Transaction are discontinued, or the Recipient does not enter into the Transaction and if a Disclosing Party so requests in writing, the Recipient shall return to the relevant Disclosing Party or destroy all Confidential Information received by the Recipient and destroy or permanently erase (to the extent technically practicable) all copies of Confidential Information made by the Recipient and use all reasonable endeavours to ensure that anyone to whom the Recipient has supplied any Confidential Information destroys or permanently erases (to the extent technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that the Recipient or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has been disclosed under paragraph 3.2 above.

------

**6.** **CONTINUING OBLIGATIONS** 

The obligations in this Agreement are continuing and, in particular, shall survive and remain binding on the Recipient [until, if the Recipient becomes a party to the Loan Agreement as a lender of record, the date on which the Recipient becomes a party to the Loan Agreement] [until, if the Recipient becomes a party to the Loan Agreement as a swap provider of record, the date on which the Recipient becomes a party to the Loan Agreement] [until, if the Recipient becomes a party to the Loan Agreement as the agent and/or security trustee of record, the date on which the Recipient becomes a party to the Loan Agreement] [for five (5) years following the termination of any discussions or negotiations concerning the Permitted Purpose]<sup>3</sup>.

**7.** **NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC** 

The Recipient acknowledges and agrees that:

7.1 none of the Disclosing Parties, nor any member of the Disclosing Party Group nor any Disclosing Party Representative (each a "**Relevant Person**") (i) makes any representation or warranty, express or implied, as
 to, or assumes any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by any of those parties or the assumptions on which it is based or (ii) shall be under any
 obligation to update or correct any inaccuracy in the Confidential Information or any other information supplied by such parties or be otherwise liable to the Recipient, any member of the Recipient Group or any Representative of the Recipient in
 respect of the Confidential Information or any such information; and

7.2 a Disclosing Party or a member of the Disclosing Party Group may be irreparably harmed by the breach of the terms of this Agreement and damages may not be an adequate remedy; each Relevant Person may be granted an
 injunction or specific performance for any threatened or actual breach of the provisions of this Agreement by the Recipient, any member of the Recipient Group or any Representative of the Recipient.

**8.** **ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC** 

8.1 This Agreement constitutes the entire agreement between the parties in relation to the Recipient's obligations regarding Confidential Information and supersedes any previous agreement, whether express or implied,
 regarding Confidential Information.

8.2 No failure to exercise, nor any delay in exercising, any right or remedy under this Agreement will operate as a waiver of any such right or remedy or constitute an election to affirm this Agreement. No election to
 affirm this Agreement will be effective unless it is in writing. No single or partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy under this Agreement.

8.3 The terms of this Agreement and the Recipient's obligations under this Agreement may only be amended or modified by written agreement between the parties to this Agreement.

**9.** **INSIDE INFORMATION** 

The Recipient 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 the Recipient undertakes not to use any Confidential Information for any unlawful purpose.

<sup>3</sup>Delete as applicable.

------

**10.** **NATURE OF UNDERTAKINGS** 

The undertakings given by the Recipient under this Agreement are given to the Disclosing Parties and are also given for the benefit of each member of the Disclosing Party Group.

**11.** **THIRD PARTY RIGHTS** 

11.1 Subject to this paragraph 11 and to paragraphs 7 and 10, a person who is not a party to this Agreement 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.

11.2 The Relevant Persons may enjoy the benefit of the terms of paragraphs 7 and 10 subject to and in accordance with this paragraph 11 and the provisions of the Third Parties Act.

11.3 Notwithstanding any provisions of this Agreement, the parties to this Agreement do not require the consent of any Relevant Person to rescind or vary this Agreement at any time.

**12.** **ASSIGNMENT** 

No party to this Agreement may assign any of its rights under this Agreement without the prior written consent of the other parties to this Agreement.

**13.** **COUNTERPARTS** 

This 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 Agreement.

**14.** **GOVERNING LAW AND JURISDICTION** 

14.1 This Agreement and any non-contractual obligations arising out of or in connection with it (including any non-contractual obligations arising out of the negotiation of the transaction contemplated by this Agreement)
 are governed by English law.

14.2 The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to any non-contractual obligation arising out of or in
 connection with either this Agreement or the negotiation of the transaction contemplated by this Agreement).

This Agreement has been entered into as of the date stated at the beginning of it.

Signed by: _________________________

Name:

Title:

For and on behalf of

[**Recipient**]

Signed by: _________________________

Name:

Title:

For and on behalf of

**Pernli Marine Ltd**

Signed by: _________________________

Name:

Title:

For and on behalf of

**Persect Marine Ltd**

------

Signed by: _________________________

Name:

Title:

For and on behalf of

**Felox Marine Ltd**

Signed by: _________________________

Name:

Title:

For and on behalf of

**Respent Marine Ltd**

Signed by: _________________________

Name:

Title:

For and on behalf of

**Cool Company Ltd.**

------

**SCHEDULE 1**

**(TO THE CONFIDENTIALITY AGREEMENT)**

**THE BORROWERS**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Borrower** | &nbsp;&nbsp;**Country of Incorporation** | &nbsp;&nbsp;**Registered Office** |
| &nbsp;&nbsp;**Pernli Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Persect Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Felox Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Respent Marine Ltd** | &nbsp;&nbsp;Liberia | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |

---

------

**SCHEDULE 7**

**FORM OF DEED OF ACCESSION**

**DEED OF ACCESSION**

**Dated:**

**BY AND BETWEEN:**

(1) the corporations listed in schedule 1 of the Loan Agreement, each of which is a corporation incorporated under the laws of the country indicated against its name in schedule 1 of the Loan Agreement with its
 registered office at the address indicated against its name in schedule 1 of the Loan Agreement (together the "**Borrowers**" and each a "**Borrower** "); and

(2) the banks identified as banks and listed in Schedule 1 of this Deed, each acting through its office at the address indicated against its name in Schedule 1 of this Deed (together the "**Banks**" and each a "**Bank** ");

 and

(3) **ING BANK N.V., SINGAPORE BRANCH**, **CREDIT AGRICOLE CORPORATE & INVESTMENT BANK**, **KFW IPEX-BANK GMBH** and **NORDEA BANK ABP, FILIAL I NORGE** as mandated lead arrangers (together the "**Mandated Lead Arrangers**" and each a "**Mandated Lead Arranger** "; and

(4) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as agent for the Banks (in that capacity, the "**Agent** "); and

(5) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as security trustee for the relevant Finance Parties (in that capacity, the "**Security Trustee** "); and

(6) **ING BANK N.V., SINGAPORE BRANCH**, acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as coordinator (in that capacity, the "**Coordinator** "), sustainability coordinator (in
 that capacity, the "**Sustainability Coordinator**") and bookrunner (in that capacity, the "**Bookrunner** "); and

(7) **t** he banks identified as original swap providers and listed in Schedule 1 of this Deed, each acting through its office at the address indicated against its name in Schedule 1 of this Deed and on a multibranch
 basis if specified as a "Multibranch Party" in the relevant Master Agreement (together, the "**Original Swap Providers** "); and

(8) [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] acting as an acceding swap provider through its office at [ ] (the "**Acceding Swap Provider** ").

**WHEREAS:**

(A) By a secured term loan facility agreement dated&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 (as may be amended, supplemented or
 otherwise modified from time to time, the "**Loan Agreement**") between the Borrowers, the Banks, the Mandated Lead Arrangers, the Coordinator, the Bookrunner, the Agent, the Security Trustee and the Original Swap Providers, each of the
 Banks has agreed to advance to the Borrowers on a joint and several basis certain loan facilities.

------

(B) The Acceding Swap Provider wishes to enter into one or more interest hedging and/or swap transactions in respect of the Borrowers' floating rate exposure under the Loan Agreement (the "**Hedging Arrangements** ").

(C) Pursuant to the terms of the Loan Agreement, this Deed must be entered into by the parties hereto as a condition to the entering into of the Hedging Arrangements.

(D) This Deed is a deed of accession to the Loan Agreement and entered into pursuant to Clause 7.15 of the Loan Agreement.

**THIS DEED WITNESSES AS FOLLOWS:**

1. Terms used herein and not otherwise defined have the meanings given to them in the Loan Agreement **.** 

2. Upon execution hereof by the parties hereto, the Acceding Swap Provider shall become a Swap Provider under the Loan Agreement and shall have all the rights and obligations of a Swap Provider thereunder with effect
 from the date hereof (the "**Effective Date** ").

3. The Acceding Swap Provider hereby undertakes with all the parties hereto to be bound as of the Effective Date by all the rights and obligations of a Swap Provider under the Loan Agreement as if it were a Swap
 Provider named in the Loan Agreement and that it will perform in accordance with the terms of the Loan Agreement all its obligations as a Swap Provider thereunder.

4. Each of the parties hereto agrees and confirms that, with effect from the Effective Date, the Acceding Swap Provider shall have all the rights, benefits and entitlements of a Swap Provider and be bound by the
 obligations of a Swap Provider as if it were an Original Swap Provider named in the Loan Agreement. Each of the parties hereto agree that they shall have the same rights and obligations under the Loan Agreement between themselves as they would
 have had if the Acceding Swap Provider had been an Original Swap Provider.

5. Any notice or other communication to be given or made to the Acceding Swap Provider hereunder or under the Loan Agreement shall be sent as follows:

[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ]

Fax no.:

Attention:

6. This Deed and any non-contractual obligations arising from or in connection with it shall in all respects be governed by, and interpreted in accordance with, English law.

7. The provisions of Clauses 18.17, 18.18 and 19 of the Loan Agreement shall apply hereto as if the same were set out herein in full, *mutatis mutandis*.

------

**SCHEDULE 1 TO THE DEED OF ACCESSION:**

**The Banks**

**[Note: To be updated to reflect the list of Banks at the time of executing the Deed of Accession.]**

**The Original Swap Providers**

**[Note: To be updated to reflect the list of Original Swap Providers at the time of executing the Deed of Accession.]**

------

**EXECUTION PAGE**

**IN WITNESS** of which this Deed has been duly executed and delivered the day and year first before written.

[To be prepared at time of execution]

------

**SCHEDULE 4**

**Effective Date Notice**

We, **ING BANK N.V., SINGAPORE BRANCH,** acting as Agent (as referred to in the Supplemental Agreement defined hereinafter) through our office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881:

1. refer to the Supplemental Agreement dated _______________ 2022 in relation to a loan agreement dated 11 May 2022 (the "**Supplemental Agreement**") between, amongst others, ourselves as agent and Pernli Marine
 Ltd, Persect Marine Ltd, Felox Marine Ltd and Respent Marine Ltd as borrowers; and

2. confirm and agree that the Effective Date (as defined in the Supplemental Agreement) is ______________________ 2022.

For and on behalf of

**ING BANK N.V., SINGAPORE BRANCH**

By:

Title:

Date:

## Exhibit 2.5

**Exhibit 2.5**

**Execution copy**

---

| | | |
|:---|:---|:---|
| **DATED** | 10 November | **2022** |

---

**COOL COMPANY LTD.**

**- to -**

**ING BANK N.V., SINGAPORE BRANCH**

**GUARANTEE**

**AND**

**INDEMNITY**

------

**Execution copy**

**CONTENTS**

---

| | | |
|:---|:---|:---|
| 1 | Definitions and Interpretation | 1 |
| 2 | Representations and Warranties | 4 |
| 3 | Guarantee and Indemnity | 6 |
| 4 | Continuing Security | 6 |
| 5 | Preservation of Guarantor's Liability | 6 |
| 6 | Preservation of Banks' Rights | 8 |
| 7 | Other Security | 9 |
| 8 | Covenants | 9 |
| 9 | Financial Information | 10 |
| 10 | Subordinated Obligations | 11 |
| 11 | Subordinated Debt | 12 |
| 12 | Payments | 12 |
| 13 | Currency | 13 |
| 14 | Set-Off and Lien | 14 |
| 15 | Appropriation | 14 |
| 16 | Notices | 15 |
| 17 | Miscellaneous | 15 |
| 18 | Immediate Recourse | 16 |
| 19 | Law and Jurisdiction | 16 |
| APPENDIX A | APPENDIX A | 19 |

---

------

**Execution copy**

**GUARANTEE AND INDEMNITY**

**Dated:** 10 November&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2022**

**BY:**

(1) **COOL COMPANY LTD.**, an exempted company incorporated under the laws of Bermuda whose registered office is at 2nd floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda (the "**Guarantor** ");

**IN FAVOUR OF:**

(2) **ING BANK N.V., SINGAPORE BRANCH,** acting through its office at 1 Wallich Street, #12-01 Guoco Tower, Singapore 078881 as security trustee for and on behalf of the Finance Parties (the "**Security Trustee** ").

**WHEREAS:-**

(A) Each of the banks identified as banks and listed in schedule 2 of the Loan Agreement (as defined below) and their transferees (together the "**Banks**") has lent to the corporations listed in schedule 1 of the
 Loan Agreement as joint and several borrowers and obligors (together the "**Borrowers**") its respective Commitment aggregating up to an amount not exceeding five hundred and twenty million Dollars (US$520,000,000) (the "**Loan**") on the
 terms and subject to the conditions set out in a loan agreement dated 11 May 2022 (as amended and restated by the supplemental agreement dated 10 November 2022 (the "**Supplemental Agreement**") and as may be further amended, restated,
 supplemented or otherwise modified and varied from time to time) (the "**Loan Agreement**") now made between (i) the Borrowers, (ii) the Banks, (iii) ING Bank N.V., Singapore Branch as agent for the Banks (in that capacity, the "**Agent** "),

 (iv) ING Bank N.V., Singapore Branch as coordinator (in that capacity, the "**Coordinator** "), (v) the banks identified as original swap providers and listed in schedule 2 of the Loan Agreement and any other Swap Provider (as defined in the
 Loan Agreement) as swap providers (in that capacity, the "**Swap Providers**") and (vi) the Security Trustee as security trustee for the Finance Parties (as defined in the Loan Agreement).

(B) Pursuant to the Supplemental Agreement, the Borrowers have agreed, inter alia, to procure that the Guarantor execute and deliver this Guarantee and Indemnity in favour of the Security Trustee to be held by the
 Security Trustee on behalf of the Finance Parties pursuant to clause 11 of the Loan Agreement.

**NOW THIS DEED WITNESSETH** as follows:-

---

| | |
|:---|:---|
| **1** | **Definitions and Interpretation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In this Guarantee and Indemnity:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.1 "**Affiliate**" means, with respect to a specified Person, any Person that directly or indirectly controls, is controlled by, or is under common control with, the specified Person, for which purpose "**control** "
 means the ownership of more than one half of the voting share capital (or equivalent rights of ownership) of that Person.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.2 "**Borrowers' Finance Documents**" means those of the Finance Documents to which the Borrowers (or any one or more of them) are or are to be a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.3 "**Borrowers' Obligations**" means all of the liabilities and obligations of the Borrowers (or any one or more of them) to any of the Finance Parties under or pursuant to the Borrowers' Finance Documents, whether
 actual or contingent, present or future, and whether incurred alone or jointly or jointly and severally with any other Borrower and in whatever currency, including (without limitation) interest, commission and all other charges and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.4 "**Compliance Certificate**" means a certificate materially in the form set out in Appendix A or in such other form as the Security Trustee may reasonably require setting out the amount of the Total Debt, Total
 Assets and Net Liquid Assets of the Group at the end of the applicable financial half year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.5 "**Currency of Account**" means, in respect of each of the Borrowers' Obligations, the currency in which it is from time to time denominated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.6 "**GAAP**" means generally accepted accounting principles in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.7 "**Guarantor's Liabilities**" means all of the liabilities and obligations of the Guarantor to the Security Trustee under or pursuant to this Guarantee and Indemnity, whether actual or contingent, including
 (without limitation) Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.8 "**Interest**" means interest at the Default Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.9 "**Liquid Assets**" means cash, cash equivalents and marketable securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.10 "**Net Debt**" means Total Debt net of Relevant Liquid Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.11 "**Net Liquid Assets**" means Liquid Assets excluding Restricted Cash or Cash Equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.12 "**Non-Recourse Debt**" means indebtedness of any member of the Group in respect of which the recourse is limited to the specific assets which are the subject of the financing arrangement under which such
 indebtedness is incurred (such specific assets being "**Recourse Assets**") and in respect of which there is no recourse of any person to the Guarantor or any of its assets (but excluding from the term "its assets" the Recourse Assets and any
 shares held by the Guarantor, directly or indirectly, of the relevant member of the Group that is the direct obligor in respect of such indebtedness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.13 "**Person**" means any individual or legal entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.14 "**Recourse Assets**" has the meaning ascribed to such term in the definition of Non-Recourse Debt above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.15 "**Relevant Liquid Assets**" means Liquid Assets excluding Restricted Cash or Cash Equivalents which is not securing any component of Total Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.16 "**Restricted Cash or Cash Equivalents**" means any cash or cash equivalents which are subject to any mortgage, charge, pledge, lien, assignment, hypothecation, title retention or trust arrangement or any other
 arrangement or agreement (which has the effect of creating security).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.17 "**Subordinated Debt**" means all liabilities and obligations of the Guarantor to any of its Affiliates (other than any Subsidiary) for any indebtedness, whether actual or contingent, present or future, and
 whether incurred alone or jointly or jointly and severally with any other and in whatever currency, including (without limitation) interest, commission and all other charges and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.18 "**Subordinated Obligations**" means all of the liabilities and obligations of any of the Borrowers to the Guarantor or any member of the Group of any kind, whether actual or contingent, present or future, and
 whether incurred alone or jointly or jointly and severally with any other and in whatever currency, including (without limitation) interest, commission and all other charges and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.19 "**Surety**" means any person (other than the Borrowers or the Guarantor) who has given or who may in the future give to any Finance Party any security, guarantee or indemnity for or in relation to the Borrowers'
 Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.20 "**Total Assets**" means the aggregate of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the market values of all vessels owned by members of the Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the market values of all other assets owned by members of the Group as agreed between the Guarantor and the Agent from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the market values of any assets or vessels (without duplication) in relation to which a liability would fall within the definition of Total Debt,

less, in respect of each Recourse Asset, the lower of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the current market value of such Recourse Asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the Non-Recourse Debt attributable to such Recourse Asset,

for the avoidance of doubt, Liquid Assets are not to be included in the calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.21 "**Total Debt**" means funded debt (including finance leases) with legal recourse to the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.22 "**Total Equity**" means the item "Total Equity" as such term is described in the balance sheet in the Guarantor's annual audited consolidated financial statements for the period in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 All words and expressions defined in the Loan Agreement shall have the same meaning when used in this Guarantee and Indemnity unless the context otherwise requires; words denoting the plural number shall be deemed to
 include the singular, and words denoting persons shall be deemed to include corporations, partnerships, associations of persons (whether incorporated or not) or governmental or quasi-governmental authorities and vice versa.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 References in this Guarantee and Indemnity to Clauses and Appendices are to clauses of and the appendices to this Guarantee and Indemnity; references to this Guarantee and Indemnity include its recitals, the
 Appendices, and references in this Guarantee and Indemnity to any document are (unless the context otherwise requires) to be interpreted as references to that document as amended, supplemented, novated or replaced from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 References to any Finance Party include its successors, transferees and assignees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 References to "indebtedness" include any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 The Guarantor agrees to be bound by clause 22 (Contractual Recognition of Bail-in) of the Loan Agreement as if it were a party to the Loan Agreement.

---

| | |
|:---|:---|
| **2** | **Representations and Warranties** |

---

The Guarantor represents and warrants to the Security Trustee at the date of this Guarantee and Indemnity and (except in the case of the representations and warranties contained in Clauses 2.6 and 2.7) at each Interest Payment Date (by reference to the facts and circumstances then pertaining) that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 the Guarantor is a body corporate duly constituted and existing and in good standing under the laws of Bermuda with perpetual corporate existence and the power (inter alia) to sue and be sued, to own assets and to
 carry on business; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 all acts, conditions and things (including, without limitation, all corporate action) required to be done and performed and to have happened prior to the execution and delivery of this Guarantee and Indemnity in
 order to constitute this Guarantee and Indemnity the legal, valid and binding obligations of the Guarantor enforceable in accordance with its terms have been done, performed and have happened in compliance with all applicable laws and the
 Guarantor has the power to enter into, perform and deliver, and has taken all necessary action to authorise the entry into, performance and delivery of this Guarantee and Indemnity and the transactions contemplated hereby; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Guarantee and Indemnity that it be filed, recorded or enrolled with any governmental authority or agency in
 any country nor stamped with any stamp or similar transaction tax; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 all (if any) consents, licences, approvals and authorisations of or registrations with or declarations to any governmental authority, bureau or agency which may be required in connection with the execution, delivery,
 performance, validity, admissibility or enforceability of this Guarantee and Indemnity have been obtained and remain in full force and effect and the Guarantor is not aware of any event or circumstance which could reasonably be expected adversely
 to affect the right of the Guarantor to hold and/or obtain renewal of any such consents, licences, approvals or authorisations; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 this Guarantee and Indemnity when executed and delivered by the Guarantor will, subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered
 pursuant to the Supplemental Agreement, constitute the legal, valid and binding obligations of the Guarantor enforceable in accordance with its terms and in entering into this Guarantee and Indemnity, the Guarantor is acting on its own account
 and is not in breach of any law or regulatory measure relating to "money laundering" as defined in Article 1 of the Directive (EU) 2015/849 (as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal)
 Act 2018); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 the Guarantor is not aware of any material facts or circumstances which have not been disclosed to the Agent and which might, if disclosed, have adversely affected the decision of the Banks in considering whether or
 not to accept the Guarantor as guarantor of the Borrowers' Obligations in substitution of Quantum Crude Tankers Ltd and maintain the facilities under the Loan Agreement and the Swap Providers in considering whether or not to make hedging
 facilities available to the Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 there is no action, suit, arbitration or administrative proceeding nor any contemplated action, suit, arbitration or administrative proceeding pending or to the knowledge of the Guarantor about to be pursued before
 any court, tribunal or governmental or other authority which would, or would be likely to, have a material adverse effect on the Guarantor's business, assets or financial condition and which, in the opinion of the Agent, would be likely to
 prevent the Guarantor from fulfilling its obligations under or pursuant to this Guarantee and Indemnity and the other Finance Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 the execution, delivery and performance of this Guarantee and Indemnity will not contravene any contractual restriction or any law binding on the Guarantor or the Articles of Incorporation, Memorandum of Association
 and Bye-laws or equivalent constitutional documents of the Guarantor or on all or any part of the Guarantor's assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 the Guarantor is not in breach of or default in respect of any material commitment or obligation under any agreement or deed of any sort binding on it or on all or any part of its assets which would, or would be
 likely to, have a material adverse effect on the Guarantor's business, assets or financial condition; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 no Event of Default has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 the Guarantor is in compliance with all applicable tax laws (including FATCA) and regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 any existing loans or advances to the Guarantor by any member of the Group or affiliates of the Group are unsecured and do not rank in priority (of payment or in any other respect) to the Guarantor's Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 the Guarantor has conducted its business in compliance with applicable anti-corruption and anti-bribery laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with
 such laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 as regards Sanctions: (i) the Guarantor is not a Prohibited Person, nor is the Relevant Amount of its shares owned directly or indirectly by a Prohibited Person nor is it controlled by, or acting directly or
 indirectly on behalf of or for the benefit of, a Prohibited Person and the Guarantor does not own or control a Prohibited Person; (ii) the Guarantor is not located, resident or incorporated in a Sanctioned Country; (iii) no proceeds of the Loan
 shall be made available, directly or indirectly, to or for the benefit of a Prohibited Person or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions; (iv) each of the Security Parties is in
 compliance with all Sanctions (provided any representations and/or warranties provided herein shall apply to the benefit of any Finance Party only to the extent that the receipt and acceptance by that Finance Party of the representation in this
 Clause does not result in any violation of, conflict with or liability under (a) Council Regulation (EC) 2271/1996; (b) if applicable, Council Regulation (EC) 2271/1996 of 22 November 1996 (as it forms part of the domestic law of the United
 Kingdom by virtue of the European Union (Withdrawal) Act 2018) and any provisions of the Sanctions and Anti-Money Laundering Act 2018; or (c) section 7 foreign trade rules (AWV) (Außenwirtschaftsverordnung) (in connection with section 4 paragraph
 1 no.3 foreign trade law (AWG) (Außenwirtschaftsgesetz)) or a similar anti-boycott statute); and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 the Guarantor is not aware of any Ownership Mandatory Prepayment Event that has not been notified to the Agent.

---

| | |
|:---|:---|
| **3** | **Guarantee and Indemnity** |

---

In consideration of, amongst other things, the agreement of the Banks to enter into the Supplemental Agreement and the several agreements of the Banks to maintain the facilities under the Loan, the Guarantor:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 irrevocably and unconditionally guarantees to the Security Trustee, as trustee for the Finance Parties, to discharge on demand the Borrowers' Obligations, including Interest from the date of demand until the date of payment, both before and
 after judgment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 agrees, as a separate and independent obligation, that, if any of the Borrowers' Obligations are not recoverable from the Guarantor under Clause 3.1 for any reason (including, without limitation, by reason of the
 Borrowers' Obligations being or becoming unenforceable, invalid, void or illegal), the Guarantor will be liable to the Security Trustee, as trustee for the other Finance Parties, as a principal debtor by way of indemnity for the same amount as
 that for which the Guarantor would have been liable had those Borrowers' Obligations been recoverable and agrees to discharge its liability under this Clause 3.2 on demand together with Interest from the date of demand until the date of payment,
 both before and after judgment.

---

| | |
|:---|:---|
| **4** | **Continuing Security** |

---

This Guarantee and Indemnity is a continuing security for the full amount of the Borrowers' Obligations from time to time and shall remain in force notwithstanding the liquidation of any of the Security Parties or any change in the constitution of any of the Security Parties or of the Security Trustee, or any other Finance Party or the absorption of or amalgamation by any Finance Party in or with any other entity or the acquisition of all or any part of the assets or undertaking of any Finance Party by any other entity.

---

| | |
|:---|:---|
| **5** | **Preservation of Guarantor's Liability** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Any Finance Party may without the Guarantor's consent and without notice to the Guarantor and without in any way releasing or reducing the Guarantor's Liabilities:-

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 amend, novate, supplement or replace all or any of the Borrowers' Finance Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 increase or reduce the amount of the Loan (or any part thereof) or vary the terms and conditions for its repayment or prepayment (including, without limitation, the rate and/or method of calculation of interest);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 allow to any of the Borrowers or to any other person any time or other indulgence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.4 renew, vary, release or refrain from enforcing any of the Borrowers' Finance Documents or any other security, guarantee or indemnity which any Finance Party may now or in the future hold from any of the Borrowers or
 from any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.5 compound with any of the Borrowers or any other person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.6 enter into, renew, vary or terminate any other agreement or arrangement with any of the Borrowers or any other person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.7 make any concession to any of the other Security Parties or do or omit or neglect to do anything which might, but for this provision, operate to release or reduce the liability of the Guarantor under this Guarantee
 and Indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The liability of the Guarantor under this Guarantee and Indemnity shall not be affected by:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 the absence of or any defective, excessive or irregular exercise of any of the powers of any of the Borrowers or of any Surety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 any security given or payment made to any Finance Party by the Borrowers or any other person being avoided or reduced under any law (whether English or foreign) relating to bankruptcy or insolvency or analogous
 circumstance in force from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 the liquidation, administration, receivership or insolvency of the Guarantor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 any other security, guarantee or indemnity now or in the future held by any Finance Party being defective, void or unenforceable, or the failure of any Finance Party to take any security, guarantee or indemnity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.5 any composition, assignment or arrangement being made by any of the Security Parties with any of its creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.6 the novation of any of the Borrowers' Obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.7 anything which would not have released or reduced the liability of the Guarantor to the Security Trustee had the liability of the Guarantor under Clause 3.1 been as a principal debtor of the Security Trustee and not
 as a guarantor.

------

---

| | |
|:---|:---|
| **6** | **Preservation of Banks' Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 This Guarantee and Indemnity is in addition to any other security, guarantee or indemnity now or in the future held by any Finance Party in respect of the Borrowers' Obligations, whether from the Borrowers, the
 Guarantor or any other person, and shall not merge with, prejudice or be prejudiced by any such security, guarantee or indemnity or any contractual or legal right of any Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Any release, settlement, discharge or arrangement relating to the liabilities of the Guarantor under this Guarantee and Indemnity shall be conditional on no payment, assurance or security received by any Finance
 Party in respect of the Borrowers' Obligations being avoided or reduced under any law (whether English or foreign) in force from time to time relating to bankruptcy, insolvency or any (in the opinion of the Security Trustee) analogous
 circumstance and after any such avoidance or reduction the Security Trustee shall be entitled to exercise all of its rights, powers, discretions and remedies under or pursuant to this Guarantee and Indemnity and/or any other rights, powers,
 discretions or remedies which they would otherwise have been entitled to exercise, as if no release, settlement, discharge or arrangement had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Following the complete discharge of the Borrowers' Obligations, the Security Trustee shall be entitled to retain any security which it or any Finance Party may hold for the liabilities of the Guarantor under this
 Guarantee and Indemnity until the Security Trustee is satisfied in its discretion that it will not have to make any payment under any law referred to in Clause 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Until all claims of the Finance Parties in respect of the Borrowers' Obligations have been discharged in full:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 the Guarantor shall not be entitled to participate in any security held or sums received by any Finance Party in respect of all or any part of the Borrowers' Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 the Guarantor shall not stand in the place of, or be subrogated for, any Finance Party in respect of any security nor take any step to enforce any claim against any of the Borrowers or any Surety (or the estate or
 effects of any such person) nor claim or exercise any right of set off or counterclaim against any of the Borrowers or any Surety nor make any claim in the bankruptcy or liquidation of any of the Borrowers or any Surety in respect of any sums
 paid by the Guarantor to any Finance Party or in respect of any sum which includes the proceeds of realisation of any security at any time held by any Finance Party in respect of all or any part of the Guarantor's Liabilities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 the Guarantor shall not take any steps to enforce any claim which it may have against any of the Borrowers or any Surety without the prior written consent of the Security Trustee, and then only on such terms and
 subject to such conditions as the Security Trustee may impose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 The Guarantor's Liabilities shall be continuing for all purposes (including Interest) and every sum of money which may now or in the future be or become due or owing to any of the Finance Parties by the Borrowers (or
 which would have become due or owing had it not been for the bankruptcy, liquidation or insolvency of any of the Borrowers) shall be deemed to continue due and owing to that Finance Party until such sum is actually repaid to that Finance Party,
 notwithstanding the bankruptcy, liquidation or insolvency of any of the Borrowers.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 Each Finance Party may, but shall not be obliged to, resort for their own benefit to any other means of payment at any time and in any order they think fit without releasing or reducing the Guarantor's Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 The Security Trustee may enforce this Guarantee and Indemnity either before or after resorting to any other means of payment and, in the latter case, without entitling the Guarantor to any benefit from or share in
 any such other means of payment for so long as the Borrowers' Obligations have not been discharged in full.

---

| | |
|:---|:---|
| **7** | **Other Security** |

---

The Guarantor confirms that it has not taken and will not take without the prior written consent of the Security Trustee (and then only on such terms and subject to such conditions as the Security Trustee may impose) any security from any of the Borrowers or from any Surety in connection with this Guarantee and Indemnity and any security taken by the Guarantor notwithstanding this Clause shall be held by the Guarantor in trust for the Security Trustee absolutely to be held by the Security Trustee on the terms and subject to the conditions of clause 11 of the Loan Agreement as a continuing security for the Guarantor's Liabilities.

---

| | |
|:---|:---|
| **8** | **Covenants** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The Guarantor covenants with the Security Trustee that it will not without the Agent's prior written consent at any time after the occurrence and during the continuation of any Event of Default or at any time when
 the Guarantor is not in compliance with the financial covenants set out at Clause 8.2, pay or declare any dividends or other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 The Guarantor covenants with the Security Trustee that:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.1 at all times during the Facility Period the ratio of Net Debt to Total Assets of the Group will not exceed 0.7:1; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.2 at all times during the Facility Period the minimum level of Net Liquid Assets maintained in the Group will not fall below an amount equal to the aggregate of:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) six (6) months' scheduled principal (excluding balloon payments) and interest (or its equivalent) on the outstanding funded debt of members of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) two hundred thousand Dollars ($200,000) in respect of each vessel owned by members of the Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.3 the Total Equity shall not fall below two hundred million Dollars ($200,000,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Except for in relation to (a) Non-Recourse Debt and (b) the $570 million facility agreement dated 17 February 2022 between, amongst others, Nordea Bank ABP, filial i Norge as agent and the Guarantor as borrower, the
 Guarantor covenants with the Security Trustee that it will not allow members of the Group to grant other lenders to the Group financial covenants on the Guarantor which are more onerous for the Group than those contained in this Guarantee and
 Indemnity, unless this Guarantee and Indemnity (and any other necessary Finance Documents) is amended, within sixty (60) days of doing so, so as to grant the Banks and the Swap Providers (and the Security Trustee on their respective behalves) the
 same financial covenants.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Guarantor agrees with the terms of clause 15.4 of the Loan Agreement and irrevocably and unconditionally authorises the Agent to execute any Transfer Certificate on its behalf as contemplated by clause 15.5 of
 the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Guarantor agrees to comply with the terms of clause 12.17 of the Loan Agreement and each of the Guarantor and the Security Trustee agree that the terms of clauses 12.18, 16.8 and 23 of the Loan Agreement shall
 apply to this Guarantee and Indemnity, mutatis mutandis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Guarantor undertakes to inform the Security Trustee as soon as reasonably practicable of the occurrence of any Ownership Mandatory Prepayment Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 The Guarantor has reviewed the terms of clauses 11.25, 15 and 20 of the Loan Agreement and confirms and agrees that each Finance Party may disclose Confidential Information in respect to the Guarantor in accordance
 with the terms of those clauses of the Loan Agreement. Further, the Guarantor agrees to sign any Confidentiality Agreement signed by any proposed recipient of Confidential Information as referred to and required by clause 20.4 of the Loan
 Agreement.

---

| | |
|:---|:---|
| **9** | **Financial Information** |

---

The Guarantor will deliver to the Security Trustee:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 a copy of the Group's audited consolidated annual report and accounts, containing, inter alia, the Group's consolidated profit and loss account for, and balance sheet at the end of, each accounting year of the Group
 ending during the Facility Period, prepared in each case in accordance with GAAP consistently applied, and audited by a well-known and reputable firm of chartered accountants (or equivalent) in each case within one hundred and twenty (120) days
 of the end of the accounting year to which they relate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 within ninety (90) days of the end of each calendar quarter a copy of the Group's unaudited quarterly consolidated financial statements in respect of the preceding quarter (other than any quarter ending on 31
 December of each fiscal year during the Facility Period which do not need to be provided);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 on a semi-annual basis a Compliance Certificate (which will include calculations of the financial covenants set out at Clause 8.2 and a report which shows the market value of all vessels in the Group) each such
 Compliance Certificate to be provided within ninety (90) days of the end of each financial half-year of the Group (other than any financial half-year ending on 31 December of each fiscal year during the Facility Period, in which case, such
 Compliance Certificate will be delivered within one hundred and twenty (120) days of the end of such financial half-year); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 such other information in respect of the Group as may be reasonably requested by the Security Trustee.

------

---

| | |
|:---|:---|
| **10** | **Subordinated Obligations** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The Guarantor agrees that, following the occurrence and during the continuation of an Event of Default, it will not, nor will it permit any member of the Group to, without the prior written consent of the Security
 Trustee:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 demand or accept discharge (whether directly or from any third party) or accelerate payment of any of the Subordinated Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 demand, accept or claim any guarantee, indemnity or Encumbrance from any person in respect of any of the Subordinated Obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 create or permit to exist any Encumbrance over, or otherwise dispose of, any of the Subordinated Obligations; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 claim or exercise any right of set off or counterclaim against the Subordinated Obligations in respect of any liability now or in the future due or owing by the Guarantor or any member of the Group, as the case may
 be, to any of the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Guarantor agrees that, if any of the Borrowers becomes subject to a winding up order or is wound up voluntarily:-

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 the Guarantor will (promptly on request of the Agent but not otherwise) prove in the winding up of that Borrower in respect of the Subordinated Obligations and/or realise any security which (notwithstanding Clause
 10.1.2) the Guarantor may hold in respect of any of the Subordinated Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 the Guarantor will hold on trust for and immediately pay to the Security Trustee on behalf of the other Finance Parties in reduction of the Borrowers' Obligations the amount of any distributions received or amounts
 set off by the Guarantor in respect of any of the Subordinated Obligations or received by the Guarantor from any guarantee, indemnity or Encumbrance which (notwithstanding Clause 10.1.2) the Guarantor may then hold for or in respect of any of the
 Subordinated Obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 the Guarantor will ensure that no member of the Group proves in the winding up of any of the Borrowers in respect of the Subordinated Obligations and/or realises any security which (notwithstanding Clause 10.1.2)
 such member of the Group may hold for or in respect of any of the Subordinated Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 The Guarantor agrees that, if the Guarantor fails, when required by the Agent to do so pursuant to Clause 10.2.1, to prove in the winding up of any of the Borrowers, any Finance Party may prove in that winding up in
 the name and on behalf of the Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The Guarantor agrees that if, notwithstanding Clause 10.1, the Guarantor or any member of the Group receives any payment or distribution in respect of or on account of the Subordinated Obligations (including, without
 limitation, any proceeds of any guarantee, indemnity or Encumbrance held by the Guarantor or any member of the Group in respect of any of the Subordinated Obligations) at any time following the occurrence and during the continuation of an Event
 of Default the Guarantor will, and/or will cause the relevant member of the Group to, hold that amount or distribution on trust for the Security Trustee for application towards reduction of the Borrowers' Obligations. If any of the Borrowers'
 Obligations is discharged by set off (notwithstanding Clause 10.1.4) the Guarantor will, and/or will cause the relevant member of the Group to, immediately pay an amount equal to the amount discharged to the Security Trustee for application
 towards reduction of the Borrowers' Obligations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 The obligations of the Guarantor and the rights of each of the Finance Parties under this Clause shall not be affected by any fluctuations in the amount of the Borrowers' Obligations.

---

| | |
|:---|:---|
| **11** | **Subordinated Debt** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Except as specifically provided in Clause 11.3, the Subordinated Debt shall be subordinate and subject in right of payment to the full and final payment to the Finance Parties of the Indebtedness and all indebtedness
 to other non-affiliated lenders and the discharge in full of the Guarantor's Liabilities and the Guarantor shall not make, by set off or in any other manner, any payment of the whole or any part of the Subordinated Debt, unless and until all of
 the Indebtedness and all indebtedness to other non-affiliated lenders shall have been fully and irrevocably repaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 The Guarantor covenants that the Subordinated Debt is, and shall at all times throughout the Facility Period remain, unsecured. The Guarantor further undertakes that until the Indebtedness is repaid in full and the
 Guarantor's Liabilities have been discharged, the Guarantor will not grant any Encumbrance or provide any other security for repayment of the Subordinated Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Subject to no Event of Default continuing and the Guarantor being in compliance with the financial covenants set out at Clause 8.2, the Guarantor may pay accrued interest on, or make scheduled repayments of the
 principal of, the Subordinated Debt. The Guarantor covenants with the Security Trustee that it will not without the Agent's prior written consent at any time after the occurrence and during the continuation of any Event of Default or at any time
 when the Guarantor is not in compliance with the financial covenants set out at Clause 8.2 pay accrued interest on, or repay the principal of, the Subordinated Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 The Guarantor covenants that throughout the Facility Period it will not agree to the amendment of any document relating to the Subordinated Debt in any manner which would adversely affect the subordination of the
 Subordinated Debt effected by this Clause.

---

| | |
|:---|:---|
| **12** | **Payments** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 All moneys payable under this Guarantee and Indemnity shall be paid to such accounts at such banks as the Security Trustee may from time to time direct to the Guarantor in the Currency of Account in same day funds
 for immediate value. Payments shall be deemed to have been received by the Security Trustee on the date on which the Security Trustee receives duly authenticated advice of receipt unless that advice is received by the Security Trustee on a day
 other than a Business Day or at a time of day (whether on a Business Day or not) when the Security Trustee in its discretion considers that it is impossible or impracticable for the Security Trustee to utilise the moneys received for value that
 same day, in which event those moneys shall be deemed to have been received by the Security Trustee on the next Business Day following the date of receipt of advice by the Security Trustee.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 All payments to be made by the Guarantor pursuant to this Guarantee and Indemnity shall, subject only to Clauses 8.5 and 12.3, be made free and clear of and without deduction for or on account of any Taxes or other
 deductions, withholdings, restrictions or conditions of any nature, and payments to be made hereunder shall be calculated and made without (and free and clear of any deduction for) set-off or counterclaim and the Guarantor will not claim any
 equity in respect of any payment due from it to the Security Trustee under or in relation to this Guarantee and Indemnity. If at any time any law requires (or is interpreted to require) the Guarantor to make any deduction or withholding from any
 payment, the Guarantor will simultaneously with making that payment pay to the Security Trustee, except in respect to any FATCA Deduction, whatever additional amount (taking into account any additional Taxes on, or deductions or withholdings
 from, or restrictions or conditions on, that additional amount) is necessary to ensure that, after making the deduction or withholding, each Finance Party receives a net sum equal to the sum which they would have received had no deduction or
 withholding been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 If at any time the Guarantor is required by law to make any deduction or withholding from any payment to be made by the Guarantor pursuant to this Guarantee and Indemnity, the Guarantor shall promptly notify the
 Security Trustee and will pay the full amount required to be deducted or withheld to the relevant authority within the time allowed for such payment under the applicable law and will, no later than the earlier of thirty (30) days after making
 that payment and the date of receipt, deliver to the Security Trustee an original receipt issued by the relevant authority evidencing the payment to that authority of all amounts required to be deducted or withheld. If the Guarantor pays any
 additional amount under this Guarantee and Indemnity and a Finance Party subsequently receives a refund or allowance from any tax authority which that Finance Party identifies as being referable to that increased amount so paid by the Guarantor,
 that Finance Party shall, as soon as reasonably practicable, pay to the Guarantor an amount equal to the amount of the refund or allowance received, if and to the extent that it may do so without prejudicing its right to retain that refund or
 allowance and without putting itself in any worse financial position than that in which it would have been had the relevant deduction or withholding not been required to have been made. Nothing in this Clause shall be interpreted as imposing any
 obligation on any Finance Party to apply for any refund or allowance nor as restricting in any way the manner in which any Finance Party organises its tax affairs, nor as imposing on any Finance Party any obligation to disclose to the Guarantor
 any information regarding its tax affairs or tax computations.

---

| | |
|:---|:---|
| **13** | **Currency** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The Guarantor's liability under this Guarantee and Indemnity is to discharge the Borrowers' Obligations in the Currency of Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 If at any time the Security Trustee receives any payment by or on behalf of the Guarantor in a currency other than the Currency of Account, that payment shall take effect as a payment to the Security Trustee of the
 amount in the Currency of Account which the Security Trustee is able to purchase (after deduction of any relevant costs) with the amount of the payment so received in accordance with its usual practice.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 To the extent that any payment to any Finance Party (whether by the Guarantor or any other person and whether under any judgment or court order or otherwise) in a currency other than the Currency of Account shall on
 actual conversion into the Currency of Account fall short of the relevant liability of the Borrowers expressed in the Currency of Account then the Guarantor as a separate and independent obligation will indemnify the Security Trustee as trustee
 for the Finance Parties against such shortfall.

---

| | |
|:---|:---|
| **14** | **Set-Off and Lien** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 The Guarantor irrevocably authorises the Finance Parties at any time following the occurrence and during the continuation of an Event of Default to set off without notice any liability of the Guarantor to any of the
 Finance Parties (whether present or future) against any credit balance from time to time standing on any of the Guarantor's accounts (whether current or otherwise and whether or not subject to notice) with any Finance Party in or towards
 satisfaction of the Borrowers' Obligations and/or the Guarantor's Liabilities and, in the name of that Finance Party or the Guarantor, to do all such acts and execute all such documents as may be required to effect such application.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 Following the occurrence and during the continuation of an Event of Default, the Finance Parties shall have a lien on and be entitled to retain and realise as additional security for the Guarantor's Liabilities any
 cheques, drafts, bills, notes or negotiable or non-negotiable instruments and any stocks, shares or marketable or other securities and property of all kinds of the Guarantor (or of any Finance Party as agent or nominee of the Guarantor) from time
 to time held by the Security Trustee, the Agent, any Swap Provider or that Bank whether for safe custody or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 The Guarantor irrevocably authorises the Finance Parties at any time following the occurrence and during the continuation of an Event of Default to use the whole or any part of any credit balance from time to time
 standing on any of the Guarantor's accounts with any Bank or any Swap Provider to purchase the Currency of Account as if it were a receipt in accordance with Clause 13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 Notwithstanding any term to the contrary in relation to any deposit or credit balance on any account of the Guarantor with any Finance Party, following the occurrence and during the continuation of an Event of
 Default no such deposit or credit balance shall be repayable by that Finance Party to the Guarantor until the Guarantor's Liabilities have been discharged in full.

---

| | |
|:---|:---|
| **15** | **Appropriation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.1 Subject to Clause 15.2, all sums received by the Security Trustee pursuant to this Guarantee and Indemnity shall be applied in accordance with clause 14.3 of the Loan Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2 The Security Trustee may place any money received by it under this Guarantee and Indemnity to the credit of an interest bearing suspense account on such terms and subject to such conditions as it may in its sole and
 absolute discretion determine for so long as it thinks fit without any obligation in the meantime to apply such money in or towards discharge of any of the Borrowers' Obligations and, notwithstanding such payment, the Finance Parties may claim
 against the Borrowers or any Surety or prove in the bankruptcy, liquidation or insolvency of any of the Borrowers or any Surety for the whole of the Borrowers' Obligations at the date of the Security Trustee's demand for payment pursuant to this
 Guarantee and Indemnity, together with Interest and all commission, charges and expenses accruing subsequently.

------

---

| | |
|:---|:---|
| **16** | **Notices** |

---

The provisions of clause 17 of the Loan Agreement shall (mutatis mutandis) apply to communications between the Security Trustee and the Guarantor as if they were set out in full in this Guarantee and Indemnity and as if references to the Borrowers were references to the Guarantor.

---

| | |
|:---|:---|
| **17** | **Miscellaneous** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 The Guarantor agrees that it is, and will throughout the Facility Period remain, a principal debtor in respect of the Guarantor's Liabilities and not a surety for any Surety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2 No failure or delay on the part of the Security Trustee in exercising any right, power, discretion or remedy under this Guarantee and Indemnity nor any actual or alleged course of dealing between any Finance Party
 and the Guarantor shall operate as a waiver thereof nor shall any single or partial exercise by any Finance Party of any such right, power, discretion or remedy preclude any other or further exercise thereof or the exercise by any Finance Party
 of any other right, power, discretion or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.3 The rights and remedies expressly provided by this Guarantee and Indemnity are cumulative and not exclusive of any rights or remedies which any Finance Party would otherwise have. If at any time one or more of the
 provisions of this Guarantee and Indemnity becomes invalid, illegal or unenforceable in any respect, that provision shall be severed from the remainder and the validity, legality and enforceability of the remaining provisions of this Guarantee
 and Indemnity shall not be affected or impaired in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.4 This Guarantee and Indemnity shall be binding on the Guarantor and its successors and permitted assignees and transferees, and shall inure to the benefit of the Security Trustee and each other Finance Party and their
 respective successors, transferees and assignees. The Guarantor may not assign nor transfer any of its rights (if any) or obligations under or pursuant to this Guarantee and Indemnity without the prior written consent of the Security Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.5 If any provision of this Guarantee and Indemnity shall be deemed invalid or unenforceable in whole or in part by reason of any present or future law or any decision of any court, or if the documents at any time held
 by or on behalf of the Finance Parties be deemed by the Banks or any Swap Provider for any reason insufficient to carry out the terms of this Guarantee and Indemnity, then from time to time the Guarantor will promptly, on demand by the Agent,
 execute or procure the execution of such further documents as in the reasonable opinion of the Agent are necessary to provide an adequate guarantee and indemnity for the Borrowers' Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.6 Any certificate or statement signed by an authorised signatory of the Agent purporting to show the amount of the Indebtedness or of the Borrowers' Obligations or of the Guarantor's Liabilities (or any part of any of
 them) or any other amount referred to in any of the Finance Documents shall, save for manifest error or on any question of law, be conclusive evidence as against the Guarantor of that amount.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.7 The representations and warranties on the part of the Guarantor contained in this Guarantee and Indemnity shall survive the execution of this Guarantee and Indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8 This Guarantee and Indemnity may be executed in any number of counterparts each of which shall be original but which shall together constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.9 Interest will be payable both before and after judgment on a daily basis and on the basis of a 360 day year and compounded at such intervals as the Agent shall in its discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 This Guarantee and Indemnity constitutes the entire agreement between the Finance Parties and the Guarantor in relation to the subject matter hereof and no amendment or variation of the terms of this Guarantee and
 Indemnity shall be valid unless in writing signed by the Guarantor and the Security Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 The Finance Parties may continue the account(s) of the Borrowers or open one or more new accounts for the Borrowers notwithstanding any demand under this Guarantee and Indemnity and the Guarantor's liability at the
 date of demand shall not be released or affected by any subsequent payment into or out of any account of any of the Borrowers with any Finance Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.12 The headings used in this Guarantee and Indemnity are for the purpose of reference only, have no legal or other significance and shall be ignored in the interpretation of this Guarantee and Indemnity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 Notwithstanding the provisions of the Contracts (Rights of Third Parties) Act 1999, no term of this Guarantee and Indemnity is enforceable by a person who is not a party to it, except for any other Finance Party.

---

| | |
|:---|:---|
| 18 | **Immediate Recourse** |

---

The Guarantor waives any right it may have of first requiring any Finance 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, commencing any proceedings under any Finance Document or enforcing any Security Document) before claiming or commencing proceedings under this Guarantee and Indemnity. This waiver applies irrespective of any law or provision of a Finance Document to the contrary.

---

| | |
|:---|:---|
| **19** | **Law and Jurisdiction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 This Guarantee and Indemnity and any non-contractual obligations arising out of or in connection with it shall in all respects be governed by and construed in accordance with the law of England.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 For the exclusive benefit of the Security Trustee, the Guarantor irrevocably agrees that the courts of England are to have jurisdiction to settle any disputes which (i) may arise out of or in connection with this
 Guarantee and Indemnity or (ii) relating to any non-contractual obligations arising from or in connection with this Guarantee and Indemnity and that any suit, action or proceedings arising out of or in connection with this Guarantee and Indemnity
 may be brought in those courts **PROVIDED THAT** nothing contained in this Clause shall limit the right of the Security Trustee to take any suit, action or proceedings against the Guarantor in any other court of competent jurisdiction nor
 shall the taking of any suit, action or proceedings against the Guarantor in one or more jurisdictions preclude the taking of any suit, action or proceedings in any other jurisdiction, whether concurrently or not.

------

19.3 The Guarantor irrevocably waives any objection which it may now or in the future have to the laying of the venue of any suit, action or proceedings in any such court as is referred to in Clause 19.2 and any claim
 that such suit, action or proceedings has been brought in an inconvenient or inappropriate forum and irrevocably agrees that a judgment in any such suit, action or proceedings brought in any such court shall be conclusive and binding on the
 Guarantor and may be enforced in the courts of any other jurisdiction.

19.4 The Guarantor irrevocably agrees that any writ, notice, judgment or other legal process shall be sufficiently served on it if addressed to the Guarantor and sent by post (return receipt requested) to the Address for
 Service.

------

**Execution copy**

**IN WITNESS** of which the Guarantor has executed and delivered this Guarantee and Indemnity as a deed the day and year first before written.

---

| | | |
|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED** | /s/ Ben Orchard |
| as a **DEED** | as a **DEED** | signature |
| by | by |  |
| for and on behalf of | for and on behalf of |  |
| **COOL COMPANY LTD.** | **COOL COMPANY LTD.** | BEN ORCHARD |
| in the presence of: | in the presence of: | print name |
| signature | signature |  |
| of witness | /s/ Sian Sanders |  |
| name | SIAN SANDERS |  |
|  | print name of witness |  |
| address | INCE GORDON DADDS |  |
|  | ALDGATE TOWER, 2 LEMAN STREET |  |
|  | LONDON |  |
|  | E1 8QN |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SIGNED** and **DELIVERED** | **SIGNED** and **DELIVERED** | /s/ Margaret Wong /s/ Yeo Chai Wee | /s/ Margaret Wong /s/ Yeo Chai Wee |
| as a **DEED** | as a **DEED** | signature | signature |
| by | by |  |  |
| for and on behalf of | for and on behalf of | Margaret Wong | Yeo Chai Wee |
| **ING BANK N.V., SINGAPORE** | **ING BANK N.V., SINGAPORE** | Vice President | Manager |
| **BRANCH** | **BRANCH** | print name | print name |
| in the presence of: | in the presence of: |  |  |
| signature | signature |  |  |
| of witness | /s/ Jaden Toh |  |  |
| name | Jaden Toh <br> Assistant Manager |  |  |
|  | print name of witness |  |  |
| address | ING Bank N.V., Singapore Branch |  |  |
|  | 1 Wallich Street |  |  |
|  | #12-01 Guoco Tower |  |  |
|  | Singapore 078881 |  |  |

---

------

**APPENDIX A**

**COMPLIANCE CERTIFICATE**

**COOL COMPANY LTD.**

Dear Sirs,

We refer to one or more secured loan facility agreements and a guarantee and indemnity made between (amongst others) ourselves and yourselves. Words and phrases defined in the agreement or the guarantee (unless otherwise defined in this Compliance Certificate) have the same meaning when used in this Compliance Certificate.

The undersigned hereby certifies that as of **[date]** (the "Calculation Date") the status of the covenants contained in the guarantee are as follows:

---

| | |
|:---|:---|
| 1 | The ratio of Net Debt to Total Assets of the Group does NOT exceed 0.7/1.00 |

---

---

| | |
|:---|:---|
| 2 | The Net Liquid Assets of the Guarantor and its Subsidiaries on a consolidated basis are maintained in an amount at least equal to the sum of: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Six (6) months scheduled principal (excluding balloon payments) and interest (or its equivalent) on the outstanding funded debt of members of the Group; AND

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Two hundred thousand Dollars ($200,000) in respect of each vessel owned by members of the Group.

---

| | |
|:---|:---|
| 3 | The Total Equity of the Guarantor and its Subsidiaries on a consolidated basis at the end of any financial year is at least two hundred million Dollars (US$200,000,000). |

---

In addition, please note that the undersigned further certifies that as of the date of this Compliance Certificate that no Event of Default has occurred and is continuing.

**The following figures and calculations demonstrate the Group's continued compliance with its financial covenants as set out above:**

1. <u>Net Debt to Total Assets Ratio:</u> 

The Ratio of Net Debt to Total Assets shall be no greater than 0.7/1.00

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The total of all actual liabilities of members of the Group in respect of funded debt (including finance leases) with legal recourse to the Guarantor (as per the consolidated balance sheet of the Group dated **[date]**)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**= Total Debt** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**= Total Debt** | **$X,XXX,XXX** |
| **LESS** | **LESS** |  |
| &nbsp;&nbsp;&nbsp;i. | the amount of Relevant Liquid Assets | **$X,XXX,XXX** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= **Net Debt** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;= **Net Debt** | **<u>$X,XXX,XXX</u>** |

---

------

Divided by:

&nbsp;&nbsp;&nbsp;&nbsp;B. The total of:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;i. | the market values of all vessels owned by members of the Group | **$X,XXX,XXX** |
| &nbsp;&nbsp;&nbsp;ii. | (if proposed by Guarantor) the market values of all other assets owned by members of the Group | **$X,XXX,XXX** |
| &nbsp;&nbsp;&nbsp;iii. | the market values of any assets or vessels (without duplication) in relation to which a liability would fall within the definition of Total Debt  | **$X,XXX,XXX** |
| &nbsp;&nbsp;&nbsp;**LESS** |  |  |
| &nbsp;&nbsp;&nbsp;(in respect of Recourse Assets) the lower of | &nbsp;&nbsp;&nbsp;(in respect of Recourse Assets) the lower of |  |
| &nbsp;&nbsp;&nbsp;i. | the current market value of Recourse Assets; AND | **$X,XXX,XXX** |
| &nbsp;&nbsp;&nbsp;ii. | the amount of Non-Recourse Debt attributable to such Recourse Assets | **$X,XXX,XXX** |
| **Total Assets** | **Total Assets** | **<u>$X,XXX,XXX</u>** |
| **Ratio:** | **Ratio:** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Minimum Liquidity</u> 

Net Liquid Assets has not fallen below an amount equal to the aggregate of:

The sum of:

---

| | | | |
|:---|:---|:---|:---|
| i. | six months' scheduled principal (excluding balloon payments) and interest (or its equivalent)<br> on the outstanding funded debt of members of the Group | Principal Interest | **$X,XXX,XXX<br> $X,XXX,XXX** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;+ |  |  |
| ii. | $200,000 in respect of each vessel owned by the members of the Group (number of vessels multiplied by $200,000) |  | **$X,XXX,XXX** |
|  | = | Minimum Liquidity: | **<u>$X,XXX,XXX</u>** |
|  |  | Net Liquid Assets: | **<u>$X,XXX,XXX</u>** |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Total Equity</u> 

Total Equity has not fallen below US$200,000,000

---

| | |
|:---|:---|
| The Total Equity as shown in the annual audited consolidated balance sheet of the Group as of **[date]**: | **$X,XXX,XXX** |

---

**** <br> **** 

<br> **COOL COMPANY LTD.**

------

## Exhibit 4.2

#### Exhibit 4.2

**[CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [\*\*\*] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.]**

#### AMENDMENT AGREEMENT

#### to a

#### SHARE PURCHASE AGREEMENT

#### dated 26 January 2022

#### between

#### COOL COMPANY LTD.

#### and

#### GOLAR LNG LIMITED

------

This amendment agreement (the "**Amendment Agreement**") is made on this 25<sup>th</sup> day of February 2022 by and between:

<sup>(1)</sup> **COOL COMPANY LTD**. (the "**Company**")<br>

and

<sup>(2)</sup> **GOLAR LNG LIMITED** ("**Golar**")<br>

(hereinafter collectively referred to as the "Parties" and, individually, as a "**Party**" for the purpose of amending a share purchase agreement between the Parties dated 26 January, 2022 (the "SPA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Terms defined in the SPA shall have the meaning assigned to them therein when used in capitalised form in the following.

The term "**Agreement**" shall, when used in the SPA, mean the SPA as amended by this Amendment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Parties note that the structure of the New Bank Loan as reflected in the New Bank Loan Agreement is different from that described in the definition of the New Bank Loan as the Company (rather than the Subsidiaries) will be the formal
 borrower whilst the Subsidiaries will be guarantors.

Hence, it is agreed to change the definition so that it reads as follows:

*"***New Bank Loan***" means a senior secured loan facility of up to USD 570 mill. to be* provided *to the Company by the Finance Providers for the purpose of financing intra-group loans from the Company to the Subsidiaries (other than those party to the Continuing Lease Agreement) in order to assist them in the financing of either the purchase price for their respective Vessel on completion of their respective Purchase Option or the refinancing of the Existing Bank Loan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Parties recognise that Schedule 3 to the SPA was updated subsequent to the date of the Agreement. The correct Schedule 3 to the SPA (which is dated 31 January 2022) is attached hereto as <u>Appendix 1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Parties recognise that the pairing of the Subsidiaries and the Vessels in Schedule 2 to the SPA was incorrect. A revised and correct version of Schedule 1 to the SPA is attached hereto as <u>Appendix 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Parties agree that the reference to "GOLAR FROST" in Clause 4.2 of the SPA shall be substituted with "GOLAR ICE".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Parties have received and accepted the Audited Balance Sheet. Based on this it is agreed that the Purchase Price is USD 336,666,236.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Parties note that:

<br> (i) the Audited Balance Sheet reflects that there were no Shareholder Loans outstanding from Golar to the Subsidiaries and/or CoolPoolCo at the Valuation Date;

------

(ii) the Private Placement has been completed through the issue of 27.5 mill. new ordinary shares of USD 1 par value at a subscription price of USD 10 each, net proceeds from which are on account with DNB Bank ASA to be released by DNB Bank ASA and Clarksons Platou Securities AS for the purpose of funding the completion of the SPA (the "**Available Funds**");

<br> (iii) the Company's shares have been listed on the Euronext Growth list with the first day of listing being 22 February 2022;

<br> (iv) the New Bank Loan Agreement has been executed on 17 February 2022 whereafter the New Bank Loan, subject to the Company complying with the conditions for drawdown set forth therein, is available to the Company;

(v) Golar has obtained the agreement in principle to the termination of the Terminating Lease Agreements, formal consent being provided as and when the relevant Subsidiary and the relevant lessor sign the repurchase documentation with a closing date for such transaction being specified;

<br> (vi) Golar has sought consent to the change of control in the Subsidiaries party to the Continuing Lease Agreements, a formal response to this request is expected in early March; and

<br> (vii) the Transitional Services Agreement, the Pool Accession Deed and the Golar Loan Agreement have been executed by the parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The SPA assumes that the Transaction shall be completed in one process which shall include the completion of the purchases of the Vessels pursuant to the Purchase Options and the refinancing of the Existing Bank Loan immediately subsequent
 to Completion.

The Parties now recognise that it will be difficult to achieve this due to, inter alia:

<br> (i) the need to transfer title to the Vessels to be acquired by Subsidiaries pursuant to the Purchase Options whilst the Vessels are all in international waters or in a neutral tax jurisdiction to avoid any national tax or other charges;

(ii) the fact that the Subsidiary Shares in the Subsidiaries parties to the Terminating Lease Agreements and the Existing Bank Loan are pledged to the lessors under the Terminating Lease Agreements and the lenders under the Existing Bank Loan, such pledges not being released unless and until the aforesaid lessors and lenders have received (or simultaneously with receiving) the amounts due to them pursuant to the exercise of the Purchase Options and the Existing Bank Loan; and

<br> (iii) the complexity associated with each, combined closing.

The Parties have therefore agreed to complete the Transaction in successive completions (as described in Clause 9 below) and in a different sequence of steps than set out in the SPA (as described in Clauses 10, 11 and 12 below).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Parties agree that the Transaction shall be completed by way of successive completions of the transfer of title to all of the Subsidiary Shares in each Subsidiary from Golar to the Company (each, a "**Subsidiary Completion** ").

Each Subsidiary Completion shall be carried out by:

<br> a) the relevant Subsidiary exercising of its Purchase Option under its Terminating Lease Agreement and completing its purchase of its Vessel; or

<br> b) the relevant Subsidiary refinancing the Existing Bank Loan; or

<br> c) the relevant Continuing Lessor approving the change of control in the relevant Subsidiary caused by the transfer of title to the Subsidiary Shares in the relevant Subsidiary to the Company;

whichever alternative is relevant for the relevant Subsidiary Completion.

It is furthermore agreed that the completion of the transfer of title to the Cool Pool Shares shall be completed as part of the last Subsidiary Completion.

While 2 or more Subsidiary Completions may take place on the same date, they shall nevertheless be considered as individual processes successively completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Parties have agreed to the distribution of the Purchase Price between the Subsidiaries as set forth in <u>Appendix 3</u> hereto (each a "**Subsidiary Purchase Price** ").

Further, it has been agreed that the Golar Subscription Amount (and thus the new shares in the Company to be issued in settlement thereof) shall be deemed to be payable by Golar in eight instalments of USD 15,562,000, each such instalment to be settled by set-off against Golar's subscription of 1,562,500 new common shares in the Company at a subscription price of USD 10 on each Subsidiary Completion.

Appendix 3 identifies each Subsidiary Purchase Price and how settlement thereof by the Company shall be split between cash payment (the "**Cash Payment**") and the issue of new shares in the Company (the "**Share Settlement**") in each case payable to Golar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Each Subsidiary Completion is subject to and conditional upon the following conditions being satisfied or waived (each Party may waive a condition to be performed by the other Party) by the Parties:

(i) Golar shall have provided the Company with no less than 3 Banking Days' notice (or if the lenders under the New Bank Loan have agreed to a shortened drawdown notice period, then such shortened notice period shall apply under this Agreement also) of the date of the Subsidiary Completion and the Subsidiary whose Subsidiary Shares are to be transferred to the Company by way of the designated Subsidiary Completion;

<br> (ii) Golar shall have

a. agreed all terms and conditions for the purchase by the relevant Subsidiary of its Vessel from the counterparty to its Terminating Lease Agreement following an exercise of its Purchase Option thereunder, completion of such purchase taking place on the designated Subsidiary Completion Date; or

------

<br> b. submitted a prepayment notice to the lenders of the Existing Bank Loan and agreed that such prepayment shall take place on the designated Subsidiary Completion Date;

<br> c. agreed with the Continuing Lessor party to the relevant Subsidiary's Continuing Lease Agreement, all terms and conditions for such Continuing Lessor's consent to the change of control in the relevant Subsidiary, effective from the designated Subsidiary Completion Date,

whichever alternative is relevant and all of which shall be on terms and conditions acceptable to the Company.

Copies of any and all such notices, consents and/or documents referred to above shall be provided by Golar to the Company.

<br> (iii) Golar having agreed, on terms acceptable to the Company, the conditions for the release by:

<br> a. the lessor party to the relevant Subsidiary's Terminating Lease Agreement; or

<br> b. the lenders of the Existing Bank Loan; or

<br> c. the Continuing Lessor party to the relevant Subsidiary's Continuing Lease Agreement;

of the Subsidiary Shares in the relevant Subsidiary from the pledge they are subject to as an initial or simultaneous step in the Completion process so as to facilitate the transfer of title thereto from Golar to the Company;

(iv) Golar shall, in relation to the Subsidiary Completion relevant to Golar LNG NB12 Corporation, provided evidence that the second priority mortgage held by Santander Asset Finance plc. over "GOLAR FROST" has been deleted and the second priority assignment in favour of Santander Asset Finance plc has been released;

<br> (v) the Parties shall have executed a contract note documenting their agreement on the sale and purchase of the Subsidiary Shares in the relevant Subsidiary for accounting and settlement purposes;

(vi) the Company shall, in relation to the Subsidiary Completions relevant to the Subsidiaries not party to a Continuing Lease Agreement, have submitted a utilisation request to the Finance Providers for the amount available under the New Bank Loan in relation to the relevant Subsidiary;

------

(vii) the Company shall have secured the release of such part of the Available Funds as shall be required, together with the amount to be drawn under the New Bank Loan (as per (v) above), to:

<br> a. either:

(i) preposition with the lessor under the relevant Terminating Lease Agreement not later than 1 Business Day in advance of closing by way of conditional payment order (MT103/MT199) the amount required by it to settle its purchase of its Vessel on terms which shall include an instruction that if the fully signed, dated and timed protocol of delivery and acceptance in respect of the transfer of title of the Vessel to the relevant Subsidiary (including countersignature by the mortgagee under the New Bank Loan) is not provided to the beneficiary bank by a certain deadline, the funds shall be returned to the remitting bank. This shall be done by remitting the Company's equity portion to Nordea Bank Abp filial I Norge as agent under the New Bank Loan in advance and instructing Nordea that these funds are to be included with the amount drawn under the New Bank Loan which is conditionally pre-positioned with the relevant lessor by Nordea Bank Abp filial i Norge pursuant to MT103/MT199; or

<br> (ii) repay the Existing Bank Loan,

(whichever is relevant); and

<br> b) make the Cash Payment to Golar for the relevant Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&nbsp;&nbsp;&nbsp;&nbsp; Golar shall have provided the Company with a subscription form for the new shares in the Company which shall represent the Share Settlement for the relevant Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; each Party having complied to the other Party's satisfaction, with its obligations under the SPA and this Amendment Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp; all of the Warranties being true and correct in all respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all resolutions required to prepare for and complete the relevant Subsidiary Completion shall have been passed by the board of directors of the relevant Subsidiary and the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Each Subsidiary Completion shall follow the steps set out in the following:

<br> (i) Golar shall confirm that all conditions precedent (including any approvals) to:

<br> a. the closing of the relevant Subsidiary's purchase of its Vessel from the counterparty to its Terminating Lease Agreement and the termination thereof; or

<br> b. the repayment of the Existing Bank Loan by the relevant Subsidiary; or

<br> c. the continuation of the Continuing Lease Agreement to which the relevant Subsidiary is a party;

------

whichever alternative is applicable to the relevant Subsidiary are satisfied or will be satisfied as part of the closing process and, accordingly, that this transaction is ready to close;

(ii) Golar shall confirm that the share certificates evidencing the Subsidiary Shares of the relevant Subsidiary will be released by the party to which they are pledged (and will be delivered to the company secretary of the relevant Subsidiary for cancellation) so as to allow title to these to be transferred to the Company and a new share certificate in the name of the Company to be issued on the Subsidiary Completion;

<br> (iii) the Parties shall confirm that all of the conditions set forth in Clause 11 above have been complied with or waived by the Parties;

<br> (iv) the Company shall confirm that the funds required:

<br> a. to pay the purchase price for the relevant Subsidiary's Vessel;

or, as the case may be,

b. to prepay the Existing Bank Loan have been drawn under the New Bank Loan and, if required, released from the Available Funds and prepositioned for the closing of the purchase of the relevant Subsidiary's Vessel or, as the case may be, the prepayment of the Existing Bank Loan, such amount to be released as part of the closing of this transaction;

<br> (v) the Company shall, if the relevant Subsidiary is party to a Continuing Lease Agreement, confirm that the Company Lease Guarantee has been issued to the relevant Continuing Lessor as a basis for its consent to the change of control in the relevant Subsidiary;

<br> (vi) the Company shall confirm that the funds required to pay the relevant Cash Settlement to Golar have been released from the Available Funds and thus are available to the Company for this purpose;

<br> (vii) the Company shall confirm receipt of the subscription form for the shares representing the Share Settlement;

<br> (viii) the relevant Subsidiary's:

<br> a. purchase of its Vessel; or

<br> b. repayment of the Existing Bank Loan;

whichever alternative is relevant shall close or, alternatively, the Company shall conclude and sign whatever documentation required to document the continuation of the relevant Subsidiary's Continuing Lease Agreement;

------

(ix) Golar shall, once this is released, arrange for the cancellation of the existing share certificate evidencing the Subsidiary Shares in the relevant Subsidiary and the issue of a new certificate in the name of the Company and deliver the same to the Company or the Company's order and shall arrange for the name of the Company to be entered in the register of members as the registered owner of those Subsidiary Shares;

<br> (x) the Company shall transfer the relevant Cash Settlement to Golar's bank account number 6037.04.41262 with Nordea Bank Abp, Filial i Norge; and

(xi) the board of directors of the Company shall resolve to issue the relevant Settlement Shares to Golar in exchange for the relevant part of the Golar Subscription Amount and transfer the same to Golar's VPS account no. 0600.11.610718.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. As for the Cool Pool Shares, title shall be transferred to the Company as part of the final Subsidiary Completion by Golar arranging for the cancellation of the current share certificate, the issue of a new certificate in the Company's
 name which shall be delivered to the Company and the entering of the Company's name in the relevant Subsidiary's register of members as the registered owner of those Subsidiary Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. If all of the Subsidiary Completions and the completion of the Cool Pool Shares acquisition have not occurred by the Long Stop Date, the Parties shall consider, discuss and seek to agree on an extension of the Long Stop Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. All terms and conditions set forth in the SPA (including Clause 5) shall apply to this Amendment Agreement provided that, if there are any inconsistencies between the terms set out herein and the terms of the SPA, the terms set out herein
 shall prevail.

---

| | |
|:---|:---|
| **Golar LNG Limited** | **Cool Company Ltd.** |
| /s/ Karl F. Staubo | /s/ Neil J. Glass |
| Name: Karl F. Staubo | Name: Neil J. Glass |
| Position: CEO | Position: Director |

---

------

---

| | |
|:---|:---|
| **Schedule 3** | **Appendix 1** |

---

[\*\*\*]

---

| | |
|:---|:---|
| **Schedule 2:** | **Appendix 2** |

---

#### THE VESSELS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Vessel name** | **Year of Delivery** | **Cargo Capacity** | **Flag** | **IMO #** | **Vessel Owner or Bareboat Charterer** |
| Golar Bear | 2014 | 158244 | Marshall Islands | 9626039 | Golar Hull M2027 Corp. |
| Golar Crystal | 2014 | 158235 | Marshall Islands | 9624926 | Golar Hull M2022 Corp. |
| Golar Frost | 2014 | 158170 | Marshall Islands | 9655042 | Golar LNG NB12 Corporation |
| Golar Glacier | 2014 | 159463 | Marshall Islands | 9654696 | Golar LNG NB10 Corporation |
| Golar Ice | 2015 | 158228 | Marshall Islands | 9637325 | Golar Hull M2048 Corporation |
| Golar Kelvin | 2015 | 159455 | Marshall Islands | 9654701 | Golar LNG NB11 Corporation |
| Golar Seal | 2013 | 158140 | Marshall Islands | 9624914 | Golar Hull M2021 Corp. |
| Golar Snow | 2015 | 158137 | Marshall Islands | 9635315 | Golar Hull M2047 Corp. |

---

#### Appendix 3

[\*\*\*]

------

## Exhibit 4.3

------

**Exhibit 4.3**<br>

**** 

<br> <u>Execution Copy</u>

#### [CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [\*\*\*] IS CONFIDENTIAL AND HAS

#### BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY

#### AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.]

#### SHARE PURCHASE AGREEMENT
Between

#### GOLAR MANAGEMENT (BERMUDA) LIMITED
(as Seller)

and

#### COOL COMPANY LTD.
(as Purchaser)

and

#### GOLAR LNG LIMITED
(as guarantor)

------

#### I N D E X

---

| | | |
|:---|:---|:---|
| 1 | INTRODUCTORY TERMS | 4 |
| 2 | THE TRANSACTION | 11 |
| 3 | THE PURCHASE PRICE | 11 |
| 4 | THE COOLMAN GROUP'S ACTIVITIES AFTER THE RESTRUCTURING CLOSING DATE | 11 |
| 5 | CONDITIONS PRECEDENT | 12 |
| 6 | COMPLETION | 12 |
| 7 | WARRANTIES | 13 |
| 8 | UNDERTAKING BY GOLAR | 26 |
| 9 | BREACH OF WARRANTIES | 27 |
| 10 | INDEMNITIES | 28 |
| 11 | POST COMPLETION OBLIGATIONS | 28 |
| 12 | GUARANTEE BY GOLAR | 29 |
| 13 | TERMINATION | 29 |
| 14 | PUT OPTION | 29 |
| 15 | TRANSACTION COSTS | 30 |
| 16 | CONFIDENTIALITY | 30 |
| 17 | MISCELLANEOUS | 30 |
| 18 | CHOICE OF LAW AND ARBITRATION | 31 |

---

Schedule 1 - List of the CoolMan Companies <br> Schedule 2 - List of the Management Agreements and the LNG Fleet

------

This share purchase agreement has been entered into on this 30<sup>th</sup> day of June, 2022 by and between:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **GOLAR MANAGEMENT (BERMUDA) LIMITED**, having its registered office at 2<sup>nd</sup> floor, S.E.
 Pearman Building, 9 Par-la-Ville Road, Hamilton HM11, Bermuda (the "**Seller** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **COOL COMPANY LTD.**, having its registered office at 2<sup>nd</sup> floor, S.E. Pearman Building,
 9 Par-la-Ville Road, Hamilton HM11, Bermuda (the "**Purchaser** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **GOLAR LNG LIMITED**, having its registered office at 2<sup>nd</sup> floor, S.E. Pearman Building,
 9 Par-la-Ville Road, Hamilton HM11, Bermuda ()"**Golar** ").

**WHEREAS**:-

&nbsp;&nbsp;&nbsp;&nbsp;A. The Seller is a wholly owned subsidiary of Golar and the parent in a sub-group of management companies which organises the management functions in the Golar Group.

&nbsp;&nbsp;&nbsp;&nbsp;B. The Purchaser is a public limited company incorporated and resident in Bermuda in which Golar holds approx. 31% of the issued shares.

&nbsp;&nbsp;&nbsp;&nbsp;C. The Purchaser established its current business in Q1/2022 by, inter alia, acquiring 8 single purpose companies, each of which, at the date hereof, is the owner of an LNG tanker, and The Cool Pool Limited from Golar pursuant to the terms
 of a share purchase agreement dated 26 January 2022 (as subsequently amended by an amendment agreement dated 25 February 2022) (the "**ShipCo SPA** ").

&nbsp;&nbsp;&nbsp;&nbsp;D. The LNG tankers acquired by the Purchaser pursuant to the ShipCo SPA were, on the date the ShipCo SPA was concluded, commercially and technically managed by Golar Management Ltd., a wholly owned subsidiary of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;E. Golar Management Ltd. was furthermore, on the date of the ShipCo SPA, the commercial and technical manager of 17 other LNG tankers and FSRUs, 14 of which are owned or bareboat chartered by entities in the corporate group headed by New
 Fortress Energy Inc. and 3 of which are owned or operated by entities in the Golar Group.

&nbsp;&nbsp;&nbsp;&nbsp;F. Golar and the Purchaser entered into an agreement dated 26 January 2022 whereby it was agreed, subject to the terms and conditions of such agreement, that the Purchaser should purchase such part of the Golar Group's management
 organisation as was responsible for the commercial and technical operation of LNG tankers and FSRUs after the same had been carved out of the Golar Group's overall management organisation as a stand alone sub-group with the Seller as
 parent.

------

&nbsp;&nbsp;&nbsp;&nbsp;G. The Seller, its subsidiary Golar Management Ltd., the Purchaser, the companies acquired as per the ShipCo SPA and The Cool Pool Limited entered into a transitional services agreement on 26 January 2022 (the "**TSA** ").

&nbsp;&nbsp;&nbsp;&nbsp;H. Cool Company Management Ltd. was incorporated by the Seller on 7 January 2022 and is, as of the date hereof, a wholly owned subsidiary of the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;I. The carve-out referred to in Recital (F) was completed with economical and accounting effect between the various parties in the Golar Group involved therein on 31 March 2022.

&nbsp;&nbsp;&nbsp;&nbsp;J. The Golar Group's organisation responsible for the commercial and technical operation of LNG tankers and FSRUs together with the assets, liabilities and contractual rights and obligations related thereto is thus, as of today, organised
 in a sub-group of companies in which Cool Company Management Ltd. is the parent.

&nbsp;&nbsp;&nbsp;&nbsp;K. The purpose of this agreement is to set out the complete terms upon which the Seller shall sell and the Purchaser shall purchase the sole share in issue in Cool Company Management Ltd.

**NOW THEREFORE**, it is hereby agreed as follows:-

---

| | |
|:---|:---|
| **1** | **INTRODUCTORY TERMS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** Each of the terms set forth in the following shall, when used in the following, have the meaning set opposite it below.

"**Administrative Services Agreement**" means an agreement dated 30 June, 2022 between GolarManUK (as service provider) and CoolManUK (as service recipient) setting forth the administrative services the former shall provide to the latter, subject to the terms and conditions set forth therein.

"**Affiliate**" means, with respect to any person, a Subsidiary or a Holding Company of that person or any other Subsidiary of that Holding Company, and "**Affiliated**" shall have a correlating meaning.

"**Agreement**" means this agreement together with the Schedules as the same may be amended and/or supplemented in writing between the Parties from time to time.

"**Banking Day**" means a day on which banks are open for business in Oslo, London and, in respect of any day on which a payment in USD is to be made, New York.

"**Bermuda Services Agreement**" means the agreement dated 30 June 2022 between among others the Seller and the Purchaser relating to the corporate secretarial services to be provided by the Seller to the Purchaser.

"**Claim**" shall have the meaning attributed to the term in Clause 9.1.

------

"**Completion**" means the completion of the Transaction in accordance with Clause 6.

"**Completion Date**" means the date of this Agreement.

"**Conditions Precedent**" means the conditions precedent that have to be met to effect Completion, such conditions being set out in Clause 5.1.

"**Control**" means with respect to a person (a) direct or indirect ownership of more than 50% of the equity securities or votes of such person, (b) the right to appoint, or cause the appointment of, more than 50% of the members of the board of directors (or similar governing body) of such person or (c) the right to manage, or direct the management of, on a discretionary basis the business or assets of such person, and, for the purposes of this Agreement, a general partner is deemed to Control a limited partnership and a fund advised or managed directly or indirectly by a person shall also be deemed to be Controlled by such person (and the terms "**Controlling**" and "**Controlled**" shall have correlating meanings).

"**Cool Initiated Commitments**" means the commitments undertaken by the CoolMan Companies at the request of the Purchaser as further described in Clause 4.2.

"**CoolMan Companies**" means any and all member(s) of the CoolMan Group, the details of each of which are set out in Schedule 1.

"**CoolMan Group**" means CoolManUK and its wholly owned subsidiaries CoolManNor, CoolManCro and CoolManMal.

"**CoolMan Group Balance Sheet**" means the consolidated balance sheet of the CoolMan Group as of the Restructuring Closing Date, prepared in accordance with GAAP, consistently applied.

"**CoolManCro**" means Cool Company Management d.o.o., a Croatian private limited company having Croatian organisation number 0759 5991 406 which, previously, traded under the name "Golar Management d.o.o." and which, at the date hereof, is a wholly owned subsidiary of CoolManUK.

"**CoolManMal**" means Coolco Management Bhd. Sdn., a Malaysian private limited company having Malaysian organisation number 202 201 008 184 (1453881-0) which, at the date hereof, is a wholly owned subsidiary of CoolManUK.

"**CoolManNor**" means Cool Company Management AS, a Norwegian private limited company having Norwegian organisation number 995 435 705, which, previously, traded under the name "Golar Management Norway AS" and which, at the date hereof, is a wholly owned subsidiary of CoolManUK.

------

"**CoolManUK**" means Cool Company Management Ltd., a private limited company incorporated in England and Wales with registration number 13835293 which, at the date hereof, is a wholly owned subsidiary of the Seller.

"**Croatia Transfer Agreement**" means a transfer agreement between CoolManCro and GolarVikingMan dated 30 June 2022 documenting an exchange of a number of their respective employees between them with economical effect between these parties from the Restructuring Closing Date.

"**Data Room**" means an electronic data room containing the Management Agreements and such other documents relating to the CoolMan Group's business as have been disclosed to the Purchaser up to the close of business GMT on 27 June 2022.

"**Disclosed**" means fairly disclosed in the Data Room.

"**Encumbrance**" any mortgage, charge, pledge, lien, option, right to acquire, right of pre-emption, assignment, trust arrangement, hypothecation, security interest, title retention and any other security interest or arrangement of any kind, or any agreement to create any of the foregoing.

"**GAAP**" means the generally accepted accounting principles of the United States of America.

"**Golar**" has the meaning assigned to the term at the beginning of this Agreement.

"**Golar Group**" means Golar and its Subsidiaries.

"**GolarCos**" means the subsidiaries of Golar parties to the Golar Management Agreements.

"**GolarManMal**" means Golar Management Bhd. Sdn., a Malaysian private limited company, a wholly owned subsidiary of GolarManUK.

"**GolarManNor**" means Golar Management AS, a Norwegian private limited company, a wholly owned subsidiary of GolarManUK.

"**GolarManUK**" means Golar Management Ltd., a private limited company incorporated in England and Wales, a wholly owned subsidiary of the Seller.

"**Golar Management Agreements**" means the agreements identified as such in Schedule 2.

"**GolarVikingMan**" means Golar Viking Management d.o.o., a private limited company incorporated in Croatia and a wholly owned subsidiary of GolarManUK.

------

"**Governmental Body**" means any local, municipal, regional, national or supranational entity exercising executive, legislative, judicial, regulatory or administrative functions of or relating to government, and any tribunal or arbitrators of a competent jurisdiction.

**"Holding Company"** means, in relation to a company or corporation, any other company, corporation or partnership of which it is a Subsidiary.

"**Intellectual Property Rights**" means (i) copyright, patents, database rights and rights in trademarks, designs, know-how and confidential information (whether registered or unregistered), (ii) applications for registration, and rights to apply for registration, of any of the foregoing rights and (iii) all other intellectual property rights and equivalent or similar forms of protection existing anywhere in the world.

"**Leakage**" means, during the Locked Box Period, any of the following in relation to a CoolMan Company:

<br> a. any dividend or other distribution (whether in cash or in specie) declared, paid or made whatsoever by such CoolMan Company to the Seller's Group;

<br> b. any payment made or liability incurred by such CoolMan Company for any fees, costs or expenses assumed in connection with this Agreement (including professional advisers' fees, consultancy fees, transaction bonuses, finder's fees, brokerage or other commission);

<br> c. any payment of any other nature by such CoolMan Company to or for the benefit of the Seller's Group (including royalty payments, management fees, monitoring fees, interest payments, loan payments, service or directors' fees, bonuses or other compensation of any kind);

<br> d. any transfer or surrender of assets, rights or other benefits by such CoolMan Company to or for the benefit of the Seller's Group;

<br> e. the assumption or incurrence by such CoolMan Company of any liability or obligation for the benefit of the Seller's Group;

<br> f. the provision of any guarantee or indemnity or the incurrence of any Encumbrance by such CoolMan Company in favour or for the benefit of the Seller's Group;

g. any waiver, discount, deferral, release or discharge by such CoolMan Company of (i) any amount, obligation or liability owed to it by the Seller's Group; or (ii) any claim held by such CoolMan Company (howsoever arising) against the Seller's Group; and

------

<br> h. any agreement, arrangement or other commitment by such CoolMan Company or the Seller's Group to do or give effect to any of the matters referred to in paragraphs (a) to (g) (inclusive) above;

provided that the term " Seller's Group" shall also include any employee and related party to such person.

"**LNG Fleet**" means the LNG tankers and FSRUs listed in Schedule 2.

"**Locked Box Period**" means the period from (and including) 1 April 2022 to (and including) the Completion Date.

"**Malaysia Transfer Agreement**" means an agreement dated 30 June 2022 between GolarManMal and CoolManMal documenting the transfer of a number of employees from GolarManMal to CoolManMal with economical effect between them from the Restructuring Closing Date.

"**Management Agreements**" means the Golar Management Agreements, the NFE Management Agreements and the ShipCo Management Agreements.

"**NFE**" means New Fortress Energy Inc.

"**NFE Management Agreements**" means the agreements identified as such in Schedule 2.

"**Norwegian BTA**" means a business transfer agreement dated 30 June 2022 between CoolManNor and GolarManNor documenting the transfer of such part of CoolManNor's business which is not related to the technical and commercial operation of the LNG Fleet to GolarManNor with economical and accounting effect between the parties thereto from the Restructuring Closing Date.

"**Parties**" means the Seller, the Purchaser and Golar.

"**Permitted Leakage**" means, in relation to each member of the CoolMan Company, any of the following payments during the Locked Box Period:

<br> a. any and all payments made by a CoolMan Company to persons or entities outside of the Seller's Group in the ordinary course of trading;

<br> b. any and all payments made by a CoolMan Company under the Golar Management Agreements made in the ordinary course of trading;

<br> c. any and all payments made by a CoolMan Company to members of the Seller's Group pursuant to the TSA;

------

<br> d. any and all payments against liabilities to members of the Golar Group which have been specifically accrued or provided for in the CoolMan Group Balance Sheet; and

e. the assignment by CoolManNor of a patent for a system for controlling a flow of water from a process facility onboard a vessel (identified as Norwegian patent number 344865 and European patent application number 19801014.2) to GolarManNor on the terms of an assignment dated 29 June 2022.

"**Protocol**" means a protocol of agreement between Golar, the Purchaser, GolarManUK, CoolManUK, GolarManNor, CoolManNor, GolarManMal and CoolManMal setting forth certain principles and further commitments from the Golar Group relevant to the establishment of Cool's management organisation.

"**Purchase Price**" has the meaning attributed to the term in Clause 3.1.

"**Purchaser**" has the meaning assigned to the term at the beginning of the Agreement.

"**Restructuring**" means the restructuring of the Golar Group so that on the Restructuring Closing Date: (a) all personnel, assets, liabilities and contracts which are directly associated with the technical and commercial operation of the LNG Fleet are vested in the CoolMan Group; and (b) all other personnel, assets, liabilities and contracts are vested in the Seller's Group, it being understood that IT, treasury and accounting services shall remain vested in the Seller's Group.

"**Restructuring Closing Date**" means 31 March 2022.

"**RSU/Option Agreement**" means an agreement between Golar and the entities in the CoolMan Group other than CoolManMal dated 30 June 2022 documenting Golar's obligation to reimburse any tax expense incurred by these CoolMan Companies as a consequence of the exercise by former employees in the Golar Group who are in these CoolMan Group's employment of their rights under the Golar Group's long term incentive program after the Restructuring Closing Date.

"**Schedules**" shall mean the schedules to this Agreement from time to time and any one of them.

"**Seller**" has the meaning assigned to the term at the beginning of the Agreement.

"**Seller's Group**" means the Seller and its Affiliates (excluding the CoolMan Companies), and references to a "**member of the Seller's Group**" shall be construed accordingly.

"**Share**" means the single share issued and allotted in CoolManUK.

"**ShipCo Management Agreements**" means the agreements identified as such in Schedule 2.

------

"**ShipCo SPA**" has the meaning assigned to the term in Recital (C) above.

"**Subsidiary**" means an entity in which a person has direct or indirect Control.

"**Tax**" means any taxes, levies, imposts, duties, charges and withholdings, however denominated, including without limitation any tax on gross or net income, profits or gains, taxes on sales, use, transfer, customs and other import or export duties, value added and personal property and social security and other payroll taxes and any interest, penalties or additional tax that may become payable by any CoolMan Company or for which any CoolMan Company will be held liable.

"**Tax Return**" means any return, report, notice or other document or information submitted or required to be submitted to any Governmental Body in connection with the determination, assessment, collection or payment of any Tax or in connection with the enforcement of any law relating to Tax.

"**Transaction**" means the sale and purchase of the Share.

"**Transaction Documents**" means this Agreement, the Transfer Agreements, the Administrative Services Agreement, the RSU/Option Agreement, the Bermuda Services Agreement, the

Protocol and any other agreements executed or to be executed by on the date of this Agreement.

"**Transfer Agreements**" means the UK BTA, the Norwegian BTA, the Croatia Transfer Agreement and the Malaysia Transfer Agreement.

"**TSA**" has the meaning assigned to the term in Recital (G).

"**UK BTA**" means a business transfer agreement dated 30 June 2022 between GolarManUK and CoolManUK documenting the transfer of such part of GolarManUK's business as is related to the commercial and technical operation of the LNG Fleet to CoolManUK with economical and accounting effect between the parties thereto from the Restructuring Closing Date.

"**USD**" means the lawful currency for the time being of the United States of America. "**Warranties**" means the warranties set forth in Clause 7 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** In this Agreement:

<br> (i) references to a Party include the permitted successors or assigns (immediate or otherwise) of that Party;

------

<br> (ii) any reference to a document or agreement is to that document or agreement as amended, varied or novated from time to time (other than in breach of this Agreement or that document); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any reference to a person or an entity includes companies, corporations or other body corporates wheresoever incorporated.

---

| | |
|:---|:---|
| **2** | **THE TRANSACTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** The Seller hereby agrees to sell and the Purchaser hereby agrees to purchase the Share, free and clear of any and all Encumbrances and on the terms otherwise set forth herein.

---

| | |
|:---|:---|
| **3** | **THE PURCHASE PRICE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** The consideration to be paid by the Purchaser to the Seller in exchange for the Share shall be the sum of USD 6,560,558 (the "**Purchase Price** ").

---

| | |
|:---|:---|
| **4** | **THE COOLMAN GROUP'S ACTIVITIES AFTER THE RESTRUCTURING CLOSING DATE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** The Seller represents and warrants to the Buyer that the CoolMan Companies, in the period from the Restructuring Closing Date until the date hereof, have conducted their business in the ordinary course,
 consistent with past practice and used their best efforts to preserve intact their business and their business organisations, and otherwise as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** The Parties acknowledge that CoolManUK, at the request of the Purchaser, has concluded new ship management agreements with the following owners of the following LNG tankers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Pernli Marine Ltd.&nbsp;&nbsp;&nbsp;&nbsp; <br> —<br> "Kool Baltic"

• Persect Marine Ltd <br> —<br> "Kool Boreas"

• Felox Marine Ltd; and —<br> "Kool Firn"

• Respent Marine Ltd. <br> —<br> "Kool Orca"

covering technical and commercial management of these vessels.

CoolManUK and CoolManNor have, at the same time, executed a "manager's undertaking" to the lenders to each of the above companies.

The Seller has provided copies of these agreements and the manager's undertakings to the Purchaser.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** The CoolMan Companies may, in the period from the date hereof until the Completion Date, undertake further commitments upon written instructions by the Purchaser to the Seller.

---

| | |
|:---|:---|
| **5** | **CONDITIONS PRECEDENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** Completion is subject to each of the following conditions being satisfied or, alternatively, waived by the Purchaser:

<br> (i) the Purchaser shall have completed its review of the documentation made available to the Purchaser in the Data Room and shall have received a memory stick from the Seller containing such documentation for future reference;

<br> (ii) the Purchaser shall have received satisfactory evidence of the corporate existence and status of each of the CoolMan Companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Purchaser shall have received copies of the executed Transaction Documents by all parties thereto, and shall be satisfied that the Restructuring has been completed and documented by the Seller in
 accordance with the Transfer Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Warranties shall remain true and correct in all material respects.

---

| | |
|:---|:---|
| **6** | **COMPLETION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** Completion is subject to the satisfaction or waiver of the Conditions Precedent and shall take place at 10:00 (Oslo time) on the Completion Date (or at such other place, at such other time and/or on such
 other date as the Parties may agree).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** At Completion, the following steps shall be taken in sequence:

<br> (i) the Parties shall confirm that all of the Conditions Precedent have been met or waived;

(ii) the Seller shall deliver a certified copy of the resolution adopted by the board of directors of the Seller authorising the execution and delivery by the officers specified in the resolution of this Agreement, any documents necessary to transfer the Share in accordance with this Agreement and any other documents referred to in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Seller shall document that title to the Share has been legally transferred to the Purchaser without Encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Purchaser shall transfer the Purchase Price to a bank account nominated by the Seller for the purpose of receiving the same; and

------

<br> (v) all directors in the CoolMan Companies which are employed by Golar shall resign and all powers of attorneys and other authorities given by the CoolMan Companies to employees in the Golar Group shall be terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** As soon as possible after Completion, the Seller shall deliver all material hard copy corporate records, correspondence, documents, files, memoranda and other papers relating to the CoolMan Companies to the
 Purchaser and/or the relevant CoolMan Company.

---

| | |
|:---|:---|
| **7** | **WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** The Purchaser enters into this Agreement on the basis of, and in reliance on, the Warranties set out in this Clause.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** The Seller warrants and represents to the Purchaser that, each Warranty is true and not misleading as of the date hereof except (i) as provided by this Agreement, (ii) Disclosed or (iii) to the extent it
 relates to any Cool Initiated Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** Each of the Warranties is separate and, unless specifically provided, is not limited by reference to any other Warranty or anything in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** Warranties given so far as the Seller is aware are deemed to be given to the best of the knowledge, information and belief of the Seller after it has made all reasonable and careful enquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.1** **Constitutional documents and corporate documents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the copy of the memorandum and articles of association (or the equivalent constitutional documents) of each CoolMan Company has been Disclosed and is accurate and complete and has annexed or incorporated
 copies of all resolutions or agreements required in relation to CoolManUK by the Companies Act 2006 and, for the other CoolMan Companies, applicable laws to be so annexed or incorporated.

<br> (ii) The register of members and other statutory books and registers of each CoolMan Company have been properly kept and no notice or allegation that any of them is incorrect or should be rectified has been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) All returns, particulars, resolutions and other documents which a CoolMan Company is required by law to file with or deliver to the registrar of companies or his equivalent have been correctly made up and
 duly filed or delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.2** **Capacity** 

<br> (i) Each of the Seller and Golar has the power to execute and deliver the Transaction Documents to which they are a party and to perform its obligations thereunder;

------

<br> (ii) each of the Seller and Golar has taken all corporate actions necessary to authorise the execution and delivery of the Transaction Documents to which they or members of their Group are a party and the performance of its obligations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) this Agreement constitutes and the Transaction Documents to which they are a party will constitute legal, valid and binding obligations on each of the Seller and Golar and is enforceable against the Seller
 and Golar in accordance with their terms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all authorisations from and notices or filings with Governmental Bodies which are necessary to enable the Seller and Golar or members of the Seller's Group to execute, deliver and perform its obligations
 under the Transaction Documents to which they are a party have been obtained or made (as the case may be) and are in full force and effect and all conditions of each such authorisation have been complied with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.3** **Corporate Status – CoolMan Group** 

<br> (i) Each CoolMan Company is duly incorporated, validly existing and in good standing under the laws of its jurisdiction;

<br> (ii) the Share constitutes the whole of the allotted and issued share capital of CoolManUK and is fully paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) there are no unissued shares, debentures or other unissued securities in CoolManUK or any other CoolMan Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Seller is the sole legal and beneficial owner of the Share, and CoolMan UK is the sole legal and beneficial owner of the entire issued share capital in each of the other CoolMan Companies;

<br> (v) the Seller is entitled to transfer the legal and beneficial title to the Share, free from Encumbrances to the Purchaser;

<br> (vi) there are no rights of pre-emption or other restrictions on transfer in respect of the Share, whether conferred by the constitutional documents of CoolManUK or otherwise;

(vii) the shares of the CoolMan Companies are free from all Encumbrances and no person has any right to require, at any time, the transfer, creation, issue or allotment of any further shares or other securities (or any rights or interest in them, including conversion rights and rights or pre-emption) in CoolManUK or any other CoolMan Company and the Seller confirms that it has not agreed to confer any such rights on any person and that no person has claimed any such rights;

<br> (viii) since the Restructuring Closing Date, none of the CoolMan Companies have made any distribution to its shareholders or any other person (including for the avoidance of doubt a purchase of own shares);

------

<br> (ix) none of the CoolMan Companies have made any distribution or payment to its shareholders or any other person in contravention of any law;

<br> (x) none of the CoolMan Companies have any outstanding conditional shareholders' contributions or any equity or other capital contributions of any nature that may involve any payment obligations of any CoolMan Company to any person other than a CoolMan Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) none of the following applies to any of the CoolMan Companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. it is unable or has admitted its inability to pay its debts as they fall due;

<br> b. it has suspended making payments on any of its debts or started (or anticipates starting) negotiations with one of more of its creditors;

c. the value of its assets is less than the amount of its liabilities, taking into account contingent and prospective liabilities;

<br> d. a moratorium has been declared in respect of any of its indebtedness; or

<br> e. a corporate action, legal proceedings or other procedure or step has been taken in relation to (a), (b) or (d) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) none of the CoolMan Companies holds or beneficially owns or has agreed to acquire, any shares, loan capital or any other securities; nor has it, at any time, had

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. any subsidiary or subsidiary undertaking;

<br> b. held a membership in any limited liability partnership, partnership or other unincorporated association, joint venture or consortium;

<br> c. controlled or taken part in the management of any company or business organisation (other than the Golar Group) or agreed to do so; or

<br> d. established any branch or permanent establishment outside its country of incorporation;

save for CoolManUK's ownership to all of the shares in issue in CoolManNor, CoolManCro and CoolManMal;

(xiii) none of the CoolMan Companies have, at any time, purchased, redeemed, reduced, forfeited or repaid any of its own shares; given any financial assistance in contravention of any applicable laws or regulation or allotted or issued any securities that are convertible into its own shares;

------

<br> (xiv) Completion (and, indirectly, the transfer of ownership to the shares in CoolMan Cro, CoolMan Mal and CoolMan Nor) will not require the consent of any Governmental Body or any other third party; and

<br> (xv) the Transfer Agreements are in compliance with all applicable laws and completion thereunder has been or will be completed in accordance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.4** **Business and Contracts** 

Since the Restructuring Closing Date:

(i) each of the CoolMan Companies has conducted its business in the ordinary course and in accordance with past practise, contractual obligations (including but not limited to the obligations pursuant to the Management Agreements), laws, regulations and decisions of Governmental Bodies applicable to it;

<br> (ii) all material agreements entered into by the CoolMan Companies that are in effect have been Disclosed;

<br> (iii) none of the CoolMan Companies have entered into any agreement outside the ordinary course of trading, any unusual contract or commitment or undertaken any acquisitions or disposals;

<br> (iv) none of the CoolMan Companies have entered into any loan agreement or undertaken any similar financial indebtedness;

(v) none of the CoolMan Companies have entered into any transaction of any kind (including any loans, transfers, sales, gifts, supplies or intra-group trading) resulting in any payments made or to be made by it to the Golar Group or entered into any other agreements with the Golar Group;

<br> (vi) none of the CoolMan Companies have made any loans to, or investments in other entities;

<br> (vii) none of the CoolMan Companies have made any amendments to any agreement to which it is party as of the date of this Agreement, including, but not limited to, the Management Agreements;

<br> (viii) none of the CoolMan Companies have passed any resolution amending its articles of association or bye-laws or other corporate documents;

<br> (ix) none of the CoolMan Companies have made or proposed any issue of new shares, options, warrants or other similar rights to acquire shares or any other changes in their nominal share capital;

------

<br> (x) none of the CoolMan Companies have made or proposed to merge, de-merged, amalgamated or entered into any corporate restructuring, liquidation, dissolution or other business combination;

<br> (xi) none of the CoolMan Companies have taken any action, or refrained from taking any action, which would result in a breach of any of the Warranties;

(xii) none of the CoolMan Companies have made any capital expenditure exceeding an amount of USD 50,000 in the individual case or any commitment thereto, other than in connection with the Transfer Agreements to which it is a party;

<br> (xiii) none of the CoolMan Companies have terminated, amended or waived any provision or right under any material agreement;

<br> (xiv) none of the CoolMan Companies are in default under any material agreement;

<br> (xv) none of the CoolMan Companies have received any notice of termination under any agreement;

<br> (xvi) none of the CoolMan Companies have entered into any material agreement outside the ordinary course of trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) none of the CoolMan Companies have waived, released, assigned, settled or compromised any material claim or legal action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) none of the CoolMan Companies have established any Encumbrance over any of its assets; and

<br> (xix) none of the CoolMan Companies have entered into any agreement or commitment to do any of the above;

<br> (xx) there has been no Leakage (other than Permitted Leakage) in any of the CoolMan Companies or the CoolMan Group as a whole;

<br> (xxi) the Management Agreements have been concluded in written form and no default has occurred under any of these; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) NFE has not terminated any NFE Management Agreement or withdrawn any vessel under any NFE Management Agreement as a result of the proposed acquisition of the Share by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.5** **Financial Statements and Assets** 

(i) The CoolMan Group Balance Sheet has been prepared in accordance with GAAP, consistently applied, and give a true and fair view of the financial position, assets and liabilities, liquidity and the results of the operations of the CoolMan Group for the relevant periods and as of the date of the CoolMan Group Balance Sheet;

------

(ii) the CoolMan Group Balance Sheet contains either provision adequate to cover, or full particulars in notes of, all Tax (including deferred taxation) and other liabilities (whether quantified, contingent, disputed or otherwise) of the CoolMan Companies as at the Restructuring Closing Date;

<br> (iii) there were no material liabilities in the CoolMan Group at the Restructuring Closing Date not reflected in the CoolMan Group Balance Sheet;

(iv) there are no material debts, liabilities or obligations of any type, description, kind and nature related to the CoolMan Group (fixed, contingent, direct or indirect, un-liquidated or otherwise), which, if known on the Restructuring Closing Date should, pursuant to GAAP, have been reflected or reserved against in the CoolMan Group Balance Sheet;

(v) at the Restructuring Closing Date, the CoolMan Group did not have any obligations, commitments or liabilities, liquidated or non-liquidated, contingent or otherwise, whether for Taxes or otherwise, arising out of events which occurred prior to the Restructuring Closing Date and which are not clearly identified and described in the CoolMan Group Balance Sheet;

(vi) all of the accounts receivable of the CoolMan Group have, with the exception of those arising pursuant to the Transfer Agreements, arisen in the ordinary course of business and all outstanding claims will be collected at full book value within 30 days from the respective invoice date or, if later, when due;

<br> (vii) the CoolMan Group has not pledged any assets and does not have any commitments or liabilities, whether contingent or not, whatsoever in excess of the commitments and liabilities included in the CoolMan Group Balance Sheet;

(viii) the CoolMan Group has full ownership, free and clear from any Encumbrance, of all assets, tangible and intangible, that is reflected in the CoolMan Group Balance Sheet or which is used in its business, including any assets, tangible and intangible, acquired since the Restructuring Closing Date;

(ix) the CoolMan Group has necessary legal rights to all assets (including Intellectual Property Rights) necessary for the continuation of the business of managing and operating the LNG Fleet, and no assets used or held for use in the conduct or operation of the business of the CoolMan Group are owned by the Seller or any member of the Golar Group;

------

(x) at the Completion Date, the CoolMan Group (i) will not be using assets in its business which it neither owns nor has the right to use pursuant to written agreements with third parties and (ii) the assets of the CoolMan Group will comprise all the assets necessary for carrying on its business fully and effectively to the extent to which it is conducted at date of this Agreement;

<br> (xi) there is no agreement, option or other right or privilege outstanding in favour of any third party for the purchase of any of the assets used in the CoolMan Group;

<br> (xii) there has been no transaction pursuant to or as a result of which (i) any of the shares of the CoolMan Companies or (ii) any asset owned, purportedly owned or otherwise held by any CoolMan Company is liable to be transferred or re-transferred to another person; and

<br> (xiii) all use of the assets by the CoolMan Group is in conformity with all laws, requirements and regulations applicable to ownership or use thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.6** **Tax** 

<br> (i) Each of the CoolMan Companies has filed all Tax Returns which is or was required to be filed by it, and all Tax Returns filed by each CoolMan Company are materially true, correct and complete;

<br> (ii) each of the CoolMan Companies has paid all Taxes required to be paid under applicable laws when due;

<br> (iii) all Taxes that each of the CoolMan Companies is or was required by applicable laws to withhold or collect have been duly withheld or collected and, to the extent required, have been paid to the relevant Governmental Body;

(iv) the Tax Returns of the CoolMan Group have been assessed and approved by the relevant Governmental Body through the Tax years up to and including the years for which such assessment and approval is required and no CoolMan Company is subject to any dispute with any such authority;

<br> (v) all Taxes:

<br> a. that have become due have been fully paid or fully provided for in the CoolMan Group Balance Sheet and no CoolMan Company will be liable for any additional Tax pertaining to the period before the Restructuring Closing Date; and

<br> b. for the period after the Restructuring Closing Date have been fully paid when due;

(vi) there are no Tax audits, disputes or litigation currently pending with respect to any CoolMan Company, and there is no basis for assessment of any deficiency in any Taxes against any CoolMan Company which have not been provided for in the CoolMan Group Balance Sheet or which have not been paid;

------

<br> (vii) no CoolMan Company has been involved in any transactions which could be considered as Tax evasion;

(viii) all transactions and agreements entered into between any CoolMan Company and the Seller and any other member of the Golar Group have been made on terms and conditions which do not in any way deviate from what would have been agreed between independent parties (i.e. on an arm's length basis); and

<br> (ix) no CoolMan Company is or has been subject to any taxation outside its fiscal residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.7** **Compliance** 

<br> (i) The CoolMan Companies have:

a. complied with all applicable laws, regulations, judgements, decrees and orders, including (without limitation), trade sanctions, anti-money-laundering laws and financial record keeping and reporting requirements, rules, regulations and guidelines, issued or imposed by Governmental Bodies or courts with jurisdiction over the CoolMan Companies;

b. all licences, consents, permits and authorisations needed to operate the LNG Fleet, and has held, and complied with the terms of, all public and private permits, licences and approvals from all Governmental Bodies and other third parties necessary to carry out its business in its ordinary course, and have taken all actions required to prevent such permits, licences and approvals from lapsing; and

<br> c. not violated any applicable anti-bribery or anti-corruption law or regulation enacted in any jurisdiction;

<br> (ii) the CoolMan Companies hold all licenses, permits and authorisations required to carry on its business as presently conducted and none of them will expire or be revoked or suspended as a result of any transactions contemplated by the Transaction Documents;

<br> (iii) neither the Seller nor any CoolMan Company has received any formal or informal notice or other communication indicating that permits held by any CoolMan Company may be revoked, modified, expire prematurely or not be renewed;

<br> (iv) so far as the Seller is aware, there is no current governmental investigation or disciplinary proceeding relating to any alleged breach of any law or permit by any CoolMan Company and none is pending or threatened.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.8** **Environmental matters** 

So far as the Seller is aware:

<br> (i) the CoolMan Companies comply and have, at all relevant times, complied with applicable environmental laws and environmental licenses granted to them;

<br> (ii) no claim in relation to environmental matters has been made or threatened to be made against any of the CoolMan Companies;

(iii) each of the CoolMan Companies has all environmental permits and approvals that are required for its current operations and such permits and approvals are in full force and effect and none of them will expire or be revoked or suspended as a result of any transactions contemplated by the Transaction Documents; and

(iv) no CoolMan Company has, other than as permitted under permits held or applicable laws or regulations, disposed of, discharged, released, placed, dumped or emitted any hazardous substances, such as pollutants, contaminants, hazardous or toxic materials, wastes or chemicals into the environment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.9** **Litigation** 

<br> (i) None of the CoolMan Companies are engaged in any litigation (whether criminal, civil, administrative or tax), arbitration or alternative dispute resolution process;

<br> (ii) so far as the Seller is aware, no litigation, arbitration or dispute resolution process is currently threatened against any of the CoolMan Companies;

<br> (iii) no CoolMan Company has received any claims or complaints and, so far as the Seller is aware, no grounds exist for such claims;

<br> (iv) as far as the Seller is aware, no investigation or enquiry is being or has, during the last 3 years, been conducted by any Governmental Body in respect of the affairs of the CoolMan Group, and no such investigation is pending, threatened or expected; and

<br> (v) the CoolMan Companies are not affected by any existing or pending judgments or rulings and have not given any undertakings arising from legal proceedings to a court, governmental agency, regulator or third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.10** **Employees** 

<br> (i) The names of each person who is a director of each CoolMan Company are set out in Schedule 1;

------

<br> (ii) all individuals employed by the CoolMan Companies and the particulars of the contract of employment of each individual have been Disclosed;

(iii) all individuals who are providing services to the CoolMan Companies under an agreement which is not a contract of employment with a Coolman Company (including, in particular, where the individual acts as a consultant or is on secondment) and the particulars of the terms on which the individual provides services, have been Disclosed;

<br> (iv) as of the date hereof, no employee in the CoolMan Companies has served notice of termination of his or her current employment;

<br> (v) all information on pensions plans and all other benefit plans for employees and all relevant information for the assessment of the CoolMan Group's pension liabilities has been Disclosed;

<br> (vi) the CoolMan Group has complied, in all material respects, with all collective, workforce affecting its relations with, or the conditions of service of, its employees;

<br> (vii) no CoolMan Company has incurred any liability in connection with any termination of employment of its employees (including redundancy payments), or for failure to comply with any order for the reinstatement or re-engagement of any employee;

(viii) no CoolMan Company has made or agreed to make a payment, or provided or agreed to provide a benefit to a present or former director, other officer or employee, or to the dependants of any of those people, in connection with the actual or proposed termination or suspension of employment or variation of an employment contract;

<br> (ix) each CoolMan Company has maintained in all material respects current, adequate and suitable records regarding the service of each of its employees;

<br> (x) in so far as they apply to its employees, each CoolMan Company has complied in all material respects with any legal obligations (collective agreements included);

<br> (xi) no claim in relation to any of the CoolMan Company employees or former employees has been made or, so far as the Seller is aware, threatened against any CoolMan Company or against any person whom any CoolMan Company is or may be liable to compensate or indemnify;

(xii) no CoolMan Company is involved in any industrial or trade dispute or negotiation regarding a claim with any trade union or other group or organisation representing employees and, so far as the Seller is aware, there is nothing likely to give rise to such a dispute or claim;

(xiii) particulars of all collective bargaining or procedural or other agreements or arrangements with any trade union, group or organisation representing employees that relate to any employees of the CoolMan Companies (including the crew on board the LNG Fleet) have been Disclosed;

------

(xiv) no enquiry or investigation affecting any CoolMan Company has been made or, so far as the Seller is aware, threatened by any governmental, statutory or regulatory authority including any health and safety enforcement body in respect of any act, event, omission or other matter arising out of or in connection with the employment (including terms of employment, working conditions, benefits and practices) or termination of employment of any person;

<br> (xv) no employee of any CoolMan Company is, or has been, involved in any criminal proceedings relating to the business of any CoolMan Company and, so far as the Seller is aware, there are no circumstances which are likely to give rise to any such proceedings; and

(xvi) to the extent that any CoolMan Company has been a party to a relevant transfer for the purposes of the Transfer of Undertakings (Protection of Employment) Regulations or their equivalent in any jurisdiction in connection with the Restructuring, it has complied with all obligations under those regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.11** **Relationship with the Seller** 

(i) Neither the Seller nor any other member of the Seller's Group has any claims against any of the CoolMan Companies (other than those arising from the Transaction Documents and the TSA) and none of the CoolMan Companies is indebted in any way towards the Seller or any member of the Seller's Group (other than those arising from the Transaction Documents and the TSA);

<br> (ii) no payments of any kind, including but not limited to management charges, have been made by any CoolMan Company to the Seller or any member of the Seller's Group, save for payments under agreements or arrangements made on an arm's length basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.12** **Insurance** 

<br> (i) Each of the CoolMan Companies has adequate insurance coverage against business interruptions, loss of revenues, liability, injury and other risks normally insured against by persons operating in its field of business;

<br> (ii) so far as the Seller is aware there are no material outstanding claims under, or in respect of the validity of, any of those policies and so far as the Seller is aware, there are no circumstances likely to give rise to any claim under those policies; and

<br> (iii) all the insurance policies are in full force and effect, are not void or voidable, nothing has been done or not done which could make any of them void or voidable and Completion will not terminate or entitle any insurer to terminate any such policy.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.13** **Information** 

<br> (i) All information contained in the Data Room is complete, accurate and not misleading;

<br> (ii) the particulars relating to the CoolMan Companies in Schedule 1 to this agreement are accurate and not misleading;

(iii) the information provided to the Purchaser concerning the CoolMan Group and its business (including such business as has or will be taken over under the Transfer Agreements) is true and accurate in all respects and not misleading in any way, and no document (irrespective of form) provided to the Purchaser by or on behalf of the Seller or the CoolMan Group, contains any untrue statement of a relevant fact or omits to state a relevant fact necessary not to make the statements contained in the document misleading; and

(iv) there are no facts or circumstances concerning the CoolMan Group which have not been Disclosed to the Purchaser and which, if Disclosed, might reasonably have been expected to influence the decision of the Purchaser to purchase the Share on the terms set out in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.14** **Finance and Guarantees** 

<br> (i) Particulars of all money borrowed by any CoolMan Company have been Disclosed;

<br> (ii) no guarantee, mortgage, charge, pledge, lien assignment or other security agreement or arrangement has been given by or entered into by any CoolMan Company or any third party in respect of borrowings or other obligations of any CoolMan Company;

<br> (iii) no CoolMan Company has any outstanding loan capital or has lent any money that has not been repaid and there are no debts owing to any CoolMan Company;

<br> (iv) no financial indebtedness of any CoolMan Company is due and payable and no security over any of the assets of any CoolMan Company is now enforceable, whether by virtue of the stated maturity date of the indebtedness having been reached or otherwise;

<br> (v) no CoolMan Company is responsible for the indebtedness, or for the default in the performance of any obligation, of any other person; and

<br> (vi) a change of control of the CoolMan Companies will not result in:

<br> a. the termination of or material affect on any financial agreement or arrangement to which the CoolMan Companies is a party or subject; or

<br> b. any financial indebtedness of any CoolMan Company becoming due, or capable of being declared due and payable, prior to its stated maturity.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.15** **Pensions** 

<br> (i) All retirement pension, early retirement pension, disability pension and survivor pension plans and all other material benefit plans for the employees in the CoolMan Group or their dependants or beneficiaries have been Disclosed;

<br> (ii) the Seller has provided all relevant information to the Purchaser for the assessment of the CoolMan Group's pension liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.16** **Intellectual property** 

(i) No claim has been made against any CoolMan Company (or of any licensee under any licence granted by a CoolMan Company) that they infringe or are likely to infringe any Intellectual Property Right of any third party and no claim has been made against any CoolMan Company or any such licensee in respect of such infringement;

(ii) full and accurate particulars of all registered Intellectual Property Rights (including applications to register the same) and all commercially significant unregistered Intellectual Property Rights owned or used by the CoolMan Companies have been Disclosed. Each such Intellectual Property Right is legally and beneficially owned, free from any Encumbrance, solely by the CoolMan Companies;

(iii) full and accurate particulars of or, in the case of a document, a copy of all licence and other agreements relating to any Intellectual Property Right to which any CoolMan Company is a party (whether as licensor or licensee) or which relate to any Intellectual Property Right owned by any CoolMan Company have been Disclosed. No CoolMan Company is in breach of any such agreement and, so far as the Seller aware, no third party is in breach of any such agreement;

(iv) each CoolMan Company owns or has licensed to it all Intellectual Property Rights it requires to carry on its business of operating the LNG Fleet and none of such Intellectual Property Rights nor any CoolMan Company ability to use any of such Intellectual Property Rights will be affected by the acquisition of the CoolMan Group by the Purchaser; and

<br> (v) so far as the Seller is aware there has been no unauthorised use by any person of any Intellectual Property Right or confidential information of any CoolMan Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.17** **Data and records** 

(i) For the purposes of this paragraph, "**Data Protection Legislation**" means all statutes, enacting instruments, common law, regulations, directives, codes of practice, guidance notes, decisions, recommendations and the like (whether in the United Kingdom, the European Union or elsewhere) concerning the protection and/or processing of personal data;

------

<br> (ii) each CoolMan Company has complied with all relevant requirements of Data Protection Legislation, including:

<br> a. the data protection principles established in that legislation;

<br> b. requests from data subjects for access to data held by it; and

<br> c. the requirements relating to the notification by data controllers to the relevant data protection regulator of their processing of personal data.

(iii) no CoolMan Company has received any notice or allegation from either the UK Information Commissioner or from any other data protection regulator in any other jurisdiction, a data controller or a data subject alleging non-compliance with any Data Protection Legislation (including data protection principles), requiring CoolMan Company to change or delete any data or prohibiting any transfer of data to a place outside the United Kingdom or Norway; and

<br> (iv) no individual has, so far as the Seller is aware, claimed or has the right to claim compensation from any CoolMan Company under any Data Protection Legislation, including for unauthorised or erroneous processing or loss or unauthorised disclosure of data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4.18** Powers of attorney

<br> (i) No CoolMan Company has granted any power of attorney or similar authority which remains in force other than as Disclosed; and

<br> (ii) no person, as agent or otherwise, is entitled or authorised to bind or commit any CoolMan Company to any obligation not in the ordinary course of a CoolMan Company's business.

---

| | |
|:---|:---|
| **8** | **UNDERTAKING BY GOLAR** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** Golar procures that the GolarCos shall not, during the period from the date hereof until the Completion Date, do anything that will cause an adverse change to the CoolMan Companies and/or breach any term of
 this Agreement, including (without limitation) breaching any Warranty or cause any Warranty to be untrue, inaccurate or misleading in any material respect.

------

---

| | |
|:---|:---|
| **9** | **BREACH OF WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **The Seller's liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.1** Subject to Clause 14, the Seller hereby agrees to indemnify and hold the Purchaser harmless against any and all losses incurred by the Purchaser as a consequence of a breach of any of the Warranties based on
 the following principles:

(i) a claim for compensation for breach of a Warranty (a "**Claim**") must be submitted by the Purchaser in writing together with reasonable supporting documentation, no later than the seventh anniversary of the Completion Date for any claim relating to Tax or the fourth anniversary of the Completion Date for any other Claim;

<br> (ii) the Seller shall not be liable to the Purchaser for any alleged loss incurred by the Purchaser due to a breach of Warranty unless the Claim, as a result of such breach, exceeds USD 10,000; and

(iii) the Seller shall not be liable to the Purchaser for Claims (other than in relation to Tax) exceeding, in aggregate, USD 10,000,000. **[\*\*\*].**

The above indemnity obligation shall not apply to any breach of a Warranty caused by a Cool Initiated Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.2** The limitations in the Seller's liability set forth in Clause 9.1 shall not apply to a breach of the Warranties caused by fraud, gross negligence or wilful misconduct by the Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.3** Without prejudice to the right of the Purchaser to claim on any other basis or take advantage of any other remedies available to it, if any Warranty is breached or proves to be untrue or misleading, the
 Seller undertakes to indemnify the Purchaser on demand:

(i) the amount necessary to put the CoolMan Companies into the position they would have been in if the Warranty had not been breached and had been true and not misleading; and

(ii) all costs and expenses (including, without limitation, damages, legal and other professional fees and costs, penalties, expenses and consequential losses whether directly or indirectly arising) incurred by the Purchaser or the CoolMan Companies as a result of the breach or of the Warranty not being true or being misleading (including a reasonable amount in respect of management time);

and a payment made in accordance with the provisions of this Clause shall include any amount necessary to ensure that, after Tax of the payment, the Purchaser is left with the same amount it would have had if the payment was not subject to Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.4** If at any time before or at Completion the Seller becomes aware that a Warranty has been breached, is untrue or is misleading, or has a reasonable expectation that any of those things might occur, it must
 immediately:

<br> (i) notify the Purchaser in sufficient detail to enable the Purchaser to make an accurate assessment of the situation; and

------

<br> (ii) if requested by the Purchaser, use its best endeavours to prevent or remedy the notified occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1.5** The Purchaser shall, on receipt of a claim from a third party which may give raise to a Claim, notify the Seller and provide the Seller, at the Seller's cost and risk, with the opportunity to defend such
 claim on behalf of the relevant CoolMan Company.

---

| | |
|:---|:---|
| **10** | **INDEMNITIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Leakage** 

The Seller shall notify the Purchaser in writing promptly, but no later than five (5) Banking Days after becoming aware of any payments constituting a Leakage. In the event of a Leakage, the Seller shall repay to the Company on a USD for USD basis an amount equal to the Leakage plus any Taxes fee or expenses triggered or incurred by any CoolMan Companies in connection with the Leakage.

---

| | |
|:---|:---|
| **11** | **POST COMPLETION OBLIGATIONS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** On or after Completion the Seller shall, at its own cost and expense, execute and do (or procure to be executed and done by any other necessary party) all such deeds, documents, acts and things as the
 Purchaser may from time to time require in order to vest the Share in the Purchaser or as otherwise may be necessary to give full effect to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** In relation to each CoolMan Company, the Seller shall procure the convening of all meetings, the giving of all waivers and consents and the passing of all resolutions as are necessary under statute, its
 constitutional documents or any agreement or obligation affecting it to give effect to the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** For so long after Completion as the Seller or any nominee of remains the registered holder of the Share, it shall hold (or direct the relevant nominee to hold) that Share and any distributions, property and
 rights deriving from it in trust for the Purchaser and shall deal with that Share and any distributions, property and rights deriving from it as the Purchaser directs; in particular, the Seller shall exercise all voting rights as the
 Purchaser directs or shall execute an instrument of proxy or other document which enables the Purchaser or its representative to attend and vote at any meeting of the CoolMan Companies.

------

---

| | |
|:---|:---|
| **12** | **GUARANTEE BY GOLAR** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1** Golar hereby unconditionally:

<br> (i) guarantees to the Purchaser the punctual performance by the Seller of the Seller's obligations under this Agreement; and

(ii) undertakes that whenever the Seller does not pay any amount when due under or in connection with this Agreement, it shall immediately on demand pay that amount as if it was the principal debtor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2** The Guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by the Seller under this Agreement, regardless of any intermediate payment or discharge in whole or in part and
 will remain in full force and effect until all such obligations have been discharged in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3** The maximum liability of Golar shall be limited to the maximum liability of the Seller, including any interest, costs and expenses.

---

| | |
|:---|:---|
| **13** | **TERMINATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1** No Party shall be entitled to terminate this Agreement after Completion.

---

| | |
|:---|:---|
| **14** | **PUT OPTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.1** Notwithstanding Clause 13.1, if any Claim arises under this Agreement, the Purchaser shall have an option to require the Seller to purchase the Share from the Seller (the "**Put Option**") under this Clause. The consideration payable on exercise of the Put Option shall be satisfied in cash and shall be an aggregate amount of USD 5,000,000 plus the amount of any cash or receivables in the CoolMan Group at the
 date of completion of such purchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.2** The Put Option may only be exercised:

<br> (i) before 31 March 2026, and if the Put Option is not exercised on or before such date, it shall lapse; and

<br> (ii) if there is no material adverse change to the business of the CoolMan Group since the Completion Date except if arising as a result of any action on the part of the Seller's Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.3** The Put Option shall be exercised only by the Purchaser giving the Seller a notice (the "**Exercise Notice**") which includes:

<br> (i) the date on which the Put Option is exercised;

<br> (ii) a statement to the effect that the Purchaser is exercising the Put Option;

------

<br> (iii) a date, which is no less than five after the date of the Exercise Notice, on which Completion is to take place; and

<br> (iv) a signature by or on behalf of the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4** Upon completion of the transactions contemplated by the Put Option, the Purchaser shall have no further claims against the Seller under this Agreement.

---

| | |
|:---|:---|
| **15** | **TRANSACTION COSTS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1** Subject to Clause 15.2, all costs and expenses reasonably and properly incurred in connection with the negotiation and execution of the Transaction Documents shall be borne by the Purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2** Any costs and expenses relating to the Restructuring or any Tax, employment, transfer pricing and other professional advice obtained by the Golar Group in connection with the Transaction or the Restructuring
 shall be borne by the Golar.

---

| | |
|:---|:---|
| **16** | **CONFIDENTIALITY** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.1** Each Party agrees to treat all documents and other information which it may obtain in connection with this Agreement confidential and shall not make any broadcast, press release, advertisement, public
 disclosure or other public announcement or statement with respect to this Agreement, unless required by law or the rules of any stock exchange other than:

<br> (i) If agreed, press releases by the Purchaser and Golar announcing the completion of the Transaction; and

<br> (ii) such information as is required by law or relevant stock exchange regulations to be included in the Purchaser's and Golar's public reports;

in both cases in form and substance acceptable to and consistent with such disclosure as the other Party makes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.2** The Parties acknowledge that the employees in the CoolMan Group on the one side and in the Golar Group on the other side will, during the period in which the Administrative Services Agreement is effective,
 have access to information relevant to the group in which they are not employed. In view of the fact that both the Purchaser and Golar are listed companies, the Parties undertakes to implement adequate information management routines to
 avoid the possibility for insider trading and other breaches of confidentiality.

---

| | |
|:---|:---|
| **17** | **MISCELLANEOUS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.1** Neither Party shall be liable to the other Party for any indirect or consequential loss.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.2** The invalidity, illegality or unenforceability of any provision of this Agreement shall not affect the continuation in force of or the remainder of this Agreement. The Parties agree to substitute, for any
 invalid, illegal or unenforceable provision, a valid or enforceable provision which achieves to the greatest extent possible the same effect as would have been achieved by the invalid, illegal or unenforceable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3** Neither Party shall assign or transfer any of its rights and/or obligations under this Agreement except with the prior written consent of the other Party and then to such terms and conditions as the other
 Party may require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.4** This Agreement is made for the benefit of the Parties and their respective successors and permitted assigns and is not intended to benefit or be enforceable by anyone else.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.5** No variation, amendment or addition to this Agreement shall be valid unless agreed in writing by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.6** A failure or delay by a Party to exercise any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any
 further exercise of that or any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7** This Agreement is made for the benefit of the Parties and their respective permitted successors and assigns and is not intended to benefit or be enforceable by any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.8** No variation amendment or addition to this Agreement shall be valid unless agreed in writing by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.9** A failure or delay by a Party to exercises any right or remedy provided under this Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any
 further exercise of that or any other right or remedy.

---

| | |
|:---|:---|
| **18** | **CHOICE OF LAW AND ARBITRATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.1** This Agreement shall be governed by and construed in accordance with Norwegian law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.2** Any dispute arising out of or in connection with this Agreement shall be finally settled by arbitration under the rules of arbitration adopted by the Nordic Offshore and Maritime Arbitration Association in
 force at the time such arbitration proceedings are commenced by either of the Parties. The association's "Best Practice Guidelines" shall be taken into account.

------

The place of arbitration shall be Oslo, Norway. The language of the arbitration shall be English.

---

| | |
|:---|:---|
| For and on behalf of | For and on behalf of |
| **Cool Company Ltd.** | **Golar Management (Bermuda) Limited** |
| /s/ Neil J. Glass | /s/ Mi Hong Yoon |
|  | Mi Hong Yoon, Director |
| For and on behalf of |  |
| **Golar LNG Limited** |  |
| /s/ Georgina E. Sousa |  |
| Georgina E. Sousa, Director |  |

---

------

SCHEDULE 1

#### COOLMAN COMPANIES

#### CoolManUK

---

| | |
|:---|:---|
| **Company name:** | Cool Company Management Ltd |
| **Registered number:** | 13835293 |
| **Registered / principal office:** | 6th floor the Zig Zag, 70 Victoria Street, London SW1E 6SQ |
| **Date and place of incorporation:** | 7 January 2022, England and Wales |
| **Directors:** | Malcolm Bulbeck and Eduardo Maranhao |
| **Secretary:** | N/A |
| **VAT number:** | VAT GB 405317723 |
| **Accounting reference date:** | 31 December |
| **Auditors:** | None appointed yet but expected to be EY UK |
| **Authorised capital:** | N/A |
| **Issued capital:** | 1 share of £1 |

---

#### CoolManNor

---

| | |
|:---|:---|
| **Company name:** | Cool Company Management AS |
| **Registered number:** | 995 435 705 |
| **Registered / principal office:** | Fridtjof Nansens plass 4, 0160 OSLO |
| **Date and place of incorporation:** | 9 April 2010, Norway |
| **Directors:** | Trine Vossli and Erling David-Andersen |
| **Secretary:** | N/A |
| **VAT number:** | VAT NO 828 177 052 MVA |
| **Accounting reference date:** | 31 December |
| **Auditors:** | FGH Revisjon AS |
| **Authorised capital:** | NOK 500.000,00 |
| **Issued capital:** | 5000 shares at nominal value of 100 NOK |

---

#### CoolManCro

---

| | |
|:---|:---|
| **Company name:** | Cool Company Management d.o.o. |
| **Registered number:** | OIB:07595991406 /MBS:060238051 |
| **Registered / principal office:** | Zrinsko Frankopanska 64, Split, Croatia |
| **Date and place of incorporation:** | 7 July 2016, Croatia |
| **Directors:** | Øistein Dahl, Lasse Roed and Erling David-Andersen |
| **Secretary:** | N/A |
| **VAT number:** | 07595991406 |
| **Accounting reference date:** | 31 December |
| **Auditors:** | N/A |
| **Authorised capital:** | HRK 20.000,00 |
| **Issued capital:** | 1 business share of nominal value of 20.000,00 kn, marked with number 1 |

---

------

#### CoolManMal

---

| | |
|:---|:---|
| **Company name:** | CoolCo Management Sdn. Bhd. |
| **Registered number:** | 202201008184 (1453881-D) |
| **Registered / principal office:** | Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing No. 1 Leboh Ampang 50100 Kuala Lumpur W.P. Kuala Lumpur Malaysia |
| **Date and place of incorporation:** | 7 March 2022, Malaysia |
| **Directors:** | Erling David-Andersen and Jamal Ishak Bin Aziz Ahmad |
| **Secretary:** | 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jasni Bin Abdul Jalil<br> 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nurul Hannan Binti Hassan<br> Shearn Delamore & Co. |
| **VAT number:** | C 2974416102 |
| **Accounting reference date:** | 31 December |
| **Auditors:** | PricewaterhouseCoopers LLT |
| **Authorised capital:** | N/A |
| **Issued capital:** | 2 Ordinary shares issued and credited as paid up. Price per share is MYR 1.00 |

---

------

SCHEDULE 2

LIST OF MANAGEMENT AGREEMENTS

and

VESSEL

#### [\*\*\*]

#### <br>Page 35

------

## Exhibit 4.4

**Exhibit 4.4**

<br> **<u>Execution Copy</u>**

**[CERTAIN INFORMATION IN THIS EXHIBIT IDENTIFIED BY [\*\*\*] IS CONFIDENTIAL AND HAS BEEN EXCLUDED BECAUSE IT (I) IS NOT MATERIAL AND (II) THE REGISTRANT CUSTOMARILY AND ACTUALLY TREATS THAT INFORMATION AS PRIVATE OR CONFIDENTIAL.]**

**ADMINISTRATIVE SERVICES AGREEMENT**

between

**Golar Management Ltd.**

(as service provider)

and

**Cool Company Management Ltd.**

(as service recipient)

------

This agreement is entered into on this 30<sup>th</sup> day of June 2022 by and between:

(1) **GOLAR MANAGEMENT LTD.**, a limited liability company organised under the laws of England and
 Wales, having its business address at 6<sup>th</sup> Floor, The Zig Zag, 70 Victoria Street, London SW1E 6SQ, United Kingdom and being identified by company number 4396172 ()"**GolarManUK** ");

and

(2) **COOL COMPANY MANAGEMENT LTD.**, a limited liability company organised under the laws of England
 and Wales, having its business address at 6<sup>th</sup> Floor, The Zig Zag, 70 Victoria Street, London SW1E 6SQ, United Kingdom and being identified by company number
 13835293 ()"**CoolManUK** ");

**WHEREAS**

(A) GolarManUK is a wholly owned subsidiary of Golar Management (Bermuda) Limited, a limited liability
 company incorporated in Bermuda with registration number 43504 ()"**GolarManBer** "), which, in turn, is a wholly owned subsidiary of Golar LNG Limited, an exempted company limited by shares which is registered in Bermuda with registration
 number 30506 ()"**Golar** ").

(B) Golar entered into a share purchase agreement with its then wholly owned subsidiary, Cool Company Ltd,
 an exempted company limited by shares which is registered in Bermuda with registration number 54129 ()"**Cool** "), on 26 January 2022 pursuant to which Golar agreed to sell to Cool all of the shares in 8 single purpose corporations (each of
 which was the owner or disponent owner of one modern LNG tanker) and all of the shares in The Cool Pool Limited (the "**ShipCo SPA** ").

(C) Cool financed the acquisition of the ShipCos, The Cool Pool Limited and its working capital
 requirements by issuing new shares to investors and Golar (as part settlement of the purchase price for the shares purchased pursuant to the ShipCo SPA) in a private placement of new shares in February 2022 whereafter Golar's ownership in Cool
 is approx. 31% as the date hereof.

(D) The ShipCo SPA was completed on 5 April 2022.

(E) Cool, the ShipCos, The Cool Pool Limited, GolarManBer and GolarManUK entered into a transitional
 services agreement on 26 January 2022 (the "**TSA**") pursuant to which GolarManUK and GolarManBer agreed to provide Cool and its subsidiaries with such general administrative services as they would require until the ManCo Closing Date (as
 defined below).

2(14)

------

(F) Services have been provided by GolarManUK and GolarManBer under the TSA from the end of January 2022.

(G) The vessels owned or bareboat chartered by the ShipCos and a number of other vessels owned or bareboat
 chartered by subsidiaries of New Fortress Energy Inc and Golar have been managed technically and commercially by GolarManUK on the terms set forth in individual ship management agreements between GolarManUK and each such owner/charterer.

(H) Golar and Cool agreed, on 26 January 2022, that Golar should carve out such part of its management
 organisation as was responsible for the technical and commercial operation of LNG tankers and FSRUs to a new corporate structure with CoolManUK as the parent and, thereafter, sell all of the shares in CoolManUK to Cool.

(I) Golar has implemented the carve-out described in Recital (H) with accounting and economical effect
 between those of its subsidiaries that are involved.

(J) The detailed terms for the carve-out described in Recital (H) have been documented in a number of
 business transfer agreements between the parties involved, all of which are dated 30 June 2022 (the "**BTAs** "), the terms of which includes an obligation on CoolManUK to perform GolarManUK's obligations under all of the management
 agreements which GolarManUK, as of 31 March 2022, was party to with owners and disponent owners of LNG tankers and FSRUs until new management agreements are concluded directly between CoolManUK and such owners/bareboat charterers in exchange
 for the revenues due to GolarManUK thereunder in such period.

(K) CoolManUK has, on 12 May 2022, at the request of Cool, concluded 4 additional management agreements
 for the technical and commercial operation of LNG tankers with subsidiaries of Quantum Pacific Shipping Ltd.

(L) CoolManUK has, on the terms of a management agreement with Cool taken responsibility for the overall
 administration and management of Cool and its subsidiaries (the "**Cool Group** ").

(M) GolarManBer and Cool will conclude a share purchase agreement on 30 June 2022 pursuant to which Cool
 will acquire all of the shares in CoolManUK (the "**ManCo SPA** ").

(N) The ManCo SPA will close on 30 June, 2022 (the "**ManCo SPA Closing Date** ").

(O) The Parties have, together with the other parties to the TSA, agreed to terminate the TSA on the ManCo
 Closing Date and substitute it with a new agreement between the Parties only setting out the scope and terms for the administrative services GolarManUK has agreed to provide to CoolManUK after the ManCo Closing Date.

3(14)

------

**NOW THEREFORE**, it is hereby agreed as follows:

**1.** **DEFINITIONS AND INTERPRETATION** 

**1.1** **Definitions** 

The following capitalized terms shall, when used herein, have the following meanings:

---

| | |
|:---|:---|
| **Additional Services** | means any service, other than the Services, which is reasonably required by CoolManUK from GolarManUK and approved by GolarManUK, the scope and terms of which have been agreed between the Parties in writing. |

---

---

| | |
|:---|:---|
| **Affiliate** | means, with respect to any person, another person (i) controlled directly or indirectly by such first person, (ii) controlling directly or indirectly such first person or (iii) directly or indirectly under common control with such first person and "**person**" shall, in this context, include both individuals and corporate entities. |

---

---

| | |
|:---|:---|
| **Agreement** | means this agreement as amended from time to time together with the Schedules. |

---

---

| | |
|:---|:---|
| **Approved Cool** | means Employees in the CoolMan Group that have submitted |

---

---

| | |
|:---|:---|
| **Employees** | the declaration referred to in Clauses 2.1.2 and 2.1.3 to GolarManUK in satisfactory form. |

---

---

| | |
|:---|:---|
| **BTAs** | has the meaning given to the term in Recital (J) |

---

---

| | |
|:---|:---|
| **Confidential Information** | means trade secrets, know-how and any financial and other information of a confidential nature relating to a Party and its Affiliates. |

---

---

| | |
|:---|:---|
| **Cool** | has the meaning given to the term in Recital (B). |

---

---

| | |
|:---|:---|
| **Cool Group** | has the meaning given to the term in Recital (L). |

---

---

| | |
|:---|:---|
| **Customers** | means any Affiliate of CoolManCo and any third parties being provided with technical and commercial ship management services by CoolManUK pursuant to (i) a ship management agreement concluded directly between CoolManUK and such Customer or (ii) a Management Agreement (in which case such services are provided in the name of GolarManUK). |

---

4(14)

------

---

| | |
|:---|:---|
| **Data Application** | means the data application identified in Exhibit 1 to Schedule 1(a) hereto. |

---

---

| | |
|:---|:---|
| **Employee** | means an employee, consultant and/or agent employed or engaged, whether on a full or part time basis, by a Party or an Affiliate of a Party. |

---

---

| | |
|:---|:---|
| **GolarManBer** | has the meaning given to the term as Recital (A). |

---

---

| | |
|:---|:---|
| **GolarMan Group** | means GolarManUK and its wholly owned subsidiaries Golar Management AS, Golar Viking Management d.o.o. and Golar Management Sdn. Bhd. |

---

---

| | |
|:---|:---|
| **Golar** | has the meaning given to the term in Recital (A). |

---

---

| | |
|:---|:---|
| **Management Agreements** | means the management agreements listed in Schedule 2 hereto. |

---

---

| | |
|:---|:---|
| **Manco SPA** | has the meaning given to the term in Recital (M). |

---

---

| | |
|:---|:---|
| **ManCo SPA Closing Date** | has the meaning given to the term in Recital (N). |

---

---

| | |
|:---|:---|
| **Parties** | means GolarManUK and CoolManUK. |

---

---

| | |
|:---|:---|
| **Protocol** | means a protocol of agreement of even date herewith between Golar, Cool, Golar Management AS, Golar Malaysia Sdn. Bhd., CoolManUK, Cool Company Management Sdn. Bhd. setting forth the principles which shall apply to the establishment of the Cool Group's IT-system and IT and accounting departments. |

---

---

| | |
|:---|:---|
| **Sanctions** | means the economic, financial and trade embargo rules, freezing provisions, prohibitions and sanctions laws, regulations and/or restrictive measures administered, enacted or enforced by (a) the U.S. Department of Treasury, the U.S. Department of State, the President of the United States of America or any other U.S. Government entity (including, but not limited to, those sanctions against Iran as are administered by the U.S. Treasury Department's Office of Foreign Assets Control, the sanctions enacted under the U.S Iran Freedom and Counter Proliferation Act of 2012 codified at 22 USC §880, the U.S Comprehensive Iran Sanctions, Accountability and Divestment Act 2010 and all other sanctions administered by U.S authorities (including all rulings issued thereunder)), (b) any regulatory department, competent authority or entity of the European Union and/or any Member State of the European Union, (c) the United Kingdom, (d) the United Nations, (e) Bermuda and (f) Norway. |

---

5(14)

------

---

| | |
|:---|:---|
| **Schedule** | means a schedule to this Agreement. |

---

---

| | |
|:---|:---|
| **Services** | means the services set forth in Schedule 1(a), 1(b), 1(c) and 1(d). |

---

---

| | |
|:---|:---|
| **Service Fee** | has the meaning given to it in Clause 4.1. |

---

---

| | |
|:---|:---|
| **ShipCos** | means Golar Hull M2021 Corp., Golar Hull M2022 Corp., Golar Hull M2027 Corp., Golar Hull M2047 Corp., Golar Hull M2048 Corp., Golar LNG NB10 Corporation, Golar LNG NB11 Corporation and Golar LNG NB12 Corporation. |

---

---

| | |
|:---|:---|
| **ShipCo SPA** | has the meaning given to the term in Recital (B). |

---

---

| | |
|:---|:---|
| **Term** | means the period commencing on the ManCo SPA Closing Date and ending on 30 June 2023 or such later date as the Parties shall agree in writing. |

---

---

| | |
|:---|:---|
| **TSA** | has the meaning given to the term in Recital (E). |

---

6(14)

------

**1.2** **Interpretation** 

In this Agreement, unless the content requires otherwise:

1.2.1 The Recitals form part of this Agreement and the Parties acknowledge that the Recitals are true and
 correct.

1.2.2 Any schedule or annex to this Agreement shall have effect as if set out in this Agreement and
 references to this Agreement shall include its schedules and annexes.

1.2.3 Reference to this Agreement or any other document includes the same as varied, supplemented, novated
 or replaced from time to time.

1.2.4 References to a "**person**" includes any individual, company, corporation, unincorporated association or body
 (including a partnership, trust, joint venture or consortium), government, state, agency, organisation or other entity whether or not having separate legal personality.

1.2.5 "**CoolManUK**" and "**GolarManUK**" include their respective permitted successors and assigns.

1.2.6 Clause headings are inserted for convenience and shall be ignored in construing this Agreement.

1.2.7 Unless the context otherwise requires, words denoting the singular number include the plural number
 and vice versa.

1.2.8 References to a clause and schedule are to Clauses and Schedules of this Agreement except where
 otherwise expressly stated.

1.2.9 References to any enactment include any re-enactments, amendments and extensions thereof.

1.2.10 For the purpose of this Agreement the expression "**written**" or "**in writing**" shall mean "**by letter or e-mail** ".

**2.** **PROVISION OF SERVICES** 

**2.1** **The Services** 

2.1.1 With effect from the date hereof and until the end of the Term, CoolManUK hereby appoints GolarManUK to provide the
 Services together with any Additional Service and GolarManUK hereby agrees to provide the same on the terms and conditions set forth herein.

2.1.2 GolarManUK agrees that the Services shall, on the terms set forth herein, include access for Approved Cool Employees to the
 GolarMan Group's IT-system (which, for the avoidance of doubt, shall include the Data Applications) for the duration of the Term provided always that the number of Approved Cool Employees who shall be granted such access shall be limited to
 those that need to have it in order for the Cool Group to operate.

7(14)

------

2.1.3 Employees in the Cool Group previously employed in the GolarMan Group and having been transferred to the CoolMan Group
 pursuant to the BTAs shall, in order to be granted access to the GolarMan Group's IT-system, confirm, by executing a declaration in the form set forth in Schedule 3 hereto that he/she will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) continue to observe and comply with all of the GolarMan Group's policies and procedures for use of the
 GolarMan Group's IT systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) treat any and all information related to Golar and its subsidiaries which they become aware of as a
 consequence of such access confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) accept not to trade any securities issued by Golar without prior written approval by the CFO of Golar
 for as long as they have such access.

Any new Employees in the CoolMan Group who shall be granted access to the GolarMan Group's IT-systems shall complete the GolarMan Group's onboarding process (in order to familiarise themselves with the GolarMan Group's policies and procedures for the use of the GolarMan Group's IT systems) and execute a declaration in the form set out in Schedule 3 confirming the same.

2.1.4 The Approved Cool Employees shall, for as long as they have access to the GolarMan Group's IT systems, co-operate with the
 head of the GolarMan Group's IT department in all matters relevant to the GolarMan Group's IT-systems and abide by Golar's policies and procedures for use of its IT-systems.

2.1.5 All Employees in the GolarMan Group who, when assisting CoolManUK in establishing the Cool Group's IT-system, get access to
 the same shall complete the Cool Group's onboarding process (in order to familiarise themselves with the Cool Group's policies and procedures for the use of the Cool Group's IT-system) and accept to abide by such policies and procedures. They
 shall, furthermore, execute a declaration in the form set out in Schedule 4 confirming the same.

2.1.6 Employees in the CoolMan Group who, as a consequence of their use of the GolarMan Group's IT system get access to
 information on Golar and its subsidiaries, shall keep such information confidential.

8(14)

------

2.1.7 GolarManUK provides no guarantee for uptime or functionality of its IT systems to CoolManUK hereunder.

GolarManUK shall, in the event of any downtime in the access the Approved Cool Employees shall have to the GolarMan Group's IT-system, use reasonable commercial efforts to restore the same forthwith.

2.1.8 GolarManUK may provide the Services itself or through one or more of the other members of the GolarMan
 Group.

GolarManUK shall remain fully responsible for the Services provided by other members of the GolarMan Group.

2.1.9 The overall scope of the Services shall be limited as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) the Services CoolManUK requires to perform its obligations under the Management Agreement, shall be
 limited to the finance operations services set forth in Schedule 1(d) provided that the level of these per Customer shall not materially exceed the level of the same provided by GolarManUK to a ShipCo in 2021; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the Services CoolManUK requires to perform its obligations under the Management Agreement referred to
 in Recital (L) shall not exceed such level as will be detrimental to the GolarMan Group's ability to provide the management services the Golar Group requires;

always provided that the Services shall, for the avoidance of doubt, include such assistance as CoolManUK shall reasonably require in relation to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Cool's planned initial public offering in the U.S. with a target date of Q4/2022; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the establishment of the Cool Group's IT-system and its IT and accounting departments as described in the Protocol.

2.1.10 CoolManUK shall, with no less than 30 days' prior written notice to the end of a calendar month, be entitled to request a
 reduction in the scope of the Services within a designated area.

Such a request shall specify the extent of the reduction by identifying specific components of the current Services which shall cease and the corresponding reduction in the Service Fee.

2.1.11 The Services shall be provided by GolarManUK:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. with due skill and care;

9(14)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. in a professional and workmanlike manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. in accordance with sound management practice and good corporate governance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. in compliance with all applicable laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. at the same standard as provided to the members of the Golar Group;

always protecting and promoting the interest of the Cool Group.

2.1.12 GolarManUK agrees that, during the Term, an adequate number of Employees in the GolarMan Group (all of which shall be fully
 equipped, licenses (if required) and qualified) to perform the Services as per the terms hereof.

2.1.13 The Parties shall discuss and agree, in good faith, the terms and conditions (which shall include the fee due to GolarManUK
 as consideration therefore) for the provision of any Additional Service. Upon the commencement of the provision of such Additional Service, such Additional Service shall be deemed a Service for the purpose of this Agreement, and accordingly, be
 subject to the terms and conditions contained herein.

2.1.14 For the avoidance of doubt, all Employees of the GolarMan Group performing the Services shall be deemed, as between the
 Parties, employees of GolarManUK. Such Employees shall not be permitted to present themselves as employees of CoolManUK or any Customer by virtue of the performance of the Services. The employees shall not, in the performance of the Services,
 be deemed to be agents of or for CoolManUK or the Customers. No such Employee shall commit or bind CoolManUK or a Customer to any material agreement, contract, or other document or instrument without the consent of CoolManUK.

**3.** **TERM** 

**3.1** This Agreement shall remain in force until the earlier of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) 30 June 2023; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) such date as it is terminated in accordance with Clause 6.

**3.2** CoolManUK may request an extension to the Term, provided that if the Term is extended the Service Fee
 may be increased by such amount that does not exceed the percentage year on year increase in the wage inflation in Norway as determined by the Parties.

10(14)

------

**4.** **SERVICE FEE AND PAYMENT** 

**4.1** In consideration of the provision of the Services CoolManUK shall pay a monthly fee (the "**Service Fee**") to CoolManUK comprising of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) an IT services fee being the sum of the following components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. compensation for access to the following applications in the GolarMan Group's IT systems;

---

| | | | |
|:---|:---|:---|:---|
|  | **[\*\*\*]** | [\*\*\*] | [\*\*\*] |
|  | **[\*\*\*]** | [\*\*\*] | [\*\*\*] |
|  | **[\*\*\*]** | [\*\*\*] | [\*\*\*] |
|  | **[\*\*\*]** | [\*\*\*] | [\*\*\*] |
|  | **[\*\*\*]** | [\*\*\*] | [\*\*\*] |
| [\*\*\*]; |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. compensation for access to all other applications in the GolarMan Group's IT system for:

**[\*\*\*]** 

**[\*\*\*]** 

on a monthly basis with number of onshore and offshore users confirmed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. an hourly fee of:

**[\*\*\*]** for work within normal business hours; and

**[\*\*\*]** for work outside normal business hours;

for any additional IT services provided on request from the Customer, for example new implementations and/or upgrades that are not covered in the services set out in Clause 4.1 a) i and Clause 4.1 a)ii (as further detailed and documented in the IT Service Catalogue).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) an accounting and treasury services fee [\*\*\*];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a finance operations services fee [\*\*\*];

11(14)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) any fee agreed between the Parties for any Additional Services.

**4.2** The Service Fee shall be invoiced monthly in arrears on or before the last day of each calendar month
 subsequent to the month to which it relates. CoolManUK shall pay the Service Fee within 15 days from receipt of the invoice. Interest shall accrue daily on any unpaid Service Fee or other amounts due but unpaid at a rate of [\*\*\*]

**4.3** GolarManUK shall provide reasonably detailed documentation supporting each invoice.

**4.4** If the Parties agree to a reduction in the scope of the Services, cfr. Clause 2.1.10 above, a
 corresponding reduction in the Service Fee shall be agreed in writing between the Parties.

**4.5** CoolManUK may withhold payment of all or a part of the Service Fee if and to the extent CoolManUK, in
 good faith, disputes such amounts. The Parties agree to negotiate in good faith to resolve any such dispute as soon as reasonably practicable.

**4.6** The Service Fee is exclusive of any applicable sales, value added and/or other tax, levy and charge
 which, if applicable, shall be paid by CoolManUK on receipt of a valid tax invoice from GolarManUK.

**5.** **DOCUMENTATION** 

**5.1** On giving reasonable notice, CoolManUK may request, and GolarManUK shall, in a timely manner, make all
 documentation, information and records relating to the performance of the Services which CoolManUK shall reasonably require in order to demonstrate compliance with mandatory rules or regulations or other obligations applying to CoolManUK or a
 Customer or to defend or prosecute a claim CoolManUK or a Customer may have against a third party available to CoolManUK.

**5.2** On giving reasonable notice, GolarManUK may request and CoolManUK shall, in a timely manner, make all
 documentation, information and records reasonably required by GolarManUK to perform the Services available to GolarManUK.

**6.** **TERMINATION** 

**6.1** CoolManUK shall have the right to terminate this Agreement for convenience at any time during the Term
 by giving GolarManUK not less than 2 (two) months prior written notice of such termination.

**6.2** GolarManUK shall be entitled to terminate this Agreement by written notice to CoolManUK if CoolManUK
 does not pay any undisputed sums payable by it to GolarManUK under this Agreement and such sum has not been received into the GolarManUK's bank account within 30 (thirty) days of from receipt of a notice to cure such default.

12(14)

------

**6.3** Upon termination of this Agreement, GolarManUK shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. as promptly as possible submit to CoolManUK a final accounting as between CoolManUK and GolarManUK
 under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. cooperate with CoolManUK and any successor provider of the Services and comply with all their
 reasonable requests to complete the orderly transition of the Services to CoolManUK or successor manager.

**6.4** Termination of this Agreement shall be without prejudice to all rights accrued before termination.

**7.** **CONSEQUENCES OF TERMINATION** 

**7.1** Upon termination of this Agreement each Party shall (and shall procure that its Affiliates shall):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) use all reasonable endeavours to return to the other Party all records and documents containing
 Confidential Information regarding the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) use reasonable endeavours to expunge all data from any computer in its possession containing
 Confidential Information about the other Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) at the other Party's direction, destroy any Confidential Information in its possession, and certify
 that the destruction has taken place.

The Party returning, expunging or destroying any Confidential Information may retain:

(i). a copy of such Confidential Information for the purpose of complying with any applicable law;

(ii). copies of any computer records and files containing such Confidential Information as may have been created pursuant to automatic archiving and back-up procedures; and

(iii). Confidential Information to the extent it is contained in board notes, minutes or other corporate records.

**7.2** Any Confidential Information which is retained under Clause 7.1 shall continue to be subject to the
 confidentiality restrictions set out in this Agreement.

13(14)

------

**7.3** Clauses 7, 8, 9 and 10 shall survive the termination of this Agreement, and shall continue in full
 force and effect.

**7.4** Termination of this Agreement does not affect the rights and obligations accrued by each Party as at
 the date of termination.

**8.** **LIABILITY** 

**8.1** Each Party shall indemnify and hold the other Party harmless against all reasonable foreseeable loss
 suffered or incurred by such Party arising out of or in connection with a breach by the other Party of its obligations under this Agreement.

In no event shall a Party be liable for indirect, special, exemplary, punitive, or consequential loss or damages or any loss of revenue, loss of profit, loss of use, business interruption, in each case whether or not foreseeable.

**8.2** Each Party's liability, whether based on this Agreement or in general, shall not exceed the Service
 Fee paid by CoolManUK over the 3 (three) months preceding the event pursuant to which such liability arose or, if less than 6 months have passed, the Service Fee in the last month before such event multiplied by 3, except that this Clause shall
 not apply in the case of gross negligence or fraud.

**8.3** CoolManUK's sole remedy for a breach by GolarManUK of its obligations hereunder shall be to terminate
 the Agreement and/or claim compensation for any loss within the limit set in Clause 8.2.

**9.** **CONFIDENTIALITY** 

**9.1** Each Party shall refrain from and shall cause its Affiliates, employees, officers and directors, to
 refrain from, divulging or disclosing, directly or indirectly, any Confidential Information to any other person or entity, other than to its Affiliates, employees, officers, directors, auditors and/or professional advisers to the extent that
 the recipient reasonably require access to such Confidential Information for the purpose of such Party's performance of its obligations under this Agreement.

**9.2** The undertaking set forth in Clause 9.1 shall not apply to any Confidential Information which is
 required to be disclosed by applicable laws, court order, any order of any regulatory or supervisory authority or by the rules of any listing authority or stock exchange, provided that, to the extent reasonably possible prior thereto, the
 Party, to the extent permitted by law, provides a prompt notice thereof.

14(14)

------

**9.3** The provisions under this Clause 9 shall remain in full force and effect for a period of two (2) years
 as from the termination of this Agreement.

**10.** **DATA PROTECTION** 

**10.1** To the extent the provision of the Services will involve processing of personal data, GolarManUK shall
 comply with the EU General Data Protection Regulation 2016/679 and any applicable national data protection laws, regulations or secondary legislation implementing or applying alongside the same.

**11.** **INTELLECTUAL PROPERTY RIGHTS** 

**11.1** Nothing in this Agreement shall operate to transfer or grant to GolarManUK any right in any patents,
 trademarks, service marks, trade names, trade dress, and to Internet domain names, copyrights (including in software), registrations and applications for registration of any of the foregoing and trade secrets (including in know-how) of
 CoolManUK or the Cool Group.

**12.** **NOTICES** 

**12.1** Any notice or other communication required to be given or served pursuant to or in connection with
 this Agreement shall be in writing and in English and shall be sufficiently given or served if delivered or sent:

---

| | |
|:---|:---|
| If to GolarManUK: | Golar Management Ltd.<br> 6<sup>th</sup> Floor, The Zig Zag<br> 70 Victoria Street<br> London, SW1E 6SQ<br> United Kingdom<br> FAO: CEO<br> E-mail: <u>notices@golar.com</u> |
| If to CoolManUK: | Cool Company Management Ltd.<br> FAO: CEO/Legal<br> E-mail: <u>Richard.tyrell@coolcoltd.com</u><br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>legal@coolcoltd.com</u> |

---

provided that either Party may change its notice details by giving 7 days prior notice to the other Party of the change in accordance with this Clause 12.1.

15(14)

------

**12.2** Any notice given under this Agreement shall, in the absence of earlier receipt, be deemed to have been
 duly given if delivered personally, on delivery; and if sent by e-mail, when despatched (provided no delivery failure message is received).

**13.** **COMPLIANCE WITH LAWS AND REGULATIONS** 

**13.1** Each Party shall comply with and shall furthermore procure that its officers, directors, managers or
 subsidiaries shall comply with any and all Sanctions applicable to the Services or to the business of the other Party and its Affiliates during the Term.

**13.2** Each Party warrants and undertakes to the other Party that it has not and that none of its directors,
 officers and employees has engaged or will engage in any transaction, commercial or otherwise, with any specified persons, entities or bodies subject to Sanctions to the extent that any such transaction will give rise to a breach of such
 Sanctions by that Party.

**13.3** No Party, nor any employee acting on behalf of a Party, shall violate or require the other Party or an
 employee of the other Party to violate any anti-corruption, anti-terrorist or anti-money laundering laws of Bermuda, Norway, the United Kingdom, the European Union, the United Nations or the United States of America, nor any legislation
 applicable to the import or export of services similar to the Services or the business of the Parties and their respective Affiliates.

**13.4** The operations of each of the Parties shall, at all times, be conducted in material compliance with
 the financial record keeping requirements of all anti-money laundering laws applicable to its business. Each Party confirms of the other Party that it has procedures in place to prevent violations of applicable anti-corruption, antiterrorist,
 or anti-money laundering legislation and Sanctions.

**14.** **MISCELLANEOUS** 

**14.1** **Costs** 

CoolManUK shall pay the fees, expenses and disbursements incurred by the Parties in connection with the negotiation and execution of this Agreement.

**14.2** **Assignment** 

No Party may transfer or assign any of its rights or obligations under this Agreement without the prior written consent of the other Party.

16(14)

------

**14.3** **Obligations** 

The obligations of each Party hereunder are joint and several. Failure by a Party to perform its obligations under this Agreement does not affect the obligations of the other Party hereunder.

**14.4** **Severability** 

If a provision in this Agreement, under applicable laws, is invalid or deemed unenforceable in any respect, such provision shall be construed, by modifying or limiting it, so as to be valid and enforceable to the maximum extent compatible with such laws.

The provisions herein are several and in the event any provision is held invalid or unenforceable in any respect, no other provision herein shall be considered invalid or deemed unenforceable.

**14.5** **Conflicts** 

If there is any conflict between the provisions of this Agreement and the provisions of a Schedule, the provisions of the Schedule shall prevail.

**14.6** **Governing Law** 

This Agreement shall be governed and construed in accordance with Norwegian law.

**14.7** **Arbitration** 

Any dispute arising out of or in connection with this Agreement (including any disputes regarding the existence, breach, termination or validity of any provision herein), shall be finally settled by arbitration under the rules of procedure adopted by the Nordic Offshore and Maritime Arbitration Association (Nordic Arbitration) in force at the time such arbitration proceedings are commenced. Nordic Arbitration's Best Practice Guidelines shall be taken into account.

The place of arbitration shall be Oslo, Norway and the language of the arbitration shall be English.

17(14)

------

---

| | |
|:---|:---|
| For and on behalf of | For and on behalf of |
| **Golar Management Ltd.**  | **Cool Company Management Ltd.** |
| /s/ M Bulbeck | /s/ M Bulbeck |

---

18(14)

------

<u>Schedule 1(a)</u>

**The IT Services**

GolarManUK shall provide the following IT services within the scope of the Services or Additional Services:

&nbsp;&nbsp;&nbsp;&nbsp;(i) access to the Data Applications for the Approved Cool Employees;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) access to GolarManUK's help desk function for the Approved Cool Employees; and

&nbsp;&nbsp;&nbsp;&nbsp;(iii) a reasonable amount of consultancy services in relation to the establishment by the Cool Group of its proprietary IT systems as described in the Protocol or otherwise
 requested by CoolManUK.

The Data Applications are described in further detail in the "IT Service Catalogue Index" attached hereto as Exhibit 1.

------

<u>Schedule 1(b)</u>

**The Accounting Services**

GolarManUK shall, within such instructions as, from time to time, are communicated by CoolManUK, provide the following accounting services within the scope of the Services or Additional Services:

&nbsp;&nbsp;&nbsp;&nbsp;a) maintaining all financial records and books of account of all transactions of the Cool Group;

&nbsp;&nbsp;&nbsp;&nbsp;b) administering the periodic closing of accounts in the Cool Group;

&nbsp;&nbsp;&nbsp;&nbsp;c) preparing drafts of periodic reports for the Cool Group for CoolManUK's review;

&nbsp;&nbsp;&nbsp;&nbsp;d) assisting Cool's auditors in the continuous audit of the Cool Group's accounts;

&nbsp;&nbsp;&nbsp;&nbsp;e) establishing and maintaining an adequate and accessible archive, either or both in electronic or
 physical form, over all accounting, commercial and technical documents relevant to the Cool Group;

&nbsp;&nbsp;&nbsp;&nbsp;f) assisting with the preparation of tax return forms and similar filings required to be made by Cool;
 and

entering into necessary documentation in connection with any of the foregoing.

------

<u>Schedule 1(c)</u>

**The Treasury Services**

GolarManUK shall, within the scope of the Services or Additional Services, develop and operate treasury and debt related services for the Cool Group, and provide:

&nbsp;&nbsp;&nbsp;&nbsp;a) general treasury services (which shall include, but not be limited to, administration of loan book,
 maintenance of relationships with banks and other financial institutions);

&nbsp;&nbsp;&nbsp;&nbsp;b) financial budgeting and planning (which shall include, but not be limited to, cash flow forecasting
 and other financial modelling);

&nbsp;&nbsp;&nbsp;&nbsp;c) payment services (which shall include monitoring day-to-day liquidity (receipts and payments) and
 processing relevant payments);

&nbsp;&nbsp;&nbsp;&nbsp;d) any other miscellaneous treasury or financial related service which is reasonably requested by the
 Cool Group from time to time.

------

Schedule 1(d)

**The Finance Operations Services**

GolarManUK shall, within the scope of the Services or Additional Services, perform the following finance operations services to each entity in the Cool Group and to each Customer which is not a member of the Cool Group as a subcontractor to CoolManUK:

&nbsp;&nbsp;&nbsp;&nbsp;a) supplier invoice processing

&nbsp;&nbsp;&nbsp;&nbsp;b) customer invoice processing

&nbsp;&nbsp;&nbsp;&nbsp;c) crew salary processing

&nbsp;&nbsp;&nbsp;&nbsp;d) payment and funds transfer processing

&nbsp;&nbsp;&nbsp;&nbsp;e) funding requirements monitoring/management

&nbsp;&nbsp;&nbsp;&nbsp;f) bank accounts reconciliation

&nbsp;&nbsp;&nbsp;&nbsp;g) balance accounts reconciliation

&nbsp;&nbsp;&nbsp;&nbsp;h) accounting journal posting

&nbsp;&nbsp;&nbsp;&nbsp;i) operational expense (OPEX) reporting

&nbsp;&nbsp;&nbsp;&nbsp;j) financial statement preparation

&nbsp;&nbsp;&nbsp;&nbsp;k) support document safekeeping

&nbsp;&nbsp;&nbsp;&nbsp;l) audit queries management

&nbsp;&nbsp;&nbsp;&nbsp;m) suppliers queries management

&nbsp;&nbsp;&nbsp;&nbsp;n) customer queries management

&nbsp;&nbsp;&nbsp;&nbsp;o) accounting master data maintenance

&nbsp;&nbsp;&nbsp;&nbsp;p) system testing services

&nbsp;&nbsp;&nbsp;&nbsp;q) general administration services; and

entering into necessary documentation in connection with any of the foregoing. These Services may be provided directly to each Customer if CoolManUK so directs.

------

<u>Schedule 2</u>

**Management Agreements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**No.** | &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;**Manager** | &nbsp;&nbsp;**Vessel** | &nbsp;&nbsp;**Date** |
| &nbsp;&nbsp;***[\*\*\*]*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. | [\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. | [\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;***[\*\*\*]*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;***[\*\*\*]*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. | [\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. | [\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;***[\*\*\*]*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] | &nbsp;&nbsp;[\*\*\*] |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;18. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;19. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;20. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;21. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;22. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;23. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;24. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;25. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;26. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;27. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;28. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;29. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;30. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;31. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

&nbsp;&nbsp;&nbsp;&nbsp;32. [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

------

**Schedule 3**

To Golar Management Ltd.

[Place – Date]

The undersigned, [*name of employee*], is, as of the date hereof, an employee of [*name of Cool employer*]. I was, until 31 March 2022, an employee of [*name of former Golar employer*].

I confirm that I, as an employee of [*name of former Golar employer*], was onboarded in relation to the policies and procedures in place in the group of companies in which Golar LNG Limited is the parent (the "**Golar Group**") for use of the overall IT system in use in the Golar Group (the "**Golar IT-system**") and that I, as a consequence thereof, am familiar with these.

I further confirm that I, in my capacity as [*title – responsibilities in Cool*] has been granted continued access to the Golar IT-system in order to perform my duties as an employee of [*name of Cool employer*] and that I, when using the Golar IT-system will continue to observe and abide by the Golar Group's policies and procedures for use of the same.

Further again, I confirm that I shall keep any and all information about the Golar Group and its activities which I become aware of as a consequence of any access to the Golar IT-system confidential and not share such information with any other person.

Lastly, I confirm that I, for as long as I have access to the Golar IT-system, shall refrain from any trading whatsoever in securities issued by Golar LNG Limited (including derivatives thereof) unless I have received prior written permission to do so by the CFO in Golar Management Ltd.

  <br> *[name of employee]*

------

**Schedule 4**

To Cool Company Management Ltd.

[Place – Date]

The undersigned, [*name of employee*] is, as of the date hereof, an employee of [*name of Golar employer*].

I confirm that I have been onboarded in relation to the policies and procedures in place in the group of companies in which Cool Company Ltd. is the parent (the "**Cool Group**") for use of the overall IT system in use in the Cool Group (the "**Cool Group IT-system**") and that, as a consequence thereof, am familiar with these.

I further confirm that I, in my capacity as [*title – responsibilities in Golar*] have been granted continued access to the Cool Group IT-system in order to perform my duties as an employee of [*name of Golar employer*] and that I, when using the Cool Group IT -system, will continue to observe and abide by the Cool Group's policies and procedures for use of the same.

Further again, I confirm that I shall keep any and all information about the Cool Group and its activities which I become aware of as a consequence of any access to the Cool Group IT-system confidential and not share such information with any other person.

Lastly, I confirm that I, for as long as I have access to the Cool Group IT-system, shall refrain from any trading whatsoever in securities issued by Cool Group (including derivatives thereof) unless I have received prior written permission to do so by the CFO in Cool Group.

  <br> *[name of employee]*

26<br>

## Exhibit 4.5

**Exhibit 4.5**

**<u>Execution Version</u>**

**Dated** <u>3 November</u> **2022**

**QUANTUM CRUDE TANKERS LTD**

as Seller

and

**COOL COMPANY LTD**

as Buyer

**MASTER SALE AGREEEMENT**

in connection with the sale and purchase of the entire issued share capital of<br> Pernli Marine Ltd, Persect Marine Ltd, Felox Marine Ltd and Respent Marine Ltd

![](ny20005919x6_ex4-5img01.jpg)

------

**Index**

---

| | | |
|:---|:---|:---|
| **Clause** | **Clause** | **Page** |
| 1 | Definitions and Interpretation | 1 |
| 2 | Signing | 4 |
| 3 | Conditions Precedent | 4 |
| 4 | Sale and Purchase | 5 |
| 5 | Purchase Price | 6 |
| 6 | Completion | 7 |
| 7 | Warranties | 7 |
| 8 | Condition Subsequent | 8 |
| 9 | Confidentiality | 9 |
| 10 | Further Assurance | 9 |
| 11 | Assignment and other dealings | 10 |
| 12 | Entire agreement | 10 |
| 13 | Variation, Waiver and Rights and Remedies | 10 |
| 14 | Notices | 11 |
| 15 | Severance | 11 |
| 16 | Third Party Rights | 11 |
| 17 | Costs | 11 |
| 18 | Counterparts | 12 |
| 19 | Governing Law and Jurisdiction | 12 |
| **Schedules** | **Schedules** |  |
| Schedule 1 Particulars of the Targets | Schedule 1 Particulars of the Targets | 13 |
| Schedule 2 Conditions Precedent to Completion | Schedule 2 Conditions Precedent to Completion | 15 |
|  | Part A Joint responsibility of Buyer and Seller | 15 |
|  | Part B Sole responsibility of Buyer | 15 |
| Schedule 3 Conditions Subsequent to Completion | Schedule 3 Conditions Subsequent to Completion | 16 |
| Schedule 4 Completion Obligations | Schedule 4 Completion Obligations | 17 |
| Schedule 5 Warranties | Schedule 5 Warranties | 18 |
| Schedule 6 Particulars of the Vessels | Schedule 6 Particulars of the Vessels | 19 |
| Schedule 7 Form of Stock Power | Schedule 7 Form of Stock Power | 21 |
| **Execution** | **Execution** |  |
| Execution Page | Execution Page | 22 |

---

------

**<u>Execution Version</u>**

**THIS AGREEMENT** is made on <u>3 November</u> 2022

**PARTIES**

(1) **QUANTUM CRUDE TANKERS LTD,** a corporation incorporated under the laws of the Republic of the Marshall Islands with its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, PO Box 1405, Majuro, Marshall Islands MH96960 (the **"Seller"**)

(2) **COOL COMPANY LTD,** a
 limited liability company incorporated and registered in Bermuda with registered number 54129 whose registered office is at 2<sup>nd</sup> floor, S.E. Pearman Building, 9
 Par-la-Ville Road, Hamilton HM 11, Bermuda as Buyer (the **"Buyer"**),

each a **"Party"** and together the **"Parties".**

**BACKGROUND**

(A) The Seller is the legal and beneficial owner of the entire issued share capital of the Targets (as further detailed in Schedule 1), each Target
 being the owner of a liquefied natural gas carrier (as further described in Schedule 6, the **"Vessels"**).

(B) The Seller has agreed to sell, and the Buyer has agreed to buy, the Sale Shares subject to the terms and conditions of this agreement,
 comprising the entire issued share capital of the Targets (the **"Transaction"**).

(C) In contemplation of the Transaction, the Parties wish to enter into this agreement to set out the terms and conditions on which the Targets
 shall be sold to the Buyer by the Seller, provide a framework for the replacement of a parent company guarantee which is currently in place in relation to an existing financing over the Vessels, and certain other ancillary and related matters.

(D) Completion of the sale of the Sale Shares under this agreement is conditional upon a successful Buyer Fundraising (as defined below).

(E) The Vessels are managed and operated by the Buyer and, as such, the warranties given by the Seller to the Buyer under this agreement are
 limited to matters of title, capacity and authority in connection with the Seller's transfer of the Sale Shares.

**OPERATIVE PROVISIONS**

1 DEFINITIONS AND INTERPRETATION

1.1 The definitions and rules of interpretation in this clause apply in this agreement.

**"Affiliate"** means, in relation to a person, any other person Controlling, Controlled by or under common Control with such person.

**"agreed form"** means the form of such document separately agreed in writing between the parties thereto as the form in which that document is to be executed.

**"Business Day"** means a day other than a Saturday, Sunday or public holiday in England or Norway when banks in London, Bermuda and Norway are open for business.

------

**"Buyer Fundraising"** means the Buyer's issue of further securities on Euronext Growth Oslo and receipt of the proceeds, completion of which results in, when combined with cash reserves of other sources of funding, the Buyer being able to pay the Purchase Price.

**"Charters"** means each of the charters described in respect of each Vessel in Schedule 6 and **"Charter"** shall mean any of them as the context requires.

**"Completion"** means the completion of the sale and purchase of the Sale Shares in accordance with this agreement.

**"Completion Accounts"** means the pro-forma balance sheets for the Targets as at the Completion Date prepared by the Seller.

**"Completion Date"** has the meaning given in Clause 6.

**"Completion Notice"** shall have the meaning given to it in Clause 4.4.

**"Conditions"** means the conditions to Completion, being the matters set out in 3.3 Part A.

**"Control"** means in relation to a non-natural person, the ability of any person directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) appoint and/or remove: (i) a majority of the board of directors; or (ii) any other body or entity that by operation of law or otherwise is
 entitled to direct the activities, of such non-natural person (including a general partner or trustee);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) exercise, or direct the exercise of, more than 50% of the voting rights of that body corporate or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) direct or otherwise control its day to day affairs,

and **"Controlling"** and **"Controlled"** shall be construed accordingly.

**"Directors"** means the directors and officers of the Targets.

**"Encumbrance"** means any interest or equity of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment, hypothecation, security interest, title retention or any other security agreement or arrangement.

**"Existing Guarantee"** means the parent company guarantee dated 11 May 2022 provided by the Seller in respect of the Facility Agreement.

**"Facility Agreement"** means the facility agreement dated 11 May 2022 and made between, amongst others, (i) the Targets as borrowers, (ii) ING Bank N.V., Singapore Branch as agent and security trustee and (iii) ING Bank N.V., Singapore Branch, Credit Agricole Corporate & Investment Bank, KfW Ipex-Bank Gmbh And Nordea Bank Abp, Filial I Norge as banks.

**"Longstop Date"** means 31 December 2022 or such other date as may be agreed by the Buyer and the Seller in writing.

**"Option Agreement"** means the agreement in agreed form to be entered into between the Buyer and two Affiliates of the Seller, in respect of an option for the Buyer to enter into novations of shipbuilding contracts for two vessels to be constructed by Hyundai Samho Heavy Industries Co., Ltd, of the Republic of Korea.

------

**"Purchase Price"** has the meaning given in Clause 5.

**"Sale Shares"** means the entire issued share capital of each of the Targets, as set out in Schedule 1, all of which have been issued and are fully paid.

**"Secured Debt"** any outstanding debt under the Facility Agreement.

**"Stock Powers"** means stock powers in respect of the Sale Shares in the form set out at Schedule 7 duly executed by the Seller as the registered holder in favour of the Buyer (or its nominee).

**"Targets"** means the companies listed in Schedule 3 and **"Target"** means any one of them.

**"Tax"** or **"Taxation"** means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all forms of taxation and statutory, governmental, state, federal, provincial, local government or municipal charges, duties, imposts,
 contributions, levies, withholdings or liabilities of whatever nature, howsoever computed, and wherever created or imposed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any penalty, fine, surcharge, interest, charge or cost relating thereto or in relation to any failure to comply with any law relating to Tax.

**"Transaction Documents"** means this agreement and the Stock Powers.

**"Vessel"** means, in relation to a Target, the vessel owned by such Target as set out in 19.3 and Schedule 6 and **"Vessels"** shall be construed accordingly.

**"Warranties"** means the warranties set out in Schedule 5 *(Warranties).*

1.2 References to clauses and Schedules are to the clauses of and Schedules to this agreement and references to paragraphs are to paragraphs of the
 relevant Schedule.

1.3 The Schedules form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any reference to this
 agreement includes the Schedules.

1.4 A reference to a **"company"** shall include any company, corporation or other body corporate, wherever and however incorporated or established.

1.5 Unless expressly provided otherwise in this agreement, a reference to **"writing"** or **"written"** excludes fax but not email.

1.6 Any words following the terms **"including" , "include" , "in particular" , "for example"** or any similar expression shall be interpreted as illustrative and shall not limit the sense of the
 words preceding those terms.

1.7 References to a document in **"agreed form"** are to that document in the form
 agreed by the Parties and initialled by them or on their behalf for identification.

------

1.8 Unless expressly provided otherwise in this agreement, a reference to legislation or a legislative provision:

(a) is a reference to it as it is in force as at the date of agreement;

(b) shall include all subordinate legislation made as at the date of this agreement under that legislation or legislative provision.

---

| | |
|:---|:---|
| 2 | SIGNING |

---

2.1 On signing of this agreement each Party shall provide to the other copies of fully executed corporate authorities (and any relevant powers of
 attorney) in agreed form authorising the execution by them of this agreement and all other Transaction Documents to which it is a party and the transactions contemplated in this agreement, and (if relevant) appointing the relevant signatory or
 signatories to execute this agreement and any other Transaction Documents on its behalf.

3 CONDITIONS PRECEDENT

3.1 Completion is subject to and conditional upon the Conditions being satisfied (or waived by the Parties in accordance with Clause 3.8 and 3.9)
 by or before 6.00pm on the Longstop Date.

3.2 This agreement shall automatically terminate and cease to have effect (except as provided in Clause 3.3) at 6.00pm (London time) on the
 Longstop Date, if any of the Conditions are not satisfied (or waived by the mutual consent of the Parties in accordance with Clause 3.8), by or before that date.

3.3 If this agreement terminates in accordance with Clause 3.2, it will immediately cease to have any further force and effect except for:

(a) any provision of this agreement that expressly or by implication is intended to come into or continue in force on or after termination
 (including Clause 1 *(Interpretation) ,* Clause 3.2 and this Clause 3.3 *(Conditions precedent) ,* Clause 8 *(Confidentiality and announcements)* and Clause 12 *(Entire agreement)* to Clause 19 *(Governing law and jurisdiction)* (inclusive)), each of which shall remain in full force and effect; and

(b) any rights, remedies, obligations or liabilities of the Parties that have accrued before termination, including any fee payable by the Buyer to
 the Seller in accordance with Clause **Error! Reference source not found..** 

3.4 Each of the Seller and the Buyer shall use its best endeavours to procure (so far as it lies within its power so to do) that the Conditions in
 Schedule 2 Part A are satisfied as soon as practicable and in any event no later than the Longstop Date.

3.5 The Buyer shall use its best endeavours to procure that the Conditions in Schedule 2 Part B is satisfied as soon as practicable and in any
 event no later than the Longstop Date.

3.6 The Buyer and the Seller shall co-operate fully in all actions necessary to procure the satisfaction of the Conditions including (but not
 limited to) the provision by the Parties of all information reasonably necessary to make any notification or filing required by any relevant authority, keeping the other Party informed of the progress of any notification or filing and providing
 such other assistance as may reasonably be required.

3.7 Each Party shall promptly notify the other in writing if it becomes aware of any fact, event, matter or circumstance that has prevented or
 might reasonably be expected to prevent any of the Conditions from being satisfied by or before the Longstop Date.

------

3.8 The Parties may, each to the extent that it is legally entitled to do so and to such extent as it thinks fit (in its absolute discretion),
 agree in writing to waive any of the Conditions in Schedule 2 Part A.

3.9 The Seller may, to such extent as it thinks fit (in its absolute discretion), agree in writing to waive the Condition set out in paragraph 1.2
 of Schedule 2.

3.10 In the event that the Buyer Fundraising occurs on or before the Longstop Date, the Buyer shall apply all proceeds of the Buyer Fundraising up
 to the value of the Purchase Price towards funding the Transaction.

3.11 The Seller undertakes to waive or procure the waiver, effective as at Completion, of (a) any amounts payable to one or more of the Targets by
 the Seller and/or its Affiliates and (b) any amounts payables by one or more of the Targets to the Seller and/or its Affiliates, in each case, relating to the period prior to Completion.

4 SALE AND PURCHASE

4.1 On the terms of this agreement and subject to the completion of the Conditions, at Completion the Seller shall sell and the Buyer shall buy the
 Sale Shares with full title guarantee and free from all Encumbrances, together with all rights that attach (or may in the future attach) to the Sale Shares including, in particular, the right to receive all dividends and distributions declared,
 made or paid on or after the date of this agreement.

4.2 None of the Parties is obliged to complete the sale and purchase of any of the Sale Shares unless the sale and purchase of all of the Sale
 Shares is completed simultaneously.

4.3 The provisions of this agreement, other than Clauses 1, 3.3, 3.4, 7, 11, 12, 13, 14, 15, 16 and 18 (and any other provision expressed to take effect as from the date of this agreement) are conditional upon and subject to the Seller sending the Completion Notice to
 the Buyer as referred to in Clause 4.4.

4.4 Promptly following the satisfaction or waiver of all of the Conditions the Seller shall send a written notice to the Buyer (the **"Completion Notice"**) specifying:

(a) the date for Completion, being no sooner than the date falling 3 clear Business Days following the date that the Completion Notice is sent to
 the Buyer;

(b) the amount of the Purchase Price; and

(c) the account of the Seller where the Purchase Price is to be remitted,

and including pro-forma balance sheets for the Targets prepared up to 30 September 2022 and any other information reasonably requested by the Buyer prior to the issue of the Completion Notice in connection with the calculation of the Purchase Price, save that the information provided by the Seller as part of the Completion Notice shall be considered definitive except in the case of manifest error.

------

5 PURCHASE PRICE

5.1 The initial consideration for the sale of the Sale Shares (**"Purchase Price"**) (subject
 to adjustment as provided in Clause 5.2 below) is:

(a) USD$650,000,000 (being an amount equal to the aggregate purchase price paid by the Targets for the Vessels, allocated between the Vessels as
 indicated at Schedule 6);

*plus*

(b) all broker commissions, transaction costs and financing costs (but excluding interest) incurred by the Seller and Affiliates of the Seller up
 to and including Completion in connection with the original acquisition and financing of the Vessels (costs incurred to the date of signing of this agreement that are specific to a Vessel are allocated between the Vessels as indicated at
 Schedule 6, all other Vessel related costs are allocated equally between the Vessels on a pro-rata basis) as agreed by the Parties prior to the Completion Date;

*plus*

(c) an amount equal to the aggregate amount of management fees paid by the Targets to the Buyer and Affiliates of the Buyer up to and including
 Completion in connection with the Vessels (such fees to the date of signing of this agreement allocated between the Vessels as indicated at Schedule 6 and such further fees to the Completion Date shall be calculated by the Buyer and
 communicated to the Seller prior to the Completion Date) as agreed by the Parties prior to the Completion Date;

*plus*

(d) an amount equal to US$700,000 paid by on or behalf of the Targets to Eastern Pacific Shipping Pte Ltd and Quantum Pacific Shipping Services Pte
 Ltd by way of management and service fees up to and including Completion in connection with the Vessels;

*minus*

(e) an amount equal to the Secured Debt on the Completion Date;

*minus*

(f) the amount of any hire received in advance under any Charter that relates to a period following the Completion Date (**"Charter Hire"**);

*minus*

(g) the amount of interest accrued on the Secured Debt (the **"Secured Debt Accrued Interest")** for the period up to (but excluding) the Completion Date and which remains unpaid as at the Completion Date,

which shall be paid by the Buyer in cash at Completion in accordance with Clause 4(a) of Schedule 4 Part B *(Buyer's Completion Obligations).*

5.2 The Purchase Price shall be adjusted following Completion as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it shall be increased by the amount by which the third-party receivables and/or prepayments as reflected in the Completion Accounts exceed the
 amount of the payables for accrued crew costs and technical costs as reflected in the Completion Accounts; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it shall be reduced by the amount by which the amount of the payables for accrued crew costs and technical costs as reflected in the Completion
 Accounts exceed the third-party receivables and/or prepayments as reflected in the Completion Accounts.

5.3 If as a result of the adjustment in Clause 5.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the amount of the Purchase Price is increased, the Buyer shall make a payment to the Seller of a sum equal to that increase; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the amount of the Purchase Price is reduced, the Seller shall make a payment to the Seller of a sum equal to that reduction.

Any such payment shall be made within 7 days following the day on which the Completion Accounts are delivered by the Seller to the Buyer, together with a calculation of the adjustment to the Purchase Price to be made in accordance with this Clause.

6 COMPLETION

6.1 Subject to the provisions of this agreement, Completion shall be effected by completion of the Conditions and shall take place on the date for
 Completion as specified in the Completion Notice or on such other date as may be agreed in writing between the Parties (the **"Completion Date"**).

6.2 Subject to the Buyer complying with Clause 6.3, at Completion the Seller shall do the things listed in Schedule 4 Part A *(Seller's Completion Obligations).* 

6.3 Subject to the Seller complying with Clause 6.2, at Completion the Buyer shall do the things listed in 4.4 Part B *(Buyer's Completion Obligations).* 

6.4 If any Vessel shall become a total loss or a constructive total loss prior to Completion:

(a) the Target that owns such Vessel and its shares shall be deemed excluded from the sale and purchase referred to at Clause 4.1 with effect *ab initio ;* 

(b) the Purchase Price will be adjusted accordingly;

(c) any non-Vessel specific or shared costs (including those referred to in Clause 5.1(b)) to the extent such amounts are not covered by relevant
 insurance proceeds, shall be reallocated pro-rata amongst the other Targets; and

any other relevant provision of this agreement shall be interpreted *mutatis mutandis* (including the exclusion of such Target's shares from the definition of Sale Shares and the non-application of the Warranties to such Target and Vessel).

7 WARRANTIES

7.1 Each of the Seller and the Buyer warrants and undertakes to the other Party that at the date of this agreement and at the Completion Date:

(a) it is duly organised and validly existing under the laws of the jurisdiction of its organisation and has full corporate or entity power to own
 its assets;

------

(b) it has taken all necessary action and has all requisite power and authority to enter into and perform this agreement in accordance with its
 terms and the other Transaction Documents to which it is a party;

(c) this agreement and the other documents to be entered into pursuant to it constitute (or shall constitute when executed) valid, legal and
 binding obligations on it and the Parties whom they are to procure entry into of such other documents on the terms of this agreement and such other documents; and

(d) compliance with the terms of this agreement and the documents referred to in it shall not breach or constitute a default under its
 constitutional documents or any order, judgment, decree or other restriction or rules (including listing rules) applicable to it.

7.2 The Seller further warrants and undertakes to the Buyer that each statement in Schedule 5 Part A is true and accurate at the date of this
 agreement and at the Completion Date.

8 CONDITION SUBSEQUENT

8.1 The Seller shall procure that Completion Accounts are delivered to the Buyer as soon as practicable after Completion, together with a
 calculation of the adjustment to the Purchase Price required under Clause 5.2, in accordance with Schedule 3.

8.2 The Buyer shall procure the release of the Existing Guarantee in accordance with Schedule 3, and the Seller shall provide all assistance
 reasonably requested by the Buyer in connection with such release of the Existing Guarantee (at the Buyer's sole expense).

8.3 The Buyer shall indemnify the Seller against any claim made under the Existing Guarantee in the period between Completion and the release of
 the Existing Guarantee as a condition subsequent to Completion in accordance with Clause 8.1 and Schedule 3 and all other reasonable costs and expenses (including legal fees) suffered or incurred by the Seller arising out of or in connection
 with any such claim (any such costs and expenses to be itemised accordingly).

8.4 This indemnity shall not cover the Seller to the extent that a claim under it results from the Seller's negligence or wilful misconduct.

8.5 If any third party makes a claim, or notifies an intention to make a claim, against the Seller which may reasonably be considered likely to
 give rise to a liability under this indemnity (a **"Claim"**), the Seller shall:

(a) as soon as reasonably practicable, give written notice of the Claim to the Buyer, specifying the nature of the Claim in reasonable detail;

(b) not make any admission of liability, agreement or compromise in relation to the Claim without the prior written consent of the Buyer (such
 consent not to be unreasonably conditioned, withheld or delayed);

(c) give the Buyer and its professional advisers access at reasonable times (on reasonable prior notice) to its premises and its officers,
 directors, employees, agents, representatives or advisers, and to any relevant assets, accounts, documents and records within the power or control of the Seller, so as to enable the Buyer and its professional advisers to examine them and to
 take copies (at the Buyer's expense) for the purpose of assessing the Claim; and

------

(d) be deemed to have given to the Buyer sole authority to avoid, dispute, compromise or defend the Claim.

8.6 If a payment due from the Buyer under this clause is subject to tax (whether by way of direct assessment or withholding at its source), the
 Seller shall be entitled to receive from the Buyer such amounts as shall ensure that the net receipt, after tax, to the Seller in respect of the payment is the same as it would have been were the payment not subject to tax.

9 CONFIDENTIALITY

9.1 Subject to clause 9.2 the terms of this Agreement and all related documents and the negotiations relating thereto (the **"Confidential Information"**) are strictly confidential and no disclosure relating thereto shall be made or issued by or on behalf of any Party to this Agreement to any third party
 (other than their officers, employees, Affiliates, professional advisers or bankers) except in the terms and at the time agreed by the Parties, but such agreement shall not be unreasonably withheld, conditioned or delayed.

9.2 Clause 9.1 does not apply to any Confidential Information:

(a) which is already in the public domain other than as a result of its disclosure by the receiving Party under clause 9.1 or any person to whom it
 has disclosed the information in accordance with clause 9.2(c)(ii) in breach of this Agreement; or

(b) which is required to be disclosed by any application law or regulation including any stock exchange or listing rules; or

(c) which is the subject of a bona fide disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to a court, governmental, official or regulatory authority or to inspectors or others authorised by such an authority or by or under any
 legislation to carry out any enquiries or investigation or as otherwise required by the law of any relevant jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the employees, officers, agents or professional advisers of any Party or its Affiliates to the extent necessary for such persons to obtain
 the same for the purpose of discharging their responsibilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with any proceedings arising out of or in connection with this Agreement,

provided that in each case (and to the extent it is legally permitted to do so) that the disclosing Party shall procure that any information so disclosed is kept confidential by the person to whom it is disclosed and gives the other Parties as much notice of such disclosure as possible and, where notice of disclosure is not prohibited and is given in accordance with this clause 8, such Party takes into account (so far as is reasonably practicable) the reasonable requests of the other Party in relation to the content of such disclosure.

10 FURTHER ASSURANCE

10.1 Each Party shall (at its own cost), at the request of the other Party, at any time do or procure to be done by a third party, so far as may be
 reasonably within its power, all acts or things and/or execute or procure the execution of all documents in a form reasonably satisfactory to the other Party as is or are required to give full effect to the provisions of this agreement.

------

10.2 Each Party undertakes to the other Party that all actions required of it under this agreement will be undertaken in a timely manner.

11 ASSIGNMENT AND OTHER DEALINGS

Neither Party shall assign, transfer, mortgage, charge, subcontract, delegate, declare a trust of, or deal in any other manner with any or all of its rights and obligations under this agreement.

12 ENTIRE AGREEMENT

12.1 In this clause 12, **"Pre-Contractual Statement"** means any statement,
 undertaking, promise, assurance, warranty or understanding, or any representation or misrepresentation (whether contractual or non-contractual, or made innocently), made before the time at which this agreement is entered into, to or by any
 person (whether or not in writing), that is not set out in a Transaction Document.

12.2 The Transaction Documents constitute the entire agreement and understanding of the Parties in relation to their subject matter and supersede
 all previous discussions, correspondence, negotiations, drafts, agreements, promises, assurances, representations, warranties, arrangements and understandings (whether written or not) between them.

12.3 Each Party acknowledges and agrees that, in entering into the Transaction Documents, it is not relying on any Pre-Contractual Statement.

12.4 No Party shall have any right, remedy or claim:

(a) of any kind in relation to any Pre-Contractual Statement; or

(b) for innocent or negligent misrepresentation or negligent misstatement based on any statement in any Transaction Document.

12.5 The Parties acknowledge that they have comparable bargaining power and have each taken legal advice on the effect of this clause 12, and that
 they consider its terms to be reasonable.

13 VARIATION, WAIVER AND RIGHTS AND REMEDIES

13.1 No variation of this agreement shall be effective unless it is in writing and signed by the Parties (or their authorised representatives).

13.2 A waiver of any right or remedy is only effective if given in writing and shall not be deemed a waiver of any subsequent right or remedy.

13.3 A delay or failure to exercise, or the single or partial exercise of, any right or remedy shall not waive that or any other right or remedy,
 nor shall it prevent or restrict the further exercise of that or any other right or remedy.

13.4 Except as expressly provided in this agreement, the rights and remedies provided under this agreement are in addition to, and not exclusive of,
 any rights or remedies provided by law.

------

---

| | |
|:---|:---|
| 14 | NOTICES |

---

14.1 A notice given to a Party under or in connection with this agreement shall be in writing and shall be delivered by hand or by pre-paid
 first-class post or other next working day delivery service at it's address set out below or sent by email to the following addresses (or an address substituted in writing by the Party to be served):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Seller:

Email: <u>cvril.ducau@epshipping.com.sg</u> / <u>legal@epshipping.com.sg</u>

Postal address: C/o Eastern Pacific Shipping Pte Ltd, 1 Temasek Avenue, #38-01 Millenia Tower, Singapore 039192

in each case marked for the attention of Cyril Ducau (CEO) and General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer:

Email: <u>Richard.Tyrrell@coolcoltd.com</u> / <u>Legal@coolcoltd.com</u>

Postal Address: Cool Company Management Ltd, 5th Floor, 7 Clarges Street, London W1J 8AE

in each case marked for the attention of Richard Tyrrell (CEO)

14.2 Any notice shall be deemed to have been received:

(a) if delivered by hand, at the time the notice is left at the proper address;

(b) if sent by pre-paid first-class post or other next working day delivery service, at 9.00 am on the second Business Day after posting; or

(c) if sent by email, at the time of transmission, or, if this time falls outside business hours in the place of receipt, when business hours
 resume. In this clause, **"business hours"** means 9.00am to 5.00pm Monday to Friday on a day that is not a public holiday in the place of receipt.

14.3 This Clause 14 *(Notices)* does not apply to the service of
 any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute resolution.

15 SEVERANCE

If any provision or part-provision of this agreement is or becomes invalid, illegal or unenforceable, it shall be deemed deleted, but that shall not affect the validity and enforceability of the rest of this agreement.

16 THIRD PARTY RIGHTS

This agreement does not give rise to any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement.

---

| | |
|:---|:---|
| 17 | COSTS |

---

17.1 The Buyer shall pay and/or reimburse Seller for all reasonable costs and expenses (including legal costs) incurred in connection with the
 negotiation, preparation, execution and implementation of this agreement and the documents referred to herein (whether or not Completion takes places), within 14 days following receipt by the Buyer of a written
 notice from the Seller itemising any such costs and expenses and requesting reimbursement.

------

---

| | |
|:---|:---|
| **18** | **COUNTERPARTS** |

---

18.1 This agreement may be entered into in any number of counterparts and by the Parties to it on separate counterparts, each of which when so
 executed and delivered shall be an original but shall not be effective until each Party has executed at least one counterpart, but all the counterparts shall together constitute one and the same instrument.

---

| | |
|:---|:---|
| **19** | **GOVERNING LAW AND JURISDICTION** |

---

19.1 This agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject
 matter or formation shall be governed by and construed in accordance with the law of England and Wales.

19.2 Each Party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim (including
 non-contractual disputes or claims) arising out of or in connection with this agreement or its subject matter or formation.

19.3 The Buyer hereby irrevocably appoints Cool Company Management Ltd of 5<sup>th</sup> Floor, 7 Clarges Street, London W1J 8AE as its agent for service of process in respect of proceedings before such courts.

19.4 The Seller hereby irrevocably appoints Eastern Pacific Shipping (UK) Limited of Colette House, 2nd Floor, 52-55 Piccadilly, London W1J 0DX,
 United Kingdom (Attention: Cyril Ducau) as its agent for service of process in respect of proceedings before such courts.

19.5 Any communication served on the agent referred to in Clause 19.3 or 19.4 shall be deemed served in accordance with the provisions of Clause 14 *(Notices).* If such agent (or any replacement agent appointed pursuant to this Clause 19.5) at any time ceases for any reason to act as such, the relevant
 appointor irrevocably agrees to appoint a replacement agent for service of process having an address for service in England or Wales and shall notify the other party of the name and address of such replacement agent in writing within 20
 Business Days of such other agent ceasing to act. Failing such appointment and notification, the party not in default shall be entitled by notice to the party in default to appoint such a replacement agent on its behalf.

19.6 In this Clause 19 *(Governing law and jurisdiction) ,* **"proceedings"** means proceedings of any kind, including an application for a provisional or protective measure and a **"dispute"** means any dispute arising out of or in
 connection with this Agreement or any other Transaction Document including any dispute concerning any non-contractual obligation arising out of or in connection with this agreement or any other Transaction Document.

**This agreement has been entered into on the date stated at the beginning of this agreement.**

------

**SCHEDULE 1**

**PARTICULARS OF THE TARGETS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Registered name:** | &nbsp;&nbsp;Pernli Marine Ltd |
| &nbsp;&nbsp;**Registration number:** | &nbsp;&nbsp;C-124131 |
| &nbsp;&nbsp;**Place of incorporation:** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Date of incorporation:** | &nbsp;&nbsp;29 April 2022 |
| &nbsp;&nbsp;**Registered office:** | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Issued share capital:** | &nbsp;&nbsp;500 ordinary shares without par value |
| &nbsp;&nbsp;**Registered shareholder (and number of Sale Shares held):** | &nbsp;&nbsp;Quantum Crude Tankers Ltd - 500 ordinary shares without par value |
| &nbsp;&nbsp;**Directors:** | &nbsp;&nbsp; John Frank Megginson <br> Timothy James Humphreys <br> William Francis Hughes |
| &nbsp;&nbsp;**Secretary:** | &nbsp;&nbsp;Karen Anne Carson |
| &nbsp;&nbsp;**Vessel** | &nbsp;&nbsp;m.t. Kool Baltic |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Registered name:** | &nbsp;&nbsp;Persect Marine Ltd |
| &nbsp;&nbsp;**Registration number:** | &nbsp;&nbsp;C-124132 |
| &nbsp;&nbsp;**Place of incorporation:** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Date of incorporation:** | &nbsp;&nbsp;29 April 2022 |
| &nbsp;&nbsp;**Registered office:** | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Issued share capital:** | &nbsp;&nbsp;500 ordinary shares without par value |
| &nbsp;&nbsp;**Registered shareholder (and number of Sale Shares held):** | &nbsp;&nbsp;Quantum Crude Tankers Ltd - 500 ordinary shares without par value |
| &nbsp;&nbsp;**Directors:** | &nbsp;&nbsp; John Frank Megginson <br> Timothy James Humphreys <br> William Francis Hughes |
| &nbsp;&nbsp;**Secretary:** | &nbsp;&nbsp;Karen Anne Carson |
| &nbsp;&nbsp;**Vessel** | &nbsp;&nbsp;m.t. Kool Boreas |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Registered name:** | &nbsp;&nbsp;Felox Marine Ltd |
| &nbsp;&nbsp;**Registration number:** | &nbsp;&nbsp;C-124130 |
| &nbsp;&nbsp;**Place of incorporation:** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Date of incorporation:** | &nbsp;&nbsp;29 April 2022 |
| &nbsp;&nbsp;**Registered office:** | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Issued share capital:** | &nbsp;&nbsp;500 ordinary shares without par value |
| &nbsp;&nbsp;**Registered shareholder (and number of Sale Shares held):** | &nbsp;&nbsp;Quantum Crude Tankers Ltd - 500 ordinary shares without par value |
| &nbsp;&nbsp;**Directors:** | &nbsp;&nbsp; John Frank Megginson <br> Timothy James Humphreys <br> William Francis Hughes |
| &nbsp;&nbsp;**Secretary:** | &nbsp;&nbsp;Karen Anne Carson |
| &nbsp;&nbsp;**Vessel** | &nbsp;&nbsp;m.t. Kool Firn |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Registered name:** | &nbsp;&nbsp;Respent Marine Ltd |
| &nbsp;&nbsp;**Registration number:** | &nbsp;&nbsp;C-124133 |
| &nbsp;&nbsp;**Place of incorporation:** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Date of incorporation:** | &nbsp;&nbsp;29 April 2022 |
| &nbsp;&nbsp;**Registered office:** | &nbsp;&nbsp;80 Broad Street, Monrovia, Liberia |
| &nbsp;&nbsp;**Issued share capital:** | &nbsp;&nbsp;500 ordinary shares without par value |
| &nbsp;&nbsp;**Registered shareholder (and number of Sale Shares held):** | &nbsp;&nbsp;Quantum Crude Tankers Ltd – 500 ordinary shares without par value |
| &nbsp;&nbsp;**Directors:** | &nbsp;&nbsp; John Frank Megginson <br> Timothy James Humphreys <br> William Francis Hughes |
| &nbsp;&nbsp;**Secretary:** | &nbsp;&nbsp;Karen Anne Carson |
| &nbsp;&nbsp;**Vessel** | &nbsp;&nbsp;m.t. Kool Orca |

---

------

**SCHEDULE 2**

**CONDITIONS PRECEDENT TO COMPLETION**

**PART A**

**JOINT RESPONSIBILITY OF BUYER AND SELLER**

1.1 The following documents, in each case to the Seller and the Buyers reasonable satisfaction, shall be executed and duly exchanged and delivered
 by the relevant parties thereto, coming into full force and effect conditional only on Completion:

(a) the Option Agreement;

(b) the consent of the charterers of the Vessels under each Charter to the change of ownership of the Targets; and

(c) a termination of each of the management agreements entered into between Cool Company Management Limited and each of the Targets in respect of
 the management of the relevant Vessel.

**PART B**

**SOLE RESPONSIBILITY OF BUYER**

1.2 Completion of the Buyer Fundraising.

1.3 Provision to the Seller of a letter of consent from ING Bank N.V., Singapore Branch (as agent) in respect of the sale of the Targets to the
 Buyer.

------

**SCHEDULE 3**

**CONDITIONS SUBSEQUENT TO COMPLETION**

1 The Buyer shall procure that the following documents, in each case to the Seller's reasonable satisfaction, shall be executed and duly exchanged and delivered by the relevant parties thereto within 5 Business Days of Completion:

(a) a release of the Existing Guarantee; and

(b) a replacement parent company guarantee from the Buyer or one of its Affiliates as guarantor in favour of ING Bank N.V., Singapore Branch in
 respect of the Facility Agreement.

2 The Seller shall procure that the Completion Accounts are delivered to the Buyer as soon as practicable after Completion, together with a calculation of the adjustment to the Purchase Price required under Clause 5.2.

------

**SCHEDULE 4**

**COMPLETION OBLIGATIONS** 

**PART A - Seller's Completion Obligations**

---

| | |
|:---|:---|
| **1** | **Documents to be delivered at Completion** |

---

At Completion, the Seller shall deliver to the Buyer:

(a) the Stock Powers executed by the Seller;

(b) the share certificates for the Sale Shares or an indemnity, in agreed form, for any lost or damaged certificates;

(c) copies of all constitutional documents of the Targets and the registers, minute books and other records required to be kept by the Targets, in
 each case properly written up as at the Completion Date, together with the common seals (if any), certificates of incorporation and any certificates of incorporation on change of name for each of the Targets;

(d) duly executed letters of resignation, in agreed form, from each of the Directors and the company secretary resigning from their respective
 offices with any of the Targets;

(e) signed minutes, in agreed form, of the board meetings held by the Targets pursuant to paragraph 2 of this Schedule 4 Part A.

---

| | |
|:---|:---|
| **2** | **Completion board meeting** |

---

The Seller shall cause a board meeting of each of the Targets to be held at Completion at which the matters set out in the agreed form completion board minutes delivered pursuant to paragraph 1(e) of this Schedule 4 Part A shall take place, which shall include:

(a) acceptance of the resignation of the Directors and the company secretary; and

(b) the appointment of Mi Hong Yong, Thorleif Egeli and Sarah Choudhry as a director of each of the Targets.

---

| | |
|:---|:---|
| **3** | **Vessel Documents** |

---

(a) Copies of Certificate of Ownership and Encumbrance in respect of each Vessel.

**PART B - Buyer's Completion Obligations** 

---

| | |
|:---|:---|
| **4** | **Documents to be delivered and payments to be made at Completion** |

---

At Completion, the Buyer shall:

(a) pay the Purchase Price by electronic transfer of immediately available funds to the Seller; and

(b) deliver a copy of a resolution of the board of directors of the Buyer approving the terms of, the transactions contemplated by, and the
 execution, delivery and performance of this agreement and the Option Agreement.

------

**SCHEDULE 5**

**WARRANTIES**

**<u>Part A – Seller Warranties</u>**

---

| | |
|:---|:---|
| **1** | **Shares in the Targets** |

---

1.1 The Sale Shares constitute the whole of the allotted and issued share capital of the Targets and are fully paid, or credited as fully paid.

1.2 The information contained in Schedule 1 is true and accurate.

1.3 The Seller is the sole legal and beneficial owner of the Sale Shares and is entitled to transfer the legal and beneficial title to the Sale
 Shares to the Buyer free from all Encumbrances, without the consent of any other person.

1.4 No person has any right to require at any time the transfer, creation, issue or allotment of any share, loan capital or other securities of any
 of the Targets (or any rights or interest in them), and no person has agreed to confer or has claimed any such right.

1.5 No Encumbrance has been granted to any person or otherwise exists affecting the Sale Shares or any unissued shares, debentures or other
 unissued securities of any of the Targets, and no commitment to create any such Encumbrance has been given, nor has any person claimed any such rights.

1.6 No Target:

(a) owns, or has agreed to acquire, any shares, loan capital or any other securities or interest in any company;

(b) has, at any time, had any subsidiaries or subsidiary undertakings; and

(c) is, and has agreed to become, a member of any partnership or other unincorporated association, joint venture or consortium (other than
 recognised trade associations).

1.7 No Target has purchased, redeemed, reduced, repaid or forfeited any of its share capital.

---

| | |
|:---|:---|
| **2** | **Vessels** |

---

2.1 Each Target is the registered owner of a Vessel as set out at Schedule 6 and none of the Vessels are the subject of any Encumbrances other than
 pursuant to the Facility Agreement.

2.2 The information contained in Schedule 6 is true and accurate.

------

**SCHEDULE 6**

**PARTICULARS OF THE VESSELS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vessel Name** | &nbsp;&nbsp;Kool Baltic |
| &nbsp;&nbsp;**IMO No.** | &nbsp;&nbsp;9654878 |
| &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;Pernli Marine Ltd |
| &nbsp;&nbsp;**Flag** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Type of Vessel** | &nbsp;&nbsp;LNG Tanker (Ice 2) |
| &nbsp;&nbsp;**CBM (approx.)** | &nbsp;&nbsp;170200 |
| &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;October 2014 |
| &nbsp;&nbsp;**Purchase Price Paid by Target** | &nbsp;&nbsp;US$147,500,000.00 |
| &nbsp;&nbsp;**Specific Vessel related costs** | &nbsp;&nbsp;US$1,816,374.04 |
| &nbsp;&nbsp;**Allocation of non-Vessel specific costs** | &nbsp;&nbsp;US$623,177.10 |
| &nbsp;&nbsp;**Management Fees** | &nbsp;&nbsp;US$332,876.71 |
| &nbsp;&nbsp;**Secured Debt relating to Vessel** | &nbsp;&nbsp;US$118,000,000.00 |
| &nbsp;&nbsp;**Charter** | &nbsp;&nbsp;Time charter party dated 11 May 2022 between Pernli Marine Ltd as owners and Shell Tankers (Singapore) Private Limited as charterers |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vessel Name** | &nbsp;&nbsp;Kool Boreas |
| &nbsp;&nbsp;**IMO Number** | &nbsp;&nbsp;9654880 |
| &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;Persect Marine Ltd |
| &nbsp;&nbsp;**Flag** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Type of Vessel** | &nbsp;&nbsp;LNG Tanker (Ice 2) |
| &nbsp;&nbsp;**CBM (approx.)** | &nbsp;&nbsp;170200 |
| &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;January 2015 |
| &nbsp;&nbsp;**Purchase Price Paid by Target** | &nbsp;&nbsp;US$150,000,000.00 |
| &nbsp;&nbsp;**Specific Vessel related costs** | &nbsp;&nbsp;US$1,926,570.40 |
| &nbsp;&nbsp;**Allocation of non-Vessel specific costs** | &nbsp;&nbsp;US$623,177.10 |
| &nbsp;&nbsp;**Management Fees** | &nbsp;&nbsp;US$332,876.71 |
| &nbsp;&nbsp;**Secured Debt relating to Vessel** | &nbsp;&nbsp;US$120,000,000.00 |
| &nbsp;&nbsp;**Charter** | &nbsp;&nbsp;Time charter party dated 11 May 2022 between Persect Marine Ltd as owners and Shell Tankers (Singapore) Private Limited as charterers |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vessel Name** | &nbsp;&nbsp;Kool Firn |
| &nbsp;&nbsp;**IMO Number** | &nbsp;&nbsp;9864746 |
| &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;Felox Marine Ltd |
| &nbsp;&nbsp;**Flag** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Type of Vessel** | &nbsp;&nbsp;LNG Tanker |
| &nbsp;&nbsp;**CBM (approx.)** | &nbsp;&nbsp;174000 |
| &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;September 2020 |
| &nbsp;&nbsp;**Purchase Price Paid by Target** | &nbsp;&nbsp;US$175,000,000.00 |
| &nbsp;&nbsp;**Specific Vessel related costs** | &nbsp;&nbsp;US$2,262,144.46 |
| &nbsp;&nbsp;**Allocation of non-Vessel specific costs** | &nbsp;&nbsp;US$623,177.10 |
| &nbsp;&nbsp;**Management Fees** | &nbsp;&nbsp;US$332,876.71 |
| &nbsp;&nbsp;**Secured Debt relating to Vessel** | &nbsp;&nbsp;US$140,000,000.00 |
| &nbsp;&nbsp;**Charter** | &nbsp;&nbsp;Time charter party dated 11 May 2022 between Felox Marine Ltd as owners and Shell Tankers (Singapore) Private Limited as charterers |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Vessel Name** | &nbsp;&nbsp;Kool Orca |
| &nbsp;&nbsp;**IMO Number** | &nbsp;&nbsp;9870525 |
| &nbsp;&nbsp;**Owner** | &nbsp;&nbsp;Respent Marine Ltd |
| &nbsp;&nbsp;**Flag** | &nbsp;&nbsp;Liberia |
| &nbsp;&nbsp;**Type of Vessel** | &nbsp;&nbsp;LNG Tanker |
| &nbsp;&nbsp;**CBM (approx.)** | &nbsp;&nbsp;174000 |
| &nbsp;&nbsp;**Year Built** | &nbsp;&nbsp;February 2021 |
| &nbsp;&nbsp;**Purchase Price Paid by Target** | &nbsp;&nbsp;US$177,500,000.00 |
| &nbsp;&nbsp;**Specific Vessel related costs** | &nbsp;&nbsp;US$2,303,407.71 |
| &nbsp;&nbsp;**Allocation of non-Vessel specific costs** | &nbsp;&nbsp;US$623,177.10 |
| &nbsp;&nbsp;**Management Fees** | &nbsp;&nbsp;US$332,876.71 |
| &nbsp;&nbsp;**Secured Debt relating to Vessel** | &nbsp;&nbsp;US$142,000,000.00 |
| &nbsp;&nbsp;**Charter** | &nbsp;&nbsp;Time charter party dated 11 May 2022 between Respent Marine Ltd as owners and Shell Tankers (Singapore) Private Limited as charterers |

---

------

**SCHEDULE 7**

**FORM OF STOCK POWER**

***STOCK POWER***

***THE UNDERSIGNED,*** *[insert name of transferor], a [insert jurisdiction] company, hereby sells, assigns and transfers to [insert name of transferee], a [insert jurisdiction] company, [insert number] shares of stock, par value US$[insert value] (the **"Shares"**), represented by certificate number [●] of [insert name of Target], a Liberian corporation (the **"Corporation"**), [and which certificate references the Shares as [●] shares,] standing in the undersigned's name on the books of the Corporation with respect to the Shares, and does hereby irrevocably constitute and appoint the Secretary of the Corporation as its attorney to transfer the Shares on the books of the Corporation with full power of substitution in the premises.*

---

| | |
|:---|:---|
| *Dated* |  |
|  | *[insert name of transferor]* |
|  | *By:* |
|  | *Name:* |
|  | *Title:* |
| *In the presence of:* |  |
| Name: |  |

---

------

**EXECUTION PAGE**

---

| |
|:---|
| /s/ Frank Megginson |
| Authorised Signatory |
| Date: 3 November 2022 |
| /s/ Mi Hong Yoon |
| Authorised Signatory |
| Date: 3 November 2022 |

---

## Exhibit 4.6

**Exhibit 4.6**

**Execution Version**

**Dated** <u>3 November</u> **2022**

**COOL COMPANY LTD**

as Buyer

and

**GEYTECH MARINE LTD**

as SBC 1 Transferor

and

**JOYTECH MARINE LTD**

as SBC 2 Transferor

**OPTION AGREEMENT**

in connection with the novation of two shipbuilding contracts relating to<br> Hulls 8196 and 8197 with Hyundai Samho Heavy Industries Co., Ltd as builder

![](ny20005919x6_ex4-6img02.jpg)

------

---

| | | |
|:---|:---|:---|
| **Index** | **Index** | **Index** |
| **Clause** | **Clause** | **Page** |
| 1 | Definitions and Interpretation | 1 |
| 2 | Grant of the Option | 3 |
| 3 | Option Period | 3 |
| 4 | Exercise | 4 |
| 5 | Consideration | 4 |
| 6 | Completion | 5 |
| 7 | Warranties | 5 |
| 8 | Termination | 6 |
| 9 | Buyer's protection | 6 |
| 10 | Confidentiality and announcements | 6 |
| 11 | Further assurance | 7 |
| 12 | Assignment | 7 |
| 13 | Entire agreement | 8 |
| 14 | Variation and waiver | 8 |
| 15 | Costs | 8 |
| 16 | Notices | 8 |
| 17 | Severance | 9 |
| 18 | Third party rights | 9 |
| 19 | Counterparts | 10 |
| 20 | Language | 10 |
| 21 | Governing law and jurisdiction | 10 |
| **Schedules** | **Schedules** |  |
| Schedule 1 Details of SBCs | Schedule 1 Details of SBCs | 11 |
| Schedule 2 Form of Supervision Agreement | Schedule 2 Form of Supervision Agreement | 12 |
| Schedule 3 Form of Novation Agreement | Schedule 3 Form of Novation Agreement | 33 |
| **Execution** | **Execution** |  |
| Execution Page | Execution Page | 46 |

---

------

**Execution Version**

**THIS AGREEMENT** is made on <u>3 November</u> 2022

**PARTIES**

(1) **COOL COMPANY LTD,** a limited liability company incorporated and registered in Bermuda with registered number 54129
 whose registered office is at 2<sup>nd</sup> floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda as Buyer (the **"Buyer"**)

(2) **GEYTECH MARINE LTD,** a corporation incorporated under the laws of the Republic of Liberia with its registered office
 at 80 Broad Street, Monrovia, Liberia (the **"SBC 1 Transferor"**)

(3) **JOYTECH MARINE LTD,** a corporation incorporated under the laws of the Republic of Liberia with its registered office
 at 80 Broad Street, Monrovia, Liberia (the **"SBC 2 Transferor"**)

each a **"Party"** and together the **"Parties".**

**BACKGROUND**

(A) SBC 1 Transferor and SBC 2 Transferor (each an **"SBC Transferor"** and together, the **"SBC Transferors"**), are
 the buyers under two ship building contracts for the construction of liquefied natural gas carriers (SBC 1 and SBC 2 as defined below, together the **"SBCs"**).

(B) The SBC Transferors have agreed to enter into an option in favour of the Buyer on the terms of this agreement to novate
 the SBCs to the Buyer or its nominee(s).

**OPERATIVE PROVISIONS**

**BACKGROUND**

---

| | |
|:---|:---|
| **1** | **DEFINITIONS AND INTERPRETATION** |

---

1.1 The definitions and rules of interpretation in this Clause 1 apply in this agreement.

**"Affiliate"** means, in relation to a person, any other person Controlling, Controlled by or under common Control with such person.

**"Builder"** means Hyundai Samho Heavy Industries Co., Ltd, a company organised and existing under the laws of the Republic of Korea, having its head office as 93, Daebul-ro, Samho-eup, Yeongam-gum, Jeollanam-do, Korea.

**"Business Day"** means a day other than a Saturday, Sunday or public holiday in England when banks in London, Bermuda and Norway are open for business.

**"Completion"** means the completion of the exercise of the Option as described in Clause 6.

**"Consideration"** means the purchase price for the Option payable by the Buyer on Completion as set out in Clause 5.

**"Control"** means in relation to a non-natural person, the ability of any person directly or indirectly to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) appoint and/or remove: (i) a majority of the board of directors; or (ii) any other body or entity that by operation of law
 or otherwise is entitled to direct the activities, of such non-natural person (including a general partner or trustee);

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) exercise, or direct the exercise of, more than 50% of the voting rights of that body corporate or firm; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) direct or otherwise control its day to day affairs,

and **"Controlling"** and **"Controlled"** shall be construed accordingly.

**"Exercise Notice"** means the written notice given by the Buyer in accordance with Clause 4.1.

**"Lapse"** means the lapse of the Option in accordance with Clause 3.1.

**"Novation"** means a novation of an SBC from an SBC Transferor to the Buyer (or its nominee) in the agreed form attached hereto at **Error! Reference source not found.** with such modifications as may be requested by the Builder and agreed by the Buyer and the SBC Transferors (together, the **"Novations"**).

**"Novation Agreements"** means, in relation to the Novation of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SBC 1, the novation agreement to be entered into between the SBC 1 Transferor, the Builder and SBC Nominee 1 at Completion;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SBC 2, the novation agreement to be entered into between SBC 2 Transferor, the Builder and SBC Nominee 2 at Completion.

**"Option"** means the options granted in favour of the Buyer by the SBC Transferors pursuant to Clause 2 and exercisable together (but not separately) on the terms of this agreement.

**"Option Period"** means the time during which the Buyer may exercise the Option, as set out in Clause 3.

**"SBCs"** means SBC 1 and SBC 2 together.

**"SBC 1"** means the shipbuilding contract dated 2 June 2022 and made between (i) SBC 1 Transferor as buyer and (ii) the Builder as builder, in respect of hull number 8196, as may have been amended from time to time.

**"SBC 2"** means the shipbuilding contract dated 2 June 2022 and made between (i) SBC 2 Transferor as buyer and (ii) the Builder as builder in respect of hull number 8197, as may have been amended from time to time.

**"SBC Nominees"** means SBC Nominee 1 and SBC Nominee 2 together.

**"SBC Nominee 1"** means, in respect of SBC 1, the Buyer or its nominee.

**"SBC Nominee 2"** means, in respect of SBC 2, the Buyer or its nominee.

**"Supervision Agreement"** means a supervision agreement between Eastern Pacific Shipping Pte. Ltd. and the Buyer or its nominee(s) for the supervision of the constructions under the SBCs following Completion in the agreed form attached hereto at Schedule 2.

**"Vessels"** means the vessels that will be constructed in accordance with the terms of the SBCs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Clause, Schedule and paragraph headings shall not affect the interpretation of this agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 References to clauses and Schedules are to the clauses and Schedules of this agreement and references to paragraphs are to
 paragraphs of the relevant Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 The Schedules form part of this agreement and shall have effect as if set out in full in the body of this agreement. Any
 reference to this agreement includes the Schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 A **"person"** includes a natural person, corporate or unincorporated body (whether or not having separate legal
 personality).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 A reference to a **"Party"** shall include that Party's successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 Unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the
 singular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 Unless the context otherwise requires, a reference to one gender shall include a reference to the other genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 A reference to legislation or a legislative provision is a reference to it as it is in force as at the date of this
 agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 A reference to legislation or a legislative provision shall include all subordinate legislation made as at the date of
 this agreement under that legislation or legislative provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 A reference to **"writing"** or **"written"** includes fax but not e-mail (unless otherwise expressly provided
 in this agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 References to a document in **"agreed form"** are to that document in the form agreed by the Parties and initialled
 by them or on their behalf for identification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 Any words following the terms **"including", "include", "in particular", "for example"** or any similar expression
 shall be construed as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms. Where the context permits, **"other"** and **"otherwise"** are illustrative and shall not
 limit the sense of the words preceding them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.

---

| | |
|:---|:---|
| **2** | **GRANT OF THE OPTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 In consideration of the entry by the Buyer into the Master Sale Agreement, each of the SBC Transferors hereby grants to
 the Buyer an option, on the terms set out in this agreement, to have the SBC to which it is a party novated to the relevant SBC Nominee on the terms of the Novation Agreements.

---

| | |
|:---|:---|
| **3** | **OPTION PERIOD** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Option may only be exercised on or before 30 June 2023, and if the Option is not exercised on or before such date, it
 shall lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 For the purposes of Clause 3.1, the date of exercise of the Option is the date on which the SBC Transferors actually
 receive the Exercise Notice from the Buyer in accordance with Clause 16.2.

------

---

| | |
|:---|:---|
| **4** | **EXERCISE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Option shall be exercised only by the Buyer giving the SBC Transferors an Exercise Notice in accordance with Clause 16
 which shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the date on which the Exercise Notice is given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a statement to the effect that the Buyer is exercising the Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) full details of the relevant SBC Nominee(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a date, which is no less than 15 and no more than 20 Business Days after the date of the Exercise Notice, on which
 Completion is to take place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a signature by or on behalf of the Buyer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Once given, an Exercise Notice may not be revoked without the written consent of the SBC Transferors.

---

| | |
|:---|:---|
| **5** | **CONSIDERATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Consideration payable on exercise of the Option shall be satisfied in cash at Completion, and shall be calculated in
 accordance with Clause 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 The Consideration payable in respect of each Novation shall be US$56,893,500 per Vessel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) less an amount of US$22,300,000 per Vessel if Completion occurs before the second instalments due under the SBCs are paid
 to the Builder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) plus an amount of US$22,300,000 in respect of the Novation of the SBC relating to Hull 8196 if Completion occurs after
 the third instalment due under the relevant SBC for Hull no 8196 is paid to the Builder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) plus an amount equal to any additional amounts paid to the Builder before Completion in connection with adjustments,
 modifications, changes and extras under the relevant SBC arising following the date of this agreement, as agreed between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 The Consideration calculated in accordance with Clause 5.2 above shall be paid by the Buyer in cash at Completion in
 accordance with Clause 6.2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 For the avoidance of doubt, all so-called "owner's benefits" provided prior to Completion by suppliers of equipment and
 materials in connection with the construction of the Vessels, including rebates and spare parts (other than extended makers' warranties and spare parts that in each case are specific to the Vessels, as agreed between the Parties, each acting
 reasonably, prior to Completion), shall remain for the sole account of the SBC Transferors and shall not be transferred to the Buyer or its nominee(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 The Parties shall use their respective reasonable endeavours to procure that the Consideration shall be finally determined
 as quickly as possible and, in any event, no later than the date for Completion specified by the Buyer or its nominee(s) in the Exercise Notice and provided always that any information provided by the SBC Transferors in connection with the
 calculation of the Consideration shall be considered definitive except in the case of manifest error.

------

---

| | |
|:---|:---|
| **6** | **COMPLETION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Completion shall take place on the date specified in the Exercise Notice or such later date as the Parties may agree.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 At Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Seller shall deliver to the Buyer the Novation Agreements executed by the SBC Transferors and the Builder, coming into full force and
 effect conditional only on the payment of the Consideration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) following receipt of the executed Novation Agreements as per (a) above, the Buyer shall pay the Consideration to the relevant SBC Transferor
 by electronic transfer of immediately available funds to the account specified by the relevant SBC Transferor and the Novation Agreements shall become immediately effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the SBC Transferors and the Buyer shall procure that the Supervision Agreement shall be executed and duly exchanged and delivered by the
 relevant parties thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 None of the Parties is obliged to procure the execution of either of the Novation Agreements unless the execution of both Novation Agreements
 (by all parties thereto) is completed simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 Following Completion the Seller will provide all such assistance as may be reasonably requested by the Buyer, at the Buyer's sole cost, to
 procure the replacement of the Existing Refund Guarantees issued in connection with the SBCs in a manner satisfactory to the Buyer and the Builder.

---

| | |
|:---|:---|
| **7** | **WARRANTIES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Each of the SBC Transferors and the Buyer warrants and undertakes to the other Parties that at the date of this agreement and at Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organised and validly existing under the laws of the jurisdiction of its organisation and has full corporate or entity power to own
 its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has taken all necessary action and has all requisite power and authority to enter into and perform this agreement in accordance with its
 terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this agreement and the other documents to be entered into pursuant to it constitute (or shall constitute when executed) valid, legal and
 binding obligations on it and the parties whom they are to procure entry into of such other documents on the terms of this agreement and such other documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) compliance with the terms of this agreement and the documents referred to in it shall not breach or constitute a default under its
 constitutional documents or any order, judgment, decree or other restriction or rules (including listing rules) applicable to it.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Each of the SBC Transferors warrants and undertakes to the Buyer that each statement below is true and accurate, insofar as it relates to the
 SBC to which that SBC Transferor is a party, at the date of this agreement and at Completion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there are no written or oral agreements which derogate from the obligations of any person other than the SBC Transferor or
 increase the obligations of the SBC Transferor thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the SBC is valid and subsisting and has not been terminated and is fully enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there is no and has not been, at any time, any breach of, or default in the performance of, the terms of the SBC by the
 Builder which has not been remedied nor are there any circumstances that would give rise to such breach or default and no material time or indulgence has been granted by the SBC Transferor to the Builder in relation to any such agreement and,
 in particular, but without prejudice to the generality of the foregoing, all amounts due and payable under such agreements have been duly paid in full on, or within a reasonable period of, the due date for payment of the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the SBC Transferor has fulfilled all of its obligations and performed and observed all warranties, undertakings, covenants
 and agreements on its part to be fulfilled, performed and observed under the SBC and there are no circumstances that would give rise to a default by the SBC Transferor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) there are no grounds upon which, on the basis of circumstances which have existed or are now existing, the Builder could
 terminate its obligations to the SBC Transferor or rescind or avoid or repudiate the terms of the SBC by reason of any material default in, or non-performance of, or fundamental breach or repudiation by the SBC Transferor of, its obligations
 under the SBC.

---

| | |
|:---|:---|
| **8** | **TERMINATION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 If the SBC Transferors notify the Buyer in writing prior to Completion that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Builder will not execute the Novation Agreements in the final form agreed between the Buyer and the SBC Transferors;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a warranty will not be true and accurate when repeated at Completion,

unless agreed in writing by the Buyer and the SBC Transferors this agreement shall automatically terminate without liability to any Party.

---

| | |
|:---|:---|
| **9** | **BUYER'S PROTECTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Until the earlier of Completion and Lapse of the Option, the SBC Transferors shall not, without the prior written consent
 of the Buyer amend or vary (where the amendment or variation would have the effect of delaying the delivery date or increasing the contract price under the relevant SBC), novate, assign or otherwise transfer any or all of their rights and
 obligations under the SBCs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The SBC Transferors shall procure that Eastern Pacific Shipping Pte. Ltd. shall update the Buyer from time to time on any
 matters which it considers to be material in connection with the construction of the Vessels and upon the reasonable request of the Buyer.

---

| | |
|:---|:---|
| **10** | **CONFIDENTIALITY AND ANNOUNCEMENTS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Subject to clause 10.2 the terms of this agreement and all related documents and the negotiations relating thereto (the **"Confidential Information"**) are strictly confidential and no disclosure relating thereto shall be made or issued by or on behalf of any Party to any third party (other than their officers, employees, Affiliates, professional advisers or bankers) except
 in the terms and at the time agreed by the Parties, but such agreement shall not be unreasonably withheld, conditioned or delayed.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Clause 10.1 does not apply to any Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is already in the public domain other than as a result of its disclosure by the receiving Party under clause 10.1 or
 any person to whom it has disclosed the information in accordance with clause 10.2(c)(ii) in breach of this agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which is required to be disclosed by any application law or regulation including any stock exchange or listing rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is the subject of a bona fide disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to a court, governmental, official or regulatory authority or to inspectors or others authorised by such an authority or
 by or under any legislation to carry out any enquiries or investigation or as otherwise required by the law of any relevant jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the employees, officers, agents or professional advisers of any Party or its Affiliates to the extent necessary for
 such persons to obtain the same for the purpose of discharging their responsibilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with any proceedings arising out of or in connection with this Agreement,

provided that in each case (and to the extent it is legally permitted to do so) that the disclosing Party shall procure that any information so disclosed is kept confidential by the person to whom it is disclosed and gives the other Parties as much notice of such disclosure as possible and, where notice of disclosure is not prohibited and is given in accordance with this clause 10, such Party takes into account (so far as is reasonably practicable) the reasonable requests of another Party in relation to the content of such disclosure.

---

| | |
|:---|:---|
| **11** | **FURTHER ASSURANCE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Each Party shall (at its own cost), at the request of the other Party, at any time do or procure to be done by a third
 party, so far as may be reasonably within its power, all acts or things and/or execute or procure the execution of all documents in a form reasonably satisfactory to the other Party as is or are required to give full effect to the provisions of
 this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Each Party undertakes to the other Party that all actions required of it under this agreement will be undertaken in a
 timely manner.

---

| | |
|:---|:---|
| **12** | **ASSIGNMENT** |

---

No Party shall assign, transfer, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of its rights and obligations under this agreement (or any other document referred to in it) without the prior written consent of the other Parties.

------

---

| | |
|:---|:---|
| **13** | **ENTIRE AGREEMENT** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 This agreement (together with the documents referred to in it) constitutes the entire agreement between the Parties and
 supersedes and extinguishes all previous discussions, correspondence, negotiations, drafts, agreements, promises, assurances, warranties, representations, arrangements and understandings between them, whether written or oral, relating to their
 subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Each Party acknowledges that in entering into this agreement (and any documents referred to in it), it does not rely on,
 and shall have no remedies in respect of, any statement, representation, assurance or warranty (whether made innocently or negligently) that is not set out in this agreement (or those documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Nothing in this Clause 13 shall limit or exclude any liability for fraud.

---

| | |
|:---|:---|
| **14** | **VARIATION AND WAIVER** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 No variation of this agreement shall be effective unless it is in writing and signed by or on behalf of each Party (or
 their authorised representatives).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 No failure or delay by a Party to exercise any right or remedy provided under this agreement or by law shall constitute a
 waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of
 that or any other right or remedy. A waiver of any right or remedy under this agreement or by law is only effective if it is in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 Except as expressly provided in this agreement, the rights and remedies provided under this agreement are in addition to,
 and not exclusive of, any rights or remedies provided by law.

---

| | |
|:---|:---|
| **15** | **COSTS** |

---

The Buyer shall pay and/or reimburse the SBC Transferors for all reasonable costs and expenses (including legal costs) incurred in connection with the negotiation, preparation, execution and implementation of this agreement and the documents referred to herein (whether or not Completion takes places), within 14 days following receipt by the Buyer of a written notice from the SBC Transferors itemising any such costs and expenses and requesting reimbursement.

---

| | |
|:---|:---|
| **16** | **NOTICES** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 A notice given to a Party under or in connection with this agreement shall be in writing and shall be delivered by hand or
 by pre-paid first-class post or other next working day delivery service at it's address set out below or sent by email to the following addresses (or an address substituted in writing by the Party to be served):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Buyer:

Email: <u>Richard.Tyrrell@coolcoltd.com</u> / <u>Legal@coolcoltd.com</u>

Postal Address: Cool Company Management Ltd, 5th Floor, 7 Clarges Street, London W1J 8AE

------

in each case marked for the attention of Richard Tyrrell (CEO)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SBC Transferor 1:

Email: <u>cyril.ducau@epshipping.com.sg</u><u>;</u> legal@epshipping.com.sg

Postal address: C/o Eastern Pacific Shipping Pte. Ltd.. 1 Temasek Avenue, #38-01 Millenia Tower, Singapore 039192

in each case marked for the attention of Cyril Ducau (CEO) and General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SBC Transferor 2:

Email: <u>cyril.ducau@epshipping.com.sg</u><u>;</u> legal@epshipping.com.sg

Postal address: C/o Eastern Pacific Shipping Pte. Ltd.. 1 Temasek Avenue, #38-01 Millenia Tower, Singapore 039192

in each case marked for the attention of Cyril Ducau (CEO) and General Counsel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 Any notice shall be deemed to have been received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered by hand, at the time the notice is left at the proper address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by pre-paid first-class post or other next working day delivery service, at 9.00 am on the second Business Day
 after posting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if sent by email, at the time of transmission, or, if this time falls outside business hours in the place of receipt, when
 business hours resume. In this clause, **"business hours"** means 9.00am to 5.00pm Monday to Friday on a day that is not a public holiday in the place of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 This Clause 16 *(Notices)* does
 not apply to the service of any proceedings or other documents in any legal action or, where applicable, any arbitration or other method of dispute resolution.

---

| | |
|:---|:---|
| **17** | **SEVERANCE** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.1 If any provision of this agreement or part-provision of this agreement is or becomes invalid, unenforceable or illegal, it
 shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision shall be deemed deleted. Any modification to or deletion of a
 provision or part-provision under this clause shall not affect the validity and enforceability of the rest of this agreement.

---

| | |
|:---|:---|
| **18** | **THIRD PARTY RIGHTS** |

---

A person who is not a party to this agreement shall not have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce any term of this agreement.

------

---

| | |
|:---|:---|
| **19** | **COUNTERPARTS** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.1 This agreement may be executed in any number of counterparts, each of which when executed shall constitute a duplicate
 original, but all the counterparts shall together constitute the one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.2 No counterpart shall be effective until each Party has executed at least one counterpart.

---

| | |
|:---|:---|
| **20** | **LANGUAGE** |

---

If this agreement is translated into any language other than English, the English language text shall prevail.

---

| | |
|:---|:---|
| **21** | **GOVERNING LAW AND JURISDICTION** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 This agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation
 (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 Each Party irrevocably agrees that the courts of England and Wales have exclusive jurisdiction to settle any dispute or
 claim that arises out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 Each of the SBC Transferors hereby irrevocably appoints Eastern Pacific Shipping (UK) Limited of Colette House, 2nd Floor,
 52-55 Piccadilly, London W1J 0DX, United Kingdom (Attention: Cyril Ducau) as its agent for service of process in respect of proceedings before such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 The Buyer hereby irrevocably appoints Cool Company Management Ltd of 5<sup>th</sup> Floor, 7 Clarges Street, London W1J 8AE as its agent for service of process in respect of proceedings before such courts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 Any communication served on the agent referred to in Clause 21.3 or 21.4 shall be deemed served in accordance with the
 provisions of Clause 16 *(Notices).* If such agent (or any replacement agent appointed pursuant to this Clause
 21.5) at any time ceases for any reason to act as such, the relevant appointor irrevocably agrees to appoint a replacement agent for service of process having an address for service in England or Wales and shall notify the other Parties of the
 name and address of such replacement agent in writing within 20 Business Days of such other agent ceasing to act. Failing such appointment and notification, a Party not in default shall be entitled by notice to the Party in default to appoint
 such a replacement agent on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 In this Clause 21 *(Governing law and jurisdiction),* **"proceedings"** means proceedings of any kind, including an application for a provisional or protective measure and a **"dispute"** means
 any dispute arising out of or in connection with this agreement including any dispute concerning any non-contractual obligation arising out of or in connection with this agreement.

**This agreement has been entered into on the date stated at the beginning of this agreement.**

------

**SCHEDULE 1**

**DETAILS OF SBCS**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SBC Transferor** | &nbsp;&nbsp;**Instalments paid to the signing date (US$)** |
| &nbsp;&nbsp;GEYTECH MARINE LTD | &nbsp;&nbsp;22300000.00 |
| &nbsp;&nbsp;JOYTECH MARINE LTD | &nbsp;&nbsp;22300000.00 |

---

------

**SCHEDULE 2**

**FORM OF SUPERVISION AGREEMENT**

------

![](ny20005919x6_ex4-6img01.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 1. | Place and date of Agreement | Place and date of Agreement | Place and date of Agreement |  | 2. | Commencement date (Cl. 2) |
| 3. | Company (Cl. 1) |  |  |  | 4. | &nbsp;&nbsp;Supervisors (Cl. 1) |
|  | (i) Name: |  |  |  |  | &nbsp;&nbsp;(i) Name: |
|  | **Cool Company Management Ltd.** | **Cool Company Management Ltd.** | **Cool Company Management Ltd.** |  |  | **Eastern Pacific Shipping Pte Ltd** |
|  | (ii) Place of registered office: | (ii) Place of registered office: | (ii) Place of registered office: |  |  | &nbsp;&nbsp;(ii) Place of registered office: |
|  | **7 Clarges Street, 5th Floor, London W1J 8AE, United** | **7 Clarges Street, 5th Floor, London W1J 8AE, United** | **7 Clarges Street, 5th Floor, London W1J 8AE, United** | **7 Clarges Street, 5th Floor, London W1J 8AE, United** |  | **1 Temasek Avenue, #38-01 Millenia Tower, 039192** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kingdom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kingdom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kingdom** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Kingdom** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Singapore** |
|  | (iii) Law of registry: |  |  |  |  | &nbsp;&nbsp;(iii) Law of registry: |
|  | **London** |  |  |  |  | **Singapore** |
| 5. | Shipyard (state name and address) (Cl. 1) | Shipyard (state name and address) (Cl. 1) | Shipyard (state name and address) (Cl. 1) | Shipyard (state name and address) (Cl. 1) | 6. | Vessel (Cl. 1 and Annex A) |
|  | **Hyundai Samho Heavy Industries Co., Ltd.** | **Hyundai Samho Heavy Industries Co., Ltd.** | **Hyundai Samho Heavy Industries Co., Ltd.** | **Hyundai Samho Heavy Industries Co., Ltd.** |  | (i) Hull number: |
|  |  |  |  |  |  | (i) Hull number: |
|  |  |  |  |  |  | **Hull [8196][8197]** |
|  |  |  |  |  |  | (ii) IMO number: |
|  |  |  |  |  |  | (iii) Specification number: |
|  |  |  |  |  |  | **LNEP174(M)-FS-P2** |
| 7. | Classification Society (Cl. 1) | Classification Society (Cl. 1) | Classification Society (Cl. 1) | 8. Flag State (Cl. 1) | 8. Flag State (Cl. 1) | 9. Contractual Date of Delivery (Cl. 1) |
|  | **Lloyd's Register** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liberia** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[10 January][28 February] 2025** |
| 10. | Scope of Services (indicate below if agreed) (see Annex B | Scope of Services (indicate below if agreed) (see Annex B | Scope of Services (indicate below if agreed) (see Annex B | Scope of Services (indicate below if agreed) (see Annex B | 11. | Supervisors' nominated bank account (Cl. 10(a)) |
|  | (Schedule of Fees)) (Cl. 1, 4-7) | (Schedule of Fees)) (Cl. 1, 4-7) | (Schedule of Fees)) (Cl. 1, 4-7) |  |  | **Beneficiary Name: EASTERN PACIFIC SHIPPING PTE. LTD.** |
|  | (i) Specification review | (i) Specification review | &nbsp;&nbsp;&nbsp;&nbsp;**Yes** | (Cl.4) |  | **Bank Name: Citibank N.A., Singapore Branch** |
|  | (ii) Makers List review | (ii) Makers List review | &nbsp;&nbsp;&nbsp;&nbsp;**Yes** | (Cl.5) |  | **Bank Address: 8 Marina View, #16-01 Asia Square** |
|  | (iii) Plan approval | **Yes** | (Cl.6) |  |  | **Tower 1, Singapore 018960** |
|  | (iv) Site supervision | **Yes** | (Cl.7) |  |  | **Bank Account No.: 0-857108-019** |
|  |  |  |  |  |  | **Beneficiary Bank SWIFT Code: CITISGSG** |
|  |  |  |  |  |  | **Correspondent Bank SWIFT Code: CITIUS33** |
| 12. | Interest (state rate of interest to apply after due date to | Interest (state rate of interest to apply after due date to | Interest (state rate of interest to apply after due date to | Interest (state rate of interest to apply after due date to | 13. | Delays to delivery (state number of days to apply) (Cl. 17(d)(iii)) |
|  | outstanding sums) (Cl. 9(a)) | outstanding sums) (Cl. 9(a)) | outstanding sums) (Cl. 9(a)) |  |  |  |
|  | &nbsp;&nbsp;**8% per annum** |  |  |  |  |  |
| 14. | Supervisors' maximum liability (state amount) (Cl. 14(b))<br> **As per Clause 14(b)** | Supervisors' maximum liability (state amount) (Cl. 14(b))<br> **As per Clause 14(b)** | Supervisors' maximum liability (state amount) (Cl. 14(b))<br> **As per Clause 14(b)** | Supervisors' maximum liability (state amount) (Cl. 14(b))<br> **As per Clause 14(b)** | 15. | Fee on early termination/Maximum costs (state number of months of Fee and maximum costs to apply) (Cl. 17(f)) |
| 16. | Dispute resolution (state (a), (b), (c) or (d) of Cl. 18, as agreed; if (c) agreed also state whether Singapore or English law to apply; if (d) agreed also state place of the law governing this Contract and place of arbitration) (Cl. 18)<br> **(a) English law, London arbitration** | Dispute resolution (state (a), (b), (c) or (d) of Cl. 18, as agreed; if (c) agreed also state whether Singapore or English law to apply; if (d) agreed also state place of the law governing this Contract and place of arbitration) (Cl. 18)<br> **(a) English law, London arbitration** | Dispute resolution (state (a), (b), (c) or (d) of Cl. 18, as agreed; if (c) agreed also state whether Singapore or English law to apply; if (d) agreed also state place of the law governing this Contract and place of arbitration) (Cl. 18)<br> **(a) English law, London arbitration** | Dispute resolution (state (a), (b), (c) or (d) of Cl. 18, as agreed; if (c) agreed also state whether Singapore or English law to apply; if (d) agreed also state place of the law governing this Contract and place of arbitration) (Cl. 18)<br> **(a) English law, London arbitration** | Dispute resolution (state (a), (b), (c) or (d) of Cl. 18, as agreed; if (c) agreed also state whether Singapore or English law to apply; if (d) agreed also state place of the law governing this Contract and place of arbitration) (Cl. 18)<br> **(a) English law, London arbitration** | Dispute resolution (state (a), (b), (c) or (d) of Cl. 18, as agreed; if (c) agreed also state whether Singapore or English law to apply; if (d) agreed also state place of the law governing this Contract and place of arbitration) (Cl. 18)<br> **(a) English law, London arbitration** |
| 17. | Notices (state full style contact details for serving notice and communication to the Company) (Cl. 19(a)) | Notices (state full style contact details for serving notice and communication to the Company) (Cl. 19(a)) | Notices (state full style contact details for serving notice and communication to the Company) (Cl. 19(a)) | Notices (state full style contact details for serving notice and communication to the Company) (Cl. 19(a)) | 18. | Notices (state full style contact details for serving notice and communication to the Supervisors) (Cl. 19(a)) |
|  | **Coolco Company Management Ltd** | **Coolco Company Management Ltd** | **Coolco Company Management Ltd** |  |  | **C/o Eastern Pacific Shipping (UK) Ltd** |
|  | **7 Clarges Street, 5th Floor** | **7 Clarges Street, 5th Floor** |  |  |  | **Colette House** |
|  | **London W1J 8AE** |  |  |  |  | **2nd Floor, 52-55 Picadilly** |
|  | **United Kingdom** |  |  |  |  | **London W1J 0DX** |
|  |  |  |  |  |  | **United Kingdom** |
|  | **Email: legal@coolcoltd.com** | **Email: legal@coolcoltd.com** | **Email: legal@coolcoltd.com** |  |  | **Email: legal@epshipping.com.sg** |

---

It is mutually agreed between the party stated in Box 3 and the party stated in Box 4 that this Agreement consisting of PART l and PART ll as well as Annexes "A" (Vessel Details), "B" (Schedule of Fees), "C" (Supervisors' Budget), "D" (Associated Vessels) and "E" (Site Team) attached hereto, shall be performed subject to the conditions contained herein. In the event of a conflict of conditions, the provisions of PART l and Annexes "A", "B", "C", "D" and "E" shall prevail over those of PART ll to the extent of such conflict but no further.

Signature (Company) Signature (Supervisors) <br>    

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

**SECTION 1 – Basis of the Agreement**

**1.** **Definitions** 

In this Agreement save where the context otherwise requires, the following words and expressions shall have the meanings hereby assigned to them:

"Affiliate" means a company, partnership, or other legal entity which controls, is controlled by, or is under common control with, a party. For the purposes of this definition, the term "control" means the direct or indirect ownership of fifty per cent (50%) or more of the issued share capital or any kind of voting rights in a company, partnership, or legal entity, and "controls", "controlled" and "under common control" shall be construed accordingly.

"Buyer" means the <u>Current Buyer or the New Buyer (as the case maybe)</u> party which shall purchase, take delivery of and pay for the Vessel under the Shipyard Contract.

"Buyer's Supplies" means all of the items to be provided by the Company in accordance with the Shipyard Contract.

"Classification Society" means the classification society stated in Box 7.

"Company" means the party identified in Box 3.

"Company Representative" means Buyer's Representative under the Shipyard Contract.

"Contractual Date of Delivery" means the date stated in Box 9.

<u>"Current Buyer" means [GEYTECH MARINE LTD.][JOYTECH MARINE LTD.]</u>

"Date of Delivery" means the date on which the Vessel is delivered by the Shipyard.

"Flag State" means the State of the flag as stated in Box 8.

"Makers List" means the list of suppliers and manufacturers of equipment, machinery and services stated in the Shipyard Contract.

<u>"New Buyer" means [x].</u>

<u>"Novation Agreement" means the shipbuilding contract novation dated [x] 2022 between the Current Buyer, the New Buyer and the Shipyard.</u>

"Shipyard" means the place or places stated in Box 5.

"Shipyard Contract" means the contract <u>originally dated 2 June 2022 between the Current Buyer</u> between the Company or its Affiliate and the Shipyard as may be attached under Annex A (Vessel Details), including the specification, plans and drawings and Makers List, and all modifications, amendments and supplements as agreed from time to time<u>, as novated to the New Buyer pursuant to the Novation Agreement</u>.

"Site Office" means the office of the Supervisors at the Shipyard.

"Specification number" means the reference number of the specification as set out in the Shipyard Contract.

"Supervision Services" means the services specified in Section 2 (Scope of Services), and Annex B (Schedule of Fees), Clauses 4 to 7 for which the Supervisors are stated in Box 10 to be responsible therein, and all other functions performed by the Supervisors under the terms of this Agreement.

"Supervisors" means the party providing Supervision Services as identified in Box 4.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

"Site Team" means the persons <u>appointed or employed from time to time by the Supervisors to provide the Supervision Services</u>listed in Annex E (Site Team).

"Supervisors' Fee" means the fee for the agreed Supervision Services stated in <u>Clause 10</u>Annex B (Schedule of Fees).

"Vessel" means the vessel named in Box 6 details of which are set out in Annex A (Vessel Details) attached hereto.

**2.** **Commencement and Appointment** 

With effect from the commencement date stated in Box 2 until the completion of the Supervision Services, the Company hereby appoint the Supervisors and the Supervisors hereby agree to act as the Supervisors of the Vessel in respect of the Supervision Services.

**3.** **Authority of the Supervisors** 

Subject to the terms and conditions herein provided, during the period of this Agreement, the Company hereby appoints the Supervisors, and the Supervisors hereby agree to act as agents for and on behalf of the Company in relation to the Supervision Services.

The Supervisors shall have authority to take such actions as they may from time to time in their absolute discretion consider necessary to enable them to fulfil their obligations under this Agreement.

The Company shall arrange in a timely manner any authorisations which may be necessary for the Supervisors to perform the Supervision Services.

<u>Any and all matters, including approval of the plans and drawings and attendance to the tests and inspections, performed by the Supervisors as Current Buyer's supervisor of the Vessel prior to the date of of the Novation Agreement shall be deemed to have been performed by the Supervisors as the New Buyer's supervisor.</u>

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

**SECTION 2 – Scope of Services**

**4.** **Specification Review** 

<u>To the extent not already completed, the</u> The Supervisors shall review and advise on the specification giving consideration to the Company's intended trading and operational requirements for the Vessel, and its maintenance. <u>The Company accepts that the review, advice and approvals given on the specification by the Supervisors before the date of this Agreement, which take into consideration the Current Buyer's requirements in relation to the intended trade, operational and maintenance requirements for the Vessel, shall be deemed to have been performed for the Company.</u> 

**5.** **Makers List Review** 

<u>To the extent not already completed, the</u> The Supervisors shall review and advise on the proposed list of suppliers and manufacturers of equipment, machinery and services. <u>The Company accepts that the review, advice and approvals given by the Supervisors before the date of this Agreement in relation to the list of suppliers and manufacturers of equipment, machinery and services shall be deemed to have been performed for the Company.</u> 

**6.** **Plan Approval** 

The Supervisors' plan approval services shall comprise of the following:

(a) reviewing, commenting on and approving the plans and drawings submitted by the Shipyard to ensure compliance with the Shipyard Contract; and

(b) reviewing, commenting on and approving the Shipyard's selection of suppliers and manufacturers of equipment, machinery and services from the Makers List.

<u>To the extent not already completed, the</u>The Supervisors shall give consideration to the Vessel's intended trading and operational requirements and its maintenance when carrying out plan approval. <u>The Company accepts that all approvals given by Supervisors before the date of the Agreement in relation to the plans, drawings and selection of suppliers, manufacturers of equipment, machinery and services shall be deemed to have been performed for the Company.</u>

**7.** **Site Supervision** 

(a) The Supervisors' site supervision services shall include, but not be limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) providing a suitably qualified and competent Site Team comprising of the personnel as stated in Annex E (Site Team) and maintaining a Site Office at the Shipyard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) planning and attending meetings with the Shipyard to review the construction of the Vessel under the Shipyard Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) carrying out periodic inspections of the Vessel during its construction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) attending tests, trials and inspections relating to the Vessel at the Shipyard and premises of sub-contractors in accordance with the Shipyard Contract.

<u>The Company accepts that all supervision services performed under this Clause before the date of this Agreement shall be deemed to have been perfomed for the Company.</u>

(b) If <u>after the date of this Agreeement,</u> the Supervisors identify or become aware of any non-conformity with the Shipyard Contract they shall report it to the Shipyard and the
 Company and shall inform the Company of the action proposed or taken by the Shipyard to address and close the non-conformity.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

(c) The Supervisors shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide their Site Team with equipment for inspections (including inspection instrumentation and tools), personal protective equipment, office hardware and software as necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) liaise with the classification society and flag administration in accordance with the Shipyard Contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide assistance to the Company in supervising the receipt, storage, installation, commissioning and testing of the equipment which form part of the Buyer's Supplies as per the Shipyard Contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if <u>after the date of this Agreement</u> they become aware of any changes in laws, rules, regulations and requirements of the Classification Society and the Regulatory Authorities applicable to the Vessel, inform the Company to consider whether or not a waiver of compliance should be sought.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

**SECTION 3 – Obligations**

**8.** **Supervisors' Obligations** 

The Supervisors shall:

(a) perform the Supervision Services in accordance with sound industry practice for ship construction supervision;

(b) maintain records of work carried out in performance of the Supervision Services;

(c) provide periodic written reports to the Company in a form and with content and frequency agreed between the parties; and

(d) not <u>agree</u> accept any <u>material amendments</u> deviation

 from or variation to the Shipyard Contract <u>that would have the effect of delaying the delivery date or increasing the contract price under the Shipyard Contract,</u> without the prior
 written consent of the Company. <u>The Supervisors shall update the Company from time to time on any matters which it considers to be material in connection with the construction of the Vessel and upon the reasonable request of the Company.</u> 

Provided however, that in the performance of the Supervision Services, the Supervisors shall be entitled to have regard to their overall responsibility in relation to all vessels as may from time to time be entrusted to their supervision. In particular, but without prejudice to the generality of the foregoing, the Supervisors shall be entitled to allocate available supplies, manpower and services in such manner as in the prevailing circumstances the Supervisors in their absolute discretion consider to be fair and reasonable.

**9.** **Company's Obligations** 

The Company shall:

(a) pay all sums due to the Supervisors punctually in accordance with the terms of this Agreement. In the event of payment after the due date of any outstanding sums the Supervisors shall be
 entitled to charge interest at the rate stated in Box 12;

(b) provide the Supervisors with a copy of the Shipyard Contract or sufficient information thereof to enable the Supervisors to perform the Supervision Services;

(c) notwithstanding Sub-clause 9(b), procure that the Supervisors are provided in a timely manner with a full set of plans and drawings and such other technical information as the Supervisors may reasonably require,
 sufficient to perform the Supervision Services;

(d) procure that the Supervisors have access to the Shipyard, Vessel, workshops, and anywhere else, including sub-contractor's premises, where work or storage of items connected with the construction of the Vessel is
 being performed, sufficient to perform the Supervision Services; and

(e) communicate promptly to the Supervisors any modifications, amendments or supplements to the Shipyard Contract that may materially affect the Supervision Services.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

**SECTION 4 – Fees, Expenses and Budgets**

**10.** **Supervisors' Fee and Expenses** 

(a) The Company shall pay to the Supervisors a Supervisors' Fee <u>in a fixed amount of US$450,000</u> as stated in Annex B (Sch e du le of F ee s) for their Supervision Services. The Supervisors' Fee shall be payable to the Supervisors' nominated bank
 account stated in Box 11 <u>in three (3) equal instalments with the first installment being payable within 10 days after the date of this Agreement and the remaining instalments shall be paid on the 1st day of each quarter thereafter</u>.

(b) The Supervisors shall, at no extra cost to the Company, provide their own office accommodation, office staff, facilities
 and stationery, excluding the Site Office. Without limiting the generality of this Clause 10 (Supervisors' Fee and Expenses), the Company shall reimburse the Supervisors for postage and communication expenses,
 travelling expenses, and other out of pocket expenses properly incurred by the Supervisors in pursuance of the Supervision Services. Any days used by the Supervisors' personnel travelling to or from or attending on the Vessel or otherwise
 used in connection with the Supervision Services in excess of those agreed in the budget shall be charged at the daily rate stated in Annex B (Schedule of Fees) .

**11.** **Budgets and Management of Funds** 

(a) The Supervisors' budget is set out in Annex C (Supervisors' Budget) hereto.

(b) The Supervisors shall prepare and present to the Company their estimate of the working capital requirement and shall each
 month request the Company in writing to pay the funds required to perform the Supervision Services for the ensuing month, including the payment of any agreed unbudgeted expenditure. Such funds shall be received by the Supervisors within ten
 (10) running days after the receipt by the Company of the Supervisors' written request and shall be held to the credit of the Company in a separate bank account.

(c<u>a</u>) The Supervisors shall at all times maintain <u>appropriate controls</u> and keep true and
 correct accounts in respect of the Supervision Services in accordance with the relevant International Financial Reporting Standards or such other standard as the parties may agree , including
 records of all costs and expenditure incurred , and produce a comparison between budgeted and actual expenditure in such form and at such intervals as shall be mutually agreed .

The Supervisors shall make such accounts available for inspection and auditing by the Company and/or their representatives in the Supervisors' offices or by electronic means, provided reasonable notice is given by the Company.

(<u>b</u>d) Notwithstanding anything contained herein, the Supervisors shall in no circumstances be required to use or commit their
 own funds to finance the provision of the Supervision Services.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

**SECTION 5 – Legal, General and Duration of Agreement**

**12.** **Replacement** 

The Company may require the replacement as soon as possible of any member of the Site Team found, on reasonable grounds, to be unsuitable.

**13.** **Supervisors' Right to Sub-Contract** 

The Supervisors <u>may</u> shall not sub-contract any of their obligations hereunder <u>to (a) an Affiliate</u> without the prior written consent of the Company<u>, subject to giving notice to the Company; and (b) a third party subject to the prior consent of the Company</u> -which shall not be unreasonably withheld. In the event of such a sub-contract the Supervisors shall remain fully liable for the due performance of their obligations under this Agreement.

**14.** **Responsibilities** 

(a) Force Majeure

Neither party shall be liable for any loss, damage or delay due to any of the following force majeure events and/or conditions to the extent that the party invoking force majeure is prevented or hindered from performing any or all of their obligations under this Agreement, provided they have made all reasonable efforts to avoid, minimize or prevent the effect of such events and/or conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acts of God;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any government requisition, control, intervention, requirement or interference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any circumstances arising out of war, threatened act of war or warlike operations, acts of terrorism, sabotage or piracy, or the consequences thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) riots, civil commotion, blockades or embargoes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) epidemics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) earthquakes, landslides, floods or other extraordinary weather conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) strikes, lockouts or other industrial action, unless limited to the employees (which shall not include the Company's personnel) of the party seeking to invoke force majeure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) fire, accident, explosion except where caused by negligence of the party seeking to invoke force majeure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) any other similar cause beyond the reasonable control of either party.

(b) Liability to the Company

Without prejudice to Sub-clause 14(a), the Supervisors shall be under no liability whatsoever to the Company for any loss, damage, delay or expense of whatsoever nature, whether direct or indirect, (including but not limited to loss of profit arising out of or in connection with detention of or delay to the Vessel) and howsoever arising in the course of performance of the Supervision Services UNLESS same is proved to have resulted solely from the negligence, gross negligence or wilful default of the Supervisors or their employees or agents, or sub-contractors employed by them in connection with the Vessel, in which case (save where loss, damage, delay or expense has resulted from the Supervisors' personal act or omission committed with the intent to cause same or recklessly and with knowledge that such loss, damage, delay or expense would probably result) the Supervisors' liability for each incident or series of incidents giving rise to a claim or claims shall never exceed a total of ten (10) times the equivalent of the Supervisors' Fee payable hereunder or such other sum as may be agreed by the parties and stated in Box 14, provided that the Company shall have notified the Supervisors of such loss, damage, delay or expense, howsoever arising, within twelve (12) months from the earlier of the date of delivery of the Vessel or the date of termination of the Agreement under Clause 17 (Termination).

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

(c) Supervisors' Professional Indemnity Insurance

The Supervisors shall have and maintain professional indemnity insurance to meet its liability to the Company under Sub-clause 14(b).

(d) Indemnity

Except to the extent and solely for the amount therein set out that the Supervisors would be liable under Sub-clause 14(b), the Company hereby undertakes to keep the Supervisors and their employees, agents and sub-contractors indemnified and to hold them harmless against all actions, proceedings, claims, demands or liabilities whatsoever or howsoever arising which may be brought against them or incurred or suffered by them arising out of or in connection with the performance of the Agreement, and against and in respect of all costs, loss, damages and expenses (including legal costs and expenses on a full indemnity basis) which the Supervisors may suffer or incur (either directly or indirectly) in the course of the performance of this Agreement.

(e) "Himalaya"

It is hereby expressly agreed that no employee or agent of the Supervisors (including every sub-contractor from time to time employed by the Supervisors) shall in any circumstances whatsoever be under any liability whatsoever to the Company for any loss, damage or delay of whatsoever kind arising or resulting directly or indirectly from any act, neglect or default on their part while acting in the course of or in connection with their employment and, without prejudice to the generality of the foregoing provisions in this Clause 14 (Responsibilities), every exemption, limitation, condition and liberty herein contained and every right, exemption from liability, defence and immunity of whatsoever nature applicable to the Supervisors or to which the Supervisors are entitled hereunder shall also be available and shall extend to protect every such employee or agent of the Supervisors acting as aforesaid and for the purpose of all the foregoing provisions of this Clause 14 (Responsibilities) the Supervisors are or shall be deemed to be acting as agent or trustee on behalf of and for the benefit of all persons who are or might be their servants or agents from time to time (including sub-contractors as aforesaid) and all such persons shall to this extent be or be deemed to be parties to this Agreement.

**15.** **General Administration** 

(a) The Supervisors shall keep the Company informed in a timely manner of any incident of which the Supervisors become aware which gives or may
 give rise to claims or disputes involving third parties.

(b) On giving reasonable notice, the Company may request, and the Supervisors shall in a timely manner make available, all documentation,
 information and records in respect of the matters covered by this Agreement.

(c) On giving reasonable notice, the Supervisors may request, and the Company shall in a timely manner make available, all documentation,
 information and records in respect of the matters covered by this Agreement.

**16.** **Compliance with Laws and Regulations** 

The Parties shall not do or permit to be done anything which might cause any breach or infringement of the laws and regulations of the Flag State and the place where the Vessel is under construction or to which the Company and Supervisors are subject.

**17.** **Termination** 

(a) Unless otherwise agreed, this Agreement will terminate upon completion of performance of the Supervision Services which shall be deemed to
 occur upon delivery of the Vessel by the Shipyard to the Buyer.

(b) If either party fails to meet their obligations under this Agreement, the other party may give notice to the party in default requiring them
 to remedy it. In the event that the party in default fails to remedy it within a reasonable time to the reasonable satisfaction of the other party, that party shall be entitled to terminate this Agreement with immediate effect by giving notice to the party in default.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

(c) Notwithstanding Sub-clause 17(b), the Supervisors shall be entitled to terminate the Agreement with immediate effect by giving notice to the Company if any monies payable
 by the Company under this Agreement and/or in respect of any Associated Vessel, details of which are listed in Annex D (Associated Vessels), shall not have been received within the number of days stated in Sub-clause 11(b).

(d) This Agreement shall be deemed to be terminated in the case of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the termination, transfer or novation of the Shipyard Contract<u>, except in respect of the Novation Agreement</u>; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Vessel becoming an actual or constructive total loss at any time prior to delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the aggregate of delays to the delivery of the Vessel by virtue of events which fall within Sub-clause 14(a) (Force Majeure) and any other events exceeding the number of days stated in Box 13. If Box 13 is left blank then 180 days shall apply.

(e) This Agreement shall terminate forthwith in the event of an order being made or resolution passed for the winding up,
 dissolution, liquidation or bankruptcy of either party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver or administrator is appointed, or if it suspends payment, ceases to carry on business or makes any
 special arrangement or composition with its creditors.

(f) In the event of the early termination of this Agreement under Sub-clauses 17(b) to 17(e) for any reason other than by default by the Supervisors, the Supervisors' Fee
 shall continue to be payable <u>on a pro rata basis, as a percentage of completion of the Vessel, as mutually agreed by the Parties acting in good faith</u> for a further period
 of the number of months stated in Box 15 as from the effective date of termination. If Box 15 is left blank then three (3) months shall apply . In addition, the Company shall pay any costs reasonably incurred by the
 Supervisors as a consequence of the early termination, including but not limited to severance costs which the Supervisors are legally required to pay the members of the Site Team as a result of the early termination of their contracts of
 service, which shall not exceed the amount stated in Box 15. The Supervisors shall use their reasonable endeavours to minimise such costs.

(g) On the termination, for whatever reason, of this Agreement, the Supervisors shall release to the Company, if so requested, all plans, drawings, technical information and
 other documents and accounts specifically relating to the Supervision Services.

(h) The termination of this Agreement shall be without prejudice to all rights accrued due between the parties prior to the
 date of termination.

**18.** **BIMCO Dispute Resolution Clause 2016** 

---

| | |
|:---|:---|
| (a)\* | This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. |

---

The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms current at the time when the arbitration proceedings are commenced.

The reference shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a dispute to arbitration may, without the requirement of any further prior notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of the sole arbitrator shall be binding on both Parties as if he had been appointed by agreement.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

Nothing herein shall prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

In cases where neither the claim nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

---

| | |
|:---|:---|
| (b)\* | This Agreement shall be governed by U.S. maritime law or, if this Agreement is not a maritime contract under U.S. law, by the laws of the State of New York. Any dispute arising out of or in connection with this Agreement shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen. The decision of the arbitrators or any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the SMA Rules current as of the date of this Agreement. |

---

In cases where neither the claim nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the SMA Rules for Shortened Arbitration Procedure current as of the date of this Agreement.

(c)\* This Agreement shall be governed by and construed in accordance with Singapore\*\*/English\*\* law.

Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination shall be referred to and finally resolved by arbitration in Singapore in accordance with the Singapore International Arbitration Act (Chapter 143A) and any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause.

The arbitration shall be conducted in accordance with the Arbitration Rules of the Singapore Chamber of Maritime Arbitration (SCMA) current at the time when the arbitration proceedings are commenced.

The reference to arbitration of disputes under this clause shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator and give notice that it has done so within fourteen (14) calendar days of that notice and stating that it will appoint its own arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other Party does not give notice that it has done so within the fourteen (14) days specified, the Party referring a dispute to arbitration may, without the requirement of any further prior notice to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the arbitrator had been appointed by agreement.

Nothing herein shall prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator.

In cases where neither the claim nor any counterclaim exceeds the sum of USD 75,000 (or such other sum as the Parties may agree) the arbitration shall be conducted before a single arbitrator in accordance with the SCMA Small Claims Procedure current at the time when the arbitration proceedings are commenced.

---

| | |
|:---|:---|
| (d)\* | This Agreement shall be governed by and construed in accordance with the laws of the place mutually agreed by the Parties and any dispute arising out of or in connection with this Agreement shall be referred to arbitration at a mutually agreed place, subject to the procedures applicable there. |

---

(e) Save in respect of Sub-clause 18(b), the parties may agree at any time to refer to mediation any difference and/or dispute
 arising out of or in connection with this Agreement. In the case of any dispute in respect of which arbitration has been commenced under Sub-clause 18(a), 18(c) or 18(d), the following shall apply:

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Either Party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation by service on the other Party of a written notice (the "Mediation Notice") calling on the other Party to agree to mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The other Party shall thereupon within fourteen (14) calendar days of receipt of the Mediation Notice confirm that they agree to mediation, in which case the Parties shall thereafter agree a mediator within a further fourteen (14) calendar days, failing which on the application of either Party a mediator will be appointed promptly by the Arbitration Tribunal ("the Tribunal") or such person as the Tribunal may designate for that purpose. The mediation shall be conducted in such place and in accordance with such procedure and on such terms as the Parties may agree or, in the event of disagreement, as may be set by the mediator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the other Party does not agree to mediate, that fact may be brought to the attention of the Tribunal and may be taken into account by the Tribunal when allocating the costs of the arbitration as between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers necessary to protect its interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Either Party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account when setting the timetable for steps in the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Unless otherwise agreed or specified in the mediation terms, each Party shall bear its own costs incurred in the mediation and the Parties shall share equally the mediator's costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The mediation process shall be without prejudice and confidential and no information or documents disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law and procedure governing the arbitration

(Note: The Parties should be aware that the mediation process may not necessarily interrupt time limits.)

\* Sub-clauses 18(a), 18(b), 18(c) and 18(d) are alternatives; indicate alternative agreed in Box 16. If Box 16 is not filled in, then Sub-clause 18(a) of this Clause shall apply. Sub-clause 18(e) shall apply in all cases except for alternative (b).

\*\* Singapore and English law are alternatives; if Sub-clause 18(c) agreed also indicate choice of Singapore or English law. If neither or both are indicated, then English law shall apply by default.

**19.** **Notices** 

(a) All notices given by either party or their agents to the other party or their agents in accordance with the provisions of
 this Agreement shall be in writing and shall, unless specifically provided in this Agreement to the contrary, be sent to the address for that other party as set out in Boxes 17 and 18 or as appropriate or to such other address as the other
 party may designate in writing.

A notice may be sent by registered or recorded mail, facsimile, electronically or delivered by hand in accordance with this Sub-clause 19(a).

(b) Any notice given under this Agreement shall take effect on receipt by the other party and shall be deemed to have been
 received:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if posted, on the seventh (7<sup>th</sup>) day after posting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if sent by facsimile or electronically, on the day of transmission; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if delivered by hand, on the day of delivery.

In each case, proof of posting, handing in or transmission shall be proof that notice has been given, unless proven to the contrary.

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

**SECTION 6 – General**

**20.** **Entire Agreement** 

The written terms of this Agreement comprise the entire agreement between the Company and the Supervisors in relation to the Supervision Services and supersede all previous agreements whether oral or written between the Parties in relation thereto.

Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement.

Any terms implied into this Agreement by any applicable statute or law are hereby excluded to the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude any liability for fraud.

**21.** **Third Party Rights** 

Except to the extent provided in Sub-clauses 14(d) (Indemnity) and 14(e) ("Himalaya"), no third parties may enforce any term of this Agreement.

**22.** **Partial Validity** 

If any provision of this Agreement is or becomes or is held by any arbitrator or other competent body to be illegal, invalid or unenforceable in any respect under any law or jurisdiction, the provision shall be deemed to be amended to the extent necessary to avoid such illegality, invalidity or unenforceability, or, if such amendment is not possible, the provision shall be deemed to be deleted from this Agreement to the extent of such illegality, invalidity or unenforceability, and the remaining provisions shall continue in full force and effect and shall not in any way be affected or impaired thereby.

---

| | |
|:---|:---|
| **23** | **Interpretation** |

---

In this Agreement:

(a) Singular/Plural

The singular includes the plural and vice versa as the context admits or requires.

(b) Headings

The index and headings to the clauses and appendices to this Agreement are for convenience only and shall not affect its construction or interpretation.

(c) Day

"Day" means a calendar day unless expressly stated to the contrary.

<u>24. &nbsp;&nbsp;&nbsp;&nbsp; SANCTIONS CLAUSE</u>

<u>24.1&nbsp;&nbsp;&nbsp;&nbsp; In this Clause 24 (Sanctions Clause):</u>

<u>"Restricted Party" means a person, entity or vessel:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) that is listed on any Sanctions List or any other sanctions-related list of persons, vessels or entities published by or on behalf of a Sanctions Authority (in each case, whether designated by name or by reason of being included in a class of persons, vessels or entities);</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) that is domiciled, resident, located, registered as located or having its main place of business in, or is incorporated under the laws of, a country or territory which is, subject to Sanctions Laws;</u>

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c) that is directly or indirectly owned or controlled by, or acting on behalf of, at the direction or for the benefit of (as interpreted under any relevant Sanctions Laws), a person or entity referred to in (a) and/or (b) above;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d) with which the Supervisors or the Company is prohibited from dealing by any Sanctions Laws; or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e) that is otherwise a subject of or targeted by Sanctions Laws.</u>

<u>"Sanctions Authority" means the United Nations, Singapore, the European Union, the United Kingdom, any member states of the European Union and the European Economic Area, the United States of America, the Security Council of the United Nations and any other country whose laws or regulations bind the Company and any authority, government, official institution or agency acting on behalf of any of them in connection with Sanctions Laws.</u>

<u>"Sanctions Laws" means any trade, economic or financial sanctions laws and/or any regulations, embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority from time to time.</u>

<u>"Sanctions List" means any list of persons, vessels or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority including, without limitation, the "Specially Designated Nationals and Blocked Persons" list issued by the Office of Foreign Assets Control of the US Department of Treasury, the "Consolidated List of Financial Sanctions Targets " issued by Her Majesty's Treasury, or any similar list issued or maintained or made public by any of the Sanctions Authorities each as amended, supplemented or substituted from time to time.</u>

<u>24.2 &nbsp;&nbsp;&nbsp;&nbsp; Each party makes the following representations and warranties to the other party on the date of this Agreement:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a) its and its respective directors, officers and employees is in compliance with all Sanctions Laws which are applicable to it.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b) Neither it, nor any of its subsidiaries (if any), nor their respective directors, officers or employees is:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) a Restricted Party, or involved in any transaction, activity or conduct that could reasonably be expected to result in its being designated as a Restricted Party;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) subject to or involved in any inquiry, claim, action, suit, proceeding or investigation by any Sanctions Authority against it with respect to Sanctions Laws;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii) engaging or has engaged in any transaction that breaches or attempts to breach, directly or indirectly, any Sanctions Laws; or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv) engaged or is engaging, directly or indirectly, in any trade, business or other activities which is in breach of any Sanctions Laws.</u>

<u>24.3 &nbsp;&nbsp;&nbsp;&nbsp; In the event that any of the representations and warranties in Clause 24.2 are or prove to have been incorrect or misleading when made, the party not in breach shall be entitled to immediately terminate this Agreement by notice in writing to the breaching party.</u>

<u>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANTI-CORRUPTION CLAUSE</u>

<u>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The parties agree that in connection with the performance of this Agreement they shall each:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i) comply at all times with all applicable anti-corruption legislation and have procedures in place that are, to the best of its knowledge and belief, designed to prevent the commission of any offence under such legislation by any member of its organisation or by any person providing services for it or on its behalf; and</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii) make and keep books, records, and accounts which in reasonable detail accurately and fairly reflect the transactions in connection with this Agreement.</u>

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**PART II**

**SUPERMAN - Standard Agreement for the Supervision of Vessel Construction**

<u>(b) &nbsp;&nbsp;&nbsp;&nbsp; Each party represents and warrants that in connection with the negotiation of this Agreement neither it nor any member of its organisation has committed any breach of applicable anti-corruption legislation. Breach of this Clause shall entitle the other party to terminate the Agreement without incurring any liability to the other.</u>

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**SUPERMAN - ANNEX A (VESSEL DETAILS)**

**174,000 CBM LNG carrier as described in the Shipyard Contract**

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**SUPERMAN - ANNEX B (SCHEDULE OF FEES)**<br> **N/A**

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**SUPERMAN - ANNEX C (SUPERVISORS' BUDGET)**<br> **N/A**

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**SUPERMAN - ANNEX D (ASSOCIATED VESSELS)**

NOTE: PARTIES SHOULD BE AWARE THAT BY COMPLETING THIS ANNEX D THEY WILL BE SUBJECT TO THE PROVISIONS OF SUB-CLAUSE 17(c) OF THIS AGREEMENT.

Date of Agreement:

Details of Associated Vessels:

**Hull No. [8197][8196]** 

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**SUPERMAN - ANNEX E (SITE TEAM)**

**N/A** 

Copyright© 2016 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this **BIMCO SmartCon** document will constitute an infringement of BIMCO's copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published 2016.

------

**SCHEDULE 3**

**FORM OF NOVATION AGREEMENT**

------

**SHIPBUILDING CONTRACT NOVATION**

**THIS SHIPBUILDING CONTRACT NOVATION** (this "**Agreement**") is made as of the [●] day of [●] 2022 by and among:

(1) **[GEYTECH MARINE LTD / JOYTECH MARINE LTD].**, a corporation incorporated and existing under the laws of Liberia, having its registered office at 80 Broad Street,
 Monrovia, Liberia ()"**Current Buyer** ");

(2) **[CC SPC 1 / CC SPC 2]**, a company incorporated under the laws of [●][●] having its registered office at [●][●] ()"**New Buyer** "); and

(3) **HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.**, a corporation incorporated and existing under the laws of the Republic of Korea, having its registered office at 93,
 Daebul-ro, Samho-eup, Yeongam-gun, Jeollanam-do, Korea ()"**Builder** ").

Each of the Current Buyer, the New Buyer and the Builder is individually referred to as a "**Party**" and collectively as the "**Parties**".

**BACKGROUND**

(A) The Current Buyer and the Builder concluded a shipbuilding contract dated 2 June 2022 (such contract as amended and supplemented by **[** INSERT ANY ADDENDA, VARIATION
 ORDERS ETC], as attached hereto as Schedule "A", the "**Shipbuilding Contract**") in respect of the construction and sale by the Builder to the Current Buyer of one (1) 174,000 m<sup>3</sup>liquefied natural gas carrier with Builder's hull number [8196/8197], as more fully described in the Shipbuilding Contract (the "**Vessel** ").

(B) Eastern Pacific Shipping Pte, Ltd. (the "**Existing Performance Guarantor**") has issued a performance guarantee dated 2 June 2022 in favour of the Builder in respect
 due and faithful performance by the Current Buyer of all its liabilities and responsibilities under the Shipbuilding Contract on the terms stated therein (the "**Existing Performance Guarantee** ").

(C) Standard Chartered Bank Korea Limited (the "**Refund Guarantor**") as refund guarantor under the Shipbuilding Contract has issued a refund guarantee by SWIFT message
 dated 28 July 2022 with reference no. [M18DA207XS00156 / M18DA207XS00149] in favour of the Current Buyer on the terms stated therein (the "**Existing Refund Guarantee** ").

(D) The Current Buyer has appointed Eastern Pacific Shipping Pte Ltd (the "**Supervisor**") as its supervisor for the purposes of the Shipbuilding Contract.

(E) Pursuant to an option agreement dated [●] 2022 (the "**Option Agreement**") the Current Buyer granted an option to Cool Company Limited to elect to have the
 Shipbuilding Contract novated to it or its nominee, and Cool Company Limited has now exercised the option in accordance with the terms of the Option Agreement.

(F) Accordingly, the Current Buyer wishes to novate and transfer all its rights and obligations under the Shipbuilding Contract and related rights and property to the New
 Buyer, and the New Buyer wishes to accept the novation and transfer of all such rights, obligations and property.

------

(G) The Parties have therefore agreed to enter into this Agreement to set out the terms on which the transaction contemplated in Recital (E) shall occur.

**FOR USD 10 AND OTHER GOOD AND VALUABLE CONSIDERATION, THE RECEIPT AND SUFFICIENCY OF WHICH IS HEREBY ACKNOWLEDGED, THE PARTIES AGREE AS FOLLOWS:**

1 DEFINITIONS

1.1 All capitalised terms not otherwise defined herein shall have the meanings given to them in the Shipbuilding Contract.

2 NOVATION OF THE SHIPBUILDING CONTRACT

2.1 The Parties agree that the Shipbuilding Contract shall be novated from the Current Buyer to the New Buyer with effect from the Effective Date (as defined below in Clause
 5.1 of this Agreement) and shall as of the Effective Date constitute a valid and binding agreement between the Builder and the New Buyer on the terms and conditions of the Shipbuilding Contract.

2.2 In consideration of the undertakings and releases herein contained, as from the Effective Date, each of the Parties hereby agree as follows (save as provided in Clause 5.3
 below):

(a) the Builder releases and discharges the Current Buyer from its rights, covenants, undertakings, duties, obligations and liabilities to the Builder under or in connection
 with the Shipbuilding Contract whether arising before, on or after the Effective Date;

(b) the Current Buyer releases and discharges the Builder from its rights, covenants, undertakings, duties, obligations and liabilities to the Current Buyer under or in
 connection with the Shipbuilding Contract whether arising before, on or after the Effective Date;

(c) the New Buyer becomes a party to the Shipbuilding Contract and assumes all rights, title, benefits and interests of the Current Buyer under the Shipbuilding Contract and
 undertakes to observe and perform (to the extent not already performed by the Current Buyer) all covenants, undertakings, duties, obligations and liabilities of the Current Buyer under the Shipbuilding Contract in every way as if the New Buyer
 had at all times been a party to the Shipbuilding Contract in the place of the Current Buyer;

(d) the Builder maintains all its rights, title, benefits and interests under the Shipbuilding Contract and undertakes to observe and perform in favour of the New Buyer all of
 the covenants, undertakings, duties, obligations and liabilities of the Builder under the Shipbuilding Contract whether arising before, on or after the Effective Date;

(e) any and all payments made by the Current Buyer to the Builder under the Shipbuilding Contract (whether under Article II or otherwise) shall be deemed to have been made by
 the New Buyer and accepted by the Builder;

(f) the New Buyer hereby appoints the Supervisor as its supervisor for the purposes of the Shipbuilding Contract. The Supervisor accordingly is authorised to act as supervisor
 on behalf of the New Buyer under the Shipbuilding Contract but irrevocably and unconditionally ceases to have any further authority to act as supervisor on behalf of the Current Buyer under the Shipbuilding Contract. Any and all matters
 including approval of the plans and drawings and attendance to the tests and inspections performed by the Supervisor as the Current Buyer's supervisor prior to the Effective Date shall be deemed to have been performed by the Supervisor as the
 New Buyer's supervisor; and

------

(g) with effect from the Effective Date, the Shipbuilding Contract shall be read and construed as if all references to the Current Buyer were deleted and replaced by
 references to the New Buyer and accordingly as from the Effective Date, the Shipbuilding Contract shall remain in full force and effect save as amended pursuant to the other terms of this Agreement.

3 NEW PERFORMANCE GUARANTEE

3.1 The New Buyer shall procure that, on the Effective Date, Cool Company Ltd (a corporation incorporated and existing under the laws of Bermuda, having its registered office
 at 2<sup>nd</sup> floor, S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda) will (i) execute a new performance guarantee in favour of the Builder in a form
 and substance acceptable to the Builder and as attached hereto as Schedule "B" (the "**New Performance Guarantee**") and (ii) acknowledge in writing the amendments made to the Shipbuilding Contract pursuant to this Agreement.

3.2 Upon receipt by the Builder of the New Performance Guarantee, the Existing Performance Guarantee shall become null and void and the Builder shall return the Existing
 Performance Guarantee to the Existing Performance Guarantor as soon as possible thereafter.

4 NEW REFUND GUARANTEE

4.1 The Builder shall procure that, by no later than 10 days after the Effective Date (or such later time as shall be agreed between the New Buyer and the Builder), the Refund
 Guarantor will (i) execute a new refund guarantee in favour of the New Buyer in a form and substance acceptable to the New Buyer and as attached hereto as Schedule "C" (the "**New Refund Guarantee**") and (ii) acknowledge in writing the
 amendments made to the Shipbuilding Contract pursuant to this Agreement. It is hereby agreed and confirmed that, until receipt by the New Buyer of the said valid and legally binding New Refund Guarantee:

(a) the Existing Refund Guarantee will be held by the Current Buyer for the benefit of the New Buyer until such time as the New Refund Guarantee is issued; and

(b) no instalment or other amounts shall become due and payable by the New Buyer to the Builder.

4.2 Upon receipt by the New Buyer of the New Refund Guarantee, the Existing Refund Guarantee shall become null and void and the Current Buyer shall return the Existing Refund
 Guarantee to the Refund Guarantor as soon as possible thereafter.

5 EFFECTIVE DATE

5.1 It is hereby acknowledged and agreed between the parties hereto that the novation of the Shipbuilding Contract pursuant to and in accordance with this Agreement will
 become effective immediately upon the execution of this Agreement by all the parties therein and the circulation by the Builder of a fully signed and dated Agreement (such date/time being referred to in this Agreement as the "**Effective Date** ").

------

6 REPRESENTATIONS AND WARRANTIES

6.1 Each Party represents and warrants to and for the benefit of each other party as of the Effective Date that:

(a) it is duly organized and validly existing in its place of organization;

(b) it is in good standing;

(c) it has the requisite power and authority to enter into this Agreement and fully to perform its obligations hereunder and under the Shipbuilding Contract;

(d) its obligations under this Agreement constitute its legal, valid and binding obligations against it and in accordance with its terms, subject only to general principles of
 law affecting enforcement of creditors' rights, and general equitable principles; and

(e) there is no action, suit or proceeding at law or in equity currently pending before any court, tribunal or arbitrator (or, to its knowledge, threatened) which is likely
 adversely to affect the legality, validity or enforceability against it of this Agreement.

6.2 Subject to Clause 5 above, the Builder and the Current Buyer each represent and warrant to the New Buyer that as of the Effective Date the Shipbuilding Contract as amended
 and novated as aforesaid is in full force and effect with no further amendments or supplements and the Current Buyer represents and warrants to the New Buyer that it has provided the New Buyer with a full and complete copy of the Shipbuilding
 Contract.

6.3 The Builder and the Current Buyer each represent and warrant to the New Buyer that as of the Effective Date that:

(a) the Shipbuilding Contract has not been cancelled, terminated or novated (save the novation contemplated in this Agreement);

(b) there are no disputes, claims or proceedings of whatsoever nature between the Builder and the Current Buyer under or in relation to the Shipbuilding Contract nor is the
 Current Buyer aware of any unremedied defaults by the Builder under the Shipbuilding Contract;

(c) the Current Buyer has paid to the Builder pursuant to the Shipbuilding Contract the First Instalment of the Contract Price as stipulated in the Shipbuilding Contract in
 the amount of United States Dollars Twenty Two Point Three Million (US$22,300,000), receipt of which has been confirmed by the Builder<sup>1</sup>;

(d) there are no overdue amounts outstanding under the Shipbuilding Contract;

(e) no demand has been made under the Existing Performance Guarantee by the Builder; and

(f) no demand has been made under the Existing Refund Guarantee by the Current Buyer.

<sup>1</sup> Note to draft: update to reflect further instalments paid by the Current Buyer prior to the date of the Novation, if relevant

------

---

| | |
|:---|:---|
| 7 | NOTICES |

---

The notice provisions in the Shipbuilding Contract shall apply equally to this Agreement with the same address in relation to the Builder and the Current Buyer. The New Buyer address designated for the purpose of notices and other communications under the Shipbuilding Contract and this Agreement are as follows:

Address: 5<sup>th</sup>Floor, 7 Clarges Street, London W1J 8AE

E-mail: <u>Richard.Tyrrell@coolcoltd.com</u> / Legal@coolcoltd.com

Attn: Richard Tyrrell

---

| | |
|:---|:---|
| **8** | **MISCELLANEOUS** |

---

8.1 Confidentiality

This Agreement and the transactions contemplated herein and all related documents and the negotiations relating hereto (the "**Confidential Information**") are strictly confidential and no disclosure relating thereto shall be made or issued by or on behalf of any party to this Agreement to any third party (other than their officers, employees, affiliates, professional advisers or bankers) except in the terms and at the time agreed by the Parties, but such agreement shall not be unreasonably withheld, conditioned or delayed.

This does not apply to any Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) which is already in the public domain other than as a result of its disclosure by the receiving Party under this clause or any person to whom it has disclosed the
 information in accordance with this clause in breach of this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) which is required by any application law or regulation including any stock exchange or listing rules; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which is the subject of a bona fide disclosure:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to a court, governmental, official or regulatory authority or to inspectors or others authorised by such an authority or by or under any legislation to carry out any
 enquiries or investigation or as otherwise required by the law of any relevant jurisdiction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to the employees, officers, agents or professional advisers of any Party or its affiliates to the extent necessary for such persons to obtain the same for the purpose of
 discharging their responsibilities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in connection with any proceedings arising out of or in connection with this Agreement,

provided that in each case (and to the extent it is legally permitted to do so) that the disclosing Party shall procure that any information so disclosed is kept confidential by the person to whom it is disclosed and gives the other Parties as much notice of such disclosure as possible and, where notice of disclosure is not prohibited and is given in accordance with this clause, such Party takes into account (so far as is reasonably practicable) the reasonable requests of the other Party in relation to the content of such disclosure.

------

8.2 Counterparts

This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same document and any party may enter into this Agreement by executing a counterpart.

8.3 Third Party Rights

A person who is not a party to this Agreement has not rights under the Contract (Rights of Third Parties) Act 1999 to enter into or enjoy the benefit of any terms of this Agreement, save that the Existing Performance Guarantor shall have the benefit of and be entitled to enforce the provisions of Clause 3.2.

8.4 Governing law and Arbitration

This Agreement shall be governed by and construed in accordance with the laws of England.

Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall be referred to and finally resolved by arbitration under the London Maritime Arbitrators Association ("LMAA") Terms current at the time when the arbitration proceedings are commenced (which Terms are deemed to be incorporated by reference into this Clause) and in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof, save to the extent necessary to give effect to the provisions of this Clause. The seat of arbitration shall be London, England and the arbitration shall be conducted in English.

The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) calendar days specified. If the two (2) arbitrators appointed by the parties are unable to agree upon a third arbitrator within twenty (20) calendar days after appointment of the second arbitrator, either of the two (2) arbitrators so appointed may apply to the President for the time being of the LMAA to appoint the third arbitrator, in which case the said President when making any such appointment shall have due regard to the requirement for an expeditious resolution of the dispute and in particular the availability of any suitably qualified arbitrator so appointed for an early hearing date.

If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) calendar days specified in the notice, the party referring a dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if the sole arbitrator had been appointed by agreement.

**- END -**

------

**SCHEDULE "A"**

**SHIPBUILDING CONTRACT**

See attached

------

**SCHEDULE "B"** 

**FORM OF NEW PERFORMANCE GUARANTEE** 

Date: [●]

HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.

93, Daebul-ro, Samho-eup, Yeongam-gun, Jeollanam-do, Korea

**<u>PERFORMANCE GUARANTEE</u>**

Gentlemen,

In consideration of the shipbuilding contract dated 2 June 2022 originally entered into by [GEYTECH MARINE LTD / JOYTECH MARINE LTD] (hereinafter called the "**ORIGINAL BUYER**") as buyer, and HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD. (the "**BUILDER**") as builder and as amended and novated in favour of [CC SPC 1 / CC SPC 2] (**BUYER**) as new buyer pursuant to a novation agreement dated [●] between the ORIGINAL BUYER, the BUYER and the BUILDER, (such shipbuilding contract as may be further amended, novated or supplemented from time to time, the "**CONTRACT**") for the construction and purchase of one (1) 174,000 CBM CLASS MEMBRANE LNGC CARRIER with BUILDER's Hull No. [8196/8197] (the "**Vessel**"), and providing, among other things, for payment of the Contract Price (as defined in the CONTRACT) amounting to United States Dollars Two Hundred Thirty One Million One Hundred Thousand (US$231,100,000) for the VESSEL, prior to, upon and after the delivery of the VESSEL, the undersigned, as a primary obligor and not as a surety merely, hereby unconditionally and irrevocably guarantees to you, your successors and assigns, the due and faithful performance by the BUYER of all its liabilities and responsibilities under the CONTRACT and any supplements, amendments, changes or modifications hereinafter made thereto including but not limited to, due and prompt payment of the Contract Price (whether on account of principal, interest or otherwise) by the BUYER to you, your successors and assigns under the CONTRACT, notwithstanding any obligation of the BUYER being or becoming unenforceable by defect in or want of its powers, (hereby expressly waiving notice of any such supplement, amendment, change or modification as may be agreed to by the BUYER) and confirms that this Guarantee shall be fully applicable to the CONTRACT whether so supplemented, amended, changed or modified and if it shall be assigned by the BUYER in accordance with the terms of the CONTRACT. This Guarantee will expire on the fulfillment by the BUYER of its obligation under the CONTRACT.

The undersigned hereby certifies, represents and warrants that all acts, conditions and things required to be done and performed and to have occurred precedent to the creation and issuance of this Guarantee, and to constitute this Guarantee the valid and legally binding obligation of the undersigned enforceable in accordance with its terms have been done and performed and have occurred in due and strict compliance with applicable laws.

The payment by the undersigned under this Guarantee shall be made forthwith within thirty (30) days upon receipt by us of written demand from you including a statement that the BUYER is in default of payment of the amounts (including, but not limited to, the instalment(s) payable prior to or upon delivery of the VESSEL) that were due under the CONTRACT, without requesting you to take any or further procedure or step against the BUYER. In the event that any withholding or deduction is imposed by any law, the undersigned will pay such additional amount as may be necessary in order that the actual amount received after deduction or withholding shall equal to the amount that would have been received if such deduction or withholding were not required.

------

Notwithstanding the provisions hereinabove, in the event that within thirty (30) days from the date of your claim to the BUYER referred to above, we receive notification from you or the BUYER accompanied by written confirmation to the effect that your claim to cancel the CONTRACT or your claim for the payment thereunder has been disputed and referred to arbitration in accordance with the provisions of the CONTRACT, we shall under this Guarantee, pay to you the sum adjudged to be due to you by the BUYER pursuant to the award made under such arbitration immediately upon receipt from you of a demand for the sums so adjudged and a copy of the award.

This Guarantee shall be governed by and interpreted in accordance with the laws of England and the undersigned hereby submits to the non-exclusive jurisdiction of the Courts of England.

Very truly yours

**COOL COMPANY MANAGEMENT LTD**

------

**SCHEDULE "C"**

<br> **FORM OF NEW REFUND GUARANTEE**

Letter of Guarantee No.: [●]

To: [CC SPC 1 / CC SPC 2]

Date: [●]

Gentlemen:

We hereby issue our irrevocable letter of guarantee number [●] in favour of [CC SPC 1 / CC SPC2] (hereinafter called the "**BUYER**") for the account of Hyundai Samho Heavy Industries Co., Ltd. (hereinafter called the "**BUILDER**"') as follows in connection with the shipbuilding contract dated 2 June, 2022 made by and between [GEYTECH MARINE LTD / JOYTECH MARINE LTD] ("**ORIGINAL BUYER"**) as original buyer and the BUILDER as builder and as amended and novated in favour of the BUYER as new buyer pursuant to a novation agreement dated [●] 2022 between the ORIGINAL BUYER, the BUYER and the BUILDER (such shipbuilding contract as may be further amended, novated or supplemented from time to time, the "**CONTRACT**") for the construction of one (1), 174,000 m<sup>3</sup> liquefied natural gas carrier having the BUILDER's hull no. [8196/8197] (hereinafter called the "**VESSEL"**).

This letter of guarantee is issued to secure refund to the BUYER if, in connection with the terms of the CONTRACT, the BUYER shall become entitled to a refund of the advance payments made to the BUILDER prior to the delivery of the VESSEL ("**Instalments**" and each an "**Instalment**"). We hereby irrevocably guarantee to repay to the BUYER, the amount of the Instalments (whether the same have been paid to the BUILDER by the ORIGINAL BUYER and/or the BUYER) within thirty (30) Days after the BUYER's demand, and in the amount stated in the demand but not exceeding USD 22,300,000 (say U.S. Dollars Twenty Two Million Three Hundred Thousand only) together with interest thereon at the rate of six per cent (6%) per annum from the date following the date of receipt by the BUILDER to the date of remittance by telegraphic transfer of such refund.

The amount of this guarantee will be automatically increased upon the BUILDER's receipt of the second, third and fourth Instalments, not more than three (3) times, each time by the amount of the relevant Instalment plus interest thereon as provided in the CONTRACT, but in any eventuality the amount of this guarantee shall not exceed the total sum of USD 89,200,000 (say U.S. Dollars Eighty Nine Million Two Hundred Thousand Only) plus interest thereon at the rate of six per cent (6%) per annum from the date following the date of the BUILDER's receipt of each Instalment to the date of remittance by telegraphic transfer of the refund. However, in the event the BUYER's first written demand states that cancellation of the CONTRACT was based on delays due to force majeure or other causes beyond the control of the BUILDER or the refund arises following a total loss of the VESSEL, the interest rate of refund shall be reduced to five per cent (5%) per annum as provided in Article X of the CONTRACT.

------

This letter of guarantee is available (subject to the seventh paragraph hereof) against the BUYER's first written demand and signed statement certifying that the BUYER's demand for refund has been made in conformity with Article X of the CONTRACT and the BUILDER has failed to make the refund within thirty (30) days after the BUYER's demand. Refund shall be made to the BUYER by telegraphic transfer in United States Dollars. Any notice or demand under this letter of guarantee shall be given by SWIFT (SWIFT code: SCBLKRSE) or international courier (address: Standard Chartered Bank Korea Limited, Trade Operations, 47 Jongno, Jongno-Gu, Seoul, 03160, Korea). A notice shall be deemed to be served and shall take effect 4 hours after its transmission is completed or upon receipt by the BUILDER of the original notice or demand by international courier (as the case may be), provided that if a notice would be deemed to be served on a day which is not a business day, or which is a business day but after 5.00 pm Local time, in the place of receipt, notice shall be deemed to be served, and shall take effect at 9.00 am on the next day which Is a business day.

In case any refund is made to the BUYER by the BUILDER or by us under this Letter of Guarantee, our liability hereunder shall be automatically reduced by the amount of such refund.

It is hereby understood that payment of any interest provided herein is by way of liquidated damages due to cancellation of the CONTRACT and not by way of compensation for use of money.

Notwithstanding the provisions hereinabove, in the event that within thirty (30) days from the date of the BUYER's first written demand referred to above, we receive notification from the BUYER or the BUILDER accompanied by written confirmation to the effect that the BUYER's claim to cancel the CONTRACT or the BUYER's claim for refundment thereunder has been disputed and referred to arbitration in accordance with the provisions of Article XIII of the CONTRACT, we shall under this letter of guarantee, refund to the BUYER the sum adjudged to be due to the BUYER by the BUILDER pursuant to the award made under such arbitration (or judgment on appeal therefrom) immediately upon receipt from the BUYER of a further written demand for the sums so adjudged and a copy of the award.

If any deduction or withholding from any payment made or to be made by us is imposed by law, the undersigned will pay such additional amount as may be necessary in order that the actual amount received by the BUYER shall equal that which would have been received had such deduction or withholding not been made.

Our liability under letter of guarantee is a principal obligation, and for the avoidance of doubt our liability under this letter of guarantee will not be affected by any amendment or supplement to the CONTRACT, by any waiver or time or indulgence allowed to the BUILDER or by any other matter or thing which, but for this paragraph, might have operated to discharge or reduce our liability hereunder.

We hereby represent and undertake that we have received all necessary consents, approvals and authorisations and that all formalities have been accomplished in order to ensure the full validity and effectiveness of this letter of guarantee.

This letter of guarantee shall terminate upon receipt by the BUYER of the sum guaranteed hereby or upon acceptance by the BUYER of the delivery of the VESSEL in accordance with the terms of the CONTRACT and, in either case, this letter of guarantee shall be returned to us.

This letter of guarantee is assignable and valid from the date of this letter of guarantee until such time as the VESSEL is delivered by the BUILDER to the BUYER in accordance with the terms of the CONTRACT.

------

This letter of guarantee shall be governed by and construed in accordance with the laws of England and the undersigned hereby submits to the non-exclusive jurisdiction of the courts of England. We hereby irrevocably appoint HHI London office of 2nd Floor, the Triangle, 5-17 Hammersmith Grove, London, W6 0LG, UK as our agent for service of process in connection with any proceedings in the English courts.

Very truly yours,

For and on behalf of

Standard Chartered Bank Korea Limited

------

**EXECUTION PAGE**

---

| |
|:---|
| /s/ Mi Hong Yoon |
| Authorised Signatory |
| Date: 3 November 2022 |
| /s/ Frank Megginson |
| Authorised Signatory |
| Date: 3 November 2022 |
| /s/ Frank Megginson |
| Authorised Signatory |
| Date: 3 November 2022 |

---

## Exhibit 8.1

------

#### Exhibit 8.1

#### Cool Company Ltd.

#### List of Subsidiaries

#### <br>

---

| | |
|:---|:---|
| **Entity Name** | **Jurisdiction of Formation** |
| Golar Hull M2022 Corp. | Marshall Islands |
| Golar LNG NB10 Corporation | Marshall Islands |
| Kool lce Corporation<br>| Marshall Islands |
| Golar LNG NB11 Corporation | Marshall Islands |
| Golar Hull M2021 Corp. | Marshall Islands |
| Golar Hull M2047 Corp. | Marshall Islands |
| Golar Hull M2027 Corp. | Marshall Islands |
| Kool Frost Corporation<br>| Marshall Islands |
| The Cool Pool Limited | Marshall Islands |
| Cool Company Management d.o.o. | Croatia |
| Cool Company Management AS | Norway |
| Cool Company Management Ltd. | England and Wales |
| CoolCo Management Sdn. Bhd.<br>| Malaysia |

---

------

## Exhibit 15.1

------

#### Exhibit 15.1<br>

#### <br>

#### CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the use of our report dated September 6, 2022 (except for Note 1, Note 2 and Note 23, as to which the date is October 26, 2022), in the Registration Statement (Form 20-F).

/s/ Ernst & Young LLP

London, United Kingdom

February 14, 2023

------

## Exhibit 15.2

------

**Exhibit 15.2**<br>

![](ny20005919x6_ex15-2img01.jpg)

Cool Company Ltd.

2nd floor, S.E. Pearman Building

9 Par-la-Ville Road

Hamilton HM11

Bermuda

14<sup>th</sup> February 2023

Ladies and Gentlemen:

Reference is made to the registration statement on Form 20-F (the "Registration Statement"), relating to the listing of Cool Company Ltd. (the "Company"), to be filed with the with the United States Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), relating to the listing of common shares of the Company.

We have reviewed the section in the Registration Statement entitled "Industry" and believe that it accurately describes the international LNG shipping market as of the date of this registration statement. We further advise that our role has been limited to the review of the section referenced above and the provision of statistical and other information (the "Shipping Information") supplied by us. With respect to such Shipping Information and statistical data we advise you that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• some information in Clarksons Research's database is derived from estimates or subjective judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the published information of other maritime data collection agencies may differ from this data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• while we have taken reasonable care in the compilation of the Shipping Information and believe it to be accurate and correct, data compilation is subject to limited audit and validation procedures.

We hereby consent to (i) the use of the graphical and statistical information supplied by us as set forth in the Registration Statement, including, without limitation, such information contained under the section of the Registration Statement entitled "Industry", (ii) the references to our company in the Registration Statement, (iii) the naming of our company as an expert in the Registration Statement, and (iv) the filing of this letter as an exhibit to the Registration Statement to be filed with the United States Securities and Exchange Commission pursuant to the Exchange Act.

---

| | |
|:---|:---|
| /s/ S.J. Gordon | /s/ W. Holmes<br>|
| For and on behalf of | For and on behalf of |
| **Clarkson Research Services Limited** | **Clarkson Research Services Limited** |
| Name: S. J. Gordon | Name: W. Holmes<br>|
| Designation: Director | Designation: Director |

---

Clarkson Research Services Limited

Registered office: Commodity Quay \| St Katharine Docks \| London \| E1W 1BF \| United Kingdom \| England No. 1944749

T: +44 (0) 20 7334 0000

#### clarksons.com

VAT Number: GB 245 9035 56 \| Quality system registered under ISO 9001, Certified By BSI, Licence Number FS 30573

------