Document:

EX-4.16

 Exhibit 4.16 

Dated 25 October 2018 

ZEUS ONE MARINE LLC 

IKAROS MARINE LLC 
 as joint
and several Borrowers 
 and 

TASMAN MARINE LLC 

HUDSON MARINE LLC and  

DRAKE MARINE LLC 
 as
Collateral Owners 
 and 

POSEIDON CONTAINERS HOLDINGS LLC 

as Corporate Guarantor 

and 
 ODYSSEUS MARINE LLC

 THD MARITIME CO., LIMITED 

as Shareholders 
 and 

THE BANKS AND FINANCIAL INSTITUTIONS 

Listed in Schedule 1 
 as
Lenders 
 and 
 ABN AMRO
BANK N.V. 
 as Agent, Arranger, Swap Bank and as Security Trustee 

SECOND AMENDING AND RESTATING DEED 

relating to 
 a secured term loan
facility dated 30 August 2017 (as amended and restated by an Amending and 
 Restating Deed on 9 October 2018) of originally up to
US$82,459,678.29 
 to refinance certain existing indebtedness and secured on 

m.vs. “ORCA I”, “KATHERINE”, “TASMAN”, 

“DIMITRIS Y” and “IAN H” 

 Index 

Clause 
  

							
	 	  	 	  	Page	 
	1	  	Interpretation	  	 	2	 
	2	  	Representations and Warranties	  	 	4	 
	3	  	Amendment of Finance Documents	  	 	4	 
	4	  	Effective Date	  	 	5	 
	5	  	Further Assurances	  	 	5	 
	6	  	Expenses	  	 	6	 
	7	  	Notices	  	 	7	 
	8	  	Supplemental	  	 	7	 
	9	  	Law and Jurisdiction	  	 	7	 
		  		  			
			
	 Schedules
	  		  			
		
	 Schedule 1 Lenders 
	  	 	8	 
	 Schedule 2 Conditions Precedent Documents 
	  	 	9	 
	 Schedule 3 Form of effective date notice 
	  	 	10	 
	 Schedule 4 Form of Amended and Restated Loan Agreement Marked to Indicate Amendments

	  	 	11	 
			
	 Execution
	  		  			
		
	 Execution Page 
	  	 	13	 

 THIS DEED is made on 25 October 2018 

 

	PARTIES	 

  

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

  

	(2)	 TASMAN MARINE LLC, HUDSON MARINE LLC and DRAKE MARINE LLC, each a limited liability company formed in
the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as collateral owners (each a “Collateral Owner” and, together, the “Collateral
Owners”); 

  

	(3)	 POSEIDON CONTAINERS HOLDINGS LLC, a limited liability company formed in the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as corporate guarantor (the “Corporate Guarantor”); 

 

	(4)	 ODYSSEUS MARINE LLC, a limited liability company formed in the Marshall Islands whose registered office
is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as shareholder (“Odysseus”); 

  

	(5)	 THD MARITIME CO., LIMITED, a private company limited with shares incorporated and existing under the
laws of the Republic of Cyprus, whose registered office it at 16 Sophouli Street, Chanteclaire Building, Floor 4, flat 403, Nicosia, Republic of Cyprus (“THD Maritime”); 

 

	(6)	 THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders; and 

 

	(7)	 ABN AMRO BANK N.V. acting through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands, as
Agent, Arranger and Security Trustee and acting through its office at Gustav Mahrerlaan 10, NL-1082 PP, Amsterdam, The Netherlands, as Swap Bank. 

 

	BACKGROUND	 

  

	(A)	 By a loan agreement dated 30 August 2017 (as amended and restated by an amending and restating deed dated
9 October 2018) (the “Loan Agreement”) and made between (i) the Original Borrowers (hereinafter defined) as joint and several borrowers, (ii) the Lenders and (iii) ABN AMRO Bank N.V. as Agent, Swap Bank, Arranger
and Security Trustee, the Lenders have made available to the Borrowers a loan facility in an amount of (originally) up to US$82,459,678.29. At the date of this Deed, the outstanding amount of the Loan is US$64,253,892.38. 

 

	(B)	 By an agency and trust agreement entered into pursuant to the Loan Agreement, it was agreed that the Security
Trustee would hold the Trust Property on trust for the Lenders and the Swap Bank. 

  

	(C)	 By a master agreement (the “Master Agreement”) (on the 2002 ISDA Master Agreement form
together with the schedule attached thereto (as amended)) dated 30 August 2017 and made between (i) the Original Borrowers and (ii) the Swap Bank, it was agreed that the Swap Bank would enter into Designated Transactions with the
Original Borrowers from time to time. 

  

	(D)	 By a corporate guarantee dated 30 August 2017 (as amended and restated pursuant to an amending and
restating deed dated 9 October 2018) (the “Corporate Guarantee”) and made between (i) the Corporate Guarantor and (ii) the Security Trustee, the Corporate Guarantor has guaranteed the obligations of the Original
Borrowers under the Loan Agreement and the Master Agreement. 

	(E)	 The Borrowers, the Collateral Owners and the Corporate Guarantor have requested that the Creditor Parties agree
to: 

  

	 	(i)	 the reverse triangular merger involving the Corporate Guarantor and the New Holding Company (as hereinafter
defined), as a result of which (a) the Corporate Guarantor would be the surviving entity and an indirect, wholly-owned subsidiary of the New Holding Company and (b) the Poseidon Shareholders would receive shares of the New Holding Company;

  

	 	(ii)	 the shares and voting rights attaching to the shares in respect of the New Holding Company being in turn
legally and beneficially owned by, amongst others, the Poseidon Shareholders and the New Shareholders (as hereinafter defined) in accordance with the Merger Documents; 

 

	 	(iii)	 the change in the ultimate beneficial ownership of the equity interests or, as the case may be, shares in the
Borrowers, the Collateral Owners, the Corporate Guarantor, THD Maritime and Odysseus; 

  

	 	(iv)	 the cessation of Mr George Giouroukos from his position as Chief Executive Officer of the Corporate Guarantor;
and 

  

	 	(v)	 the termination of the existing management agreements and their replacement by new management agreements to be
entered into between the relevant Borrower, Collateral Owner or the Corporate Guarantor (as may be the case) and each Approved Manager on substantially similar terms to the existing management agreements, 

together, the “Request”. 
  

	(F)	 This Deed sets out the terms and conditions on which the Creditor Parties will agree with effect on and from
the Effective Date, to the requests of the Borrowers, the Collateral Owners and the Corporate Guarantor outlined in Recital (E) above and to the consequential amendments to the Loan Agreement and the other Finance Documents.

 OPERATIVE PROVISIONS 
  

	1	 INTERPRETATION 

 

	1.1	 Defined expressions 

Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Deed (including the Recitals) unless the
context otherwise requires or they are otherwise defined in this Deed. 
  

	1.2	 Definitions 

In this Deed, unless the contrary intention appears: 

“Amended and Restated Corporate Guarantee” means the Corporate Guarantee as amended and restated pursuant to this Deed; 

  
 2 

 “Amended and Restated Loan Agreement” means the Loan Agreement as amended
and restated pursuant to this Deed; 
 “Effective Date” means the date on which the Agent notifies the Borrowers in writing
in the form set out in Schedule 4 that all the conditions precedent in Schedule 2 have been satisfied, which confirmation the Agent shall be under no obligation to give if an Event of Default shall have occurred; 

“Merger” means a reverse triangular merger involving the Corporate Guarantor and the New Holding Company, as a result of which
(a) the Corporate Guarantor would be the surviving entity and an indirect, wholly-owned subsidiary of the New Holding Company and (b) the Poseidon Shareholders would receive shares of the New Holding Company; 

“Merger Documents” means the ancillary agreements entered into by the Poseidon Shareholders and New Shareholders in connection
with the definitive agreement in respect of the Merger; 
 “New Holding Company” means the corporation under the name Global
Ship Lease Inc. (as may be renamed following the Merger), incorporated in the Republic of the Marshall Islands, whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands MH96960 and
whose shares are publically listed on the New York Stock Exchange; 
 “New Shareholder” means each of: 

 

	 	(a)	 Mr Michael Gross (either directly or indirectly through one or more Subsidiaries); and; and

  

	 	(b)	 CMA CGM S.A., a company incorporated in France; 

“Obligor” means each of the Borrowers, the Collateral Owners, the Corporate Guarantor, THD Maritime and Odysseus; 

“Poseidon Shareholders” means each of the following: 
  

	 	(a)	 KEP VI (Newco Marine), Ltd, a company incorporated in the Cayman Islands; 

 

	 	(b)	 KIA VIII (Newco Marine), Ltd, a company incorporated in the Cayman Islands; 

 

	 	(c)	 MAAS Capital Investments B.V., a company incorporated in the Netherlands; and 

 

	 	(d)	 Management Investor Co, a corporation incorporated in the Marshall Islands; and 

“Relevant Shareholding” means, in respect of the New Holding Company, the percentage of ownership of shares and voting power
being held by each of the Poseidon Shareholders and the New Shareholders, as such percentage shall be set out in the Merger Documents and disclosed in writing to the Agent on the date of the Merger. 

 

	1.3	 Application of construction and interpretation provisions of Loan Agreement 

Clauses 1.2, 1.4 and 1.5 of the Loan Agreement apply, with any necessary modifications, to this Deed. 

  
 3 

	2	 REPRESENTATIONS AND WARRANTIES 

 

	2.1	 Repetition of Loan Agreement representations and warranties 

Each Borrower represents and warrants to the Agent that the representations and warranties in clause 10 of the Amended and Restated Loan
Agreement would remain true and not misleading if repeated on the date of this Deed with reference to the circumstances now existing as if the references to the “Finance Documents” included a reference to this Deed. 

 

	2.2	 Repetition of Finance Documents representations and warranties 

Each of the Obligors represents and warrants to the Agent that the representations and warranties in the Finance Documents (other than the Loan
Agreement) to which it is a party would remain true and not misleading if repeated on the date of this Deed with reference to the circumstances now existing and with appropriate modifications to refer to this Deed. 

 

	3	 AMENDMENT OF FINANCE DOCUMENTS 

 

	3.1	 Amendment and restatement of the Loan Agreement 

With effect on and from (and subject to the occurrence of) the Effective Date, the Loan Agreement shall be, and shall be deemed by this Deed to
be, amended and restated in the form set out in Schedule 5. 
  

	3.2	 Amendment and restatement of the Corporate Guarantee 

With effect on and from (and subject to the occurrence of) the Effective Date, the Corporate Guarantee shall be, and shall be deemed by this
Deed to be, amended and restated in the form set out in Schedule 6. 
  

	3.3	 Amendments to remaining Finance Documents 

With effect on and from (and subject to the occurrence of) the Effective Date, each of the Finance Documents (other than the Loan Agreement and
the Corporate Guarantee) shall be, and shall be deemed by this Deed to be amended as follows: 
  

	(a)	 the definition of, and references throughout each of such Finance Documents to, the “Loan Agreement”
and the “Corporate Guarantee” (howsoever defined therein) and any of the other Finance Documents shall be construed as if the same referred to, respectively: 

 

	 	(i)	 the Amended and Restated Loan Agreement; 

 

	 	(ii)	 the Amended and Restated Corporate Guarantee; and 

 

	 	(iii)	 the other Finance Documents as supplemented and amended by this Clause 3.3; 

 

	(b)	 the references throughout each of such Finance Documents to “this Agreement”, “this Deed”,
“hereunder” and other like expressions shall be construed as if the same referred to those Finance Documents as supplemented and amended by this Deed. 

  
 4 

	3.4	 Finance Documents to remain in full force and effect 

Each of the Finance Documents shall remain in full force and effect as supplemented and amended by: 

 

	(a)	 the amendments contained or referred to in Clause 3.1 through 3.3; and 

 

	(b)	 such further or consequential modifications as may be necessary to give full effect to the terms of this Deed.

  

	4	 EFFECTIVE DATE 

 

	4.1	 General 

The agreement contained in Recital (E) and Clause 3 is subject to the fulfilment of the conditions precedent in Clause 4.2. 

 

	4.2	 Conditions precedent 

The conditions referred to in Clause 4.1 are that the Agent shall have received, on or before the Effective Date, the documents and evidence
referred to in Schedule 2 in all respects in form and substance satisfactory to the Agent and its lawyers on the date of this Deed or such later date as may be applicable. Upon receipt of the documents and evidence referred to above, the Agent shall
promptly deliver to the Borrowers a written confirmation in the form set out in Schedule 3. 
  

	4.3	 Conditions subsequent 

The Borrowers further undertake to provide the Agent with the documents and evidence referred to in Schedule 3 in all respects in form and
substance satisfactory to the Agent and its lawyers on the date falling three (3) Business Days following the date of the Merger or such later date as may be agreed between the Borrowers and the Agent (acting on the instructions of the Majority
Lenders). 
  

	4.4	 Waiver of conditions precedent 

If the Agent, in its discretion, confirms that the Effective Date has taken place before certain of the conditions referred to in Clause 4.2
are satisfied, the Borrowers shall, in each case, ensure that those conditions are satisfied within a maximum of 5 Business Days after the date of the Effective Date. 
  

	4.5	 Void Second Amending and Restating Deed 

If for any reason whatsoever (including, but not limited to, the Merger not having taken place), the Borrowers fail to fulfil the conditions
subsequent in Clause 4.3 by 31 December 2018 (or such later date as may be agreed by the Agent, acting on the instructions of the Majority Lenders), this Deed shall be rendered void ab initio. 

 

	5	 FURTHER ASSURANCES 

 

	5.1	 Obligation to execute further documents etc. 

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

 

	(a)	 execute and deliver to the Agent (or as it may direct) any assignment, mortgage, power of attorney, proxy or
other document, governed by the laws of England or such other country as the Agent may, in any particular case, specify; and 

  

	(b)	 effect any registration or notarisation, give any notice or take any other step, 

which the Agent may, by notice to such party, specify for any of the purposes described in Clause 5.2 or for any similar or related purpose.

  
 5 

	5.2	 Purposes of further assurances 

The purposes referred to in Clause 5.1 are: 
  

	(a)	 validly and effectively to create any Security Interest or right of any kind which the Agent intended should be
created by or pursuant to this Deed or any Finance Document, each as amended and restated or supplemented by this Deed; and 

  

	(b)	 implementing the terms and provisions of, and the transactions contemplated in this Deed or any Finance
Document. 

  

	5.3	 Terms of further assurances 

The Agent may specify the terms of any document to be executed by the Obligors or the Approved Manager under this Clause 5, and those terms may
include any covenants, powers and provisions which the Agent considers appropriate to protect its interests. 
  

	5.4	 Obligation to comply with notice 

Each of the Obligors shall, and the Obligors shall procure that the Approved Manager shall, comply with a notice under Clause 5.1 by the date
specified in the notice. 
  

	5.5	 Corporate or limited liability company action 

At the same time as the relevant Obligor or, as the case may be, Approved Manager, delivers to the Agent any document executed under Clause
5.1(a), that Obligor or, as the case may be, Approved Manager, shall also deliver to the Agent a certificate signed by an officer of that Obligor or, as the case may be, Approved Manager, which shall: 

 

	(a)	 set out the text of a resolution of that Obligor’s or, as the case may be, that Approved Manager’s,
applicable governing body specifically authorising the execution of the document specified by the Agent unless the execution of the relevant document is authorised by the existing resolutions and general power of attorney of that Obligor or, as the
case may be, that Approved Manager; and 

  

	(b)	 state that either the resolution was duly passed by the member or board of directors, as applicable, validly
convened and held throughout and is valid under that Obligor’s or as the case may be, that Approved Manager’s, limited liability agreement or other constitutional documents. 

 

	6	 EXPENSES 

The Borrowers shall reimburse to the Agent on demand all reasonable costs, fees and expenses (including, but not limited to, legal fees and
expenses) and taxes thereon incurred by the Agent or any other Creditor Party in connection with the negotiation, preparation and execution of this Deed and any other documents required thereunder. 

  
 6 

	7	 NOTICES 

The provisions of clause 28 (Notices) of the Loan Agreement and clause 16 of the Corporate Guarantee, as amended and restated by this Deed,
shall apply to this as if they were expressly incorporated in this Deed with any necessary modifications. 
  

	8	 SUPPLEMENTAL 

  

	8.1	 Counterparts 

This Deed may be executed in any number of counterparts. 
  

	8.2	 Third party rights 

A person who is not a party to this Deed has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit
of any term of this Deed. 
  

	9	 LAW AND JURISDICTION 

 

	9.1	 Governing law 

This Deed and any non-contractual obligations arising out of or in connection with it shall be governed
by, and construed in accordance with, English law. 
  

	9.2	 Incorporation of the Loan Agreement provisions 

The provisions of clause 33 (Law and Jurisdiction) of the Loan Agreement, as amended and restated by this Deed, shall apply to this Deed as if
they were expressly incorporated in this Deed with any necessary modifications. 
 This Deed has been duly executed by or on behalf of the parties and
has, on the date stated at the beginning of this Deed, been delivered as a Deed. 

  
 7 

 SCHEDULE 1 

LENDERS 
  

			
	 Lender
	  	 Lending Office

	ABN AMRO Bank N.V.	  	 c/o Loans Administration Transportation Clients

93 Coolsingel
 3012 AE

Rotterdam
 The Netherlands

  
 8 

 SCHEDULE 2 

CONDITIONS PRECEDENT DOCUMENTS 
 The
following are the documents referred to in Clause 4.2: 
  

	1	 A certificate signed by an officer of each Obligor confirming that there has been no change to the
constitutional documents since those previously provided to the Agent. 

  

	2	 In respect of each Obligor, documents of the kind specified in paragraphs 2, 3, 4 and 5 of Schedule 3, Part A
of the Loan Agreement as amended and supplemented by this Deed with appropriate modifications to refer to this Deed (as applicable) and, in respect of each Approved Manager and K&T Marine LLC, an up-to-date certificate of incumbency. 

  

	3	 Evidence satisfactory to the Agent that each Obligor and each Approved Manager, is currently existing in good
standing in accordance with the laws of its country of incorporation. 

  

	4	 A duly executed original of this Deed. 

 

	5	 Such documents and other evidence in such form required and satisfactory to the Creditor Parties in order for
the Creditor Parties to comply with all necessary “know your customer” or other similar identification procedures (including, but not limited to, specimen signatures of all the members or directors, as the case may be, and other officers
of the Borrowers and the Corporate Guarantor) in relation to the transactions contemplated in this Deed and the other Finance Documents. 

  

	6	 A confirmation satisfactory to the Agent from the Borrowers and the Corporate Guarantor that no Events of
Default has occurred or is continuing. 

  

	7	 Documentary evidence that the agent for service of process named in clause 33 of the Loan Agreement has
accepted its appointment in respect of this Deed. 

  

	8	 Certified copies of all documents (with a certified translation if an original is not in English) evidencing
any other necessary action, approvals or consents with respect to this Deed (including without limitation) all necessary governmental and other official approvals and consents in such pertinent jurisdictions as the Agent deems appropriate.

  

	9	 Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of Marshall
Islands and such other relevant jurisdictions as the Agent may require. 

  

	10	 Any further authorisations, opinions, consents, agreements and documents in connection with this Deed or any
other Finance Document which the Agent may request by notice to the Borrowers prior to the Effective Date. 

  

	11	 A written confirmation from the Guarantor that all other lenders under each of the Group Facility Agreements
and the Senior Facility Agreement have provided their consent to the Merger. 

  
 9 

 SCHEDULE 3 

CONDITIONS SUBSEQUENT DOCUMENTS 
 The
following are the documents referred to in Clause 4.3: 
  

	1	 Such documents and other evidence in such form as is requested by the Agent in order for the Lenders to comply
with all necessary “know your customer” or “client acceptance” or other similar identification procedures (including, but not limited to, specimen signatures of all the members or directors, as the case may be, and other officers
of the New Holding Company) in relation to the transactions contemplated in the Finance Documents. 

  

	2	 Evidence satisfactory to the Agent (acting on the instructions of the Majority Lenders) that the Merger has
taken place and that, immediately after the Merger, each Poseidon Shareholder and each New Shareholder is, or will be, the legal and/or beneficial owner of its respective Relevant Shareholding. 

 

	3	 A certified true copy of the amended and restated limited liability company agreement and the certificate of
limited liability company interest in respect of the Corporate Guarantor specifying the members/holders of the membership interests in the Corporate Guarantor. 

 

	4	 A certified true copy of the Articles of Association and the Bylaws of the New Holding Company, as amended
following the Merger. 

  

	5	 A certified true copy of each of the duly executed Merger Documents. 

 

	6	 A certificate of the Borrowers stating the percentage of ownership of shares and voting power being held by
each of the Poseidon Shareholders and the New Shareholders in the New Holding Company. 

  

	7	 Evidence of the change of the name of the New Holding Company (if applicable). 

 

	8	 Certified copies of the new Management Agreements together with such documentation as may be required by the
Agent (acting on the instructions of the Lenders) Lender in respect of any amendments to the existing Approved Manager’s Undertakings. 

  

	9	 Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 6 have been paid or
will be paid by the Effective Date. 

  

	10	 An amendment fee (if any) in such amount as may also be provided to any creditor under any Group Facility
Agreement or the Senior Facility Agreement in connection with, or related to, the Merger. 

  
 10 

 SCHEDULE 4 

FORM OF EFFECTIVE DATE NOTICE 
  

	To:	 ZEUS ONE MARINE LLC 

IKAROS MARINE LLC 

TASMAN MARINE LLC 

HUDSON MARINE LLC 

DRAKE MARINE LLC 

POSEIDON CONTAINERS HOLDINGS LLC 

c/o Technomar Shipping Inc. 
 3-5 Menandrou Street 
 145 61 Kifisia 

Athens, Greece 
 Fax: +30 210
8084224 
 [•] 2018 
 Dear Sirs 

We refer to the amending and restating deed dated [•] 2018 (the “Amending and Restating Deed”) made between (i) yourselves as
Borrowers and Collateral Owners, (ii) the Lenders, (iii) the Agent, (iv) the Arranger, (v) the Swap Bank and (vi) Security Trustee. 

Words and expressions defined in the Amending and Restating Deed shall have the same meaning when used in this letter. 

We write to confirm that the conditions precedent in clause 4.2 of the Amending and Restating Deed have been fulfilled [(other than the conditions precedent
listed in paragraph[s] [•] and [•], which shall be fulfilled within [•] Business Days from the Effective Date)]. 
 Yours faithfully 

for and on behalf of 
 ABN AMRO BANK N.V. 

  
 11 

 SCHEDULE 5 

FORM OF AMENDED AND RESTATED LOAN AGREEMENT MARKED TO INDICATE AMENDMENTS 

Amendments are indicated as follows: 
  

	(a)	 Additions are indicated by underlined text; and 

 

	(b)	 Deletions are shown by the relevant text being struck out. 

  
 12 

 Dated 30 August 2017 

ZEUS ONE MARINE LLC and 

IKAROS MARINE LLC 
 as
joint and several Borrowers 
 and 

THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 1 
 as Lenders

 and 
 ABN
AMRO BANK N.V. 
 as Agent, Arranger, Swap Bank 

and Security Trustee 
 LOAN
AGREEMENT 
 as amended and restated by an a
First Amending and Restating Deed dated 9 October 2018 and as 

further amended and restated by a Second Amending and Restating Deed dated 25
October 2018 
 relating to a secured term loan facility of US$$64,253,892.38
(originally) US$64,253,892.38 
 to refinance certain existing
indebtedness and secured on 
 m.vs. “ORCA I”, “KATHERINE”, “TASMAN”, 

“DIMITRIS Y” and “IAN H” 
  

 

 Index 
  

							
	 Clause 
	  	Page	 
	 1
	  	 Interpretation
	  	 	1	 
	 2
	  	 Facility
	  	 	28	 
	 3
	  	 Position of the Lenders, the Swap Bank and the Majority Lenders
	  	 	28	 
	 4
	  	 Drawdown
	  	 	30	 
	 5
	  	 Interest
	  	 	31	 
	 6
	  	 Interest Periods
	  	 	34	 
	 7
	  	 Default Interest
	  	 	34	 
	 8
	  	 Repayment and Prepayment
	  	 	35	 
	 9
	  	 Conditions Precedent
	  	 	40	 
	 10
	  	 Representations and Warranties
	  	 	41	 
	 11
	  	 General Undertakings
	  	 	44	 
	 12
	  	 Corporate Undertakings
	  	 	53	 
	 13
	  	 Insurance
	  	 	54	 
	 14
	  	 Ship Covenants
	  	 	59	 
	 15
	  	 Security Cover
	  	 	64	 
	 16
	  	 Payments and Calculations
	  	 	65	 
	 17
	  	 Application of Receipts
	  	 	67	 
	 18
	  	 Application of Earnings; Swap Payments
	  	 	68	 
	 19
	  	 Events of Default
	  	 	70	 
	 20
	  	 Fees and Expenses
	  	 	77	 
	 21
	  	 Indemnities
	  	 	78	 
	 22
	  	 No Set-Off or Tax Deduction
	  	 	80	 
	 23
	  	 Illegality, etc
	  	 	82	 
	 24
	  	 Increased Costs
	  	 	83	 
	 25
	  	 Set-Off
	  	 	85	 
	 26
	  	 Transfers and Changes in Lending Offices
	  	 	85	 
	 27
	  	 Variations and Waivers
	  	 	89	 
	 28
	  	 Notices
	  	 	90	 
	 29
	  	 Joint and Several Liability
	  	 	92	 
	 30
	  	 Supplemental
	  	 	93	 
	 31
	  	 Confidentiality
	  	 	94	 
	 32
	  	 Bail-In
	  	 	96	 
	 33
	  	 Law and Jurisdiction
	  	 	96	 

 Schedules 
  

							
	 Schedule 1 Lenders and Commitments
	  	 	97	 
	 Schedule 2 Drawdown Notice
	  	 	98	 
	 Schedule 3 Condition Precedent Documents
	  	 	99	 
		  	 Part A
	  	 	99	 
		  	 Part B
	  	 	101	 
	 Schedule 4 Designation Notice
	  	 	103	 
	 Schedule 5 Transfer Certificate
	  	 	104	 
	 Schedule 6 PIK Compliance Certificate
	  	 	108	 
		
	 Execution
	  			
		
	 Execution Pages
	  	 	110	 

 THIS AGREEMENT is made on 30 August 2017 as amended and restated by the
First Amending and Restating Deed dated 9 October 2018 and as further amended and restated by the Second Amending and Restating Deed
dated 25 October 2018 
 BETWEEN 
  

	(1)	 ZEUS ONE MARINE LLC and IKAROS MARINE LLC, as joint and several Borrowers; 

 

	(2)	 THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 1, as Lenders; 

 

	(3)	 ABN AMRO BANK N.V., as Agent; 

 

	(4)	 ABN AMRO BANK N.V., as Arranger; 

 

	(5)	 ABN AMRO BANK N.V., as Security Trustee; and 

 

	(6)	 ABN AMRO BANK N.V, as Swap Bank. 

BACKGROUND 
  

	(A)	 By a facility agreement dated 30 August 2017 (as
amended and restated on 9 October 2018) and made between the (i) Original Borrowers, (ii) the Lenders, (iii) the Agent, (iv) the Security Trustee and (v) the Swap Bank, the Lenders have agreed to make available to
the Original Borrowers a term loan facility of $82,459,678.29 originally in two Tranches, for the purpose of refinancing the Existing Indebtedness secured on the Ships (as each such term is defined below) (the “Original Agreement”).

  

	(B)	 The Swap Bank has agreed to enter into interest rate swap transactions with the Original Borrowers (at the
Original Borrowers’ option) from time to time to hedge the Original Borrowers’ exposure under this Agreement to interest rate fluctuations and/or exchange rate risks. 

 

	(C)	 The Lenders and the Swap Bank have agreed to share pari passu in the security to be granted to the Security
Trustee pursuant to this Agreement. 

  

	(D)	 By the Second Amending and Restating Deed, the
Creditor Parties agreed to certain amendments to the Original Agreement and the other Finance Documents. 

  

	(E)	 This Agreement sets out the terms and conditions of the Original Agreement as amended and restated by the
Second Amending and Restating Deed. 

 IT IS AGREED as follows: 

 

	1	 INTERPRETATION 

 

	1.1	 Definitions 

Subject to Clauses 1.2 through 1.4, in this Agreement: 

“Accounts” means, together, the Earnings Accounts, the Cash Collateral Account and the Retention Account and, in the singular,
means any of them; 
 “Accounts Pledge” means: 
  

	 	(a)	 a deed creating security in respect of the Earnings Accounts and the Retention Account; 

 

	 	(b)	 a deed creating security in respect of the Cash Collateral Account; and 

 

	 	(c)	 a second priority deed creating security in respect of each Collateral Earnings Account, each in the Agreed
Form; 

 “Affected Lender” has the meaning given in Clause 5.7; 

“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; 
 “Agency and Trust Agreement” means the agency and trust agreement dated the same date
as this Agreement and made between the same parties; 
 “Agent” means ABN AMRO Bank N.V., acting in such capacity through
its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Agreed Form” means in relation to any document, that document in the form approved in writing by the Agent or as otherwise
approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document; 

“Amending and Restating Deed” means the Amending and Restating Deed dated 9 October 2018 and made between,
amongst others, (i) the Borrowers, (ii) the Corporate Guarantor, (iii) the Collateral Owners, (iv) the Lenders, (v) the Agent, (vi) the Arranger, (vii) the Swap Bank and (viii) the Security Trustee;

 “Annex VI” means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention
for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997); 
 “Applicable Percentage” means during the
period commencing on: 
  

	 	(a)	 1 July 2018 (inclusive) and ending on 30 June 2020 (inclusive), 100 per cent.; and

  

	 	(b)	 1 July 2020 (inclusive) and at all times thereafter, 110 per cent.; 

“Approved Broker” means: 
  

	 	(a)	 in respect of any Borrower Ship, any of Barry Rogliano Salles, Breamar Seascope Ltd., Fearnleys A/S, H.
Clarkson & Company Limited, Howe Robinson, Kontiki Shipbrokers, Maersk Brokers and Simpson Spence & Young or any other independent and reputable sale and purchase broker nominated by the Borrowers and, approved and appointed by the
Agent and, in the plural, means any or all of them; and 

  

	 	(b)	 in respect of any Tasman Ship, any of Howe Robinson, Marine Evaluations Ltd, Barry Rogliano Salles (BRS) Group,
Maersk Broker K/S, Kontiki Valuations Ltd and such other brokers as may be agreed between the Senior Security Trustee, the relevant Collateral Owner and ABN Amro Bank N.V. (as junior mortgagee in respect of each such Tasman Ship);

 “Approved Flag” means the Marshall Islands flag, the Liberian flag, the Panama flag or any other flag
which the Agent may approve as the flag on which a Ship may be registered; 
 “Approved Flag State” means the Marshall
Islands, Liberia, Panama or any other state in which the Agent may at the request of the Borrowers or, in the case of the Tasman Ships, the Collateral Owner owning that Tasman Ship, approve that a Ship be registered; 

“Approved Manager” means, in relation to each Ship, Conchart Commercial Inc., a corporation incorporated and existing under
the laws of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as commercial manager (the “Commercial Manager”) and Technomar Shipping Inc.,
a corporation incorporated and existing under the laws of the Republic of Liberia, having its registered office at 80 Broad Street, Monrovia, Liberia and each with management office at 3-5 Menandrou Street,
Kifissia 145 61, Athens, Greece as technical manager (the “Technical Manager”), or any other company which the Agent may, at the request of the Borrower or, as the case may be, the Collateral Owner, owning that Ship, approve from
time to time as the technical and/or commercial manager of that Ship and, in the plural, means both of them; 

  
 4 

 “Approved Manager’s Undertaking” means, in relation to each Ship, a
letter of undertaking (such letter of undertaking being first priority in respect of a Borrower Ship and, in the case of each Tasman Ship, a second priority letter of undertaking) executed or to be executed by each Approved Manager in favour of the
Security Trustee, agreeing certain matters in relation to the management of the relevant Ship and subordinating its rights against that Ship and the Borrower or, as the case may be, the Collateral Owner, owning that Ship to the rights of the Lenders
under the Finance Documents, in the Agreed Form and, in the plural, means both of them; 
 “Arranger” means ABN AMRO Bank
N.V., acting in such capacity through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands, or any successor; 

“Availability Period” means the period commencing on the date of this Agreement and ending on 31 August 2017 (or such
later date as the Agent may, with the authorisation of all the Lenders, approve) or, if earlier, the date on which the Total Commitments are fully borrowed, fully (or partially as the case may be) cancelled or terminated; 

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

“Bail-In Legislation” means: 

 

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

  

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

 “Balloon
Instalment” has the meaning given in Clause 8.1; 
 “Basel III” means: 

 

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

  

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

 “Book Leverage Ratio” shall have the meaning given to this term in the Corporate
Guarantee; 
 “Borrower” means each of Borrower A and Borrower B and, in the plural, means both of them; 

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

  
 5 

 “Borrower Ship” means each of Ship A and Ship B and, in the plural, means
both of them; 
 “Business Day” means a day on which banks are open in London, Athens, and Rotterdam and, in respect of a
day on which a payment is required to be made under a Finance Document, also in New York City; 
 “CACIB Facility Agreement”
means the facility agreement dated 11th August 2017 entered into by Pericles Marine LLC, Hephaestus Marine LLC and Hector Marine LLC, as joint and several borrowers with Credit Agricole Corporate
and Investment Bank, as lender for the purpose of refinancing the existing indebtedness under the facility agreement dated 4 May 2011 entered into by Credit Agricole Corporate and Investment Bank (as lender) and Hector Marine LLC, Pericles
Marine LLC and Hephaestus Marine LLC (as joint and several borrowers), as the same may be amended and/or supplemented from time to time; 

“Cash Collateral Account” means, in relation to the Tasman Ships, an account in the name of the Collateral Owners with the
Agent in Rotterdam designated “[name of relevant Collateral Owner] `- Cash Collateral Account”, or any other account (with that or another office of the Agent) which is designated by the Agent as the Cash Collateral Account
in relation to the Tasman Ships for the purposes of this Agreement; 
 “Cash Collateral Amount” means the credit balance
being maintained on the Cash Collateral Account from time to time; 
 “Cash
Sweep End Date” means the date which is the earlier of (i) the Final Maturity Date and (ii) the date on which, in aggregate since the Second Amended and Restated Effective Date, at least $10,211,392.38 of principal amount under
the Tranche has been repaid (or, as the case may be, prepaid); 
 “Cash Sweep Period” means: 

 

	 	(a)	 in relation to each Borrower Ship, each three-month period commencing on 1 January, 1 April,
1 July and 1 October in each financial year of the Borrowers, commencing with the period commencing on 1 July 2017 and at all times thereafter until the Cash Sweep End Date:
and 

  

	 	(b)	 in relation to each Tasman Ship, each period commencing on 1 January, 1 April, 1 July and
1 October in each financial year of the Collateral Owners, commencing with the effective date (as defined therein) of the First Amending and Restating Agreement
Deed and at all times thereafter until the Cash Sweep End Date; 

“Change of Control” has the meaning given in Clause 8.13; 

“Charter” means: 
  

	 	(a)	 in relation to a Borrower Ship, any charter or other contract of employment or any consecutive voyage charter
or contract of affreightment in respect of that Borrower Ship having a duration (or capable of exceeding a duration) of at least 12 months; and 

  

	 	(b)	 in relation to a Tasman Ship, any charter or other contract of employment or any consecutive voyage charter or
contract of affreightment in respect of that Tasman Ship having a duration (or capable of exceeding a duration) of at least 12 months; 

“Charterparty Assignment” means, in relation to a Ship, a specific assignment (such assignment being a first priority
assignment in respect of a Borrower Ship and, in the case of each Tasman Ship, a second priority specific assignment) of the rights of the Borrower or, as the case may be, the Collateral Owner, who is the owner of that Ship under the Charter
relative thereto executed or to be executed by that Borrower or, as the case may be, the Collateral Owner, in favour of the Security Trustee in the Agreed Form and, in the plural, means any or all of them; 

  
 6 

 “Code” means the United States Internal Revenue Code of 1986; 

“Collateral Earnings Account” means, In relation to a Tasman Ship, an account in the name of the Collateral Owner owning that
Tasman Ship with the Senior Facility Agent in Amsterdam designated “[name of relevant Collateral Owner] — Earnings Account” or any other account (with that or another office of the Senior Facility Agent) which is
designated by the Senior Facility Agent as the Collateral Earnings Account in relation to that Tasman Ship and, in the plural, means any or all of them; 

“Collateral Guarantee” means, in respect of each Collateral Owner, a collateral guarantee executed or, as the context may
require, to be executed by that Collateral Owner of the obligations of the Borrowers under this Agreement and the other Finance Documents to which each Borrower is a party in the Agreed Form; 

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

“Collateral Owner C” means Drake Marine LLC, a limited liability company formed in the Marshall Islands, whose registered
office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, MH96960, Majuro, Marshall Islands; 
 “Collateral
Security” means each Collateral Guarantee and any other Security Interest granted or to be granted over, or in relation to, a Tasman Ship, in favour of the Security Trustee pursuant to the terms of this Agreement and, in the plural, means
all of them; 
 “Collateral Ship A” means the 2000-built container vessel of 5,468 TEU currently registered in the ownership
of Collateral Owner A with IMO No. 9189342 under the Marshall Islands flag with the name “TASMAN”; 
 “Collateral Ship
B” means the 2000-built container vessel of 5,468 TEU currently registered in the ownership of Collateral Owner B with IMO No. 9189354 under the Liberian flag with the name “DIMITRISY”; 

“Collateral Ship C” means the 2000-built container vessel of 5,468 TEU currently registered in the ownership of Collateral
Owner C with IMO No. 9189500 under the Liberian flag with the name “IAN H”; 
 “Commitment” means, in
relation to a Lender, the amount set opposite its name in Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement
(and “Total Commitments” means the aggregate of the Commitments of all the Lenders); 
 “Compliance
Certificate” has the meaning given in the Corporate Guarantee; 
 “Confidential Information” means all information
relating to the Loan, any Borrower, any Security Party, any member of the Group or the Finance Documents of which the Creditor Parties becomes aware in its capacity as Creditor Party or which is received by the Creditor Parties in relation to the
Finance Documents 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 information that: 

  
 7 

	 	(a)	 is or becomes public information other than as a direct or indirect result of any breach by a Creditor Party of
Clause 31; or 

  

	 	(b)	 is identified in writing at the time of delivery as non-confidential by
any Borrower, member of the Group or Security Party or any of its advisers; or 

  

	 	(c)	 is known by the Creditor Parties before the date the information is disclosed to it or is lawfully obtained by
the Creditor Parties after that date, from a source which is, as far as the Creditor Parties are aware, unconnected with the Group and which, in either case, as far as the Creditor Parties are aware, has not been obtained in breach of, and is not
otherwise subject to, any obligation of confidentiality; 

 “Confirmation” and “Early Termination
Date”, in relation to any continuing Designated Transaction, have the meanings given in the Master Agreement; 

“Contractual Currency” has the meaning given in Clause 21.5; 

“Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender; 

“Corporate Guarantee” means a corporate guarantee executed or, as the context may require, to be executed by the Corporate
Guarantor of the obligations of the Borrowers under this Agreement and the other Finance Documents to which each Borrower is a party in the Agreed Form; 

“Corporate Guarantor” means Poseidon Containers Holdings LLC, a limited liability company formed in the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands, MH96960; 
 “Corresponding
Debt” means any amount which a Borrower owes to a Creditor Party under or in connection with the Finance Documents; 
 “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 and Regulation (EU) No 575/2013 of the European Union on prudential requirements for credit institutions and
investment firms; 
 “Creditor Party” means the Agent, the Arranger, the Security Trustee, any Lender or the Swap Bank,
whether as at the date of this Agreement or at any later time; 
 “Debt Service” means the sums incurred by the Borrowers in
respect of the payment of principal of, and accrued interest on, the Loan pursuant to this Agreement and any sums paid by the Borrowers pursuant to the Master Agreement, from time to time; 

“Designated Transaction” means a Transaction which fulfils the following requirements: 

 

	 	(a)	 it is entered into by the Borrowers pursuant to the Master Agreement with the Swap Bank; 

 

	 	(b)	 its purpose is the hedging of all or part of the Borrowers’ exposure under this Agreement to fluctuations
in LIBOR arising from the funding of the Loan (or any part thereof) for a period expiring no later than the last Final Maturity Date; and 

  

	 	(c)	 it is designated by the Borrowers, by delivery by the Borrowers to the Agent of a notice of designation in the
form set out in Schedule 4, as a Designated Transaction for the purposes of the Finance Documents; 

“Dollars” and “$” means the lawful currency for the time being of the United States of America; 

  
 8 

 “Drawdown Date” means, in relation to the Tranche, the date requested by
the Borrowers for the Tranche to be made available to the Borrowers, or (as the context requires) the date on which the Tranche is actually made available to the Borrowers; 

“Drawdown Notice” means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or
reasonably requires); 
 “DVB Facility Agreement” means the facility agreement dated 18 July 2017 entered into by,
inter alios, the banks and financial institutions listed therein (as lenders), DVB Bank SE (as arranger, facility agent, security agent and account bank) and Athena Marine LLC, Aphrodite Marine LLC, Aris Marine LLC and Alexander Marine LLC
(as joint and several borrowers), as the same may be amended and/or supplemented from time to time; 
 “Earnings” means, in
relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the relevant Borrower or, as the case may be, the Collateral Owner, owning that Ship or the Security Trustee and which arise out of the
use or operation of that Ship, including (but not limited to): 
  

	 	(a)	 all freight, hire and passage moneys, compensation payable to that Borrower or, as the case may be, the
Collateral Owner, or the Security Trustee (or, as the case may be, the Senior Security Trustee) in the event of requisition of that Ship for hire, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach
(or payments for variation or termination) of any charterparty or other contract for the employment of that Ship; 

  

	 	(b)	 all moneys which are at any time payable under any Insurances in respect of loss of hire, (if applicable under
the Insurances); and 

  

	 	(c)	 if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) 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 the Ship; 

“Earnings Account” means, in relation to a Borrower Ship, an account in the name of the Borrower owning that Ship with the
Agent in Rotterdam designated “[name of relevant Borrower] – Earnings Account”, or any other account (with that or another office of the Agent) which is designated by the Agent as the Earnings Account in relation to that
Borrower Ship for the purposes of this Agreement and, in the plural, means any or all of them; 
 “EEA Member Country” means
any member state of the European Union, Iceland, Liechtenstein and Norway; 
 “EnTrust Facility Agreement” means the
facility agreement dated 11 August 2017 entered into by, inter alios, the financial institutions listed therein (as lenders), Wilmington Trust, National Association (as agent and security agent) and Leonidas Marine LLC (as borrower), as
the same may be amended and/or supplemented from time to time; 
 “Environmental Claim” means: 

 

	 	(a)	 any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident
or an alleged Environmental Incident or which relates to any Environmental Law; or 

  

	 	(b)	 any claim by any other person which relates to an Environmental Incident or to an alleged Environmental
Incident, 

  
 9 

 and “claim” means a claim for damages, compensation, fines, penalties or
any other payment of any kind whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest
or attachment of any asset; 
 “Environmental Incident” means: 

 

	 	(a)	 any release of Environmentally Sensitive Material from a Ship; or 

 

	 	(b)	 any incident in which Environmentally Sensitive Material is released from a vessel other than a Ship as a
result of a collision between a Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or a
Ship and/or any Borrower and/or a Collateral Owner and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or 

 

	 	(c)	 any other incident in which Environmentally Sensitive Material is released otherwise than from a Ship and in
connection with which a Ship is actually or potentially liable to be arrested and/or where any Borrower and/or Collateral Owner and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or
administrative action; 

 “Environmental Law” means any law relating to pollution or protection of the
environment, to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material; 

“Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other
hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; 
 “Equity
Undertaking” means the undertaking executed by the Poseidon Shareholders in favour of the Security Trustee pursuant to the terms of the Original Agreement in relation to the Shareholders’ Equity, in Agreed Form; 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and any successor thereto; 

“ERISA Affiliate” means each person (as defined in Section 3(9) of ERISA) which together with the Borrowers (or, as the
case may be, the Collateral Owners) or any of them would be deemed to be a “single employer” within the meaning of Section 414(b), (c), (m) or (o) of the Uniform Commercial Code (as from time to time in effect in any applicable
jurisdiction; 
 “EU Bail-In Legislation Schedule” means the document described as
such and published by the Loan Market Association (or any successor person) from time to time; 
 “Event of Default” means
any of the events or circumstances described in Clause 19.1; 
 “Excess Cash Flow” means: 

 

	 	(a)	 in respect of the Borrowers’ Ships, the excess cash amount calculated in accordance with Clause 8.14; and

  

	 	(b)	 in respect of the Tasman Ships, the excess cash amount calculated in accordance with Clause 8.16;

 “Excess Cash Flow Date” means, in relation to the Borrowers’ Ships or, as the case may be, the
Tasman Ships, the last day of each relevant Cash Sweep Period; 

  
 10 

 “Excess Cash Flow Notice” means, in relation to the Borrowers’ Ships
or, as the case may be, the Tasman Ships, a certificate to be provided by the Borrowers or, as the case may be, the Collateral Owners, to the Agent within 45 days from each Excess Cash Flow Date related to the Ships owned by them, evidencing the
consolidated Excess Cash Flow (in each case including a break-down of line items and, in respect of the excess cash flow notice related to the Tasman Ships, also identifying the Senior Deferred Amount that remains outstanding) available on such
date; 
 “Existing Facility Agreement” means the facility agreement dated 14 November 2016 and made between
(i) the Lenders, (ii) the Borrowers and the Collateral Owners (as joint and several borrowers), (iii) ABN AMRO Bank N.V. as agent, security trustee, the swap bank and arranger, in respect of a loan facility of up to (originally)
$106,417,500; 
 “Existing Indebtedness” means the outstanding Financial Indebtedness of the Borrowers and the Collateral
Owners (as joint and several borrowers) under the Existing Facility Agreement on the Drawdown Date; 
 “Existing Indebtedness Grace
Period” means the period commencing on the date of this Agreement and ending on the Drawdown Date; 
 “FATCA” means
sections 1471 through 1474 of the Code and any US Treasury regulations thereunder; 
 “FATCA Deduction” means a deduction or
withholding from a payment under any Finance Document required by or under FATCA; 
 “FATCA Exempt Party” means a party to a
Finance Document that is entitled under FATCA to receive payments free from any FATCA Deduction; 
 “Final Maturity Date”
means 31 December 2020; 
 “Finance Documents” means: 

 

	 	(a)	 this Agreement; 

  

	 	(b)	 the First Amending and Restating Deed;

  

	 	(c)	 the Second Amending and Restating Deed:

  

	 	(d)	 (c)the Master Agreement; 

 

	 	(e)	 (d)the Agency and Trust Agreement;

  

	 	(f)	 (e)the Master Agreement Assignment; 

 

	 	(g)	 (f)the Inter-Creditor Deed; 

 

	 	(h)	 (g)the Corporate Guarantee;

  

	 	(i)	 (h)any Collateral Guarantee;

  

	 	(i)	 (i)the General Assignments; 

 

	 	(k)	 (j)the Mortgages; 

 

	 	(l)	 (k)the Accounts Pledges;

  

	 	(m)	 (l)the Shares Security Deeds;

  

	 	(n)	 (m)any Charterparty Assignments;

  

	 	(o)	 (n)each Approved Manager’s
Undertakings; 

  
 11 

	 	(p)	 (o)any Subordination Agreement;

  

	 	(q)	 (p)any other document (whether
creating a Security Interest or not) which is executed at any time by any Borrower, any Collateral Owner, the Corporate Guarantor, any Shareholder, either Approved Manager or any other person as security for, or to establish any form of
subordination or priorities arrangement in relation to, any amount payable to the Lenders and/or the Swap Bank under this Agreement or any of the other documents referred to in this definition; and 

 

	 	(r)	 (q)any other document designated as such by the Agent and the Borrowers.

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

 

	 	(a)	 moneys borrowed; 

  

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

  

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

  

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

  

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

  

	 	(f)	 any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not
referred to in any other paragraph of this definition having the commercial effect of a borrowing; 

  

	 	(g)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative
transaction, that amount) shall be taken into account); 

  

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

  

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

 “Financial Year” means, in relation to each Borrower, each Collateral
Owner and the Corporate Guarantor, each period of 1 year commencing on 1 January in respect of which its annual (audited, in the ease of the Corporate Guarantor only)
unaudited accounts are or ought to be prepared; 

“First Amending and Restating Deed” means the amending and restating
deed dated 9 October 2018 and made between, amongst others, (i) the Borrowers, (ii) the Corporate Guarantor, (iii) the Collateral Owners, (iv)the Lenders, (v) the Agent, (vi) the Arranger, (vii) the Swap Bank and
(viii) the Security Trustee; 
 “Fleet Vessels” means all of the vessels (including, but not limited to, the Ships)
from time to time wholly owned by members of the Group (each a “Fleet Vessel”); 

“GAAP” means generally acceptable accounting principles in the United States
of America, including IFRS; 

  
 12 

 “General Assignment” means, in relation to a Borrower Ship, a first
priority, and, in the case of each Tasman Ship, second priority general assignment of the Earnings, the Insurances and any Requisition Compensation in the Agreed Form and, in the plural, means all of them; 

“Green Award” means The Green Award Foundation, an independent foundation, established 1994 on the initiative of the Rotterdam
Municipal Port Management and the Dutch Ministry of Transport; 
 “Green Award Incentive Provider” means the name of any
entity that has been appointed as such by the Green Award Foundation; 
 “Group” means the Corporate Guarantor and its
Subsidiaries (including but not limited to the Borrowers and the Collateral Owners) from time to time during the Security Period and “member of the Group” shall be construed accordingly; 

“Group Facility Agreement” means each of: 
  

	 	(a)	 the DVB Facility Agreement; 

 

	 	(b)	 the CACIB Facility Agreement; and 

 

	 	(c)	 the EnTrust Facility Agreement,;
and 

  

	 	(d)	
the Senior Facility
Agreement, 

 and, in the plural, means all of them. 

“Holding Company” means, in relation to a person, any other person in respect of which it is a Subsidiary; 

“IACS” means the International Association of Classification Societies; 

“IAPPC” means a valid international air pollution prevention certificate issued under Annex VI; 

“IFRS” means International Financial Reporting Standards promulgated by the International Accounting Standards Board, as
amended from time to time, together with its pronouncements thereon from time to time; 
 “Initial Lender” means ABN AMRO
Bank N.V., acting in such capacity through its office at Coolsingel 93, 3012 AG Rotterdam, The Netherlands, or any successor; 

“Insurances” means, in relation to a Ship: 
  

	 	(a)	 all policies and contracts of insurance, including entries of the Ship in any protection and indemnity or war
risks association, effected in respect of the Ship, the Earnings or otherwise in relation to a Ship whether before, on or after the date of this Agreement; and 

 

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

“Inter-Creditor Deed” means an inter-creditor deed executed or, as the context may require, to be executed, amongst others, by
(i) the Security Trustee, the (ii) the Senior Security Trustee, (iii) the Borrowers, (iv) the Collateral Owners (as collateral owners under this Agreement and as collateral owners under the Senior Facility Agreement) and
(v) THD Maritime (as borrower under the Senior Facility Agreement) in the Agreed Form; 

  
 13 

 “Interest Period” means a period determined in accordance with Clause 6;

 “IPO” means the initial public offering of part or all of the share capital of the Corporate Guarantor and the
subsequent listing of such share capital at a stock exchange acceptable to the Lenders; 
 “ISM Code” means the
International Safety Management Code (including the guidelines on its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time to time (and the terms “safety management
system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code); 

“ISPS Code” means the International Ship and Port Facility Security Code as adopted by the International Maritime
Organisation, as the same may be amended or supplemented from time to time; 
 “ISSC” means a valid and current
International Ship Security Certificate issued under the ISPS Code; 
 “K&T Loan Agreement” means the loan facility
agreement dated 4 May 2016 (as the same is amended and/or supplemented form time to time) between K&T Marine as lender and the Corporate Guarantor as borrower relating to a loan facility of up to $12,211,552.74 in the Agreed Form; 

“K&T Marine” means K&T Marine LLC, a limited liability company formed in the Marshall Islands, whose registered office
is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, MH96960, Majuro, Marshall Islands; 
 “K&T Subordination
Agreement” means an agreement to be made between K&T Marine (as lender), the Corporate Guarantor (as borrower) and the Security Trustee in respect of the K&T Loan Agreement; 

“Legal Reservations” means: 
  

	 	(a)	 the limitations on enforcement by laws relating to insolvency, reorganisation and other laws generally
affecting the rights of creditors; and 

  

	 	(b)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application in any legal opinion delivered as a condition precedent under this Agreement; 

 “Lender”
means a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or through another branch notified to the Agent under Clause 26.14) or its transferee, successor or assign and, in the plural, means
all of them; 
 “LIBOR” means, for an Interest Period: 

 

	 	(a)	 the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as
possible equal to, the relevant Interest Period which appears on the Screen Rate; or 

  

	 	(b)	 if no rate is quoted on the Screen Rate, the rate per annum determined by the Agent to be the rate per annum
notified to the Agent by the Reference Bank as the rate at which deposits in Dollars are offered to the Reference Bank by leading banks in the London Interbank Market at the Reference Bank’s request at or about 11.00 a.m. (London time) on the
Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on the first Business Day of it, 

and, if any such rate is below zero, LIBOR will be deemed to be zero; 

  
 14 

 “Loan” means the principal amount for the time being outstanding under this
Agreement; 
 “Major Casualty” means, in relation to a Ship, any casualty to the Ship in respect of which the claim or the
aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $500,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	 before the Tranche has been made, Lenders whose Commitments total 66.66 per cent. of the Total
Commitments; and 

  

	 	(b)	 after the Tranche has been made, Lenders whose Contributions total 66.66 per cent. of the Loan;

 “Mandatory Cost” means any cost calculated by the Agent pursuant to Clause 21.9; 

“Margin” means: 
  

	 	(i)	 commencing on the Drawdown Date up to and including 31 March 2019, 3.42 per cent. per annum; and

  

	 	(ii)	 at all times thereafter, 3.50 per cent. per annum; 

“Market Value” means, in relation to: 
  

	 	(a)	 each Borrower Ship and each other Fleet Vessel (if not subject to a mortgage), the market value thereof
determined in accordance with Clause 15.3; 

  

	 	(b)	 each Tasman Ship, the market value thereof determined in accordance with the relevant provisions of the Senior
Facility Agreement until the security period thereunder has lapsed, at which point, as determined under paragraph (a) above; and 

  

	 	(c)	 each Fleet Vessel (other than the Borrower Ships, the Tasman Ships and the Fleet Vessels referred to in
paragraph(s) (a) and (b) above), the market value thereof determined in accordance with the relevant provisions of the loan agreement financing such Fleet Vessel; 

“Master Agreement” means the master agreement (on the 2002 ISDA (Multicurrency-Crossborder) form) in the Agreed Form made
between the Borrowers and the Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time exchanged under the master agreement; 

“Master Agreement Assignment” means the assignment of the Master Agreement in the Agreed Form; 

“Material Adverse Change” means any event or series of events which, in the reasonable opinion of the Majority Lenders, has or
could reasonably be expected to have a Material Adverse Effect; 
 “Material Adverse Effect” means, in the reasonable
opinion of the Majority Lenders, a material adverse effect on: 
  

	 	(a)	 the business, operations, property, condition (financial or otherwise) or prospect of any Borrower, any
Collateral Owners, the Corporate Guarantor and/or the Group taken as a whole; or 

  

	 	(b)	 the ability of a Borrower, a Collateral Owner or the Corporate Guarantor to perform its obligations under the
Finance Documents; and 

  
 15 

	 	(c)	 the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or
purported to be granted pursuant to any of the Finance Documents or the rights or remedies of any Creditor Party under any of the finance Documents; 

“Merger” means a reverse triangular merger involving the Corporate
Guarantor and the New Holding Company, as a result of which (a) the Corporate Guarantor would be the surviving entity and an indirect, wholly-owned subsidiary of the New Holding Company and (b) the Poseidon Shareholders would receive
shares of the New Holding Company; 
 “Minimum Liquidity Amount” has the meaning given in Clause 11.18; 

“Minimum PIK Security Cover Ratio” means, at each PIK Calculation Date, (and notwithstanding anything to the contrary provided
in Clause 15 (Security Cover), the aggregate of (i) the aggregate of the Market Value of the Borrower Ships, (ii) the net realisable value of any additional security provided at that time under Clause 15 (for the avoidance of doubt,
not inclusive of any Collateral Security), (iii) the aggregate of the Minimum Liquidity Amount maintained in the Earnings Accounts of the Borrower Ships in accordance with Clause 11.18 at the relevant time and (iv) the Cash Collateral Amount,
being at least 130 per cent. of the aggregate amount of (i) the Loan and (ii) the Swap Exposure; 

“Mortgage” means, in relation to a Borrower Ship, the first (and, in the case of each Tasman Ship, second) priority or, as the
case may be, preferred ship mortgage on that Ship (and, if required pursuant to the laws of the applicable Approved Flag State, a deed of covenant collateral thereto) (and, in respect of each Borrower Ship, as amended and supplemented by the
relevant Mortgage Addendum), in the Agreed Form and, in the plural, means any or all of them; 
 “Mortgage Addendum” means,
in relation to each Borrower Ship, the first addendum to the First Preferred Mortgage over that Borrower Ship; 
 “Mortgaged
Ship” means a Ship which is subject to a Mortgage at the relevant time; 
 “Negotiation Period” has the meaning
given in Clause 5.10; 
 “Net Worth” has the meaning given to it in the Corporate Guarantee; 

“New Holding Company” means the corporation under the name Global Ship
Lease Inc. (as to be renamed following the Merger), a corporation incorporated in Trust Company Complex, Ajeltake Road, Ajeltake Island, P.O. Box 1405, Majuro, Marshall Islands MH96960, whose registered office is at the Republic of the Marshall
Islands and whose shares are publically listed on the New York Stock Exchange; 

“New Shareholder”
means each of; 

(a) Mr Michael Gross (either directly or indirectly through one or more Subsidiaries);
and 
 (b) CMA CGM S.A., a company incorporated in France; 

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.1 as the context requires; 

“Operating Expenses” means, in respect of each Ship during a Cash Sweep Period, the aggregate expenditure necessarily incurred
by the Borrower or, as the case may be, Collateral Owner, which is the owner of that Ship during that Cash Sweep Period in operating, insuring, maintaining, repairing and generally trading its Ship (including, but not limited to, any expenses in
respect of dry-docking, special survey (including any projected costs for dry-docking and special surveys during the next 3 month period) and general and administrative
expenses paid in respect of the Ship, any voyage expenses, as well as any other capitalised expenses as same are defined as per IFRS GAAP); 

  
 16 

 “Original Borrowers” means each of the Borrowers and each of the Collateral
Owners and, in plural, means all of them; 
 “Original Financial Statements” means annual audited consolidated
financial statements of the Corporate Guarantor for the year ending 31 December 2016; 
 “Parallel Debt” means any
amount which a Borrower owes to the Security Trustee under Clause 3.7; 
 “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; 

“PATRIOT Act” means the United States Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Improvement and Reauthorization Act of 2005 (H.R. 3199); 
 “Payment Currency” has the meaning given
in Clause 21.5; 
 “Permitted Loan” means: 
  

	 	(a)	 a loan made to a Borrower or, as the case may be, a Collateral Owner, by any Affiliate, Holding Company or
Subsidiary of the Corporate Guarantor or any other person: 

  

	 	(i)	 which is unsecured; 

  

	 	(ii)	 in relation to which no interest, fees, costs or expenses are payable during the Security Period;

  

	 	(iii)	 in relation to which no repayment or prepayment of principal is capable of being made to the relevant lender in
accordance with its terms and conditions during the Security Period; 

  

	 	(iv)	 which is fully subordinated in all respects to the Secured Liabilities; and 

 

	 	(v)	 any creditor’s rights thereunder have been assigned in favour of the Creditor Parties; and

  

	 	(b)	 the loan made to the Corporate Guarantor pursuant to the K&T Loan Agreement, and, in the plural means, any
or all of them; 

 “Permitted Security Interests” means: 

 

	 	(a)	 Security Interests created by the Finance Documents; 

 

	 	(b)	 liens for unpaid master’s and crew’s wages; 

 

	 	(c)	 liens for salvage; 

  

	 	(d)	 liens arising by operation of law for not more than 2 months’ prepaid hire under any charter in relation
to a Ship not prohibited by this Agreement; 

  

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the trading, chartering, operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the
relevant Borrower or, as the case may be, relevant Collateral Owner, in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.12(g); 

  
 17 

	 	(f)	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal
before whom such action is brought as security for costs and expenses while a Borrower or, as the case may be, a Collateral Owner, is prosecuting or defending such action in good faith by appropriate steps; 

 

	 	(g)	 a right of pledge (and set-off) under and pursuant to the general
conditions of ABN AMRO Bank N.V.; 

  

	 	(h)	 for the duration of the Existing Indebtedness Grace Period only, any Security Interests created under and
pursuant to the terms of the Existing Facility Agreement; and 

  

	 	(i)	 Security Interests created in relation to the Tasman Ships by the Senior Finance Documents;

 “Pertinent Document” means: 
  

	 	(a)	 any Finance Document; 

 

	 	(b)	 any policy or contract of insurance contemplated by or referred to in Clause 13 or any other provision of this
Agreement or another Finance Document; 

  

	 	(c)	 any other document contemplated by or referred to in any Finance Document; and 

 

	 	(d)	 any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in
connection with any Finance Document or any policy, contract or document falling within paragraphs (b) or (c); 

“Pertinent Jurisdiction”, in relation to a company, means: 

 

	 	(a)	 England and Wales; 

  

	 	(b)	 the country under the laws of which the company is incorporated or formed; 

 

	 	(c)	 a country in which the company has the centre of its main interests or in which the company’s central
management and control is or has recently been exercised; 

  

	 	(d)	 a country in which the overall net income of the company is subject to corporation tax, income tax or any
similar tax; 

  

	 	(e)	 a country in which assets of the company (other than securities issued by, or loans to, related companies)
having a substantial value are situated, in which the company maintains a branch or permanent place of business, or in which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and

  

	 	(f)	 a country the courts of which have jurisdiction to make a winding up, administration or similar order in
relation to the company, whether as a main or territorial or ancillary proceedings, or which would have such jurisdiction if their assistance were requested by the courts of a country referred to in paragraphs (b) or (c); 

“Pertinent Matter” means: 
  

	 	(a)	 any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or

  
 18 

	 	(b)	 any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a),

 and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the
signing of this Agreement or on or at any time after that signing; 
 “PIK Amount” means, if at any PIK Calculation Date,
the actual Security Cover Ratio on that PIK Calculation Date is less than the Minimum PIK Security Cover Ratio (such amount is evidenced in the PIK Compliance Certificates provided by the Borrowers pursuant to Clause 11.6(d) utilising the most
recent semi-annual valuations provided under Clause 11.6(d) or, as the case may be, at the option of the Borrowers, the additional valuations provided pursuant to Clause 15.8), 2 per cent. of the amount of the Loan which would be required to be
prepaid so as to eliminate the shortfall in the Minimum PIK Security Cover Ratio; 
 “PIK Calculation Date” means the date
on which each PIK Compliance Certificate is due to be provided by the Borrowers to the Agent pursuant to Clause 11.6(d); 
 “PIK
Compliance Certificate” means the compliance certificate evidencing the PIK Amount to be provided in accordance with Clause 11.6(d) in the form set out in Schedule 6; 

“Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA that is subject to Title IV of
ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed to by any Creditor Party or any of their respective ERISA Affiliates; 

“Poseidon Shareholders” means each of the shareholders being the direct legal and beneficial owners of
the limited liability company interests in the Corporate Guarantor as disclosed to the Agent at the date of this Agreement before an IPO taking place; following; 

 

	 	(a)	 KEP VI (Newco Marine), Ltd, a company incorporated in
the Cayman Islands; 

  

	 	(b)	 KIA VIII (Newco Marine), Ltd, a company incorporated in
the Cayman Islands; 

  

	 	(c)	 MAAS Capital Investments B.V., a company incorporated
in the Netherlands; and 

  

	 	(d)	 Management Investor Co, a corporation incorporated in
the Marshall Islands; 

 “Potential Event of Default” means an event or circumstance which, with the
giving of any notice, the lapse of time, a reasonable determination all of the Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

“Quotation Date” means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), the day which is 2 Business Days before the first day of that Interest Period or any other period, unless market practice differs in the London Interbank Market for a currency, in which case the Quotation
Date will be determined by the Agent in accordance with market practice in the London Interbank Market (and if quotations would normally be given by leading banks in the London Interbank Market on more than one day, the Quotation Date will be the
last of those days); 
 “Reference Banks” means, subject to Clause 26.16, the branch of ABN AMRO Bank N.V. at 93 Coolsingel,
3012 AE, Rotterdam, The Netherlands and the London branch or any other bank or financial institution selected by the Agent; 

“Refinancing Date” means, in relation to the Existing Facility Agreement, the date on which the Existing Indebtedness is
refinanced by the Loan; 
 “Refinancing Period” means the period commencing on the date of this Agreement and ending on
31 August 2017 (or such later period as may be agreed by the Agent acting with the authorisation of the Majority Lenders); 

  
 19 

 “Relevant Person” has the meaning given in Clause 19.9; 

“Relevant Shareholding” means, in respect of the New Holding Company,
the percentage of ownership of shares and common (voting power) being held by each of the Poseidon Shareholders and the New Shareholders, as such percentage shall be set out in the Merger Documents and disclosed in writing to the Facility Agent on
the date of the Merger; 
 “Repayment Date” means a date on which a repayment is required to be made under Clause 8;

 “Repayment Instalment” has the meaning given in Clause 8.1; 

“Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian; 

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of “Total Loss”; 
 “Resolution Authority” means any body which
has authority to exercise any Write-down and Conversion Powers; 
 “Restricted Party” means a person: 

 

	 	(a)	 listed on or owned or controlled by a person listed on any Sanctions List; or 

 

	 	(b)	 located in, organised under the laws of or owned or controlled by, or acting on behalf of, a person located in
or organised under the laws of a country or territory which is a subject of country-wide or territory-wide Sanctions (including, without limitation, at the date of this Agreement, Cuba, Iran, North Korea, Syria and Sudan); or 

 

	 	(c)	 otherwise a subject of Sanctions; 

“Retention Account” means, in relation to the Borrowers, a joint account in the names of the Borrowers with the Agent in
Rotterdam designated “name of Borrowers - Retention Account”, or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent) which is designated by the Agent as the
Retention Account for the purposes of this Agreement and, in the plural means any or all of them; 
 “Sanctions” means any
trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority; 

“Sanctions Authority” means: 
  

	 	(a)	 the Security Council of the United Nations; 

 

	 	(b)	 the United States of America; 

 

	 	(c)	 the United Kingdom; 

  

	 	(d)	 the European Union; 

  

	 	(e)	 any member state of the European Union (including, without limitation, The Netherlands); 

 

	 	(f)	 any country to which any Security Party is bound; and 

 

	 	(g)	 the governments and official institutions or agencies of any of paragraphs (a) to (f) above, including
without limitation the U.S. Office of Foreign Asset Control (“OFAC”), the U.S. Department of State, and Her Majesty’s Treasury (“HMT”); 

  
 20 

 “Sanctions List” means the Specially Designated Nationals and Blocked
Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained by HMT, or any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended,
supplemented or substituted from time to time; 
 “Second Amended and
Restated Effective Date” shall have the meaning given to the expression “Effective Date” in the Second Amending and Restating Deed; 

“Screen Rate” means the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any other
person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate) or on the appropriate page of such
other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the
Borrowers and the Lenders; 
 “Second Amending and Restating Deed”
means the second amending and restating deed dated [•] 2018 and made between, amongst others, (i) the Borrowers, (ii) the Corporate Guarantor, (iii) the Collateral Owners, (iv) the Lenders, (v) the Agent, (vi) the
Arranger, (vii) the Swap Bank and (viii) the Security Trustee; 
 “Secured Liabilities” means all liabilities
which the Borrowers, the Corporate Guarantor, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document;
and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the
insolvency laws of any country; 
 “Security Cover Ratio” means, at any relevant time, the aggregate of (i) the
aggregate of the Market Value of the Borrower Ships (determined in accordance with Clause 15.3), (ii) the net realisable value of any additional security provided at that time under Clause 15 (not including, for the avoidance of doubt, any
Collateral Security), (iii) the aggregate of the Minimum Liquidity Amount maintained in the Earnings Accounts of the Borrower Ships in accordance with Clause 11.18 at the relevant time and (iv) the aggregate of the Cash Collateral Amount at the
relevant time, at that time expressed as a percentage of the aggregate amount of (i) the Loan and (ii) the Swap Exposure; 

“Security Interest” means: 
  

	 	(a)	 a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security
interest of any kind; 

  

	 	(b)	 the rights of a plaintiff under an action in rem in which the vessel concerned has been arrested or a
writ has been issued or similar step taken; and 

  

	 	(c)	 any arrangement entered into by a person (A) the effect of which is to place another person (B) in a
position which is similar, in economic terms, to the position in which B would have been had he held a security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the
standard terms of business of a bank or financial institution; 

 “Security Party” means the Corporate
Guarantor, each Collateral Owner, any Shareholder, either Approved Manager and any other person (other than any Poseidon Shareholder, K&T Marine or any Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities
arrangement, or in any similar capacity, executes a document falling within the final paragraph of the definition of “Finance Documents”; 

  
 21 

 “Security Period” means the period commencing on the date of this Agreement
and ending on the date on which the Agent notifies the Borrowers, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	 all amounts which have become due for payment by any Borrower or any Security Party under the Finance Documents
have been paid; 

  

	 	(b)	 no amount is owing or has accrued (without yet having become due for payment) under any Finance Document;

  

	 	(c)	 neither a Borrower nor any Security Party has any future or contingent liability under Clauses 20, 21 or 22 or
any other provision of this Agreement or another Finance Document; and 

  

	 	(d)	 the Agent, the Arranger, the Security Trustee and the Majority Lenders do not consider that there is a
significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of a Borrower or a Security Party or in any present or possible
future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance Document; 

“Security Property” means: 
  

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

  

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

  

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

  

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

except: 
  

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

 

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

 “Security Trustee” means ABN AMRO
Bank N.V., acting in such capacity through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Senior Debt Service” means the sums incurred by THD Maritime (as borrower) in respect of the payment of principal of, and
accrued interest pursuant to the Senior Facility Agreement from time to time; 

  
 22 

 “Senior Deferred Amount” means, in respect of the Senior Facility
Agreement, an amount equal to four million five hundred thousand Dollars ($4,500,000), being the amount of principal repayments which have been identified as “deferred” until the end of the waiver period thereunder, as such amount may be
reduced from time to time pursuant to the excess cash terms and conditions under the Senior Facility Agreement or as otherwise provided under the Senior Facility Agreement; 

“Senior Facility Agent” means Amsterdam Trade Bank N.V., acting in its capacity as such under the Senior Facility Agreement
through its office at World Trade Center, Tower 1, Level 6, Stawinskylaan 1939, Amsterdam 1077 XX, Netherlands (or any successor thereof); 

“Senior Facility Agreement” means the facility agreement dated 9 October 2018 and made between, inter alia, (i) THD
Maritime (as borrower), (ii) Amsterdam Trade Bank N.V. and others (as lenders), (iii) Amsterdam Trade Bank N.V. as agent, security trustee and arranger, in respect of a loan facility of up to $17,100,000; 

“Senior Finance Documents” means any finance document (howsoever defined) granted or to be granted pursuant to the terms and
conditions of the Senior Facility Agreement; 
 “Senior Mandatory Prepayment Amount” shall have the meaning set out in the
Inter-Creditor Deed; 
 “Senior Security Trustee” means Amsterdam Trade Bank N.V. in its capacity as security trustee under
the Senior Facility Agreement, acting through its office at World Trade Center, Tower 1, Level 6, Stawinskylaan 1939, Amsterdam 1077 XX, Netherlands (or any successor thereof); 

“Senior Surplus Proceeds” means, in respect of a sale, scrapping, disposal or Total Loss of a Tasman Ship, the surplus
proceeds after the required Senior Mandatory Prepayment Amount has been paid under the Senior Facility Agreement in accordance with the terms and conditions of the Inter-Creditor Deed; 

“Servicing Bank” means the Agent or the Security Trustee (or any successor thereof); 

“Shareholder” means: 
  

	 	(a)	 in relation to Borrower B, Odysseus Marine LLC, a limited liability company formed in the Marshall Islands
whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands, MH96960; 

  

	 	(b)	 in relation to Borrower A, the Corporate Guarantor; and 

 

	 	(c)	 in relation to each of the Collateral Owners, THD Maritime; 

“Shareholders’ Equity” means the equity contribution referred to in the Equity Undertaking in the amount of $13,000,000
injected by the Corporate Guarantor and paid in to the Group utilising funds advanced to the Corporate Guarantor pursuant to the K&T Loan Agreement as of the effective date (as defined
therein) of the First Amending and Restating Deed; 
 “Shares
Security Deed” means (a) in relation to each Borrower, a deed creating first priority Security Interests over the limited liability company interests in that Borrower; and (b) in relation to each Collateral Owner, a deed creating
second priority Security Interests over the limited liability company interests in that Collateral Owner, in each case to be executed by the relevant Shareholder in the Agreed Form and, in the plural, means all of them; 

“Ship” means each of Ship A, Ship B, each Tasman Ship and, in the plural, means any or all of them; 

“Ship A” means the 2007-built container vessel of 5,100 TEU currently registered in the ownership of Borrower A with IMO
No. 9318113 under the Panamanian flag with the name “ORCA I”; 

  
 23 

 “Ship B” means the 2013-built container vessel of 6,700 TEU currently
registered in the ownership of Borrower B with IMO No. 9641235 under the Marshall Islands flag with the name “KATHERINE”; 

“Shortfall Amount” means an amount (if any) which when aggregated with the excess Earnings applied towards prepayment of part
of the Loan during the period commencing on 1 January 2019 and ending on 31 December 2019 pursuant to Clause 8.14 is equal to $1,300,000; 

“Subordination Agreement” means (i) an agreement to be made between the creditor under a Permitted Loan, the Borrower or
Borrowers (or, as the case may be, the Collateral Owner or Collateral Owners) who have received credit under such Permitted Loan and the Security Trustee (and, in the case of any Permitted Loan to a Collateral Owner, also the Senior Security
Trustee) and (ii) the K&T Subordination Agreement; 
 “Subsidiary” means a subsidiary within the meaning of section
1159 of the Companies Act 2006; 
 “Swap Bank” means ABN AMRO Bank N.V., acting in such capacity through its office at
Gustav Mahrerlaan 10, NL-1082 PP, Amsterdam, The Netherlands; 
 “Swap Exposure”
means, as at any relevant date, the amount certified by the Swap Bank to the Agent to be the aggregate net amount in Dollars which would be payable by a Borrower to the Swap Bank under (and calculated in accordance with) section 6(e)(i) (Payments on
Early Termination) of the Master Agreement if an Early Termination Date had occurred on the relevant date in relation to all continuing Designated Transactions; 

“Tasman Ship” means each of Collateral Ship A, Collateral Ship B and Collateral Ship C and, in the plural, means all of them;

 “THD Maritime” means THD Maritime Co., Limited, a private company limited with shares incorporated and existing under the
laws of the Republic of Cyprus, whose registered office is at 16 Sophouli Street, Chanteclaire Building, Floor 4, flat 403, Nicosia, Republic of Cyprus; 

“Total Loss” means, in relation to a Ship: 
  

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

 

	 	(b)	 any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority
(excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an extension) unless it is within 30 days (or within any such longer period as may be requested by the Borrowers or, as the case may be the Collateral
Owner owning that Ship, and approved by the Agent acting with the authorisation of the Majority Lenders) redelivered to the full control of the Borrower or, as the case may be, Collateral Owner, owning that Ship; 

 

	 	(c)	 any condemnation of that Ship by any tribunal or by any person or person claiming to be a tribunal whose
decision or judgement is enforceable; and 

  

	 	(d)	 any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless it is within
45 days (or within any such longer period as may be requested by the Borrowers or, as the case may be, the Collateral Owner owning that Ship, and approved by the Agent acting with the authorisation of the Majority Lenders) redelivered to the full
control of the Borrower or, as the case may be, Collateral Owner, owning that Ship; 

 “Total Loss Date”
means, in relation to a Ship: 
  

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

  
 24 

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

  

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

 

	 	(B)	 the date of any compromise, arrangement or agreement made by or on behalf of the Borrower or, as the case may
be, Collateral Owner, owning that Ship with that Ship’s insurers in which the insurers agree to treat that Ship as a total loss; and 

  

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

 “Tranche” means an amount of $64,253,892.38
or, as the context may require, the principal amount outstanding in respect of the Tranche from time to time (as that outstanding amount may be increased by the aggregate PIK Amounts in accordance with Clause 8.1); 

“Tranche Amount” means $64,253,892.38; 

“Transaction” has the meaning given in the Master Agreement; 

“Transaction Security” means the Security Interests created or evidenced or expressed to be created or evidenced under the
Finance Documents. 
 “Transfer Certificate” has the meaning given in Clause 26.2; 

“Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Agreement; 

“Value Adjusted Leverage Ratio” has the meaning given to it in the Corporate Guarantee; 

“Waiver Period” means the period commencing on the Drawdown Date and ending on (inclusive) 31 December 2019; and 

“Write-down and Conversion Powers” means: 
  

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

  

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

  

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

  

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

  
 25 

	1.2	 Construction of certain terms 

In this Agreement: 

“administration notice” means a notice appointing an administrator, a notice of intended appointment and any other notice
which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator; 

“approved” means, for the purposes of Clause 13, approved in writing by the Agent; 

“asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any
revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated association; 

“consent” includes an authorisation (including, but not limited to, any governmental or third party authorisation), consent,
approval, resolution, licence, exemption, filing, registration, notarisation and legalisation; 
 “contingent liability”
means a liability which is not certain to arise and/or the amount of which remains unascertained; 
 “document” includes a
deed; also a letter or fax; 
 “excess risks” means, in relation to a Ship, the proportion of claims for general average,
salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims; 

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax; 
 “law” includes any order or decree, any form of delegated legislation, any treaty or international
convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 
 “months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Borrower or, as the case may be,
the Collateral Owner, owning the Ship is obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document; 

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

  
 26 

 “regulation” includes any regulation, rule, official directive, request or
guideline (either having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to any person’s rights
under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom those
rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person; 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; and 

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

 

	1.3	 Meaning of “month” 

A period of one or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the
calendar month on which the period started (“the numerically corresponding day”), but: 
  

	(a)	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a
Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	(b)	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a
calendar month or if the last calendar month of the period has no numerically corresponding day, 

 and
“month” and “monthly” shall be construed accordingly. 
  

	1.4	 General Interpretation 

In this Agreement: 
  

	(a)	 references to, or to a provision of, a Finance Document or any other document are references to it as amended
or supplemented, whether before the date of this Agreement or otherwise; 

  

	(b)	 references to, or to a provision of, any law include any amendment, extension,
re-enactment or replacement, whether made before the date of this Agreement or otherwise; 

  

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

 

	(d)	 Clauses 1.1 to 1.4 apply unless the contrary intention appears. 

 

	1.5	 Headings 

In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and
other headings in that and any other Finance Document shall be entirely disregarded. 

  
 27 

	1.6	 Accounting Terms 

All accounting terms not specifically defined herein or in any other Finance Document shall be construed in accordance with
IFRS GAAP and all financial data submitted pursuant to this Agreement or any other Finance Document shall be prepared in accordance with IFRS
GAAP; Provided however that if the Corporate Guarantor notifies the Agent that it wishes to amend any covenant or any related definition to eliminate the effect of any change in
IFRS GAAP occurring after the date of this Agreement on the determination of such covenant (or if the Agent notifies the Corporate Guarantor that the Majority Lenders wish
to amend the covenants or any related definition for such purpose), then the Corporate Guarantor’s compliance with such covenant shall be determined on the basis of IFRS
GAAP in effect immediately before the relevant change in IFRS GAAP became effective until either such notice is
withdrawn or such covenant is amended in a manner satisfactory to the Corporate Guarantor and the Majority Lenders Provided that if such notice is not withdrawn or such covenant is not amended within 45 Business Days following the service of
such notice then the Corporate Guarantor’s compliance with such covenant shall be determined on the basis of IFRS GAAP as in effect at the relevant time. 

 

	2	 FACILITY 

  

	2.1	 Amount of facility 

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrowers a loan facility, in one Tranche, not
exceeding the Tranche Amount. 
  

	2.2	 Lenders’ participations in the Tranche 

Subject to the other provisions of this Agreement, each Lender shall participate in the Tranche in the proportion which, as at the Drawdown
Date, its Commitment bears to the Total Commitments. 
  

	2.3	 Purpose of the Tranche 

The Borrowers undertake with each Creditor Party to use the Tranche only for the purpose stated in the preamble to this Agreement. 

 

	3	 POSITION OF THE LENDERS, THE SWAP BANK AND THE MAJORITY LENDERS 

 

	3.1	 Interests of Lenders and Swap Bank several 

The rights of the Lenders and the Swap Bank under this Agreement and the Master Agreement are several; accordingly: 

 

	(a)	 each Lender shall be entitled to sue for any amount which has become due and payable by the Borrowers to it
under this Agreement; and 

  

	(b)	 the Swap Bank shall be entitled to sue for any amount which has become due and payable by the Borrowers to it
under the Master Agreement, 

 without joining the Agent, the Security Trustee, any other Lender and the Swap Bank as
additional parties in the proceedings. 
  

	3.2	 Proceedings by individual Lender or Swap Bank 

However, without the prior consent of the Majority Lenders, no Lender nor the Swap Bank may bring proceedings in respect of: 

 

	(a)	 any other liability or obligation of any Borrower or a Security Party under or connected with a Finance
Document; or 

  

	(b)	 any misrepresentation or breach of warranty by any Borrower or a Security Party in or connected with a Finance
Document. 

  
 28 

	3.3	 Obligations several 

The obligations of the Lenders and the Swap Bank under this Agreement and of the Swap Bank under the Master Agreement are several; and a
failure of a Lender or the Swap Bank to perform its obligations under this Agreement or of the Swap Bank to perform its obligations under the Master Agreement shall not result in: 

 

	(a)	 the obligations of the other Lenders or (as the case may be) the Swap Bank being increased; nor

  

	(b)	 any Borrower, any Security Party or any other Creditor Party being discharged (in whole or in part) from its
obligations under any Finance Document, 

 and in no circumstances shall a Lender or the Swap Bank have any responsibility
for a failure of another Lender or the Swap Bank to perform its obligations under this Agreement or the Master Agreement. 
  

	3.4	 Parties bound by certain actions of Majority Lenders 

Every Lender, the Swap Bank, each Borrower and each Security Party shall be bound by: 

 

	(a)	 any determination made, or action taken, by the Majority Lenders under any provision of a Finance Document;

  

	(b)	 any instruction or authorisation given by the Majority Lenders to the Agent or the Security Trustee under or in
connection with any Finance Document (subject always to Clause 27.2); and 

  

	(c)	 any action taken (or in good faith purportedly taken) by the Agent or the Security Trustee in accordance with
such an instruction or authorisation. 

  

	3.5	 Reliance on action of Agent 

However, each Borrower and each Security Party: 
  

	(a)	 shall be entitled to assume that the Majority Lenders have duly given any instruction or authorisation which,
under any provision of a Finance Document, is required in relation to any action which the Agent has taken or is about to take; and 

  

	(b)	 shall not be entitled to require any evidence that such an instruction or authorisation has been given.

  

	3.6	 Construction 

In Clauses 3.4 and 3.5 references to action taken include (without limitation) the granting of any waiver or consent, an approval of any
document and an agreement to any matter. 
  

	3.7	 Parallel debt 

 

	(a)	 Each Borrower irrevocably and unconditionally undertakes to pay to the Security Trustee amounts equal to, and
in the currency or currencies of, its Corresponding Debt. 

  

	(b)	 The Parallel Debt of a Borrower: 

 

	 	(i)	 shall become due and payable at the same time as its Corresponding Debt; 

 

	 	(ii)	 is independent and separate from, and without prejudice to, its Corresponding Debt. 

 

	(c)	 For the purposes of this Clause 3.7, the Security Trustee: 

 

	 	(i)	 is the independent and separate creditor of all the Parallel Debt; 

  
 29 

	 	(ii)	 acts in its own name and not as agent, representative or trustee of the Creditor Parties and its claims in
respect of the Parallel Debt shall not be held on trust; and 

  

	 	(iii)	 shall have the independent and separate right to demand payment of any or all the Parallel Debt in its own name
(including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding). 

 

	(d)	 The Parallel Debt of a Borrower shall be: 

 

	 	(i)	 decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or
discharged; and 

  

	 	(ii)	 increased to the extent that its Corresponding Debt has increased. 

 

	(e)	 The Corresponding Debt of a Borrower shall be: 

 

	 	(i)	 decreased to the extent that its Parallel Debt has been irrevocable and unconditionally paid or discharged; and

  

	 	(ii)	 increased to the extent that its Parallel Debt has increased, 

in each case provided that the Parallel Debt of a Borrower shall never exceed its Corresponding Debt. 

 

	(f)	 All amounts received or recovered by the Security Trustee in connection with this Clause 3.7, to the extent
permitted by applicable law, shall be applied in accordance with Clause 17 (Application of Receipts). 

  

	3.8	 Lender incorporated or having its registered office in the Federal Republic of Germany

 On any matter referred to in Clause 11.20 in respect of which the Lenders are to vote but in respect of which a
Lender incorporated or having its registered office in the Federal Republic of Germany to whom Clause 11.20(d) applies shall not vote in accordance with such paragraph: 
  

	(a)	 for the purposes of determining whether approval of the Majority Lenders is obtained the references in the
definition of “Majority Lenders” to 66.66 per cent. of the Total Commitments and to 66.66 per cent. of the Loan shall for this purpose be construed to refer to 66.66 per cent. of the Total Commitments or, as the case may be,
the Loan only taking account of the other Commitments of, or as the case may be, the participation in the Loan of, the Lenders and ignoring the Commitment of or, as the case may be, the participation in the Loan of, the Lender incorporated or having
its registered office in the Federal Republic of Germany; and an action taken by the Majority Lenders as such definition is modified by this paragraph (a) shall be valid in the applicable circumstances and binding on all parties; and

  

	(b)	 for the purposes of determining whether the approval of all Lenders is obtained, all Lenders shall be construed
to mean all the other Lenders other than any Lender incorporated or having its registered office in the Federal Republic of Germany and an action taken by all Lenders as modified by this paragraph (b) shall be valid in the applicable
circumstances and binding on all the parties of this Agreement. 

  

	4	 DRAWDOWN 

  

	4.1	 Request for Tranche 

Subject to the following conditions, the Borrowers may request the Tranche to be made available by ensuring that the Agent receives a completed
Drawdown Notice not later than 11.00 a.m. (Rotterdam time) 2 (two) Business Days prior to the intended Drawdown Date or within such shorter period as the Agent may approve. 

  
 30 

	4.2	 Availability 

The conditions referred to in Clause 4.1 are that: 
  

	(a)	 a Drawdown Date has to be a Business Day during the Availability Period; 

 

	(b)	 the amount of the Tranche shall not exceed the Tranche Amount; and 

 

	(c)	 the aggregate amount of the Tranche shall not exceed the Total Commitments. 

 

	4.3	 Notification to Lenders of receipt of a Drawdown Notice 

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of: 

 

	(a)	 the amount of the Tranche and the Drawdown Date; 

 

	(b)	 the amount of that Lender’s participation in the Tranche; and 

 

	(c)	 the duration of the first Interest Period. 

 

	4.4	 Drawdown Notice irrevocable 

A Drawdown Notice must be signed by a duly authorised representative of a Borrower; and once served, a Drawdown Notice cannot be revoked
without the prior consent of the Agent, acting on the authority of the Majority Lenders. 
  

	4.5	 Lenders to make available Contributions 

Subject to the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Agent for the
account of the Borrowers the amount due from that Lender on the Drawdown Date under Clause 2.2. 
  

	4.6	 Disbursement of Tranche 

Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrowers the amounts which the Agent receives
from the Lenders under Clause 4.5; and that payment to the Borrowers shall be made: 
  

	(a)	 to the account of ABN AMRO Bank N.V. (acting as agent under the Existing Facility Agreement relevant to the
Tranche being advanced) which the Borrowers specify in the Drawdown Notice; and 

  

	(b)	 in the like funds as the Agent received the payments from the Lenders. 

 

	4.7	 Disbursement of Tranche to third party 

The payment by the Agent under Clause 4.6 shall constitute the making of the Tranche and the Borrowers shall at that time become indebted, as
principal and direct obligors, to each Lender in an amount equal to that Lender’s Contribution. 
  

	5	 INTEREST 

  

	5.1	 Payment of normal interest 

Subject to Clause 5.3 and the other provisions of this Agreement, interest on the Tranche or the Loan in respect of each Interest Period
applicable thereto shall be paid by the Borrowers on the last day of that Interest Period. 

  
 31 

	5.2	 Normal rate of interest 

Subject to the provisions of this Agreement, the rate of interest on the Tranche or the Loan in respect of an Interest Period shall be the
aggregate of (i) the applicable Margin, (ii) the Mandatory Cost (if any) and (iii) LIBOR for that Interest Period. 
  

	5.3	 Payment of accrued interest 

In the case of an Interest Period longer than 3 months, accrued interest shall be paid every 3 months during that Interest Period and on the
last day of that Interest Period. 
  

	5.4	 Notification of Interest Periods and rates of normal interest 

The Agent shall notify the Borrowers and each Lender of: 
  

	(a)	 each rate of interest; and 

 

	(b)	 the duration of each Interest Period, 

as soon as reasonably practicable after each is determined. 
  

	5.5	 Obligation of Reference Banks to quote 

A Reference Bank which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of
interest under this Agreement. 
  

	5.6	 Absence of quotations by Reference Banks 

If any Reference Bank fails to supply a quotation, the Agent shall determine the relevant rate of interest in accordance with the following
provisions of this Clause 5. 
  

	5.7	 Market disruption 

The following provisions of this Clause 5 apply if: 
  

	(a)	 no screen rate is quoted in the Screen Rate and the Reference Banks (or, if there is only one Reference Bank at
the relevant time, that Reference Bank) do not or, as the case may be, does not, before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or 

 

	(b)	 at least 1 Business Day before the start of an Interest Period, a Lender may notify the Agent that LIBOR fixed
by the Agent would not accurately reflect the cost to that Lender of funding its respective Contribution (or any part of it) during the Interest Period in the London Interbank Market at or about 11.00 a.m. (London time) on the Quotation Date for the
Interest Period; or 

  

	(c)	 at least 1 Business Day before the start of an Interest Period, the Agent is notified by a Lender (the
“Affected Lender”) that for any reason it is unable to obtain Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period. 

 

	5.8	 Notification of market disruption 

The Agent shall promptly notify the Borrowers and each of the Lenders and the Swap Bank stating the circumstances falling within Clause 5.7
which have caused its notice to be given. 
  

	5.9	 Suspension of drawdown 

If the Agent’s notice under Clause 5.8 is served before the Tranche is made: 

 

	(a)	 in a case falling within Clauses 5.7(a) or 5.7(b), the Lenders’ obligations to make the Tranche; and

  
 32 

	(b)	 in a case falling within Clause5.7(c), the Affected Lender’s obligation to participate in the Tranche,

 shall be suspended while the circumstances referred to in the Agent’s notice continue. 

 

	5.10	 Negotiation of alternative rate of interest 

If the Agent’s notice under Clause 5.8 is served after the Tranche is made, the Borrowers, the Agent, the Lenders or (as the case may be)
the Affected Lender and the Swap Bank shall use reasonable endeavours to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation Period”), an alternative interest rate or (as the
case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned. 

 

	5.11	 Application of agreed alternative rate of interest 

Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the
terms agreed. 
  

	5.12	 Alternative rate of interest in absence of agreement 

If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing
at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period, not exceeding 3 months, and interest rate representing the cost of funding of the
Lenders or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the applicable Margin and the Mandatory Cost (if any) applicable to each Lender’s or (as the case may be) to the
Affected Lender’s Contribution in the Tranche; and the procedure provided for by this Clause 5.12 shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent. 

 

	5.13	 Notice of prepayment 

If the Borrowers do not agree with an interest rate set by the Agent under Clause 5.12, the Borrowers may give the Agent not less than 30
days’ notice of their intention to prepay the Loan at the end of the interest period set by the Agent. 
  

	5.14	 Prepayment; termination of Commitments 

A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender
of the Borrowers’ notice of intended prepayment; and: 
  

	(a)	 on the date on which the Agent serves that notice, the Total Commitments or (as the case may require) the
Commitment of the Affected Lender shall be cancelled; and 

  

	(b)	 on the last Business Day of the interest period set by the Agent, the Borrowers shall prepay (without premium
or penalty) the Loan or, as the case may be, the Affected Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the applicable Margin and the Mandatory Cost (if any) applicable to the Affected Lender’s
Contribution. 

  

	5.15	 Application of prepayment 

The provisions of Clause 8 shall apply in relation to the prepayment. 

  
 33 

	6	 INTEREST PERIODS 

 

	6.1	 Commencement of Interest Periods 

The first Interest Period applicable to the Tranche shall commence on the Drawdown Date in respect of the Tranche and each subsequent Interest
Period shall commence on the expiry of the preceding Interest Period. 
  

	6.2	 Duration of normal Interest Periods 

Subject to Clauses 6.3 and 6.4, each Interest Period shall be: 
  

	(a)	 3 months; or 

  

	(b)	 such other period requested by the Borrowers to the Agent not later than 11.00 a.m. (Rotterdam time) 2 Business
Days before the commencement of the Interest Period as the Agent may, with the authorisation of all the Lenders, agree with the Borrowers. 

  

	6.3	 Duration of Interest Periods for repayment instalments 

In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date.

  

	6.4	 Non-availability of matching deposits for Interest Period selected

 If, after the Borrowers have selected and the Lenders have agreed an Interest Period longer than 6 months, any
Lender notifies the Agent by 11.00 a.m. (Rotterdam time) on the third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in
the London Interbank Market when the Interest Period commences, the Interest Period shall be of 6 months. 
  

	7	 DEFAULT INTEREST 

 

	7.1	 Payment of default interest on overdue amounts 

The Borrowers shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrowers under any
Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: 
  

	(a)	 the date on which the Finance Documents provide that such amount is due for payment; or 

 

	(b)	 if a Finance Document provides that such amount is payable on demand, the date on which the demand is served;
or 

  

	(c)	 if such amount has become immediately due and payable under Clause 19.4, the date on which it became
immediately due and payable. 

  

	7.2	 Default rate of interest 

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before
judgment) at the rate per annum determined by the Agent to be 2 per cent. above: 
  

	(a)	 in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and 7.3(b); or

  

	(b)	 in the case of any other overdue amount, the rate set out at Clause 7.3(b). 

  
 34 

	7.3	 Calculation of default rate of interest 

The rates referred to in Clause 7.2 are: 
  

	(a)	 the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any
unexpired part of any then current Interest Period applicable to it); and 

  

	(b)	 the aggregate of the applicable Margin and the Mandatory Cost (if any) plus, in respect of successive periods
of any duration (including at call) up to 3 months which the Agent may select from time to time: 

  

	 	(i)	 LIBOR; or 

  

	 	(ii)	 if the Agent (after consultation with the Reference Banks) determines that Dollar deposits for any such period
are not being made available to any Reference Bank by leading banks in the London Interbank Market in the ordinary course of business, a rate from time to time determined by the Agent by reference to the cost of funds to the Reference Banks from
such other sources as the Agent (after consultation with the Reference Banks) may from time to time determine. 

  

	7.4	 Notification of interest periods and default rates 

The Agent shall promptly notify the Lenders and the Borrowers of each interest rate determined by the Agent under Clause 7.3 and of each period
selected by the Agent for the purposes of paragraph 7.3(b) of that Clause; but this shall not be taken to imply that the Borrowers are liable to pay such interest only with effect from the date of the Agent’s notification. 

 

	7.5	 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 period by reference
to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 
  

	7.6	 Compounding of default interest 

Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded. 

 

	7.7	 Application to Master Agreement 

For the avoidance of doubt, this Clause 7 does not apply to any amount payable under the Master Agreement in respect of any continuing
Transaction as to which section 2(e) (Default Interest and Compensation) of the Master Agreement shall apply. 
  

	8	 REPAYMENT AND PREPAYMENT 

 

	8.1	 Amount of repayment instalments 

The Borrowers shall repay the Tranche by: 
  

	(a)	 4 equal consecutive quarterly instalments in the amount of $1,125,000 each (each a “Repayment
Instalment”); and 

  

	(b)	 a balloon instalment in the amount of $60,792,500 (the “Balloon Instalment”) (as such amount
may be reduced pursuant to Clause 8.14 (Prepayment out of excess Earnings in respect of Borrowers’ Ships), 8.15 (Additional mandatory prepayment event) and 8.16 (Prepayment out of excess Earnings in respect of Tasman
Ships), 

 Provided that: 
  

	 	(i)	 if on each PIK Calculation Date the Security Cover Ratio at that date is less than (1) from 1 January
2018 through 30 June 2020, 100 per cent. and (2) from 1 July 2020 and at all times thereafter, 110 per cent., the principal amount outstanding under the Tranche (and respectively under the Loan) shall be increased on that
PIK Calculation Date by an amount equal to the PIK Amount and the Balloon Instalment shall be increased accordingly; and 

  
 35 

	 	(ii)	 the Balloon Instalment may be further increased or reduced in accordance with Clause 8.10.

  

	8.2	 Repayment Dates 

The first Repayment Instalment shall be repaid on 31 March 2020, each subsequent Repayment Instalment shall be repaid at three-monthly
intervals thereafter and the last Repayment Instalment together with the Balloon Instalment shall be repaid not later than the relevant Final Maturity Date. 
  

	8.3	 Final Repayment Date 

On the Final Maturity Date, the Borrowers shall additionally pay to the Agent for the account of the Creditor Parties all other sums then
accrued or owing under any Finance Document. 
  

	8.4	 Voluntary prepayment 

Subject to the following conditions, the Borrowers may prepay the whole or any part of the Loan on the last day of an Interest Period. 

 

	8.5	 Conditions for voluntary prepayment 

The conditions referred to in Clause 8.4 are that: 
  

	(a)	 a partial prepayment shall be $250,000 or a higher integral multiple of $250,000; 

 

	(b)	 the Agent has received from the Borrowers at least (i) 15 Business Days’ prior written indicative notice
and (ii) 10 Business Days’ prior written confirmative and irrevocable notice, in each case specifying the amount to be prepaid and the date on which the prepayment is to be made (such date shall be the last day of the Interest Period then
current); 

  

	(c)	 the Borrowers have provided evidence satisfactory to the Agent that any consent required by any Borrower or any
Security Party in connection with the prepayment has been obtained and remains in force, and that any requirement relevant to this Agreement which affects any Borrower or any Security Party has been complied with; and 

 

	(d)	 the Borrowers have complied with Clause 8.12 on or prior to the date of prepayment under Clauses 8.4 and 8.5.

  

	8.6	 Effect of notice of prepayment 

A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the authorisation of the Majority Lenders, and
the amount specified in the prepayment notice shall become due and payable by the Borrowers on the date for prepayment specified in the prepayment notice. 
  

	8.7	 Notification of notice of prepayment 

The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of
any document delivered by the Borrowers under Clause 8.5. 

  
 36 

	8.8	 Mandatory prepayment 

The Borrowers shall be obliged to prepay the Relevant Amount (subject to Clauses 8.9 and 8.12) if a Ship is sold (including, without
limitation, if it is sold for scrap) or becomes a Total Loss: 
  

	(a)	 in the case of a sale, on the earlier of (i) the date on which the sale is completed by delivery of that
Ship to the buyer and (ii) the date of receipt by the relevant Borrower (or, as the case may be, the relevant Collateral Owner) or the Security Trustee (or, as the case may be, the Senior Security Trustee) of the sale proceeds relating to such
Ship, 

 any such sale shall be subject to the prior written consent (such consent not to be unreasonably withheld) of the
Agent (acting with the authorisation of all Lenders) if an Event of Default has occurred and is continuing on the date of the Borrowers’ request to sell that Ship and/or on the date of the sale of that Ship (prior to the transfer of ownership
to the buyer and to the discharge of the relevant Mortgage); or 
  

	(b)	 in the case of a Total Loss, on the earlier of (i) the date falling 120 days after the Total Loss Date and
(ii) the date of receipt by the Security Trustee (or, in the case of a Tasman Ship, the date of receipt by the Senior Security Trustee) of the proceeds of insurance or the Requisition Compensation relating to such Total Loss.

 In this Clause 8.8, “Relevant Amount” means: 

 

	 	(i)	 in respect of a sale or Total Loss of Ship A or Ship B, in the event that, at the time of such sale or Total
Loss, the other Borrower Ship that is not being sold, scrapped, disposed of or has not become a Total Loss, no longer remains a Mortgaged Ship, the aggregate amount of (A) the Loan and (B) the Swap Exposure; and 

 

	 	(ii)	 in respect of a sale or Total Loss of Ship A, in the event that at the time of such sale or Total Loss of Ship
A, Ship B, remains a Mortgaged Ship (regardless of, in the context of a sale of Ship A, whether the Borrowers or, pursuant to Clause 11.25, the Lenders have initiated such sale), the full amount of the sale, or, as the case may be, insurance
proceeds of Ship A; and 

  

	 	(iii)	 in respect of a sale or Total Loss of Ship B, in the event that at the time of such sale or Total Loss of Ship
B, Ship A, remains a Mortgaged Ship, the greater of (a) the total amount of sale, or, as the case may be, insurance proceeds of Ship B and (b) the total amount which after the application of prepayment to be made pursuant to this Clause
8.8, results in the Security Cover Ratio being equal to (i) from 1 January 2018 — 30 June 2019, 120 per cent. (ii) from 1 July 2019 — 31 December 2019, 125 per cent. and (iii) from
1 January 2020 and at all times thereafter, 130 per cent.; and 

  

	 	(iv)	 in respect of a sale or Total Loss of a Tasman Ship, the full amount of the Senior Surplus Proceeds.

  

	8.9	 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount
prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but without premium or penalty. 
  

	8.10	 Application of partial prepayment 

Each partial prepayment made pursuant to Clause 8.4 or 8.8 shall be applied first against the Balloon Instalment and then against the then
outstanding Repayment Instalments in inverse order of maturity. 
  

	8.11	 No reborrowing 

No amount repaid or prepaid may be reborrowed. 

  
 37 

	8.12	 Unwinding of Designated Transactions 

On or prior to any repayment or prepayment of the Loan under this Clause 8 or any other provision of this Agreement, each Borrower shall, on a
joint and several basis, wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining
does not and will not in the future (taking into account the scheduled amortisation) exceed the amount of the Loan as reducing from time to time thereafter pursuant to Clause 8.1. 

 

	8.13	 Mandatory Prepayment in case of Change of Control 

If a Change of Control occurs, the Agent may, and on the instructions of all the Lenders shall, serve on the Borrowers a notice demanding the
Borrowers to prepay the Loan and all other amounts then outstanding under the Finance Documents and upon receipt of which: 
  

	(a)	 the Borrowers shall be obliged to prepay the Loan and pay all other amounts then outstanding under the Finance
Documents in full within 15 days; and 

  

	(b)	 any obligations of the Lenders to the Borrowers under this Agreement (including without limitation the
obligation to make available the Loan) shall terminate and any undrawn Commitments shall be cancelled. 

 In this Clause
8.13 “Change of Control” means if any of the following occurs in relation to the Borrowers, the Collateral Owners or , the Corporate Guarantor
or the New Holding Company (as applicable): 
  

	 	(i)	 subject to paragraph (ii) below, without the prior consent of the Lenders, a change has occurred
after the date of this Agreement in the direct or ultimate, legal or beneficial ownership of any of the limited liability company interests in any of the Borrowers or in any of the Collateral Owners or in the direct or ultimate control of the voting
rights attaching to any of those interests; of 

  

	 	(ii)	 other than in the case of any initial public offering of the limited liability company interests of the
Corporate Guarantor on any stock exchange (with the Agent’s prior not to be unreasonably withheld)) the members disclosed to the Agent prior to the date of this Agreement as owning the whole of the limited liability interests of the Corporate
Guarantor cease to own in aggregate at least 50 per cent. of the limited liability company interests (with a right to vote) of the Corporate Guarantor; or 

 

	 	(i)	 The Poseidon Shareholders and the New Shareholders
cease to collectively own (either directly or indirectly through one or more subsidiaries) more than 50% of the shares (and the voting rights attaching to those shares) in the New Holding Company during the six month period following the Merger;
or 

  

	 	(ii)	 Mr George Giouroukos ceases to be the Executive
Chairman (or ceases to hold any other equivalent executive officer position) in the New Holding Company, other than by reason of death or other incapacity in managing his affairs; or 

 

	 	(iii)	 Mr George Giouroukos ceases to have a key position (as determined by the Agent, acting on the
instructions of all the Lenders) in the executive management of the Corporate Guarantor ceases to be a (direct or indirect) wholly-owned subsidiary
of the New Holding Company; or 

  

	 	(iv)	 any Borrower or any Collateral Owner ceases to be a
(direct or indirect) wholly-owned subsidiary of the relevant Shareholder.; or 

 

	 	(v)	 each of Odysseus and/or THD Maritime cease to be a
(direct or indirect) wholly-owned subsidiary of the Corporate Guarantor; or 

  

	 	(vi)	
there is any change of an
Approved Manager (other than further to the sale of a Ship pursuant to Clause 8.8 (Mandatory prepayment)). 

  
 38 

	8.14	 Prepayment out of excess Earnings in respect of Borrowers’ Ships 

If on an Excess Cash Flow Date in respect of the Borrowers’ Ships, the aggregate of the daily Earnings of the Borrowers’ Ships (for
the avoidance of doubt, not inclusive of any commission or brokerage fees which are not otherwise included in the Operating Expenses of such Borrowers’ Ships and are payable to a third party) for the preceding Cash Sweep Period of such
Borrowers’ Ships exceeds the aggregate of: 
  

	(a)	 the aggregate of the Operating Expenses in respect of the Borrowers’ Ships for that Cash Sweep Period; and

  

	(b)	 the Debt Service during such three-month period ending on the last day of that Cash Sweep Period; and

  

	(c)	 the aggregate Minimum Liquidity Amount held in the Borrowers’ Earnings Accounts in respect of the
Borrowers’ Ships (plus any amounts necessary to cover any shortfall on the aggregate Minimum Liquidity Amount), 

 the
Borrowers shall pay such Excess Cash Flow, as evidenced in the relevant Excess Cash Flow Notice, to the Agent, on the next Repayment Date falling due after receipt of such relevant Excess Cash Flow Notice (and, during the Waiver Period, at the end
of the next Interest Period after receipt of such relevant Excess Cash Flow Notice), such amount shall be applied (notwithstanding anything to the contrary provided in Clause 8.10 hereof) in prepayment of the outstanding Repayment Instalments and
Balloon Instalment in order of maturity. 
 This Clause shall only be applicable for
the duration of the Cash Sweep Period. 
  

	8.15	 Additional mandatory prepayment event 

If the aggregate of the excess Earnings (i) applied in prepayment of the Loan pursuant to Clause 8.14 and/or (ii) maintained in the
Cash Collateral Account pursuant to Clause 8.16, is less than $1,300,000 for the duration of the period commencing on 1 January 2019 until the Cash Sweep Period ending on 31 December 2019, the Borrowers shall be obliged to utilise such
part of the Shareholders’ Equity to prepay the Shortfall Amount to the Lenders on the next Repayment Date falling due after receipt of the Excess Cash Flow Notices relevant to that Cash Sweep Period. Such Shortfall Amount shall be applied in or
towards prepayment of the then outstanding Repayment Instalments and Balloon Instalment in order of maturity. 
  

	8.16	 Prepayment out of excess Earnings in respect of Tasman Ships 

If on an Excess Cash Flow Date in respect of the Tasman Ships, the aggregate of the daily Earnings of the Tasman Ships (for the avoidance of
doubt, not inclusive of any commission or brokerage fees which are not otherwise included in the Operating Expenses of such Tasman Ships and are payable to a third party) for the preceding Cash Sweep Period of such Tasman Ships exceeds the aggregate
of: 
  

	(a)	 the aggregate of the Operating Expenses in respect of the Tasman Ships for that Cash Sweep Period; and

  

	(b)	 the Senior Debt Service during such three-month period ending on the last day of that Cash Sweep Period; and

  

	(c)	 the outstanding Senior Deferred Amount (if any) (after reducing such amount by an amount equal to the amount
(if any) to be paid in or towards payment of such Senior Deferred Amount at the next repayment date under the Senior Facility Agreement in respect of the relevant Cash Sweep Period), 

  
 39 

 the Borrowers shall procure that the Collateral Owners transfer or procure the transfer by
the Senior Facility Agent (within 10 Business Days after the date on which the Excess Cash Flow Notice is provided) seventy five per cent. (75%) of such Excess Cash Flow, as evidenced in the relevant Excess Cash Flow Notice, to the Cash Collateral
Account. On the next Repayment Date falling due after the end of the Waiver Period, the relevant Cash Collateral Amount (if any) that has accrued at that time, shall be paid to the Agent. Any subsequent Cash Collateral Amount that has accrued from
time to time (as evidenced on each subsequent Excess Cash Flow Notice), shall be paid to the Agent on each next Repayment Date falling after receipt of the relevant Excess Cash Flow Notice. Any such amounts paid to the Agent shall be applied
(notwithstanding anything to the contrary provided in Clause 8.10 hereof) in prepayment of the outstanding Repayment Instalments and Balloon Instalment in order of maturity. 

This Clause shall only be applicable for the duration of the Cash Sweep Period.

  

	8.17	 Excess Cash Flow up to Effective
effective date of the First Amending and Restating Deed 

The Borrowers shall, following the effective date (as defined therein) of the
First Amending and Restating Deed pay the Excess Cash Flow up until that date, as evidenced in the relevant Excess Cash Flow Notice, at the end of the next Interest Period following that
effective date. 
  

	9	 CONDITIONS PRECEDENT 

 

	9.1	 Documents, fees and no default 

Each Lender’s obligation to contribute to a Tranche is subject to the following conditions precedent: 

 

	(a)	 that, on or before the service of the first Drawdown Notice, the Agent receives the documents described in Part
A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers; 

  

	(b)	 that, on the Drawdown Date but prior to the making of any Tranche to be advanced on the Drawdown Date, the
Agent receives or is satisfied that it will receive on the making of such Tranche the documents described in Part B of Schedule 3 in form and substance satisfactory to it and its lawyers; 

 

	(c)	 that both at the date of each Drawdown Notice and at the Drawdown Date: 

 

	 	(i)	 no Event of Default or Potential Event of Default has occurred and is continuing or would result from the
borrowing of the relevant Tranche (excluding, for the Refinancing Period up until the Refinancing Date, any Events of Default having occurred and being continuing in connection with and under the Existing Facility Agreement); 

 

	 	(ii)	 the representations and warranties in Clause 10 and those of any Borrower or any Security Party which are set
out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; and 

  

	 	(iii)	 none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and 

 

	 	(iv)	 there has been no Material Adverse Change; and 

 

	 	(v)	 that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and
documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrowers prior to the Drawdown Date. 

  
 40 

	9.2	 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit the Tranche to be borrowed before certain of the conditions referred to in Clause 9.1 are
satisfied, the Borrowers shall ensure that those conditions are satisfied within 10 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authorisation of the Majority Lenders, specify). 

 

	10	 REPRESENTATIONS AND WARRANTIES 

 

	10.1	 General 

Each Borrower represents and warrants to each Creditor Party as follows. 

 

	10.2	 Status 

Each Borrower is a limited liability company duly formed and validly existing in good standing under the laws of the Marshall Islands. 

 

	10.3	 Limited Liability Company Interests and ownership 

As of the date of this Agreement, each Borrower is authorized to issue 500 limited liability company interests, all of which have been issued
to the relevant Shareholder and are owned free of any Security Interest or other claim except, during the Existing Indebtedness Grace Period, for Security Interests created under the Existing Facility Agreement and for the Security Interests created
in favour of the Security Trustee under the Finance Documents. 
  

	10.4	 Limited Liability Company power 

Each Borrower has the limited liability capacity, and has taken all limited liability company action and obtained all consents necessary for
it: 
  

	(a)	 to carry out its business carried on or to be carried out by it and own its assets owned or to be owned by it;

  

	(b)	 to execute the Finance Documents to which that Borrower is a party; and 

 

	(c)	 to borrow under this Agreement, to enter into Designated Transactions under the Master Agreement and to make
all the payments contemplated by, and to comply with, those Finance Documents to which it is a party. 

  

	10.5	 Consents in force 

All the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation. 

 

	10.6	 Legal validity; effective Security Interests 

The Finance Documents to which each Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where
applicable, registration as provided for in the Finance Documents): 
  

	(a)	 are in full force and effect; 

 

	(b)	 constitute that Borrower’s legal, valid and binding obligations enforceable against that Borrower in
accordance with their respective terms; and 

  

	(c)	 create legal, valid and binding Security Interests enforceable in accordance with their respective terms over
all the assets to which they, by their terms, relate, 

 subject to the Legal Reservations. 

  
 41 

	10.7	 No third party Security Interests 

Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document to which a Borrower is a
party: 
  

	(a)	 each Borrower which is a party to that Finance Document will have the right to create all the Security
Interests which that Finance Document purports to create; and 

  

	(b)	 no third party will have any Security Interest (except for Permitted Security Interests) or any other interest,
right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates. 

  

	10.8	 No conflicts 

The execution by each Borrower of each Finance Document to which it is a party, and the borrowing by that Borrower of the Loan, and its
compliance with each Finance Document to which it is a party will not involve or lead to a contravention of: 
  

	(a)	 any applicable law or regulation; or 

 

	(b)	 the constitutional documents of that Borrower; or 

 

	(c)	 any contractual or other obligation or restriction which is binding on that Borrower or any of its assets,

 which in each case has, or could reasonably be expected to have, a Material Adverse Effect. 

 

	10.9	 No withholding taxes 

All payments which each Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or
withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. No Finance Document is subject to any filing or stamp duty in any Pertinent Jurisdiction. 

 

	10.10	 No default 

No Event of Default (excluding, for the duration of the Refinancing Period up until the Refinancing Date, any Events of Default having occurred
and being continuing in connection with and under the Existing Facility Agreement) has occurred and is continuing. 
  

	10.11	 Information 

All information which has been provided in writing by or on behalf of the Borrowers or any Security Party or K&T Marine to any Creditor
Party in connection with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.7; and there has been no Material
Adverse Change. 
  

	10.12	 No litigation 

Other than as previously disclosed to the Agent, no legal or administrative action against any Borrower (including action relating to any
alleged or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or, to any Borrower’s knowledge, is likely to be commenced or taken which legal or administrative action has or could reasonably be expected to have a
Material Adverse Effect. 

  
 42 

	10.13	 Compliance with certain undertakings 

At the date of this Agreement, the Borrowers are in compliance with Clauses 11.2, 11.4, 11.9, 11.13 and 11.20. 

 

	10.14	 Taxes paid 

Each Borrower has paid all taxes applicable to, or imposed on or in relation to that Borrower, its business or the Ship owned by it. 

 

	10.15	 ISM Code and ISPS Code compliance 

All requirements of the ISM Code and the ISPS Code as they relate to the Borrowers, the Approved Managers and the Ships have been complied
with. 
  

	10.16	 No money laundering; anti-bribery 

 

	(a)	 Without prejudice to the generality of Clause 2.3, in relation to the borrowing by each Borrower, the
performance and discharge of its obligations and liabilities under the Finance Documents, and the transactions and other arrangements affected or contemplated by the Finance Documents to which each Borrower is a party, each Borrower confirms
(i) it is acting for its own account; (ii) it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified in this Agreement; and (iii) that the foregoing will not
involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of Directive (2005/60/EC) of the European Parliament and of the
Council). 

  

	(b)	 Each Borrower will promptly inform the Agent by written notice, if it is not or ceases to be the beneficiary
and will provide in writing the name and address of the beneficiary. 

  

	(c)	 The Agent shall promptly notify the Lenders of any written notice it receives under this Clause 10.16.

  

	10.17	 No immunity 

None of the Borrowers, nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or
proceeding (which shall include, without limitation, suit attachment prior to judgement, execution or other enforcement). 
  

	10.18	 Pari passu ranking 

The obligations of each Borrower, each Security Party and K&T Marine under the Finance Documents to which it is a party rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	10.19	 Patriot Act and anti-terrorism laws 

To the extent applicable each Borrower is in compliance with (i) the Trading with the Enemy Act, and each of the foreign assets control
regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, (ii) the PATRIOT Act and Executive Order No. 13224 on Terrorist Financing,
effective 24 September 2001. No part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any government official or employee, political party, official of a political party, candidate for political office, or
anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 

  
 43 

	10.20	 Repetition 

The representations and warranties in this Clause 10 shall be deemed to be repeated by the Borrowers: 

 

	(a)	 on the date of service of each Drawdown Notice; 

 

	(b)	 on the Drawdown Date; 

 

	(c)	 with the exception of Clauses 10.9, 10.10, 10.11 and 10.12, on the first day of each Interest Period and on the
date of any Compliance Certificate issued pursuant to clause 11.20 of the Corporate Guarantee; and 

  

	(d)	 on the effective date (as defined therein) of the
Amending and Restating Deed, First Amending and Restating Deed; and 

  

	(e)	 on the effective date (as defined therein) of the
Second Amending and Restating Deed, 

 as if made with reference to the facts and circumstances existing on each such
day. 
  

	11	 GENERAL UNDERTAKINGS 

 

	11.1	 General 

Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security
Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing (and in the case of Clauses 11.3 and 11.13 such permission not to be unreasonably withheld or delayed). 

 

	11.2	 Title; negative pledge 

Each Borrower will: 
  

	(a)	 hold the legal title to, and own the entire beneficial interest in the Ship owned by it, her Insurances and
Earnings, free from all Security Interests (except during the Existing Indebtedness Grace Period, Security Interests created under the Existing Facility Agreement) and other interests and rights of every kind, except for those created by the Finance
Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; 

  

	(b)	 not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other
asset, present or future (including, but not limited to, that Borrower’s rights against the Swap Bank under the Master Agreement or all or any part of that Borrower’s interest in any amount payable to that Borrower by the Swap Bank under
the Master Agreement); and 

  

	(c)	 procure that its liabilities under the Finance Documents to which it is a party do and will rank at least pari
passu with all its other present and future unsecured and unsubordinated liabilities, except for liabilities which are mandatorily preferred by law. 

  

	11.3	 No disposal of assets 

None of the Borrowers will transfer, lease or otherwise dispose of (without the Agent’s prior written consent, but always subject to
Clause 8.8(a) of this Agreement and provided that, any sale or scrapping of a Borrower Ship under Clause 8.8(a) shall not be effected for less than the Market Value of that Borrower Ship at the relevant time): 

 

	(a)	 all or a substantial part of its assets, whether by one transaction or a number of transactions, whether
related or not; or 

  
 44 

	(b)	 any debt payable to it or any other right (present, future or contingent right) to receive a payment, including
any right to damages or compensation, 

 but paragraph (a) does not apply to any charter of a Ship as to which Clause
14.12 applies. 
  

	11.4	 No other liabilities or obligations to be incurred 

None of the Borrowers will incur any liability or obligation, including, without limitation, giving or allowing to be outstanding any guarantee
or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other person, except: 

 

	(a)	 liabilities and obligations under the Existing Facility Agreement (up until the Drawdown Date) and the Finance
Documents to which it is a party; 

  

	(b)	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering the Ship owned by it; 

  

	(c)	 in respect of the Designated Transactions; and 

 

	(d)	 liabilities or obligations under any Permitted Loans. 

 

	11.5	 Information provided to be accurate 

All financial and other information which is provided in writing by or on behalf of a Borrower under or in connection with any Finance Document
will be true and not misleading and will not omit any material fact or consideration. 
  

	11.6	 Provision of financial statements 

Each Borrower will send or procure that each of the following are sent to the Agent: 

 

	(a)	 as soon as they become available, but in no
any event later than 180 within 120 days after the end of each
of the respective Financial Year Years of the New Holding Company and of the Corporate Guarantor, the
annual audited (consolidated (i) in respect of the New Holding Company, publicly available annual financial statements of the New Holding Company prepared in accordance with NYSE rules
(as shown and available in the website of the New Holding Company) and (ii) in respect of the Corporate Guarantor) , the unaudited consolidated financial statements of
the Corporate Guarantor for that Financial Year (commencing with the financial statements for the year ended 31 December 2016such annual consolidated financial statements
to be supplemented to include updated details of all off-balance sheet and employment commitments), together with a certification from the Chief Financial Officer of the Corporate Guarantor confirming that the
figures are in the same form as those figures used in the audited financial statements provided in respect of the New Holding Company); 

  

	(b)	 as soon as available, but in no event later than 90 days after the end of the
6-month period ending on 30 June in each Financial Year of the Corporate Guarantor, each Borrower and each Collateral Owner, the unaudited (consolidated in respect of the Corporate Guarantor) financial
statements of the Corporate Guarantor, each Borrower and each Collateral Owner in respect of the preceding 6-month period (commencing with the 6-month period ending
30 June 2017) which are certified as to their correctness by an authorised officer of the Corporate Guarantor, each Borrower and the Collateral Owner (as the case may be); 

 

	(c)	 as soon as available, but in no event later than 60 days after the end of the
3-month period ending on 30 September and 31 March in each Financial Year of the Corporate Guarantor, each Borrower and each Collateral Owner, the unaudited (consolidated in respect of the Corporate
Guarantor) financial statements of the Corporate Guarantor, each Borrower and each Collateral Owner in respect of the preceding 3-month period (commencing with the
3-month period ending 30 June 2017) which are certified as to their correctness by an authorised officer of the Corporate Guarantor, each Borrower and each Collateral Owner (as the case may be);

  
 45 

	(d)	 at the end of each 3-month period in each Financial Year of the
Borrowers (commencing with the 3-month period ending on 30 June 2017), the PIK Compliance Certificate (together with the set of valuations to determine the Market Value of each Borrower Ship and the PIK
Amount, such set of valuations to be provided on a semi-annual basis commencing with the 3-month period ending on 31 March 2017 and thereafter, at the option of the Borrowers, as provided for and in
accordance with the provisions of Clause 15.8) which is to be certified as to its correctness by an authorised officer of the Borrowers; 

  

	(e)	 on or prior to the 10th Business Day of each quarter in each Financial Year of the Corporate Guarantor
(commencing with the quarter starting on 1 July 2017), a cash flow forecast in an Agreed Form evidencing all anticipated income and expenses in respect of the Fleet Vessels and the aggregate cash balances held or to be held by members of the
Group in restricted and unrestricted accounts on a consolidated and projected basis for the 12-week period commencing as from the date on which the cash flow forecast is determined; 

 

	(f)	 promptly after each request by the Agent, such further information regarding the financial condition, business
and operation of the Borrowers, the Collateral Owners, the Ships and the Corporate Guarantor as the Agent may reasonably require; and 

  

	(g)	 promptly, within 45 days from each Excess Cash Flow Date in relation to each of the Borrowers’ Ships and,
as the case may be, the Tasman Ships, an Excess Cash Flow Notice in respect of those Ships, in each case addressed to the Agent, 

and each Borrower shall, and shall procure that the Corporate Guarantor shall, ensure that all cash flow forecasts of the Corporate Guarantor
received pursuant to paragraph (e) of this Clause for the duration of the Waiver Period shall evidence a positive balance in respect of the Group for that Financial Year that is satisfactory to the Agent. 

 

	11.7	 Form of financial statements 

All accounts delivered under Clause 11.6 will: 
  

	(a)	 (i)be prepared in accordance with all applicable laws and IFRS
GAAP consistently applied and, in respect of the Corporate Guarantor, financial reference periods consistent with those applied in preparation of the Original Financial Statements
unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in IFRS GAAP, the accounting practices or reference periods and
its auditors deliver to the Agent: 

  

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

 

	 	(ii)	 (B)sufficient information, upon request by the Agent, in form and substance as may be
reasonably required by the Agent, to enable the Lenders to determine whether clause 11.19 of the Corporate Guarantee has been complied with and make an accurate comparison between the financial position indicated in those financial statements and
the Original Financial Statements. 

 Any reference in the Corporate Guarantee to those financial statements shall be
construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared; 
  

	(b)	 give a true and fair view of the state of affairs of the relevant Borrower, the Corporate Guarantor and
Collateral Owner at the date of those accounts and of its profit for the period to which those accounts relate; and 

  
 46 

	(c)	 fully disclose or provide for all significant liabilities of the relevant Borrower, the relevant Collateral
Owner and the Corporate Guarantor. 

  

	11.8	 Shareholder and creditor notices 

Upon the occurrence of an Event of Default each Borrower will send to the Agent, at the same time as they are despatched, copies of all
communications which are despatched to that Borrower’s members or creditors or any class of them. 
  

	11.9	 Consents 

Each Borrower will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents
required: 
  

	(a)	 for that Borrower to perform its obligations under any Finance Document to which it is a party;

  

	(b)	 for the validity or enforceability under any Finance Document to which it is a party; and

  

	(c)	 for that Borrower to continue to own and operate the Ship owned by it, 

and that Borrower will comply with the terms of all such consents. 
  

	11.10	 Maintenance of Security Interests 

Each Borrower will: 
  

	(a)	 at its own cost, do all that it is necessary to ensure that any Finance Document validly creates the
obligations and the Security Interests which it purports to create; and 

  

	(b)	 without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or enrol any
Finance Document with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion
of the Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 

 

	11.11	 Notification of litigation 

Each Borrower will provide the Agent with details of any legal or administrative action involving that Borrower or the Ship owned by it, the
Earnings or the Insurances or involving any Collateral Owner, any Tasman Ship or any Shareholder as soon as such action is instituted or it becomes apparent to that Borrower that it is likely to be instituted, unless it is clear that the legal or
administrative action cannot be considered material in the context of any relevant Finance Document and the Borrowers shall procure that reasonable measures are taken to defend any such legal or administrative action. 

 

	11.12	 No amendment to Master Agreement 

None of the Borrowers will agree to any amendment or supplement to, or waive or fail to enforce, the Master Agreement or any of its provisions.

  

	11.13	 Principal place of business 

Each Borrower will maintain a place of business, and keep its corporate documents (or copies thereof) and records (or copies thereof), at the
address stated in Clause 28.2(a); and none of the Borrowers will establish, or do anything as a result of which it would be deemed to have, a place of business in any country other than Greece and, in respect of the Corporate Guarantor,
Greece or the United States of America. 

  
 47 

	11.14	 Confirmation of no default 

Each Borrower will, within 5 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by the
authorised representative or senior officer of that Borrower and which: 
  

	(a)	 states that no Potential Event of Default or Event of Default has occurred and is continuing; or

  

	(b)	 states that no Potential Event of Default or Event of Default has occurred and is continuing, except for a
specified event or matter, of which all material details are given. 

 The Agent may serve requests under this Clause 11.14
from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Tranche has been made) Commitments exceeding 10 per cent. of the Total Commitments; and this Clause 11.14
does not affect the Borrowers’ obligations under Clause 11.15. 
  

	11.15	 Notification of default 

Each Borrower will notify the Agent as soon as that Borrower becomes aware (and in respect of
sub-paragraph (c), as soon as practicable) of: 
  

	(a)	 the occurrence of an Event of Default or a Potential Event of Default; or 

 

	(b)	 any matter which indicates that an Event of Default or a Potential Event of Default may have occurred; or

  

	(c)	 any extension of the security period under the Senior Facility Agreement, 

and will keep the Agent fully up-to-date with all developments.

  

	11.16	 Provision of further information 

 

	(a)	 Each Borrower will, as soon as practicable after receiving the request, provide the Agent with any additional
financial or other information relating: 

  

	 	(i)	 to the Borrowers, the Collateral Owners, the Group, the Ships, the other Fleet Vessels, their Insurances or
their Earnings (including, but not limited to, any sales or purchases of any Fleet Vessels, the incurrence of Financial Indebtedness by members of the Group, the refinancing or restructuring of any loan or credit facilities to which any members of
the Group are a party (to the extent permitted to disclose information under the terms of such loan or credit facilities)) as the Agent may reasonably require; or 

 

	 	(ii)	 to any other matter relevant to, or to any provision of, a Finance Document, 

which may be requested by the Agent, the Security Trustee or any Lender at any time; and 

 

	(b)	 Each Borrower will immediately notify the Agent if, prior to the delivery of the Compliance Certificate
pursuant to clause 11.20 of the Corporate Guarantee, it becomes aware that the financial covenants included in clause 11.19 of the Corporate Guarantee will not be complied with. 

 

	11.17	 Provision of copies and translation of documents 

Each Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide 1 copy for each Creditor
Party; and if the Agent so requires in respect of any of those documents, the Borrowers will provide a certified English translation prepared by a translator approved by the Agent. 

  
 48 

	11.18	 Minimum Liquidity 

Each Borrower undertakes to maintain in its Earnings Account from the Drawdown Date and at all times thereafter throughout the Security Period,
a credit balance of not less than $500,000 (the “Minimum Liquidity Amount”). 
  

	11.19	 “Know your customer” checks 

If: 
  

	(a)	 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; 

  

	(b)	 any change in the status of any Borrower, any Collateral Owner, the Corporate Guarantor, any Shareholder or any
Approved Manager after the date of this Agreement; or 

  

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

 obliges the Agent or any Lender (or, in the case of
paragraph (c), any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the
request of the Agent or the Lender concerned 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 the Lender concerned (for itself or, in the case
of the event described in paragraph (c), on behalf of any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents, including without limitation obtaining, verifying and
recording certain information and documentation that will allow the Agent and each of the Lenders to identify each of the Borrowers, the Collateral Owners, the Shareholders, the Corporate Guarantor and the Approved Managers (as the case may be) in
accordance with the requirements of the PATRIOT Act. 
  

	11.20	 Sanctions and compliance with laws 

 

	(a)	 Compliance with laws 

Each Borrower shall, and shall procure that the Corporate Guarantor and each other member of the Group and each Affiliate of any of them shall,
comply with all applicable Sanctions. 
  

	(b)	 Sanctions 

  

	 	(i)	 No Borrower shall, and shall procure that neither the Corporate Guarantor nor any other member of the Group nor
any Affiliate of any of them shall, become a Restricted Party or act on behalf of, or as an agent of, a Restricted Party, to the extent this would lead to non-compliance by it or any other Party with any applicable Sanctions. 

 

	 	(ii)	 No Borrower shall, and shall procure that neither the Corporate Guarantor nor any other member of the Group nor
any Affiliate of any of them 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 Creditor Parties to the extent such use would lead to non-compliance by it or any other Party with any applicable Sanctions. 

  

	 	(iii)	 Each Borrower shall, and shall procure that the Corporate Guarantor and each other member of the Group and each
Affiliate of any of them shall, procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Creditor Party or any Affiliate of a Creditor Party, to the extent crediting such bank
account would lead to non-compliance by it, any Creditor Party or any Affiliate of a Creditor Party with any applicable Sanctions. 

  
 49 

	 	(iv)	 Each Borrower shall, and shall procure that the Corporate Guarantor and each other member of the Group and each
Affiliate of any of them shall, to the extent permitted by law and promptly upon becoming aware of them, supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to any applicable Sanctions by any
Sanctions Authority. 

  

	(c)	 Use of proceeds 

No Borrower shall, and shall procure that neither the Corporate Guarantor nor any other member of the Group nor any Affiliate of any of them
shall, use, lend, contribute or otherwise make available the proceeds of the Loan or any other transaction contemplated by this Agreement directly or indirectly for the purpose of financing any trade, business or other activities with any Restricted
Party, to the extent, in each case, such use, lending, contributing or otherwise making available the proceeds would lead to non-compliance by it or any other Party with any applicable Sanctions. 

 

	11.21	 Subordination and assignment of Permitted Loans 

Each Borrower shall cause (i) all Permitted Loans to be fully subordinated to the Secured Liabilities and (ii) any creditor’s
rights under any such Permitted Loans to any Borrower(s) to be assigned in favour of the Creditor Parties. 
  

	11.22	 Ownership 

Each Borrower shall procure that there is no change in the legal ownership of its limited liability company interests throughout the Security
Period. 
  

	11.23	 Employees and ERISA Compliance 

None of the Borrowers shall employ any individuals (other than the master and crew members of the Ship), or sponsor, maintain or become
obligated to contribute to any Plan. Each Borrower shall provide prompt written notice to the Agent in the event that that Borrower becomes aware that it has incurred or is reasonably likely to incur any liability with respect to any Plan, that,
individually or in the aggregate with any other such liability, would be reasonably expected to have a Material Adverse Effect. 
  

	11.24	 Further assurance 

 

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

  

	 	(i)	 to create, perfect, vest in favour of the Security Trustee or protect the priority of the Security Interest or
any right of any kind created or intended to be created under or evidenced by the Finance Documents to which such Security Party is a party (which may include the execution of a mortgage, charge, assignment or other Security Interest over all or any
of the assets which are, or are intended to be, the subject of the Finance Documents) or for the exercise of any rights, powers and remedies of the Security Trustee, any receiver or the Creditor Parties provided by or pursuant to the Finance
Documents or by law; 

  
 50 

	 	(ii)	 to confer on the Security Trustee or confer on the Creditor Parties Security Interests over any property and
assets of that Borrower or Security Party (as the case may be) located in any jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Finance Documents; 

 

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

  

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

  

	(b)	 Each Borrower shall, and shall procure that each other Security Party 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 Trustee or the
Creditor Parties by or pursuant to the Finance Documents to which such Borrower or Security Party is a party. 

  

	(c)	 At the same time as a Borrower delivers to the Security Trustee any document executed by itself or another
Security Party pursuant to this Clause, that Borrower shall deliver, or shall procure that such other Security Party will deliver, to the Security Trustee a certificate signed by two of that Borrower’s or Security Party’s directors or
officers which shall: 

  

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

  

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

  

	11.25	 Sale of Ship A 

At any time after the Security Cover Ratio has become less than the Applicable Percentage, each Borrower undertakes the following (on the
instructions of all the Lenders after consultation with the Borrowers): 
  

	 	(a)	 to take all necessary actions in order to market Ship A for sale immediately upon receipt of the Lenders’
instructions including, without limitation, closely monitoring the market and liaising with brokers; 

  

	 	(b)	 on a best efforts basis, to ensure that Ship A is sold for cash on normal commercial arm’s length terms to
a buyer and for a purchase price, each reasonably acceptable to the Agent in its consideration of the market standards prevailing at that time (acting on the instructions of the Lenders); 

 

	 	(c)	 to keep the Agent regularly updated (quarterly and at any other time upon the Agent’s request) regarding
the sale process of Ship A and to advise the Agent promptly of any offers received (including, without limitation, the price offered, the identity of the buyer, the main terms of any offers and the process of the negotiations), such updates to be
satisfactory to the Lenders; 

  

	 	(d)	 in the event of the sale of Ship A being agreed, on a best efforts basis, to ensure that (i) the
memorandum of agreement is signed between Borrower A and the buyer for the sale of Ship A and (ii) that the sale of Ship A is successfully completed and Ship A is irrevocably and unconditionally delivered to the relevant buyer within a time
frame reasonably set out by the Agent at that time; and 

  
 51 

	 	(e)	 on a best efforts basis, to send to the Agent a certified copy of the memorandum of agreement (and any addenda
or supplemental agreements applicable thereto) made between Borrower A and the buyer in respect of the sale of Ship A, promptly after the execution of such document. 

Any partial prepayment made pursuant to this Clause shall be applied in such order as set out in Clause
8.10(b)(a). 
  

	11.26	 Most favoured nation clause 

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

	 	(a)	 any amendment to a maturity date under any such Group Facility Agreement or under the Senior
Facility Agreement as a result of which the maturity date will fall before 31 December 2020; 

  

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

  

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

  

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

 

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

  

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

Accordingly, should any member of the Group or the Corporate Guarantor provide to any other creditor more favourable treatment in relation to
(a) to (f) above (and, in relation to subparagraphs (b), (d) and (f) for the duration of the Waiver Period) than those which the Creditor Parties have been provided with under this Agreement or any other Finance Document, each Borrower
shall promptly advise the Agent of those arrangements and covenants and shall, upon the Agent’s request, enter into such documentation supplemental to the Finance Documents as the Lenders may require in order to achieve parity with the
creditors under such relevant Group Facility Agreement or, as the context may require, the Senior Facility Agreement. 
  

	11.27	 Senior Deferred Amount under the Senior Facility Agreement 

The Borrowers shall, and shall procure that the Collateral Owners, notify the Agent immediately once the Senior Deferred Amount has been
prepaid or repaid in full pursuant to the terms and conditions of the Senior Facility Agreement. 

  
 52 

	11.28	 Senior Debt Service 

The Borrowers shall procure that the Collateral Owners (i) agree under the Senior Facility Agreement that, pursuant to the terms and
conditions thereunder, the repayment of principal shall not exceed $110,000 per quarter in respect of each advance related to each Tasman Ship and (ii) procure that the parties under the Senior Facility Agreement shall not enter into any
amendment or supplement to the Senior Facility Agreement or otherwise agree to any increase of such amount (unless otherwise permitted pursuant to the terms of the Inter-Creditor Deed). 

 

	12	 CORPORATE UNDERTAKINGS 

 

	12.1	 General 

Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the
Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing (such permission not to be unreasonably withheld or delayed). 

 

	12.2	 Maintenance of status 

Each Borrower will maintain its separate corporate existence and remain in good standing under the laws of The Marshall Islands. 

 

	12.3	 Negative undertakings 

Neither Borrower will: 
  

	(a)	 change the nature of its business; or 

 

	(b)	 pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of
its limited liability company interests at any time; Provided that any Borrower may pay dividends and make distributions after
the Cash Sweep End Date if the following conditions are satisfied at the time at which such dividend is paid or distribution is made: 

  

	 	(i)	 the aggregate of the Market Value of the Borrower Ships
(determined in accordance with Clause 15.3) is greater than 125 per cent. of the aggregate amount of:

  

	 	(A)	 the Loan; and 

 

	 	(B)	 the Swap Exposure; 

 

	 	(ii)	 the Borrowers are in compliance with the provisions of
Clause 11.18 (Minimum Liquidity) of this Agreement; 

 

	 	(iii)	 the Borrowers provide documentation evidencing to the
satisfaction of the Facility Agent (acting with the authorisation of the Majority Lenders, acting reasonably) that they will be able to comply with their obligations under the Finance Documents including, without limitation, the payment obligations
in respect of Debt Service and any other amounts that may become due and payable under the Finance Documents in the 12 month period following the end of the Waiver Period; and 

 

	 	(iv)	 no Potential Event of Default or Event of Default has
occurred or is continuing and no Event of Default would occur as a result of such payment or distribution; 

  

	(c)	 provide any form of credit or financial assistance to: 

 

	 	(i)	 a person who is directly or indirectly interested in that Borrower’s limited liability company interests
or loan capital; or 

  

	 	(ii)	 any company in or with which such a person is directly or indirectly interested 

  
 53 

 or connected, or enter into any transaction with or involving such a person or company on
terms which are, in any respect, less favourable to that Borrower than those which it could obtain in a bargain made at arms’ length; 
  

	(d)	 open or maintain any account with any bank or financial institution except accounts with the Agent for the
purposes of the Finance Documents; 

  

	(e)	 issue, allot or grant any person any limited liability company interests other than the relevant Shareholder;

  

	(f)	 acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by
major North American or European banks, or enter into any transaction in a derivative other than the Designated Transactions; 

  

	(g)	 enter into any form of amalgamation, merger or de-merger or any form of
reconstruction or reorganisation or any form of acquisition, including any joint venture (save for an IPO other than the Merger); 

 

	(h)	 change its constitutional documents; or 

 

	(i)	 acquire any vessel other than the Ship owned by it. 

 

	13	 INSURANCE 

  

	13.1	 General 

Each Borrower also undertakes with each Creditor Party to comply (while that Ship owned by it is subject to a Mortgage) with the following
provisions of this Clause 13 from the Drawdown Date and at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 

 

	13.2	 Maintenance of obligatory insurances 

Each Borrower shall keep the Ship owned by it insured at the expense of that Borrower against: 

 

	(a)	 fire and usual marine risks (including increased value, hull and machinery and excess risks);

  

	(b)	 war risks; 

  

	(c)	 protection and indemnity risks (including excess war risk P&I cover); and 

 

	(d)	 any other risks (other than loss of hire) against which the Security Trustee considers, having regard to
practices and other circumstances prevailing at the relevant time, it would in the opinion of the Security Trustee be reasonable for that Borrower to insure and which are specified by the Security Trustee by notice to that Borrower.

  

	13.3	 Terms of obligatory insurances 

Each Borrower shall effect such insurances: 
  

	(a)	 in Dollars; 

  

	(b)	 in the case of fire and usual marine risks and war risks, in such amount as shall from time to time be approved
by the Security Trustee but in any event in an amount not less than the greater of (i) an amount which when aggregated with the insured aggregate value of the other Borrower Ships, 120 per cent. of the Loan and (ii) the aggregate
Market Value of the Borrower Ships; 

  

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

  
 54 

	(d)	 in relation to protection and indemnity risks in respect of the full tonnage of the Ship owned by it;

  

	(e)	 on such terms as shall from time to time be approved in writing by the Security Trustee (including, without
limitation, a blocking and trapping clause); 

  

	(f)	 on approved terms; and 

 

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

  

	13.4	 Further protections for the Creditor Parties 

In addition to the terms set out in Clause 13.3, each Borrower shall procure that the obligatory insurances effected by it shall: 

 

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

  

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

 

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

  

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

  

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

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

 

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

  

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

  

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

  

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

  

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

  
 55 

	13.5	 Renewal of obligatory insurances 

Each Borrower shall: 
  

	(a)	 at least 14 days (or such other shorter period as the Agent may approve) before the expiry of any obligatory
insurance effected by it: 

  

	(b)	 notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks
association through or with whom that Borrower proposes to renew that obligatory insurance and of the proposed terms of renewal; and 

  

	(c)	 obtain the Security Trustee’s approval to the matters referred to in paragraph (i); 

 

	(d)	 at least 5 Business Days (or such other shorter period as the Agent may approve) before the expiry of any
obligatory insurance, renew that obligatory insurance in accordance with the Security Trustee’s approval pursuant to paragraph (a); and 

  

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

  

	13.6	 Copies of policies; letters of undertaking 

Each Borrower shall ensure that all approved brokers provide the Security Trustee with pro forma copies of all policies relating to the
obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that: 

 

	(a)	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 13.4; 

  

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

  

	(c)	 they will advise the Security Trustee immediately of any material change to the terms of the obligatory
insurances; 

  

	(d)	 they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in
the event of their not having received notice of renewal instructions from that Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and

  

	(e)	 they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that
Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in
respect of such premiums or other amounts, and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in
respect of that Ship forthwith upon being so requested by the Security Trustee. 

  

	13.7	 Copies of certificates of entry 

Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provides
the Security Trustee with: 
  

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

 

	(b)	 a letter or letters of undertaking in such form as may be required by the Security Trustee;

  

	(c)	 where required to be issued under the terms of insurance/indemnity provided by a Borrower’s protection and
indemnity association, a certified copy of each United States of America voyage quarterly declaration (or other similar document or documents) made by that Borrower in accordance with the requirements of such protections and indemnity association;
and 

  
 56 

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

  

	13.8	 Deposit of original policies 

Each Borrower shall ensure that all policies relating to obligatory insurances effected by it are deposited with the approved brokers through
which the insurances are effected or renewed. 
  

	13.9	 Payment of premiums 

Each Borrower shall punctually (or shall procure that the Approved Managers of its Ship) pay all premiums or other sums payable in respect of
the obligatory insurances effected by it and produce all relevant receipts when so required by the Security Trustee. 
  

	13.10	 Guarantees 

Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain
in full force and effect. 
  

	13.11	 Compliance with terms of insurances 

None of the Borrowers shall do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any
obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 
  

	(a)	 each Borrower shall take all necessary action and comply with all requirements which may from time to time be
applicable to the obligatory insurances, and (without limiting the obligation contained in Clause 13.6(c)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its
prior approval; 

  

	(b)	 none of the Borrowers shall make any changes relating to the classification or classification society or
manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances; 

  

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

  

	(d)	 none of the Borrowers shall employ the Ship owned by it, nor allow it to be employed, otherwise than in
conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	13.12	 Alteration to terms of insurances 

None of the Borrowers shall either make or agree to any alteration to the terms of any obligatory insurance nor waive any right relating to any
obligatory insurance. 
  

	13.13	 Settlement of claims 

None of the Borrowers shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and
shall do all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances. 

  
 57 

	13.14	 Provision of copies of communications 

Each Borrower shall provide the Security Trustee, promptly following the request of the Agent, copies of all written communications between
that Borrower and: 
  

	(a)	 the approved brokers; 

 

	(b)	 the approved protection and indemnity and/or war risks associations; and 

 

	(c)	 the approved insurance companies and/or underwriters, which relate directly or indirectly to:

  

	(d)	 that Borrower’s obligations relating to the obligatory insurances including, without limitation, all
requisite declarations and payments of additional premiums or calls; 

  

	(e)	 any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a) or
(b) relating wholly or partly to the effecting or maintenance of the obligatory insurances; and 

  

	(f)	 a claim under any obligatory insurances of the Ship. 

 

	13.15	 Provision of information 

In addition, each Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the
Security Trustee (or any such designated person) requests for the purpose of: 
  

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

  

	(b)	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13.17 or dealing with or
considering any matters relating to any such insurances, 

 and the Borrowers shall, forthwith upon demand, indemnify the
Security Trustee in respect of all fees and other expenses incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a). 

 

	13.16	 Mortgagee’s interest marine insurance and additional perils insurance 

The Security Trustee shall be entitled from time to time to effect, maintain and renew a mortgagee’s interest marine insurance and
mortgagee’s interest additional perils insurance in an amount not less than 120 per cent. of the Loan on such terms, through such insurers and generally in such manner as the Security Trustee may from time to time consider appropriate and
each Borrower shall upon demand fully indemnify the Creditor Parties in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or
considering, any matter arising out of any such insurance. 
  

	13.17	 Review of insurance requirements 

Upon the occurrence of an Event of Default, the Security Trustee shall be entitled to review the requirements of this Clause 13 from time to
time in order to take account of any changes in circumstances after the date of this Agreement which are, in the opinion of the Security Trustee, significant and capable of affecting the Borrowers, the Borrower Ships and their Insurances (including,
without limitation, changes in the availability or the cost of insurance coverage or the risks to which each Borrower may be subject), and may appoint insurance consultants in relation to this review at the cost of the relevant Borrower. 

  
 58 

	13.18	 Modification of insurance requirements 

The Security Trustee shall notify the Borrowers of any proposed modification under Clause 13.17 to the requirements of this Clause 13 which the
Security Trustee reasonably consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the relevant Borrower as an amendment to this Clause 13 and shall bind that Borrower
accordingly. 
  

	13.19	 Compliance with mortgagee’s instructions 

The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance
Document) to require a Borrower Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower owning that Ship implements any amendments to the terms of the obligatory insurances
and any operational changes required as a result of a notice served under Clause 13.18. 
  

	14	 SHIP COVENANTS 

 

	14.1	 General 

Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 14 from the Drawdown Date and at
all times during the Security Period (except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit in writing (and in case of Clauses 14.2, 14.3(b), 14.5 and 14.12(e), such permission not to be unreasonably withheld or
delayed). 
  

	14.2	 Ship’s name and registration 

Each Borrower shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do, omit to do or allow to be done
anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of the Ship owned by it. 
  

	14.3	 Repair and classification 

Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair: 

 

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

 

	(b)	 so as to maintain the highest class free of overdue recommendations and conditions with a first-class
classification society which is a member of IACS acceptable to the Agent (such acceptance not to be unreasonably withheld); 

  

	(c)	 so as to comply with all laws and regulations applicable to vessels registered at ports in the applicable
Approved Flag State or to vessels trading to any jurisdiction to which that Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code. 

 

	14.4	 Modification 

None of the Borrowers shall make any modification or repairs to, or replacement of, any Borrower Ship or equipment installed on it which would
or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value. 
  

	14.5	 Removal of parts 

None of the Borrowers shall remove any material part of any Borrower Ship, or any item of equipment installed on, any Borrower Ship unless the
part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other

  
 59 

 
than the Security Trustee and becomes on installation on the relevant Borrower Ship the property of the relevant Borrower and subject to the security constituted by the relevant Mortgage
Provided that a Borrower may install and, subject to the Agent’s consent, remove (such consent not to be unreasonably withheld or delayed, if such removal will not, in the opinion of the Agent, affect the value of the Borrower Ship)
equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by it. 
  

	14.6	 Surveys 

Each Borrower shall submit the Ship owned by it regularly to all periodical or other surveys which may be required for classification purposes
and, if so required by the Security Trustee provide the Security Trustee, with copies of all survey reports prepared by surveyors appointed by the Borrowers and, if required by the Security Trustee, by a surveyor appointed by the Security Trustee at
the Borrowers’ cost. 
  

	14.7	 Inspection 

Each Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship owned by it
at all reasonable times without interfering with the Ship’s trading schedule at the cost of the Borrowers for inspections not more than once in any calendar year to inspect its condition or to satisfy themselves about proposed or executed
repairs and shall afford all proper facilities for such inspections Provided that if an Event of Default occurs which is continuing the Security Trustee may, by surveyors or other persons appointed by it, board the Ship and carry out such
inspection at all times as it deems fit at the Borrowers’ cost. 
  

	14.8	 Prevention of and release from arrest 

Each Borrower shall promptly discharge (or, in the case of paragraph (a) below, shall provide evidence satisfactory to the Agent that such
liabilities are being contested by that Borrower in good faith by appropriate steps and in respect of which appropriate reserves have been made): 
  

	(a)	 all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
the Ship owned by it, the Earnings or the Insurances; 

  

	(b)	 all taxes, dues and other amounts charged in respect of the Ship owned by it, the Earnings or the Insurances;
and 

  

	(c)	 all other outgoings whatsoever in respect of the Ship owned by it, the Earnings or the Insurances,

 and, within 25 days (or such longer period as may be requested by the Borrowers and approved by the Agent acting with
the authorisation of the Majority Lenders) from receiving notice of the arrest of the Ship owned by it, or of its detention in exercise or purported exercise of any such lien or claim, that Borrower shall procure its release by providing bail or
otherwise as the circumstances may require. 
  

	14.9	 Compliance with laws etc. 

Each Borrower shall: 
  

	(a)	 comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or
regulations applicable to the Ship owned by it, its ownership, operation and management or to the business of that Borrower; 

  

	(b)	 not employ the Ship owned by it nor allow its employment in any manner contrary to any applicable law or
regulation in any relevant jurisdiction including but not limited to the ISM Code and the ISPS Code; 

  

	(c)	 in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the
Ship owned by it to enter or trade to any zone which is declared a war zone by any government or by the Ship’s war risks insurers unless the prior written consent of the war risk insurers has been given and that Borrower has (at its expense)
effected any special, additional or modified insurance cover which the war risk insurers may require; and 

  
 60 

	(d)	 comply with the PATRIOT Act and the United States Foreign Corrupt Practices Act. 

 

	14.10	 Provision of information 

Each Borrower shall promptly provide the Security Trustee with any information which it requests regarding: 

 

	(a)	 the Ship owned by it, its employment, position and engagements; 

 

	(b)	 the Earnings and payments and amounts due to the master and crew of the Ship owned by it;

  

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

  

	(d)	 any towages and salvages; and 

 

	(e)	 its compliance, the Approved Managers’ compliance and the compliance of the Ship owned by it with the ISM
Code and the ISPS Code, 

 and, upon the Security Trustee’s request, provide copies of any current charter relating to
the Ship owned by it, of any current charter guarantee and copies of the Approved Managers’ Document of Compliance. 
  

	14.11	 Notification of certain events 

Each Borrower shall (and shall procure in respect of paragraph (a) of this Clause 14.11 that each Collateral Owner shall) immediately
notify (and (i) in respect of sub-paragraphs 14.12(a) and 14.12(b), such notice shall be as soon as practicable after the entry into such time or consecutive voyage charter and (ii) in respect of sub-paragraph (g), such notice shall be reasonably in advance of the relevant event or circumstance set out therein) the Security Trustee by fax and email, of: 

 

	(a)	 in respect of any Tasman Ship and Ship B, any time or consecutive voyage charter in respect of that Tasman Ship
or, as the case may be, Ship B; 

  

	(b)	 in respect of Ship A or Ship B, any time or
consecutive voyage charter in respect of the Ship owned by it permitted without the prior written consent of the Agent (acting with the authorisation of the Majority Lenders) pursuant to Clause 14.12(a); 

 

	(c)	 any casualty which is a Major Casualty; 

 

	(d)	 any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise,
likely to become a Total Loss; 

  

	(e)	 any requirement or recommendation made by any insurer or classification society or by any competent authority
which is not immediately complied with; 

  

	(f)	 any arrest or detention of the Ship owned by it, any exercise or purported exercise of any lien on that Ship or
its Earnings or any requisition of that Ship for hire; 

  

	(g)	 any intended dry docking of the Ship owned by it; 

 

	(h)	 any Environmental Claim made against that Borrower or in connection with the Ship owned by it, or any
Environmental Incident; 

  
 61 

	(i)	 any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager or
otherwise in connection with the Ship owned by it; or 

  

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

 and that Borrower shall keep the Security Trustee advised in writing on a
regular basis and in such detail as the Security Trustee shall require of that Borrower’s, the Approved Managers or any other person’s response to any of those events or matters. 

 

	14.12	 Restrictions on chartering, appointment of managers etc. 

None of the Borrowers shall, in relation to the Ship owned by it (and shall procure that no Collateral Owner shall, in relation to the Tasman
Ship owned by it): 
  

	(a)	 in respect of Ship A, enter into any time or consecutive voyage charter in respect of Ship A for a term which
exceeds, or which by virtue of any optional extensions may exceed 12 months (+/- 45 days) unless Borrower A uses commercially reasonable efforts to ensure that such charter contains a “sales clause” entitling Borrower A to sell Ship A
subject to the consent of the charterer, such consent not to be unreasonably withheld, 

  

	(b)	 let that Ship on demise charter for any period; 

 

	(c)	 enter into any charter in relation to that Ship under which more than 2 months’ hire (or the equivalent)
is payable in advance; 

  

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

  

	(e)	 appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of the
Approved Managers’ appointment (save for any alteration required in connection with the Merger); 

 

	(f)	 de-activate or lay up that Ship; or 

 

	(g)	 put that Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings
for the cost of such work or for any other reason. 

  

	14.13	 Notice of Mortgage 

Each Borrower shall keep the relevant Mortgage registered against the Ship owned by it as a valid first priority or preferred mortgage, carry
on board that Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower
to the Security Trustee. 
  

	14.14	 Sharing of Earnings 

None of the Borrowers shall: 
  

	(a)	 enter into any agreement or arrangement for the sharing of any Earnings; 

 

	(b)	 enter into any agreement or arrangement for the postponement of any date on which any Earnings are due; the
reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of a Borrower to any Earnings. 

  
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	14.15	 ISPS Code 

Each Borrower shall comply with the ISPS Code and in particular, without limitation, shall: 

 

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

  

	(b)	 maintain for that Ship an ISSC; and 

 

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

  

	14.16	 Charterparty Assignment 

If a Borrower enters into any Charter, that Borrower shall at the request of the Agent, execute in favour of the Security Trustee a
Charterparty Assignment and shall procure to use its best endeavors: 
  

	 	(i)	 serve notice of the Charterparty Assignment on the charterer and use its best endeavours to procure that the
charterer acknowledges such notice in such form as the Agent may approve or require; and 

  

	 	(ii)	 deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Schedule
3, Part A as the Agent may require. 

  

	14.17	 Green Award 

If and for so long as the Initial Lender is a Green Award Incentive Provider and a Creditor Party under this Agreement, in the event that any
of the Borrowers or either of the Approved Managers complies with the requisite application, auditing and surveying process of Green Award and receives the Green Award certification and the Ship owned by that Borrower or managed by that Approved
Manager becomes Green Award certified, the Initial Lender shall reimburse the Borrowers up to an amount equal to 25 per cent of the auditing and annual membership fees required in respect of that Ship (for the avoidance of doubt, such
reimbursement shall not be applicable to any application fees). 
  

	14.18	 Responsible Ship Recycling 

If a Ship is sold for scrapping, the Borrower owning that Ship shall use its best endeavours to ensure that that Ship shall be dismantled in a
safe, sustainable and socially and environmentally responsible way (the requirements for that Ship to dismantled in a safe, sustainable, socially and environmentally responsible way shall be determined by the Agent in consultation with the relevant
Borrower at the relevant time) and shall include, without limitation, the requirement that such Ship is recycled at a recycling yard which conducts its recycling business in a safely, socially and environmentally responsible manner and, to the
extent applicable, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and the EU Ship Recycling regulation. 

For the purposes of this clause “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). 

  
 63 

	15	 SECURITY COVER 

 

	15.1	 Minimum required security cover 

Clause 15.2 applies if, at any time following the end of the Waiver Period, the Agent notifies the Borrowers that the Security Cover Ratio is
below: 
  

	(a)	 commencing from 1 January 2020 through 30 June 2020, 100 per cent.; or 

 

	(b)	 commencing from 1 July 2020 and at any time thereafter, 110 per cent., 

of the aggregate amount of (i) the Loan and (ii) the Swap Exposure. 

 

	15.2	 Provision of additional security; prepayment 

If the Agent (acting on the instructions of the Majority Lenders) serves a notice on the Borrowers under Clause 15.1, the Borrowers shall
prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 30 days after the date on which the Agent’s notice is served under Clause 15.1 (the “Prepayment Date”) unless at least 1
Business Day before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is
documented in such terms as the Agent may, with the authorisation of the Majority Lenders, reasonably approve or require. 
  

	15.3	 Valuation of Ships 

The Market Value of a Borrower Ship (or, when applicable, a Tasman Ship) at any date is that shown by taking the arithmetic means of two
valuations addressed to the Agent, each valuation to be prepared: 
  

	(a)	 as at a date not more than 30 days previously; 

 

	(b)	 by an Approved Broker nominated by the Borrowers or, as the context may require, the relevant Collateral Owner,
and approved by the Agent; 

  

	(c)	 with or without physical inspection of the Ship (as the Agent may require); and 

 

	(d)	 on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a
willing seller and a willing buyer, free of any existing charter or other contract of employment. 

  

	15.4	 Value of additional vessel security 

The net realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security Interest over a vessel
shall be that shown by a valuation complying with the requirements of Clause 15.3. 
  

	15.5	 Valuations binding 

Any valuations under Clause 15.2, 15.3 or 15.4 and any valuations provided under Clause 11.6(d) (including any additional valuations provided
pursuant to Clause 15.8 at the option of the Borrowers) shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the Majority Lenders make of any additional security which does not consist of or include a Security
Interest. 
  

	15.6	 Provision of information 

The Borrowers shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.3 or 15.4 with any information which
the Agent or the Approved Broker or expert may request for the purposes of the valuation; and, if the Borrowers fail to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which the
Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 

  
 64 

	15.7	 Frequency of valuations 

Each Borrower acknowledges and agrees that the Agent may commission valuation(s) of each Ship at least semi-annually and at such other times as
the Agent shall deem necessary (subject to Clause 15.8 of this Agreement). 
  

	15.8	 Payment of valuation expenses 

Without prejudice to the generality of the Borrowers’ obligations under Clauses 20.2 and 21.3, the Borrowers shall, on demand, pay the
Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause Provided
that so long as (i) no Event of Default has occurred which is continuing and (ii) no mandatory prepayment is required to be made pursuant to Clauses 8.8(a) or 8.8(b), the Borrowers shall not be obliged to pay any such fees or expenses
in respect of more than two sets of valuations of each Ship in any calendar year (and, in respect of the Tasman Ships, any sets of valuations obtained under the terms, and for the purposes, of the Senior Facility Agreement shall be acceptable to
satisfy the required two sets of valuations under this Agreement). At the cost and option of the Borrowers, the Borrowers shall be entitled to provide, in addition to the valuations under Clause 11.6(d) (for the other two quarters on which
semi-annual valuations have not been provided together with the PIK Compliance Certificate), an additional set of valuations to determine the Market Values of the Borrower Ships to be utilised for the calculation of the PIK Amount. 

 

	15.9	 Application of prepayment 

Clause 8.10 shall apply in relation to any prepayment pursuant to Clause 15.2. 

 

	16	 PAYMENTS AND CALCULATIONS 

 

	16.1	 Currency and method of payments 

All payments to be made by the Lenders or by any Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in
the case of an amount payable to it: 
  

	(a)	 by not later than 11.00 a.m. (New York City time) on the due date; 

 

	(b)	 in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such
other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement); 

 

	(c)	 in the case of an amount payable by a Lender to the Agent or by any Borrower to the Agent or any Lender, to the
account of the Agent with correspondent bank Bank of America Intl. New York (correspondent bank SWIFT: BOFAUS3N (SWIFT: ABNANL2A, beneficiary: ABN AMRO Bank N.V. Amsterdam and account number: NL60ABNA0626269504) with reference “$64,253,892.38
facility re m.v.’s ORCA I, KATHERINE, TASMAN, DIMITRIS Y AND IAN H”, or to such other account with such other bank as the Agent may from time to time notify to the Borrowers and the other Creditor Parties; and 

 

	(d)	 in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to
the Borrowers and the other Creditor Parties. 

  

	16.2	 Payment on non-Business Day 

If any payment by any Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 

 

	(a)	 the due date shall be extended to the next succeeding Business Day; or 

  
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	(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, 

 and interest shall be payable during any extension under paragraph (a) at
the rate payable on the original due date. 
  

	16.3	 Basis for calculation of periodic payments 

All interest and commitment fee and any other payments under any Finance Document which are of an annual or periodic nature 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. 
  

	16.4	 Distribution of payments to Creditor Parties 

Subject to Clauses 16.5, 16.6 and 16.7: 
  

	(a)	 any amount received by the Agent under a Finance Document for distribution or remittance to a Lender, the Swap
Bank or the Security Trustee shall be made available by the Agent to that Lender, the Swap Bank or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender, the Swap
Bank or the Security Trustee may have notified to the Agent not less than 5 Business Days previously; and 

  

	(b)	 amounts to be applied in satisfying amounts of a particular category which are due to the Lenders and/or the
Swap Bank generally shall be distributed by the Agent to each Lender and the Swap Bank pro rata to the amount in that category which is due to it. 

  

	16.5	 Permitted deductions by Agent 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a
Lender or the Swap Bank, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender or the Swap Bank under any Finance Document or any sum which the Agent is then entitled under any Finance Document to
require that Lender or the Swap Bank to pay on demand. 
  

	16.6	 Agent only obliged to pay when monies received 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to any
Borrower or any Lender or the Swap Bank any sum which the Agent is expecting to receive for remittance or distribution to that Borrower or that Lender or the Swap Bank until the Agent has satisfied itself that it has received that sum. 

 

	16.7	 Refund to Agent of monies not received 

If and to the extent that the Agent makes available a sum to a Borrower or a Lender or the Swap Bank, without first having received that sum,
that Borrower or (as the case may be) the Lender or the Swap Bank concerned shall, on demand: 
  

	(a)	 refund the sum in full to the Agent; and 

 

	(b)	 pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or
other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it. 

  

	16.8	 Agent may assume receipt 

Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any
form of notice that it had not received the sum which it made available. 

  
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	16.9	 Creditor Party accounts 

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrowers and each Security Party under the Finance
Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 
  

	16.10	 Agent’s memorandum account 

The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security
Trustee and each Lender from the Borrowers and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 

 

	16.11	 Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by a Borrower or a Security Party to a Creditor Party, those
accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 
  

	17	 APPLICATION OF RECEIPTS 

 

	17.1	 Normal order of application 

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any
Finance Document shall be applied: 
  

	(a)	 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the
following order and proportions: 

  

	 	(i)	 first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under
the Finance Documents other than those amounts referred to at paragraphs (ii) and (iii) (including, but without limitation, all amounts payable by any Borrower under Clauses 20, 21 and 22 of this Agreement or by any Borrower or any Security
Party under any corresponding or similar provision in any other Finance Document); 

  

	 	(ii)	 secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to
the Creditor Parties under the Finance Documents (and, for this purpose, the expression “interest” shall include any net amount which any Borrower shall have become liable to pay or deliver under section 2(e) (Obligations) of the
Master Agreement but shall have failed to pay or deliver to the Swap Bank at the time of application or distribution under this Clause 17); and 

  

	 	(iii)	 thirdly, in or towards satisfaction pro rata of the Loan and the Swap Exposure (in the case of the latter,
calculated as at the actual Early Termination Date applying to each particular Designated Transaction, or if no such Early Termination Date shall have occurred, calculated as if an Early Termination Date occurred on the date of application or
distribution hereunder); 

  

	(b)	 SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but
which the Agent, by notice to the Borrowers, the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards
satisfaction of them in accordance with the provisions of Clause 17.1(a); and 

  

	(c)	 THIRDLY: any surplus shall be paid to the Borrowers or to any other person appearing to be entitled to it.

  
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	17.2	 Variation of order of application 

The Agent may, with the authorisation of the Majority Lenders and the Swap Bank, by notice to the Borrowers, the Security Parties and the other
Creditor Parties provide for a different manner of application from that set out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified category or categories. 

 

	17.3	 Notice of variation of order of application 

The Agent may give notices under Clause 17.2 from time to time; and such a notice may be stated to apply not only to sums which may be received
or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served. 
  

	17.4	 Appropriation rights overridden 

This Clause 17 and any notice which the Agent gives under Clause 17.2 shall override any right of appropriation possessed, and any
appropriation made, by any Borrower or any Security Party. 
  

	18	 APPLICATION OF EARNINGS; SWAP PAYMENTS 

 

	18.1	 Payment of Earnings and Swap Payments 

Each Borrower undertakes with each Creditor Party to ensure that, throughout the Security Period (and subject only to the provisions of the
General Assignments): 
  

	(a)	 all Earnings of the Ship owned by it are paid to the Earnings Account for that Ship; and 

 

	(b)	 all payments by the Swap Bank to any Borrower under each Designated Transaction are paid to the Earnings
Account of that Borrower. 

  

	18.2	 Application of Earnings 

Each Borrower undertakes with the Lenders that any funds from time to time credited to, or standing to the credit of, its Earnings Account
shall, unless and until an Event of Default shall have occurred and is continuing (whereupon the provisions of Clause 17.1 shall apply), be available for application in the following manner: 

 

	(a)	 in or towards making payments of all amounts due and payable by the Borrowers under this Agreement and the
Master Agreement (other than payments of principal and interest pursuant to Clauses 5.1, 7.2 and/or 8.1); 

  

	(b)	 in or towards making the transfers to the Retention Account required pursuant to Clause 18.3; and

  

	(c)	 any surplus shall be applied in accordance with Clause 8.14 and once Clause 8.14 is no longer applicable, any
surplus shall be released to the Borrowers Provided that no Event of Default has occurred and is continuing or will occur following such release to the Borrowers. 

 

	18.3	 Monthly retentions 

Each Borrower undertakes with each Creditor Party to ensure that, as of 1 January 2020 in each calendar month of the Security Period, on
such dates as the Agent may from time to time specify, there is transferred to the Retention Account out of the Earnings received in its Earnings Account (or any of them) during the preceding calendar month: 

 

	(a)	 one-third of the amount of the repayment instalment falling due under
Clause 8.1 on the next Repayment Date; 

  

	(b)	 the relevant fraction of the aggregate amount of interest on the Tranche which is payable on the next due date
for payment of interest under this Agreement; and 

  
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	(c)	 the relevant fraction of the net amount which is payable by the Borrowers to the Swap Bank in respect of any
Designated Transaction on the next due date for payment of such amount under the relevant Confirmation. 

 The
“relevant fraction” is: 
  

	 	(i)	 in relation to paragraph (b) a fraction of which the numerator is 1 and the denominator the number of
months comprised in the then current Interest Period applicable to the Tranche (or, if the current Interest Period ends after the next due date for payment of interest under this Agreement for the Tranche, the number of months from the later of the
commencement of the current Interest Period for the Tranche or the last due date for payment of interest for the Tranche to the next due date for payment of interest for the Tranche under this Agreement); and 

 

	 	(ii)	 in relation to paragraph (c), a fraction of which the numerator is one and the denominator is the number of
months between fixed rate payments specified in the relevant Confirmation. 

  

	18.4	 Shortfall in Earnings 

If the aggregate Earnings of the Ships received in the Earnings Accounts are insufficient in any month for the required amount to be
transferred to the Retention Account under Clause 18.3, the Borrowers shall make up the amount of the insufficiency on demand from the Agent; but, without thereby prejudicing the Agent’s right to make such demand at any time, the Agent may, if
so authorised by the Majority Lenders, permit the Borrowers to make up all or part of the insufficiency by increasing the amount of any transfer under Clause 18.3 from the Earnings of the Ships received in the next or subsequent months. 

 

	18.5	 Application of retentions 

Until an Event of Default occurs which is continuing, the Agent shall on each Repayment Date and on each due date for the payment of interest
under this Agreement distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals: 
  

	(a)	 the repayment instalment due on that Repayment Date; or 

 

	(b)	 the amount of interest payable on that interest payment date, 

 

	(c)	 in discharge of the Borrowers’ liability for that repayment instalment or that interest.

  

	18.6	 Interest accrued on Accounts 

Any credit balance on the Accounts shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits
of similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on the Accounts. 
  

	18.7	 No release of accrued interest 

Interest arising under Clause 18.6 shall be credited to the Retention Account but shall not be released to the Borrowers or, as the case may
be, the Collateral Owners, until the end of the Security Period. 
  

	18.8	 Location of accounts 

Each Borrower shall (and shall procure that each Collateral Owner shall) promptly: 

 

	(a)	 comply with any requirement of the Agent as to the location or
re-location of the relevant Accounts (or any of them); and 

  
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	(b)	 execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a
Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the Accounts. 

  

	18.9	 Debits for expenses etc. 

The Agent shall be entitled (but not obliged) from time to time to debit any Earnings Account without prior notice in order to discharge any
amount due and payable under Clause 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 20 or 21. 
  

	18.10	 Borrowers’ obligations unaffected 

The provisions of this Clause 18 (as distinct from a distribution effected under Clause 18.5) do not affect: 

 

	(a)	 the liability of the Borrowers to make payments of principal and interest on the due dates; or

  

	(b)	 any other liability or obligation of the Borrowers or any Security Party or K&T Marine under any Finance
Document. 

  

	19	 EVENTS OF DEFAULT 

 

	19.1	 Events of Default 

An Event of Default occurs if: 
  

	(a)	 any Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable under a
Finance Document or under any document relating to a Finance Document unless payment is made within 3 Business Days of its due date due to an administrative or technical error or a disruption event in the payment and/or communication system which,
in each case, is beyond the control of the Creditor Parties; or 

  

	(b)	 any breach occurs of Clause 8.16, 9.2, 10.18, 10.19, 11.2, 11.3, 11.18, 11.20, 11.21, 12.2, 12.3, 13.2, 13.4,
14.2, 14.8, 18.1 or 18.3 (and, in the case of Clause 18.3, such breach is not remedied as provided in Clause 18.4) or clause 11.19 of the Corporate Guarantee (unless (i) in respect of any breach under Clause 11.18, the Borrowers remedy any
shortfall of the Minimum Liquidity Amount within 5 Business Days of the earlier of (A) the date on which the Agent becomes aware of such breach or (B) the date on which the Borrowers become aware of such breach or (ii) in respect of
any breach under Clause 14.8, the arrest of the relevant Ship is discharged within 25 days (or such longer period as may be requested by the Borrowers and approved by the Agent acting with the authorisation of the Majority Lenders)); or

  

	(c)	 any breach by any Borrower or any Security Party occurs of any provision of a Finance Document (other than a
breach covered by paragraphs (a) or (b)) which, in the opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied 10 days after the earlier of (i) the written notice from the Agent requesting action to
remedy the same and (ii) the Borrower or the relevant Security Party becoming aware of the breach; or 

  

	(d)	 (subject to any applicable grace period specified in any Finance Document) any breach by any Borrower or any
Security Party occurs of any provision of a Finance Document (other than a breach falling within paragraphs (a), (b) or (c)); or 

  

	(e)	 any representation, warranty or statement made by, or by an officer of, a Borrower or a Security Party or
K&T Marine in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading when it is made or repeated; or 

  
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	(f)	 at any time other than during the Refinancing Period, any of the following occurs in relation to any Financial
Indebtedness of a Relevant Person (any Financial Indebtedness, exceeding in aggregate, in the case of the Corporate Guarantor $3,000,000 (or the equivalent in any other currency or currencies) and, in the case of a Borrower or a Collateral Owner,
$1,000,000 (or the equivalent in any other currency or currencies)): 

  

	 	(i)	 any Financial Indebtedness of a Relevant Person is not paid when due; or 

 

	 	(ii)	 any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and
payable prior to its stated maturity date as a consequence of any event of default (howsoever described in the relevant agreement or instrument) and irrespective of whether that event of default is or may be remedied or waived by the creditor(s) of
that Relevant Person Provided that: 

  

	 	(A)	 in the case of an event of default that is remedied or waived by the creditor(s) of that Relevant Person, an
Event of Default shall cease to exist under this Agreement once the Borrowers have provided written notice to the Agent of such remedy or waiver; and 

  

	 	(B)	 in the case of any Financial Indebtedness created under: 

 

	 	(1)	 any guarantee and indemnity of the Corporate Guarantor, a demand is made by the relevant creditor(s) under such
guarantee and indemnity; or 

  

	 	(2)	 any guarantee and indemnity of the Corporate Guarantor securing the obligations of any Subsidiary, the
Financial Indebtedness of that Subsidiary is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of that Subsidiary’s payment default or that Subsidiary’s declaration of bankruptcy or insolvency
and, in the opinion of the Agent in its discretion, that payment default or, as the case may be, that default due to that declaration of bankruptcy or insolvency, may adversely affect the ability of the Corporate Guarantor to comply with its
obligations under the Corporate Guarantee unless, in the case of any payment default, the Corporate Guarantor is able to provide evidence to the Agent that such payment default has been remedied within 10 days of the date on which the overdue
payment(s) became due and payable, 

 and for the avoidance of doubt, the above proviso shall not apply in respect of any
event of default under the Senior Facility Agreement (howsoever described therein) as any such event of default shall trigger an automatic Event of Default under this Agreement; or 

 

	 	(iii)	 a lease or hire purchase agreement (other than a time charter in connection with a Ship) creating any Financial
Indebtedness of a Relevant Person is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event; or 

  

	 	(iv)	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is
required, or becomes capable of being required, in respect of such a facility as a result of any event of default; or 

  

	 	(v)	 any Security Interest securing any Financial Indebtedness of a Relevant Person becomes enforceable; or

  
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	(g)	 any of the following occurs in relation to a Relevant Person: 

 

	 	(i)	 at any time other than during the Refinancing Period, a Relevant Person becomes, in the opinion of the Majority
Lenders, unable to pay its debts as they fall due (in respect of a sum of, or sums aggregating, $1,000,000 (in the case of a Borrower or a Collateral Owner)) or $3,000,000 (in the case of the Corporate Guarantor) or more or the equivalent in another
currency or currencies, Provided that no Event of Default will occur under this paragraph if that debt is paid by that Relevant Person within 3 Business Days); or 

 

	 	(ii)	 any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or
distress or any form of freezing order(in respect of a sum of, or sums aggregating, $500,000 (in the case of a member of the Group (other than the Corporate Guarantor)) or $2,000,000 (in the case of the Corporate Guarantor) or more or the equivalent
in another currency or currencies, Provided that no Event of Default will occur under this paragraph if that execution, attachment, arrest, sequestration or distress or any form of freezing order is discharged or released within 25 days (or
such longer period as may be requested by the Borrowers and approved by the Agent acting with the authorisation of the Majority Lenders) of its commencement; or 

 

	 	(iii)	 any administrative or other receiver is appointed over any asset of a Relevant Person; or

  

	 	(iv)	 an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person; or

  

	 	(v)	 any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent
or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in any proceedings, by a lawyer acting for a Relevant Person; or 

 

	 	(vi)	 a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made in relation
to a Relevant Person or a winding up resolution is passed by a Relevant Person; or 

  

	 	(vii)	 a resolution is passed, an administration notice is given or filed, an application or petition to a court is
made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant
Person, or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of
that or another Relevant Person, or that or another Relevant Person ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person (other than a
Borrower, a Collateral Owner or the Corporate Guarantor) which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders; or 

 

	 	(viii)	 an administration notice is given or filed, an application or petition to a court is made or presented or any
other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a
provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds
and not with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 30 days of being made or presented, or (bb) within 30 days of the administration notice
being given or filed, or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way
and without being the subject of any actual, interim or pending insolvency law procedure; or 

  
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	 	(ix)	 a Relevant Person or its directors take any steps (whether by making or presenting an application or petition
to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise) with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments,
reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value) of creditors or of any class of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is
effected by court order, by the filing of documents with a court, by means of a contract or in any other way at all; or 

  

	 	(x)	 any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant
Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the
members, directors or such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions materialise or fail to materialise, 

No Event of Default shall occur under paragraphs (ix) and (x) above if any Subsidiary of the Corporate Guarantor or the Corporate
Guarantor (together, the “Negotiating Parties” and each a “Negotiating Party”) take or resolve to take any steps or actions (the “Steps and Actions”) with a view to obtaining any form of moratorium,
suspension or deferral of payments, reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value) of creditors or of any class of them in respect of any Financial Indebtedness (the
“Subsidiary Indebtedness”) of any Negotiating Party Provided that: 
  

	 	(A)	 if that Negotiating Party has granted a Security Interest, guarantee or other form of assurance or security in
favour of any creditor, that creditor has neither demanded any payment from that Negotiating Party nor exercised any of its enforcement rights in respect of that Subsidiary Indebtedness; 

 

	 	(B)	 the Agent is immediately notified by that Negotiating Party (or, in the case of a Subsidiary of the Corporate
Guarantor, by the Corporate Guarantor) that it takes or resolves to take the Steps and Actions (together with any details, as may be reasonably requested by the Agent and to the extent that the same may be disclosed under any relevant non-disclosure arrangements entered into with the relevant creditor(s) in good faith, in connection with the Steps and Actions); and 

 

	 	(C)	 any Steps and Actions taken by that Negotiating Party do not have a material adverse effect (in the reasonable
opinion of the Agent) on the financial condition, state of affairs or operations of that Negotiating Party and/or result in the non-compliance of any of the provisions of Clause 11.26 (Most favoured nation clause); or 

 

	 	(xi)	 in a country other than England, any event occurs, any proceedings are opened or commenced or any step is taken
which, in the opinion of the Majority Lenders is similar to any of the foregoing; or 

  

	(h)	 any Borrower or any Collateral Owner ceases or suspends carrying on its business or a part of its business
which, in the opinion of all the Lenders, is material in the context of this Agreement; or 

  

	(i)	 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

	 	(i)	 for any Borrower, the Corporate Guarantor or any Security Party to discharge any liability under a Finance
Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or 

  

	 	(ii)	 for the Agent, the Security Trustee, the Lenders or the Swap Bank to exercise or enforce any right under, or to
enforce any Security Interest created by, a Finance Document; or 

  

  
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	(j)	 any official consent necessary to enable any Borrower or any Collateral Owner to own, operate or charter the
Ship owned by it or to enable any Borrower or any Security Party or K&T Marine to comply with any provision which the Majority Lenders consider material of a Finance Document is not granted, expires without being renewed, is revoked or becomes
liable to revocation or any condition of such a consent is not fulfilled; or 

  

	(k)	 without the prior written consent of the Agent (to be given with the authorisation of the Majority
Lenders (such consent not to be unreasonably withheld)) the Corporate Guarantor is listed on any stock exchange; 

  

	(k)	 the New. Holding Company guarantees the obligations of
any obligor under any Group Facility Agreement (the “Initial Guarantee(s)”) and the Corporate Guarantor fails
to: 

  

	 	(1)	 notify the Agent of its intention to enter into such
Initial Guarantee(s) and of its/their terms within seven (7) days prior to the date of such Initial Guarantee(s); or 

  

	 	(2)	 if required by the Agent, execute in favour of the
Security Trustee a guarantee as security for the obligations of the Borrowers under this Agreement on similar terms as the Initial Guarantee(s), within thirty (30) days (or such later date as may be reasonably required for the negotiation and
preparation of the relevant guarantee documentation) from the Agent’s request; 

  

	(l)	 any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes
invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or
any other third party claim or interest except the Permitted Security Interests; or 

  

	(m)	 the security constituted by a Finance Document is in any way imperilled or in jeopardy or the state of the
Approved Flag of a Ship is or becomes involved in hostilities or civil war or there is a seizure of power in such state by unconstitutional means, or any other event occurs in relation to that Ship, the Mortgage or the Approved Flag in respect of
that Ship and in the reasonable opinion of the Agent such event is likely to have a Material Adverse Effect unless the Borrower or, as the case may be, the Collateral Owner owning that Ship, within 14 days of the occurrence of such event (or such
longer period as may be agreed by the Agent acting with the authorisation of the Lenders) re-registers that Ship on an alternative Approved Flag and subject to: 

 

	 	(i)	 the Ship remaining subject to a Security Interest created by a first (or, as the case may be, in the case of a
Tasman Ship, second) priority or preferred ship mortgage on the Ship and, if appropriate, a first (or, as the case may be, in the case of a Tasman Ship, second) priority deed of covenant collateral to that mortgage (or equivalent first or, as the
case may be in the case of a Tasman Ship, second, priority security) on substantially the same terms as the Mortgage in respect of the Ship in Agreed Form; and 

 

	 	(ii)	 the execution of such other documentation amending and supplementing the Finance Documents, as the Agent,
acting with the authorisation of the Lenders, shall reasonably approve or require; or 

  

	(n)	 an Event of Default (as defined in section 14 of the Master Agreement) occurs; or 

 

	(o)	 the Master Agreement or any other Finance Document is terminated, cancelled, suspended, rescinded or revoked or
otherwise ceases to remain in full force and effect for any reason except with the consent of the Agent, acting with the authorisation of the Majority Lenders; or 

 

	(p)	 any breach occurs of Clause 15.2, and such default continues
un-remedied 14 days after written notice from the Agent requesting action to remedy the same; or 

  
 74 

	(q)	 the authority or ability of a Borrower, a Collateral Owner or the Corporate Guarantor 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 such
Borrower, such Collateral Owner or the Corporate Guarantor (as the case may be) or any of its assets (unless, in the case of any Borrower or any Collateral Owner, any such occurrence would otherwise be considered a Total Loss as a result of which a
mandatory prepayment would be required pursuant to Clause 8.8(b) (Mandatory prepayment), and the Borrowers prepay the required amount in accordance with Clause 8.8(b) (Mandatory prepayment)); or 

 

	(r)	 a Borrower or a Security Party (or any other relevant party) 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; or 

  

	(s)	 any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or
disputes are commenced or threatened in relation to any of the Finance Documents or the transactions contemplated in any of the Finance Documents or against a Borrower, a Collateral Owner or the Corporate Guarantor or its respective assets which has
or could reasonably be expected to have a Material Adverse Effect; or 

  

	(t)	 any other event occurs or any other circumstances arise or develop including, without limitation:

  

	 	(i)	 a change in the financial position, state of affairs or prospects of any Borrower, any Collateral Owner or the
Corporate Guarantor; or 

  

	 	(ii)	 any accident or any Environmental Incident or other event involving any Ship or another vessel owned, chartered
or operated by a Relevant Person, 

 which constitutes a Material Adverse Change. 

 

	19.2	 Actions following an Event of Default 

On, or at any time after, the occurrence of an Event of Default: 
  

	(a)	 the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	(i)	 serve on the Borrowers a notice stating that all or part of the Commitments and all other obligations of each
Lender to the Borrowers under this Agreement are cancelled; and/or 

  

	 	(ii)	 serve on the Borrowers a notice stating that all or part of the Loan together with accrued interest and all
other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or 

  

	 	(iii)	 take any other action which, as a result of the Event of Default or any notice served under paragraph
(i) or (ii), the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or 

  

	 	(iv)	 the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Majority
Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a)(i) or (a)(ii), the Security Trustee, the Agent and/or the Lenders and/or the Swap Bank are entitled to take under
any Finance Document or any applicable law. 

  

	19.3	 Termination of Commitments 

On the service of a notice under Clause 19.2(a)(i), the Commitments and all other obligations of each Lender to the Borrowers under this
Agreement shall be cancelled. 

  
 75 

	19.4	 Acceleration of Loan 

On the service of a notice under Clause 19.2(a)(ii), all or, as the case may be, part of the Loan, specified in the notice together with
accrued interest and all other amounts accrued or owing from the Borrowers or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 

 

	19.5	 Multiple notices; action without notice 

The Agent may serve notices under Clauses 19.2(a)(i) or 19.2(a)(ii) simultaneously or on different dates and it and/or the Security Trustee may
take any action referred to in Clause 19.2 if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 
  

	19.6	 Notification of Creditor Parties and Security Parties 

The Agent shall send to each Lender, the Swap Bank, the Security Trustee and each Security Party a copy or the text of any notice which the
Agent serves on the Borrowers under Clause 19.2; but the notice shall become effective when it is served on the Borrowers, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice
or provide any Borrower or any Security Party with any form of claim or defence. 
  

	19.7	 Creditor Party’s rights unimpaired 

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders or the Swap Bank under a
Finance Document or the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 
  

	19.8	 Exclusion of Creditor Party liability 

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to a Borrower or a Security Party:

  

	(a)	 for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance
Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or 

  

	(b)	 as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by
or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset, 

except that this does not exempt a Creditor Party or a receiver or manager from liability for losses shown to have been directly and mainly
caused by the dishonesty or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees. 

 

	19.9	 Relevant Persons 

In this Clause 19, a “Relevant Person” means the Corporate Guarantor, a Borrower, any other Security Party (other than (i) an
Approved Manager, (ii) K&T Marine and, for the avoidance of doubt, (iii) the Poseidon Shareholders). 
  

	19.10	 Interpretation 

In Clause 19.1(g) references to an event of default or a termination event include any event, howsoever described, which is similar to an event
of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g) “petition” includes an application. 

  
 76 

	19.11	 Position of Swap Bank 

Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to
the foregoing provisions of this Clause 19, to have any regard to the requirements of the Swap Bank except to the extent that the Swap Bank is also a Lender. 
  

	20	 FEES AND EXPENSES 

 

	20.1	 Costs of negotiation, preparation etc. 

The Borrowers shall pay to the Agent on its demand the amount of all expenses (including legal and insurance consultant fees) reasonably and
properly incurred by the Agent or the Security Trustee in connection with the negotiation, preparation, printing, execution, syndication, perfection or registration of any Finance Document or any related document or with any transaction contemplated
by a Finance Document or a related document (including, but not limited to, any costs incurred by the Agent in connection with the insurance opinion to be provided to it in accordance with paragraph 7 of Part B, Schedule 3). 

 

	20.2	 Costs of variations, amendments, enforcement etc. 

The Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned the amount of all expenses
reasonably and properly incurred by a Creditor Party in connection with: 
  

	(a)	 any amendment or supplement to a Finance Document or any proposal for such an amendment to be made;

  

	(b)	 any consent or waiver by the Lenders, the Swap Bank, the Majority Lenders or the Creditor Party concerned under
or in connection with a Finance Document, or any request for such a consent or waiver; 

  

	(c)	 the valuation of any security provided or offered under Clause 15 (save as otherwise provided in Clause 15.8)
or any other matter relating to such security; or 

  

	(d)	 where the Security Trustee, in its absolute opinion, considers that there has been a material change to the
insurances in respect of a Ship, the review of the insurances of that Ship pursuant to Clause 13.17; and 

  

	(e)	 any step taken by the Creditor Party concerned with a view to the protection, exercise or enforcement of any
right or Security Interest created by a Finance Document or for any similar purpose. 

 There shall be recoverable under
paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules of court or any taxation or other procedure carried out under such rules. 

 

	20.3	 Documentary taxes 

The Borrowers shall promptly pay any tax payable on or by reference to any Finance Document and shall, on the Agent’s demand, fully
indemnify each Creditor Party against any claims, expenses, liabilities and losses resulting from any failure or delay by the Borrowers to pay such a tax. 
  

	20.4	 Agent’s management time 

Any indemnity amount payable to the Agent under the Agency and Trust Agreement or this Agreement 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 Borrowers (and always subject to the Borrowers’ prior consent, such consent not to be
unreasonably withheld) and the other Creditor Parties, and is in addition to any fee paid or payable to the Agent under Clause 20. 

  
 77 

	20.5	 Security Trustee’s management time 

Any indemnity amount payable to the Security Trustee under the Agency and Trust Agreement or this Agreement shall include the cost of utilising
the Security Trustee’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security Trustee may notify to the Borrowers (and always subject to the Borrowers’ prior consent,
such consent not to be unreasonably withheld) and the other Creditor Parties, and is in addition to any fee paid or payable to the Security Trustee under Clause 20. 
  

	20.6	 Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor
Party under this Clause 20 and is accompanied by a breakdown which indicates the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 

 

	21	 INDEMNITIES 

  

	21.1	 Indemnities regarding borrowing and repayment of Loan 

The Borrowers shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of
all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

  

	(a)	 the Tranche not being borrowed on the date specified in the Drawdown Notice for any reason other than a default
by the Lender claiming the indemnity; 

  

	(b)	 the receipt or recovery of payment in respect of all or any part of the Loan or an overdue sum otherwise than
on the last day of an Interest Period or other relevant period; 

  

	(c)	 any failure (for whatever reason) by the Borrowers to make payment of any amount due under a Finance Document
on the due date or, if so payable, on demand (after giving credit for any default interest paid by the Borrowers on the amount concerned under Clause 7); and 

  

	(d)	 the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the
acceleration of repayment of the Loan under Clause 19, 

 and in respect of any tax (other than tax on its overall net
income or any FATCA deduction) for which a Creditor Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 

 

	21.2	 Breakage costs 

Without limiting its generality, Clause 21.1 covers any claim, expense, liability or loss, incurred by a Lender: 

 

	(a)	 in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any
part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount); and 

  

	(b)	 in terminating, or otherwise in connection with, any interest and/or currency swap or any other transaction
entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge any exposure arising under this Agreement or that part which the Lender concerned determines is fairly attributable to this
Agreement of the amount of the liabilities, expenses or losses incurred by it in terminating, or otherwise in connection with, a number of transactions of which this Agreement is one. 

  
 78 

	21.3	 Miscellaneous indemnities 

The Borrowers shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, expenses, liabilities
and losses which may be made or brought against or incurred by a Creditor Party, in any country, as a result of or in connection with: 
  

	(a)	 any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the
Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; or 

  

	(b)	 any other Pertinent Matter, 

other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the dishonesty or wilful
misconduct of the officers or employees of the Creditor Party concerned. 
 Without prejudice to its generality, this Clause 21.3 covers any
claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code or any Environmental Law. 

 

	21.4	 Environmental Indemnity 

Without prejudice to its generality, Clause 21.3 covers any claims, demands, proceedings, liabilities, taxes, losses or expenses of every kind
which arise, or are asserted, under or in connection with any law relating to safety at sea, pollution or the protection of the environment, the ISM Code or the ISPS Code. 
  

	21.5	 Currency indemnity 

If any sum due from any Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to
a Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of:

  

	(a)	 making or lodging any claim or proof against any Borrower or any Security Party, whether in its liquidation,
any arrangement involving it or otherwise; or 

  

	(b)	 obtaining an order or judgment from any court or other tribunal; or 

 

	(c)	 enforcing any such order or judgment, 

the Borrowers shall indemnify the Creditor Party concerned against the loss arising when the amount of the payment actually received by that
Creditor Party is converted at the available rate of exchange into the Contractual Currency. 
 In this Clause 21.5 the “available rate
of exchange” means the rate at which the Creditor Party concerned is able at the opening of business (Rotterdam time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. 

This Clause 21.5 creates a separate liability of the Borrowers which is distinct from their other liabilities under the Finance Documents and
which shall not be merged in any judgment or order relating to those other liabilities. 

  
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	21.6	 Application to Master Agreement 

For the avoidance of doubt, Clause 21.5 does not apply in respect of sums due from a Borrower to the Swap Bank under or in connection with the
Master Agreement as to which sums the provisions of section 8 (Contractual Currency) of the Master Agreement shall apply. 
  

	21.7	 Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor
Party under this Clause 21 and is accompanied by a breakdown which indicates the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 

 

	21.8	 Sums deemed due to a Lender 

For the purposes of this Clause 21, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to a Lender shall be
treated as a sum due to that Lender. 
  

	21.9	 Mandatory cost 

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

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

  

	(b)	 in the case of any Lender lending from a lending office in the United Kingdom, any reserve asset, special
deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential
Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions), which, in each case, is referable to that Lender’s participation in the Loan. 

 

	21.10	 Notice of prepayment 

If the Borrowers are not willing to continue to indemnify the Creditor Parties for any tax for which the Creditor Parties liable under Clause
21.1, the Borrowers may give the Agent not less than 14 days’ notice of their intention to prepay the Loan at the end of an Interest Period. 
  

	21.11	 Prepayment 

A notice under Clause 21.10 shall be irrevocable; and on the date specified in the Borrowers’ notice of intended prepayment, the
Commitments shall terminate and the Borrowers shall prepay the Loan, (without premium or penalty) together with accrued interest thereon at the applicable rate plus the applicable Margin and the Mandatory Cost (if any). 

 

	22	 NO SET-OFF OR TAX DEDUCTION 

 

	22.1	 No deductions 

All amounts due from the Borrowers under a Finance Document shall be paid: 

 

	(a)	 without any form of set-off, cross-claim or condition; and

  

	(b)	 free and clear of any tax deduction except a tax deduction which a Borrower is required by law to make.

  
 80 

	22.2	 Grossing-up for taxes 

If a Borrower is required by law to make a tax deduction from any payment: 

 

	(a)	 that Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	(b)	 that Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event
before any fine or penalty arises; 

  

	(c)	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that each
Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received. 

 

	22.3	 Evidence of payment of taxes 

Within 1 month after making any tax deduction, the Borrower concerned shall deliver to the Agent documentary evidence satisfactory to the Agent
that the tax had been paid to the appropriate taxation authority. 
  

	22.4	 Exclusion of tax on overall net income 

In this Clause 22 “tax deduction” means any deduction or withholding for or on account of any present or future tax, excluding any
FATCA Deduction, except tax on a Creditor Party’s overall net income. 
  

	22.5	 Application to Master Agreement 

For the avoidance of doubt, Clause 22 does not apply in respect of sums due from a Borrower to the Swap Bank under or in connection with the
Master Agreement as to which sums the provisions of section 2(d) (Deduction or Withholding for Tax) of the Master Agreement shall apply. 
  

	22.6	 Notice of prepayment 

If the Borrowers are not willing to continue to make a tax deduction under Clause 22.2, the Borrower may give the Lender not less than 14
days’ notice of its intention to prepay the Loan at the end of an Interest Period. 
  

	22.7	 Prepayment 

A notice under Clause 22.6 shall be irrevocable; and on the date specified in the Borrowers’ notice of intended prepayment, the
Commitments shall terminate and the Borrowers shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the applicable rate plus the applicable Margin and the Mandatory Cost (if any). 

 

	22.8	 FATCA 

  

	(a)	 FATCA Information 

  

	 	(i)	 Subject to paragraph (iii) below, each party to a Finance Document shall, within 10 Business Days of a
reasonable request by another party to the Finance Documents: 

  

	 	(A)	 confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and

  

	 	(B)	 supply to the requesting party such forms, documentation and other information relating to its status under
FATCA (including its applicable “passthru percentage” or other information required under the US Treasury regulations or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the
purposes of such requesting party’s compliance with FATCA. 

  
 81 

	 	(ii)	 If a party to any Finance Document confirms to another party pursuant to Clause 22.8(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; 

 

	 	(iii)	 Sub-clause (i) above shall not oblige any Creditor Party to do
anything which would or might in its reasonable opinion constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without
limitation, its tax returns and calculations); provided, however, that information required (or equivalent to the information so required) by United States Internal Revenue Service Forms W-8 or W-9 (or any successor forms) shall not be treated as confidential information of such party for purposes of this sub-clause (iii); 

 

	 	(iv)	 If a party to any Finance Document fails to confirm its status or to supply forms, documentation or other
information requested in accordance with sub-clause (i) above (including, for the avoidance of doubt, where sub-clause (iii) above applies), then:

  

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

  

	 	(B)	 if that party failed to confirm its applicable passthru percentage then such party shall be treated for the
purposes of the Finance Documents (and payments made thereunder) as if its applicable passthru percentage is 100 per cent., 

until (in each case) such time as the party in question provides the requested confirmation, forms, documentation or other information. 

 

	(b)	 FATCA Withholding 

  

	 	(i)	 Each party to any Finance Document 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.

  

	 	(ii)	 Each party to any Finance Document 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, the Agent and the other Creditor Parties. 

 

	23	 ILLEGALITY, ETC. 

 

	23.1	 Illegality 

This Clause 23 applies if a Lender (for the purposes of this Clause 23, a “Notifying Lender”) notifies the Agent that it has
become, or will with effect from a specified date, become: 
  

	(a)	 unlawful or prohibited as a result of the introduction of a new and applicable law, an amendment to an existing
and applicable law or a change in the manner in which an existing and applicable law is or will be interpreted or applied; or 

  

	(b)	 contrary to, or inconsistent with, any applicable regulation, 

for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement. 

  
 82 

	23.2	 Notification of illegality 

The Agent shall promptly notify the Borrowers, the Security Parties, the Security Trustee and the other Lenders of any notice under Clause 23.1
which the Agent receives from the Notifying Lender. 
  

	23.3	 Prepayment; termination of Commitment 

On the Agent notifying the Borrowers under Clause 23.2, the relevant Notifying Lender’s Commitment shall terminate; and thereupon or, if
later, on the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Notifying Lender’s Contribution in accordance with Clause 8. 

 

	23.4	 Mitigation 

If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Lenders under
Clause 23.3, the Notifying Lender shall use reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the
Notifying Lender shall not be under any obligation to take any such action if, in its opinion, to do would or might: 
  

	(a)	 have an adverse effect on its business, operations or financial condition; or 

 

	(b)	 involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent
with, any regulation; or 

  

	(c)	 involve it in any expense (unless indemnified to its satisfaction) or tax disadvantage. 

 

	24	 INCREASED COSTS 

 

	24.1	 Increased costs 

This Clause 24 applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a
result of: 
  

	(a)	 the introduction or alteration after the date of this Agreement of a law or an alteration after the date of
this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Lender’s overall net income); or 

 

	(b)	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which
affects the manner in which the Notifying Lender allocates capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or

  

	(c)	 the introduction, implementation, application, administration or compliance with: 

 

	 	(i)	 the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework”
published by the Basel Committee on Banking Supervision in June 2004, in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application
or compliance is by a government, regulator, Creditor Party or any of its Affiliates); or 

  

	 	(ii)	 Basel III, CRD IV or CRR or any law or regulation which implements or applies Basel III, CRD IV or CRR
(regardless of the date on which it is enacted, adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, a Creditor Party or any of its Affiliates) after the date of this
Agreement, 

  
 83 

 the Notifying Lender (or its Holding Company) has incurred or will incur an
“increased cost”, (in each case when compared to the cost of complying with such regulations as determined by the Notifying Lender (or Holding Company or Affiliate of it) on the date of this Agreement (whether such implementation,
application or compliance is by a government, regulator, supervisory authority, the Notifying Lender or its Holding Company), 
  

	24.2	 Meaning of “increased cost” 

In this Clause 24, “increased cost” means, in relation to a Notifying Lender: 

 

	(a)	 an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having
entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or
other unpaid sums; 

  

	(b)	 a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective
return which such a payment represents to the Notifying Lender or on its capital; 

  

	(c)	 an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class
of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or 

(d) a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the
Notifying Lender under this Agreement, 
 but not an item attributable to (i) a change in the rate of tax on the overall net income of
the Notifying Lender (or a Holding Company of it), (ii) a FATCA Deduction required to be made by a party to a Finance Document or (iii) an item covered by the indemnity for tax in Clause 21.1 or by Clause 22. 

For the purposes of this Clause 24.2 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and
liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate. 
  

	24.3	 Notification to Borrowers of claim for increased costs 

The Agent shall promptly notify the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.1. 
  

	24.4	 Payment of increased costs 

The Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from time
to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
  

	24.5	 Notice of prepayment 

If the Borrowers are not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrowers may
give the Agent not less than 14 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period. 
  

	24.6	 Prepayment; termination of Commitment 

A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers’ notice of intended
prepayment; and: 
  

	(a)	 on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled;
and 

  
 84 

	(b)	 on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the applicable Margin and the Mandatory Cost (if any). 

 

	24.7	 Application of prepayment 

Clause 8 shall apply in relation to the prepayment. 
  

	25	 SET-OFF 

 

	25.1	 Application of credit balances 

Each Creditor Party may without prior notice: 
  

	(a)	 apply any balance (whether or not then due) which at any time stands to the credit of any account in the name
of a Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from that Borrower to that Creditor Party under any of the Finance Documents; and 

 

	(b)	 for that purpose: 

  

	(c)	 break, or alter the maturity of, all or any part of a deposit of that Borrower; 

 

	(d)	 convert or translate all or any part of a deposit or other credit balance into Dollars; and

  

	(e)	 enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party
concerned considers appropriate. 

  

	25.2	 Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition
to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

 

	25.3	 Sums deemed due to a Lender 

For the purposes of this Clause 25, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to, or for the account
of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

 

	25.4	 No Security Interest 

This Clause 25 gives the Creditor Parties a contractual right of set-off only, and does not create any
equitable charge or other Security Interest over any credit balance of any Borrower. 
  

	26	 TRANSFERS AND CHANGES IN LENDING OFFICES 

 

	26.1	 Transfer by Borrowers 

None of the Borrowers may, without the prior written consent of the Agent, given on the instructions of all the Creditor Parties, transfer any
of its rights, liabilities or obligations under any Finance Document and the Master Agreement. 
  

	26.2	 Transfer by a Lender 

Subject to Clause 26.4, a Lender (the “Transferor Lender”) may at any time, with consultation with the Borrowers but without
the consent of the Borrowers or any Security Party, cause: 

  
 85 

	(a)	 its rights in respect of all or part of its Contribution; or 

 

	(b)	 its obligations in respect of all or part of its Commitment; or 

 

	(c)	 a combination of (a) and (b), 

to be (in the case of its rights) transferred to, or (in the case of its obligations) assumed by, another bank or financial institution or 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 (a “Transferee Lender”) by delivering to the Agent a
completed certificate in the form set out in Schedule 5 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by the Transferor Lender and the Transferee Lender. The Transferee Lender shall be
selected by the Transferor Lender with prior consultation with the Borrowers. 
 No Borrower, Security Party or any other member of the Group
or shareholder of any such party shall be entitled to become a Transferee Lender. 
 However any rights and obligations of the Transferor
Lender in its capacity as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Agreement 
  

	26.3	 Transfer Certificate, delivery and notification 

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
Transfer Certificate may be defective): 
  

	(a)	 sign the Transfer Certificate on behalf of itself, the Borrowers, the Security Parties, the Security Trustee
and each of the other Lenders and the Swap Bank; 

  

	(b)	 on behalf of the Transferee Lender, send to each Borrower and each Security Party letters or faxes notifying
them of the Transfer Certificate and attaching a copy of it; and 

  

	(c)	 send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above,

 but the Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Transferor Lender and the
Transferee Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to that Transferee Lender. 

 

	26.4	 Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date, Provided that
it is signed by the Agent under Clause 26.3 on or before that date. 
  

	26.5	 No transfer without Transfer Certificate 

Except as provided in Clause 26.17, no assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on,
or effective in relation to, any Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 
  

	26.6	 Lender re-organisation; waiver of Transfer Certificate 

However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all
its rights or obligations vest in another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrowers and the Security Trustee waive the need for the execution and delivery of a Transfer
Certificate; and, upon service of the Agent’s notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender. 

  
 86 

	26.7	 Effect of Transfer Certificate 

A Transfer Certificate takes effect in accordance with English law as follows: 

 

	(a)	 to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent)
which the Transferor Lender has under or by virtue of the Finance Documents (other than the Master Agreement) are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities
which any Borrower or any Security Party had against the Transferor Lender; 

  

	(b)	 the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate;

  

	(c)	 the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a
Commitment of an amount specified in the Transfer Certificate; 

  

	(d)	 the Transferee Lender becomes bound by all the provisions of the Finance Documents (other than the Master
Agreement) which are applicable to the Lenders generally, including those about prorata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee
Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them; 

  

	(e)	 any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date
ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of any Borrower or any Security Party against
the Transferor Lender had not existed; 

  

	(f)	 the Transferee Lender becomes entitled to all the rights under the Finance Documents (other than the Master
Agreement) which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the
Transferor Lender ceases to be entitled to them; and 

  

	(g)	 in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any
misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount. 

 The rights and equities of any Borrower or any
Security Party referred to above include, but are not limited to, any right of set off and any other kind of cross-claim. 
  

	26.8	 Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for
inspection by any Lender, the Security Trustee and the Borrowers during normal banking hours, subject to receiving at least 3 Business Days’ prior notice. 
  

	26.9	 Reliance on register of Lenders 

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the
amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents. 

  
 87 

	26.10	 Authorisation of Agent to sign Transfer Certificates 

Each Borrower, the Security Trustee and each Lender and the Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its
behalf. 
  

	26.11	 Registration fee 

In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $2,500 from the Transferor Lender or (at
the Agent’s option) the Transferee Lender. 
  

	26.12	 Sub-participation; securitisation; subrogation assignment

  

	(a)	 A Lender may sub-participate or include in a securitisation or similar
transaction all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to, any Borrower, any Security Party, the Agent or the Security Trustee or any other Creditor Party;
and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 

 

	(b)	 The Borrowers shall, and shall procure that each Security Party shall, do everything desirable or necessary to
assist a Lender to achieve a successful (in the opinion of that Lender) securitisation (or similar transaction). 

  

	26.13	 Disclosure of information 

 

	(a)	 In relation to any information which a Lender has received (other than Confidential Information) in relation to
any Borrower, any Security Party or their affairs under or in connection with any Finance Document, that Lender may disclose (save as otherwise provided in Clause 31) any such information without the prior irrevocable authorisation of or notice to
that Borrower and the Corporate Guarantor to: 

  

	(b)	 a potential transferee lender, sub-participant, Affiliate, any other
assignee or transferee or any other person who may propose entering into a contractual relation with that Lender in relation to this Agreement; and/or 

  

	(c)	 any direct or indirect Subsidiary, any direct or indirect Holding Company, any Affiliate or any other company
in its group; and/or 

  

	(d)	 any authorities (including, without limitation, any private, public or internationally recognised authorities)
or any party to any Finance Document or any professional adviser to that Lender; and/or 

  

	(e)	 a rating agency or their professional advisors; and/or 

 

	(f)	 any other person regarding the funding, refinancing, transfer, assignment, sale,
sub-participation, insurance arrangement, operational arrangement or other transaction in relation thereto including without limitation any enforcement, preservation, assignment, transfer, sale or sub-participation of that Lender’s rights and obligations, 

  

	(g)	 and including, without limitation, (x) for purposes in connection with (1) any enforcement or
(2) assignment or transfer of that Lender’s rights or obligations under any Finance Document or (y) to the extent desirable or necessary in connection with or in contemplation of a securitisation (or similar transaction).

  
 88 

	26.14	 Change of lending office 

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 

 

	(a)	 the date on which the Agent receives the notice; and 

 

	(b)	 the date, if any, specified in the notice as the date on which the change will come into effect.

  

	26.15	 Notification 

On receiving such a notice, the Agent shall notify the Borrowers and the Security Trustee; and, until the Agent receives such a notice, it
shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice. 
  

	26.16	 Replacement of Reference Bank 

If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 then, unless
the Borrowers, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrowers, shall appoint another bank (whether or not a Lender) to be a replacement Reference
Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective. 
  

	26.17	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from any
Borrower or any Security Party, 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: 
  

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

  

	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security 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: 
  

	 	(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 that Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by any Borrower or any Security Party or grant to any person any more extensive
rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	27	 VARIATIONS AND WAIVERS 

 

	27.1	 Variations, waivers etc. by Majority Lenders 

Subject to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor
Party’s rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by fax, by the Borrowers, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in
their own rights, and, if the document relates to a Finance Document to which a Security Party or K&T Marine is a party, by that Security Party or K&T Marine. 

  
 89 

	27.2	 Variations, waivers etc. requiring agreement of all Lenders 

However, as regards the following, Clause 27.1 applies as if the words “by the Agent on behalf of the Majority Lenders” were replaced
by the words “by or on behalf of every Lender and the Swap Bank”: 
  

	(a)	 a reduction in the Margin; 

 

	(b)	 a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees or
other sum payable under this Agreement; 

  

	(c)	 an increase in any Lender’s Commitment; 

 

	(d)	 a change to the definition of “Majority Lenders”; 

 

	(e)	 a change to any of the definitions of “Restricted Party”, “Sanctions”, “Sanctions
Authority”, or “Sanctions List” or a change to Clause 11.20;.

  

	(f)	 a change to Clause 3 or this Clause 27; 

 

	(g)	 any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document (except to the extent expressly provided for in any Finance Document); and 

  

	(h)	 any other change or matter as regards which this Agreement or another Finance Document expressly provides that
each Lender’s consent is required. 

  

	27.3	 Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect
to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have
varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 
  

	(a)	 a provision of this Agreement or another Finance Document; or 

 

	(b)	 an Event of Default; or 

 

	(c)	 a breach by a Borrower or a Security Party of an obligation under a Finance Document or the general law; or

  

	(d)	 any right or remedy conferred by any Finance Document or by the general law, 

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 
  

	28	 NOTICES 

  

	28.1	 General 

Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and
references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 

  
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	28.2	 Addresses for communications 

A notice by letter or fax shall be sent: 
  

					
	(a)	 	to the Borrowers:	  	c/o the Technical Manager
			
		 		  	3-5 Menandrou Street
		 		  	145 61 Kifissia
		 		  	Greece
			
		 		  	Facsimile No: +30 210 80 84 224
			
	(b)	 	to a Lender:	  	At the address below its name in Schedule 1 or (as
			
		 		  	the case may require) in the relevant Transfer Certificate.
			
	(c)	 	to the Agent, Arranger and	  	ABN AMRO Bank N.V.
			
		 	Security Trustee:	  	 93 Coolsingel,

		 		  	3012 AE Rotterdam
		 		  	The Netherlands
			
		 		  	Fax No: +31 10401 5323
			
	(d)	 	to the Swap Bank:	  	ABN AMRO Bank N.V.
			
		 		  	c/o Markets Documentation Unit
		 		  	Gustav Mahlerlaan 10
		 		  	NL-1082PP Amsterdam
		 		  	The Netherlands
		 		  	mdu@nl.abnamro.com
			
		 		  	Fax No: +31 10 459 0538

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Trustee, the Borrowers, the Lenders and the Security Parties. 
  

	28.3	 Effective date of notices 

Subject to Clauses 28.4 and 28.5: 
  

	(a)	 a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the
time when it is delivered; and 

  

	(b)	 a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its
transmission is completed. 

  

	28.4	 Service outside business hours 

However, if under Clause 28.3 a notice would be deemed to be served: 
  

	(a)	 on a day which is not a business day in the place of receipt; or 

 

	(b)	 on such a business day, but after 5 p.m. local time, 

the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business
day. 

  
 91 

	28.5	 Illegible notices 

Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would
otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 
  

	28.6	 Valid notices 

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not
comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 
  

	(a)	 the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the
case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

	(b)	 in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which
the notice was served what the correct or missing particulars should have been. 

  

	28.7	 Electronic communication 

Any communication to be made between the Agent and a Lender or Swap Bank or the Agent and the Borrowers under or in connection with the Finance
Documents may be made by electronic mail or other electronic means, if the Agent and the relevant Creditor Party and the Borrower: 
  

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

  

	(b)	 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 

  

	(c)	 notify each other of any change to their respective addresses or any other such information supplied to them.

 Any electronic communication made between the Agent and a Lender or the Swap Bank or the Borrowers will be effective
only when actually received in readable form and, in the case of any electronic communication made by a Creditor Party or the Borrowers to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose. 

 

	28.8	 English language 

Any notice under or in connection with a Finance Document shall be in English. 

 

	28.9	 Meaning of “notice” 

In this Clause 28, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

  

	29	 JOINT AND SEVERAL LIABILITY 

 

	29.1	 General 

All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be several and, if and to the
extent consistent with Clause 29.2, joint. 

  
 92 

	29.2	 No impairment of Borrower’s obligations 

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

 

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

  

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

  

	(c)	 any Lender, the Swap Bank or the Security Trustee releasing any other Borrower or any Security Interest created
by a Finance Document; or 

  

	(d)	 any combination of the foregoing. 

 

	29.3	 Principal debtors 

Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this
Agreement and the Finance Documents and none of the Borrowers shall in any circumstances be construed to be a surety for the obligations of the other Borrower under this Agreement. 

 

	29.4	 Subordination 

Subject to Clause 29.5, during the Security Period, none of the Borrowers shall: 

 

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

  

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

  

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

 

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

  

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

 

	29.5	 Borrower’s required action 

If during the Security Period, the Agent, by notice to a Borrower, requires it to take any action referred to in paragraphs (a) to (d) of
Clause 29.4, in relation to any other Borrower, that Borrower shall take that action as soon as practicable after receiving the Agent’s notice. 
  

	30	 SUPPLEMENTAL 

  

	30.1	 Rights cumulative, non-exclusive 

The rights and remedies which the Finance Documents give to each Creditor Party are: 

 

	(a)	 cumulative; 

  

	(b)	 may be exercised as often as appears expedient; and 

 

	(c)	 shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any
right or remedy conferred by any law. 

  
 93 

	30.2	 Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 
  

	30.3	 Counterparts 

A Finance Document may be executed in any number of counterparts. 
  

	30.4	 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. 
  

	30.5	 PATRIOT Act Notice 

Each of the Agent and the Lenders hereby notifies the Borrowers that pursuant to the requirements of the PATRIOT Act and the policies and
practices of the Agent and each Lender, the Agent and each of the Lenders is required to obtain, verify and record certain information and documentation that identifies each Borrower and any Security Party, which information includes the name and
address of each Security Party and such other information that will allow the Agent and each of the Lenders to identify each Security Party in accordance with the PATRIOT Act. 
  

	31	 CONFIDENTIALITY 

 

	31.1	 Confidential Information 

The Creditor Parties agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
Clause 31.2, 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. 
  

	31.2	 Disclosure of Confidential Information 

The Creditor Parties may disclose: 
  

	(a)	 to any of its Affiliates and any of their officers, directors, employees, professional advisers, auditors,
partners and Representatives such Confidential Information as the Creditor Parties shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its
confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the
confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

  

	(b)	 to any person (if that person to whom the Confidential Information is to be given is informed in writing of its
confidential nature and undertakes in writing not to disclose such Confidential Information to any third party and/or make use of it in case the dealings contemplated below are not concluded): 

 

	 	(i)	 to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents and to any of that person’s Affiliates, Representatives and professional advisers; 

  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or the Borrower and/or any Security Party and to any
of that person’s Affiliates, Representatives and professional advisers; 

  
 94 

	 	(iii)	 appointed by the Creditor Parties or by a person to whom paragraphs (i) or (ii) applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; 

  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraphs (i) or (ii); 

  

	 	(v)	 to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

 

	 	(vi)	 to whom or for whose benefit a Creditor Parties charges, assigns or otherwise creates security (or may do so)
pursuant to Clause 26.17; 

  

	 	(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; 

  

	 	(viii)	 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; 

  

	 	(ix)	 to whom information is required to be disclosed in connection with, and for the purposes of, any insurance to
be effected by a Creditor Party in relation to or in connection with any Finance Document; 

  

	 	(x)	 who is a party to this Agreement; or 

 

	 	(xi)	 with the consent of the Borrowers, 

in each case, such Confidential Information as the Creditor Parties shall consider appropriate; 

 

	(c)	 to any person appointed by a Creditor Party by a person to whom paragraphs (b)(i) or (b)(ii) of Clause 31.2
applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information
as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) provided always that such person will undertake in writing not to disclose such Confidential Information to any
third party; 

  

	(d)	 to any rating agency (including its profession 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, the Borrower and/or the Security Parties provided always that such rating agency will undertake in writing not to disclose such
Confidential Information to any third party. 

  

	31.3	 Entire agreement 

This Clause 31 constitutes the entire agreement between the parties to this Agreement in relation to the obligations of the Creditor Parties
under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	31.4	 Inside Information 

The Creditor Parties acknowledge 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 Creditor Parties undertake not to use any Confidential Information for any unlawful purpose. 

  
 95 

	31.5	 Notification of disclosure 

The Creditor Parties agree (to the extent permitted by law and regulation) to inform the Borrowers and the Security Parties: 

 

	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause
31.2 except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

 

	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 31.

  

	31.6	 Continuing obligations 

The obligations of this Clause 31 are continuing and, in particular, shall survive and remain binding on the Creditor Parties for a period of
twelve months from the earlier of: 
  

	(a)	 the date on which all amounts payable by the Borrower and the Security Parties under or in connection with the
Finance Documents have been paid in full and all obligations of the Creditor Parties have been cancelled or otherwise cease to be available; and 

  

	(b)	 the date on which a Creditor Party otherwise ceases to be a party to this Agreement. 

 

	32	 BAIL-IN 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a Finance
Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution
Authority and acknowledges and accepts to be bound by the effect of: 
  

	(a)	 any Bail-In Action in relation to any such liability, including
(without limitation): 

  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 

  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 

  

	 	(iii)	 a cancellation of any such liability; and 

 

	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

  

	33	 LAW AND JURISDICTION 

 

	33.1	 English law 

This Agreement and any non-contractual obligations arising out of or in connection with it shall be
governed by, and construed in accordance with, English law. 
  

	33.2	 Exclusive English jurisdiction 

Subject to Clause 33.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 

  
 96 

	33.3	 Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 33.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 

 

	(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 

  

	(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. 

 None of the Borrowers shall commence any
proceedings in any country other than England in relation to a Dispute. 
  

	33.4	 Process agent 

Each Borrower irrevocably appoints Saville & Co. at its registered office for the time being presently at One Carey Lane, London, EC2V
8AE, England 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. 

 

	33.5	 Creditor Party rights unaffected 

Nothing in this Clause 33 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an
international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

 

	33.6	 Meaning of “proceedings” and “Dispute” 

In this Clause 33, “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) or any
non-contractual obligation arising out of or in connection with this Agreement. 
 This Agreement has been entered
into and amended and restated on the dates stated at the beginning of this Agreement. 
 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

					
	Lender	  	Lending Office	  	 Commitment
 (US
Dollars)

	ABN AMRO BANK N.V.	  	c/o Loans Administration	  	64,253,892.38
		  	Transportation Clients	  	
		  	93 Coolsingel	  	
		  	3012 AE Rotterdam	  	
		  	The Netherlands	  	

  
 97 

 SCHEDULE 2 

DRAWDOWN NOTICE 
  

	To:	 ABN AMRO BANK N.V. 

	 	 93 Coolsingel 

	 	 3012 AE Rotterdam 

	 	 The Netherlands 

  

	 	 Attention: Loans Administration 

[•] 
 DRAWDOWN NOTICE

  

	1	 We refer to the loan agreement (the “Loan Agreement”) dated [•] 2017 and made between ourselves,
as Borrowers, the Lenders referred to therein, and yourselves as Agent, Arranger, Security Trustee and Swap Bank in connection with a facility of US$ US$64,253,892.38.
Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice. 

  

	2	 We request to borrow the Tranche as follows: 

 

	(a)	 Amount of Tranche: US$[•]; 

 

	(b)	 Drawdown Date: [•]; 

 

	(c)	 Duration of the first Interest Period shall be [•] months; and 

 

	(d)	 Payment instructions: account in our name and numbered [•] with [•] of [•].

  

	3	 We represent and warrant that: 

 

	(a)	 the representations and warranties in clause 10 of the Loan Agreement would remain true and not misleading if
repeated on the date of this notice with reference to the circumstances now existing; and 

  

	(b)	 no Event of Default or Potential Event of Default has occurred or will result (save as otherwise provided in
clause 9.1(c) of the Loan Agreement) from the borrowing of the Tranche. 

  

	4	 This notice cannot be revoked without the prior consent of the Majority Lenders. 

[Name of Signatory] 
 for and on
behalf of 
 ZEUS ONE MARINE LLC 

IKAROS MARINE LLC 

  
 98 

 SCHEDULE 3 

CONDITION PRECEDENT DOCUMENTS 

PART A 
 The following are the documents
referred to in clause 9.1(a) required before service of the first Drawdown Notice. 
  

	1	 A duly executed original of: 

 

	(a)	 this Agreement; 

  

	(b)	 the Master Agreement; 

 

	(c)	 the Master Agreement Assignment; 

 

	(d)	 the Corporate Guarantee; 

 

	(e)	 the Agency and Trust Agreement; 

 

	(f)	 the Accounts Pledge; 

 

	(g)	 the Shares Security Deeds; and 

 

	(h)	 any Subordination Agreement, 

 

	 	 each document required to be delivered under each Finance Document referred to in paragraphs (a) to (i)
inclusive above and any other Finance Document that the Agent may require, in the Agreed Form. 

  

	2	 Copies of the certificate of formation and constitutional documents (and a certificate of goodstanding) of each
Borrower, the Corporate Guarantor and any other Security Party. 

  

	3	 Copies of appropriate evidence of authorisation by the members (or, as the case may be, the directors) of each
Borrower and each Security Party authorising the execution of each of the Finance Documents to which that Borrower or that Security Party is a party and, in the case of a Borrower, authorising named officers to give the Drawdown Notices and other
notices under this Agreement. 

  

	4	 The original of any power of attorney under which any Finance Document and the Master Agreement is executed on
behalf of a Borrower, the Corporate Guarantor and any other Security Party. 

  

	5	 An original certificate of a duly authorised officer of the Borrower and each Security Party:

  

	(a)	 certifying that each copy document relating to it specified in paragraphs 2, 3 and 4 of this Part A of Schedule
3 is correct, complete and in full force and effect; 

  

	(b)	 setting out the names of the directors, officers and members of that Borrower and Security Party and the
proportion of shares held by each member; and 

  

	(c)	 setting out a specimen of the signature of each person authorised by the resolutions referred to in paragraph 3
of this Part A of Schedule 3. 

  

	6	 Copies of all consents which any Borrower, the Corporate Guarantor or any Security Party requires to enter
into, or make any payment under, any Finance Document. 

  
 99 

	7	 The originals of any mandates or other documents required in connection with the opening or operation of the
Earnings Accounts and the Retention Account. 

  

	8	 Such documents and other evidence in such form as is requested by the Agent in order for the Lenders to comply
with all necessary “know your customer” or “client acceptance” or other similar identification procedures (including, but not limited to, specimen signatures of all the members or directors, as the case may be, and other officers
of the Borrowers and each Security Party) in relation to the transactions contemplated in the Finance Documents. 

  

	9	 Evidence of the ultimate beneficial ownership in respect of each Borrower, each Collateral Owner, the Corporate
Guarantor, each Shareholder and each Approved Manager. 

  

	10	 Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the
Marshall Islands, the Netherlands and such other relevant jurisdictions as the Agent may require and any documents required to be delivered for the purposes of such opinion. 

 

	11	 If available and applicable, a certified true copy of any Charter (and any addenda thereto) in respect of a
Ship together with, if required by the Agent, evidence of due execution of such Charter by the parties thereto. 

  

	12	 Documentary evidence that the agent for service of process named in Clause 33 has accepted its appointment.

  

	13	 If the Agent so requires, in respect of any of the documents referred to above, a certified English translation
prepared by a translator approved by the Agent. 

  
 100 

 PART B 

The following are the documents referred to in Clause 9.1(b) required before or, as the context may require, the Drawdown Date (but prior to the making of any
advance). 
 In this Part B of Schedule 3, the following definitions have the following meanings: 

 

	1	 In respect of each Ship, a duly executed original of the Mortgage, the General Assignment and, as the case may
be, the Charterparty Assignment (and of each document to be delivered by each of them). 

  

	2	 Documentary evidence that: 

 

	(a)	 each Ship is definitively and permanently registered in the name of the relevant Borrower or, as the case may
be, relevant Collateral Owner, under an Approved Flag; 

  

	(b)	 each Ship is in the absolute and unencumbered ownership of the relevant Borrower or, as the case may be, the
relevant Collateral Owner, save as contemplated by the Finance Documents or, in the case of the Tasman Ships, the Senior Finance Documents; 

  

	(c)	 each Ship maintains the class with a first class classification society which is a member of IACS (as the Agent
may approve) free of all overdue recommendations and conditions of such classification society affecting class; 

  

	(d)	 the Mortgage relating to each Ship has been duly registered or recorded against that Ship as a valid first (or,
in the case of a Tasman Ship, second) preferred or, as the case may be, priority ship mortgage in accordance with the laws of the applicable Approved Flag State; and 

 

	(e)	 each Ship is insured in accordance with the provisions of this Agreement and all requirements therein in
respect of insurances have been complied with. 

  

	3	 Documents establishing that each will, as from the Drawdown Date relating thereto, be managed by the Approved
Managers on terms acceptable to the Lenders, together with: 

  

	(a)	 the Approved Managers’ Undertakings relative thereto; and 

 

	(b)	 copies of the Technical Manager’s Document of Compliance and of that Ship’s Safety Management
Certificate (together with any other details of the applicable safety management system which the Agent requires), the ISSC and the IAPPC. 

  

	4	 A valuation of each Mortgaged Ship addressed to the Agent by Kontiki Shipbrokers with date 17 June 2017.

  

	5	 An original of the a deed of release in Agreed Form and each document to be delivered under or pursuant to it,
together with evidence satisfactory to the Agent of its due execution by the parties to it and evidence that all Security Interests under the Existing Facility Agreement have been released, reassigned or, as the case may be, discharged.

  

	6	 Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the law of the
Marshall Islands, the Approved Flag State on which each relevant Ship is registered and such other relevant jurisdictions as the Agent may require. 

  

	7	 A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating
to the insurances for each Ship as the Agent may require. 

  

	8	 Documentary evidence that the Agent for service of process named in Clause 33 has accepted its appointment.

  
 101 

	9	 Evidence satisfactory to the Agent that the Minimum Liquidity Amount is standing to the credit of each Earnings
Account in respect of each Borrower Ship pursuant to Clause 11.18. 

  

	10	 Copies of any further consents which any Borrower or any Security Party requires to enter into, or make any
payment under, any Finance Document. 

  

	11	 If the Agent so requires, in respect of any of the documents referred to above, a certified English translation
prepared by a translator approved by the Agent. 

 Each of the documents specified in paragraphs 2, 3 and 6 of Part A and every other copy
document delivered under this Schedule shall be certified as a true and up to date copy by a director or the secretary (or equivalent officer) of a Borrower. 

  
 102 

 SCHEDULE 4 

DESIGNATION NOTICE 
  

	To:	 ABN AMRO BANK N.V. 

	 	 93 Coolsingel 

	 	 3012 AE Rotterdam 

	 	 The Netherlands 

	 	 as Agent 

  

	 	 Attn: [Ship Finance Portfolio Management] 

[date] 
 Dear Sirs 

Loan Agreement dated [•] 2017 (the “Loan Agreement”) and made between (i) Zeus One Marine LLC and Ikaros Marine LLC as joint and several
Borrowers, (ii) the Lenders, (iii) the Swap Bank, (iv) and yourselves as Agent, Arranger and Security Trustee 
 We refer to: 

 

	1	 the Loan Agreement; 

  

	2	 the Master Agreement dated as of [•] made between ourselves and the Swap Bank; and 

 

	3	 a Confirmation delivered pursuant to the said Master Agreement dated [•] and addressed by the Swap Bank to
us. 

 In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation and hereby confirm that the
Transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents. 

Yours faithfully 
  

 
 for and on
behalf of 
 ZEUS ONE MARINE LLC 

IKAROS MARINE LLC 

  
 103 

 SCHEDULE 5 

TRANSFER CERTIFICATE 
 The Transferor and
the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively. 

To: ABN AMRO Bank N.V. for itself and for and on behalf of each Borrower, each Security Party, the Security Trustee, each Lender and the Swap Bank, as defined
in the Loan Agreement referred to below. 
 [•] 
  

	1	 This Certificate relates to a Loan Agreement (the “Loan Agreement”) dated [•] 2017 and
made between (1) [•], [•], [•], [•] and [•] as joint and several Borrowers, (2) the banks and financial institutions named therein as Lenders, (3) ABN AMRO Bank N.V. as Swap Bank, (4) ABN AMRO Bank N.V. as
Agent, (5) ABN AMRO Bank N.V as Arranger and (6) ABN AMRO Bank N.V. as Security Trustee for a loan facility of US$ US$64,253,892.38. 

 

	2	 In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the
same meanings and: 

 “Relevant Parties” means the Agent, each Borrower, each Security Party, the Security
Trustee, each Lender and the Swap Bank; 
 “Transferor” means [full name] of [lending office]; and 

“Transferee” means [full name] of [lending office]. 
  

	3	 The effective date of this Certificate is [•] Provided that this Certificate shall not come into
effect unless it is signed by the Agent on or before that date. 

  

	4	 The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent)
which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document (other than the Master Agreement) in relation to [•] per cent, of its Contribution, which percentage represents $[•].

  

	5	 By virtue of this Certificate and clause 26 of the Loan Agreement, the Transferor is discharged [entirely from
its Commitment which amounts to $[•]] [from [•] per cent, of its Commitment, which percentage represents $[•]] and the Transferee acquires a Commitment of $[•].] 

 

	6	 The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe
and perform all the obligations under the Finance Documents (other than the Master Agreement) which clause 26 of the Loan Agreement provides will become binding on it upon this Certificate taking effect. 

 

	7	 The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and
for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with clause 26 of the Loan Agreement. 

  

	8	 The Transferor: 

  

	(a)	 warrants to the Transferee and each Relevant Party that: 

 

	 	(i)	 the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained
all consents which are in connection with this transaction; and 

  
 104 

	 	(ii)	 this Certificate is valid and binding as regards the Transferor; 

 

	(b)	 warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights
and interests covered by the assignment in paragraph 4 above; and 

  

	(c)	 undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the
Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee’s title under this Certificate or for a similar purpose. 

  

	9	 The Transferee: 

  

	(a)	 confirms that it has received a copy of the Loan Agreement and each of the other Finance Documents;

  

	(b)	 agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the
Security Trustee, any Lender or the Swap Bank in the event that: 

  

	 	(i)	 any of the Finance Documents prove to be invalid or ineffective; 

 

	 	(ii)	 anyBorrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities,
under any of the Finance Documents; 

  

	 	(iii)	 it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the
proceeds of such assets are insufficient to discharge the liabilities of the Borrowers or Security Party under the Finance Documents; 

  

	(c)	 agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee, any
Lender or the Swap Bank in the event that this Certificate proves to be invalid or ineffective; 

  

	(d)	 warrants to the Transferor and each Relevant Party that: 

 

	 	(i)	 it has full capacity to enter into this transaction and has taken all corporate action and obtained all
consents which it needs to take or obtain in connection with this transaction; and 

  

	 	(ii)	 this Certificate is valid and binding as regards the Transferee; and 

 

	(e)	 confirms the accuracy of the administrative details set out below regarding the Transferee.

  

	10	 The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand,
fully to indemnify the Agent and/or the Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out of
it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent’s or the Security Trustee’s own officers or employees. 

 

	11	 The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under
paragraph 10 as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this
Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the full amount demanded by it. 

 

			
		
	[Name of Transferor]	  	[Name of Transferee]
		
	By:	  	By:
		
	Date:	  	Date:

  
 105 

	
	Agent
	
	 Signed for itself and for and on behalf of itself

as Agent and for every other Relevant Party
 ABN AMRO Bank
N.V.

	
	By:
	
	Date:

  
 106 

 Administrative Details of Transferee 

Name of Transferee: 
 Lending Office: 

Contact Person 
 (Loan Administration Department): 

Telephone: 
 Fax: 

Contact Person 
 (Credit Administration Department): 

Telephone: 
 Fax: 

Account for payments: 
 Note: This Transfer Certificate alone may
not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance Documents in the Transferor’s or Transferee’s jurisdiction. It is the responsibility of each Lender to
ascertain whether any other documents are required for this purpose. 

  
 107 

 SCHEDULE 6 

PIK COMPLIANCE CERTIFICATE 
  

	To:	 ABN AMRO BANK N.V. 

	 	 93 Coolsingel 

	 	 3012 AE Rotterdam 

	 	 The Netherlands 

  

	 	 Attn:         [Loans Administration] 

[date] 
 Dear Sirs 

Loan Agreement dated [•] 2017 and made between (i) Zeus One Marine LLC and another (as borrowers), (ii) the banks and
financial institutions therein listed (as lenders), (iii) ABN AMRO Bank N.V. as agent, arranger, swap bank and security trustee in connection with a facility of US$
US$64,253,892.38 (the “Loan Agreement”) 
 Terms defined in
the Loan Agreement have their defined meanings when used in this PIK Compliance Certificate. 
 We refer to the undertaking set out in clause 11.6(d) of the
Loan Agreement and confirm that, as at the [3-month period ending [•]]: 
  

					
			
	(a)	  	aggregate Market Value of the Borrower Ships	  	
		  		  	  

			
		  	Minimum Liquidity Amount + the net realisable value of any additional	  	  

			
	(b)	  	security provided under clause 15.1 of the Loan Agreement	  	  

			
	(c) = (b) + (a) VMC	  		  	  

			
		  		  	
			
		  	Outstanding Loan plus	  	
			
		  	Outstanding Swap Exposure	  	  

			
	(d)	  	Required Security Cover Ratio (130%)	  	  

			
		  		  	
			
	(e) = (d) -(c)	  	Delta between required Security Cover Ratio and VMC*	  	  

			
		  	PIK Amount of 200bps over Delta	  	  

			
		  	aggregate PIK Amount allocated on Balloon Instalment	  	
		  		  	  

  

	*	 if delta positive 

 
  

[•] 

  
 108 

 for and on behalf of 

ZEUS ONE MARINE LLC 

IKAROS MARINE LLC 

  
 109 

 EXECUTION PAGES 

 

					
	BORROWERS	 		 	
			
	SIGNED by 	 	)	 	
			
		 	)	 	
	for and on behalf of 	 	)	 	
	ZEUS ONE MARINE LLC	 	)	 	
	in the presence of:	 	)	 	
			
	SIGNED by 	 	)	 	
			
		 	)	 	
	for and on behalf of 	 	)	 	
	IKAROS MARINE LLC	 	)	 	
	in the presence of:	 	)	 	
			
	LENDERS	 		 	
			
	SIGNED by 	 	)	 	
			
		 	)	 	
	for and on behalf of 	 	)	 	
	ABN AMRO BANK N.V.	 	)	 	
	in the presence of:	 	)	 	
			
	SWAP BANK	 		 	
			
	SIGNED by 	 	)	 	
			
		 	)	 	
	for and on behalf of 	 	)	 	
	ABN AMRO BANK N.V.	 	)	 	
	in the presence of:	 	)	 	
			
	AGENT	 		 	
			
	SIGNED by 	 	)	 	
			
		 	)	 	
	for and on behalf of 	 	)	 	
	ABN AMRO BANK N.V.	 	)	 	
	in the presence of:	 	)	 	

  
 110 

					
	ARRANGER	 		 	
			
	SIGNED by	 	)	 	
			
		 	)	 	
	for and on behalf of	 	)	 	
	ABN AMRO BANK N.V.	 	)	 	
	in the presence of:	 	)	 	
			
	SECURITY TRUSTEE	 		 	
			
	SIGNED by 	 	)	 	
			
		 	)	 	
	for and on behalf of	 	)	 	
	ABN AMRO BANK N.V.	 	)	 	
	in the presence of:	 	)	 	

  
 111 

 SCHEDULE 6 

FORM OF AMENDED AND RESTATED CORPORATE GUARANTEE MARKED TO INDICATE 

AMENDMENTS 
 Amendments are indicated as
follows: 
  

	(a)	 Additions are indicated by underlined text; and 

 

	(b)	 Deletions are shown by the relevant text being struck out. 

  
 13 

 Dated 30 August 2017 

POSEIDON CONTAINERS HOLDINGS LLC 

as Guarantor 
 ABN AMRO BANK
N.V. 
 as Security Trustee 

GUARANTEE 
 relating to a
Loan Agreement dated 30 August 2017 
 (as amended and restated by an Amending and Restating Agreement
Deed dated 9 October 2018 

and as further amended and restated by a Second Amending and Restating Deed dated
25 October 
 2018) 

in respect of a loan facility of up to US$64,253,892.38 
  

  
 

 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	Interpretation	  	 	1	 
	 2
	 	Guarantee	  	 	4	 
	 3
	 	Liability as Principal and Independent Debtor	  	 	4	 
	 4
	 	Expenses	  	 	5	 
	 5
	 	Adjustment of Transactions	  	 	5	 
	 6
	 	Payments	  	 	5	 
	 7
	 	Interest	  	 	6	 
	 8
	 	Subordination	  	 	6	 
	 9
	 	Enforcement	  	 	7	 
	 10
	 	Representations and Warranties	  	 	8	 
	 11
	 	Undertakings	  	 	10	 
	 12
	 	Judgments and Currency Indemnity	  	 	19	 
	 13
	 	Set-Off	  	 	19	 
	 14
	 	Supplemental	  	 	19	 
	 15
	 	Assignment 	  	 	20	 
	 16
	 	Notices	  	 	21	 
	 17
	 	Invalidity of Loan Agreement	  	 	21	 
	 18
	 	Bail-In	  	 	22	 
	 19
	 	Governing Law and Jurisdiction	  	 	22	 
			
	 Schedules
	 		  			
		
	 Schedule 1 Form of Compliance certificate During Waiver Period
	  	 	24	 
	 Schedule 2 Form of Compliance certificate After the Waiver Period
	  	 	25	 
			
	 Execution
	 		  			
		
	 Execution Page
	  	 	26	 

 THIS GUARANTEE is made on 30 August 2017 as amended and restated by the Amending and Restating
Agreement dated 9 Deed dated 9 October 2018 and as further amended and restated by the Amending and Restating Deed dated 25 October 2018 

PARTIES 
  

	(1)	 POSEIDON CONTAINERS HOLDINGS LLC, a limited liability company formed in the Republic of the Marshall
Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH 96960 (the “Guarantor”); and 

 

	(2)	 ABN AMRO BANK N.V., acting through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands (the
“Security Trustee”, which expression includes its successors and assigns). 

 BACKGROUND 

 

	(A)	 By a loan agreement dated 30 August 2017 (as amended and restated by an Amending and Restating
Agreement dated 9 Deed dated 9 October 2018 and as further amended and restated by a Second Amending and Restating Deed dated 25 October 2018) and made
originally between (i) Tasman Marine LLC, Hudson Marine LLC, Drake Marine LLC, Zeus One Marine LLC and Ikaros Marine LLC as joint and several borrowers (together, the “Original Borrowers”),
(ii) certain banks and financial institutions as lenders (together, in such capacity, the “Lenders”), (iii) ABN AMRO Bank N.V. as swap bank (in such capacity, the “Swap Bank”), (iv) ABN AMRO Bank N.V. as arranger,
(v) ABN AMRO Bank N.V. as agent (in such capacity, the “Agent”) and (vi) the Security Trustee as security trustee, it was agreed that the Lenders would make available to the Original Borrowers a secured term loan facility
(originally) of $82,459,678.29. 

  

	(B)	 By a master agreement (on the 2002 ISDA Master Agreement form including the Schedule thereto) dated
30 August 2017 and made between (i) the Original Borrowers and (ii) the Swap Bank, the Original Borrowers may enter into Designated Transactions pursuant to separate Confirmations providing for amongst other things the payment of
certain amounts by the Original Borrowers to the Swap Bank. 

  

	(C)	 The execution and delivery to the Security Trustee of this Guarantee and of the other Finance Documents to
which the Guarantor is a party are conditions precedent to the availability of the facility under the said Loan Agreement and to the Swap Bank entering into Designated Transactions under the Master Agreement. 

OPERATIVE PROVISIONS 
  

	1	 INTERPRETATION 

 

	1.1	 Defined expressions 

 

	 	 Words and expressions defined in the Loan Agreement shall have the same meanings when used in this Guarantee
unless the context   otherwise requires. 

  

	1.2	 Construction of certain terms 

 

	 	 In this Guarantee: 

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

 “Bail-In Legislation” means: 

 

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

  

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

 “bankruptcy” includes a
liquidation, receivership or administration and any form of suspension of payments, arrangement with creditors or reorganisation under any corporate or insolvency law of any country; 

“Book Leverage Ratio” means the ratio of Total Interest Bearing Debt to Total Assets, as shown in the applicable financial statements of the
Guarantor for any accounting period determined in accordance with IFRS; 
 “Compliance Certificate” means a certificate in the form set out
in Schedule 1 (in respect of the time frame from the date of this Agreement until the end of the Waiver Period) and Schedule 2 (in respect of the time from after the end of the Waiver Period and throughout the remainder of the Security Period) or in
any other form agreed between the Guarantor and the Security Trustee acting on the instructions of the Lenders; 
 “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; 

“Existing Fleet Vessel” means any vessel (including the Ships) wholly owned by the Guarantor (directly or indirectly) at any point during the
Refinancing Period; 
 “Fleet Vessel” means each vessel owned by a member of the Group; 

“Latest Accounts” means, at any date, the then most recent semi-annual unaudited or (as the case may be) annual consolidated financial
statements of the Guarantor delivered to the Security Trustee pursuant to Clause 11.3 (Provision of financial statements); 
 “Loan
Agreement” means the loan agreement referred to in Recital (A) and includes any existing or future amendments, restatements and/or supplements, whether made with the Guarantor’s consent or otherwise; 

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

“Original Financial Statements” means annual audited consolidated financial statements of the Guarantor for the year ending 31 December
2016; 
 “Party” means a party to this Guarantee; 

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

“Shareholders’ Equity” means the equity contribution referred to in the Equity Undertaking in the amount of $13,000,000 injected by the
Guarantor and paid in to the Group utilising funds advanced to the Guarantor pursuant to the K&T Loan Agreement as of the effective date of the Amending and Restating Deed; 

  
 2 

 “Third Parties Act” has the meaning given to Clause 14.10 (Third party rights); 

“Total Assets” means, in respect of the Guarantor, the amount of total assets of the Guarantor at any time on a consolidated basis which
would be included in the Latest Accounts of the Guarantor determined in accordance with IFRS; 
 “Total Interest Bearing Debt” means, in
respect of the Guarantor, the amount of total liabilities of the Guarantor (as such term is defined in the Latest Accounts of the Guarantor) at any time on a consolidated basis which would be included in the Latest Accounts of the Guarantor as total
interest bearing debt in accordance with IFRS including the current portion of interest bearing debt (as such term is defined in the Latest Accounts of the Guarantor) but excluding any cash which is credited as collateral in favour of a Lender and
is intended for the purposes of repaying such debt; 
 “Value Adjusted Leverage Ratio” means, at any date, the ratio (expressed as a
percentage) of: 
  

	(a)	 the Total Interest Bearing Debt divided by 

 

	(b)	 the Value Adjusted Total Assets; 

“Value Adjusted Total Assets” means the Total Assets of the Guarantor adjusted (upwards or downwards) in each case for the difference of the
book value of all Fleet Vessels (as evidenced in the Latest Accounts) and the aggregate Market Value of all Fleet Vessels based on recent valuations; and 

“Write-down and Conversion Powers” means: 
  

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

  

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

  

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

  

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

 1.3 Application of construction and interpretation provisions of Loan Agreement and construction of “continuing” in this
Guarantee 
  

	(a)	 Clauses 1.2 to 1.6 of the Loan Agreement apply, with any necessary modifications, to this Guarantee.

  
 3 

	 	(b)	 In this Guarantee, an Event of Default is “continuing” if it has not been expressly waived
before acceleration of the Loan and/or before the relevant enforcement actions are taken. 

  

	1.4	 References to Majority Lenders 

References in this Deed to an approval, consent or requirement of the Majority Lenders include references to an approval, consent or
requirement of: 
  

	 	(a)	 the Agent or the Security Trustee acting with the authority of the Majority Lenders; or 

 

	 	(b)	 the Security Trustee acting with the authority of the Agent acting, in turn, with the authority of the Majority
Lenders. 

  

	2	 GUARANTEE 

  

	2.1	 Guarantee and indemnity 

The Guarantor unconditionally and irrevocably: 
  

	(a)	 guarantees the due payment of all amounts payable by each Borrower under or in connection with the Loan
Agreement and every other Finance Document; 

  

	(b)	 guarantees to each Creditor Party punctual performance by the Borrowers of all of their obligations under the
Finance Documents; 

  

	(c)	 undertakes to pay to the Security Trustee, on the Security Trustee’s demand, any such amount which is not
paid by any Borrower when payable; and 

  

	(d)	 fully indemnifies the Security Trustee and each other Creditor Party on the Security Trustee’s demand in
respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by the Security Trustee or the other Creditor Party concerned as a result of or in connection with any obligation or liability guaranteed by the
Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to the amount which the Security Trustee or the other Creditor Party concerned would otherwise have been entitled to
recover. 

  

	2.2	 No limit on number of demands 

The Security Trustee may serve more than one demand under Clause 2.1 (Guarantee and indemnity). 

 

	2.3	 Continuing Guarantee 

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

	3	 LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR 

 

	3.1	 Principal and independent debtor 

The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this
Guarantee, any of the rights or defences of a surety. 

  
 4 

	3.2	 Waiver of rights and defences 

Without limiting the generality of Clause 3.1 (Principal and independent debtor), the Guarantor shall neither be discharged by, nor have
any claim against any Creditor Party in respect of: 
  

	(a)	 any amendment or supplement being made to the Finance Documents (or any of them); 

 

	(b)	 any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or
affecting, the Finance Documents (or any of them); 

  

	(c)	 any release or loss (even if negligent) of any right or Security Interest created by the Finance Documents (or
any of them); 

  

	(d)	 any failure (even if negligent) promptly or properly to exercise or enforce any such right or Security
Interest, including a failure to realise for its full market value an asset covered by such a Security Interest; 

  

	(e)	 any other Finance Document or any Security Interest now being or later becoming void, unenforceable, illegal or
invalid or otherwise defective for any reason, including a neglect to register it; or 

  

	(f)	 any insolvency or similar proceedings. 

 

	4	 EXPENSES 

  

	4.1	 Costs of preservation of rights, enforcement etc. 

The Guarantor shall pay to the Security Trustee on its demand the amount of all expenses incurred by the Security Trustee or any other Creditor
Party in connection with any matter arising out of this Guarantee, or any Security Interest connected with this Guarantee, including any advice, claim or proceedings relating to this Guarantee or any Security Interest connected with this Guarantee.

  

	4.2	 Fees and expenses payable under Loan Agreement 

Clause 4.1 (Costs of preservation of rights, enforcement etc.) is without prejudice to the Guarantor’s liabilities in respect of
the Borrowers’ obligations under clause 20 of the Loan Agreement and under similar provisions of other Finance Documents. 
  

	5	 ADJUSTMENT OF TRANSACTIONS 

 

	5.1	 Reinstatement of obligation to pay 

The Guarantor shall pay to the Security Trustee on its demand any amount which any Creditor Party is required, or agrees, to pay pursuant to
any claim by, or settlement with, a trustee in bankruptcy of any Borrower or of another Security Party (or similar person) on the ground that the Loan Agreement or any other Finance Document, or a payment by any Borrower or of another Security
Party, was invalid or on any similar ground. 
  

	6	 PAYMENTS 

  

	6.1	 Method of payments 

Any amount due under this Guarantee shall be paid: 
  

	(a)	 in immediately available funds; 

  
 5 

	(b)	 to such account as the Security Trustee may from time to time notify to the Guarantor; 

 

	(c)	 without any form of set-off, cross-claim or condition; and

  

	(d)	 free and clear of any tax deduction except a tax deduction which the Guarantor is required by law to make.

  

	6.2	 Grossing-up for taxes 

If the Guarantor is required by law to make a tax deduction, the amount due to the Security Trustee shall be increased by the amount necessary
to ensure that the Security Trustee and (if the payment is not due to the Security Trustee for its own account) the Creditor Party beneficially interested in the payment receives and retains a net amount which, after the tax deduction, is equal to
the full amount that it would otherwise have received. 
  

	7	 INTEREST 

  

	7.1	 Accrual of interest 

Any amount due under this Guarantee shall carry interest after the date on which the Security Trustee demands payment of it until it is
actually paid, unless interest on that same amount also accrues under the Loan Agreement. 
  

	7.2	 Calculation of interest 

Interest under this Guarantee shall be calculated and accrue in the same way as interest under clause 7 of the Loan Agreement. 

 

	7.3	 Guarantee extends to interest payable under Loan Agreement 

For the avoidance of doubt, it is confirmed that this Guarantee covers all interest payable under the Loan Agreement, including that payable
under clause 7 of the Loan Agreement. 
  

	8	 SUBORDINATION 

 

	8.1	 Subordination of rights of Guarantor 

All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against any Borrower, any
Security Party or their respective assets shall be fully subordinated to the rights of the Creditor Parties under the Finance Documents and until the end of the Security Period and unless the Security Trustee otherwise directs, the Guarantor will
not exercise any rights which it may have (whether in respect of any Finance Document to which it is a party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount having
been paid, or liability having arisen, under this Guarantee: 
  

	(a)	 to be indemnified by a Borrower or any other Security Party; 

 

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

  

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

  
 6 

	(d)	 to bring legal or other proceedings for an order requiring any Borrower or any Security Party to make any
payment, or perform any obligation, in respect of which the Guarantor has given a guarantee, undertaking or indemnity under this Guarantee; 

  

	(e)	 to exercise any right of set-off against any Borrower or any Security
Party; and/or 

  

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

 If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit,
payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Creditor Parties by the Borrowers or the Security Parties under or in connection with the Finance Documents to be repaid in full on trust for
the Creditor Parties and shall promptly pay or transfer the same to the Security Trustee for onward payment to the Agent or, as the Security Trustee acting on the instructions of the Agent may direct, for application in accordance with clause 17.1
(application of receipts) of the Loan Agreement. 
  

	9	 ENFORCEMENT 

  

	9.1	 No requirement to commence proceedings against Borrowers 

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

	9.2	 Conclusive evidence of certain matters 

However, as against the Guarantor: 
  

	(a)	 any judgment or order of a court in England in connection with the Loan Agreement; and 

 

	(b)	 any statement or admission of any Borrower in connection with the Loan Agreement, shall be binding and
conclusive as to all matters of fact and law to which it relates. 

  

	9.3	 Appropriations 

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

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

  

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

  
 7 

	10	 REPRESENTATIONS AND WARRANTIES 

 

	10.1	 General 

The Guarantor represents and warrants to the Security Trustee as follows. 

 

	10.2	 Status 

The Guarantor is duly formed and validly existing and in good standing as a limited liability company under the laws of the Republic of the
Marshall Islands. 
  

	10.3	 Corporate power 

The Guarantor has the limited liability capacity, and has taken all limited liability company action and obtained all consents necessary for
it: 
  

	(a)	 to execute this Guarantee and the other Finance Documents to which the Guarantor is a party; and

  

	(b)	 to make all the payments contemplated by, and to comply with, this Guarantee and the other Finance Documents to
which the Guarantor is a party. 

  

	10.4	 Consents in force 

All the consents referred to in Clause 10.3 (Corporate power) remain in force and nothing has occurred which makes any of them liable to
revocation. 
  

	10.5	 Legal validity and effective Security Interests 

This Guarantee and the other Finance Documents to which the Guarantor is a party do now or, as the case may be, upon execution and delivery
(and, where applicable, registration as provided for in the Finance Documents): 
  

	(a)	 are in full force and effect; 

 

	(b)	 constitute the Guarantor’s legal, valid and binding obligations enforceable against the Guarantor in
accordance with their respective terms; and 

  

	(c)	 create legal, valid and binding Security Interests enforceable in accordance with their respective terms over
all the assets to which they, by their terms, relate, 

 subject to the Legal Reservations. 

 

	10.6	 No third party Security Interests 

Without limiting the generality of Clause 10.5 (Legal validity and effective Security Interests), at the time of the execution and
delivery of this Guarantee and each of the other Finance Documents to which the Guarantor is a party: 
  

	(a)	 the Guarantor will have the right to create all the Security Interests which that Finance Document purports to
create; and 

  

	(b)	 no third party will have any Security Interest (except for Permitted Security Interests) or any other interest,
right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates. 

  
 8 

	10.7	 No conflicts 

The execution by the Guarantor of this Guarantee and the other Finance Documents to which it is a party and its compliance with this Guarantee
and the other Finance Documents to which it is a party will not involve or lead to a contravention of: 
  

	(a)	 any existing applicable law or regulation to which the Guarantor is subject; 

 

	(b)	 the constitutional documents of the Guarantor; or 

 

	(c)	 any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets,

 which in either case has or could reasonably be expected to have a material adverse change on the financial position or
state of affairs of the Guarantor. 
  

	10.8	 No withholding taxes 

All payments which the Guarantor is liable to make under this Guarantee and the other Finance Documents to which it is a party may be made
without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 
  

	10.9	 No default 

To the knowledge of the Guarantor, no Event of Default (excluding, for the duration of the Refinancing Period up until the Refinancing Date,
any Events of Default having occurred and being continuing in connection with and under the Existing Facility Agreement) has occurred and is continuing. 
  

	10.10	 Information 

All information which has been provided in writing by or on behalf of the Guarantor to the Security Trustee or any other Creditor Party in
connection with any Finance Document satisfied the requirements of Clause 11.2 (Information provided to be accurate); all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.4 (Form of
financial statements); and there has been no Material Adverse Change in the financial position or state of affairs of the Guarantor from that disclosed in the Latest Accounts. 

 

	10.11	 No litigation 

No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor’s knowledge, is likely to be
commenced or taken which legal or administrative action has or is likely to have a Material Adverse Effect. 
  

	10.12	 Immunity 

The Guarantor is not, nor are any of its assets, entitled to immunity on the grounds of sovereignty or otherwise from any legal action or other
proceedings (which shall include, without limitation, suit, attachment prior to the judgement, execution or other enforcement). 
  

	10.13	 No money laundering 

 

	(a)	 In relation to the borrowing by each Borrower, the performance and discharge of their obligations and
liabilities under the Finance Documents, and the transactions and other arrangements affected or contemplated by the Finance Documents to which each Borrower is a party, the Guarantor undertakes to procure that each Borrower (i) is acting for
its own account; (ii) it will use the proceeds of the Loan for its own benefit, under its full responsibility 

  
 9 

 
and exclusively for the purposes specified in the Loan Agreement; and (iii) that the foregoing will not involve or lead to a contravention of any law, official requirement or other
regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of Directive (2005/60/EC) of the European Parliament and of the Council). 

 

	(b)	 The Guarantor will promptly inform the Agent by written notice, if the Borrowers are not or cease to be the
beneficiaries and will provide in writing the name and address of the beneficiary. 

  

	(c)	 The Agent shall promptly notify the Lenders of any written notice it receives under this Clause 10.13 (No
money laundering). 

  

	10.14	 Pari passu ranking 

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

	10.15	 Taxes paid 

The Guarantor has paid once due for payment all taxes applicable to, or imposed on or in relation to the Guarantor or its business or, if
applicable, is contesting same in good faith by taking all appropriate steps. 
  

	10.16	 Patriot Act and anti-terrorism laws 

The Guarantor shall procure that to the extent applicable each Borrower is in compliance with (i) the Trading with the Enemy Act, and each
of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V) and any other enabling legislation or executive order relating thereto, (ii) the PATRIOT Act and Executive Order
No. 13224 on Terrorist Financing, effective 24 September 2001. The Guarantor shall procure that no part of the proceeds of the Loan will be used, directly or indirectly, for any payments to any government official or employee, political
party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt
Practices Act of 1977, as amended. 
  

	10.17	 Repetition 

The representations and warranties in this Clause 10 (Representations and Warranties) shall be deemed to be repeated by the Guarantor:

  

	(a)	 on the date of service of each Drawdown Notice; 

 

	(b)	 on each Drawdown Date; and 

 

	(c)	 with the exception of Clauses 10.8 (No withholding taxes), 10.9 (No default), 10.10
(Information) and 10.11 (No litigation), on the first day of each Interest Period and on the date of any Compliance Certificate, 

as if made with reference to the facts and circumstances existing on each such day. 

 

	11	 UNDERTAKINGS 

  

	11.1	 General 

The Guarantor undertakes with the Security Trustee to comply with the following provisions of this Clause 11 (Undertakings) at all times
during the Security Period, except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (and in the case of Clauses 11.12 (Principal place of business) and 11.14 (No disposal of assets, change of business)
such permission not to be unreasonably withheld or delayed, and always subject to paragraph (a) of clause 8.8 of the Loan Agreement). 

  
 10 

	11.2	 Information provided to be accurate 

All financial and other information which is provided in writing by or on behalf of the Guarantor under or in connection with this Guarantee
will be true and not misleading and will not omit any material fact or consideration. 
  

	11.3	 Provision of financial statements 

The Guarantor will send to the Agent: 
  

	(a)	 as soon as available, but in no event later than 180
120 days after the end of each Financial Year of the GuarantorNew Holding Company, the annual audited
consolidated financial statements of the Guarantor New Holding Company for that Financial Year (commencing with the financial statements for the year ending
31 December 20162018); 

  

	(b)	 as soon as available, but in no event later than 120
days after the end of each Financial Year of the Guarantor, the unaudited consolidated financial statements of the Guarantor for that Financial Year (such annual consolidated financial statements to be supplemented to include updated details of all off-balance sheet and employment commitment) together with a certification from the Chief Financial) Officer of the Guarantor confirming that the figures are in the same form as those figures used in the audited
financial statements provided in respect of the New Holding Company; 

  

	(c)	 (b)as soon as available, but in no
event later than 90 days after the end of the 6-month period ending on 30 June in each Financial Year of the Guarantor, the unaudited consolidated financial statements of the Guarantor in respect of the
preceding 6-month period (commencing with the 6-month period ending 30 June 2017 which are certified as to their correctness by an authorised officer of the
Guarantor; 

  

	(d)	 (c)as soon as available, but in no
event later than 60 days after the end of the 3-month period ending on 30 September and 31 March in each Financial Year of the Guarantor, the unaudited consolidated financial statements of the
Guarantor in respect of the preceding 3-month period (commencing with the 3-month period ending 30 June 2017) which are certified as to their correctness by an
authorised officer of the Guarantor; 

  

	(e)	 (d)on or prior to the 10th
Business Day of each quarter in each Financial Year of the Guarantor (commencing with the quarter starting on 1 July 2017), a cash flow forecast in an Agreed Form evidencing all anticipated income and expenses in respect of the Fleet Vessels
and the aggregate cash balances held or to be held by members of the Group in restricted and unrestricted accounts on a consolidated and projected basis for the 12-week period commencing as from the date on
which the cash flow forecast is determined; and 

  

	(f)	 (e)promptly after each request by the Agent, such further information regarding its financial
condition, business and operation as the Agent may reasonably require, and 

 the Guarantor shall ensure that all cash flow
forecasts of the Guarantor received pursuant to paragraph (de) of this Clause for the duration of the Waiver Period shall evidence a positive balance in respect of the
Group for that Financial Year that is satisfactory to the Agent. 
  

	11.4	 Form of financial statements 

All financial statements (audited and unaudited) delivered under Clause 11.3 (Provision of financial statements)
in respect of the Guarantor will: 

  
 11 

	 	(i)	 be prepared in accordance with all applicable laws and IFRS consistently applied and financial reference
periods consistent with those applied in preparation of the Original Financial Statements of the Guarantor unless, in relation to any set of financial statements, it notifies the Security Trustee that there has been a change in IFRS, the accounting
practices or reference periods and its auditors deliver to the Security Trustee: 

  

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

  

	 	(B)	 sufficient information, upon request by the Security Trustee, in form and substance as may be reasonably
required by the Security Trustee, to enable the Lenders to determine whether Clause 11.19 (Financial covenants) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and
the Guarantor’s Original Financial Statements. 

 Any reference in this Guarantee to those financial statements shall
be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 
  

	 	(ii)	 give a true and fair view of the state of affairs of the Guarantor at the date of those financial statements
and of its profit for the period to which those financial statements relate; and 

  

	 	(iii)	 fully disclose or provide for all significant liabilities of the Guarantor. 

 

	11.5	 Shareholder and creditor notices 

Upon the occurrence of an Event of Default, the Guarantor will send to the Agent, at the same time as they are despatched, copies of all
communications which are despatched to the Guarantor’s shareholders or creditors or any class of them. 
  

	11.6	 Provision of further information 

The Guarantor will, as soon as practicable after receiving the request, provide the Security Trustee with any additional financial or other
information relating to: 
  

	(a)	 the Guarantor; or 

  

	(b)	 any other matter relevant to, or to any provision of, this Guarantee or any other Finance Document (and for
those Finance Documents to which the Guarantor is not a party, to the extent the Guarantor may be able to provide such information), 

which may be requested by the Security Trustee at any time. 
  

	11.7	 Consents 

The Guarantor will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents
required: 
  

	(a)	 for the Guarantor to perform its obligations under this Guarantee and any Finance Document to which it is a
party; and 

  

	(b)	 for the validity or enforceability of this Guarantee and any other Finance Document to which it is a party,

 and the Guarantor will comply with the terms of all such consents. 

  
 12 

	11.8	 Maintenance of Security Interests 

The Guarantor will: 
  

	(a)	 at its own cost, do all that it reasonably can to ensure that any Finance Document to which it is a party
validly creates the obligations and the Security Interests which it purports to create; and 

  

	(b)	 without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record
or enrol any Finance Document to which it is a party with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance Document to which it is a party,
give any notice or take any other step which, in the reasonable opinion of the Majority Lenders, is or has become necessary for any Finance Document to which the Guarantor is a party to be valid, enforceable or admissible in evidence or to ensure or
protect the priority of any Security Interest which that Finance Document creates. 

  

	11.9	 Notification of litigation 

The Guarantor will provide the Agent with details of any legal or administrative action involving the Guarantor or any other member of the
Group as soon as such action is instituted or it becomes apparent to the Guarantor that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of this Guarantee or any
other Finance Document and the Guarantor shall procure that reasonable measures are taken to defend any such legal or administrative action. 
  

	11.10	 Notification of default 

The Guarantor will notify the Security Trustee as soon as the Guarantor becomes aware of the occurrence of an Event of Default or Potential
Event of Default and will, for so long as it remains to be continuing unremedied or unwaived, thereafter keep the Security Trustee fully up-to-date with all
developments. 
  

	11.11	 Maintenance of status 

The Guarantor will maintain its separate limited liability company existence and remain in good standing under the laws of the Republic of the
Marshall Islands. 
  

	11.12	 Principal place of business 

The Guarantor will not establish nor do anything as a result of which it would be deemed to have a place of business other than
Greece or the United States of America, unless the Guarantor has provided the Agent with prior written notice of any such new place of business. 

 

	11.13	 Negative pledge and pari passu ranking 

 

	(a)	 The Guarantor shall not, and shall procure that no Borrower will, create or permit to arise any Security
Interest over any of its assets (present or future) except for (i) Security Interests created by the Finance Documents, (ii) Permitted Security Interests and (iii) in the case of the Guarantor any Security Interest arising in the
normal course of its business of acquiring and financing vessels to be owned by the Guarantor or any of its Subsidiaries (present or future). 

  

	(b)	 The Guarantor will ensure that its liabilities under this Guarantee and the other Finance Documents to which it
is a party will rank at least pari passu with all its other present and future unsecured and/or unsubordinated liabilities, except for liabilities which are mandatorily preferred by law. 

  
 13 

	11.14	 No disposal of assets, change of business 

The Guarantor shall not, and shall procure that no Borrower will: 
  

	(a)	 save in the ordinary course of that party’s business pursuant to a transaction on commercial arms’
length terms for full consideration, transfer, lease or otherwise dispose of: 

  

	 	(i)	 all or a substantial part of that party’s assets, whether by one transaction or a number of transactions,
whether related or not (except as otherwise provided in the Finance Documents); or 

  

	 	(ii)	 any debt payable to that party or any other right (present, future or contingent right) to receive a payment,
including any right to damages or compensation; or 

  

	(b)	 make any substantial change to the nature of that party’s business from that existing at the date of this
Guarantee. 

  

	11.15	 Restrictions on other liabilities or obligations to be incurred 

 

	(a)	 The Guarantor shall not incur any liability or obligation except: 

 

	 	(i)	 any liabilities or obligations incurred under any Permitted Loan; 

 

	 	(ii)	 any liabilities or obligations reasonably incurred in the normal course of its business (including, without
limitation, (A) issuing guaranties to secure the obligations of any of its present or future Subsidiaries, (B) receiving credit under unsecured loans in its normal course of business and (C) any other guarantees previously disclosed
by the Guarantor to the Security Trustee on or prior to the date of this Guarantee). 

  

	(b)	 The Guarantor shall procure that no Borrower shall incur any liability or obligation including, without
limitation, giving or allowing to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other
person, except: 

  

	 	(i)	 liabilities and obligations under the Existing Facility Agreement (up until the relevant Drawdown Date) and the
Finance Documents to which each is a party; 

  

	 	(ii)	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering the Ship owned by it; 

  

	 	(iii)	 the Designated Transactions; and 

 

	 	(iv)	 liabilities or obligations under any Permitted Loans. 

 

	11.16	 No payment of dividends 

The Guarantor will not pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of share
capital for the duration of the Security Period. Provided that the Guarantor may pay dividends and make distributions after the Cash Sweep End Date if the following
conditions are satisfied at the time at which such dividend is paid or distribution is made: 
  

	(a)	 the value Adjusted Leverage Ratio is less than or equal
to 65 per cent; 

  

	(b)	 the Borrowers are in compliance with clause 11.18 of
the Loan Agreement; 

  
 14 

	(c)	 the Borrowers provide documentation evidencing to the
satisfaction of the Agent (acting with the authorisation of the Majority Lenders, acting reasonably) that they will be able to comply with their obligations under the Finance Documents including without limitation, the payment obligations in respect
of the Debt Service and any other amounts that may become due and payable under the Finance Documents in the 12 month period following the end of the Waiver Period; and 

 

	(d)	 no Potential Event of Default or Event of Default has
occurred or is continuing and no Event of Default would occur as a result of such payment or distribution, 

  

	11.17	 Mo merger etc. 

The Guarantor shall not, and shall procure that no Borrower shall, enter into any form of amalgamation, merger or de merger or any form
of reconstruction or reorganisation or any form of acquisition, including any joint venture (save for an IPO). 

The Guarantor shall not, and shall procure that no Borrower shall, enter into any
amalgamation, demerger, merger, consolidation or corporate reconstruction (save for the Merger), without the prior consultation and written consent from the Agent (acting on the instructions of the Majority Lenders) Provided that prior
consent of the Agent is not required in the case of a merger amalgamation, demerger, consolidation or corporate reconstruction of the New Holding Company where the New Holding Company remains the surviving entity of that merger and so long, as
(i) no Event of Default has occurred and is continuing, at any relevant time and (ii) such merger, amalgamation, demerger, consolidation or corporate reconstruction will not have (in the opinion of the Agent, acting on the Instructions of
the Majority Lenders, acting reasonably) a material adverse effect on the business assets, operations, property or financial condition of the New Holding Company or on the ability of the Guarantor to perform its obligations under this
Guarantee. 
  

	11.18	 Maintenance of ownership of Borrowers/Guarantor

 The Guarantor shall (a) remain the legal holder and
direct (and, in the case of Borrower B, indirect) beneficial owner of all limited liability company interests of all the Borrowers (b) remain the legal holder and direct beneficial owner of all
the limited liability company interests in Odysseus Marine LLC and THD Maritime, in each case free from any Security Interest, except for: (i) any Security
Interest created in favour of the Security Trustee and (ii) for the duration of the Existing Indebtedness Grace Period, any Security Interest created under the Existing Facility
Agreement Permitted Security Interests and (c) procure that it remains a direct or indirect wholly owned subsidiary of the New Holding Company. 

 

	11.19	 Financial covenants 

The Guarantor shall ensure that at all times during the Security Period (and in the case of subclauses (i) and (ii) below, other than
during the Waiver Period): 
  

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

 

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

 

	 	(iii)	 the Book Leverage Ratio shall not exceed (i) 85 per cent, of the Total Assets from the Drawdown Date and
until 31 December 2018 and (ii) 75 per cent, from 1 January 2019 and at all times thereafter. 

  

	11.20	 Compliance Check 

Compliance with the undertakings contained in Clause 11.19 (Financial covenants) shall be determined in each Financial Year of the
Guarantor: 

  
 15 

	(a)	 at the time the Agent receives the annual audited consolidated financial statements and the
and semi-annual unaudited consolidated financial statements of the Guarantor in each Financial Year (pursuant to Clause 11.13(a) and
(b)11.3), the Guarantor shall deliver to the Agent a Compliance Certificate, signed by the Chief Financial Officer of the Guarantor or an authorised officer of the Guarantor
demonstrating its compliance (or not, as the case may be) with the provisions of Clause 11.19 (Financial covenants) as at the date to which such accounts are prepared and supported by calculations and evidence referring to those accounts
(audited or, as the case may be, unaudited) and setting out in reasonable detail the materials underlying the statements made in such compliance certificate (including, without limitation, valuations (in a form acceptable to the
Agent) showing the Market Value of each Fleet Vessel); and 

  

	(b)	 at any other time as the Agent may reasonably request by reference to such evidence as the Lenders may require
to determine and calculate the financial covenants referred to in Clause 11.19 (Financial covenants). 

  

	11.21	 Other negative undertakings 

The Guarantor shall not allow any Borrower to: 
  

	(a)	 open or maintain, any account with any bank or financial institution except accounts with the Agent for the
purposes of the Finance Documents; 

  

	(b)	 issue, allot or grant any person any limited liability company interests other than the Guarantor or the
respective Shareholder; and 

  

	(c)	 acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by
major North American or European banks, or enter into any transaction in a derivative other than the Designated Transactions. 

  

	11.22	 “Know your customer” checks 

If: 
  

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

  

	(b)	 any change in the status of the Guarantor after the date of this Guarantee; or 

 

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

 obliges the Agent or any Lender (or, in the case of
paragraph (c), any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Guarantor shall promptly upon the
request of the Agent or the Lender concerned 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 the Lender concerned (for itself or, in the case
of the event described in paragraph (c), on behalf of any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has
complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents, including without limitation obtaining, verifying and
recording certain information and documentation that will allow the Agent and each of the Lenders to identify the Guarantor in accordance with the requirements of the PATRIOT Act. 

 

	11.23	 Subordination of Permitted Loans 

The Guarantor shall procure that each Borrower shall cause (i) all Permitted Loans to be fully subordinated to the Secured Liabilities and
(ii) any creditor’s rights under such Permitted Loans to any Borrower(s) to be assigned in favour of the Creditor Parties, in accordance with the provisions of the relevant Subordination Agreement. 

  
 16 

	11.24	 Employees and ERISA Compliance 

The Guarantor shall procure that no Borrower shall employ any individuals (other than the master and crew members of the Ship owned by it), or
sponsor, maintain or become obligated to contribute to any Plan and undertakes to provide, and shall procure that the Borrower provides, prompt written notice to the Agent in the event that it or, as the case may be, a Borrower becomes aware that it
has incurred or is reasonably likely to incur any liability with respect to any Plan, that, individually or in the aggregate with any other such liability, would be reasonably expected to have a Material Adverse Effect. 

 

	11.25	 Sanctions and compliance with laws 

 

	(a)	 Compliance with laws 

The Guarantor shall, and shall procure that any other member of the Group and each Affiliate or of any of them shall, comply in all respect
with all applicable Sanctions. 
  

	(b)	 Sanctions 

  

	 	(i)	 The Guarantor shall not, and shall procure that none of its Affiliates shall, become a Restricted Party or act
on behalf of, or as an agent of, a Restricted Party, to the extent this would lead to non-compliance by it or any other Party with any applicable Sanctions. 

 

	 	(ii)	 The Guarantor shall not, and shall procure that none of its Affiliates 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 Creditor Parties to the extent such use would lead to non-compliance by it or any other Party with
any applicable Sanctions. 

  

	 	(iii)	 The Guarantor shall, and shall procure that each of its Affiliates shall, procure that no proceeds from any
activity or dealing with a Restricted Party are credited to any bank account held with any Creditor Party or any Affiliate of a Creditor Party, to the extent crediting such bank account would lead to
non-compliance by it, any Creditor Party or any Affiliate of a Creditor Party with any applicable Sanctions. 

  

	 	(iv)	 The Guarantor shall, and shall procure that each of its Affiliates shall, to the extent permitted by law and
promptly upon becoming aware of them, supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to any applicable Sanctions by any Sanctions Authority. 

 

	(c)	 Use of proceeds 

The Guarantor shall not, and shall procure that none of its Affiliates shall, use, lend, contribute or otherwise make available the proceeds of
the Loan or any other transaction contemplated by this Guarantee directly or indirectly for the purpose of financing any trade, business or other activities with any Restricted Party, to the extent, in each case, such use, lending, contributing or
otherwise making available the proceeds would lead to non-compliance by it or any other Party with any applicable Sanctions. 
  

	11.26	 Most favoured nation clause 

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

  
 17 

	 	(a)	 any amendment to a maturity date under any such Group Facility Agreement or, as the case may be, the
Senior Facility Agreement as a result of which the maturity date will fall before 31 December 2020; 

  

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

  

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

  

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

 

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

  

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

Accordingly, should any member of the Group or the Guarantor provide to any other creditor more favourable treatment in relation to (a) to
(f) above (and, in relation to subparagraphs (b), (d) and (f) for the duration of the Waiver Period) than those which the Creditor Parties have been provided with under this Agreement or any other Finance Document, each Borrower and the
Guarantor shall promptly advise the Agent of those arrangements and covenants and shall, upon the Agent’s request, enter into such documentation supplemental to the Finance Documents as the Lenders may require in order to achieve parity with
the creditors under such relevant Group Facility Agreement or, as the case may be, the Senior Facility Agreement. 
  

	11.27	 Additional mandatory prepayment event 

If the aggregate of the excess Earnings applied in prepayment of the Loan pursuant to clause 8.14 (Prepayment out of Excess Earnings) of the
Loan Agreement is less than $1,300,000 for the duration of the period commencing on 1 January 2019 until the Cash Sweep Period ending on 31 December 2019, the Guarantor shall procure that the Borrowers utilise that part of the
Shareholders’ Equity to prepay the Shortfall Amount to the Lenders on the next Repayment Date falling due after receipt of the Excess Cash Flow Notice relevant to that Cash Sweep Period. Such Shortfall Amount shall be applied in or towards
prepayment of the then outstanding Repayment Instalments and Balloon Instalments in order of maturity. 
  

	11.28	 Shareholders’ Equity 

The Guarantor shall procure that such part of the Shareholders’ Equity shall be utilised in or towards payment of the Shortfall Amount set
out in Clause 11.27 and, as the case may, any cash flow shortfall in connection with the Existing Fleet Vessels, including, but not limited to, any operating expenses or any other cash flow shortfall in connection with their operation, trading and
financing under the Loan Agreement or, as the case may be, under any Group Facility Agreement (as necessary). 

  
 18 

	12	 JUDGMENTS AND CURRENCY INDEMNITY 

 

	12.1	 Judgments relating to Loan Agreement and other Finance Documents 

This Guarantee shall cover any amount payable by any Borrower under or in connection with any judgment relating to the Loan Agreement and/or
any other Finance Document. 
  

	12.2	 Currency indemnity 

In addition, clause 21.5 (currency indemnity) of the Loan Agreement shall apply, with any necessary adaptations, in relation to this
Guarantee. 
  

	13	 SET-OFF 

 

	13.1	 Application of credit balances 

Each Creditor Party may without prior notice: 
  

	(a)	 apply any balance (whether or not then due) which at any time stands to the credit of any account in the name
of the Guarantor at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from the Guarantor to that Creditor Party under this Guarantee or any of the other Finance Documents; and 

 

	(b)	 for that purpose: 

  

	 	(i)	 break, or alter the maturity of, all or any part of a deposit of the Guarantor; 

 

	 	(ii)	 convert or translate all or any part of a deposit or other credit balance into Dollars; and

  

	 	(iii)	 enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party
concerned considers appropriate. 

  

	13.2	 Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 13.1 (Application of credit balances); and those rights
shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any
document). 
  

	13.3	 Sums deemed due to a Lender 

For the purposes of this Clause 13 (Set-Off), a sum payable by the Guarantor to the Agent or the
Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a
sum due to that Lender. 
  

	14	 SUPPLEMENTAL 

  

	14.1	 Continuing guarantee 

This Guarantee shall remain in force as a continuing security at all times during the Security Period. 

 

	14.2	 Rights cumulative, non-exclusive 

The Security Trustee’s rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient
and shall not be taken to exclude or limit any right or remedy conferred by law. 

  
 19 

	14.3	 No impairment of rights under Guarantee 

If the Security Trustee omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not
impair that or any other right of the Security Trustee under this Guarantee. 
  

	14.4	 Severability of provisions 

If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the
validity, legality or enforceability of its other provisions. 
  

	14.5	 Guarantee not affected by other security 

This Guarantee shall not impair, nor be impaired by, any other guarantee, any Security Interest or any right of
set-off or netting or to combine accounts which the Security Trustee or any other Creditor Party may now or later hold in connection with the Loan Agreement. 

 

	14.6	 Guarantor bound by Loan Agreement 

The Guarantor agrees with the Security Trustee to be bound by all provisions of the Loan Agreement which are applicable to the Security Parties
(to the extent that they may apply to the Guarantor as well) in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee. 
  

	14.7	 Applicability of provisions of Guarantee to other Security Interests 

Any Security Interest which the Guarantor creates (whether at the time at which it signs this Guarantee or at any later time) to secure any
liability under this Guarantee shall be a principal and independent security, and Clauses 3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall, with any necessary modifications, apply to it,
notwithstanding that the document creating the Security Interest neither describes it as a principal or independent security nor includes provisions similar to Clauses 3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of
Loan Agreement). 
  

	14.8	 Applicability of provisions of Guarantee to other rights 

Clauses 3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions
similar to Clauses 3 (Liability as Principal and Independent Debtor) and 17 (Invalidity of Loan Agreement), being an agreement referring to this Guarantee. 
  

	14.9	 Authority of Security Trustee to sign Transfer Certificates 

The Guarantor irrevocably authorises the Security Trustee to sign Transfer Certificates on its behalf. 

 

	14.10	 Third party rights 

A person (other than a Creditor Party) who is not a party to this Guarantee 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 Guarantee. 
  

	15	 ASSIGNMENT 

  

	15.1	 Assignment by Security Trustee 

The Security Trustee may assign its rights under and in connection with this Guarantee to the same extent as it may assign its rights under the
Loan Agreement. 

  
 20 

	16	 NOTICES 

  

	16.1	 Notices to Guarantor 

Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or fax at: 

c/o the Technical Manager 
 3-5 Menandrou Street 
 145 61 Kifissia 

Greece 
 Fax No: +30 210 80 84
224, 
 or to such other address which the Guarantor may notify to the Security Trustee. 

 

	16.2	 Application of certain provisions of Loan Agreement 

The following provisions of the Loan Agreement apply to this Guarantee as if they were expressly incorporated in this Guarantee with any
necessary modifications: 
  

	(a)	 Clause 28 (Notices); 

 

	(b)	 Clause 26.13 (Disclosure of information); and 

 

	(c)	 Clause 30.3 (Counterparts). 

 

	16.3	 Validity of demands 

A demand under this Guarantee shall be valid notwithstanding that it is served: 

 

	(a)	 on the date on which the amount to which it relates is payable by any Borrower under the Loan Agreement; and/or

  

	(b)	 at the same time as the service of a notice under clause 19.2 (Actions following an Event of Default) of
the Loan Agreement, 

 and a demand under this Guarantee may refer to all amounts payable under or in connection with the
Loan Agreement without specifying a particular sum or aggregate sum. 
  

	16.4	 Notices to Security Trustee 

Any notice to the Security Trustee under or in connection with this Guarantee shall be sent to the same address and in the same manner as
notices to the Security Trustee under the Loan Agreement. 
  

	17	 INVALIDITY OF LOAN AGREEMENT 

 

	17.1	 Invalidity of Loan Agreement 

In the event of: 
  

	(a)	 the Loan Agreement now being or later becoming, with immediate or retrospective effect, void, illegal,
unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or 

  
 21 

	(b)	 without limiting the scope of paragraph (a), a bankruptcy of any Borrower, the introduction of any law or any
other matter resulting in any Borrower being discharged from liability under the Loan Agreement, or the Loan Agreement ceasing to operate (for example, by interest ceasing to accrue), 

this Guarantee shall cover any amount which would have been or become payable under or in connection with the Loan Agreement if the Loan
Agreement had been and remained entirely valid, legal and enforceable, or the relevant Borrower had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and both Borrowers had remained fully liable under
it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by any Borrower under or in connection with the Loan Agreement shall include
references to any amount which would have so been or become payable as aforesaid. 
  

	17.2	 Invalidity of Finance Documents 

Clause 17.1 (Invalidity of Loan Agreement) also applies to each of the other Finance Documents to which any Borrower is a party. 

 

	18	 BAIL-IN 

 

	18.1	 Contractual recognition of bail-in 

 

	(a)	 Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding
between the parties to a Finance Document, each party to this Guarantee acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to
Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of: 

  

	 	(i)	 any Bail-In Action in relation to any such liability, including
(without limitation): 

  

	 	(A)	 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; 

  

	 	(B)	 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 

  

	 	(C)	 a cancellation of any such liability; and 

 

	 	(ii)	 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. 

  

	(b)	 Each Creditor Party may enforce and enjoy the benefit of this Clause 18 (Bail-In) subject to the provisions of the Third Parties Act. 

  

	19	 GOVERNING LAW AND JURISDICTION 

 

	19.1	 English law 

This Guarantee and any non-contractual obligations arising out of or in connection with it shall be
governed by, and construed in accordance with, English law. 
  

	19.2	 Exclusive English jurisdiction 

Subject to Clause 19.3 (Choice of forum for the exclusive benefit of the Security Trustee), the courts of England shall have exclusive
jurisdiction to settle any Dispute. 

  
 22 

	19.3	 Choice of forum for the exclusive benefit of the Security Trustee 

Clause 19.2 (Exclusive English jurisdiction) is for the exclusive benefit of the Security Trustee, which reserves the rights:

  

	(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 

  

	(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 Guarantor shall not commence any proceedings in
any country other than England in relation to a Dispute. 
  

	19.4	 Process agent 

The Guarantor irrevocably appoints Saville & Co. at its principal office for the time being, presently at One Carey Lane, London EC2V
8AE, England, 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. 

 

	19.5	 Creditor Parties’ rights unaffected 

Nothing in this Clause 19 (Governing Law and Jurisdiction) shall exclude or limit any right which any Creditor Party may have (whether
under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

 

	19.6	 Meaning of “proceedings” 

In this Clause 19 (Governing Law and Jurisdiction), “proceedings” means proceedings of any kind, including an
application for a provisional or protective measure and “Dispute” means any dispute arising out of or in connection with this Guarantee (including a dispute relating to the existence, validity or termination of this Guarantee) or
any non-contractual obligation arising out of or in connection with this Guarantee. 
 This Guarantee has been
entered into (and amended and restated) on the dates stated at the beginning of this Guarantee. 

  
 23 

 SCHEDULE 1 

FORM OF COMPLIANCE CERTIFICATE DURING WAIVER PERIOD 
  

	To:	 ABN AMRO BANK N.V. 

93 Coolsingel 
 3012 AE Rotterdam

 The Netherlands 
  

	Attn:	 [Loans Administration] 

[date] 
 Dear Sirs 

Guarantee dated [•] August 2017 (the “Guarantee”) and made between (i) Poseidon Containers Holdings LLC and (ii) ABN AMRO Bank N.V.
in connection with a Term Loan Facility of up to US$64,253,892.38 
 Terms defined in the Guarantee have their defined meanings when used in this
Compliance Certificate. 
 We refer to the financial covenants set out in Clause 11.19 (Financial covenants) of the Guarantee and confirm that, as at
the [6-month period ending 30 June [•]] [Financial Year ending 31 December [•]] to which the accounts referred to below were prepared, the Guarantor is in compliance with the
following covenants: 
  

	 	(i)	 the Book Leverage Ratio is [•] per cent. 

To evidence such compliance, we attach a copy of the latest [annual audited][semi annual
unaudited][semi-annual unaudited] consolidated financial statements of the Group together with calculations and evidence setting out in reasonable detail the data and calculations resulting
therefrom which we have used to support the confirmations made above. 
 No Event of Default or a Potential Event of Default has occurred and is continuing
unremedied or unwaived as at the date of this Compliance Certificate [except for the following matter or event [set out all material details of matter or event]]. 

 

	
	  

	
	 [Chief Financial Officer][authorised signatory]

for and on behalf of

	POSEIDON CONTAINERS HOLDINGS LLC

  
 24 

 SCHEDULE 2 

FORM OF COMPLIANCE CERTIFICATE AFTER THE WAIVER PERIOD 
  

	To:	 ABN AMRO BANK N.V. 

93 Coolsingel 
 3012 AE Rotterdam

 The Netherlands 
  

	Attn:	 [Loans Administration] 

[date] 
 Dear Sirs 

Guarantee dated [•] August 2017 (the “Guarantee”) and made between (i) Poseidon Containers Holdings LLC and
(ii) ABN AMRO Bank N.V. in connection with a Term Loan Facility of up to US$64,253,892.38 
 Terms defined in the Guarantee have
their defined meanings when used in this Compliance Certificate. 
 We refer to the financial covenants set out in Clause 11.19 (Financial covenants)
of the Guarantee and confirm that, as at the [6-month period ending 30 June [•]] [Financial Year ending 31 December [•]] to which the accounts referred to below were prepared, the Guarantor
is in compliance with the following covenants: 
  

	 	(i)	 the Value Adjusted Leverage Ratio is [•] per cent.; 

 

	 	(ii)	 the minimum Net Worth is $[•]; 

 

	 	(iii)	 the Book Leverage Ratio is [•]. 

To evidence such compliance, we attach a copy of the latest [annual audited][semi annual
unaudited][semi-annual unaudited] consolidated financial statements of the Group together with calculations and evidence setting out in reasonable detail the data and calculations resulting
therefrom which we have used to support the confirmations made above (including valuations in a form acceptable to the Agent showing the Market Value of each Fleet Vessel which were used in calculating the Value Adjusted Total Assets of the Group as
at [•]). 
 No Event of Default or a Potential Event of Default has occurred and is continuing unremedied or unwaived as at the date of this Compliance
Certificate [except for the following matter or event [set out all material details of matter or event]]. 
  

	
	  

	
	 [Chief Financial Officer][authorised signatory]

for and on behalf of

	POSEIDON CONTAINERS HOLDINGS LLC

  
 25 

 EXECUTION PAGE 

 

					
	GUARANTOR	 		 	
			
	SIGNED by	 	)	 	
	for and on behalf of	 	)	 	
	POSEIDON CONTAINERS HOLDINGS LLC	 	)	 	
	in the presence of:	 	)	 	
			
	SECURITY TRUSTEE	 		 	
			
	SIGNED by	 	)	 	
	for and on behalf of	 	)	 	
	ABN AMRO BANK N.V.	 	)	 	
	in the presence of:	 	)	 	

  
 26 

 EXECUTION PAGE 

 

					
	LENDERS	 		  	
			
	 EXECUTED as a DEED
 by ABN AMRO
BANK N.V.
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Anthi Kekatou

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	AGENT	 		  	
			
	 EXECUTED as a DEED
 by ABN AMRO
BANK N.V.
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Anthi Kekatou

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	SECURITY TRUSTEE	 		  	
			
	 EXECUTED as a DEED
 by ABN AMRO
BANK N.V.
 acting by its duly authorised

attorney-in-fact

in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Anthi Kekatou

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	SWAP BANK	 		  	
			
	 EXECUTED as a DEED
 by ABN AMRO
BANK N.V.
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Anthi Kekatou

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	

  
 14 

					
	ARRANGER	 		  	
			
	 EXECUTED as a DEED
 by ABN AMRO
BANK N.V.
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )
 )

)
 )

)
 

	  	 

 Anthi Kekatou

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	BORROWERS	 		  	
			
	 EXECUTED as a DEED
 by ZEUS ONE
MARINE LLC 
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Aikaterini Emmanouil

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	 EXECUTED as a DEED 
 by IKAROS MARINE
LLC 
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Aikaterini Emmanoauil

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	COLLATERAL OWNERS	 		  	
			
	 EXECUTED as a DEED
 by TASMAN MARINE
LLC 
 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 )

	  	 

 Aikaterini Emmanouil

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	 EXECUTED as a DEED
 by HUDSON MARINE
LLC
	 	 )
 )
	  	
	 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

	  	 

 Aikaterini Emmanouil

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	

  
 15 

					
			
	 EXECUTED as a DEED
 by DRAKE
MARINE LLC
	 	 )

)
	  	
	 acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

	  	 

 Aikaterini Emmanouil

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	CORPORATE GUARANTOR AND SHAREHOLDER	 		  	
			
	EXECUTED as a DEED	 	)	  	
	 by POSEIDON CONTAINERS HOLDINGS LLC 

acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 

	  	 Aikaterini Emmanouil
 

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	
			
	SHAREHOLDER	 		  	
			
	EXECUTED as a DEED	 	)	  	
	 by ODYSSEUS MARINE LLC 
 acting by
its duly authorised
 attorney-in-fact

in the presence of:
	 	 )

)
 )

)
 

	  	 

 Aikaterini Emmanouil

			
	EXECUTED as a DEED	 	)	  	
	 by THD MARITIME CO., LIMITED 

acting by its duly authorised
 attorney-in-fact
 in the presence of:
	 	 )

)
 )

)
 

	  	 

 Aikaterini Emmanouil

		 	PAT SKALA	  	
		 	WATSON, FARLEY & WILLIAMS	  	
		 	348 SYNGROU AVENUE	  	
		 	176 74 KALLITHEA	  	
		 	ATHENS - GREECE	  	

 COUNTERSIGNED this 25th day of October 2018 for
and on behalf of the below companies each of which, by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Amending and Restating Deed, that it agrees in all respects to the same and that
the Finance Documents to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrowers under the Loan Agreement and the other Finance Documents. 

 

	
	APPROVED MANAGERS
	
	 /s/ George Youroukos

	George Youroukos
	 President
 for and on behalf of

	TECHNOMAR SHIPPING INC.
	
	 /s/ Dimitrios Tsiaklagkanos

	Dimitrios Tsiaklagkanos
	 President
 for and on behalf of

	CONCHART COMMERCIAL INC.

  
 17 

 COUNTERSIGNED this 25th day of October 2018 for
and on behalf of the below company which, by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Amending and Restating Deed and that it agrees in all respects to the same and that the
Finance Documents to which it is a party shall remain in full force and effect. 
  

	
	SUBORDINATED CREDITOR
	
	 /s/ Georgios Giouroukos

	Georgios Giouroukos
	 Chief Executive Officer
 for and on behalf
of

	K&T MARINE LLC

  
 18EX-4.17

 Exhibit 4.17 

Confidential 
 Dated 9 October 2018

 THD MARITIME CO. LIMITED 

as Borrower 
 arranged
by 
 AMSTERDAM TRADE BANK N.V. 

with 
 AMSTERDAM TRADE
BANK N.V. 
 as Agent 

AMSTERDAM TRADE BANK N.V. 

as Security Agent 

guaranteed by 
 TASMAN
MARINE LLC 
 HUDSON MARINE LLC 

DRAKE MARINE LLC 
 and

 POSEIDON CONTAINERS HOLDINGS LLC 

FACILITY AGREEMENT 
 for
$17,100,000 Loan Facility 
  
 

 

 Contents 
  

							
	Clause	  	Page	 
		
	 Section 1—Interpretation
	  	 	1	 
			
	 1
	 	 Definitions and interpretation
	  	 	1	 
		
	 Section 2—The Facility
	  	 	29	 
			
	 2
	 	 The Facility
	  	 	29	 
			
	 3
	 	 Purpose
	  	 	29	 
			
	 4
	 	 Conditions of Utilisation
	  	 	29	 
		
	 Section 3—Utilisation
	  	 	31	 
			
	 5
	 	 Utilisation
	  	 	31	 
		
	 Section 4—Repayment, Prepayment and Cancellation
	  	 	32	 
			
	 6
	 	 Repayment
	  	 	32	 
			
	 7
	 	 Illegality, prepayment and cancellation
	  	 	33	 
			
	 8
	 	 Restrictions
	  	 	35	 
		
	 Section 5—Costs of Utilisation
	  	 	37	 
			
	 9
	 	 Interest
	  	 	37	 
			
	 10
	 	 Interest Periods
	  	 	38	 
			
	 11
	 	 Changes to the calculation of interest
	  	 	38	 
			
	 12
	 	 Fees
	  	 	40	 
		
	 Section 6—Additional Payment Obligations
	  	 	41	 
			
	 13
	 	 Tax gross-up and indemnities
	  	 	41	 
			
	 14
	 	 Increased Costs
	  	 	45	 
			
	 15
	 	 Other indemnities
	  	 	46	 
			
	 16
	 	 Mitigation by the Lenders
	  	 	50	 
			
	 17
	 	 Costs and expenses
	  	 	50	 
		
	 Section 7—Guarantee
	  	 	52	 
			
	 18
	 	 Guarantee and indemnity
	  	 	52	 
		
	 Section 8—Representations, Undertakings and Events of Default
	  	 	55	 
			
	 19
	 	 Representations
	  	 	55	 

							
			
	 20
	 	 Information undertakings
	  	 	62	 
			
	 21
	 	 Financial covenants
	  	 	66	 
			
	 22
	 	 General undertakings
	  	 	68	 
			
	 23
	 	 Dealings with Ships
	  	 	73	 
			
	 24
	 	 Condition and operation of Ship
	  	 	76	 
			
	 25
	 	 Insurance
	  	 	80	 
			
	 26
	 	 Minimum security value
	  	 	84	 
			
	 27
	 	 Bank accounts
	  	 	86	 
			
	 28
	 	 Business restrictions
	  	 	88	 
			
	 29
	 	 Events of Default
	  	 	92	 
		
	 Section 9—Changes to Parties
	  	 	98	 
			
	 30
	 	 Changes to the Lenders
	  	 	98	 
			
	 31
	 	 Changes to the Obligors
	  	 	101	 
		
	 Section 10—The Finance Parties
	  	 	102	 
			
	 32
	 	 Roles of Agent, Security Agent and Arranger
	  	 	102	 
			
	 33
	 	 Trust and security matters
	  	 	113	 
			
	 34
	 	 Enforcement of Transaction Security
	  	 	117	 
			
	 35
	 	 Application of proceeds
	  	 	118	 
			
	 36
	 	 Reference Banks
	  	 	120	 
			
	 37
	 	 Conduct of business by the Finance Parties
	  	 	121	 
			
	 38
	 	 Sharing among the Finance Parties
	  	 	121	 
		
	 Section 11—Administration
	  	 	123	 
			
	 39
	 	 Payment mechanics
	  	 	123	 
			
	 40
	 	 Set-off
	  	 	126	 
			
	 41
	 	 Notices
	  	 	127	 
			
	 42
	 	 Calculations and certificates
	  	 	129	 
			
	 43
	 	 Partial invalidity
	  	 	129	 
			
	 44
	 	 Remedies and waivers
	  	 	129	 
			
	 45
	 	 Amendments and waivers
	  	 	129	 
			
	 46
	 	 Confidential Information
	  	 	135	 

							
			
	 47
	 	 Confidentiality of Funding Rates and Reference Bank Quotations
	  	 	137	 
			
	 48
	 	 Counterparts
	  	 	139	 
			
	 49
	 	 Contractual recognition of bail-in
	  	 	139	 
		
	 Section 12—Governing Law and Enforcement
	  	 	140	 
			
	 50
	 	 Governing law
	  	 	140	 
			
	 51
	 	 Enforcement
	  	 	140	 
		
	 Schedule 1 The original parties
	  	 	141	 
		
	 Schedule 2 Ship information
	  	 	145	 
		
	 Schedule 3 Conditions precedent
	  	 	147	 
		
	 Schedule 4 Utilisation Request
	  	 	152	 
		
	 Schedule 5 Selection Notice
	  	 	153	 
		
	 Schedule 6 Semi-Annual Vessel Performance Report
	  	 	154	 
		
	 Schedule 7 Form of Transfer Certificate
	  	 	155	 
		
	 Schedule 8 Form of Compliance Certificate
	  	 	158	 
		
	 Schedule 9 Forms of Notifiable Debt Purchase Transaction Notice
	  	 	159	 

 THIS AGREEMENT is dated 9 October 2018 and made between: 

 

	(1)	 THD MARITIME CO. LIMITED as further set out in Schedule 1 (The original parties) as
borrower (the Borrower); 

  

	(2)	 TASMAN MARINE LLC, HUDSON MARINE LLC and DRAKE MARINE LLC as further set out in Schedule 1
(The original parties) as shipowners and joint and several guarantors (the Owners); 

  

	(3)	 POSEIDON CONTAINERS HOLDINGS LLC as further set out in Schedule 1 (The original
parties) as parent and joint and several guarantor with the other guarantors (the Parent and together with the Owners, the Guarantors); 

 

	(4)	 AMSTERDAM TRADE BANK N.V. as mandated lead arranger (the Arranger); 

 

	(5)	 THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the Original Lenders);

  

	(6)	 AMSTERDAM TRADE BANK N.V. as agent of the other Finance Parties (the Agent); and

  

	(7)	 AMSTERDAM TRADE BANK N.V. as security trustee for 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: 

ABN Cash Collateral Account means any account held by the Borrower or, as the case may be, the Owners or any of them with the Junior
Mortgagee for the purposes of clause 27.3 (Excess Cash Flow transfer). 
 Acceptable Bank means: 

 

	 	(a)	 a bank or financial institution which has a rating for its long-term unsecured and non-credit-enhanced debt obligations of “A-” or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or “Baa1” or higher by
Moody’s Investors Service Limited or a comparable rating from an internationally recognised credit rating agency; or 

  

	 	(b)	 any other bank or financial institution approved by the Agent and the Borrower. 

Account means any bank account, deposit or certificate of deposit opened, made or established in accordance with clause 27
(Bank accounts) (other than the ABN Cash Collateral Account). 
 Account Bank means, in relation to any Account,
either the bank or financial institution specified as such in Schedule 1 (The original parties) 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 Account, each Obligor in whose name that Account is held. 

  
 1 

 Account Security means, in relation to an 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 Account. 

Accounting Reference Date means 31 December or such other date as may be approved by the Lenders. 

Active Facility means, at any relevant time, such part of the Total Commitments (whether drawn or undrawn) as is then available for
borrowing under this Agreement at such time in accordance with clause 4 (Conditions of Utilisation) to the extent that such part of the Total Commitments is not cancelled or reduced under this Agreement. 

Additional Excess Cash Flow Period means the period (if any) starting on the Excess Cash Flow Prepayment End Date and ending on
31 December 2020. 
 Advance means each of Advance A, Advance B and Advance C, and: 

 

	 	(a)	 in relation to Ship A, Advance A; 

 

	 	(b)	 in relation to Ship B, Advance B; or 

 

	 	(b)	 in relation to Ship C, Advance C, 

and Advances means together all or any of them. 

Advance A means the borrowing of a proportion of the Advance Commitment for Ship A by the Borrower or (as the context may require) the
outstanding principal amount of such borrowing. 
 Advance B means the borrowing of a proportion of the Advance Commitment for Ship B
by the Borrower or (as the context may require) the outstanding principal amount of such borrowing. 
 Advance C means the borrowing
of a proportion of the Advance Commitment for Ship C by the Borrower or (as the context may require) the outstanding principal amount of such borrowing. 

Advance 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. 
 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. 
 Approved Exchange means NYSE or NASDAQ or any
other reputable stock exchange agreed by the Borrower and the Majority Lenders. 
 Approved Valuers means any of Howe Robinson Marine
Evaluations Ltd, Barry Rogliano Salles (BRS) Group, Maersk Broker K/S, Kontiki Valuations Ltd or any other independent firm of shipbrokers agreed by the Agent, the Borrower and the Junior Mortgagee, as may be withdrawn or reinstated in accordance
with clause 26.9 (Approval of Valuers). 
 Auditors means one of PricewaterhouseCoopers, Ernst & Young,
KPMG or Deloitte & Touche or another firm proposed by the Borrower and approved by the Majority Lenders). 
 Authorisation
means any authorisation, consent, concession, approval, resolution, licence, exemption, filing, notarisation or registration. 

Available Commitment means a Lender’s Commitment minus the amount of its participation in the Loan. 

  
 2 

 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: 

 

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

  

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

 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 Regulation means: 

 

	 	(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 

  

	 	(b)	 any Basel II Approach adopted by a Finance Party or any of its Affiliates. 

Basel III Accord means, together: 
  

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

  

	 	(b)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement—Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(c)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III” other than, in each such case, the agreements, rules, guidance and standards set out in Reformed Basel III, as amended, supplemented or restated. 

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). 

  
 3 

 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 Affiliate means the Parent, either Manager, each of their respective Affiliates (including the Borrower), any trust
of which the Parent, either Manager or any of their respective Affiliates is a trustee, any partnership of which the Parent, either Manager or any of their respective Affiliates is a partner and any trust, fund or other entity which is managed by,
or is under the control of, the Parent, either Manager or any of their respective Affiliates. 
 Break Costs means the amount (if any)
by which: 
  

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

 exceeds: 

 

	 	(b)	 the amount which that Lender would be able to obtain by placing an amount equal to the relevant principal
amount or Unpaid Sum 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 last day of that Interest Period. 

Borrower means the company described as such in Schedule 1 (The original parties). 

Business Day means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Amsterdam, Athens and
New York. 
 Calculation Period means: 
  

	 	(a)	 for the purposes of clause 7.7 (Excess Cash Flow calculation and prepayment):

  

	 	(i)	 the period commencing on the first Utilisation Date and ending on the last day of the financial quarter within
which such date falls; and 

  

	 	(ii)	 thereafter, each financial quarter of each financial year of an Owner, namely the relevant three monthly
periods ending 31 March, 30 June, 30 September and 31 December of each calendar year, respectively, up to the Excess Cash Flow Prepayment End Date; and 

 

	 	(b)	 for the purpose of clause 27.3 (Excess Cash Flow transfer): 

 

	 	(i)	 the period commencing on the Excess Cash Flow Prepayment End Date and ending on the last day of the financial
quarter within which such Excess Cash Flow Prepayment End Date falls; and 

  

	 	(ii)	 thereafter, each financial quarter of each financial year of an Owner, namely the relevant three monthly
periods ending 31 March, 30 June, 30 September and 31 December of each calendar year falling during the Additional Excess Cash Flow Period. 

Change of Control occurs if, at any time until the Transaction is completed: 

 

	 	(a)	 the Borrower ceases to be a wholly-owned direct Subsidiary of the Parent; or 

  
 4 

	 	(b)	 an Owner ceases to be: 

 

	 	(i)	 at any time prior to the date of the Share Transfer, a wholly-owned direct Subsidiary of the Parent; and

  

	 	(ii)	 at any time after the date of the Share Transfer, a wholly-owned direct Subsidiary of the Borrower; or

  

	 	(c)	 the Disclosed Persons cease to control the Parent and/or to own legally and/or beneficially 100% of the total
issued voting share capital and of the issued share capital of the Parent; or 

  

	 	(d)	 the person disclosed to the Agent by or on behalf of the Parent on or prior to the date of this Agreement to be
the chief executive officer of the Parent ceases to hold such position, 

 in any case without the prior written consent of
the Agent (acting on the instructions of the Majority Lenders). 
 Charged Property means all of the assets of the Obligors or a
Manager which from time to time are, or are expressed or intended to be, the subject of the Transaction Security. 
 Charter means, in
relation to each Ship, the time charter commitment between the relevant Owner and the Charterer in relation to that Ship, such time charter commitment having an original fixed term of at least 10 months and a daily gross charter rate of at least
$15,000. 
 Charterer means Zim Integrated Shipping Services Ltd or any other company acceptable to the Agent. 

Classification means, in relation to a Ship, the classification specified in respect of such Ship in Schedule 2 (Ship
information) with the relevant Classification Society or another classification approved by the Lenders as its classification (such approval not to be unreasonably withheld or delayed), at the request of the relevant Owner. 

Classification Society means, in relation to a Ship, the classification society specified in respect of such Ship in Schedule 2
(Ship information) or another classification society (being a member of the International Association of Classification Societies (IACS) or, if such association no longer exists, any similar association nominated by the Agent)
approved by the Lenders as its Classification Society (such approval not to be unreasonably withheld or delayed), at the request of the relevant Owner. 

Code means the US Internal Revenue Code of 1986. 

Commitment means: 
  

	 	(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 

  

	 	(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 8 (Form of Compliance
Certificate) or otherwise approved. 

  
 5 

 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: 
  

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

 

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

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

	 	(i)	 information that: 

  

	 	(A)	 is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of clause 46 (Confidential Information); or 

  

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

  

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

  

	 	(ii)	 any Funding Rate or Reference Bank Quotation. 

Confidentiality Undertaking means a confidentiality undertaking substantially in a recommended form of the Loan Market Association or in
any other form agreed between the Borrower, any other Obligor and the Agent. 
 Constitutional Documents means, in respect of an
Obligor or a Manager, such Obligor’s or Manager’s memorandum and articles of association or (as the case may be) certificate of formation and limited liability company agreement, bye-laws or other
constitutional documents including as referred to in any certificate relating to an Obligor or a Manager delivered pursuant to Schedule 3 (Conditions precedent). 

Co-ordination Agreement means the co-ordination
agreement dated on or around the date of this Agreement and entered into between (inter alios) the Security Agent, the Owners and the Junior Mortgagee. 

CRD IV means the 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. 
 Debt Purchase Transaction means, in relation to a person, a transaction
where such person: 
  

	 	(a)	 purchases by way of assignment or transfer; 

 

	 	(b)	 enters into any sub-participation in respect of; or

  

	 	(c)	 enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation in respect of, any Commitment or amount outstanding under this Agreement. 

  
 6 

 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 any of the foregoing) be an Event of Default. 

Defaulting Lender means any Lender (other than a Lender which is a Borrower Affiliate): 

 

	 	(a)	 which has failed to make its participation in an Advance available (or has notified the Agent or the Borrower
(which has notified the Agent) that it will not make its participation in an Advance available) by the Utilisation Date of that Advance in accordance with clause 5.4 (Lenders’ participation); 

 

	 	(b)	 which has otherwise rescinded or repudiated a Finance Document; or 

 

	 	(c)	 with respect to which an Insolvency Event has occurred and is continuing, 

unless, in the case of paragraph (a) above: 
  

	 	(i)	 its failure to pay is caused by: 

 

	 	(A)	 administrative or technical error; or 

 

	 	(B)	 a Disruption Event; and, 

payment is made within three Business Days of its due date; or 
  

	 	(ii)	 the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.

 Delegate means any delegate, agent, attorney, additional trustee or
co-trustee appointed by the Security Agent under the terms of the Finance Documents. 
 Disclosed
Persons means each of the persons already disclosed by or on behalf of the Obligors to the Agent in the negotiation of this Agreement to be the legal and beneficial owners of 100% per cent the shares in the Parent and to control the Parent as at
the date of this Agreement. 
 Disposal Repayment Date means in relation to: 

 

	 	(a)	 a Total Loss of a Mortgaged Ship, the applicable Total Loss Repayment Date; and 

 

	 	(b)	 a sale of a Mortgaged Ship by the relevant 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. 

 Disruption Event
means either or both of: 
  

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; or 

  
 7 

	 	(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: 

  

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

 

	 	(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. 
 Earnings means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or
contingently) to the relevant Owner owning that Ship or the Security Agent and which arise out of the use or operation of that Ship, including (but not limited to): 
  

	 	(a)	 all freight, hire and passage moneys, compensation payable to that Owner, or the Security Agent in the event of
requisition for hire of that Ship, remuneration for salvage and towage services, demurrage and detention moneys and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship;

  

	 	(b)	 all moneys which are at any time payable under any Insurances in respect of loss of hire (if applicable under
the Insurances); and 

  

	 	(c)	 if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) 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 the Ship. 

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

Eligible Institution means any Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower and
which, in each case, is not a Borrower Affiliate or a Group Member. 
 Environmental Claims means: 

 

	 	(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 

  

	 	(b)	 any claim made by any other person relating to a Spill.  

Environmental Incident means any Spill from any vessel in circumstances where: 

 

	 	(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 

  

	 	(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. 
 Event of Default means any event or
circumstance specified as such in clause 29 (Events of Default). 

  
 8 

 Excess Cash Flow means, in relation to each Calculation Period, the amount in dollars
(calculated by the Owners or, as the case may be, the Agent (acting on the instructions of the Majority Lenders) pursuant to clause 7.7 (Excess Cash Flow calculation and prepayment)) which is equal to: 

 

	 	(a)	 the aggregate of the Earnings of all Ships during such Calculation Period minus any commission and brokerage
fees not otherwise included in the Ships’ Operating Expenses under paragraph (b) below, minus 

  

	 	(b)	 the aggregate of the Operating Expenses of all Ships in respect of such Calculation Period, minus

  

	 	(c)	 the total amounts of principal, interest and costs paid to the Finance Parties under the Finance Documents
during such Calculation Period, excluding any fees paid to the Finance Parties under clause 12 (Fees), 

to the extent that, in the case of items under paragraphs (b) and (c) above, they are accompanied by such evidence or information as the
Agent may require in its sole discretion). 
 Excess Cash Flow Certificate shall have the meaning given to it in clause 20.4
(Provisions and contents of Compliance Certificate and Excess Cash Flow Certificate). 
 Excess Cash Flow Notice
means each notification the Agent gives the Borrower of an Excess Cash Flow pursuant to clause 7.7 (Excess Cash Flow calculation and prepayment). 

Excess Cash Flow Prepayment End Date means the earlier of: 
  

	 	(a)	 31 December 2020; and 

 

	 	(b)	 the date when the aggregate amount of all prepayments under the Loan made pursuant to clause 7.7
(Excess Cash Flow calculation and prepayment) or clause 7.3 (Voluntary prepayment) equals $4,500,000. 

Existing Indebtedness means the indebtedness of, inter alios, the Owners under (a) the Existing Loan Agreement in respect of each
Ship and (b) the Existing Master Agreement. 
 Existing Loan Agreement means the loan agreement dated 30 August 2017 (as
amended, supplemented and/or restated from time to time) made (inter alios) between the Owners initially as joint and several borrowers, the Junior Mortgagee as agent, security agent, arranger and lender, in respect of a loan of (originally) up to
$82,459,678.29. 
 Existing Master Agreement means the 2002 ISDA agreement with its schedule thereto, each dated 30 August 2017
(as amended, supplemented and/or restated from time to time) and made (inter alios) between the Owners and the Junior Mortgagee as hedging provider. 

Facility means the term loan facility made available under this Agreement as described in clause 2 (The Facility). 

Facility Office means: 
  

	 	(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 or offices through which it will perform its obligations under this Agreement; or 

 

	 	(b)	 in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes.

  
 9 

 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: 
  

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

 

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

  

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

FATCA Application Date means: 
  

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

  

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

  

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

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

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

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

Fee Letter means any letter or letters dated on or about the date of this Agreement between the Arranger, the Borrower and the
Guarantors (or the Agent, the Borrower and the Guarantors) setting out any of the fees referred to in clause 12 (Fees) and includes any agreement setting out any fees payable to a Finance Party under any other Finance Document. 

Final Repayment Date means, in relation to each Advance and subject to clause 39.8 (Business Days), the earlier of: 

 

	 	(a)	 31 December 2020; and 

 

	 	(b)	 the date falling 30 Months after the relevant Utilisation Date. 

Finance Documents means this Agreement, any Fee Letter, the Co-ordination Agreement and any deed
of accession supplemental to it, the Security Documents, and any other document designated as such by the Agent and the Borrower. 

Finance Party means the Agent, the Security Agent, the Arranger or a Lender. 

  
 10 

 Financial Indebtedness means any indebtedness for or in respect of: 

 

	 	(a)	 moneys borrowed and debit balances at banks or other financial institutions; 

 

	 	(b)	 any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

  

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

  

	 	(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; 

  

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirement for de-recognition under GAAP); 

  

	 	(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); 

 

	 	(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; 

  

	 	(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); 

  

	 	(i)	 any amount of any liability under an advance or deferred purchase agreement if (i) 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 (ii) 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; 

  

	 	(j)	 any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or
sale and leaseback agreement) of a type not referred to in any other paragraph of this definition having the commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and 

 

	 	(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. 

 Financial Year means the annual accounting period of the Group ending on or
about the Accounting Reference Date in each year. 
 First Repayment Date means, in relation to an Advance and subject to clause 39.8
(Business Days), 31 March 2020. 
 Flag State means, in relation to a Ship, the country specified in respect of such 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 such Ship for the purposes of the Finance
Documents. 
 Fleet Vessel means each Mortgaged Ship and any other vessel owned by any Group Member. 

Funding Rate means any individual rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of clause 11.4 (Cost of
funds). 

  
 11 

 GAAP means (at the Borrower’s option): 

 

	 	(a)	 generally accepted accounting principles in the US; or 

 

	 	(b)	 the 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 its interest in the Ship’s Insurances, Earnings and
Requisition Compensation and in its Charter by the relevant Owner in favour of the Security Agent in the agreed form. 
 Group means
the Parent and its Subsidiaries for the time being (including, for the avoidance of doubt, the Owners and the Borrower). 
 Group Facility
Agreements means, together, all of any of the following facility agreements: 
  

	 	(a)	 a facility agreement dated 11 August 2017 made between Hector Marine LLC, Hephaestus Marine LLC and
Pericles Marine LLC as joint and several borrowers and Credit Agricole Corporate and Investment Bank as lender, as amended, supplemented and/or restated from time to time in respect of a loan of originally up to $55,650,000; 

 

	 	(b)	 a facility agreement dated 18 July 2017 made between Athena Marine LLC, Aris Marine LLC, Aphrodite Marine
LLC and Alexander Marine LLC as joint and several borrowers and DVB Bank SE as lender, as amended, supplemented and/or restated from time to time in respect of a loan of originally up to $52,625,589; 

 

	 	(c)	 a facility agreement dated 11 August 2017 made (inter alios) between Leonidas Marine LLC as borrower and
Wilmington Trust, National Association as agent and security agent, as amended, supplemented and/or restated from time to time in respect of a loan of up to $[●]; and 

 

	 	(d)	 the Existing Loan Agreement, 

and Group Facility Agreement means each of them. 

Group Member means any Obligor and any other entity which is part of the Group. 

Guarantor means each of the Parent and the Owners and Guarantors means together all or any of them. 

Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary. 

Impaired Agent means the Agent at any time when: 
  

	 	(a)	 it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under
the Finance Documents by the due date for payment; 

  

	 	(b)	 the Agent otherwise rescinds or repudiates a Finance Document; 

 

	 	(c)	 (if the Agent is also a Lender) it is a Defaulting Lender under paragraphs (a) or (b) of the definition of
“Defaulting Lender”; or 

  

	 	(d)	 an Insolvency Event has occurred and is continuing with respect to the Agent; 

  
 12 

 unless, in the case of paragraph (a) above: 

 

	 	(i)	 its failure to pay is caused by: 

 

	 	(A)	 administrative or technical error; or 

 

	 	(B)	 a Disruption Event; and 

 

	 	payment	 is made within five Business Days of its due date; or 

 

	 	(ii)	 the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.

 Increased Costs has the meaning given to that term in paragraph (b) of clause 14.1 (Increased costs).

 Indemnified Person means: 
  

	 	(a)	 each Finance Party, each Receiver, any Delegate and any attorney, agent or other person appointed by them under
the Finance Documents; 

  

	 	(b)	 each Affiliate of those persons; and 

 

	 	(c)	 any officers, directors, employees, advisers, representatives or agents of any of the above persons.

 Insolvency Event in relation to an entity means that the entity: 

 

	 	(a)	 is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(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; 

  

	 	(c)	 makes a general assignment, arrangement or composition with or for the benefit of its creditors;

  

	 	(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; 

  

	 	(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: 

 

	 	(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 

  

	 	(ii)	 is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or
presentation thereof; 

  

	 	(f)	 has a resolution passed for its winding-up, official management or
liquidation (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(g)	 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); 

  
 13 

	 	(h)	 has a secured party take possession of all or substantially all its assets or has a distress, 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; 

  

	 	(i)	 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 (h) above; or 

  

	 	(j)	 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 in the form scheduled the
Ship’s General Assignment or in another approved form. 
 Insurances means, in relation to a Ship: 

 

	 	(a)	 all policies and contracts of insurance; and 

 

	 	(b)	 all entries in a protection and indemnity or war risks or other mutual insurance association,

 in the name of such Ship’s owner or the joint names of its owner and any other person in respect of or in
connection with such Ship and/or its owner’s Earnings from the Ship and includes all benefits thereof (including the right to receive claims and to return of premiums). 

Interbank Market means the London interbank market. 

Interest Period means, in relation to the Loan (or any part of the Loan), each period determined in accordance with clause 10
(Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with clause 9.3 (Default interest). 

Interpolated Screen Rate means, in relation to LIBOR for an Interest Period with respect to the Loan or any part of it or any Unpaid
Sum, the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the relevant Interest Period; and 

  

	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the
relevant Interest Period, 

 each as of 11:00 a.m. on the relevant Quotation Day. 

Junior Mortgagee means ABN AMRO BANK N.V. of 93 Coolsingel, 3012 AE Rotterdam, The Netherlands. 

Last Availability Date means 26 October 2018 (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). 

  
 14 

 Legal Reservations means: 

 

	 	(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; 

  

	 	(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;

  

	 	(c)	 similar principles, rights and defences under the laws of any Relevant Jurisdiction; and 

 

	 	(d)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application in a Legal Opinion. 

 Lender means: 

 

	 	(a)	 any Original Lender; and 

 

	 	(b)	 any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance
with clause 30 (Changes to the Lenders), 

 which in each case has not ceased to be a Lender in accordance with the
terms of this Agreement. 
 LIBOR means, in relation to the Loan or any part of it or any Unpaid Sum: 

 

	 	(a)	 the applicable Screen Rate as of 11:00 a.m. on the relevant Quotation Day for a period equal in length to the
Interest Period of the Loan or relevant part of it or Unpaid Sum; or 

  

	 	(b)	 as otherwise determined pursuant to clause 11.1 (Unavailability of Screen Rate), 

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

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.

 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 the Ship’s Insurances in the form scheduled to the Ship’s General Assignment in respect of the Ship 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 is reasonably
expected to 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 such Ship or the equivalent in any other currency. 
 Majority
Lenders means 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). 

  
 15 

 Manager means, in respect of each Ship: 

 

	 	(a)	 ConChart Commercial Inc. of the Republic of the Marshall Islands appointed in accordance with clause 23.4
(Manager) in respect of commercial services; and 

  

	 	(b)	 Technomar Shipping Inc. of the Republic of Liberia appointed in accordance with clause 23.4
(Manager) in respect of technical services, 

 and in each case includes its successors in title and
Managers means together both of them. 
 Management Agreement means, in relation to a Ship, the agreement between the relevant
Owner or the Parent and a Manager relating to the appointment of that Manager as manager in respect of that Ship and Management Agreements means together all or any of them. 

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 23.4 (Manager). 
 Margin means three point nine zero per cent (3.90%) per annum. 

Material Adverse Effect means, in the reasonable opinion of the Majority Lenders, a material adverse effect on: 

 

	 	(a)	 the business, operations or financial condition of the Obligors taken as a whole; or 

 

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

 

	 	(c)	 the legality, 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 relevant time, the amount in dollars which is at that time equal to 133 per cent of the Loan. 

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

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

 

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

  

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

 The above rules will only apply to
the last Month of any period. 
 Mortgage means, in relation to a Ship, a first mortgage of the Ship in the agreed form by the
relevant Owner in favour of the Security Agent. 
 Mortgage Period means, in relation to a Mortgaged 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. 

  
 16 

 Mortgaged Ship means, at any relevant time, any Ship which is subject to a Mortgage
and/or whose Earnings, Insurances and Requisition Compensation are subject to a Security Interest under the Finance Documents. 
 New
Lender has the meaning given to that term in clause 30 (Changes to the Lenders). 
 Next Rollover Date shall
have the meaning given to it in clause 7.7 (Excess Cash Flow calculation and prepayment). 
 Notifiable Debt Purchase
Transaction has the meaning given to that term in clause 45.8 (Disenfranchisement of Borrower Affiliates). 
 Obligors
means the parties to the Finance Documents (other than the Finance Parties, the Charterer and the Managers) and Obligor means any one of them. 

Operating Account means any Account designated as an “Operating Account” under clause 27 (Bank
accounts). 
 Operating Expenses means, in respect of a Ship and a Calculation Period, the aggregate expenditure
necessarily incurred by its Owner during that Calculation Period in operating, insuring, maintaining, repairing and generally trading that Ship (including, but not limited to, any expenses in respect of
dry-docking, special survey (including any projected costs for dry-docking and special surveys during the next 3 month period) and general and administrative expenses
paid in respect of the Ship, any voyage expenses, as well as any other capitalised expenses as same are defined as per GAAP). 
 Original
Financial Statements means the consolidated audited financial statements of the Group for its Financial Year ended 31 December 2017. 

Original Jurisdiction means, in relation to an Original Obligor, the jurisdiction under whose laws that Obligor is incorporated or
formed (as the case may be) 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 a Finance Party and the Charterer).

 Original Security Documents means: 
  

	 	(a)	 the Mortgage over each of the Ships; 

 

	 	(b)	 the General Assignment in relation to each of the Ships; 

 

	 	(c)	 the Share Security; 

  

	 	(d)	 the Account Security in relation to each Account; and 

 

	 	(e)	 any Manager’s Undertaking in relation to a Ship if required under clause 23.4 (Manager).

 Owner means, in relation to a Ship, the person set out at page 1 as a Party to this Agreement and as further
described as such in Schedule 1 (The original parties) and specified against the name of that Ship in Schedule 2 (Ship information). 

Parent means the company set out at page 1 as a Party to this Agreement and as further described as such in Schedule 1 (The
original parties). 
 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. 

  
 17 

 Party means a party to this Agreement. 

Permitted Maritime Liens means, in relation to any Mortgaged Ship: 

 

	 	(a)	 any ship repairer’s or outfitter’s possessory lien in respect of the Ship for an amount not exceeding
the Major Casualty Amount; 

  

	 	(b)	 any lien on the Ship for master’s, officer’s or crew’s wages or master’s disbursements in
an amount (in respect of master’s disbursements only) not exceeding $80,000 at any given time, in each case, outstanding in the ordinary course of that Ship’s trading; 

 

	 	(c)	 any lien on the Ship for salvage or general average; 

 

	 	(d)	 any lien on the Ship arising by operation of law for not more than two months’ prepaid hire under any
charter; and 

  

	 	(e)	 any other lien on the Ship arising by operation of law for claims incurred in the ordinary course of the
operation, repair or maintenance of the Ship and which are outstanding for not longer than thirty (30) days (unless contested in good faith by appropriate steps and for which adequate reserves have been set aside by the relevant Owner or the
Parent) and for an aggregate amount not exceeding the Major Casualty Amount. 

 Permitted Security Interests means,
in relation to any Mortgaged Ship, any Security Interest over it which is: 
  

	 	(a)	 granted by the Finance Documents; or 

 

	 	(b)	 a Permitted Maritime Lien; or 

 

	 	(c)	 is approved by the Majority Lenders (whether by the Co-ordination
Agreement or otherwise). 

 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. 

Quasi-Security has the meaning given to that term in clause 28.2 (General negative pledge). 

Quotation Day means, in relation to any period for which an interest rate is to be determined, two Business Days before the first day of
that period unless market practice in the Interbank Market differs, in which case the Quotation Day shall be determined by the Agent in accordance with market practice in the Interbank Market (and if quotations would normally be given on more than
one day, the Quotation Day will be the last of those days). 
 Receiver means a receiver or receiver and manager or administrative
receiver of the whole or any part of the Charged Property appointed under any Security Document. 
 Reference Bank Quotation means any
quotation supplied to the Agent by a Reference Bank. 
 Reference Bank Rate means the arithmetic mean of the rates (rounded upwards to
four decimal places) as supplied to the Agent at its request by the Reference Banks as either: 
  

	 	(a)	 if: 

  

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

  
 18 

	 	(ii)	 it consists of a single figure, 

	 	

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

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

 Reference Banks means, in relation
to LIBOR, the offices of HSBC Bank Plc, London Branch, Deutsche Bank AG, London Branch, UBS AG, Zurich Branch, Citigroup Global Markets Ltd, London Branch, Credit Suisse International, London Branch, Barclays Bank Plc, London Branch, and JP Morgan
Chase Bank NA, London Branch or such other leading banks in the Interbank Market as may be appointed by the Agent in agreement with the Borrower. 

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 such 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 or a Manager: 

 

	 	(a)	 its Original Jurisdiction; 

 

	 	(b)	 any jurisdiction where any Charged Property owned by it is situated; 

 

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

 

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

 Repayment Date means in relation to an Advance: 

 

	 	(a)	 the First Repayment Date for such Advance; 

 

	 	(b)	 each of the dates falling at intervals of 3 Months thereafter up to but not including the Final Repayment Date
for such Advance; and 

  

	 	(c)	 the Final Repayment Date for such Advance. 

Repeating Representations means each of the representations set out in clauses 19.2 (Status) to clause 19.12 (Centre of main
interests and establishments). 
 Representative means any delegate, agent, manager, administrator, nominee, attorney, trustee or
custodian. 

  
 19 

 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 such Ship. 
 Resolution Authority
means any body which has authority to exercise any Write-down and Conversion Powers. 
 Restricted Person means a person that:

  

	 	(a)	 is listed on any Sanctions List (whether designated by name or by reason of being included in a class of
person) or otherwise a target of Sanctions; 

  

	 	(b)	 is domiciled, registered as located or having its main place of business in, or is incorporated under the laws
of or, such country or territory which is, or whose government is, subject to Sanctions broadly prohibiting dealings with such government, country or territory; 

 

	 	(c)	 is directly or indirectly owned or controlled by a person referred to in paragraphs (a) or (b) above; or

  

	 	(d)	 owns or controls a person referred to in paragraphs (a) or (b) above. 

Sanctions means any economic sanctions laws, sanctions regulations, embargoes or restrictive measures administered enacted or enforced
by: 
  

	 	(a)	 the United States of America government; 

 

	 	(b)	 the United Nations Security Council; 

 

	 	(c)	 the United Kingdom; 

  

	 	(d)	 the European Union or any of its member states; 

 

	 	(e)	 any country to which any Obligor, a Manager or any Affiliate of any of them is bound; or 

 

	 	(f)	 the respective governmental institutions and agencies of any of the foregoing, including without limitation,
the Office of Foreign Assets Control of the US Department of Treasury (OFAC), the United States Department of State and Her Majesty’s Treasury (HMT) (together Sanctions Authorities).

 Sanctions List means the “Specially Designated Nationals and Blocked Persons” list issued by OFAC, the
“Consolidated List of Financial Sanctions Targets and Investment Ban List” issued by HMT, or any similar list issued or maintained or made public by any of the Sanctions Authorities. 

Screen Rate means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which
takes over the administration of that rate) for dollars and the relevant period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement
Thomson Reuters page which displays that rate), or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may
specify another page or service displaying the relevant rate after consultation with the Borrower and the Lenders. 
 Secured Liabilities
means all indebtedness and obligations at any time of any Obligor to any Finance Party (whether for its own account or as agent or trustee for itself and/or other Finance Parties) under, or related to, the Finance Documents. 

  
 20 

 Secured Obligations means all the Secured Liabilities and all other indebtedness and
obligations at any time due, owing or incurred by each Obligor to any Finance Party under the Finance Documents. 
 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 33.8 (Additional trustees)). 

Security Documents means: 
  

	 	(a)	 the Original Security Documents; 

 

	 	(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 Property means: 
  

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

  

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

  

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

Security Value means, at any time, the amount in dollars which, at that time, is the aggregate of (a) the aggregate of the values
of all of the Mortgaged Ships which have not then become a Total Loss and (b) the value of any additional security then held by the Security Agent or any other Finance Party provided under clause 26 (Minimum security value), in each case
as most recently determined in accordance with this Agreement. 
 Selection Notice means a notice substantially in the form set out in
Schedule 5 (Selection Notice) given in accordance with clause 10 (Interest Periods). 
 Share
Security means: 
  

	 	(a)	 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 Owner; and 

  

	 	(b)	 in relation to the Borrower, the document constituting a first Security Interest by the Parent in favour of the
Security Agent in the agreed form in respect of all of the shares in the Borrower. 

 Share Transfer means the
transfer by the Parent to the Borrower of all the issued shares in each Owner. 
 Ship Representations means each of the
representations and warranties set out in clauses 19.32 (Ship status) and 19.33 (Ship’s employment). 

  
 21 

 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).  

Ships means together Ship A, Ship B and Ship C and Ship means any of them. 

Spill means any actual or threatened spill, release or discharge of a Pollutant into the environment. 

Subsidiary of a person means any other person: 
  

	 	(a)	 directly or indirectly controlled by such person; or 

 

	 	(b)	 of whose dividends or distributions on ordinary voting share capital such person is beneficially entitled to
receive more than 50 per cent, 

 and a person is a “wholly-owned Subsidiary” of another person if it
has no members except that other person and that other person’s wholly-owned Subsidiaries or persons acting on behalf of that other person or its wholly-owned Subsidiaries. 

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 $17,100,000 at the date of this Agreement. 
 Total Loss means, in relation to a vessel, its: 

 

	 	(a)	 actual, constructive, compromised or arranged total loss; or 

 

	 	(b)	 requisition for title, confiscation or other compulsory acquisition by a government entity; or

  

	 	(c)	 hijacking, theft, condemnation, capture, seizure, arrest or detention for more than 90 days or in the case of
piracy for more than 180 days. 

 Total Loss Date means, in relation to the Total Loss of a vessel: 

 

	 	(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; 

  

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

  

	 	(i)	 the date notice of abandonment of the vessel is given to its insurers; or 

 

	 	(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 

  

	 	(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; 

  

	 	(c)	 in the case of a requisition for title, confiscation or compulsory acquisition, the date it happened; and

  
 22 

	 	(d)	 in the case of hijacking, theft, condemnation, capture, seizure, arrest or detention, the date falling 90 days
after the date upon which it happened or in the case of piracy, the date falling 180 days after the date it happened. 

Total Loss Repayment Date means, where a Mortgaged Ship has become a Total Loss, the earlier of: 

 

	 	(a)	 the date 120 days after its Total Loss Date; and 

 

	 	(b)	 the date upon which insurance proceeds or Requisition Compensation for such Total Loss are paid by insurers or
the relevant government entity. 

 Transaction means the acquisition (including by way of merger) of the shares in
the Parent by one or more legal persons others than the ones existing on the date of this Agreement. 
 Transaction Change of Control
occurs if, at any time after a Transaction has been completed, and in respect of paragraph (c) only, until the date falling six (6) months after the date on which the Transaction is completed, without the prior written consent of the
Lenders: 
  

	 	(a)	 the Borrower ceases to be a wholly-owned direct Subsidiary of the Parent; 

 

	 	(b)	 an Owner ceases to be a wholly-owned direct Subsidiary of the Borrower; 

 

	 	(c)	 the Disclosed Persons cease to control, directly or indirectly (through one or more of their Affiliates),
and/or to own legally and beneficially, either directly or indirectly (through one or more of their Affiliates), 50% of (i) the issued and outstanding share capital, or (ii) the issued and outstanding voting share capital, of the Parent;
or 

  

	 	(d)	 the person disclosed by or on behalf of the Parent to the Agent on or prior to the date of this Agreement to be
the chief executive officer of the Parent ceases to be the executive chairman of the ultimate Holding Company of the Parent or ceases to hold any other equivalent executive officer position in the ultimate Holding Company of the Parent, in any case
other than by reason of death or other incapacity of managing his affairs. 

 Transaction Security means the
Security Interests created or evidenced or expressed to be created or evidenced under or pursuant to the Security Documents. 
 Transfer
Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Transfer Certificate) or any other form agreed between the Agent and the Borrower. 

Transfer Date means, in relation to an assignment pursuant to a Transfer Certificate, the later of: 

 

	 	(a)	 the proposed Transfer Date specified in the Transfer Certificate; and 

 

	 	(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. 
 Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents. 

US means the United States of America.  

US Tax Obligor means: 
  

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

  
 23 

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

 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: 
  

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

  

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

 Vessel Performance
Report has the meaning given to that term in clause 20.4 (Provisions and content of Compliance Certificate and Excess Cash Flow Certificate). 

Write-down and Conversion Powers means: 
  

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

  

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

  

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

  

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

  

	1.2	 Construction 

  

	 	(a)	 Unless a contrary indication appears, a reference in any of the Finance Documents to: 

 

	 	(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; 

  

	 	(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; 

  

	 	(iii)	 words importing the plural shall include the singular and vice versa; 

 

	 	(iv)	 a time of day are to London time; 

 

	 	(v)	 any person includes its successors in title, permitted assignees or transferees; 

  
 24 

	 	(vi)	 the knowledge, awareness and/or beliefs (and similar expressions) of any Obligor or a Manager shall be
construed so as to mean the knowledge, awareness and beliefs of the director and officers of such Obligor or Manager, having made due and careful enquiry; 

  

	 	(vii)	 a document in agreed form means: 

 

	 	(A)	 where a Finance Document has already been executed by all of the relevant parties, such Finance Document in its
executed form; 

  

	 	(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; 

 

	 	(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; 

  

	 	(ix)	 assets includes present and future properties, revenues and rights of every description;

  

	 	(x)	 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; 

 

	 	(xi)	 control of an entity means: 

 

	 	(A)	 the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

  

	 	(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 

  

	 	(2)	 appoint or remove all, or the majority, of the directors, or other equivalent officers of that entity; or

  

	 	(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 

  

	 	(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; 

 

	 	(xii)	 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;

  
 25 

	 	(xiii)	 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); 

 

	 	(xiv)	 a government entity means any government, state or agency of a state; 

 

	 	(xv)	 a group of Lenders or a group of Finance Parties includes all the Lenders or (as the case may be)
all the Finance Parties; 

  

	 	(xvi)	 a guarantee means (other than in clause 18 (Guarantee and indemnity)) 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; 

 

	 	(xvii)	 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; 

  

	 	(xviii)	 an obligation means any duty, obligation or liability of any kind; 

 

	 	(xix)	 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);

  

	 	(xx)	 pay or repay in clause 28 (Business restrictions) includes by way of set-off, combination
of accounts or otherwise; 

  

	 	(xxi)	 a person includes any individual, firm, company, limited liability company corporation, government
entity or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality); 

  

	 	(xxii)	 a regulation includes any regulation, rule, official directive, request or guideline (whether or not
having the force of law but if not having the force of law, one with which a person is reasonably expected to comply) 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 applicable to that Lender;

  

	 	(xxiii)	 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; 

  

	 	(xxiv)	 trustee, fiduciary and fiduciary duty has in each case the meaning given to such term under
applicable law; 

  
 26 

	 	(xxv)	 (i) the liquidation, winding up, dissolution, or administration of 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 formed (as the case may be), 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; and

  

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

  

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

  

	 	(c)	 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. 

 

	 	(d)	 Section, clause and Schedule headings are for ease of reference only. 

 

	 	(e)	 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. 

  

	 	(f)	 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. 

  

	1.3	 Currency symbols and definitions 

$, USD and dollars denote the lawful currency of the United States of America. 

 

	1.4	 Third party rights 

 

	 	(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. 

  

	 	(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). 

  

	 	(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. 

  
 27 

	1.5	 Finance Documents 

Where any other Finance Document provides that this clause 1.5 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. 

 

	1.6	 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. 

  
 28 

 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 aggregate amount equal to the
Total Commitments. 
  

	2.2	 Finance Parties’ rights and obligations 

 

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

  

	 	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor 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 a Loan or any other amount owed by an Obligor which relates to a Finance Party’s
participation in the Facility or its role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor. 

 

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

  

	3	 Purpose 

  

	3.1	 Purpose 

The Borrower shall apply all amounts borrowed under the Facility in accordance with this clause 3. 

 

	3.2	 Refinancing 

Each Advance shall be made available solely for the purpose of assisting the Borrower to (i) refinance the amounts owing by the relevant
Obligor under the Existing Indebtedness in respect of the Ship relevant to such Advance (ii) pay any fees arising from documenting the Facility and refinancing the Existing Indebtedness. 

 

	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 5.4 (Lenders’ participation) in relation to any Utilisation if on or before
the Utilisation Date for that Utilisation, the Agent, or its duly authorised representative, has received 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. 

  
 29 

	4.2	 Ship and security conditions precedent 

The Total Commitments may only be borrowed 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) in form and substance satisfactory to the Agent. 
  

	4.3	 Notice of satisfaction of conditions 

The Agent shall notify the Lenders and the Borrower promptly after receipt by it 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 5.4 (Lenders’ participation) if: 

 

	 	(a)	 on the date of the Utilisation Request and on the proposed Utilisation Date, no Default is continuing or would
result from the proposed Utilisation; 

  

	 	(b)	 in relation to each Utilisation, on the date of the Utilisation Request and on the proposed Utilisation Date,
all of the representations set out in clause 19 (Representations) (except the Ship Representations) are true; and 

  

	 	(c)	 where the proposed Utilisation Date is to be the first day of the Mortgage Period for a Ship, the Ship
Representations for such Ship are true on the proposed Utilisation Date. 

  

	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. 

  
 30 

 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 11:00 a.m. two Business
Days before the proposed Utilisation Date. 
  

	5.2	 Completion of a Utilisation Request 

 

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

  

	 	(i)	 the proposed Utilisation Date in respect of an Advance is a Business Day falling on or before the Last
Availability Date; 

  

	 	(ii)	 the currency and amount of the Utilisation comply with clause 5.3 (Currency and amount);

  

	 	(iii)	 the proposed Interest Period complies with clause 10 (Interest Periods); and

  

	 	(iv)	 it identifies the purpose for the Utilisation and that purpose complies with clause 3
(Purpose) and it identifies the relevant Advance to which it relates. 

  

	 	(b)	 Only one Utilisation Request may be made. 

 

	 	(c)	 The Commitments may only be borrowed in a single Utilisation. 

 

	5.3	 Currency and amount 

 

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

 

	 	(b)	 Subject to the terms of this Agreement, the total amount advanced under each Advance shall not exceed the
Advance Commitment relating to such Advance. 

  

	 	(c)	 Subject to the terms of this Agreement, the total amount available and advanced under all Advances shall not
exceed the Total Commitments. 

  

	5.4	 Lenders’ participation 

 

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

  

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

  

	 	(c)	 The Agent shall promptly notify each Lender of the amount of the Advance and the amount of its participation in
the Advance, in each case by 11:00 a.m. on the relevant Quotation Day. 

  

	 	(d)	 The Agent shall pay all amounts received by it in respect of each 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. 

  
 31 

 Section 4—Repayment, Prepayment and Cancellation 

 

	6	 Repayment 

  

	6.1	 Repayment 

The Borrower shall on each Repayment Date repay such part of the Loan as is required to be repaid on that Repayment Date by clause 6.2
(Scheduled repayment of Advances). 
  

	6.2	 Scheduled repayment of Advances 

 

	 	(a)	 To the extent not previously reduced, each Advance shall be repaid by instalments on each Repayment Date in
respect of the relevant Advance by the amount specified below (as revised by clause 6.3 (Adjustment of scheduled repayments)): 

  

													
	 Repayment Date
	  	Advance A
Amount $	 	  	Advance B
Amount $	 	  	Advance C
Amount $	 
	 First
	  	 	110,000	 	  	 	110,000	 	  	 	110,000	 
	 Second
	  	 	110,000	 	  	 	110,000	 	  	 	110,000	 
	 Third
	  	 	110,000	 	  	 	110,000	 	  	 	110,000	 
	 Fourth
	  	 	5,370,000	 	  	 	5,370,000	 	  	 	5,370,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 TOTAL
	  	 	5,700,000	 	  	 	5,700,000	 	  	 	5,700,000	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

  

	 	(b)	 The fourth instalment referred to above in respect of each Advance is comprised of two parts, a repayment
instalment in the amount of $110,000 and a balloon instalment in the amount of $5,260,000 (the Balloon Instalment). 

  

	 	(c)	 On the Final Repayment Date for an Advance (without prejudice to any other provision of this Agreement), that
Advance shall be repaid in full. 

  

	6.3	 Adjustment of scheduled repayments 

If an Advance Commitment has been partially reduced under this Agreement and/or any part of the relevant Advance is prepaid (other than under
clause 6.2 (Scheduled repayment of Advances)) before any Repayment Date in respect of the relevant Advance, then the amount of the instalment (including the Balloon Instalment) by which the relevant Advance shall be repaid under
clause 6.2 (Scheduled repayment of Advances) on any such Repayment Date (as reduced by any earlier operation of this clause 6.3) shall be reduced pro rata to such reduction in the relevant Advance Commitment and/or prepayment of
relevant Advance (and the remaining instalments of such Advance shall be rounded upwards to the nearest thousand), except in the case of a reduction under clause 7.2 (Voluntary cancellation) or prepayment under clause 7.3
(Voluntary prepayment) or clause 7.7(c) (Excess Cash Flow calculation and prepayment) where the reduction shall be treated as reducing the instalments of the relevant Advance in inverse chronological order
(including the relevant Balloon Instalment) by its aggregate amount. 

  
 32 

	7	 Illegality, prepayment and cancellation 

 

	7.1	 Illegality 

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

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

 

	 	(b)	 upon the Agent notifying the Borrower, the Available Commitment of that Lender will be immediately cancelled
and the undrawn Advance Commitments shall each be correspondingly reduced rateably; and 

  

	 	(c)	 to the extent that the Lender’s participation has not been assigned pursuant to clause 7.5 (Replacement
of Lender), the Borrower shall repay that Lender’s participation in the Loan on the last day of the Interest Period 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) and that Lender’s corresponding Commitment shall be cancelled in the amount of the participation repaid. 

 

	7.2	 Voluntary cancellation 

The Borrower may, if it gives the Agent not less than 15 Business Days’ (or such shorter period as the Lenders may agree) prior notice,
cancel the whole or any part (being a minimum amount of $500,000 or a multiple of $500,000) of the Available Facility. Any cancellation under this clause 7.2 shall reduce the Commitments of the Lenders rateably. 

 

	7.3	 Voluntary prepayment 

The Borrower may, if it gives the Agent not less than 15 Business Days’ (or such shorter period as the Majority Lenders may agree) prior
notice, prepay the whole or any part of an Advance (but if in part, being an amount that reduces the amount of the relevant Advance by a minimum amount of $500,000 or a multiple of $500,000): 

 

	 	(a)	 on the last day of an Interest Period in respect of the amount to be prepaid; or 

 

	 	(b)	 in the case of a prepayment under this clause 7.3 as a result of a sale of a Ship in accordance with clause
23.3 (Sale or other disposal of Ship), on any other date, but subject always to clause 11.6 (Break Costs). 

  

	7.4	 Right of cancellation in relation to a Defaulting Lender 

 

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

  

	 	(b)	 On such notice becoming effective, the Available Commitment of the Defaulting Lender shall immediately be
reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders. 

  

	7.5	 Replacement of Lender 

 

	 	(a)	 If: 

  

	 	(i)	 any Lender has become and continues to be a Defaulting Lender; or 

 

	 	(ii)	 the Borrower becomes obliged to repay any amount in accordance with clause 7.1 (Illegality) to any
Lender, 

  
 33 

 the Borrower may, on ten Business Days’ prior notice to the Agent and such Lender,
replace such Lender by requiring such Lender to assign (and, to the extent permitted by law, such Lender shall assign) pursuant to clause 30 (Changes to the Lenders) all (and not part only) of its rights under this Agreement (and any Security
Document to which that Lender is a party in its capacity as a Lender) to an Eligible Institution (a Replacement Lender) which confirms its willingness to undertake and does undertake all the obligations of the assigning Lender in
accordance with clause 30 (Changes to the Lenders) for a purchase price in cash payable at the time of the assignment in an amount equal to the aggregate of: 
  

	 	(A)	 the outstanding principal amount of such Lender’s participation in the Loan; 

 

	 	(B)	 all accrued interest owing to such Lender; 

 

	 	(C)	 the Break Costs which would have been payable to such Lender pursuant to clause 11.6 (Break Costs) had
the Borrower prepaid in full that Lender’s participation in the Loan on the date of the assignment; and 

  

	 	(D)	 all other amounts payable to that Lender under the Finance Documents on the date of the assignment.

  

	 	(b)	 The replacement of a Lender pursuant to this clause 7.5 shall be subject to the following conditions:

  

	 	(i)	 the Borrower shall have no right to replace the Agent or the Security Agent; 

 

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

 

	 	(iii)	 in the event of a replacement of a Defaulting Lender, such replacement must take place no later than ten
Business Days after the notice referred to in paragraph (a) above; 

  

	 	(iv)	 in no event shall the Lender replaced under this clause 7.5 be required to pay or surrender any of the fees
received by such Lender pursuant to the Finance Documents; and 

  

	 	(v)	 the Lender shall only be obliged to assign its rights pursuant to paragraph (a) 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. 

 

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

 

	7.6	 Sale or Total Loss 

 

	 	(a)	 If a Ship is sold or becomes a Total Loss before its Advance Commitment has become available for borrowing
under this Agreement, the Total Commitments shall immediately be reduced by the Advance Commitment for such Ship and such Advance Commitment shall be reduced to zero. 

 

	 	(b)	 On a Mortgaged Ship’s Disposal Repayment Date, the Borrower shall prepay: 

 

	 	(i)	 the relevant Advance; and 

 

	 	(ii)	 in the event that such Disposal Repayment Date is on a date after 1 January 2020, such part of the Loan as
may be necessary to ensure that immediately after such prepayment the Security Value equals or exceeds the Minimum Value. 

  
 34 

	 	(c)	 Any prepayment in above of the relevant Advance shall be applied pro rata between the remaining Advances.

  

	 	(d)	 Provided than no Default has occurred and is continuing, any remaining proceeds of the sale or Total Loss of a
Ship after the prepayment referred to in paragraph (b) above has been made, shall be paid to the Borrower (save as otherwise provided in the Co-ordination Agreement). 

 

	7.7	 Excess Cash Flow calculation and prepayment 

 

	 	(a)	 The Agent shall be entitled (but not obligated), in relation to each Calculation Period (and following an
initial calculation made by the Owners as set out in the Excess Cash Flow Certificate delivered to the Agent under clause 20.4 (Provision and contents of Compliance Certificate and Excess Cash Flow Certificate)), to calculate in
its sole discretion the amount of the Excess Cash Flow for such Calculation Period. 

  

	 	(b)	 Following each such calculation the Agent shall notify the Borrower and the Lenders of the amount of such
Excess Cash Flow for that Calculation Period, provided however that if the Agent does not notify the Borrower and the Lenders of its calculations within 7 Business Days of receiving the Excess Cash Flow Certificate, the Owners’ calculations as
set out in the relevant Excess Cash Flow Certificate shall apply in respect of the Excess Cash Flow applicable for that Calculation Period. 

  

	 	(c)	 If the amount of Excess Cash Flow in respect of a Calculation Period as determined by the Owners or, if
applicable, the Agent in accordance with this clause 7.7, is a positive figure, the Borrower shall prepay to the Agent (for the account of the Lenders) a part of the Loan equal to such Excess Cash Flow. 

 

	 	(d)	 Once the Borrower has made prepayments against the Loan, whether under clause 7.7(c) or under clause 7.3
(Voluntary prepayment), equal to $4,500,000, the Borrower’s obligation to make any further prepayments under this clause 7.7 shall cease to apply. 

 

	 	(e)	 A prepayment under clause 7.7(c) shall be made on the last day (the Next Rollover Date) of the
first Interest Period falling immediately after the relevant Excess Cash Flow Notice or, if there is no such notice, after the date the relevant Excess Cash Flow Certificate is delivered to the Agent. 

 

	 	(f)	 Each prepayment under clause 7.7(c) shall be applied pro rata between the Advances and as regards between the
Advances in or towards reduction of the repayment instalments (including the relevant Balloon Instalment) of each Advance in accordance with clause 6.3 (Adjustment of scheduled repayments). 

 

	 	(g)	 The provisions of clause 8 (Restrictions) shall apply to any prepayment made under this
clause 7.7(c). 

  

	7.8	 Automatic cancellation 

Any part of an Advance Commitment which has not become available by the Last Availability Date shall be automatically cancelled at close of
business in Amsterdam on the Last Availability Date. 
  

	8	 Restrictions 

  

	8.1	 Notices of cancellation and prepayment 

 

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

  
 35 

	 	(b)	 If any such cancellation or prepayment relates to a particular Advance Commitment and/or Advance, any such
notice shall also specify the relevant Advance Commitment and/or Advance. 

  

	8.2	 Interest and other amounts 

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

	8.3	 No reborrowing 

The Borrower may not re-borrow any part of the Facility which is prepaid or repaid. 

 

	8.4	 Prepayment in accordance with Agreement 

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. 
  

	8.5	 No reinstatement of Commitments 

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

 

	8.6	 Agent’s receipt of notices 

If the Agent receives a notice under clause 7 (Illegality, prepayment and cancellation) it shall promptly forward a copy
of that notice to either the Borrower or the affected Lender, as appropriate. 
  

	8.7	 Effect of repayment and prepayment on Commitments 

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

	8.8	 Application of cancellations 

If the Total Commitments are partially reduced and/or the Loan partially prepaid under this Agreement (other than under clause 7.1
(Illegality)), the Commitments of the Lenders shall be reduced rateably. 
  

	8.9	 Application of prepayments 

 

	 	(a)	 Any prepayment required as a result of a cancellation in full of an individual Lender’s Commitment under
clause 7.1 (Illegality) shall be applied in prepaying the relevant Lender’s participation in each Advance. 

  

	 	(b)	 Any other prepayment shall be applied pro rata to each Lender’s participation in each Advance being
prepaid. 

  

	8.10	 Removal of Lender from security 

Upon cancellation and prepayment in full of an individual Lender’s Commitment under clause 7.1 (Illegality), that Lender and the
other Parties must promptly take (and the Borrower shall ensure that any other relevant Obligor promptly takes) whatever action the Agent may, in its reasonable opinion, deem necessary or desirable for the purpose of removing that Lender as a party
to and beneficiary of any Security Documents granted in favour of (among others) the Lenders. 

  
 36 

 Section 5—Costs of Utilisation 

 

	9	 Interest 

  

	9.1	 Calculation of interest 

The rate of interest on each Advance (or any relevant part of it for which there is a separate Interest Period) for each Interest Period for
the relevant Advance is the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	 Margin; and 

  

	 	(b)	 LIBOR for the relevant Interest Period. 

 

	9.2	 Payment of interest 

The Borrower shall pay accrued interest on each Advance (or any relevant part of it) on the last day of each Interest Period for that Advance
(or the relevant part of it) (and, if an Interest Period is longer than three Months, on the dates falling at three Monthly intervals after the first day of that Interest Period). 

 

	9.3	 Default interest 

 

	 	(a)	 If an Obligor fails to pay any amount payable by it under a Finance Document to a Finance Party on its due
date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is two per cent 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).

  

	 	(b)	 Any interest accruing under this clause 9.3 shall be immediately payable by the Obligor on demand by the Agent.

  

	 	(c)	 If any overdue amount consists of all or part of the Loan (or any relevant part of it) 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: 

  

	 	(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 

  

	 	(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. 

  

	 	(d)	 Default interest payable under this clause 9.3 (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. 

  

	9.4	 Notification of rates of interest 

 

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

  

	 	(b)	 The Agent shall promptly notify the Borrower of each Funding Rate relating to each Advance (or any relevant
part of it). 

  
 37 

	10	 Interest Periods 

 

	10.1	 Selection of Interest Periods 

 

	 	(a)	 The Borrower may select an Interest Period for an Advance in the Utilisation Request or (if an Advance has
already been borrowed) in a Selection Notice relating to that Advance. 

  

	 	(b)	 Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than 11:00
a.m. four Business Days before the last day of the then current Interest Period for the relevant Advance. 

  

	 	(c)	 If the Borrower fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above,
the relevant Interest Period will, subject to clause 10.2 (Interest Periods overrunning Repayment Dates), be three Months. 

  

	 	(d)	 Subject to this clause 10, the Borrower may select an Interest Period of three Months or any other period
agreed between the Borrower and the Agent (acting on the instructions of all the Lenders). 

  

	 	(e)	 No Interest Period for an Advance shall extend beyond the Final Repayment Date for that Advance.

  

	 	(f)	 The first Interest Period for an Advance shall start on the Utilisation Date for that Advance and each
subsequent Interest Period for that Advance shall start on the last day of its preceding Interest Period. 

  

	10.2	 Interest Periods overrunning Repayment Dates 

If the Borrower selects an Interest Period for an Advance which would overrun any later Repayment Date for that Advance, that Advance shall be
divided into parts corresponding to the amounts by which that Advance is scheduled to be repaid under clause 6.2 (Scheduled repayment of Advances) on each of the Repayment Dates for that Advance falling during such Interest Period (each of
which shall have a separate Interest Period ending on the relevant Repayment Date) and to the balance of that Advance (which shall have the Interest Period selected by the Borrower). 

 

	10.3	 Non-Business Days 

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

	11	 Changes to the calculation of interest 

 

	11.1	 Unavailability of Screen Rate 

 

	 	(a)	 If no Screen Rate is available for LIBOR for an Interest Period, LIBOR shall be the Interpolated Screen Rate
for a period equal in length to that Interest Period. 

  

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

 

	 	(i)	 dollars; or 

  

	 	(ii)	 the relevant Interest Period and it is not possible to calculate the Interpolated Screen Rate,

 LIBOR shall be the Reference Bank Rate as of noon on the relevant Quotation Day and for a period equal in length to the
relevant Interest Period. 

  
 38 

	 	(c)	 If paragraph (b) above applies but no Reference Bank Rate is available for dollars or the relevant
Interest Period, there shall be no LIBOR for that Interest Period and clause 11.4 (Cost of funds) shall apply for that Interest Period. 

  

	11.2	 Calculation of Reference Bank Rate 

 

	 	(a)	 Subject to paragraph (b) below, if LIBOR for an Interest Period is to be determined by reference to the
Reference Banks but a Reference Bank does not supply a quotation by noon on the relevant Quotation Day, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks. 

 

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

  

	11.3	 Market disruption 

If before close of business in London on the Quotation Day for an Interest Period the Agent receives notifications from a Lender or Lenders
(whose participations in the Loan exceed 51 per cent of the Loan) that the cost to it of funding its participation in the relevant Advance or relevant part of it from whatever source it may reasonably select would be in excess of LIBOR then
clause 11.4 (Cost of funds) shall apply to the relevant Advance or relevant part of it for the relevant Interest Period. 
  

	11.4	 Cost of funds 

 

	 	(a)	 If this clause 11.4 applies, the rate of interest for the Interest Period shall be the percentage rate per
annum which is the sum of: 

  

	 	(i)	 the Margin; 

  

	 	(ii)	 the rate notified to the Agent by that Lender as soon as practicable and in any event within ten Business Days
of the first day of that Interest Period (or, if earlier, on the date falling ten Business Days before the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the
cost to the relevant Lender of funding its participation in the relevant Advance or relevant part of it from whatever source it may reasonably select; and 

  

	 	(iii)	 any cost applicable to that Lender pursuant to clause 15.10 (Mandatory Cost). 

 

	 	(b)	 If this clause 11.4 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 thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

  

	 	(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. 

  

	 	(d)	 If this clause 11.4 applies pursuant to clause 11.3 (Market disruption) and: 

 

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

 

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

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

  
 39 

	11.5	 Notification to Borrower 

If clause 11.4 (Cost of funds) applies, the Agent shall, as soon as is practicable, notify the Borrower. 

 

	11.6	 Break Costs 

  

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

  

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

  

	12	 Fees 

  

	12.1	 Commitment commission 

 

	 	(a)	 The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of
one point nine five per cent per annum on that Lender’s Available Commitment calculated from the date of this Agreement (the start date). 

  

	 	(b)	 The Borrower shall pay the accrued commitment commission on the last day of the period of three Months
commencing on the start date, on the last day of each successive period of three Months, on the Last Availability Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Available Commitment at the time the cancellation
is effective. 

  

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

  

	 	(d)	 No commitment fee shall be payable to the Agent (for the account of the Lenders) if the Total Commitments have
been advanced within seven Business Days after the start date. 

  

	12.2	 Arrangement fee 

The Borrower shall pay to the Agent (for distribution to the Arranger and the Lenders) an arrangement fee in the amount and at the times agreed
in a Fee Letter. 
  

	12.3	 Advisory fee 

The Borrower shall pay to the Arranger (for its own account) an advisory fee in the amount and at the times agreed in a Fee Letter. 

  
 40 

 Section 6—Additional Payment Obligations 

 

	13	 Tax gross-up and indemnities 

 

	13.1	 Definitions 

  

	 	(a)	 In this Agreement: 

Protected Party means a Finance Party or, in relation to clause 15.4 (Indemnity concerning security) and clause 15.7
(Interest) insofar as it relates to interest on any amount demanded by that Indemnified Person under clause 15.4 (Indemnity concerning security), any Indemnified Person, 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 Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document other than a FATCA
Deduction. 
  

	 	(b)	 Unless a contrary indication appears, in this clause 13 a reference to “determines”
or “determined” means a determination made in the absolute discretion of the person making the determination. 

  

	13.2	 Tax gross-up 

 

	 	(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. 

  

	 	(b)	 The Borrower shall, promptly upon it 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. 

  

	 	(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. 

 

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

  

	 	(e)	 Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction,
the Obligor making that Tax Deduction shall deliver to the 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. 

  

	13.3	 Tax indemnity 

 

	 	(a)	 The Borrower shall (within five 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. 

  
 41 

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

 

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

 

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

  

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

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

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

 

	 	(A)	 is compensated for by an increased payment under clause 13.2 (Tax
gross-up); or 

  

	 	(B)	 relates to a FATCA Deduction required to be made by a Party or any Obligor which is not a Party.

  

	 	(c)	 A Protected Party making, or intending to make a claim under paragraph (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 and shall specify the nature and amount of such claim pursuant to any available information. 

 

	 	(d)	 A Protected Party shall, on receiving a payment from an Obligor under this clause 13.3, notify the Agent.

  

	13.4	 Indemnities on after Tax basis 

 

	 	(a)	 If and to the extent that any sum payable to any Protected Party by the Borrower under any Finance Document by
way of indemnity or reimbursement proves to be insufficient, by reason of any Tax suffered thereon, for that Protected Party to discharge the corresponding liability to a third party, or to reimburse that Protected Party for the cost incurred by it
in discharging the corresponding liability to a third party, the Borrower shall pay that Protected Party such additional sum as (after taking into account any Tax suffered by that Protected Party on such additional sum) shall be required to make up
the relevant deficit. 

  

	 	(b)	 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. 

 

	 	(c)	 For the purposes of paragraphs (a) and (b) above, 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. 

  
 42 

	13.5	 Stamp taxes 

The Borrower shall pay and, within five 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. 
  

	13.6	 Value added tax 

 

	 	(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 paragraph (b) below, if VAT is or becomes chargeable on any supply made by
any Finance Party to any party under a Finance Document, and such Finance Party is required to account to the relevant tax authority for the VAT, that party must pay to such Finance Party (in addition to and at the same time as paying any other
consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that party). 

 

	 	(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 that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): 

  

	 	(i)	 (where the Supplier is the person required to account to the relevant tax authority for the VAT) the 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 (i) 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 

 

	 	(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. 

  

	 	(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 in respect of such VAT from the relevant tax authority. 

  

	 	(d)	 Any reference in this clause 13.6 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). 

  

	 	(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. 

  
 43 

	13.7	 FATCA information 

 

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

  

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

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

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

  

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

  

	 	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	 	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraphs (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

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

  

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

  

	 	(ii)	 where the Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that
date; or 

  

	 	(iii)	 where the Borrower is not a US Tax Obligor, the date of a request from the Agent, supply to the Agent:

  

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

  
 44 

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

  

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

  

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

  

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

 

	13.8	 FATCA Deduction 

 

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

 

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

 

	14	 Increased Costs 

 

	14.1	 Increased costs 

 

	 	(a)	 Subject to clause 14.3 (Exceptions), the Borrower shall, within five 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: 

  

	 	(i)	 arises as a result of (A) the introduction of or any change in (or in the interpretation, administration
or application of) any law or regulation or (B) compliance with any law or regulation made after the date of this Agreement; and/or 

  

	 	(ii)	 is a Basel III Increased Cost; and/or 

 

	 	(iii)	 is a Reformed Basel III Increased Cost. 

 

	 	(b)	 In this Agreement Increased Costs means: 

 

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

  

	 	(ii)	 an additional or increased cost; or 

 

	 	(iii)	 a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a
Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

  
 45 

	14.2	 Increased cost claims 

 

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

  

	 	(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. 

  

	14.3	 Exceptions 

  

	 	(a)	 Clause 14.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

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

 

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

 

	 	(iii)	 compensated for by clause 13.3 (Tax indemnity) (or would have been compensated for under clause 13.3
(Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of clause 13.3 (Tax indemnity) applied); 

  

	 	(iv)	 compensated for by clause 15.10 (Mandatory Cost); or 

 

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

  

	 	(b)	 In paragraph (a) above, a reference to a Tax Deduction has the same meaning given to the term in clause
13.1 (Definitions). 

  

	15	 Other indemnities 

 

	15.1	 Currency indemnity 

 

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

 

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

 

	 	(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 five 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. 
  

	 	(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. 

  
 46 

	15.2	 Other indemnities 

The Borrower shall (or shall procure that another Obligor will), within five Business Days of demand by a Finance Party, indemnify each Finance
Party against any and all Losses incurred by that Finance Party as a result of: 
  

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 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 38 (Sharing among the Finance Parties); 

  

	 	(c)	 funding, or making arrangements to fund, its participation in a Utilisation 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 

 

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

  

	15.3	 Indemnity to the Agent and the Security Agent 

The Borrower shall promptly indemnify the Agent and the Security Agent against: 

 

	 	(a)	 any and all Losses (together with any applicable VAT) incurred by the Agent or the Security Agent as a result
of: 

  

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

 

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

  

	 	(iii)	 instructing lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or
other professional advisers or experts as permitted under the Finance Documents; or 

  

	 	(iv)	 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 obligations under the Finance Documents, and 

 

	 	(b)	 any and all Losses (including, without limitation, in respect of liability for negligence or any other category
of liability whatsoever) (together with any applicable VAT) 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 39.11 (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. 

  
 47 

	15.4	 Indemnity concerning security 

 

	 	(a)	 The Borrower shall (or shall procure that another Obligor will) promptly indemnify each Indemnified Person
against any and all Losses (together with any applicable VAT) incurred by it as a result of: 

  

	 	(i)	 any failure by the Borrower to comply with its obligations under clause 17 (Costs and expenses) or any
similar provision in any other Finance Document; 

  

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

  

	 	(iii)	 the taking, holding, protection or enforcement of the Transaction Security; 

 

	 	(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 and each Delegate by the Finance Documents or by law (otherwise, in each case, than by reason of the relevant Security Agent’s and/or other Finance Party’s,
Receiver’s or Delegate’s gross negligence or wilful misconduct); 

  

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

  

	 	(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); 

 

	 	(vii)	 instructing lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or
other professional advisers or experts as permitted under the Finance Documents; or 

  

	 	(viii)	 (in the case of the Security Agent, and/or any other Finance Party, any Receiver and any Delegate) acting as
Security Agent and/or as holder of any of the Transaction Security, Receiver or Delegate under the Finance Documents or which otherwise relates to the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent’s
and/or other Finance Party’s, Receiver’s or Delegate’s gross negligence or wilful misconduct). 

  

	 	(b)	 The Security Agent may, in priority to any payment to the other Finance Parties, indemnify itself out of the
Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this clause 15.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all
moneys payable to it. 

  

	15.5	 Continuation of indemnities 

The indemnities by the Borrower in favour of any 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. 
  

	15.6	 Third Parties Act 

 

	 	(a)	 Each Indemnified Person may rely on the terms of clause 15.4 (Indemnity concerning security) and clauses
13 (Tax gross-up and indemnities) and 15.7 (Interest) insofar as it relates to interest on, or the calculation of, any amount demanded by that Indemnified Person under clause 15.4 (Indemnity
concerning security), subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

  

	 	(b)	 Where an Indemnified Person (other than a Finance Party) (the Relevant Beneficiary) who is:

  

	 	(i)	 appointed by a Finance Party under the Finance Documents; 

 

	 	(ii)	 an Affiliate of any such person or that Finance Party; or 

  
 48 

	 	(iii)	 an officer, director, employee, adviser, representative or agent of any of the above persons or that Finance
Party, 

 is entitled to receive any amount (a Third Party Claim) under any of the provisions referred to in
paragraph (a) above: 
  

	 	(A)	 the Borrower shall at the same time as the relevant Third Party Claim is due to the Relevant Beneficiary pay to
that Finance Party a sum in the amount of that Third Party Claim; 

  

	 	(B)	 payment of such sum to that Finance Party shall, to the extent of that payment, satisfy the corresponding
obligations of the Borrower to pay the Third Party Claim to the Relevant Beneficiary; and 

  

	 	(C)	 if the Borrower pays the Third Party Claim direct to the Relevant Beneficiary, such payment shall, to the
extent of that payment, satisfy the corresponding obligations of the Borrower to that Finance Party under sub-paragraph (A) above. 

 

	15.7	 Interest 

Moneys becoming due by the Borrower to any Indemnified Person under the indemnities contained in this clause 15 (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 9.3 (Default interest). 
  

	15.8	 Exclusion of liability 

Without prejudice to any other provision of the Finance Documents excluding or limiting the liability of any Indemnified Person, no Indemnified
Person will be in any way liable or responsible to any Obligor (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 15.8 subject to clause 1.4 (Third party rights) and the provisions
of the Third Parties Act. 
  

	15.9	 Sanctions 

  

	 	(a)	 Each Obligor shall, within five Business Days of demand by a Finance Party, indemnify such Finance Party
against any cost, loss or liability incurred by it as a result of any civil penalty or fine against, and all costs and expenses (including counsel fees and disbursements) incurred in connection with the defence thereof by, the Agent or the relevant
Finance Party as a result of conduct of any Group Member or any Manager or any of its partners, directors, officers, employees, agents or advisors, that violates any applicable Sanctions. 

 

	 	(b)	 The indemnity in clause 15.9(a) shall cover any Losses incurred by each Finance Party in any jurisdiction
arising or asserted under or in connection with any law relating to any applicable Sanctions. 

  
 49 

	15.10	 Mandatory Cost 

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

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

  

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

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

 

	16	 Mitigation by the Lenders 

 

	16.1	 Mitigation 

  

	 	(a)	 Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any
circumstances which arise and which would result in 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 13 (Tax gross-up and indemnities), clause 14 (Increased costs) or clause 15.10 (Mandatory Cost) including (but not limited to) assigning its rights under the Finance Documents to another Affiliate or
Facility Office. 

  

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

  

	16.2	 Limitation of liability 

 

	 	(a)	 The Borrower shall promptly indemnify each Finance Party for all costs and expenses incurred by that Finance
Party as a result of steps taken by it under clause 16.1 (Mitigation). 

  

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

  

	17	 Costs and expenses 

 

	17.1	 Transaction expenses 

The Borrower shall, promptly on demand, pay the Agent, the Security Agent and the Arranger the amount of all costs and expenses (including
fees, costs and expenses of lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts) (together with any applicable VAT) reasonably incurred by any of them (and, in the
case of the Security Agent, by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution, syndication, registration and perfection and any release, discharge or reassignment of: 

 

	 	(a)	 this Agreement and any other documents referred to in this Agreement and the Security Documents;

  

	 	(b)	 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 26 (Minimum security value); or 

  

	 	(c)	 any Security Interest expressed or intended to be granted by a Finance Document. 

  
 50 

	17.2	 Amendment costs 

If: 
  

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

 

	 	(b)	 an amendment is required pursuant to clause 39.10 (Change of currency); or

  

	 	(c)	 an amendment is required pursuant to clause 21.5 (Most favoured nation),

 the Borrower shall, within five Business Days of demand, reimburse each of the Agent and the Security Agent for the
amount of all costs and expenses (including fees, costs and expenses of lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts) (together with any applicable VAT)
reasonably incurred by the Agent and the Security Agent (and in the case of the Security Agent by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement. 

 

	17.3	 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 lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts) (together with any applicable VAT) incurred by that Finance Party in connection with: 

 

	 	(a)	 the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security
and any proceedings instituted by or against any Indemnified Person as a consequence of taking or holding the Security Documents or enforcing those rights; 

  

	 	(b)	 any valuation carried out under clause 26 (Minimum security value), clause 28.11
(Reduction of capital) or clause 28.13 (Distributions and other payments); or 

  

	 	(c)	 any inspection carried out under clause 24.9 (Inspection and notice of
dry-docking) or any survey carried out under clause 24.17 (Survey report), but not more than what is provided in such clauses. 

  
 51 

 Section 7—Guarantee 

 

	18	 Guarantee and indemnity 

 

	18.1	 Guarantee and indemnity 

Each Guarantor irrevocably and unconditionally: 
  

	 	(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; 

  

	 	(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 

 

	 	(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 another
Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by such Obligor under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this
indemnity will not exceed the amount that Guarantor would have had to pay under this clause 18.1 if the amount claimed had been recoverable on the basis of a guarantee. 

 

	18.2	 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. 
  

	18.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor 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 Guarantor under this clause 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 
  

	18.4	 Waiver of defences 

The obligations of each Guarantor under this clause 18 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 18, would reduce, release or prejudice any of its obligations under this clause 18 including (without limitation): 
  

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

  

	 	(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; 

  

	 	(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; 

  
 52 

	 	(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; 

  

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

  

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

  

	 	(g)	 any insolvency or similar proceedings. 

 

	18.5	 Guarantors intent 

Without prejudice to the generality of clause 18.4 (Waiver of defences), each Guarantor 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. 

 

	18.6	 Immediate recourse 

Each 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 before claiming from that Guarantor under this clause 18. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	18.7	 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: 
  

	 	(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 neither Guarantor shall be entitled to the benefit of the
same; and 

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from a Guarantor or on account of a
Guarantor’s liability under this clause 18. 

  

	18.8	 Deferral of Guarantor’s rights 

 

	 	(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 Guarantor 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 18: 

  

	 	(i)	 to be indemnified by another Obligor; 

 

	 	(ii)	 to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance
Documents; 

  
 53 

	 	(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; 

 

	 	(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 that Guarantor has given a guarantee, undertaking or indemnity under clause 18 (Guarantee and indemnity); 

  

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

  

	 	(vi)	 to claim or prove as a creditor of any other Obligor in competition with any Finance Party.

  

	 	(b)	 If a Guarantor 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 39 (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. 

  

	18.9	 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. 
  

	18.10	 Guarantors’ rights and obligations 

 

	 	(a)	 The obligations of each Guarantor under this guarantee and under this Agreement are joint and several. Failure
by a Guarantor to perform its obligations under this guarantee and/or this Agreement shall constitute a failure by all Guarantors. 

  

	 	(b)	 Each Guarantor irrevocably and unconditionally jointly and severally with the other Guarantors:

  

	 	(i)	 agrees that it is responsible for the performance of the obligations of the other Guarantors under this
guarantee and this Agreement; 

  

	 	(ii)	 acknowledges and agrees that it is a principal and original debtor in respect of all amounts due from all
Guarantors under this guarantee and under this Agreement; and 

  

	 	(iii)	 agrees with the Finance Parties that, if any obligation of any other Guarantor under this guarantee and this
Agreement is or becomes unenforceable, invalid or illegal for any reason it will, as an independent and primary obligation, indemnify the Finance Parties or any of them immediately on demand against any and all Losses a Finance Party incurs as a
result of any other Guarantor not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by that other Guarantor under this guarantee and/or this Agreement. The amount payable under this indemnity
shall be equal to the amount which a Finance Party would otherwise have been entitled to recover. 

  
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 Section 8—Representations, Undertakings and Events of Default 

 

	19	 Representations 

 

	19.1	 Each Obligor who is a Party makes and repeats the representations and warranties set out in this clause 19 to
each Finance Party at the times specified in clause 19.36 (Times when representations are made). 

  

	19.2	 Status 

  

	 	(a)	 Each Obligor and each Manager is a corporation or a limited liability corporation, duly incorporated or formed
(as the case may be) and validly existing under the law of its Original Jurisdiction. 

  

	 	(b)	 Each Obligor and each Manager has power and authority to own its assets and to carry on its business as it is
now being conducted. 

  

	19.3	 Binding obligations 

Subject to the Legal Reservations: 
  

	 	(a)	 the obligations expressed to be assumed by each Obligor and each Manager in each Finance 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 

  

	 	(b)	 (without limiting the generality of paragraph (a) above) each Security Document to which an Obligor or a
Manager 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. 

 

	19.4	 Non-conflict 

The entry into and performance by each Obligor and each Manager of, and the transactions contemplated by the Finance Documents and the granting
of the Transaction Security do not and will not conflict with: 
  

	 	(a)	 any law or regulation applicable to any Obligor or any Manager; 

 

	 	(b)	 the Constitutional Documents of any Obligor or any Manager; or 

 

	 	(c)	 any agreement or other instrument binding upon any Obligor or any Manager or its 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 Security Interest) on any Obligor’s or any Manager’s assets, rights or revenues. 
  

	19.5	 Power and authority 

 

	 	(a)	 Each Obligor and each Manager has the power to enter into, perform and deliver and comply with its obligations
under, and has taken all necessary action to authorise its entry into, performance and delivery of, and compliance with, each Finance Document to which it is, or is to be, a party and each of the transactions contemplated by those documents.

  

	 	(b)	 No limitation on any Obligor’s or Manager’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 to which such Obligor or Manager is, or is to be, a party. 

  
 55 

	19.6	 Validity and admissibility in evidence 

 

	 	(a)	 All Authorisations required: 

 

	 	(i)	 to enable each Obligor and each Manager lawfully to enter into, exercise its rights and comply with its
obligations under each Finance Document to which it is a party; 

  

	 	(ii)	 to make each Finance Document to which it is a party admissible in evidence in its Relevant Jurisdictions; and

  

	 	(iii)	 to ensure that the Transaction Security has the priority and ranking contemplated by the Security Documents,

 have been obtained or effected or (as the case may be) will be obtained or effected when required and are or (as the
case may be) will be when required in full force and effect except any Authorisation or filing referred to in clause 19.15 (No filing or stamp taxes), which Authorisation or filing will be promptly obtained or effected within any
applicable period. 
  

	 	(b)	 All Authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor and
each Manager have been obtained or effected and are in full force and effect if failure to obtain or effect those Authorisations is reasonably likely to have a Material Adverse Effect. 

 

	19.7	 Governing law and enforcement 

 

	 	(a)	 The choice of governing law of any Finance Document will be recognised and enforced in each Obligor’s and
each Manager’s Relevant Jurisdictions. 

  

	 	(b)	 Any judgment obtained in relation to any Finance Document in the jurisdiction of the governing law of that
Finance Document will be recognised and enforced in its Relevant Jurisdictions. 

  

	19.8	 No misleading information 

 

	 	(a)	 Any factual information contained in the Information Package is true and accurate in all material respects as
at the date of the relevant report or document containing the information or (as the case may be) as at the date the information is expressed to be given. 

  

	 	(b)	 Any financial projection or forecast contained in the Information Package has been prepared on the basis of
recent historical information and on the basis of reasonable assumptions and was fair (as at the date of the relevant report or document containing the projection or forecast) and arrived at after careful consideration. 

 

	 	(c)	 The expressions of opinion or intention provided by or on behalf of an Obligor or a Manager for the purposes of
the Information Package were made after careful consideration and (as at the date of the relevant report or document containing the expression of opinion or intention) were fair and based on reasonable grounds. 

 

	 	(d)	 No event or circumstance has occurred or arisen and no information has been omitted from the Information
Package and no information has been given or withheld that results in the information, opinions, intentions, forecasts or projections contained in the Information Package being untrue or misleading in any material respect. 

 

	 	(e)	 All other written information provided by any Group Member (including its advisers) to a Finance Party was
true, complete and accurate in all material respects as at the date it was provided and is not misleading in any respect. 

  
 56 

	 	(f)	 For the purposes of this clause 19.8, Information Package means any information provided by any Obligor
or a Manager to any of the Finance Parties in connection with the Finance Documents or the transactions referred to in them (including each Compliance Certificate, each Excess Cash Flow Certificate and each Vessel Performance Report).

  

	19.9	 Original Financial Statements 

 

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

  

	 	(b)	 The Original Financial Statements fairly present the consolidated financial condition as at the end of the
relevant Financial Year and its results of operations during the relevant Financial Year of the Group during the relevant Financial Year. 

  

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

  

	19.10	 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. 
  

	19.11	 Ranking and effectiveness of security 

Subject to the Legal Reservations and any filing, registration or notice requirements which is referred to in any legal opinion delivered to
the Agent under clause 4.1 (Initial conditions precedent): 
  

	 	(a)	 the Transaction Security has (or will have when the relevant Security Documents have been executed) the
priority which it is expressed to have in the Security Documents; 

  

	 	(b)	 the Charged Property is not subject to any Security Interest other than Permitted Security Interests; and

  

	 	(c)	 the Transaction Security will constitute perfected security on the assets described in the Security Documents.

  

	19.12	 Centre of main interests and establishments 

For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the Regulation), its centre of main
interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction and it has no “establishment” (as that term if used in Article 2(10) of the Regulation) in any other jurisdiction. 

 

	19.13	 Ownership of Charged Property 

Each Obligor and each Manage is the sole legal and beneficial owner of the Charged Property over which it purports to grant a Security Interest
under the Security Documents. 
  

	19.14	 No insolvency 

No corporate action, legal proceeding or other procedure or step described in clause 29.10 (Insolvency proceedings) or creditors’
process described in clause 29.11 (Creditors’ process) has been taken or, to the knowledge of any Obligor or a Manager, threatened in relation to a Group Member or a Manager and none of the circumstances described in clause 29.9
(Insolvency) applies to any Group Member or a Manager. 

  
 57 

	19.15	 No filing or stamp taxes 

Under the laws of each Obligor’s or Manager’s Relevant Jurisdictions it is not necessary that any Finance 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 or the transactions
contemplated by the Finance Documents except registration of the Mortgage over each Ship with the relevant Registry and 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. 
  

	19.16	 Deduction of Tax 

No Obligor is required to make any Tax Deduction (as defined in clause 13.1 (Definitions)) from any payment it may make under any
Finance Document to which it is, or is to be, a party. 
  

	19.17	 Tax compliance 

 

	 	(a)	 No Obligor is materially overdue in the filing of any Tax returns or overdue in the payment of any amount in
respect of Tax. 

  

	 	(b)	 No claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor
with respect to Taxes such that a liability of, or claim against, any Obligor is reasonably likely to arise for an amount for which adequate reserves have not been provided in the Original Financial Statements and which are reasonably expected to
have a Material Adverse Effect. 

  

	 	(c)	 Each Obligor is resident for Tax purposes only in its Original Jurisdiction. 

 

	19.18	 Pension exposure 

No Obligor is, or may be, liable to contribute funds to any form of pension scheme or similar arrangement (other than a scheme or arrangement
where the benefits conferred by it on its members are calculated solely by reference to a payment or payments made by the relevant member or by any other person in respect of that member). 

 

	19.19	 No Default 

  

	 	(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. 

  

	 	(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. 

  

	19.20	 No proceedings 

 

	 	(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. 

  

	 	(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. 

  
 58 

	19.21	 No breach of laws 

 

	 	(a)	 No Obligor, Manager or other Group Member has breached any law or regulation. 

 

	 	(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 might have a Material Adverse Effect. 

  

	19.22	 Environmental matters 

 

	 	(a)	 No Environmental Law applicable to any Fleet Vessel and/or any Obligor, Manager or other Group Member has been
violated. 

  

	 	(b)	 All consents, licences and approvals required under such Environmental Laws have been obtained and are
currently in force. 

  

	 	(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 is reasonably expected to have a Material Adverse Effect and there has been no Environmental Incident which has given, or might
reasonably be expected to give, rise to such a claim. 

  

	19.23	 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. 
  

	19.24	 Security and Financial Indebtedness 

 

	 	(a)	 No Security Interest exists over all or any of the present or future assets of any Obligor or a Manager in
breach of this Agreement. 

  

	 	(b)	 No Obligor has any Financial Indebtedness outstanding in breach of this Agreement other than, in respect of the
Parent only, any Financial Indebtedness disclosed to the Agent prior to the date of this Agreement. 

  

	19.25	 Shares 

  

	 	(a)	 The shares of the Borrower and each Owner are fully paid and not subject to any option to purchase or similar
rights. 

  

	 	(b)	 The Constitutional Documents of the Borrower and each Owner do not and could not restrict or inhibit any
transfer of those shares on creation or enforcement of the Security Documents. 

  

	 	(c)	 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 the Borrower or an Owner (including any option or right of pre-emption or conversion). 

  
 59 

	19.26	 Ownership of Obligors 

 

	 	(a)	 Each Owner is a wholly owned direct Subsidiary of the Parent. 

 

	 	(b)	 The Borrower is a wholly owned direct Subsidiary of the Parent. 

 

	 	(c)	 The Disclosed Persons control the Parent and no less than 100% of the Parent’s issued shares is legally
and beneficially owned by the Disclosed Persons. 

  

	19.27	 No Change of Control 

There has not been a Change of Control. 
  

	19.28	 Accounting Reference Date 

The Financial Year-end of each Obligor and other Group Member is the Accounting Reference Date. 

 

	19.29	 No adverse consequences 

 

	 	(a)	 It is not necessary under the laws of the Relevant Jurisdictions of any Obligor: 

 

	 	(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 

  

	 	(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. 
  

	 	(b)	 No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any Relevant
Jurisdiction of any Obligor by reason only of the execution, performance and/or enforcement of any Finance Document. 

  

	19.30	 Copies of documents 

The copies of the Constitutional Documents of the Obligors and the Managers 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. 
  

	19.31	 No immunity 

No Obligor or any of its assets is immune to any legal action or proceeding. 

 

	19.32	 Ship status 

Each Ship will on the first day of the relevant Mortgage Period be: 
  

	 	(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; 

  

	 	(b)	 operationally seaworthy and in every way fit for service; 

 

	 	(c)	 classed with the relevant Classification free of all overdue requirements and recommendations of the relevant
Classification Society; and 

  

	 	(d)	 insured in the manner required by the Finance Documents. 

  
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	19.33	 Ship’s employment 

Each Ship shall on the first day of the relevant Mortgage Period be free of any charter commitment which, if entered into after that date,
would require approval under the Finance Documents. 
  

	19.34	 No Money Laundering 

In relation to the borrowing by the Borrower of the Loan or any part of it, the performance and discharge of the Obligors’ or the
Managers’ obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or contemplated by this Agreement and the other Finance Documents, the Obligors and the Managers 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 clause 22.5 (Bribery and corruption)). 
  

	19.35	 Sanctions 

  

	 	(a)	 No Group Members, nor the Managers nor any of the Disclosed Persons, nor any of their respective directors,
officers, employees, agents or representatives: 

  

	 	(i)	 has breached any applicable Sanctions; 

 

	 	(ii)	 is a Restricted Person; or 

 

	 	(iii)	 has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with
respect to applicable Sanctions. 

  

	 	(b)	 No proceeds of the Loan: 

 

	 	(i)	 shall be made available, directly or indirectly, to or for the benefit of a Restricted Person nor shall they be
otherwise directly or indirectly, applied in a manner or for a purpose prohibited by applicable Sanctions; or 

  

	 	(ii)	 will be used by any Group Member: 

 

	 	(A)	 to finance equipment or sectors under embargo decisions of the United Nations or the World Bank; or

  

	 	(B)	 in breach of the provisions of any applicable Sanctions. 

 

	 	(c)	 No Group Member nor any Fleet Vessel does any business relating to Iran or any Iranian owned or incorporated
entity, unless the Agent approves so in writing. 

  

	19.36	 Times when representations are made 

 

	 	(a)	 All of the representations and warranties set out in this clause 19 (other than Ship Representations) are
deemed to be made on the dates of: 

  

	 	(i)	 this Agreement; 

  

	 	(ii)	 the first Utilisation Request; and 

 

	 	(iii)	 the first Utilisation. 

 

	 	(b)	 The Repeating Representations are deemed to be made on the first day of each Interest Period.

  
 61 

	 	(c)	 All of the Ship Representations are deemed to be made on the first day of the Mortgage Period for the relevant
Ship. 

  

	 	(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 existing at the date the representation or warranty is deemed to be made. 

  

	20	 Information undertakings 

 

	20.1	 Each of the Borrower and the Guarantors undertakes that this clause 20 will be complied with throughout the
Facility Period, except as approved by the Majority Lenders (or, where specified, all the Lenders). 

  

	20.2	 In this clause 20: 

Annual Borrower Financial Statements means the financial statements for a Financial Year of the Borrower delivered pursuant to paragraph
(a) of clause 20.3 (Financial statements). 
 Annual Financial Statements means the financial statements for a Financial Year of
the Group delivered pursuant to paragraph (a) of clause 20.3 (Financial statements). 
 Semi-Annual Financial Statements
means the financial statements for a financial half-year of the Group delivered pursuant to paragraph (b) of clause 20.3 (Financial statements). 
  

	20.3	 Financial statements 

 

	 	(a)	 The Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests) as
soon as the same become available, but in any event within 180 days after the end of each Financial Year (but commencing with the Financial Year ended 31 December 2018): 

 

	 	(i)	 the audited consolidated financial statements of the Group for that Financial Year; 

 

	 	(ii)	 the audited consolidated financial statements of the Borrower for that Financial Year; and

  

	 	(iii)	 the unaudited financial statements of each Owner for that Financial Year. 

 

	 	(b)	 The Borrower shall supply to the Agent as soon as the same become available, but in any event within 60 days
after the end of the first financial half-year of each of its Financial Years (but commencing with the financial half-year ended 30 June 2018): 

  

	 	(i)	 the unaudited consolidated financial statements of the Group for that financial half-year;

  

	 	(ii)	 the unaudited consolidated financial statements of the Borrower for that financial half-year; and

  

	 	(iii)	 the unaudited financial statements of each Owner for that financial half-year. 

 

	20.4	 Provision and contents of Compliance Certificate and Excess Cash Flow Certificate 

 

	 	(a)	 The Borrower shall supply to the Agent (i) a Compliance Certificate and (ii) a performance report
relating to each Ship (a Vessel Performance Report) in the form set out in Schedule 6 (Semi-annual Vessel Performance Report), in each case, with each set of Annual Financial Statements and each set of Semi-Annual Financial Statements
for the Borrower. 

  
 62 

	 	(b)	 Each Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to
compliance with clause 21 (Financial covenants) and calculations of the Security Value in accordance with clause 26 (Minimum security value) and shall be accompanied by all ship valuations used to calculate the relevant Fleet Market
Value at the time and the relevant Security Value at the time. 

  

	 	(c)	 The Borrower shall supply, within 45 days after the end of each Calculation Period, an Excess Cash Flow
Certificate in an approved form, setting out a detailed calculation, analysis and breakdown by the Borrower of the Excess Cash Flow (if any). Each such calculation shall be made by reference to the methodology set out in clause 7.7 (Excess Cash
Flow calculation and prepayment). 

  

	 	(d)	 Each Compliance Certificate shall be signed by the Chief Financial Officer of the Borrower and each Excess Cash
Flow Certificate will be signed by an authorised signatory of the Borrower and the Owners. 

  

	20.5	 Requirements as to financial statements 

 

	 	(a)	 The Borrower shall procure that each set of Annual Financial Statements and Semi-Annual Financial Statements
includes a profit and loss account, a balance sheet and a cashflow statement and that, in addition, each set of Annual Financial Statements and Annual Borrower Financial Statements shall be audited by the Auditors. 

 

	 	(b)	 Each set of financial statements delivered pursuant to clause 20.3 (Financial statements) shall:

  

	 	(i)	 be prepared in accordance with GAAP; 

 

	 	(ii)	 fairly present, and be certified by a director of the relevant company as fairly presenting, its financial
condition and operations as at the date as at which those financial statements were drawn up and, in the case of the Annual Financial Statements, shall be accompanied by any letter addressed to the management of the relevant company by the Auditors
and accompanying those Annual Financial Statements; and 

  

	 	(iii)	 in the case of Annual Financial Statements, not be the subject of any qualification in the Auditors’
opinion. 

  

	 	(c)	 Each of the Obligors shall procure that each set of financial statements delivered pursuant to clause 20.3
(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: 

  

	 	(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 

  

	 	(ii)	 sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders
to determine whether clause 21 (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.

  

	 	(d)	 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. 

  
 63 

	20.6	 Year-end 

The Borrower shall procure that each Financial Year-end of each Obligor falls on the Accounting
Reference Date. 
  

	20.7	 Information: miscellaneous 

The Borrower shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): 

 

	 	(a)	 at the same time as they are dispatched, copies of all documents dispatched by the Parent or any Obligor to all
its creditors generally (or any class of them); 

  

	 	(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 have a Material Adverse Effect; 

  

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

 

	 	(d)	 promptly upon becoming aware of them, the details of any claim, action, suit, proceeding or investigation with
respect to Sanctions against it, any other Group Member or any Disclosed Person, any of their respective direct or indirect owners, Subsidiaries or any of their respective directors, officers, employees, agents or representatives;

  

	 	(e)	 promptly, such information as the Agent or the Security Agent may reasonably require about the Charged Property
and compliance of the Obligors or the Managers with the terms of any Security Documents provided always that the supply of such information would not result in a breach of any confidentiality undertaking of any Obligor; and 

 

	 	(f)	 promptly on request, such further information regarding the financial condition, assets and operations of the
Group and/or any Group Member as any Finance Party through the Agent may reasonably request. 

  

	20.8	 Notification of Default 

 

	 	(a)	 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). 

  

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

 

	20.9	 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. 
  

	20.10	 Use of websites 

 

	 	(a)	 The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those
Lenders (the Website Lenders) who accept this method of communication by posting this information onto an electronic website designated by the Borrower and the Agent (the Designated Website) if: 

 

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

  
 64 

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

  

	 	(iii)	 the information is in a format previously agreed between the Borrower and the Agent. 

 

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

  

	 	(c)	 The Agent shall supply each Website Lender with the address of and any relevant password specifications for the
Designated Website following designation of that website by the Borrower and the Agent. 

  

	 	(d)	 The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if: 

 

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

 

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

 

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

  

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

  

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

  

	 	(e)	 If the Borrower notifies the Agent under paragraphs (d)(i) to (v) above, all information to be provided by
the Borrower under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.

  

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

  

	20.11	 “Know your customer” checks 

 

	 	(a)	 If: 

  

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

  

	 	(ii)	 any change in the status of an Obligor (or of a Holding Company of an Obligor) or the composition of the
shareholders of an Obligor (or of a Holding Company of an Obligor) after the date of this Agreement; or 

  
 65 

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

 obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any
prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or
any Lender 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 Lender (for itself or, in the case of the event described in paragraph
(iii) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all
necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

	 	(b)	 Each 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. 

  

	21	 Financial covenants 

 

	21.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 21 will be complied with throughout the Facility Period. 

 

	21.2	 Financial definitions 

In this clause 21: 
 Book
Leverage Ratio means the ratio of Total Interest Bearing Debt to Total Assets, as shown in the applicable financial statements of the Parent for any accounting period determined in accordance with GAAP. 

Financial Statements means any of the Annual Financial Statements and Semi-Annual Financial Statements referred to and defined as such
in clause 20 (Information undertakings). 
 Fleet Market Value means, at the time of calculation, the aggregate of: 

 

	 	(a)	 in relation to the Mortgaged Ships, the market value thereof as most recently determined pursuant to valuations
of such vessels made in accordance with the provisions of clause 26 (Minimum security value); 

  

	 	(b)	 in relation each Fleet Vessel (other than the Ships), which is not subject to a mortgage/financing, the market
value thereof as most recently determined pursuant to valuations of such vessels provided to the Agent together with each Compliance Certificate under clause 20.4 (Provision and contents of Compliance Certificate and Excess Cash Flow Certificate)
and made in accordance with the provisions of of clause 26 (Minimum security value) which shall apply for the purposes of this sub-paragraph mutatis mutandis as if it where a Mortgaged Ship; and

  

	 	(c)	 in relation to each Fleet Vessel (other than the Ships and the Fleet Vessels under subparagraph
(b) above), the market value thereof determined in accordance with the relevant provisions of the loan agreement in respect of which a Security Interest has been created over such Fleet Vessel. 

  
 66 

 Fleet Vessels means any vessel owned or chartered by demise under a financial or
operating lease by any Group Member (including, but not limited to, the Ships) and Fleet Vessel means any of them. 
 Net Worth
means, at any relevant time, the aggregate of the equity payments already advanced in respect of the Fleet Vessels less any accumulated dividends plus retained earnings of the Fleet Vessels, as each such term is defined in the then most recent
Financial Statements of the Parent determined on a consolidated basis in accordance with GAAP. 
 Total Assets means, at any relevant
time, the amount of total assets of the Parent at that time which would be included in the then most recent Financial Statements of the Parent determined on a consolidated basis in accordance with GAAP. 

Total Interest Bearing Debt means, at any relevant time, in respect of the Parent, the amount of total liabilities of the Parent (as
such term is defined in the then most recent Financial Statements of the Parent) at any time on a consolidated basis which would be included in the then most recent Financial Statements of the Parent as total interest bearing debt in accordance with
GAAP including the current portion of interest bearing debt (as such term is defined in the then most recent Financial Statements of the Parent) but excluding any cash which is credited as collateral in favour of a creditor and is intended for the
purposes of repaying the debt owed by the relevant Group Member to such creditor. 
 Value Adjusted Leverage Ratio means, at any date,
the ratio (expressed as a percentage) of: 
  

	 	(a)	 the Total Interest Bearing Debt to 

 

	 	(b)	 the Value Adjusted Total Assets. 

Value Adjusted Total Assets means, at any relevant date, the Total Assets as at such date adjusted (upwards or downwards) for the
difference of the book value of all Fleet Vessels (as evidenced in the then most recent Financial Statements of the Parent) and the Fleet Market Value at the time based on recent valuations. 

Waiver Period means the period commencing on the Utilisation Date and ending on (inclusive) 31 December 2019. 

 

	21.3	 Financial condition 

Each Party shall ensure that at all times during the Facility Period (and in the case of subclauses (a) and (b) below, other than during
the Waiver Period): 
  

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

 

	 	(b)	 the Net Worth shall not be less than $41,000,000; and 

 

	 	(c)	 the Book Leverage Ratio shall not exceed: 

 

	 	(i)	 85 per cent, from the Utilisation Date until 31 December 2018 (inclusive); and 

 

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

 

	21.4	 Minimum liquidity 

Each Owner shall maintain in its Operating Account at all times throughout the Facility Period cash balances free from any Security Interest
(other than under the Finance Documents) not less than $500,000. 

  
 67 

	21.5	 Most favoured nation 

 

	 	(a)	 Each Obligor undertakes to procure that, (i) during the Waiver Period in respect of items listed in sub-paragraphs (B), (D) and (F) below and (ii) throughout the Facility Period in respect of items listed in sub-paragraphs (A), (C) and (E) below, the Finance
Parties shall not receive less favourable treatment under this Agreement than that provided or to be provided under any Group Facility Agreement (by way of amendment or supplement to, or refinancing of, that Group Facility Agreement) in relation to:

  

	 	(i)	 any amendment to a maturity date under any such Group Facility Agreement as a result of which the maturity date
will fall before 31 December 2020; 

  

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

  

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

  

	 	(iv)	 the existence of a security cover ratio under any such Group Facility Agreement; 

 

	 	(v)	 the financial covenants relevant to the Value Adjusted Leverage Ratio, Book Leverage Ratio and Net Worth; and

  

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

  

	 	(b)	 Accordingly, should any member of the Group or the Parent provide to any other creditor more favourable
treatment in relation to (A) to (F) above (and, in relation to subparagraphs (B), (D) and (F) above, for the duration of the Waiver Period) than those which the Finance Parties have been provided with under this Agreement or any other
Finance Document, the Borrower shall promptly advise the Agent of those arrangements and covenants and shall, on the Agent’s request, enter into such documentation supplemental to the Finance Documents as the Finance Parties may require in
order to achieve parity with the creditors under such relevant Group Facility Agreement. 

  

	22	 General undertakings 

 

	22.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 22 will be complied with by and in respect of each Obligor and, where applicable, each
other Group Member throughout the Facility Period except as approved by the Majority Lenders (or, where specified, all the Lenders). 
  

	22.2	 Use of proceeds 

The proceeds of Utilisations shall be used exclusively for the purposes specified in clause 3 (Purpose). 

 

	22.3	 Authorisations 

Each Obligor and each Manager shall promptly: 
  

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

  
 68 

	 	(b)	 supply upon request certified copies to the Agent of, any Authorisation required under any law or regulation of
a Relevant Jurisdiction to: 

  

	 	(i)	 enable it to perform its obligations under the Finance Documents; 

 

	 	(ii)	 ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document; and

  

	 	(iii)	 carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect.

  

	22.4	 Compliance with laws 

 

	 	(a)	 Each Obligor shall (and shall ensure that each other Group Member and each Manager will), comply in all
respects with all laws and regulations (including Environmental Laws) to which it may be subject. 

  

	 	(b)	 Each Obligor shall (and shall ensure that each other Group Member and each Manager will) comply in all respects
with applicable Sanctions. 

  

	22.5	 Bribery and corruption 

 

	 	(a)	 No Group Member nor a Manager nor any of its agents, employees, directors or officers has engaged or shall
engage in any Relevant Jurisdiction in: 

  

	 	(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; 

  

	 	(ii)	 Money Laundering or acted in breach of any applicable law relating to Money Laundering; or

  

	 	(iii)	 the Financing of Terrorism. 

 

	 	(b)	 Without prejudice to the generality of clause 22.5(a): 

 

	 	(i)	 No Obligor nor a Manager nor any of its agents, employees, directors or officers shall (and shall ensure that
no other Group Member nor any of their respective agents, employees, directors or officers 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; and 

  

	 	(ii)	 each Obligor and each Manager shall (and shall ensure that each other Group Member) and any of their agents,
employees, directors or officers will: 

  

	 	(A)	 conduct its businesses in compliance with the Bribery Act 2010 or the United States Foreign Corrupt Practices
Act of 1977 or other similar legislation in other jurisdictions; and 

  

	 	(B)	 maintain policies and procedures designed to promote and achieve compliance with such laws.

  

	 	(c)	 For the purposes of this clause 22.5, clause 19.34 (No Money Laundering) and clause 22.16 (No corrupt
practices), 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. 

  
 69 

 Corrupt Practice means the offering, giving, receiving, or soliciting, directly or
indirectly, anything of value to improperly influence the actions of another party. 
 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. 
 Money Laundering means: 

 

	 	(i)	 the conversion or transfer of property, knowing it is derived from a criminal offence, for the purpose of
concealing or disguising its illegal origin or of assisting any person who is involved in the commission of the crime to evade the legal consequences of its actions; 

 

	 	(ii)	 the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect
to, or ownership of, property knowing that it is derived from a criminal offence; or 

  

	 	(iii)	 the acquisition, possession or use of property knowing at the time of its receipt that it is derived from a
criminal offence. 

  

	22.6	 Tax compliance 

 

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

  

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

 

	 	(ii)	 adequate reserves are being maintained for those Taxes and the costs required to contest them which have been
disclosed in its latest financial statements delivered to the Agent under clause 20.3 (Financial statements); and 

  

	 	(iii)	 such payment can be lawfully withheld. 

 

	 	(b)	 Except as approved by the Majority Lenders, each Obligor shall maintain its residence for Tax purposes in the
jurisdiction in which it is incorporated or formed (as the case may be) and ensure that it is not resident for Tax purposes in any other jurisdiction. 

  

	22.7	 Change of business 

Except as approved by the Majority Lenders, no substantial change will be made to the general nature of the business of the Parent, any of the
other Obligors or the Group taken as a whole from that carried on at the date of this Agreement. 
  

	22.8	 Merger 

Except as approved by the Majority Lenders, no Obligor shall (and shall ensure that no other Group Member will) enter into any amalgamation,
demerger, merger (other than any Group Member other than the Owners and the Borrower, the Transaction and any merger contemplated by the Transaction), consolidation, redomiciliation, legal migration or corporate reconstruction (other than the
solvent liquidation of any Group Member which is not an Obligor so long as any payments or assets distributed as a result of such liquidation or reorganisation are distributed to other Group Members) or conversion or merger into or incorporation as
a European public limited liability company (Societas Europaea). 

  
 70 

	22.9	 Pension exposure 

The Borrower shall ensure that no Obligor is, or any time becomes, liable to contribute funds to any form of pension scheme or similar
arrangement (other than a scheme or arrangement where the benefits conferred by it on its members are calculated solely by reference to a payment or payments made by the relevant member or by any other person in respect of that member). 

 

	22.10	 Further assurance 

 

	 	(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 or the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)): 

 

	 	(i)	 to perfect the Security Interests created or intended to be created by that Obligor under, or evidenced by, the
Security Documents (which may include the execution of a mortgage, charge, assignment or other security over all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers
and remedies of the Security Agent and/or any other Finance Parties provided by or pursuant to the Finance Documents or by law; 

  

	 	(ii)	 to confer on the Security Agent and/or any other Finance Parties 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; 

 

	 	(iii)	 to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security
Documents; and/or 

  

	 	(iv)	 to facilitate the accession by a New Lender to any Security Document following an assignment in accordance with
clause 30.1 (Assignments by the Lenders). 

  

	 	(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 and/or any other Finance Parties by or pursuant to the Finance Documents.

  

	22.11	 Negative pledge in respect of Charged Property 

Except as approved by the Majority Lenders and except for Permitted Security Interests, no Obligor or Manager will grant or allow to exist any
Security Interest over any Charged Property or (except for the Transaction Security) the shares in any of the Parent, the Owners and/or the Borrower or any rights deriving from, or related to, such shares. 

 

	22.12	 Environmental matters 

 

	 	(a)	 The Agent will be notified as soon as reasonably practicable of any Environmental Claim being made against any
Group Member or any Manager or any Fleet Vessel which, if successful to any extent, is reasonably expected to 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. 

  
 71 

	 	(b)	 Environmental Laws (and any consents, licences or approvals obtained under them) applicable to Fleet Vessels
will not be violated. 

  

	22.13	 Syndication 

Each Obligor will provide reasonable assistance to the Arranger in the preparation of the Information Memorandum and the primary syndication of
the Facility (including, without limitation, by making the senior management of the Borrower available for the purpose of making presentations to, or meeting, potential lending institutions) and will comply with all reasonable requests for
information from potential syndicate members prior to completion of syndication. 
  

	22.14	 Sanctions 

  

	 	(a)	 Each Group Member shall, and the Borrower shall procure that any Affiliate of each Obligor, each Manager and
any Disclosed Person shall, ensure that none of their respective directors, officers, agents, employees or persons acting on behalf of the foregoing, is a Restricted Person or acts directly or indirectly on behalf of a Restricted Person.

  

	 	(b)	 No Group Member shall, and the Borrower shall procure that no Disclosed Person or Manager shall, use any
revenue or benefit derived from any activity or dealing with a Restricted Person in discharging any obligation due or owing to the Finance Parties. 

  

	 	(c)	 Each Group Member shall not, and the Borrower shall procure that each of its Affiliates, each Manager and each
Disclosed Person will not, credit proceeds from any activity or dealing with a Restricted Person to any bank account held with any Finance Party in its name or in the name of any other person. 

 

	 	(d)	 Each Group Member shall, and the Borrower shall ensure that each Disclosed Person and each Manager takes
measures to ensure compliance with applicable Sanctions. 

  

	 	(e)	 Each Obligor shall, and the Borrower shall procure that each Disclosed Person and each Manager shall, to the
extent permitted by law, promptly upon becoming aware of them, supply to the Agent details of any claim, action, suit, proceedings or investigation against it with respect to applicable Sanctions by any Sanctions Authority. 

 

	 	(f)	 No Manager nor any Group Member or its Fleet Vessel will do any business relating to Iran or any Iranian owned
or incorporated entity, unless the Agent approves so in writing. 

  

	22.15	 Use of proceeds 

The Obligors shall not, and the Borrower shall procure that each of their respective Affiliates, Managers or any of them shall not, permit or
authorise any other person to, directly or indirectly, use, lend, make payments of, contribute or otherwise make available, all or any part of the proceeds of the Facility or other transactions contemplated by this Agreement to fund or facilitate
trade, business or other activities: (a) involving or for the benefit of any Restricted Person or (b) in any other manner that would result in any Obligor or any Manager or any Finance Party or any other person (including any person
participating hereunder, whether as underwriter, advisor, investor, lender, hedging provider, facility or security agent or otherwise) being in breach of any applicable Sanctions or becoming a Restricted Person. 

  
 72 

	22.16	 No corrupt practices 

The Loan will not be used by any Obligor for and no Obligor nor any of its Affiliates nor any Manager shall engage in: 

 

	 	(a)	 Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices (each as defined in clause
22.5 (Bribery and corruption)), including the procurement or the execution of any contract for goods or works relating to its functions; 

  

	 	(b)	 the Financing of Terrorism (as defined in clause 22.5 (Bribery and corruption)). 

 

	22.17	 Transaction 

  

	 	(a)	 The Obligors hereby agree to procure that no Transaction will be attempted, commenced or completed unless the
following conditions are met: 

  

	 	(i)	 no Default has occurred at the times when such Transaction commences and when such Transaction completes or
immediately thereafter; or 

  

	 	(ii)	 upon and immediately following the completion of such Transaction, no Transaction Change of Control occurs.

  

	 	(b)	 If a Transaction compliant with this clause 22.17 has been completed, then the Obligors who are a Party hereby
agree to procure that by no later than 30 days after completion of the Transaction, each Obligor will enter into amendment agreements to the Finance Documents (including a supplemental agreement to this Agreement) for the purpose of implementing any
consequential changes to the Finance Documents as may be required as a result of the Transaction and any amendments to the provisions of the Finance Documents as may be agreed between the Lenders and the Borrower, in each case at the cost and
expense of the Borrower (provided however that the Lenders shall not require as a result of the operation of this clause 22.17 any guarantees other than the ones already provided by the Guarantors and provided further that failure by the Borrower
and/or the other Obligors to agree an amendment required by a Finance Party shall not be deemed to be a breach by an Obligor of the provisions of this sub-paragraph(b)). 

 

	22.18	 ABN Cash Collateral Account 

The Obligors hereby agree to procure that the relevant Account Holder(s) shall, no later than 20 Business Days after the end of the Additional
Excess Cash Flow Period, close the ABN Cash Collateral Account. 
  

	23	 Dealings with Ships 

 

	23.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 23 will be complied with in relation to each Mortgaged Ship throughout the relevant
Ship’s Mortgage Period except as approved by the Majority Lenders (or, where specified, all the Lenders) which approval no Lender shall withhold unreasonably in respect of clause 23.2 (Ship’s name and registration) and clause
23.8(a)(ii). 
  

	23.2	 Ship’s name and registration 

 

	 	(a)	 The Ship’s name shall only be changed after prior notice to the Agent. 

 

	 	(b)	 The Ship shall be permanently registered with the relevant Registry under the laws of its Flag State. Except
with approval, the 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). If that 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. 

  

	 	(c)	 Nothing will be done and no action will be omitted if that might result in such registration being forfeited or
imperilled or the Ship being required to be registered under the laws of another state of registry. 

  
 73 

	23.3	 Sale or other disposal of Ship 

Except with approval, each Owner shall not sell, or agree to, transfer, abandon or otherwise dispose its Ship or any share or interest in it,
provided that each Owner shall be permitted to sell the Ship, or to enter into an agreement for its sale, if (a) no Default has occurred and is continuing at the time or would result from such sale and (b) the net sale proceeds are
sufficient to discharge the Borrower’s payment obligations under this Agreement (including pursuant to clause 7.6 (Sale or Total Loss)) and the other Finance Documents. 

 

	23.4	 Manager 

A manager of the Ship shall not be appointed unless that manager and the terms of its appointment are approved (such approval, in respect of
terms other than such manager’s remuneration and other fees payable to such manager, not to be unreasonably withheld or delayed) and it has delivered a duly executed Manager’s Undertaking to the Security Agent. 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 (it being agreed that any change to the remuneration of the manager will be deemed material). 

 

	23.5	 Copy of Mortgage on board 

A properly certified copy of the relevant Mortgage shall be kept on board the Ship with its papers and shown to anyone having business with the
Ship which might create or imply any commitment or Security Interest over or in respect of the Ship (other than a lien for crew’s wages and salvage) and to any representative of the Agent or the Security Agent. 

 

	23.6	 Notice of Mortgage 

A framed printed notice of the Ship’s Mortgage shall be prominently displayed in the navigation room and in the Master’s cabin of the
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.”. 
 No-one will have any right, power or authority to
create, incur or permit to be imposed upon the Ship any lien whatsoever other than for crew’s wages and salvage. 
  

	23.7	 Conveyance on default 

Where the 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 the Ship as the Agent may require. 
  

	23.8	 Chartering 

  

	 	(a)	 Except with approval, the relevant Owner shall not enter into any charter commitment for the Ship, which is:

  

	 	(i)	 a bareboat or demise charter or passes possession and operational control of the Ship to another person;

  

	 	(ii)	 of a fixed duration exceeding 12 calendar months or, in the case of any charter commitment entered into prior
to the date of this Agreement, of a remaining fixed duration exceeding 12 calendar months, unless the Owner has complied with the requirements of paragraph (b) below in respect of such charter commitment; 

  
 74 

	 	(iii)	 on terms as to payment or amount of hire which are materially less beneficial to it than the terms which at
that time could reasonably be expected to be obtained on the open market for vessels of the same age and type as the Ship under charter commitments of a similar type and period; or 

 

	 	(iv)	 to another Group Member. 

 

	 	(b)	 Further, without prejudice to the rights of the Finance Parties under the provisions of this clause 23.8 and
any other provisions of the Finance Documents, the Borrower shall advise the Agent promptly of any proposed charter commitment in respect of a Ship of a fixed duration exceeding 12 calendar months, and: 

 

	 	(i)	 deliver a copy of each such charter commitment to the Agent forthwith after it has been entered into;

  

	 	(ii)	 forthwith following a demand made by the Agent (acting on the instructions of the Majority Lenders):

  

	 	(A)	 execute a charter assignment in the agreed form of any such charter commitment in favour of the Security Agent
and any notice of assignment required in connection therewith; and 

  

	 	(B)	 procure the service of any such notice of assignment on the relevant charterer and use its best endeavours to
procure the acknowledgement of such notice by the relevant charterer; 

  

	 	(iii)	 deliver to the Agent such documents and evidence of the type referred to in Schedule 3 (Conditions
precedent) in relation to any such charter assignment or any other related matter referred to in this paragraph (b) as the Agent (acting on the instructions of the Majority Lenders in their sole discretion) shall require; and

  

	 	(iv)	 pay on the Agent’s demand all documented legal costs and other costs incurred by the Agent and/or any
other Finance Party in connection with or in relation to any such charter assignment or any other related matter referred to in this paragraph (b). 

  

	23.9	 Lay up 

Except with approval, the Ship shall not be laid up or deactivated. 
  

	23.10	 Sharing of Earnings 

Except with approval, the relevant Owner shall not enter into any arrangement under which its Earnings from the Ship may be shared with anyone
else. 
  

	23.11	 Payment of Earnings 

 

	 	(a)	 The relevant Owner’s Earnings from the Ship shall be paid in the way required by the Ship’s General
Assignment. 

  

	 	(b)	 If any Earnings are held by brokers or other agents, they shall be paid to the Security Agent, if it requires
this after the Earnings have become payable to it under the Ship’s General Assignment. 

  
 75 

	23.12	 No other vessels 

No Obligor (other than the Parent and a Manager) shall charter-in,
lease-in or operate or enter into any agreement to do so, any vessel other than the Mortgaged Ships. 
  

	23.13	 Share Transfer 

At the Borrower’s cost and expense, on the first Utilisation Date (or any other later date which the Agent shall, at the request of the
Borrower, have agreed in writing in its absolute discretion): 
  

	 	(a)	 effect the Share Transfer; 

 

	 	(b)	 execute the Share Security in relation to each Owner; 

 

	 	(c)	 deliver to the Agent in relation to the Share Security and the Share Transfer such documents and evidence of
the type referred to in Schedule 3 (Conditions precedent) (including, without limitation, the original share certificates in the name of the Borrower in relation to each Owner, the executed instruments of transfer in respect of the Share
Transfer, evidence of the deletion of any charges registered in respect of the shares in each Owner on or prior to the date of the Share Transfer, evidence in a form satisfactory to the Agent that each Owner is, further to the Share Transfer a
Subsidiary of the Borrower and a legal opinion, in a form approved by the Agent, confirming that the Share Transfer has been duly effected). 

  

	23.14	 Sustainable ship dismantling 

 

	 	(a)	 Each Ship sold for scrapping (whether directly or through an intermediary), is recycled at a recycling yard
which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and, if
applicable to such Ship or its Owner, the EU Ship Recycling Regulation. 

  

	 	(b)	 For the purposes of this clause “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). 

 

	24	 Condition and operation of Ship 

 

	24.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 24 will be complied with in relation to each Mortgaged Ship throughout the relevant
Ship’s Mortgage Period except as approved by the Majority Lenders (or, where specified, all the Lenders). 
  

	24.2	 Defined terms 

In this clause 24 and in Schedule 3 (Conditions precedent): 

applicable code means any code or prescribed procedures required to be observed by the 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 the Ship’s Flag State or which for any other reason apply to the Ship or to its condition or operation at any relevant time. 

  
 76 

 applicable operating certificate means any certificates, vessel response plans, or
other document relating to the Ship or its condition or operation required to be in force under any applicable law or any applicable code. 
  

	24.3	 Repair 

The Ship shall be kept in a good, safe and efficient state of repair. The quality of workmanship and materials used to repair the Ship or
replace any damaged, worn or lost parts or equipment shall be sufficient to ensure that the Ship’s value is not reduced. 
  

	24.4	 Modification 

Except with approval, the structure, type or performance characteristics of the Ship shall not be modified in a way which materially and
adversely alters the Ship or materially reduces its value. 
  

	24.5	 Removal of parts 

Except with approval, no material part of the Ship or any equipment shall be removed from the Ship if to do so would materially reduce its
value (unless at the same time it is replaced with equivalent parts or equipment which to the extent the parts or equipment removed were owned by the relevant Owner, are owned by the relevant Owner free of any Security Interest (except under the
Security Documents)). 
  

	24.6	 Third party owned equipment 

Except with approval, equipment owned by a third party shall not be installed on the Ship if it cannot be removed without risk of causing
damage to the structure or fabric of the Ship or incurring significant expense. 
  

	24.7	 Maintenance of class; compliance with laws and codes 

The Ship’s class shall be the relevant Classification. The Ship and every person who owns, operates or manages the Ship shall comply with
all applicable laws and the requirements of all applicable codes. There shall be kept in force and on board the 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 the Ship or to be in such person’s custody. 
  

	24.8	 Surveys 

The Ship shall be submitted to periodic 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. 
  

	24.9	 Inspection and notice of dry-docking 

The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed to board the Ship at all reasonable times to
inspect it and given all proper facilities needed for that purpose, without interfering with the Ship’s operation or trading and after giving reasonable advance written notice to the relevant Owner. The Agent shall be given reasonable advance
notice of any intended dry-docking of the Ship (whatever the purpose of that dry-docking). The Borrower shall bear the cost of only one such inspection per calendar year
so long as there is no Event of Default which is continuing. 
  

	24.10	 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, the Ship, its Earnings or Insurances shall be promptly paid and discharged. 

  
 77 

	24.11	 Release from arrest 

The Ship, its Earnings and Insurances shall promptly be released from any arrest, detention, attachment or levy, and any legal process against
the Ship shall be promptly discharged, by whatever action is required to achieve that release or discharge. 
  

	24.12	 Information about Ship 

Upon the Agent’s written request, it shall promptly be given any information which it may reasonably require about the 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 or a Manager on behalf of any Obligor whose duration exceeds three
(3) calendar months and copies of any applicable operating certificates. 
  

	24.13	 Notification of certain events 

The Agent shall promptly be notified of: 
  

	 	(a)	 any damage to the Ship where the cost of the resulting repairs exceeds the Major Casualty Amount for such Ship;

  

	 	(b)	 any occurrence which may reasonably be expected to result in the Ship becoming a Total Loss;

  

	 	(c)	 any requisition of the Ship for hire; 

 

	 	(d)	 any Environmental Incident involving the Ship and Environmental Claim being made in relation to such an
incident; 

  

	 	(e)	 any withdrawal or threat to withdraw any applicable operating certificate; 

 

	 	(f)	 upon the Agent’s written request, the issue of any operating certificate required under any applicable
code; 

  

	 	(g)	 the receipt of notification that any application for such a certificate has been refused if such certificate is
not issued within 10 days after receipt of such notification; 

  

	 	(h)	 any requirement or recommendation made in relation to the Ship by any insurer or the 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 

  

	 	(i)	 any arrest or detention of the Ship or any exercise or purported exercise of a lien or other claim exceeding
(in the case of a claim only) $800,000 on the Ship or its Earnings or Insurances. 

  

	24.14	 Payment of outgoings 

All tolls, dues and other outgoings whatsoever in respect of the Ship and its Earnings and Insurances shall be paid promptly. Proper accounting
records shall be kept of the Ship and its Earnings. 
  

	24.15	 Evidence of payments 

The Agent shall be allowed proper and reasonable access subject to prior written notice to the Borrower to those accounting records when it
reasonably requests it and, when it reasonably requires it, shall be given satisfactory evidence that: 
  

	 	(a)	 the wages and allotments and the insurance and pension contributions of the Ship’s crew are being promptly
and regularly paid; 

  
 78 

	 	(b)	 all deductions from its crew’s wages in respect of any applicable Tax liability are being properly
accounted for; and 

  

	 	(c)	 the 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. 

  

	24.16	 Repairers’ liens 

Except with approval (such approval not to be unreasonably withheld or delayed), the Ship shall not be put into any other person’s
possession for work to be done on the Ship (other than any scheduled dry-docking or special survey required by the Classification Society) if the cost of that work will exceed or is likely to exceed the Major
Casualty Amount for such Ship unless the Borrower has established to the satisfaction of the Agent that it has sufficient reserves with the Account Bank to pay for such works or unless that person gives the Security Agent a written undertaking in
approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work. 
  

	24.17	 Survey report 

As soon as reasonably practicable after the Agent requests it (but not more than once a calendar year and at any time a Default is continuing),
the Agent shall be given a report on the seaworthiness and/or safe operation of the Ship, from approved surveyors or inspectors. 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. 
  

	24.18	 Lawful use 

The Ship shall not be employed: 
  

	 	(a)	 in any way or in any activity which is unlawful under international law or the domestic laws of any relevant
country; 

  

	 	(b)	 in carrying illicit or prohibited goods; 

 

	 	(c)	 in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; or

  

	 	(d)	 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 the Ship shall take all necessary and proper
precautions to ensure that this does not happen, including participation in industry or other voluntary schemes available to the Ship and in which leading operators of ships operating under the same flag or engaged in similar trades generally
participate at the relevant time. 
  

	24.19	 War zones 

The Ship shall not enter or remain in any zone which has been declared a war zone by any government entity or the Ship’s war risk insurers
unless any requirements of the Ship’s insurers necessary to ensure that the Ship remains properly insured in accordance with the Finance Documents (including any requirement for the payment of extra insurance premiums) are complied with. 

  
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	25	 Insurance 

  

	25.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 25 shall be complied with in relation to each Mortgaged Ship and its Insurances
throughout the relevant Ship’s Mortgage Period except as approved by the Majority Lenders (or, where specified, all the Lenders). 
  

	25.2	 Insurance terms 

In this clause 25: 
 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&l 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 paragraph (a) of clause 25.3 (Coverage required). 
 minimum hull
cover means, in relation to a Mortgaged Ship, an amount equal at the relevant time to 120 per cent of the Advance relevant to such Mortgaged Ship. 

P&l risks means the usual risks (including liability for oil pollution, excess war risk P&l 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). 
  

	25.3	 Coverage required 

The Ship shall at all times be insured: 
  

	 	(a)	 against fire and usual marine risks (including excess risks) and war risks (including war protection and
indemnity risks and terrorism risks) on an agreed value basis, for at least its minimum hull cover and no less than its market value; 

  

	 	(b)	 against P&l risks for the highest amount then available by protection and indemnity associations which are
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) for
vessels of similar age, size and type as the Ship (but, in relation to liability for oil pollution, for an amount of not less than $1,000,000,000) and a freight, demurrage and defence cover; 

 

	 	(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 (having regard to general insurance market practice and law at the time but always excluding any loss of hire cover); and 

 

	 	(d)	 on terms which comply with the other provisions of this clause 25. 

  
 80 

	25.4	 Placing of cover 

The insurance coverage required by clause 25.3 (Coverage required) shall be: 

 

	 	(a)	 in the name of the relevant Owner, Technomar Shipping Inc. and, in relation to any freight, demurrage and
defence cover, ConChart Commercial Inc. and (in the case of the Ship’s hull cover) no other person (other than the Security Agent (and any other Finance Party required by the Agent) if required by the Agent) (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 the Ship’s Insurances to the Security Agent (and any other Finance Party required by the Agent) in an approved form and
provided such supporting documents and opinions in relation to that assignment as the Agent requires); 

  

	 	(b)	 if the Agent so requests, in the joint names of the relevant Owner and/or a Manager or both of them and the
Security Agent (and any other Finance Party required by the Agent) (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent or such Finance Party for premiums or calls);

  

	 	(c)	 in dollars or another approved currency; 

 

	 	(d)	 arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks
associations; 

  

	 	(e)	 in full force and effect; and 

 

	 	(f)	 on approved terms and with approved insurers or associations. 

 

	25.5	 Deductibles 

The aggregate amount of any excess or deductible under the Ship’s hull cover shall not exceed the Major Casualty Amount. 

 

	25.6	 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 the Ship and the other Mortgaged Ships on approved terms, or in considering or making claims under: 
  

	 	(a)	 a mortgagee’s interest insurance and a mortgagee’s additional perils (all P&l risks) cover) for
the benefit of the Finance Parties for an amount up to 120 per cent of the Loan; and 

  

	 	(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 the Ship or beneficiary of the Security Documents). 

  

	25.7	 Fleet liens, set off and cancellations 

If the 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:

  

	 	(a)	 set off against any claims in respect of the Ship any premiums due in respect of any of such other vessels
insured (other than other Mortgaged Ships); or 

  

	 	(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 the Ship and any other Mortgaged Ships is provided under
a separate policy from any other vessels. 

  
 81 

	25.8	 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. 
  

	25.9	 Details of proposed renewal of Insurances 

At least 14 days (or such shorter period acceptable to the Agent) before any of the 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. 

 

	25.10	 Instructions for renewal 

At least five days (or such shorter period acceptable to the Agent) before any of the 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. 
  

	25.11	 Confirmation of renewal 

The Ship’s Insurances shall be renewed upon their expiry in a manner and on terms which comply with this clause 25 and confirmation of
such renewal given by approved brokers or insurers to the Agent at least five days (or such shorter period as may be approved) before such expiry. 
  

	25.12	 P&l guarantees 

Any guarantee or undertaking required by any protection and indemnity or war risks association in relation to the Ship shall be provided when
required by the association. 
  

	25.13	 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 the 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 the Ship’s Insurances shall be deposited with any
approved brokers or (if not deposited with approved brokers) the Agent or some other approved person. 
  

	25.14	 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. 
  

	25.15	 Insurance Notices and Loss Payable Clauses 

The interest of the Security Agent as assignee of the Insurances shall be endorsed on all relevant insurance policies and other documents by
the incorporation of a Loss Payable Clause and an Insurance Notice in respect of the Ship and its Insurances signed by the relevant Owner and, unless otherwise approved, each other person assured under the relevant cover (other than the Security
Agent if it is itself an assured). 

  
 82 

	25.16	 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 the Ship’s Insurances as soon as they are available. 
  

	25.17	 Qualifications and exclusions 

All requirements applicable to the Ship’s Insurances shall be complied with and the Ship’s Insurances shall only be subject to
approved exclusions or qualifications. 
  

	25.18	 Independent report 

 

	 	(a)	 If the Agent asks the Borrower for a detailed report from an approved independent firm of marine insurance
brokers giving their opinion on the adequacy of the Ship’s Insurances then the Agent shall be provided promptly with such a report at no cost to the Agent or (if the Agent obtains such a report itself) the Borrower shall promptly reimburse the
Agent for the cost of obtaining that report. 

  

	 	(b)	 Unless an Event of Default is continuing, the Borrower and the Owners shall only be obliged to reimburse the
Agent with respect to the cost of one such report in any calendar year. 

  

	25.19	 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 the Ship’s Insurances shall be provided promptly. 
  

	25.20	 Employment of Ship 

The Ship shall only be employed or operated in conformity with the terms of the 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). 
  

	25.21	 Declarations and returns 

If any of the Ship’s Insurances are on terms that require a declaration, certificate or other document to be made or filed before the 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. 
  

	25.22	 Application of recoveries 

All sums paid under the 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 in which case such sums shall be applied in reimbursement of such costs
incurred. 
  

	25.23	 Settlement of claims 

Any claim under the Ship’s Insurances for a Total Loss or Major Casualty shall only be settled, compromised or abandoned with prior
approval. 
  

	25.24	 Change in insurance requirements 

If the Agent gives notice to the Borrower and/or the Owners to change the terms and requirements of this clause 25 (which the Agent may only
do, in such manner as it reasonably considers appropriate, as a result of material changes of circumstances or practice after the date of this Agreement), this clause 25 shall be modified in the manner so notified by the Agent on the date 14 days
after such notice from the Agent is received. 

  
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	26	 Minimum security value 

 

	26.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 26 will be complied with throughout the Mortgage Period for each Ship except as
approved by the Majority Lenders (or, where specified, all the Lenders). 
  

	26.2	 Valuation of assets 

For the purpose of the Finance Documents, the value at any time of any Mortgaged Ship or any other asset over which additional security is
provided under this clause 26 will be its value as most recently determined in accordance with this clause 26. 
  

	26.3	 Valuation frequency 

Valuation of each Mortgaged Ship and each such other asset in accordance with this clause 26 may be required by the Agent: 

 

	 	(a)	 on 31 December 2018; and 

 

	 	(b)	 thereafter, at any time. 

 

	26.4	 Expenses of valuation 

The Borrower shall bear, and reimburse to the Agent where incurred by the Agent, all costs and expenses of providing such a valuation provided
that, in the absence of an Event of Default which is continuing, the Borrower shall bear the cost of the valuations of the Ships under this clause 26 only twice per calendar year. 

 

	26.5	 Valuations procedure 

The value of any Mortgaged Ship shall be determined in accordance with, and by valuers approved and appointed in accordance with, this clause
26. Additional security provided under this clause 26 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 Majority Lenders or as may be agreed in writing by the Borrower and the
Agent (on the instructions of the Majority Lenders) provided however that if additional security is provided in the form of a cash deposit in dollars in an Account over which an Account Security exists, full credit shall be given for the amount so
deposited for that purpose on a “dollar for dollar” basis. 
  

	26.6	 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. 
  

	26.7	 Basis of valuation 

Each valuation will be addressed to the Agent in its capacity as such and made: 

 

	 	(a)	 without physical inspection (unless required by the Agent); 

  
 84 

	 	(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; 

  

	 	(c)	 without taking into account the benefit or the burden of any charter commitment; 

 

	 	(d)	 no earlier than four (4) weeks prior to the date such valuation is requested by the Agent pursuant to
clause 26.3 (Valuation frequency) and no later than four (4) weeks from the date such valuation is requested by the Agent pursuant to clause 26.3 (Valuation frequency). 

 

	26.8	 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. 
  

	26.9	 Approval of valuers 

All valuers of any Mortgaged Ship must be Approved Valuers. The Agent may at any time withdraw an Approved Valuer for the purposes of future
valuations, in which case such Approved Valuer shall not be appointed for the purposes of this clause 26. The Agent may at any time by notice to the Borrower reinstate an Approved Valuer which has been previously withdrawn by the Agent under this
clause 26.9. 
  

	26.10	 Appointment of Approved Valuers 

When a valuation is required for the purposes of this clause 26, the Agent shall appoint one Approved Valuer and the Borrower shall promptly
appoint the other Approved Valuer, in each case to provide such valuation. If the Borrower fails to do so promptly, the Agent may also appoint the other Approved Valuer to provide that valuation. 

 

	26.11	 Number of valuers 

 

	 	(a)	 Each valuation must be carried out by two Approved Valuers one of whom shall be nominated by the Borrower. If
the Borrower fails promptly to nominate an Approved Valuer within 15 Business Days of the Agent’s request, then the Agent may nominate that Approved Valuer. 

 

	 	(b)	 If the two Approved Valuers provide valuations and the higher of the two valuations of the Ship exceeds the
other one by more than 20 per cent, then the value of the Ship shall be determined by reference to those two valuations and a third valuation provided by a third Approved Valuer nominated by the Agent. 

 

	26.12	 Differences in valuations 

 

	 	(a)	 If valuations provided by individual Approved Valuers differ, the value of the relevant Ship for the purposes
of the Finance Documents will be the mean average of those valuations. 

  

	 	(b)	 If a single Approved Valuer provides a range of values for the Ship, its value, for the purposes of the Finance
Documents, will be the mean average of the values comprising such range. 

  

	26.13	 Security shortfall 

 

	 	(a)	 If on 1 January 2020 or at any time thereafter the Security Value is less than the Minimum Value, the
Agent may, and shall, if so directed by the Majority Lenders, by notice to the Borrower require that such deficiency be remedied. The Borrower shall then within 30 Business Days of receipt of such notice ensure that the Security Value equals or
exceeds the Minimum Value. For this purpose, the Borrower and/or an Owner may: 

  

	 	(i)	 provide additional security over other assets approved by the Majority Lenders in accordance with this clause
26; and/or 

  
 85 

	 	(ii)	 cancel part of the Active Facility under clause 7.2 (Voluntary cancellation) and prepay under clause 7.3
(Voluntary prepayment) (but on five Business Days’ notice instead of the period required by such clause) a corresponding amount of the Loan. 

  

	 	(b)	 Any cancellation of part of the Active Facility pursuant to paragraph (a) above shall reduce the Total
Commitments by the same amount. 

  

	26.14	 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: 
  

	 	(a)	 that additional security, its value and the method of its valuation have been approved by the Majority Lenders;

  

	 	(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; 

  

	 	(c)	 this Agreement has been unconditionally amended in such manner as the Agent requires in consequence of that
additional security being provided; and 

  

	 	(d)	 the Agent, or its duly authorised representative, has received such documents and evidence it may require in
relation to that amendment and additional security including documents and evidence of the type referred to in Schedule 3 (Conditions precedent) in relation to that amendment and additional security and its execution and (if applicable)
registration. 

  

	26.15	 Release of additional security 

If the Borrower shall have previously provided further security to the Lenders pursuant to clause 26.13(a) and the Security Value (calculated
without taking into account any such additional security) shall for a period of three consecutive Months equal or exceed the Minimum Value (following calculation of the same pursuant to valuations obtained by the Agent pursuant to this clause 26,
which are not older than 30 days), the Lenders shall, as soon as reasonably practicable after receiving notice from the Borrower to do so and subject to the Lenders being indemnified to their reasonable satisfaction against the cost of doing so,
release any such further security specified by the Borrower provided that the Lenders are satisfied that there is no Default at the time and that, immediately following such release (a) the Security Value will continue to equal or exceed the
Minimum Value and (b) no Default will occur as a result of such release. 
  

	27	 Bank accounts 

 

	27.1	 Undertaking to comply 

Each Obligor who is a Party undertakes that this clause 27 will be complied with throughout the Facility Period. 

 

	27.2	 Operating Account 

 

	 	(a)	 Each Owner shall be the holder of one Account with an Account Bank which is designated as an “Operating
Account” for the purposes of the Finance Documents. 

  
 86 

	 	(b)	 The Earnings of each Owner’s Ship and all moneys payable to that Owner under that Ship’s Insurances
shall be paid by the persons from whom they are due to that Owner’s Operating Account unless required to be paid to the Security Agent under the relevant Finance Documents. 

 

	 	(c)	 Each Owner shall deposit in its Operating Account an amount of Five hundred thousand dollars ($500,000) on or
before the first Utilisation Date. 

  

	 	(d)	 No Owner shall withdraw amounts standing to the credit of an Operating Account except as permitted by paragraph
(e) below. 

  

	 	(e)	 If there is no continuing Default nor would a Default result from a withdrawal from an Operating Account and
if, after the relevant withdrawal, the balance on the relevant Operating Account will be at least Five hundred thousand dollars ($500,000), an Owner may withdraw amounts from its Operating Account for the following purposes and in the following
order of priority: 

  

	 	(i)	 payments of reasonably incurred (and evidenced when required by the Agent) costs and expenses of insuring,
repairing, operating, trading and maintaining such Owner’s Ship; 

  

	 	(ii)	 transfers to the Facility Account; 

 

	 	(iii)	 transfers to the ABN Cash Collateral Account in accordance with clause 27.3 (Excess Cash Flow transfer);
and 

  

	 	(iv)	 payment of dividends to the extent permitted by clause 28.13 (Distributions and other payments).

  

	27.3	 Excess Cash Flow transfer 

If, at any time during the Additional Excess Cash Flow Period, the amount of Excess Cash Flow in respect of a Calculation Period is a positive
figure, the Borrower shall be entitled to transfer to the ABN Cash Collateral Account an amount equal to seventy five per cent (75%) of such Excess Cash Flow, provided that (i) no payments are due at the time under clause 27.2(e)(i) or clause
27.4(c)(i) to (iii), (ii) no Event of Default is continuing at that time and (iii) no Event of Default would result from doing so. 
  

	27.4	 Facility Account 

 

	 	(a)	 The Borrower shall be the holder of an Account with an Account Bank which is designated as the “Facility
Account” for the purposes of the Finance Documents. 

  

	 	(b)	 The Borrower shall not withdraw amounts standing to the credit of the Facility Account except as permitted by
paragraph (c) below. 

  

	 	(c)	 If there is no continuing Default and no Default would result from a withdrawal from the Facility Account, the
Borrower may withdraw amounts from the Facility Account for the following purposes and in the following order of priority: 

  

	 	(i)	 payments then due to Finance Parties under the Finance Documents (other than payments due in respect of a
prepayment or under clause 6.2 (Scheduled repayment of Advances) or in respect of payment of interest); 

  

	 	(ii)	 payments of interest under clause 9.2 (Payment of interest); 

 

	 	(iii)	 payments then due to the Finance Parties under clause 6.2 (Scheduled repayment of Advances);

  

	 	(iv)	 payments due in accordance with clause 7.7 (Excess Cash Flow Calculation and Prepayment); and

  

	 	(v)	 payment of dividends to the Parent in accordance with the terms of this Agreement. 

  
 87 

	27.5	 Other provisions 

 

	 	(a)	 An Account may only be designated for the purposes described in this clause 27 if: 

 

	 	(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; 

  

	 	(ii)	 an Account Security has been duly executed and delivered by the relevant Account Holder(s) in favour of the
Security Agent (and any other Finance Party required by the Agent); 

  

	 	(iii)	 any notice required by the Account Security to be given to an Account Bank has been given to, and acknowledged
by, the Account Bank in the form required by the relevant Account Security; and 

  

	 	(iv)	 the Agent, or its duly authorised representative, has received such documents and evidence it may require in
relation to the Account and the Account Security including documents and evidence of the type referred to in Schedule 3 (Conditions precedent) in relation to the Account and the relevant Account Security. 

 

	 	(b)	 The rates of payment of interest and other terms regulating any Account will be a matter of separate agreement
between the relevant Account Holder(s) and an Account Bank. 

  

	 	(c)	 If an 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. 

  

	 	(d)	 The relevant Account Holder(s) shall not close any Account or alter the terms of any Account from those in
force at the time it is designated for the purposes of this clause 27 or waive any of its rights in relation to an Account except with approval. 

  

	 	(e)	 The relevant Account Holder(s) shall deposit with the Security Agent all certificates of deposit, receipts or
other instruments or securities relating to any Account, notify the Security Agent of any claim or notice relating to an Account from any other party and provide the Agent with any other information it may request concerning any Account.

  

	 	(f)	 Each of the Agent and the Security Agent agrees that if it is an Account Bank in respect of an Account then
there will be no restrictions on creating a Security Interest over that 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 Account in a manner adverse to the rights of the other Finance Parties. 

  

	28	 Business restrictions 

 

	28.1	 Undertaking to comply 

Except as otherwise approved by the Majority Lenders (such approval in respect of clause 28.10 (Acquisitions and investments) not to be
unreasonably withheld or delayed), the Borrower and the Owners each undertake that this clause 28 will be complied with by and in respect of each person to which each relevant provision of this clause is expressed to apply throughout the Facility
Period. For the avoidance of doubt, and without prejudice to clause 29.6 (Other obligations), this clause 28 does not apply to the Parent. 

  
 88 

	28.2	 General negative pledge 

 

	 	(a)	 In this clause 28.2, Quasi-Security means an arrangement or transaction described in paragraph (c) below.

  

	 	(b)	 Neither the Borrower nor an Owner shall create or permit to subsist any Security Interest over any of its
assets except for Permitted Security Interests. 

  

	 	(c)	 (Without prejudice to clauses 28.3 (Financial Indebtedness) and 28.7 (Disposals)), neither the
Borrower nor an Owner shall: 

  

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

  

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

 

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

  

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

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

	 	(d)	 Paragraphs (b) and (c) above do not apply to any Security Interest or (as the case may be) Quasi-Security,
listed below: 

  

	 	(i)	 those granted or expressed to be granted by any of the Security Documents; and 

 

	 	(ii)	 in relation to a Mortgaged Ship, Permitted Maritime Liens. 

 

	28.3	 Financial Indebtedness 

Neither the Borrower nor an Owner shall incur or permit to exist, any Financial Indebtedness owed by it to anyone else except: 

 

	 	(a)	 Financial Indebtedness incurred under the Finance Documents; 

 

	 	(b)	 Financial Indebtedness incurred in the Borrower’s or, as the case may be, such Owner’s ordinary
course of business in an amount not exceeding at any time $1,000,000; and 

  

	 	(c)	 Financial Indebtedness owed by the relevant Obligors under the Existing Loan Agreement and the Existing Master
Agreement (provided that any such Financial Indebtedness owed by the Owners is subordinated to the Finance Documents on approved terms). 

  

	28.4	 Guarantees 

Neither an Owner nor the Borrower 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: 
  

	 	(a)	 guarantees in favour of its trade creditors and any other third party given in the ordinary course of its
business of owning, trading, chartering and operating the relevant Ships; 

  
 89 

	 	(b)	 guarantees required by any protection and indemnity or war risks association with which the relevant Ship is
entered or required to release the relevant Ship from any arrest, detention, attachment or levy or required for the salvage of the relevant Ship; and 

  

	 	(c)	 guarantees which are Financial Indebtedness permitted under clause 28.3 (Financial Indebtedness).

  

	28.5	 Loans and credit 

Neither the Borrower nor an Owner shall be a creditor in respect of Financial Indebtedness other than in respect of trade credit granted by it
to its customers on normal commercial terms in the ordinary course of its trading activities. 
  

	28.6	 Bank accounts, operating leases and other financial transactions 

Neither the Borrower nor an Owner shall: 
  

	 	(a)	 maintain any current or deposit account with a bank or financial institution except for (i) the Accounts,
(ii) the ABN Cash Collateral Account until the end of the Additional Excess Cash Flow Period and (iii) the deposit of money, operation of current accounts and the conduct of electronic banking operations with Lenders through the Accounts;

  

	 	(b)	 hold cash in any account (other than the Accounts and the ABN Cash Collateral Account) over or in respect of
which any set-off, combination of accounts, netting or Security Interest exists except as permitted by clause 28.2 (General negative pledge); 

 

	 	(c)	 enter into any obligations under operating leases relating to assets; or 

 

	 	(d)	 be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly
permitted under this clause 28 (Business restrictions). 

  

	28.7	 Disposals 

Neither the Borrower nor an Owner shall enter into a single transaction or a series of transactions, whether related or not and whether
voluntarily or involuntarily, to sell, lease, transfer or otherwise dispose of any material asset except for any of the following disposals (so long as they are not prohibited by any other provision of the Finance Documents): 

 

	 	(a)	 disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing entity;

  

	 	(b)	 disposals permitted by clauses 28.2 (General negative pledge) or 28.3 (Financial Indebtedness) or
23.3 (Sale or other disposal of Ship); 

  

	 	(c)	 dealings with its trade creditors or other third parties in the ordinary course of trading; and

  

	 	(d)	 the application of cash or cash equivalents in the acquisition of assets or services in the ordinary course of
its business. 

  

	28.8	 Contracts and arrangements with Affiliates 

No Owner 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. 
  

	28.9	 Subsidiaries 

Neither the Borrower nor an Owner shall establish or acquire a company or other entity. 

  
 90 

	28.10	 Acquisitions and investments 

Neither the Borrower nor an Owner shall acquire any person, business, assets or liabilities in excess of $1,000,000 or make any investment in
any person or business or undertaking or enter into any joint-venture arrangement except: 
  

	 	(a)	 acquisitions of assets in the ordinary course of business (not being new businesses or vessels);

  

	 	(b)	 capital expenditures or investments related to maintenance of the Ship in the ordinary course of its business;

  

	 	(c)	 the incurrence of liabilities in the ordinary course of its business; 

 

	 	(d)	 any loan or credit not otherwise prohibited under this Agreement; and 

 

	 	(e)	 pursuant to any Finance Documents to which it is party. 

 

	28.11	 Reduction of capital 

Neither the Borrower nor an 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. 

 

	28.12	 Increase in capital 

 

	 	(a)	 No Owner shall issue shares or other equity interests to anyone other than the Borrower. 

 

	 	(b)	 The Borrower shall not issue shares or other equity interests to anyone other than the Parent.

  

	28.13	 Distributions and other payments 

 

	 	(a)	 The Borrower shall not, without the Agent’s prior written consent (acting on the instructions of the
Lenders), such consent not to be unreasonably withheld or delayed: 

  

	 	(i)	 declare or pay (including by way of set-off, combination of accounts or
otherwise) any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital) or any warrants
for the time being in issue; 

  

	 	(ii)	 repay or distribute any dividend or share premium reserve; 

 

	 	(iii)	 pay any management, advisory or other fee to or to the order of any Obligor or any of the shareholders of the
Parent; 

  

	 	(iv)	 redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

  

	 	(v)	 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, 

except if no Event of Default is continuing at that time and no Event of Default would result from doing so. 

  
 91 

	 	(b)	 Each Owner shall not: 

 

	 	(i)	 declare or pay (including by way of set-off, combination of accounts or
otherwise) any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital) or any warrants
for the time being in issue; 

  

	 	(ii)	 repay or distribute any dividend or share premium reserve; 

 

	 	(iii)	 pay any management, advisory or other fee to or to the order of any Obligor or any of the shareholders of the
Parent (other than any management fees payable to the Borrower pursuant to a Management Agreement); 

  

	 	(iv)	 redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

  

	 	(v)	 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, 

to anyone other than the Borrower. 
  

	29	 Events of Default 

Each of the events or circumstances set out in this clause 29 (except clause 29.24 (Acceleration)) is an Event of Default. 

 

	29.1	 Non-payment 

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is
expressed to be payable unless: 
  

	 	(a)	 its failure to pay is caused by a Disruption Event; and 

 

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

 

	29.2	 Financial covenants 

The Borrower does not comply with clause 21 (Financial covenants). 

 

	29.3	 Share Transfer 

The Borrower does not comply with clause 23.13 (Share Transfer). 

 

	29.4	 Value of security 

The Obligors do not comply with clause 26 (Minimum security value). 

 

	29.5	 Insurance 

  

	 	(a)	 The Insurances of a Mortgaged Ship are not placed and kept in force in the manner required by clause 25
(Insurance). 

  

	 	(b)	 Any insurer either: 

  

	 	(i)	 cancels any such Insurances; or 

 

	 	(ii)	 disclaims liability under them or asserts that its liability under them is or should be reduced by reason of
any mis-statement or failure or default by any person. 

  
 92 

	29.6	 Other obligations 

 

	 	(a)	 An Obligor or a Manager does not comply with any provision of the Finance Documents (other than those referred
to in clause 29.1 (Non-payment), clause 29.2 (Financial covenants), clause 29.3 (Share Transfer), clause 29.4 (Value of security) and clause 29.5 (Insurance)).

  

	 	(b)	 No Event of Default under paragraph (a) above will occur if the Agent considers that the failure to comply
is capable of remedy and the failure is remedied within seven Business Days of the earlier of (i) the Agent giving notice to the Borrower and (ii) the Borrower or any other Obligor or Manager becoming aware of the failure to comply.

  

	29.7	 Misrepresentation 

Any representation or statement made or deemed to be made by an Obligor 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 in any respect when made or deemed to be made. 
  

	29.8	 Cross default 

 

	 	(a)	 Any Financial Indebtedness of the Borrower or any Guarantor is not paid when due nor within any originally
applicable grace period. 

  

	 	(b)	 Any Financial Indebtedness of the Borrower or any Guarantor is declared to be or otherwise becomes due and
payable prior to its specified maturity as a result of an event of default (however described), provided that in the event such Financial Indebtedness is a guarantee and indemnity given by the Parent, a demand has been made on the Parent by the
relevant creditor(s) under such guarantee. 

  

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

  

	 	(d)	 Any creditor of the Borrower or any Guarantor becomes entitled to declare any Financial Indebtedness of the
Borrower or that Guarantor due and payable prior to its specified maturity as a result of an event of default (however described), provided that in the case of any Financial Indebtedness created under any guarantee and indemnity of the Parent, a
demand is made by the relevant creditor(s) under such guarantee and indemnity. 

  

	 	(e)	 No Event of Default will occur under paragraphs (a) to (d) above if the aggregate amount of Financial
Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is (i) in the case of the Borrower or an Owner, less than $800,000 (or its equivalent in any other currency) and (ii) in the case of the
Parent, less than $5,000,000 (or its equivalent in any other currency). 

  

	29.9	 Insolvency 

  

	 	(a)	 An Obligor or a Manager: 

 

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

 

	 	(ii)	 is deemed to, or is declared to, be unable to pay its debts under applicable law; or 

 

	 	(iii)	 suspends or threatens to suspend making payments on any of its debts, 

Provided however that none of the above shall constitute an Event of Default if they occur in respect of a Manager and, within a period of ten
days of such occurrence, the Owners substitute such Manager with another ship manager in accordance with clause 23.4 (Manager). 

  
 93 

	 	(b)	 A moratorium is declared in respect of any indebtedness of any Obligor. 

If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium. 

 

	 	(c)	 No Event of Default will occur under paragraphs (a) to (b) above if an Obligor, by any reason, including
without limitation, any actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (including any Finance Party in its capacity as such) with a view to rescheduling, deferring, re-organising or suspending, any of its indebtedness and/or, as a result of such negotiations, enters into any agreement or contract with one or more creditors (including any Finance Party in its capacity as such)
setting out the terms of any such rescheduling, deferral, reorganisation or suspension of its indebtedness, provided that, in the event that such negotiations or agreement or contract relate to a Group Facility Agreement, the Agent has been informed
by an Obligor of any such negotiations promptly upon their commencement and the Agent has approved any agreement to be entered into as a result of such negotiation. 

 

	29.10	 Insolvency proceedings 

 

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

  

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

 

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

  

	 	(iii)	 the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other
similar officer in respect of any Obligor, a Manager or any of its assets; or 

  

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

or any analogous procedure or step is taken in any jurisdiction, Provided however that none of the above shall constitute an Event of Default
if they occur in respect of a Manager and, within a period of ten days of such occurrence, the Owners substitute such Manager with another ship manager in accordance with clause 23.4 (Manager). 

 

	 	(b)	 Paragraph (a) above 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 thirty days of commencement or, if earlier, the date on which it is advertised. 

 

	29.11	 Creditors’ process 

 

	 	(a)	 Any expropriation, attachment, sequestration, distress, execution or any other analogous process or enforcement
action (including enforcement by a landlord) affects any asset or assets of any Obligor (other than an arrest or detention of a Ship referred to in clause 29.19 (Arrest of Ship)) and is not discharged within seven days. 

 

	 	(b)	 Any judgment or order is made against an Obligor and is not stayed or complied with within seven days.

  
 94 

	29.12	 Unlawfulness and invalidity 

 

	 	(a)	 It is or becomes unlawful for an Obligor or a Manager to perform any of its obligations under the Finance
Documents or any Transaction Security ceases to be effective. 

  

	 	(b)	 Any obligation or obligations of any Obligor or a Manager 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. 

 

	 	(c)	 Any Finance Document or any Transaction Security ceases to be in full force and effect or ceases to be legal,
valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective for any reason. 

  

	 	(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. 

  

	29.13	 Cessation of business 

Any Obligor or a Manager suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business
unless, in the case of the Manager only, the Owners, within a period of ten days of such occurrence, substitute such Manager with another ship manager in accordance with clause 23.4 (Manager). 

 

	29.14	 Expropriation 

The authority or ability of any Obligor or a Manager 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, a Manager or any of its assets unless, in the case of the
Manager only, the Owners, within a period of ten days of such occurrence, substitute such Manager with another ship manager in accordance with clause 23.4 (Manager). 
  

	29.15	 Repudiation and rescission of Finance Documents 

An Obligor or a Manager rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or any of the Transaction
Security or evidences an intention to rescind or repudiate a Finance Document or any Transaction Security. 
  

	29.16	 Litigation 

Either: 
  

	 	(a)	 any litigation, alternative dispute resolution, arbitration or administrative, governmental, regulatory or
other investigations, proceedings or disputes are commenced or threatened; or 

  

	 	(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, 

 in relation to any Finance Document or the transactions contemplated in
the Finance Documents or against any Group Member or any of its assets, rights or revenues which has or might have a Material Adverse Effect. 

  
 95 

	29.17	 Material Adverse Effect 

Any event or circumstance (including any Environmental Incident or 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 Mortgaged 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 such Ship within a period of 30 days thereafter (or such longer period as may be approved). 

 

	29.20	 Ship registration 

Except with approval, the registration of any Mortgaged Ship under the laws and flag of its Flag State is cancelled or terminated or, where
applicable, not renewed or, if such Ship is only provisionally registered on the date of its Mortgage, such Ship is not permanently registered under such laws within 90 days of such date. 

 

	29.21	 Political risk 

 

	 	(a)	 Either (1) the Flag State of any Mortgaged Ship or any Relevant Jurisdiction of an Obligor becomes
involved in hostilities or civil war or (2) there is a seizure of power in the Flag State or any such Relevant Jurisdiction by unconstitutional means and (in either such case) in the opinion of the Agent such event or circumstance, has or is
reasonably likely to have, a Material Adverse Effect. 

  

	 	(b)	 No Event of Default under paragraph (a) above will occur if: 

 

	 	(i)	 in the opinion of the Agent it is practicable for action to be taken by the Borrower to prevent the relevant
event or circumstance having a Material Adverse Effect; and 

  

	 	(ii)	 the Borrower takes such action to the Agent’s satisfaction within 14 days of notice from the Agent
(specifying the relevant action to be taken) to do so. 

  

	29.22	 Change of Control 

If a Change of Control occurs or, following the Transaction, a Transaction Change of Control occurs. 

 

	29.23	 Sanctions 

  

	 	(a)	 Any of the Obligors, any Manager, any of the Disclosed Persons or any Affiliate of any of them or any of their
respective directors, officers, agents, employees or other persons acting on behalf of the foregoing, becomes a Restricted Person or becomes owned or controlled by, or acts directly or indirectly on behalf of, a Restricted Person or any of such
persons becomes the owner or controller of a Restricted Person; or 

  

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

  
 96 

	 	(c)	 any Obligor, any Manager, any of the Disclosed Persons or any of their respective Affiliates or any of their
respective directors, officers, agents, employees or other persons acting on behalf of the foregoing, is not in compliance with any applicable Sanctions; 

  

	 	(d)	 any Group Member or any Fleet Vessel does any business relating to Iran or any Iranian owned or incorporated
entity, unless the Agent approves so in writing. 

 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: 
  

	 	(a)	 by notice to the Borrower: 

 

	 	(i)	 declare that no withdrawals be made from any Account; 

 

	 	(ii)	 cancel the Total Commitments at which time they shall immediately be cancelled; 

 

	 	(iii)	 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 

  

	 	(iv)	 declare that all or part of the Loan be payable on demand, at which time it shall immediately become payable on
demand by the Agent on the instructions of the Majority Lenders; and/or 

  

	 	(b)	 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. 

  
 97 

 Section 9—Changes to Parties 

 

	30	 Changes to the Lenders 

 

	30.1	 Assignments by the Lenders 

A Lender (the Existing Lender) may, by giving 30 days’ prior notice to the Borrower, assign any of its rights under any Finance
Document 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 commercial shipping loans, securities or other financial assets
(the New Lender). 
  

	30.2	 Other conditions of assignment 

 

	 	(a)	 An assignment will only be effective: 

 

	 	(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 had been an Original Lender; 

 

	 	(ii)	 on the New Lender entering into any documentation required for it to accede as a party to the Co-ordination Agreement and any Security Document to which the Existing Lender is a party in its capacity as a Lender and, in relation to such Security Documents, completing any filing, registration or notice
requirements; 

  

	 	(iii)	 on the performance by the Agent of all necessary “know your customer” or 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

  

	 	(iv)	 if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan and each
Utilisation (if any) under the Facility. 

  

	 	(b)	 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. 

 

	30.3	 Fee and expenses 

 

	 	(a)	 Subject to paragraph (b) below, the New Lender shall, on the date upon which an assignment takes effect,
pay to the Agent (for its own account) a fee in dollars determined by the Agent in its sole discretion and shall, promptly on demand, pay the Agent and the Security Agent the amount of: 

 

	 	(i)	 all costs and expenses (including legal fees) reasonably incurred by the Agent or the Security Agent in
connection with any such assignment; and 

  

	 	(ii)	 any cost, loss or liability the Agent or the Security Agent incurs in relation to all stamp duty, registration
and other similar Taxes payable in respect of any such assignment. 

  
 98 

	 	(b)	 No fee or other amount is payable pursuant to (a) above if: 

 

	 	(i)	 the Agent agrees that no fee or other amount is payable; or 

 

	 	(ii)	 the assignment or transfer is made by an Existing Lender: 

 

	 	(A)	 to an Affiliate or partner of that Existing Lender; 

 

	 	(B)	 to a fund which is a Related Fund of that Existing Lender; or 

 

	 	(C)	 in connection with primary syndication of the Facility. 

 

	30.4	 Transfer costs and expenses relating to security 

The New Lender shall, promptly on demand, pay the Agent and the Security Agent the amount of: 

 

	 	(a)	 all costs and expenses (including legal fees) reasonably incurred by the Agent or the Security Agent to
facilitate the accession by the New Lender to, or assignment or transfer to the New Lender of, any Security Document and/or the benefit of any Security Document and any appropriate registration of any such accession or assignment or transfer
(including in respect of the accession by the New Lender to the Co-ordination Agreement and the execution of any deed of accession supplemental to); and 

 

	 	(b)	 any cost, loss or liability the Agent or the Security Agent incurs in relation to all stamp duty, registration
and other similar Taxes payable in respect of any such accession, assignment or transfer. 

  

	30.5	 Limitation of responsibility of Existing Lenders 

 

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

  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction
Security or any other documents; 

  

	 	(ii)	 the financial condition of any Obligor; 

 

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

  

	 	(iv)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; or 

  

	 	(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. 

 

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

 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of:

  

	 	(A)	 the financial condition and affairs of the Obligors and their related entities in connection with its
participation in this Agreement; and 

  
 99 

	 	(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 or the Transaction Security; 
  

	 	(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 

  

	 	(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. 

  

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

 

	 	(i)	 accept a re-assignment from a New Lender of any of the rights assigned
under this clause 30; or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under any Finance Document or by reason of the application of any Basel II Regulation to the transactions contemplated by the Finance Documents or otherwise.

  

	30.6	 Procedure available for assignment 

 

	 	(a)	 Subject to the conditions set out in clause 30.1 (Assignments by the Lenders) and clause
30.2 (Other conditions of assignment), an assignment may be effected in accordance with paragraph (d) below when (i) the Agent executes an otherwise duly completed Transfer Certificate and (ii) the Agent executes any document
required under paragraph (a) of clause 30.2 (Other conditions of assignment) 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 paragraph (b) below, 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. 

 

	 	(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. 

 

	 	(c)	 The Obligors who are Parties and the other Finance Parties irrevocably authorise the Agent to execute any
Transfer Certificate on their behalf without any consultation with them. 

  

	 	(d)	 On the Transfer Date: 

 

	 	(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; 

  

	 	(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 under the Finance Documents shall not be released); and 

 

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

  
 100 

	 	(e)	 Lenders may utilise procedures other than those set out in this clause 30.6 to assign their rights under the
Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with this clause 30.6 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 30.1 (Assignments by the Lenders) and clause 30.2 (Other conditions of assignment). 

 

	30.7	 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 paragraph
(a) of clause 30.2 (Other conditions of assignment), send a copy of that Transfer Certificate and such other documents to the Borrower. 
  

	30.8	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this clause 30, each Lender may without consulting with or obtaining consent from any
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: 
  

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

  

	 	(b)	 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 other Security Interest shall: 

 

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

  

	 	(ii)	 require any payments to be made by 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. 

  

	31	 Changes to the Obligors 

No Obligor nor a Manager may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

  
 101 

 Section 10—The Finance Parties 

 

	32	 Roles of Agent, Security Agent and Arranger 

 

	32.1	 Appointment of the Agent and Security Agent 

Each other Finance Party (other than the Security Agent) appoints: 
  

	 	(a)	 the Agent to act as its agent under and in connection with the Finance Documents; and 

 

	 	(b)	 the Security Agent to act as its agent and as trustee under the Security Documents. 

 

	32.2	 Security Agent as trustee 

The Security Agent declares that it holds the Security Property on trust for itself and the other Finance Parties on the terms contained in
this Agreement. 
  

	32.3	 Authorisation of Agent and Security Agent 

Each of the Finance Parties authorises the Agent and the Security Agent: 

 

	 	(a)	 to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and
discretions specifically given to the Agent or (as the case may be) the Security Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions; and 

 

	 	(b)	 to execute each of the Security Documents and all other documents that may be approved by the Majority Lenders
for execution by it. 

 32.4 Instructions to Agent and the Security Agent 

 

	 	(a)	 The Agent and the Security Agent shall: 

 

	 	(i)	 subject to paragraphs (d) and (e) below, exercise or refrain from exercising any right, power, authority
or discretion vested in it as Agent or (as the case may be) the Security Agent in accordance with any instructions given to it by: 

  

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

  

	 	(B)	 in all other cases, the Majority Lenders; and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or group of Finance Parties).

  

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

  
 102 

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

  

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

 

	 	(i)	 where a contrary indication appears in a Finance Document; 

 

	 	(ii)	 where a Finance Document requires the Agent or the Security Agent to act in a specified manner or to take a
specified action; 

  

	 	(iii)	 in respect of any provision which protects the Agent’s or the Security Agent’s own position in its
personal capacity as opposed to its role of the Agent or the Security Agent for the Finance Parties including, without limitation, clauses 32.9 (No duty to account) to clause 32.14 (Exclusion of liability), clause 32.19
(Confidentiality) to clause 33.6 (Custodians and nominees) and clauses 33.9 (Acceptance of title) to 33.12 (Disapplication of Trustee Acts). 

 

	 	(e)	 If giving effect to instructions given by any other Finance Party or group of Finance Parties would (in the
Agent’s or (as the case may be) the Security Agent’s opinion) have an effect equivalent to an amendment or waiver which is subject to clause 45 (Amendments and waivers), the Agent or (as the case may be) the Security Agent shall not
act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than itself) whose consent would have been required in respect of that amendment or waiver. 

 

	 	(f)	 The Agent or the Security Agent may refrain from acting in accordance with any instructions of any other
Finance Party or group of Finance Parties until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in
advance) for any cost, loss or liability (together with any applicable VAT) which it may incur in complying with those instructions. 

  

	 	(g)	 Without prejudice to the provisions of clause 34 (Enforcement of Transaction Security) and the remainder
of this clause 32, in the absence of instructions, the Agent and the Security Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. 

 

	32.5	 Legal or arbitration proceedings 

Neither the Agent nor the Security Agent is authorised to act on behalf of another Finance Party (without first obtaining that Finance
Party’s consent) in any legal or arbitration proceedings relating to any Finance Document. This clause 32.5 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the
Security Documents or enforcement of the Transaction Security. 
  

	32.6	 Duties of the Agent and the Security Agent 

 

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

  

	 	(b)	 Subject to paragraph (c) below, the Agent or (as the case may be) the Security Agent shall promptly:

  

	 	(i)	 (in the case of the Security Agent) forward to the Agent a copy of any document received by the Security Agent
from any Obligor under any Finance Document; and 

  
 103 

	 	(ii)	 forward to a Party the original or a copy of any document which is delivered to the Agent or (as the case may
be) the Security Agent for that Party by any other Party. 

  

	 	(c)	 Without prejudice to clause 30.7 (Copy of Transfer Certificate to Borrower), paragraph (b) above
shall not apply to any Transfer Certificate. 

  

	 	(d)	 Except where a Finance Document specifically provides otherwise, neither the Agent nor the Security Agent is
obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(e)	 Without prejudice to clause 35.10 (Notification of prescribed events), if the Agent or the Security
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. 

 

	 	(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 the Arranger or the Security Agent for their own account) under this Agreement, it shall promptly notify the other Finance Parties. 

 

	 	(g)	 The Agent shall provide to the Borrower within five Business Days of a request by the Borrower (but no more
frequently than quarterly per calendar year), a list (which may be in electronic form) setting out the names of the Lenders as at that Business Day, their respective Commitments and the address (and the department or officer, if any, for whose
attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the
sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for
any payment to be distributed by the Agent to that Lender under the Finance Documents. 

  

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

  

	32.7	 Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection
with any Finance Document or the transactions contemplated by the Finance Documents. 
  

	32.8	 No fiduciary duties 

Nothing in any Finance Document constitutes the Agent, the Security Agent or the Arranger as a trustee or fiduciary of any other person except
to the extent that the Security Agent acts as trustee for the other Finance Parties pursuant to clause 32.2 (Security Agent as trustee). 
  

	32.9	 No duty to account 

None of the Agent, the Security Agent or the Arranger shall be bound to account to any other Finance Party for any sum or the profit element of
any sum received by it for its own account. 
  

	32.10	 Business with the Group 

The Agent, the Security Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other
business with any Obligor or any other Group Member or their Affiliates. 

  
 104 

	32.11	 Rights and discretions of the Agent and the Security Agent 

 

	 	(a)	 The Agent and the Security Agent may: 

 

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

  

	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Majority Lenders, any Lenders or other Finance Parties or any group of
Lenders or other Finance Parties are duly given in accordance with the terms of the Finance Documents; 

  

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

  

	 	(C)	 in the case of the Security Agent, if it receives any instructions to act in relation to the Transaction
Security, that all applicable conditions under the Finance Documents for so acting have been satisfied; and 

  

	 	(iii)	 rely on a certificate from any person: 

 

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

  

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

 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and
accuracy of that certificate. 
  

	 	(b)	 The Agent and the Security Agent may assume (unless it has received notice to the contrary in its capacity as
agent or (as the case may be) security trustee for the other Finance Parties) that: 

  

	 	(i)	 no Notifiable Debt Purchase Transaction: 

 

	 	(A)	 has been entered into; 

 

	 	(B)	 has been terminated; or 

 

	 	(C)	 has ceased to be with a Borrower Affiliate; 

 

	 	(ii)	 no Default has occurred (unless (in the case of the Agent) it has actual knowledge of a Default arising under
clause 29.1 (Non-payment)); 

  

	 	(iii)	 any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been
exercised; and 

  

	 	(iv)	 any notice or request made by the Borrower (other than (in the case of the Agent) a Utilisation Request or
Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors. 

  

	 	(c)	 Each of the Agent and the Security Agent may engage and pay for the advice or services of any lawyers,
accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts. 

  
 105 

	 	(d)	 Without prejudice to the generality of paragraph (c) above or paragraph (e) below, each of the Agent
and the Security Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to it (and so separate from any lawyers instructed by the Lenders or any other Finance Party) if it, in its reasonable opinion, deems
this to be desirable. 

  

	 	(e)	 Each of the Agent and the Security Agent may rely on the advice or services of any lawyers, accountants, tax
advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts (whether obtained by it or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in
value or any liability whatsoever arising as a result of its so relying. 

  

	 	(f)	 The Agent, the Security Agent, any Receiver and any Delegate may act in relation to the Finance Documents, the
Transaction Security and the Security Property through its officers, employees and agents and shall not: 

  

	 	(i)	 be liable for any error of judgment made by any such person; or 

 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or
default on the part, of any such person, 

 unless such error or such loss was directly caused by the Agent’s, the
Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct. 
  

	 	(g)	 Unless any Finance Document expressly specifies otherwise, the Agent or the Security Agent may disclose to any
other Party any information it reasonably believes it has received as agent or security trustee under this Agreement. 

  

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

 

	 	(i)	 may disclose; and 

  

	 	(ii)	 on the written request of the Borrower or the Majority Lenders shall, as soon as reasonably practicable,
disclose the identity of a Defaulting Lender to the other Finance Parties and the Borrower. 

  

	 	(i)	 Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Security
Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 

	 	(j)	 Notwithstanding any provision of any Finance Document to the contrary, neither the Agent nor the Security Agent
is obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the
repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	 	(k)	 Neither the Agent nor the Arranger shall be obliged to request any certificate, opinion or other information
under clause 20 (Information undertakings) unless so required in writing by a Lender, 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.

  

	32.12	 Responsibility for documentation and other matters 

None of the Agent, the Security Agent, the Arranger, any Receiver or any Delegate is responsible or liable for: 

 

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

  
 106 

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

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 (in the case of the Security Agent) any loss to the Security 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; 

  

	 	(e)	 the failure of any Obligor or any other party to perform its obligations under any Finance Document or the
financial condition of any such person; 

  

	 	(f)	 (save as otherwise provided in this clause 32) taking or omitting to take any other action under or in relation
to the Security Documents; 

  

	 	(g)	 any other beneficiary of a Security Document failing to perform or discharge any of its duties or obligations
under any Finance Document; or 

  

	 	(h)	 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. 

 

	32.13	 No duty to monitor 

Neither the Agent nor the Security Agent shall be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 

 

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

  

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

 

	32.14	 Exclusion of liability 

 

	 	(a)	 Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Agent, the Security Agent, any Receiver or Delegate), none of the Agent, the Security Agent, any Receiver nor any Delegate will be liable (including, without limitation, for negligence or any other category
of liability whatsoever) for: 

  

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

 

	 	(ii)	 exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Security Property; 

  
 107 

	 	(iii)	 any shortfall which arises on the enforcement or realisation of the Security Property; or

  

	 	(iv)	 without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs, losses, any
diminution in value or any liability whatsoever arising as a result of: 

  

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

 

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

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of:
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event), breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	 	(b)	 No Party (other than the Agent, the Security Agent, that Receiver or that Delegate (as applicable)) may take
any proceedings against any officer, employee or agent of the Agent, the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Agent, the Security Agent, a Receiver or a Delegate or in respect of any act or
omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Agent, the Security Agent, a Receiver or a Delegate may rely on this clause subject to
clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

  

	 	(c)	 Neither of the Agent or the Security Agent will be liable for any delay (or any related consequences) in
crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by it for that purpose. 

  

	 	(d)	 Nothing in any Finance Document shall oblige the Agent, the Security Agent or the Arranger to carry out:

  

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

 

	 	(ii)	 any check on the extent to which any transaction contemplated by any of the Finance Documents might be unlawful
for any Finance Party or for any Affiliate of any Finance Party or for any Affiliate of any Finance Party, 

 on behalf of
any other Finance Party and each other Finance Party confirms to the Agent, the Security Agent and the Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to
such checks made by the Agent, the Security Agent or the Arranger. 
  

	 	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the liability of the Agent,
the Security Agent, any Receiver or any Delegate, any liability of the Agent, the Security Agent, any Receiver or any Delegate arising under or in connection with any Finance Document or the Security Property shall be limited to the amount of actual
loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent, the Security Agent, Receiver or Delegate (as the case may be) 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, the Security Agent, Receiver or Delegate (as the case may be) at any time

  
 108 

	 	
which increase the amount of that loss. In no event shall the Agent, the Security Agent, any Receiver or any Delegate be liable for any loss of profits, goodwill, reputation, business opportunity
or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent, the Security Agent, Receiver or Delegate (as the case may be) has been advised of the possibility of such loss or damages.

  

	32.15	 Lenders’ indemnity to the Agent and others 

 

	 	(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 being reduced to zero) indemnify the Agent, the Security Agent, every Receiver and every Delegate, within three Business Days of demand, against any Losses (including, without
limitation, for negligence or any other category of liability whatsoever) incurred by any of them (otherwise than by reason of the relevant Agent’s, Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful
misconduct) (or, in the circumstances contemplated pursuant to clause 39.11 (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) in acting as Agent, Security Agent, Receiver or Delegate under, or exercising any authority conferred under, the Finance Documents (unless the relevant Agent, Security Agent, Receiver or Delegate has been
reimbursed by an Obligor pursuant to a Finance Document). 

  

	 	(b)	 Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Agent or the Security Agent or any Receiver or Delegate pursuant to paragraph (a) above. 

  

	 	(c)	 Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the
Lender claims reimbursement relates to a liability of the Agent or the Security Agent to an Obligor. 

  

	32.16	 Resignation of the Agent or the Security Agent 

 

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

  

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

  

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

  

	 	(d)	 If the Agent or Security Agent wishes to resign because it has concluded that it is no longer appropriate for
it to remain as agent or trustee and the Agent or (as the case may be) Security Agent is entitled to appoint a successor Agent or (as the case may be) Security Agent under paragraph (c) above, the Agent or (as the case may be) Security Agent
may (if it concludes that it is necessary to do so in order to persuade the proposed successor Agent or (as the case may be) Security Agent to become a party to this Agreement as Agent or (as the case may be) Security Agent) agree with the proposed
successor Agent or (as the case may be) Security Agent amendments to this clause 32 and any other term of this Agreement dealing with the rights or obligations of the Agent or (as the case may be) Security Agent consistent with then current market
practice for the appointment and protection of corporate trustees together with any reasonable amendments to the fee payable to it in its capacity as Agent or (as the case may be) Security Agent under this Agreement which are consistent with the
successor Agent’s or (as the case may be) Security Agent’s normal fee rates and those amendments will bind the Parties. 

  
 109 

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

  

	 	(f)	 The Agent’s or Security Agent’s resignation notice shall only take effect upon:

  

	 	(i)	 the appointment of a successor; and 

 

	 	(ii)	 (in the case of the Security Agent) the transfer or assignment of all the Transaction Security and the other
Security Property to that successor and any appropriate filings or registrations, any notices of transfer or assignment and the payment of any fees or duties related to such transfer or assignment which the Security Agent considers necessary or
advisable have been duly completed. 

  

	 	(g)	 Upon the appointment of a successor, the retiring Agent or Security Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of clause 33.10 (Winding up of trust) and paragraph (e) above) but shall remain entitled to the benefit of clauses 15.3 ((Indemnity to
the Agent and the Security Agent) and 15.4 (Indemnity concerning security) and this clause 32 (and any agency or other fees for the account of the retiring Agent or Security Agent in its capacity as such 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 that successor had been an original Party. 

 

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

  

	 	(i)	 the Agent fails to respond to a request under clause 13.7 (FATCA information) and the Borrower or a
Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Agent pursuant to clause 13.7 (FATCA information) indicates that the
Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Agent notifies the 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) the Borrower or 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 the Borrower or that Lender, by notice to the Agent, requires it to resign. 

  
 110 

	32.17	 Replacement of the Agent 

 

	 	(a)	 After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice to the Agent
(or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor Agent. 

 

	 	(b)	 The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the
Lenders) 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.

  

	 	(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 paragraph (b) above) but shall remain entitled to the
benefit of clauses 15.3 ((Indemnity to the Agent and the Security Agent) and 15.4 (Indemnity concerning security) and this clause 32 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be
payable on) that date). 

  

	 	(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. 

  

	32.18	 Replacement of the Security Agent 

The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) of clause 32.16
(Resignation of the Agent or the Security Agent). In this event, the Security Agent shall resign in accordance with that paragraph. 
  

	32.19	 Confidentiality 

 

	 	(a)	 In acting as agent or trustee for the Finance Parties, the Agent or (as the case may be) the Security Agent
shall be regarded as acting through its agency, trustee or other division or department directly responsible for the management of the Finance Documents which shall be treated as a separate entity from any other of its divisions or departments.

  

	 	(b)	 If information is received by another division or department of the Agent or (as the case may be) Security
Agent, it may be treated as confidential to that division or department and the Agent or (as the case may be) Security Agent shall not be deemed to have notice of it. 

 

	 	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Security
Agent nor the Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a
breach of a fiduciary duty. 

  

	32.20	 Agent’s relationship with the Lenders 

 

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

  

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

  
 111 

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

 unless it has received not less than five
Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

	 	(b)	 Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under clause 41.6
(Electronic communication)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention
communication is to be made) and be treated as a notification of a substitute address, electronic mail address, department and officer (or such other information) by that Lender for the purposes of clause 41.2 (Addresses) and clause 41.6
(Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.

  

	32.21	 Information from the Finance Parties 

Each Finance Party shall supply the Agent or the Security Agent with any information that the Agent or (as the case may be) the Security Agent
may reasonably specify as being necessary or desirable to enable the Agent or (as the case may be) the Security Agent to perform its functions as Agent or (as the case may be) Security Agent. 

 

	32.22	 Credit appraisal by the Finance Parties 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each other Finance Party confirms to the Agent, the Security Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection
with any Finance Document including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each Obligor and other Group Member; 

 

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

 

	 	(c)	 the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the
Finance Documents; 

  

	 	(d)	 whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any
of its respective assets under or in connection with any Finance Document, the Transaction Security, the Security Property, 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, the Transaction Security or the Security Property; 

  

	 	(e)	 the adequacy, accuracy or completeness of information provided by the Agent, the Security Agent, the Arranger
or any other Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document; and 

  
 112 

	 	(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 any of the Transaction Security or the existence of any Security Interest affecting the Charged Property. 

  

	32.23	 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. 
  

	32.24	 Reliance and engagement letters 

Each of the Agent, the Security Agent and the Arranger may enter into any reliance letter or engagement letter relating to any valuations,
reports, opinions or letters or advice or assistance provided by lawyers, accountants, tax advisers, insurance consultants, ship managers, valuers, surveyors or other professional advisers or experts in connection with the Finance Documents or the
transactions contemplated in the Finance Documents on such terms as it may consider appropriate (including, without limitation, restrictions on the lawyer’s, accountant’s, tax adviser’s, insurance consultant’s, ship
manager’s, valuer’s, surveyor’s or other professional adviser’s or expert’s liability and the extent to which their valuations, reports, opinions or letters may be relied on or disclosed). 

 

	33	 Trust and security matters 

 

	33.1	 Undertaking to pay 

 

	 	(a)	 Each Obligor who is a Party undertakes with the Security Agent as trustee for the Finance Parties that it will,
on demand by the Security Agent, pay to the Security Agent as trustee for the Finance Parties all money from time to time owing to the other Finance Parties (in addition to paying any money owing under the Finance Documents to the Security Agent for
its own account), and discharge all other obligations from time to time incurred, by it under or in connection with the Finance Documents. 

  

	 	(b)	 Each payment which such an Obligor makes to another Finance Party in accordance with any Finance Document
shall, to the extent of the amount of that payment, satisfy that Obligor’s corresponding obligation under paragraph (a) above to make that payment to the Security Agent. 

 

	33.2	 Parallel debt 

 

	 	(a)	 Additional definitions 

In this clause 33.2: 

Corresponding Debt means any amount, other than any Parallel Debt, which an Obligor owes to a Finance Party under or in connection with
the Finance Documents. 
 Parallel Debt means any amount which an Obligor owes to the Security Agent under clause 33.2(b) or under
that clause as incorporated by reference or in full in any other Finance Document. 
  

	 	(b)	 Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which
shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt. 

  
 113 

	 	(c)	 The Parallel Debt of an Obligor: 

 

	 	(i)	 shall become due and payable at the same time as its Corresponding Debt; and 

 

	 	(ii)	 is independent and separate from, and without prejudice to, its Corresponding Debt. 

 

	 	(d)	 For purposes of this clause 33.2, the Security Agent: 

 

	 	(i)	 is the independent and separate creditor of each Parallel Debt; 

 

	 	(ii)	 acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in
respect of each Parallel Debt shall not be held on trust; and 

  

	 	(iii)	 shall have the independent and separate right to demand payment of each Parallel Debt in its own name
(including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding). 

 

	 	(e)	 The Parallel Debt of an Obligor shall be: 

 

	 	(i)	 decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or
discharged; and 

  

	 	(ii)	 increased to the extent that its Corresponding Debt has increased, 

	 	and	 the Corresponding Debt of an Obligor shall be: 

 

	 	(A)	 decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and

  

	 	(B)	 increased to the extent that its Parallel Debt has increased, 

in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt. 

 

	 	(f)	 All amounts received or recovered by the Security Agent in connection with this clause 33.2 (Parallel
Debt) to the extent permitted by applicable law, shall be applied in accordance with clause 35.1 (Order of application). 

  

	 	(g)	 This clause 33.2 shall apply, with any necessary modifications, to each Finance Document.

  

	33.3	 No responsibility to perfect Transaction Security 

The Security Agent shall not be liable for any failure to: 
  

	 	(a)	 ascertain whether all deeds and documents which should have been deposited with it under or pursuant to any of
the Security Documents have been so deposited; 

  

	 	(b)	 require the deposit with it of any deed or document certifying, representing or constituting the title of any
Obligor to any of the Charged Property; 

  

	 	(c)	 obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any Finance Document or the Transaction Security; 

  

	 	(d)	 register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the
Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security; 

  
 114 

	 	(e)	 take, or to require any Obligor to take, any step to perfect its title to any of the Charged Property or to
render the Transaction Security effective or to secure the creation of any ancillary Security Interest under any law or regulation; or 

  

	 	(f)	 require any further assurance in relation to any Security Document. 

 

	33.4	 Insurance by Security Agent 

 

	 	(a)	 The Security Agent shall not be obliged: 

 

	 	(i)	 to insure any of the Charged Property; 

 

	 	(ii)	 to require any other person to maintain any insurance; or 

 

	 	(iii)	 to verify any obligation to arrange or maintain insurance contained in any Finance Document,

 and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or
inadequacy of, any such insurance. 
  

	 	(b)	 Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any
damages, costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Agent requests it to do so in writing and
the Security Agent fails to do so within fourteen days after receipt of that request. 

  

	33.5	 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 other Finance Parties and (as appropriate) security agent and trustee for all of the other Finance Parties. Where any Finance Document provides for an 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. 
  

	33.6	 Custodians and nominees 

The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as the
Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability,
expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person. 

 

	33.7	 Delegation by the Security Agent 

 

	 	(a)	 Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or
otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such. 

  

	 	(b)	 That delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Finance Parties.

  

	 	(c)	 No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any
damages, costs or losses incurred by reason of any misconduct, omission or default on the part of, any such delegate or sub-delegate. 

  
 115 

	33.8	 Additional trustees 

 

	 	(a)	 The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or
as a co-trustee jointly with it: 

  

	 	(i)	 if it considers that appointment to be in the interests of the Finance Parties; 

 

	 	(ii)	 for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent
deems to be relevant; or 

  

	 	(iii)	 for obtaining or enforcing any judgment in any jurisdiction, 

and the Security Agent shall give prior notice to the Borrower and the Finance Parties of that appointment. 

 

	 	(b)	 Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those given
to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are given or imposed by the instrument of appointment. 

 

	 	(c)	 The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any
applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent. 

 

	 	(d)	 At the request of the Security Agent, the other Parties 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. 

 

	 	(e)	 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. 

  

	 	(f)	 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. 

  

	33.9	 Acceptance of title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any Obligor
may have to any of the Charged Property and shall not be liable for, or bound to require any Obligor to remedy, any defect in its right or title. 
  

	33.10	 Winding up of trust 

If the Security Agent, with the approval of the Agent, determines that: 

 

	 	(a)	 all of the Secured Obligations and all other obligations secured by the Security Documents have been fully and
finally discharged; and 

  

	 	(b)	 no Finance Party is under any commitment, obligation or liability (actual or contingent) to make advances or
provide other financial accommodation to any Obligor pursuant to the Finance Documents, 

 then: 

 

	 	(i)	 the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and 

  
 116 

	 	(ii)	 any Security Agent which has resigned pursuant to clause 32.16 (Resignation of the Agent or the Security
Agent) shall release, without recourse or warranty, all of its rights under each Security Document. 

  

	33.11	 Powers supplemental to Trustee Acts 

The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be
supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise. 
  

	33.12	 Disapplication of Trustee Acts 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this
Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case
of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act. 
  

	34	 Enforcement of Transaction Security 

 

	34.1	 Enforcement Instructions 

 

	 	(a)	 The Security Agent may refrain from enforcing the Transaction Security unless instructed otherwise by Majority
Lenders. 

  

	 	(b)	 Subject to the Transaction Security having become enforceable in accordance with its terms, the Majority
Lenders may give or refrain from giving instructions to the Security Agent to enforce or refrain from enforcing the Transaction Security as they see fit. 

  

	 	(c)	 The Security Agent is entitled to rely on and comply with instructions given in accordance with this clause
34.1. 

  

	34.2	 Manner of enforcement 

If the Transaction Security is being enforced pursuant to clause 34.1 (Enforcement Instructions), the Security Agent shall enforce the
Transaction Security in such manner as the Majority Lenders shall instruct or, in the absence of any such instructions, as the Security Agent considers in its discretion to be appropriate. 

 

	34.3	 Waiver of rights 

To the extent permitted under applicable law and subject to clause 34.1 (Enforcement Instructions), clause 34.2 (Manner of
enforcement) and clause 35 (Application of Proceeds), each of the Finance Parties and the Obligors waives all rights it may otherwise have to require that the Transaction Security be enforced in any particular order or manner or at any
particular time or that any amount received or recovered from any person, or by virtue of the enforcement of any of the Transaction Security or of any other security interest, which is capable of being applied in or towards discharge of any of the
Secured Obligations is so applied. 
  

	34.4	 Enforcement through Security Agent only 

 

	 	(a)	 The other Finance Parties shall not have any independent power to enforce, or have recourse to, any of the
Transaction Security or to exercise any right, power, authority or discretion arising or to grant any consents or releases under the Security Documents except through the Security Agent. 

  
 117 

	 	(b)	 Each Finance Party (other than the Security Agent) 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 enforce or have recourse to the relevant Transaction Security or to exercise any such right, power, authority or discretion or to grant any
such consent or release. 

  

	35	 Application of proceeds 

 

	35.1	 Order of application 

All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document or in connection with
the realisation or enforcement of all or any part of the Transaction Security (for the purposes of this clause 35, the Recoveries) shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its
discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions of this clause 35), in the following order of priority: 
  

	 	(a)	 in discharging any sums owing to the Security Agent (other than pursuant to clause 33.1 (Undertaking to pay)
or 33.2 (Parallel debt)), any Receiver or any Delegate; 

  

	 	(b)	 in discharging all costs and expenses incurred by any Finance Party in connection with any realisation or
enforcement of the Transaction Security taken in accordance with the terms of this Agreement; 

  

	 	(c)	 in payment or distribution to the Agent on its own behalf and on behalf of the other Finance Parties for
application in accordance with clause 39.6 (Partial payments); 

  

	 	(d)	 if none of the Obligors is under any further actual or contingent liability under any Finance Document, in
payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Obligor; and 

  

	 	(e)	 the balance, if any, in payment or distribution to the relevant Obligor. 

 

	35.2	 Investment of cash proceeds 

Prior to the application of any Recoveries in accordance with clause 35.1 (Order of Application) the Security Agent may, in its
discretion, hold: 
  

	 	(a)	 all or part of any Recoveries which are in the form of cash; and 

 

	 	(b)	 any cash which is generated by holding, managing, exploiting, collecting, realising or disposing of any
proceeds of the Security Property which are not in the form of cash 

 in one or more interest bearing suspense or
impersonal accounts in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the application from time to
time of those moneys in the Security Agent’s discretion in accordance with the provisions of this clause 35. 
  

	35.3	 Currency conversion 

 

	 	(a)	 For the purpose of, or pending the discharge of, any of the Secured Obligations the Security Agent may:

  

	 	(i)	 convert any moneys received or recovered by the Security Agent from one currency to another; and

  
 118 

	 	(ii)	 notionally convert the valuation provided in any opinion or valuation from one currency to another,

 in each case at the Security Agent’s spot rate of exchange for the purchase of that other currency with the
currency in which the relevant moneys are received or recovered or the valuation is provided in the London foreign exchange market at or about 11:00 am (London time) on a particular day. 

 

	 	(b)	 The obligations of any Obligor to pay in the due currency shall only be satisfied: 

 

	 	(i)	 in the case of paragraph (a)(i) above, to the extent of the amount of the due currency purchased after
deducting the costs of conversion; and 

  

	 	(ii)	 in the case of paragraph (a)(ii) above, to the extent of the amount of the due currency which results from the
notional conversion referred to in that paragraph. 

  

	35.4	 Permitted Deductions 

The Security Agent shall be entitled, in its discretion, (a) to set aside by way of reserve amounts required to meet and (b) to make
and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any law or regulation to make from any distribution or payment made by it under this Agreement, and to pay all Taxes which may be assessed
against it in respect of any of the Charged Property, or as a consequence of performing its duties or exercising its rights, powers, authorities and discretions, or by virtue of its capacity as Security Agent under any of the Finance Documents or
otherwise (other than in connection with its remuneration for performing its duties under this Agreement). 
  

	35.5	 Good discharge 

 

	 	(a)	 Any distribution or payment to be made in respect of the Secured Obligations by the Security Agent may be made
to the Agent on behalf of the Finance Parties. 

  

	 	(b)	 Any distribution or payment made as described in paragraph (a) above shall be a good discharge, to the
extent of that payment or distribution, by the Security Agent to the extent of that payment. 

  

	 	(c)	 The Security Agent is under no obligation to make the payments to the Agent under paragraph (a) above in
the same currency as that in which the Secured Liabilities owing to the relevant Finance Party are denominated pursuant to the relevant Finance Document. 

  

	35.6	 Calculation of amounts 

For the purpose of calculating any person’s share of any amount payable to or by it, the Security Agent shall be entitled to: 

 

	 	(a)	 notionally convert the Secured Liabilities owed to any person into a common base currency (decided in its
discretion by the Security Agent), that notional conversion to be made at the spot rate at which the Security Agent is able to purchase the notional base currency with the actual currency of the Secured Liabilities owed to that person at the time at
which that calculation is to be made; and 

  

	 	(b)	 assume that all amounts received or recovered as a result of the enforcement or realisation of the Security
Property are applied in discharge of the Secured Liabilities in accordance with the terms of the Finance Documents under which those Secured Liabilities have arisen. 

  
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	35.7	 Release to facilitate enforcement and realisation 

 

	 	(a)	 Each Finance Party acknowledges that, for the purpose of any enforcement action by the Security Agent or a
Receiver and/or maximising or facilitating the realisation of the Charged Property, it may be desirable that certain rights or claims against an Obligor and/or under certain of the Transaction Security, be released. 

 

	 	(b)	 Each other Finance Party hereby irrevocably authorises the Security Agent (acting on the instructions of the
Agent) to grant any such releases to the extent necessary to effect such enforcement action and/or realisation including, to the extent necessary for such purpose, to execute release documents in the name of and on behalf of the other Finance
Parties. 

  

	 	(c)	 Where the relevant enforcement is by way of disposal of shares in an Owner or in the Borrower, the requisite
release may include releases of all claims (including under guarantees) of the Finance Parties and/or the Security Agent against such Owner or the Borrower and of all Security Interests over the assets of such Owner or the Borrower.

  

	35.8	 Dealings with Security Agent 

Subject to clause 41.5 (Communication when Agent is Impaired Agent), each Finance Party shall deal with the Security Agent exclusively
through the Agent. 
  

	35.9	 Disclosure between Finance Parties and Security Agent 

Notwithstanding any agreement to the contrary, each of the Obligors consents, until the end of the Facility Period, to the disclosure by any
Finance Party to each other (whether or not through the Agent or the Security Agent) of such information concerning the Obligors as any Finance Party shall see fit. 
  

	35.10	 Notification of prescribed events 

 

	 	(a)	 If an Event of Default or Default either occurs or ceases to be continuing, the Agent shall, upon becoming
aware of that occurrence or cessation, notify the Security Agent. 

  

	 	(b)	 If the Security Agent enforces, or takes formal steps to enforce, any of the Transaction Security it shall
notify each other Finance Party of that action. 

  

	 	(c)	 If any Finance Party exercises any right it may have to enforce, or to take formal steps to enforce, any of the
Transaction Security it shall notify the Security Agent and the Security Agent shall, upon receiving that notification, notify each other Finance Party of that action. 

 

	36	 Reference Banks 

 

	36.1	 Role of Reference Banks 

 

	 	(a)	 No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.

  

	 	(b)	 No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct. 

  

	 	(c)	 No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or
agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank
Quotation, and any officer, employee or agent of each Reference Bank may rely on this clause 36 subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

  
 120 

	36.2	 Third party Reference Banks 

A Reference Bank which is not a Party may rely on clause 36 (Role of Reference Banks), paragraph (a) of clause 45.3
(Other exceptions) and clause 47 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to clause 1.4 (Third party rights) and the provisions of the Third Parties Act. 

 

	37	 Conduct of business by the Finance Parties 

No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 

  

	38	 Sharing among the Finance Parties 

 

	38.1	 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 39
(Payment mechanics) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents then: 
  

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

  

	 	(b)	 the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance with clause 39 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and 

  

	 	(c)	 the Recovering Finance Party shall, within three 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 39.6 (Partial
payments). 

  

	38.2	 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 39.6 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

  
 121 

	38.3	 Recovering Finance Party’s rights 

On a distribution by the Agent under clause 38.2 (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. 

 

	38.4	 Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	 	(a)	 each Sharing Finance Party shall, upon request of the 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 

  

	 	(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. 

  

	38.5	 Exceptions 

  

	 	(a)	 This clause 38 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor. 

  

	 	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: 

  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; 

 

	 	(ii)	 the taking legal or arbitration proceedings was in accordance with the terms of this Agreement; and

  

	 	(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. 

  
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 Section 11—Administration 

 

	39	 Payment mechanics 

 

	39.1	 Payments to the Agent 

 

	 	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment. 

  

	 	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency (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. 

 

	39.2	 Distributions by the Agent 

Each payment received by the Agent under the Finance Documents for another Party shall, subject to clause 39.3 (Distributions to an Obligor)
and clause 39.4 (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). 
  

	39.3	 Distributions to an Obligor 

The Agent may (with the consent of the Obligor or in accordance with clause 40 (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. 
  

	39.4	 Clawback and pre-funding 

 

	 	(a)	 Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	 	(b)	 Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the
case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount
from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

  

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

 

	 	(i)	 the Borrower shall on demand refund it to the Agent; and 

 

	 	(ii)	 the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower,
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. 

  
 123 

	39.5	 Impaired Agent 

 

	 	(a)	 If, at any time, the Agent becomes an Impaired Agent, the Borrower or a Lender which is required to make a
payment under the Finance Documents to the Agent in accordance with clause 39.1 (Payments to the Agent) may instead either: 

  

	 	(i)	 pay that amount direct to the required recipient(s); or 

 

	 	(ii)	 if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to
the required recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable Bank within the meaning of paragraph (a) of the definition of “Acceptable Bank” and in relation to
which no Insolvency Event has occurred and is continuing, in the name of the Borrower or the Lender making the payment (the Paying Party) and designated as a trust account for the benefit of the Party or Parties beneficially entitled to that
payment under the Finance Documents (the Recipient Party or Recipient Parties). 

 In each case such payments
must be made on the due date for payment under the Finance Documents. 
  

	 	(b)	 All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the
Recipient Party or the Recipient Parties pro rata to their respective entitlements. 

  

	 	(c)	 A Party which has made a payment in accordance with this clause 39.5 shall be discharged of the relevant
payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust account. 

  

	 	(d)	 Promptly upon the appointment of a successor Agent in accordance with this Agreement, each Paying Party shall
(other than to the extent that that Party has given an instruction pursuant to paragraph (e) below) give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to
the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with clause 39.2 (Distributions by the Agent). 

  

	 	(e)	 A Paying Party shall, promptly upon request by a Recipient Party and to the extent: 

 

	 	(i)	 that it has not given an instruction pursuant to paragraph (d) above; and 

 

	 	(ii)	 that it has been provided with the necessary information by that Recipient Party, 

give all requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued
interest) to that Recipient Party. 
  

	39.6	 Partial payments 

 

	 	(a)	 If the Agent receives a payment for application against amounts due 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 the Finance Documents in the following order:

  

	 	(i)	 first, in or towards payment pro rata of any unpaid amount owing to the Agent, the Security Agent or the
Arranger for their own account under those Finance Documents; 

  
 124 

	 	(ii)	 secondly, in or towards payment to the Lenders pro rata of any amount owing to the Lenders under clause
32.15 (Lenders’ indemnity to the Agent and others); 

  

	 	(iii)	 thirdly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

  

	 	(b)	 The Agent shall, if so directed by all the Lenders, vary the order set out in paragraphs (ii) to (iii) of
paragraph (a) above and will notify the Borrower of such variation. 

  

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

 

	39.7	 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. 
  

	39.8	 Business Days 

 

	 	(a)	 Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	39.9	 Currency of account 

 

	 	(a)	 Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due
from an Obligor under any Finance Document. 

  

	 	(b)	 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. 

  

	 	(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. 

 

	 	(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. 

  

	39.10	 Change of currency 

 

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

  

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

  
 125 

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

  

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

  

	39.11	 Disruption to payment systems etc. 

If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Borrower that a
Disruption Event has occurred: 
  

	 	(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; 

  

	 	(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 reasonable opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes; 

 

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

  

	 	(d)	 any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined that
a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 45 (Amendments and waivers);

  

	 	(e)	 the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any
liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this clause 39.11; and 

  

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

  

	40	 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. 

  
 126 

	41	 Notices 

  

	41.1	 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. 
 41.2 Addresses 
 The
address and email address (and the department or officer, if any, for whose attention the communication is to be made) of each Obligor, each Manager or Finance Party for any communication or document to be made or delivered under or in connection
with the Finance Documents is: 
  

	 	(a)	 in the case of any Obligor who is a Party, that identified with its name in Schedule 1 (The original
parties); 

  

	 	(b)	 in the case of any Obligor or a Manager which is not a Party, that identified in any Finance Document to which
it is a party; 

  

	 	(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 

  

	 	(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, email address, or
department or officer as an Obligor, a Manager or Finance Party may notify to the Agent (or the Agent may notify to the other Finance Parties and the Borrower, if a change is made by the Agent) by not less than five Business Days’ notice. 

 

	41.3	 Delivery 

  

	 	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective: 

  

	 	(i)	 If by way of email, when a delivery receipt is obtained; or 

 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days after being deposited
in the post postage prepaid in an envelope addressed to it at that address and, if a particular department or officer is specified as part of its address details provided under clause 41.2 (Addresses), if addressed to that department or
officer. 

  

	 	(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). 

  

	 	(c)	 All notices from or to an Obligor or a Manager shall be sent through the Agent. 

 

	 	(d)	 Any communication or document made or delivered to the Borrower in accordance with this clause 41.3 will be
deemed to have been made or delivered to each of the Obligors and the Managers. 

  
 127 

	 	(e)	 Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 

  

	41.4	 Notification of address and email address 

Promptly upon changing its’ address or email address, the Agent shall notify the other Parties. 

 

	41.5	 Communication when Agent is Impaired Agent 

If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other
directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to
or by the relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed. 
  

	41.6	 Electronic communication 

 

	 	(a)	 Any communication to be made between any two Parties under or in connection with the Finance Documents may be
made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties: 

  

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission of information by that means; and 

  

	 	(ii)	 notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days’ notice. 

  

	 	(b)	 Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a
Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. 

 

	 	(c)	 Any such electronic communication as specified in paragraph (a) above made between any two Parties will be
effective only when actually received (or made available) in readable form and, in the case of any electronic communication made by a Party to the 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. 

  

	 	(d)	 Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5:00
p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement or any other Finance Document shall be deemed only to become effective on the following day.

  

	 	(e)	 Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this clause 41.6. 

  

	41.7	 English language 

 

	 	(a)	 Any notice given under or in connection with any Finance Document must be in English. 

 

	 	(b)	 All other documents provided under or in connection with any Finance Document must be: 

 

	 	(i)	 in English; or 

  
 128 

	 	(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. 

  

	42	 Calculations and certificates 

 

	42.1	 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. 
  

	42.2	 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. 
  

	42.3	 Day count convention 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of 360 days or, in any case where the practice in the Interbank Market differs, in accordance with that market practice. 
  

	43	 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. 

 

	44	 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 Finance Document. No election to affirm any Finance Document 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 each Finance Document are cumulative and not exclusive of any rights or remedies provided
by law. 
  

	45	 Amendments and waivers 

 

	45.1	 Required consents 

 

	 	(a)	 Subject to clause 45.2 (All Lender matters) and clause 45.3 (Other exceptions), any term of the
Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrower and any such amendment or waiver will be binding on all the Finance Parties and other Obligors. 

 

	 	(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 45. 

  

	 	(c)	 Without prejudice to the generality of paragraphs (c), (d) and (e) of clause 32.11 (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. 

  
 129 

	 	(d)	 Each Obligor agrees to any such amendment or waiver permitted by this clause 45 which is agreed to by the
Borrower. This includes any amendment or waiver which would, but for this paragraph (d), require the consent of the Guarantors. 

  

	45.2	 All Lender matters 

An amendment, waiver or discharge or release or a consent of, or in relation to, any term of any Finance Document that has the effect of
changing or which relates to: 
  

	 	(a)	 the definition of “Majority Lenders” in clause 1.1 (Definitions);

  

	 	(b)	 the definition of “Last Availability Date” in clause 1.1 (Definitions);

  

	 	(c)	 an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(d)	 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; 

  

	 	(e)	 an increase in, or an extension of, any Commitment or any requirement that a cancellation of Commitments
reduces the Commitments of the Lenders rateably under the Facility; 

  

	 	(f)	 a change to the Borrower or any other Obligor; 

 

	 	(g)	 the definition of “Change of Control” or “Transaction Change of Control” in clause 1.1
(Definitions); 

  

	 	(h)	 any provision which expressly requires the consent or approval of all the Lenders; 

 

	 	(i)	 clause 38 (Sharing among the Finance Parties); 

 

	 	(j)	 clause 2.2 (Finance Parties’ rights and obligations), clause 7.1 (Illegality),
clause 30 (Changes to the Lenders), clause 8.9 (Application of prepayments), this clause 45, clause 50 (Governing law) or clause 51.1 (Jurisdiction of English courts);

  

	 	(k)	 the order of distribution under clause 35.1 (Order of application); 

 

	 	(I)	 the order of distribution under clause 39.6 (Partial payments); 

 

	 	(m)	 the currency in which any amount is payable under any Finance Document; 

 

	 	(n)	 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 rateably; 

  

	 	(o)	 (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:

  

	 	(i)	 any guarantee and indemnity granted under any Finance Document (including under clause 18 (Guarantee and
indemnity)); 

  

	 	(ii)	 the Charged Property; or 

 

	 	(iii)	 the manner in which the proceeds of enforcement of the Transaction Security are distributed;

  
 130 

	 	(p)	 the circumstances in which any of the Transaction Security is 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. 

 

	45.3	 Other exceptions 

 

	 	(a)	 An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent, a Reference
Bank or the Arranger 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, that Reference Bank or the Arranger (as the case may be). 

 

	 	(b)	 Notwithstanding clauses 45.1 and 45.2 and paragraph (a) above, 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. 

  

	45.4	 Replacement of Screen Rate 

 

	 	(a)	 Subject to clause 45.3 (Other exceptions), if a Screen Rate Replacement Event has occurred, any
amendment or waiver which relates to: 

  

	 	(i)	 providing for the use of a Replacement Benchmark in place of the Screen Rate; and 

 

	 	(ii)	 any or all of the following: 

 

	 	(A)	 aligning any provision of any Finance Document to the use of that Replacement Benchmark; 

 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 

 

	 	(D)	 providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

  

	 	(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 Benchmark (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 Borrower. 
 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. 

  
 131 

 Replacement Benchmark means a benchmark rate which is: 

 

	 	(b)	 formally designated, nominated or recommended as the replacement for the Screen Rate by: 

 

	 	(i)	 the administrator of the Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by that Screen Rate); or 

  

	 	(ii)	 any Relevant Nominating Body, 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement
Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(c)	 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 to the Screen Rate; or 

  

	 	(d)	 in the opinion of the Majority Lenders and the Borrower, an appropriate successor to the Screen Rate.

 Screen Rate Replacement Event means, in relation to the Screen Rate: 

 

	 	(e)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders and the Borrower, materially changed; 

  

	 	(f)	 any of the following applies: 

 

	 	(i)	 either: 

  

	 	(A)	 the administrator of the Screen Rate or its supervisor publicly announces that such administrator is insolvent;
or 

  

	 	(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 the Screen Rate is insolvent, 

provided that, in each case, at that time, there is no successor administrator to continue to provide the Screen Rate; 

 

	 	(ii)	 the administrator of the Screen Rate publicly announces that it has ceased or will cease, to provide the Screen
Rate permanently or indefinitely and, at that time,there is no successor administrator to continue to provide the Screen Rate; 

  

	 	(iii)	 the supervisor of the administrator of the Screen Rate publicly announces that such Screen Rate has been or
will be permanently or indefinitely discontinued; or 

  

	 	(iv)	 the administrator of the Screen Rate or its supervisor announces that the Screen Rate may no longer be used; or

  

	 	(g)	 the administrator of the Screen Rate determines that the Screen Rate should be calculated in accordance with
its reduced submissions or other contingency or fallback policies or arrangements and the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Borrower)temporary; or 

 

	 	(h)	 in the opinion of the Majority Lenders and the Borrower, the Screen Rate is otherwise no longer appropriate for
the purposes of calculating interest under this Agreement. 

  
 132 

	45.5	 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: 
  

	 	(a)	 any Charged Property from the Transaction Security; or 

 

	 	(b)	 any Obligor from any of its guarantee or other obligations under any Finance Document. 

 

	45.6	 Disenfranchisement of Defaulting Lenders 

 

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

 

	 	(i)	 the Majority Lenders; or 

 

	 	(ii)	 whether: 

  

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

  

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

has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents, 

that Defaulting Lender’s Commitment will be reduced by the amount of its Available Commitment and, to the extent that such reduction
results in that Defaulting Lender’s Commitment being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i) and (ii) above. 

 

	 	(b)	 For the purposes of this clause 45.6, the Agent may assume that the following Lenders are Defaulting Lenders:

  

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

 

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

 unless it has received notice to
the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 

 

	45.7	 Excluded Commitments 

If: 
  

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

  
 133 

	 	(b)	 any Lender which is not a Defaulting Lender fails to respond to such a request (other than an amendment, waiver
or consent referred to in paragraphs (b), (c), (d) and (n) of clause 45.2 (All Lender matters)) or other or such a vote within five Business Days of that request being made, 

(unless (in either such case) the Borrower and the Agent agree to a longer time period in relation to any request): 

 

	 	(i)	 its Commitment or its participation in the Loan shall not be included for the purpose of calculating the Total
Commitments or the amount of the Loan when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments or the amount of the Loan has been obtained to approve that request; and

  

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

  

	45.8	 Disenfranchisement of Borrower Affiliates 

 

	 	(a)	 For so long as a Borrower Affiliate: 

 

	 	(i)	 beneficially owns a Commitment; or 

 

	 	(ii)	 has entered into a sub-participation agreement relating to a Commitment
or other agreement or arrangement having a substantially similar economic effect and such agreement or arrangement has not been terminated, 

in ascertaining: 
  

	 	(A)	 the Majority Lenders; or 

 

	 	(B)	 whether: 

  

	 	(1)	 any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

  

	 	(2)	 the agreement of any specified group of Lenders, 

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents 

such Commitment shall be deemed to be zero and such Borrower Affiliate or the person with whom it has entered into such sub-participation, other agreement or arrangement shall be deemed not to be a Lender for the purposes of paragraphs (A) and (B) above (unless in the case of a person not being a Borrower Affiliate it is a
Lender by virtue otherwise than by beneficially owning the relevant Commitment). 
  

	 	(b)	 Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify the
Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Borrower Affiliate (a Notifiable Debt Purchase Transaction), such notification to be substantially in the form set out in Part I of Schedule 9 (Forms of Notifiable
Debt Purchase Transaction Notice). 

  

	 	(c)	 A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party:

  

	 	(i)	 is terminated; or 

  

	 	(ii)	 ceases to be with a Borrower Affiliate, 

such notification to be substantially in the form set out in Part II of Schedule 9 (Forms of Notifiable Debt Purchase Transaction
Notice). 

  
 134 

	 	(d)	 Each Borrower Affiliate that is a Lender agrees that: 

 

	 	(i)	 in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, it
shall not attend or participate in the same if so requested by the Agent or, unless the Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same; and 

 

	 	(ii)	 in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to receive any report or
other document prepared at the behest of, or on the instructions of, the Agent or one or more of the Lenders. 

  

	46	 Confidential Information 

 

	46.1	 Confidential Information 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
clause 46.2 (Disclosure of Confidential Information), 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. 

 

	46.2	 Disclosure of Confidential Information 

Any Finance Party may disclose: 
  

	 	(a)	 to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

  

	 	(b)	 to any person: 

  

	 	(i)	 to (or through) whom it assigns (or may potentially assign) 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 or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives, partners and professional advisers;

  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that
person’s Affiliates, Related Funds, Representatives, partners and professional advisers; 

  

	 	(iii)	 appointed by any Finance Party or by a person to whom paragraphs (b)(i) or (b)(ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (b) of clause 32.20 (Relationship with the
Lenders); 

  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraphs (b)(i) or (b)(ii) above; 

  
 135 

	 	(v)	 to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation; 

 

	 	(vi)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes; 

  

	 	(vii)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so)
pursuant to clause 30.8 (Security over Lenders’ rights); 

  

	 	(viii)	 who is a Party; or 

  

	 	(ix)	 with the consent of the Borrower; 

in each case, such Confidential Information as that Finance Party shall consider appropriate, provided however that: 

 

	 	(A)	 in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the
confidentiality of the Confidential Information; 

  

	 	(B)	 in relation to paragraph (b)(iv) 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; and 

  

	 	(C)	 in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not
practicable so to do in the circumstances; 

  

	 	(c)	 to any person appointed by that Finance Party or by a person to whom paragraphs (b)(i) or (b)(ii) above applies
to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may
be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
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;
and 

  

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

  
 136 

	46.3	 Entire agreement 

This clause 46 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance
Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	46.4	 Inside information 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the
use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
unlawful purpose. 
  

	46.5	 Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower: 

 

	 	(a)	 of the circumstances of any disclosure of Confidential Information made to 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 or the rules of any relevant stock exchange or pursuant to any applicable law or
regulation pursuant to clause 46.2 (Disclosure of Confidential Information) except where such disclosure is made to any such person during the ordinary course of its supervisory or regulatory function; and 

 

	 	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this clause 46.

  

	46.6	 Continuing obligations 

The obligations in this clause 46 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of
twelve calendar months from the earlier of: 
  

	 	(a)	 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; and 

  

	 	(b)	 the date on which such Finance Party otherwise ceases to be a Finance Party.  

 

	47	 Confidentiality of Funding Rates and Reference Bank Quotations 

 

	47.1	 Confidentiality and disclosure 

 

	 	(a)	 The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank
Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below. 

  

	 	(b)	 The Agent may disclose: 

 

	 	(i)	 any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower pursuant
to clause 9.4 (Notification of rates of interest); and 

  
 137 

	 	(ii)	 any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or
Reference Bank, as the case may be. 

  

	 	(c)	 The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any
Funding Rate, to: 

  

	 	(i)	 any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information
except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of
confidentiality in relation to it; 

  

	 	(ii)	 any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to
be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not
practicable to do so in the circumstances; 

  

	 	(iii)	 any person to whom information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 

 

	 	(iv)	 any person with the consent of the relevant Lender or Reference Bank, as the case may be.

  

	 	(d)	 The Agent’s obligations in this clause 46 relating to Reference Bank Quotations are without prejudice to
its obligations to make notifications under clause 9.4 (Notification of rates of interest) provided that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as
part of any such notification. 

  

	47.2	 Related obligations 

 

	 	(a)	 The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference
Bank Quotation) is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to
use any Funding Rate or, in the case of the Agent, any Reference Bank Quotation for any unlawful purpose. 

  

	 	(b)	 The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender
or Reference Bank: 

  

	 	(i)	 of the circumstances of any disclosure made pursuant to clause 47.1 (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 

  
 138 

	 	(ii)	 upon becoming aware that any information has been disclosed in breach of this clause 47. 

 

	47.3	 No Event of Default 

No Event of Default will occur under clause 29.6 (Other obligations) by reason only of an Obligor’s failure to comply with this
clause 47. 
  

	48	 Counterparts 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of the Finance Document. 
  

	49	 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: 
  

	 	(a)	 any Bail-In Action in relation to any such liability, including
(without limitation): 

  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 

  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 

  

	 	(iii)	 a cancellation of any such liability; and 

 

	 	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

  
 139 

 Section 12—Governing Law and Enforcement 

 

	50	 Governing law 

This Agreement and any non-contractual obligations connected with it are governed by English law. 

 

	51	 Enforcement 

  

	51.1	 Jurisdiction of English courts 

 

	 	(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). 

 

	 	(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. 

  

	 	(c)	 Notwithstanding paragraph (a) above, 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. 

 

	51.2	 Service of process 

Without prejudice to any other mode of service allowed under any relevant law, any Obligor who is a Party: 

 

	 	(a)	 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; 

 

	 	(b)	 agrees that failure by an agent for service of process to notify the relevant Obligor of the process will not
invalidate the proceedings concerned; and 

  

	 	(c)	 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. 

  
 140 

			
	 Schedule 1

The original parties
  

Borrower
  

	Name	  	THD Maritime Co. Limited
		
	Original Jurisdiction	  	Republic of Cyprus
		
	Registration number (or equivalent, if any)	  	HE387721
		
	Registered office	  	16 Sophouli Street, Chanteclaire Building, Floor 4, Flat 403, Nicosia, Cyprus
		
	Address for service of notices	  	c/o Technomar Shipping Inc., 3-5 Menandrou Street, 145 61 Kifissia, Greece
		
	English process agent (if not incorporated in England)	  	Saville & Co., One Carey Lane, London, EC2V 8AE, United Kingdom

Owners 
  

			
	Name	  	Tasman Marine LLC
		
	Original Jurisdiction	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963174
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960
		
	Address for service of notices	  	c/o Technomar Shipping Inc., 3-5 Menandrou Street, 145 61 Kifissia, Greece
		
	English process agent (if not incorporated in England)	  	Saville & Co., One Carey Lane, London, EC2V 8AE, United Kingdom
		
	Name	  	Hudson Marine LLC
		
	Original Jurisdiction	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963182
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960
		
	Address for service of notices	  	c/o Technomar Shipping Inc., 3-5 Menandrou Street, 145 61 Kifissia, Greece
		
	English process agent (if not incorporated in England)	  	Saville & Co., One Carey Lane, London, EC2V 8AE, United Kingdom

  
 141 

			
	Name	  	Drake Marine LLC
		
	Original Jurisdiction	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963184
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960
		
	Address for service of notices	  	c/o Technomar Shipping Inc., 3-5 Menandrou Street, 145 61 Kifissia, Greece
		
	English process agent (if not incorporated in England)	  	Saville & Co., One Carey Lane, London, EC2V 8AE, United Kingdom

Parent 
  

			
	Name:	  	Poseidon Containers Holdings LLC
		
	Original Jurisdiction	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	961853
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960
		
	Address for service of notices	  	c/o Technomar Shipping Inc., 3-5 Menandrou Street, 145 61 Kifissia, Greece
		
	English process agent (if not incorporated in England)	  	Saville & Co., One Carey Lane, London, EC2V 8AE, United Kingdom

The Original Lenders 
  

			
	Name	  	Amsterdam Trade Bank N.V.
		
	Commitment $	  	17,100,000
		
	TOTAL $	  	17,100,000

  
 142 

 The Agent 
  

			
	Name	  	Amsterdam Trade Bank N.V.
		
	Facility Office, address and attention details for notices	  	Non-administrative matters:
		
		  	World Trade Center
		  	Tower I, Level 6
		  	Strawinskylaan 1939
		  	 1077 XX Amsterdam
 The Netherlands

 
 Attn: Iraklis Tsirigotis / Rik van der Kolk

Email: i.tsirigotis@atbank.nl / r.vanderkolk@atbank.nl
 Cc:
shipping.finance@atbank.nl
 Telephone No.: +31 (0) 205 209 404 / +31 (0) 205 209 245

 
 Administrative matters:

 
 World Trade Center

Tower I, Level 6
 Strawinskylaan 1939

1077 XX Amsterdam
 The Netherlands

 
 Attn: Shipping Finance—Business Support Office

Email: shipping.finance@atbank.nl
 Cc: i.tsirigotis@atbank.nl /
r.vanderkolk@atbank.nl
 Telephone No.: +31 (0) 205 209 404 / +31 (0) 205 209 245

The Security Agent 
  

			
	Name	  	Amsterdam Trade Bank N.V.
		
	Facility Office, address and attention details for notices	  	 Non-administrative matters:

 
 World Trade Center

Tower I, Level 6
 Strawinskylaan 1939

1077 XX Amsterdam
 The Netherlands

 
 Attn: Iraklis Tsirigotis / Rik van der Kolk

Email: i.tsirigotis@atbank.nl / r.vanderkolk@atbank.nl
 Cc:
shipping.finance@atbank.nl
 Telephone No.: +31 (0) 205 209 404 / +31 (0) 205 209 245

 
 Administrative matters:

 
 World Trade Center

Tower I, Level 6
 Strawinskylaan 1939

1077 XX Amsterdam
 The Netherlands

 
 Attn: Shipping Finance—Business Support Office

Email: shipping.finance@atbank.nl
 Cc: i.tsirigotis@atbank.nl /
r.vanderkolk@atbank.nl
 Telephone No.: +31 (0) 205 209 404 / +31 (0) 205 209 245

  
 143 

 The Account Bank 

 

			
	Name	  	Amsterdam Trade Bank N.V.
		
	Address and attention details for notices	  	 World Trade Center
 Tower I, Level 6

Strawinskylaan 1939
 1077 XX Amsterdam

The Netherlands

		
		  	Attn: Shipping Finance—Business Support Office
		  	Email: shipping.finance@atbank.nl
		  	Cc: i.tsirigotis@atbank.nl / r.vanderkolk@atbank.nl
		  	Telephone No.: +31 (0) 205 209 404 / +31 (0) 205 209 245

  
 144 

 Schedule 2 

Ship information 
 Ship A

  

			
	Owner:	  	Tasman Marine LLC
		
	Name of Ship:	  	Tasman
		
	Flag State:	  	Republic of the Marshall Islands
		
	Port of Registry:	  	Majuro
		
	IMO Number:	  	9189342
		
	Official Number:	  	6111
		
	Classification:	  	I XHULL XMACH Container Ship Unrestricted navigation X
AUT-UMS, MON-SHAFT, INWATERSURVEY
		
	Classification Society:	  	Bureau Veritas
		
	Major Casualty Amount:	  	$800,000
		
	Advance Commitment:	  	$5,700,000

 Ship B 

 

			
	Owner:	  	Hudson Marine LLC
		
	Name of Ship:	  	Dimitris Y
		
	Flag State:	  	Republic of Liberia
		
	Port of Registry:	  	Monrovia
		
	IMO Number:	  	9189354
		
	Official Number:	  	16979
		
	Classification:	  	 I XHULL XMACH Container Ship Unrestricted
navigation X AUT-UMS, MON-SHAFT, INWATERSURVEY, GREEN

PASSPORT EU

		
	Classification Society:	  	Bureau Veritas
		
	Major Casualty Amount:	  	$800,000
		
	Advance Commitment:	  	$5,700,000

  
 145 

 Ship C 
  

			
	Owner:	  	Drake Marine LLC
		
	Name of Ship:	  	lan H
		
	Flag State:	  	Republic of Liberia
		
	Port of Registry:	  	Monrovia
		
	IMO Number:	  	9189500
		
	Official Number:	  	16980
		
	Classification:	  	I XHULL XMACH Container Ship Unrestricted navigation X
AUT-UMS, MON-SHAFT, INWATERSURVEY
		
	Classification Society:	  	Bureau Veritas
		
	Major Casualty Amount:	  	$800,000
		
	Advance Commitment:	  	$5,700,000

  
 146 

 Schedule 3 

Conditions precedent 

Part 1 
 Conditions
precedent to any Utilisation 
  

	1	 Original Obligors’ corporate documents 

 

	 	(a)	 A copy of the Constitutional Documents of each Original Obligor. 

 

	 	(b)	 A copy of a resolution of the board of directors of each Original Obligor and each Manager (or, if applicable,
any committee of such board empowered to approve and authorise the following matters): 

  

	 	(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, deliver and perform the Relevant Documents to which it is a party; 

  

	 	(ii)	 authorising a specified person or persons to execute its Relevant Documents on its behalf; and

  

	 	(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 and any Selection Notice) to be signed and/or despatched by it under or in connection with its Relevant Documents. 

 

	 	(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. 

  

	 	(d)	 A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above
in relation to its Relevant Documents and related documents. 

  

	 	(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, its Relevant Documents. 

  

	 	(f)	 If required by the legal advisers to the Agent, a copy of a resolution of the board of directors of each
corporate shareholder of each Original Obligor approving the terms of the resolution referred to in paragraph (e) above. 

  

	 	(g)	 A certificate of each Original Obligor (signed by a director) confirming that 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. 

 

	 	(h)	 A copy of any power of attorney under which any person is appointed by any Original Obligor to execute any of
its Relevant Documents on its behalf. 

  

	 	(i)	 A certificate of an authorised signatory of each relevant Original Obligor 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. 

  
 147 

	2	 Legal opinions 

 

	 	(a)	 The following legal opinions, each addressed to the Agent, the Security Agent and the Original Lenders and
capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Facility: 

  

	 	(b)	 A legal opinion of Norton Rose Fulbright Greece, addressed to the Arranger, the Security Agent and the Agent on
matters of English law, substantially in the form approved by the Agent prior to signing this Agreement. 

  

	 	(c)	 A legal opinion of the legal advisers to the Arranger, the Security Agent and the Agent in England and also
each jurisdiction in which an Obligor or a Manager is incorporated and/or which is or is to be the Flag State of a Mortgaged Ship, or in which an Account opened at the relevant time is established substantially in the form approved by the Agent
prior to signing this Agreement. 

  

	3	 Other documents and evidence 

 

	 	(a)	 Evidence that any process agent referred to in clause 51.2 (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. 

 

	 	(b)	 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.

  

	 	(c)	 The Original Financial Statements. 

 

	 	(d)	 The Co-ordination Agreement duly executed by all parties to it other
than the Security Agent. 

  

	 	(e)	 The Fee Letters duly executed and evidence that the fees, commissions, costs and expenses then due from the
Borrower pursuant to clause 12 (Fees) and clause 17 (Costs and expenses) have been paid or will be paid by the first Utilisation Date. 

  

	4	 Bank Accounts 

Evidence that any Account required to be established under clause 27 (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(s) and that any notice required to be given to an 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. 
  

	5	 “Know your customer” information 

Such documentation and information as any Finance Party may reasonably request through the Agent to comply with “know your customer”
or similar identification procedures under all laws and regulations applicable to that Finance Party. 

  
 148 

 Part 2 

Ship and security conditions precedent 
  

	1	 Corporate documents 

 

	 	(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. 

  

	 	(b)	 A certificate of an authorised signatory of each other Obligor or Manager which is party to any of the Original
Security Documents required to be executed on or before the relevant 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 

  

	 	(a)	 The Mortgage and the General Assignment duly executed by the relevant Owner. 

 

	 	(b)	 Any Manager’s Undertaking then required pursuant to the Finance Documents duly executed by the relevant
Manager or, as the case may be, Managers. 

  

	 	(c)	 Duly executed notices of assignment and acknowledgements of those notices as required by any of the above
Security Documents (but in respect of the acknowledgements of the notices required by the Charter Assignments, only if provided by the Charterer further to the relevant Owner using its best endeavours to obtain the same). 

 

	 	(d)	 The Co-ordination Agreement duly executed by all parties other than the
Security Agent. 

  

	3	 Delivery and registration of Ship 

Evidence that the relevant Ship: 
  

	 	(a)	 is legally and beneficially owned by the relevant Owner and registered provisionally in the name of the
relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State; 

  

	 	(b)	 is classed with the relevant Classification free of all overdue requirements and recommendations of the
relevant Classification Society; 

  

	 	(c)	 is insured in the manner required by the Finance Documents; 

 

	 	(d)	 is free of any charter commitment which would require approval under the Finance Documents; and

  

	 	(e)	 any prior registration (other than through the relevant Registry in the relevant Flag State) of the relevant
Ship has been or will (within such period as may be approved) be cancelled. 

  

	4	 Mortgage registration 

Evidence that the Mortgage in respect of the relevant Ship has been registered against the relevant Ship through the relevant Registry under
the laws and flag of the relevant Flag State. 

  
 149 

	5	 Legal opinions 

The following further legal opinions, each addressed to the Agent, the Security Agent and the Original Lenders and capable of being relied upon
by any persons who become Lenders pursuant to the primary syndication of the Facility: 
  

	 	(a)	 A legal opinion of Norton Rose Fulbright Greece, addressed to the Security Agent and the Agent on matters of
English law, substantially in the form approved by the Agent prior to signing this Agreement in relation to Security Documents. 

  

	 	(b)	 A legal opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction in which an
Obligor or a Manager is incorporated and/or which is or is to be the Flag State of a Mortgaged Ship, or in which an Account opened at the relevant time is established substantially in the form approved by the Agent prior to signing this Agreement.

  

	6	 Insurance 

In relation to the relevant Ship’s Insurances: 
  

	 	(a)	 an opinion (in a form and substance acceptable to the Agent) from Edge Brokers (London) appointed by the Agent
on such Insurances; 

  

	 	(b)	 evidence that such Insurances have been placed in accordance with clause 25 (Insurance);
and 

  

	 	(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. 

  

	7	 ISM and ISPS Code 

Copies of: 
  

	 	(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; 

  

	 	(b)	 the safety management certificate in respect of the relevant Ship issued in accordance with the ISM Code;

  

	 	(c)	 the international ship security certificate in respect of the relevant Ship issued under the ISPS Code; and

  

	 	(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. 

  

	8	 Fees and expenses 

Evidence that the fees, commissions, costs and expenses then due from the Borrower pursuant to clause 12 (Fees) and clause 17 (Costs
and expenses) have been paid or will be paid by the relevant Utilisation Date. 
  

	9	 Survey report 

A survey report from surveyors appointed by the Borrower obtained prior to the Utilisation Date evidencing that the relevant Ship is seaworthy,
capable of safe operation and in all respects in a condition acceptable to the Agent. 

  
 150 

	10	 Management Agreements 

Where a manager of the relevant Ship has been approved in accordance with clause 23.4 (Manager), a copy, certified by an
approved person to be a true and complete copy, of each Management Agreement. 
  

	11	 Share Security 

The Share Security in respect of each Owner duly executed by the Borrower and the Share Security in respect of the Borrower duly executed by
the Parent, in each case together with all letters, transfers, certificates and other documents required to be delivered under the Share Security. 
  

	12	 Charter 

Evidence that relevant Ship is subject to a Charter and that such Charter has been duly assigned in favour of the Security Agent. 

 

	13	 Existing Indebtedness 

Evidence in all respects satisfactory to the Agent: 
  

	 	(a)	 that the Existing Indebtedness relating to the Ship relevant to the Advance, has been or, at the same time as
the relevant Utilisation, will be repaid in full and that any undrawn or available commitments in relation to it have been cancelled; and 

  

	 	(b)	 evidence that the Owner of the relevant Ship and its Managers have been fully released from all their
respective obligations and liabilities under the Existing Loan Agreement and the Existing Master Agreement (in the case of the Owner) and all other documents executed in connection with or as a result of the Existing Loan Agreement and that the
Existing Master Agreement and that all Security Interests created in connection with or as a result of the Existing Loan Agreement and/or the Existing Master Agreement have been duly discharged and/or, as the case may be, re-assigned. 

  
 151 

 Schedule 4 

Utilisation Request 

From:    THD Maritime Co. Limited 

To:        Amsterdam Trade Bank N.V. 

Dated:    [•] 
 Dear Sirs 

$17,100,000 
 Facility
Agreement dated [•] (the Facility Agreement) 
  

	1	 We refer to the Facility Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement have
the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

  

	2	 We wish to borrow Advance A, B and C on the following terms: 

 

			
	 Advance A
	  	
		
	 Proposed Utilisation Date:
	  	[•] (or, if that is not a Business Day, the next Business Day)
		
	 Amount:
	  	$ [•]
		
	 Advance B
	  	
		
	 Proposed Utilisation Date:
	  	 [•] (or, if that is not a Business Day, the next Business

Day)

		
	 Amount:
	  	$ [•]
		
	 Advance C
	  	
		
	 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 each Advance is [specify purpose complying with clause 3 of the Facility
Agreement] [and its proceeds should be credited to [•] [specify account]]. 

  

	5	 We request that the first Interest Period for each Advance be three Months. 

 

	6	 This Utilisation Request is irrevocable. 

 

	
	Yours faithfully
	
	   

	Signed by:
	authorised signatory for
	THD MARITIME CO. LIMITED

  
 152 

 Schedule 5 

Selection Notice 
  

	From:	 THD Maritime Co. Limited 

 

	To:	 Amsterdam Trade Bank N.V. 

 

	Dated:	 [•] 

Dear Sirs 
 $17,100,000 

Facility Agreement dated [•] (the Facility Agreement) 
  

	1	 We refer to the Facility Agreement. This is a Selection Notice. Terms defined in the Facility Agreement have
the same meaning in this Selection Notice unless given a different meaning in this Selection Notice. 

  

	2	 We request that the next Interest Period for Advance [A] [B] [C] be [•] Months. 

 

	3	 This Selection Notice is irrevocable. 

Yours faithfully 
  

	
	
	   

	Signed by:
	authorised signatory for
	THD MARITIME CO. LIMITED

  
 153 

 Schedule 6 

Semi-Annual Vessel Performance Report 
  

	From:	 THD Maritime Co. Limited 

 

	To:	 Amsterdam Trade Bank N.V. 

For the attention of: Mr. Iraklis Tsirigotis (i.tsirigotis@atbank.nl) and Mr. Rik van der Kolk (r.vanderkolk@atbank.nl) 

[Day, Month, Year] 

Semi-Annual Vessel Performance Report 

[Vessel Name, IMO Number] 

[[6]-Month Period Covered] 
  

							
	 Item
	  	
    Unit    
	  	 Actual
	  	 Comment

	1) Average daily gross TCE hire earned	  	USD	  	                    	  	
	2) Total brokerage commission charged	  	USD	  		  	
	3) Average daily net TCE hire earned	  	USD	  		  	
	4) Total on-hire days	  	No.	  		  	
	5) Total off-hire days	  	No.	  		  	
	6) Average daily operating expenses	  	USD	  		  	
	7) Average daily management fee	  	USD	  		  	
	8) Average daily SG&A expenses	  	USD	  		  	
	9) Total maintenance expenses*	  	USD	  		  	
	10) Other expenses	  	USD	  		  	

  

	*	 Maintenance expenses should include any expenditures incurred by the relevant Owner during the period (annual
and semi-annual) for non-routine maintenance and repairs that are not reported under operating expenses or other profit & loss account, rather are eligible for capitalization in accordance with GAAP,
including, but not limited to, fixed assets, major improvements and upgrades and shall also include, without limitation, any and all survey and dry-docking expenditures normally capitalized under GAAP.

  

	
	
	   

	For and on behalf of
	THD MARITIME CO. LIMITED

  
 154 

 Schedule 7 

Form of Transfer Certificate 
  

	To:	 Amsterdam Trade Bank N.V. as Agent 

 

	From:	 [The Existing Lender] (the Existing Lender) and [The New Lender] (the New
Lender)  

 Dated: 

$17,100,000 Facility Agreement dated [•] (the Facility Agreement) 

 

	1	 We refer to the Facility Agreement. This agreement (the Agreement) shall take effect as a
Transfer Certificate for the purposes of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement. 

 

	2	 We refer to clause 30.6 (Procedure for assignment) of the Facility Agreement:

  

	 	(a)	 The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Facility Agreement and the other Finance Documents which correspond to that portion of the Existing Lender’s Commitment and participation in the Loan under the Facility Agreement as specified in the Schedule. 

 

	 	(b)	 The Existing Lender is released from the obligations owed by it which correspond to that portion of the
Existing Lender’s Commitment and participation in the Loan under the Facility Agreement specified in the Schedule (but the obligations owed by the Obligors under the Finance Documents shall not be released). 

 

	 	(c)	 On the Transfer Date 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. 

  

	 	(d)	 The proposed Transfer Date is [•]. 

 

	 	(e)	 The Facility Office and address and attention details for notices of the New Lender for the purposes of clause
41.2 (Addresses) of the Facility Agreement are set out in the Schedule. 

  

	3	 The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in
clause 30.5 (Limitation of responsibility of Existing Lenders) of the Facility Agreement. 

  

	4	 The New Lender confirms that it [is]/ [is not] a Borrower Affiliate. 

 

	5	 This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance
with clause 30.7 (Copy of Transfer Certificate to Borrower), to the Borrower (on behalf of each Obligor) of the assignment referred to in this Agreement. 

 

	6	 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. 

  

	7	 [Consider including reference to accession to the co-ordination
agreement to which Lenders may need to be party and checklist of steps necessary for the New Lender to obtain the benefit of the Security Documents.] 

  

	8	 This Agreement and any non-contractual obligations connected with it
are governed by English law. 

  

	9	 This Agreement has been entered into on the date stated at the beginning of this Agreement.

  
 155 

 Note: The execution of this Transfer Certificate may not assign a proportionate share of the Existing
Lender’s interest in the Security Documents in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect an assignment of such a share in the Security
Documents in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities. 

  
 156 

 The Schedule 

Rights to be assigned and obligations to be released and undertaken 

[insert relevant details] 
 [Facility
Office address and attention details for notices and account details for payments.] 
 [Existing Lender] [New Lender] 

 

			
	By:	  	By:

 This Agreement is accepted by the Agent as a Transfer Certificate for the purposes of the Facility Agreement and the Transfer
Date is confirmed as [•]. 
 Signature of this Agreement 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:

  
 157 

 Schedule 8 

Form of Compliance Certificate 
  

					
	To:	  	Amsterdam Trade Bank N.V. as Agent	  	
			
	From:	  	THD Maritime Co. Limited	  	
			
	Dated:	  	[•]	  	

 Dear Sirs 

$17,100,000 
 Facility
Agreement dated [•] (the Facility Agreement) 
  

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

  

	2	 I/We confirm that during the [half] financial year ending on [•]: 

 

	 	(a)	 Minimum liquidity: the cash balance in the Operating Account of each Ship was [•] versus the
minimum required amount of $500,000, as shown in Appendix A [attach relevant evidence]; 

  

	 	(b)	 Book Leverage Ratio: the ratio of the Total Interest Bearing Debt to the Total Assets, was [•]:1.00
versus the maximum required ratio of 0.75:1.00, as shown in Appendix B [attach relevant evidence]; 

  

	 	(c)	 Value Adjusted Leverage Ratio: the ratio of the Total Interest Bearing Debt to the Value Adjusted Total
Assets, was [•]:1.00 versus the maximum required ratio of 0.75:1.00, as shown in Appendix C [attach relevant evidence including all valuations required for all Fleet Vessels]; [N.B: subject to clause 21.5 (Most favoured nation),
this item will be confirmed only for the financial year ending 31 December 2020] 

  

	 	(d)	 Net Worth: the Net Worth was [•] versus the minimum required amount of $41,000,000, as shown in
Appendix D [attach relevant evidence]; and [N.B: subject to clause 21.5 (Most favoured nation), this item will be confirmed only for the financial year ending 31 December 2020]

  

	 	(e)	 Security Value: the Security Value was [equal to] [less than] [more than] the Minimum Value calculated
as shown in Appendix E [attach relevant evidence including all valuations required for all Mortgaged Ships]. [N.B: subject to clause 21.5 (Most favoured nation), this item will be confirmed only for the financial year ending
31 December 2020] 

  

	3	 [I/We confirm that no Default is continuing.] [N.B.: 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.] 

  

	
	Signed by:
	
	   

	[Authorised signatory]
	THD MARITIME CO. LIMITED

  

	
	   

 [Note: Required only in respect of audited annual financial statements] Auditors of THD MARITIME CO. LIMITED]

  
 158 

 Schedule 9 

Forms of Notifiable Debt Purchase Transaction Notice 

Form of Notice on Entering into Notifiable Debt Purchase Transaction 

 

					
	To:	  	[        ] as Agent	  	
			
	From:	  	[The Lender]	  	
			
	Dated:	  		  	

 $17,100,000 

Facility Agreement dated [•] (the Facility Agreement) 
  

	1	 We refer to clause 45.8 (Disenfranchisement of Borrower Affiliates) of the Facility Agreement. Terms
defined in the Facility Agreement have the same meaning in this notice unless given a different meaning in this notice. 

  

	2	 We have entered into a Notifiable Debt Purchase Transaction. 

 

	3	 The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our
Commitment as set out below. 

 Amount of our Commitment to [insert amount (of that Commitment) to which the which
Notifiable Debt Purchase relevant Debt Purchase Transaction applies] Transaction relates: 
  

			
	[Lender]
		
	By:	 	

  
 159 

 Form of Notice on Termination of Notifiable Debt Purchase Transaction/ 

Notifiable Debt Purchase Transaction ceasing to be with Borrower Affiliate 

To:        [        ] as Agent 

From:    [The Lender] 
 Dated: 

$17,100,000 
 Facility
Agreement dated [•] (the Facility Agreement) 
  

	1	 We refer to clause 45.8 (Disenfranchisement of Borrower Affiliates) of the Facility Agreement. Terms
defined in the Facility Agreement have the same meaning in this notice unless given a different meaning in this notice. 

  

	2	 A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a notice dated
[•] has [terminated] / [ceased to be with a Borrower Affiliate]. 

  

	3	 The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our
Commitment as set out below. 

 Amount of our Commitment to [insert amount (of that Commitment) to which the which
Notifiable Debt Purchase relevant Debt Purchase Transaction applies] Transaction relates: 
 [Lender] 

By: 

  
 160 

 SIGNATURES 
  

							
	THE BORROWER	  		 	

	THD MARITIME CO. LIMITED	  	)
	By:	 		  		 	AIKATERINI C. EMMANOUIL
		 		  		 	
			
	THE GUARANTORS	  		 	
			
	THE OWNERS	  		 	

	TASMAN MARINE LLC	  	)
	By:	 		  		 	AIKATERINI C. EMMANOUIL
			
	HUDSON MARINE LLC	  	)	 	

	By:	 		  		 	AIKATERINI C. EMMANOUIL
			
	DRAKE MARINE LLC	  	)	 	

	By:	 		  		 	AIKATERINI C. EMMANOUIL
			
	POSEIDON CONTAINERS HOLDINGS LLC	  	)	 	

	By:	 		  		 	AIKATERINI C. EMMANOUIL
			
	THE PARENT	  		 	
			
	POSEIDON CONTAINERS HOLDINGS LLC	  	)	 	

		 		  		 	
	By:	 	

	  		 	AIKATERINI C. EMMANOUIL
		 		  		 	
			
	THE ARRANGER	  		 	
				
	By:	 		  		 	 

	AMSTERDAM TRADE BANK N.V.	  	)
			
	THE AGENT	  		 	
			
	AMSTERDAM TRADE BANK N.V.	  	)	 	

	By:	 	

	  		 	
			
	THE SECURITY AGENT	  		 	

  
 161 

					
	AMSTERDAM TRADE BANK N.V,	  	)	 	 /s/AuJUJd SitadLAoJ

	By:	  		 	AuJUJd SitadLAoJ
			
	THE LENDERS	  		 	
	AMSTERDAM TRADE BANK N.V.	  	)	 	 /s/AuJUJd SitadLAoJ

		  		 	AuJUJd SitadLAoJ

  
 162

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