Document:

insw_Ex10_27

		
			EXHIBIT 10.27
		

		
			 
		

		
			NOTE REPURCHASE AGREEMENT
		

		
			This NOTE REPURCHASE AGREEMENT (this “Agreement”) is dated as of December 30, 2019 and is among International Seaways, Inc., a corporation organized under the laws of the Republic of The Marshall Islands (the “Company”), and BlackRock Credit Alpha Master Fund L.P., HC NCBR Fund and The Obsidian Master Fund (the “Selling Noteholders”).
		

		
			BACKGROUND
		

		
			WHEREAS, the Company issued $30,000,000 aggregate principal amount of its 10.75% Step-Up Notes due 2023 (the “Notes”) pursuant to the Indenture, dated as of June 13, 2018, as amended on December 28, 2018 (the “Indenture”), between the Company and GLAS Trust Company LLC, as trustee (the “Trustee”);
		

		
			 
		

		
			WHEREAS, pursuant to the Purchase Agreement, dated June 13, 2018, by and among the Company, the Selling Noteholders and other initial purchasers party thereto, and the Note Repurchase Agreement, dated September 17, 2018, by and between the Company and Multi-Strategy Master Fund Limited, pursuant to which the Company purchased from Multi-Strategy Master Fund Limited $2,069,000 aggregate principal amount of the Notes, the Selling Noteholders purchased from the Company and currently hold, in aggregate, $27,931,000 aggregate principal amount of the Notes set forth opposite such Selling Noteholder’s name on Schedule I (the “Repurchased Notes”);
		

		
			 
		

		
			WHEREAS, the Company has offered to repurchase, and the Selling Noteholders have offered to sell, the Repurchased Notes at a price equal to 100.0% of the aggregate principal amount thereof, together with accrued and unpaid interest from December 15, 2019, the most recent date on which interest has been paid pursuant to the Indenture, to, but excluding, January 15, 2020, plus an aggregate premium in the amount of $992,436 (the “Aggregate Repurchase Premium”);
		

		
			 
		

		
			NOW, THEREFORE, in consideration of the premises and the agreements set forth below, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
		

			
	
			
				ARTICLE I
			

SALE AND REPURCHASE

			
	
			
				 Section 1.1
			Repurchase.  Subject to the terms and conditions of this Agreement, at the Closing (as defined below), the Selling Noteholders shall sell, assign, transfer, convey and deliver to the Company, and the Company shall purchase, acquire and accept from the Selling Noteholders (such sale and purchase, the “Repurchase”), the Repurchased Notes presently held by the Selling Noteholders in the form of definitive IAI Notes Nos. IAI-1, IAI-2 and IAI-4, CUSIP No. 46032V AB2 (the “Definitive Notes”) attached hereto as Annex A.  The purchase price for the Repurchased Notes shall be as follows:  (i) for IAI Note No. IAI-1, 100.0% of the aggregate principal amount thereof plus accrued and unpaid interest thereon from December 15, 2019 to, but excluding, January 15, 2020 (the “Note 1 Repurchase Price”), plus $536,671 (the “Note 1 Repurchase Premium” and, together with the Note 1 Repurchase Price, the “Aggregate Note 1 Repurchase Price”), (ii) for IAI Note No. IAI-2, 100.0% of the aggregate principal amount thereof plus accrued and unpaid interest thereon from December 15, 2019 to, but excluding, January 15, 2020 (the “Note 2 Repurchase Price”), plus $198,480 (the “Note 2 Repurchase Premium” and, together with the Note 2 Repurchase Price, the “Aggregate Note 2 Repurchase Price”) and (iii) for IAI Note No. IAI-4, 100.0% of the aggregate principal amount thereof plus accrued and unpaid 

		 

	interest thereon from December 15, 2019 to, but excluding, January 15, 2020 (the “Note 4 Repurchase Price”), plus $257,285 (the “Note 4 Repurchase Premium” and, together with the Note 4 Repurchase Price, the “Aggregate Note 4 Repurchase Price”. We refer to the Aggregate Note 1 Repurchase Price, the Aggregate Note 2 Repurchase Price and the Aggregate Note 4 Repurchase Price, collectively, as the “Repurchase Price”.

			
	
			
				 Section 1.2
			Closing.  

			
	
			
				 (a)
			The closing of the Repurchase (the “Closing”) shall take place at 1:00 p.m., New York City time on the Closing Date (as defined below) at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York 10017 or at such other time and place as may be agreed by the Company and the Selling Noteholders, subject to satisfaction or waiver of all conditions set forth in Section 1.3 hereof. The “Closing Date” shall be the later of (i) January 15, 2020 and (ii) the date on which the Funding Condition (as defined below) is satisfied.  At the Closing, (a) each Selling Noteholder shall deliver or cause to be delivered to the Company all of such Selling Noteholder’s right, title and interest in and to the Repurchased Notes held by it (including delivery of the respective Definitive Note to the Company or the Trustee for cancellation thereof), together with all documentation reasonably necessary to transfer to the Company its right, title and interest in and to the Repurchased Notes and (b) the Company shall pay or cause to be paid, to the respective Selling Noteholders, the Note 1 Repurchase Price, the Note 2 Repurchase Price and the Note 4 Repurchase Price, in cash, by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by the Selling Noteholders to the Company. 

			
	
			
				 (b)
			On the date hereof, the Company shall pay or cause to be paid to the respective Selling Noteholders the Note 1 Repurchase Premium, the Note 2 Repurchase Premum and the Note 4 Repurchase Premium, respectively, in cash, by wire transfer of immediately available funds in accordance with the wire transfer instructions provided by the respective Selling Noteholders to the Company.

			
	
			
				 (c)
			The Company and the Selling Noteholders agree that, in connection with the Repurchase and the payment of the Repurchase Price, the Selling Noteholders will, on the Closing Date, direct the escrow agent in respect of the Notes to release the funds held in escrow by it for the benefit of the Selling Noteholders pursuant to that certain Depository Agreement, dated April 9, 2019, by and between the Company and JPMorgan Chase Bank, N.A., as depository agent, such funds to be used by the Company for such purposes as the Company may deem appropriate (which may include funding a portion of the Repurchase Price).

			
	
			
				 (d)
			Notwithstanding anything in this Agreement to the contrary, if the Repurchase has not been consummated by February 15, 2020, this Agreement (other than the provisions of this Section 1.2(d)) shall cease to be of further effect; provided however that the Company and the Selling Noteholders agree that they shall enter into a supplemental indenture with the Trustee pursuant to which the Aggregate Repurchase Premium shall be credited against the interest payments due upon the Notes payable on March 15, 2020 (the “March Interest Payment Date”) and June 15, 2020 (the “June Interest Payment Date”), with such amount to be credited first against the March Interest Payment Date and second against the June Interest Payment Date; and further provided that the Selling Noteholders agree that, notwithstanding that no such supplemental indenture has been entered into by the Company and the Trustee prior to the March Interest Payment Date or the June Interest Payment Date, they will waive (and direct the Trustee to waive) any default under the Indenture that is solely in respect of the payment of interest in an aggregate amount up to and including the Aggregate Repurchase Premium on the March Interest Payment Date and the June Interest Payment Date, respectively.

			
	
			
				 Section 1.3
			Conditions.  

		
			

		 

		

			
	
			
				 (a)
			The obligations of the Company to consummate the Repurchase and to effectuate the Closing are subject to (i) the condition that the representations and warranties of the Selling Noteholders set forth in this Agreement shall be true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date and (ii) the successful refinancing of the outstanding Senior Credit Agreement (as defined in the Indenture) on terms satisfactory to the Company in its sole discretion on or prior to February 15, 2020 (the “Financing Condition”); provided that the Financing Condition may waived by the Company in its sole discretion.  

			
	
			
				 (b)
			The obligations of the Selling Noteholders to consummate the Repurchase and to effectuate the Closing are subject to (i) the condition that the representations and warranties of the Company set forth in this Agreement shall be true and correct in all material respects on and as of the Closing Date as though made on and as of the Closing Date and (ii) the full payment of the Aggregate Repurchase Premium pursuant to Section 1.2(b) hereof.

			
	
			
				ARTICLE II
			
REPRESENTATIONS AND WARRANTIES OF THE SELLING NOTEHOLDER

		
			Each of the Selling Noteholders hereby makes the following representations and warranties to the Company.  
		

			
	
			
				 Section 2.1
			Power; Authorization and Enforceability.  

			
	
			
				 (a)
			It is an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby.  All consents, orders, approvals and other authorizations, whether governmental, corporate or otherwise, necessary for such execution, delivery and performance by it of this Agreement and the transactions contemplated hereby have been obtained and are in full force and effect.

			
	
			
				 (b)
			This Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

			
	
			
				 Section 2.2
			No Conflicts. The execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby does not and will not constitute or result in a breach, violation or default under: (i) any agreement or instrument, whether written or oral, express or implied, to which it is a party; (ii) its certificate of incorporation; or (iii) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority, arbitrator, mediator or similar body on the part of itself, except, in each case, as would not reasonably be expected to have a material adverse effect upon its ability to consummate the Repurchase and perform its obligations under this Agreement.

			
	
			
				 Section 2.3
			Title to Repurchased Notes.  As of the date hereof, it is the sole legal and beneficial owner of and has good and valid title to the Repurchased Notes to be sold by it and, upon delivery to the Company of the Repurchased Notes against payment made therefor pursuant to this Agreement, good and valid title to the Repurchased Notes, free and clear of any lien, pledge, charge, security interest, mortgage, or other encumbrance or adverse claim, will pass to the Company.

		
			 
		

		
			

		 

		

			
	
			
				ARTICLE III
			
REPRESENTATIONS AND WARRANTIES OF THE COMPANY

		
			The Company hereby makes the following representations and warranties to each of the Selling Noteholders.
		

			
	
			
				 Section 3.1
			Power; Authorization and Enforceability.  

			
	
			
				 (a)
			The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the Republic of The Marshall Islands and has the power, authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. All consents, orders, approvals and other authorizations, whether governmental, corporate or otherwise, necessary for such execution, delivery and performance by the Company of this Agreement and the transactions contemplated hereby have been obtained and are in full force and effect.

			
	
			
				 (b)
			This Agreement has been duly executed and delivered by the Company and constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles.

			
	
			
				 Section 3.2
			No Conflicts.  The execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby does not and will not constitute or result in a breach, violation or default under: (i) any agreement or instrument, whether written or oral, express or implied, to which the Company is a party; (ii) the Company’s certificate of incorporation or bylaws; or (iii) any statute, law, ordinance, decree, order, injunction, rule, directive, judgment or regulation of any court, administrative or regulatory body, governmental authority, arbitrator, mediator or similar body on the part of the Company, except, in each case, as would not reasonably be expected to have a material adverse effect upon the ability of Company to consummate the Repurchase and perform its obligations under this Agreement

			
	
			
				 Section 3.3
			Cancellation of the Repurchased Notes.  Upon receipt of the Repurchased Notes at the Closing, the Company will deliver the Repurchased Notes to the Trustee (together with the Definitive Notes and any other customary document reasonably requested by the Trustee) for cancellation pursuant to the Indenture and provide the Selling Noteholders with evidence of cancellation thereof.

			
	
			
				 Section 3.4
			Payment of Fees and Expenses.  The Company will pay or cause to be paid the fees, disbursements and expenses of the Selling Noteholders’ counsel in connection with this Agreement and the transactions contemplated hereby, up to a maximum amount of thirty thousand dollars ($30,000). 

			
	
			
				ARTICLE IV
			
MISCELLANEOUS PROVISIONS

			
	
			
				 Section 4.1
			Notice.  All communications hereunder shall be in writing and effective only upon receipt and

		
			if to the Selling Noteholders, shall be delivered, mailed or sent to:
		

		
			 
		

		
			BlackRock Financial Management, Inc.
		

		
			55 East 52nd Street
		

		
			

		 

		

		
			New York, New York 10055
		

		
			Attention: Shantanu Agrawal
		

		
			Email: shantanu.agrawal@blackrock.com
		

		
			 
		

		
			with copies to:
		

		
			 
		

		
			BlackRock Financial Management, Inc.
		

		
			55 East 52nd Street
		

		
			New York, New York 10055
		

		
			Attention: David Trucano
		

		
			Email: David.Trucano@blackrock.com
		

		
			 
		

		
			and
		

		
			 
		

		
			BlackRock Financial Management, Inc.
		

		
			Office of the General Counsel
		

		
			40 East 52nd Street
		

		
			New York, NY 10022
		

		
			Attention: BCA – International Seaways bond
		

		
			Email: legaltransactions@blackrock.com
		

		
			 
		

		
			and if to the Company, shall be delivered, mailed or sent to:
		

		
			 
		

		
			International Seaways, Inc.
		

		
			c/o International Seaways Ship Management LLC
		

		
			600 Third Avenue, 39th Floor
		

		
			New York, New York 10016
		

		
			Attention: General Counsel / Legal Department.
		

		
			 
		

			
	
			
				 Section 4.2
			Entire Agreement.  This Agreement and the other documents and agreements executed in connection with the Repurchase shall constitute the entire agreement between the parties with respect to the subject matter hereof and shall supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter of this Agreement. The Company waives to the full extent permitted by applicable law any claims it may have against each of the Selling Noteholders in connection with the Repurchase. 

			
	
			
				 Section 4.3
			Assignment; Binding Agreement.  Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by any of the parties without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. Any purported assignment not permitted under this Section 4.3 shall be null and void. 

			
	
			
				 Section 4.4
			Counterparts.  This Agreement may be executed and delivered (including by facsimile transmission) in one or more counterparts, and by the different parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy, telefax or electronic transmission shall be considered original executed counterparts for purposes of this Section 4.4.

		
			

		 

		

			
	
			
				 Section 4.5
			Applicable Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York. The Company and each of the Selling Noteholders each hereby submits to the non-exclusive jurisdiction of the United States federal and state courts in the Borough of Manhattan in The City of New York (a “New York Court”) in any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. The Company and each of the Selling Noteholders each irrevocably and unconditionally waives any objection to the laying of venue of any suit or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby in a New York Court and irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such suit or proceeding in any such court has been brought in an inconvenient forum. 

			
	
			
				 Section 4.6
			Waiver of Immunity.  To the extent that the Company or any Selling Noteholder has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment in aid or otherwise) with respect to itself or any of its property, the Company and any such Selling Noteholder each hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement.

			
	
			
				 Section 4.7
			WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

			
	
			
				 Section 4.8
			No Third Party Beneficiaries or Other Rights.  This Agreement is for the sole benefit of the parties and their successors and permitted assigns and nothing herein express or implied shall give or shall be construed to confer any legal or equitable rights or remedies to any person other than the parties to this Agreement and such successors and permitted assigns.

			
	
			
				 Section 4.9
			Amendments; Waivers.  This Agreement and its terms may not be changed, amended, waived, terminated, augmented, rescinded or discharged (other than in accordance with its terms), in whole or in part, except by a writing executed by the parties hereto. 

			
	
			
				 Section 4.10
			Further Assurances.  Each party hereto shall use its reasonable best efforts to do and perform or cause to be done and performed all such further acts and things and shall execute and deliver all such other agreements, certificates, instruments, and documents as any other party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

			
	
			
				 Section 4.11
			Severability.  In the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby.  The parties shall endeavor in good faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions, the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions.

		
			(Signatures appear on the next page.)
		

		
			 
		

		
			

		 

		

		
			IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed as of the date first above written.
		

		
			 
		

			
					
						F. 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						INTERNATIONAL SEAWAYS, INC.

				
	
					
						 

					
					
						By:

					
					
						/s/Jeffrey D. Pribor

				
	
					
						 

					
					
						Name:

					
					
						Jeffrey D. Pribor

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President, Chief Financial Officer

				

		
			 
		

			
					
						F. 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BLACKROCK CREDIT ALPHA MASTER FUND L.P. 

					
						 

				
	
					
						 

					
					
						By:  BlackRock Financial Management Inc., in its capacity as investment advisor

				
	
					
						 

					
					
						By:

					
					
						/s/Shantanu Agrawal

				
	
					
						 

					
					
						Name:

					
					
						Shantanu Agrawal

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

			
					
						F. 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						HC NCBR FUND 

					
						 

				
	
					
						 

					
					
						By:  BlackRock Financial Management Inc., in its capacity as investment advisor

				
	
					
						 

					
					
						By:

					
					
						/s/Shantanu Agrawal

				
	
					
						 

					
					
						Name:

					
					
						Shantanu Agrawal

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

			
					
						F. 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE OBSIDIAN MASTER FUND

				
	
					
						 

					
					
						By:  BlackRock Financial Management Inc., in its capacity as investment advisor

				
	
					
						 

					
					
						By:

					
					
						/s/Shantanu Agrawal

				
	
					
						 

					
					
						Name:

					
					
						Shantanu Agrawal

				
	
					
						 

					
					
						Title:

					
					
						Director

				

		
			 
		

		
			 
		

		
			

		 

		

		
			Schedule I
		

		
			 
		

		
			Selling Noteholders
		

		
			 
		

		
			 
		

			
					
						Selling Noteholder

					
					
						Repurchased Notes 

				
	
					
						BLACKROCK CREDIT ALPHA MASTER FUND L.P.

					
					
						$15,104,000 (No. IAI-1)

				
	
					
						HC NCBR FUND

					
					
						$5,586,000 (No. IAI-2)

				
	
					
						THE OBSIDIAN MASTER FUND

					
					
						$7,241,000 (No. IAI-4)

				
	
					
						Total

					
					
						$27,931,000

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

		
			Annex A
		

		
			 
		

		
			Definitive Notes IAI-1, IAI-2 and IAI-4insw_Ex10_28

		
			EXHIBIT 10.28
		

		
			 
		

		
			 
		

			
					
						 

				
	
					
						                 7 October            2019

				
	
					
						International Seaways, Inc.

					
						(as Vendor)

					
						 

					
						 

					
						and

					
						 

					
						 

					
						Nakilat Marine Services Ltd.

					
						(as Purchaser)

					
						 

				
	
					
						SHARE PURCHASE AGREEMENT

					
						related to

					
						OSG Nakilat Corporation

				
	
					
						

					
						 

					
						99 Bishopsgate
London EC2M 3XF  
United Kingdom

					
						Tel: +44.20.7710.1000

					
						www.lw.com

					
						 

				

		
			 
		

		
			

		 

TABLE OF CONTENTS
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Clause

					
					
						 

					
					
						Page

				
	
					
						1

					
					
						DEFINITIONS AND INTERPRETATION

					
1
				
	
					
						2

					
					
						SALE OF SHARES

					
4
				
	
					
						3

					
					
						CONSIDERATION

					
4
				
	
					
						4

					
					
						COMPLETION

					
4
				
	
					
						5

					
					
						WARRANTIES

					
6
				
	
					
						6

					
					
						LIMITATIONS ON VENDOR LIABILITY

					
7
				
	
					
						7

					
					
						INSURANCE CLAIMS

					
8
				
	
					
						8

					
					
						CONFIDENTIALITY AND ANNOUNCEMENTS

					
8
				
	
					
						9

					
					
						FURTHER ASSURANCE

					
9
				
	
					
						10

					
					
						ENTIRE AGREEMENT AND REMEDIES

					
9
				
	
					
						11

					
					
						POST-COMPLETION EFFECT OF AGREEMENT

					
9
				
	
					
						12

					
					
						WAIVER AND VARIATION

					
10
				
	
					
						13

					
					
						INVALIDITY

					
10
				
	
					
						14

					
					
						ASSIGNMENT

					
10
				
	
					
						15

					
					
						PAYMENTS

					
10
				
	
					
						16

					
					
						NOTICES

					
10
				
	
					
						17

					
					
						COSTS

					
12
				
	
					
						18

					
					
						RIGHTS OF THIRD PARTIES

					
12
				
	
					
						19

					
					
						COUNTERPARTS

					
12
				
	
					
						20

					
					
						GOVERNING LAW AND JURISDICTION

					
12
				
	
					
						Schedule 1

					
					
						 

				
	
					
						 

					
					
						PARTICULARS OF THE COMPANY AND THE SUBSIDIARIES

					
13
				
	
					
						Schedule 2

					
					
						 

				
	
					
						 

					
					
						COMPLETION OBLIGATIONS

					
17
				

		
			 
		

		
			 
		

		
			

		 

		

		
			THIS AGREEMENT is made on      7 October                                     2019,
		

		
			BETWEEN:
		

			
	
			
				 (1)
			

			
	
			
			INTERNATIONAL SEAWAYS, INC. (formerly known as OSG INTERNATIONAL, INC.), a corporation incorporated in the Marshall Islands with registered number 3428 and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the “Vendor”); and

			
	
			
				 (2)
			

			
	
			
			NAKILAT MARINE SERVICES LTD., a corporation incorporated in the Marshall Islands with registered number 12550 and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the “Purchaser”).

		
			WHEREAS,
		

		
			The Vendor wishes to sell and the Purchaser wishes to purchase the Shares subject to the terms of this Agreement.
		

		
			IT IS AGREED THAT:
		

			
	
			
				 1.
			

			
	
			
			DEFINITIONS AND INTERPRETATIOn

			
	
			
				 1.1
			

			
	
			
			In this Agreement, unless the context otherwise requires:

			
	
			
				1
			“Accounting and Financial Services Agreement” means the accounting and financial services agreement dated 7 November 2004 (as novated, amended and restated on 31 March 2014), between Nakilat Shipping (Qatar) Limited, the Company and the Subsidiaries;

			
	
			
				2
			“Affiliate” means, in relation to a body corporate, any subsidiary or holding company of such body corporate, and any subsidiary of any such holding company, in each case from time to time;

			
	
			
				3
			“Agent” means The Royal Bank of Scotland plc (as renamed or replaced from time to time);

			
	
			
				4
			“Agreed Form” means, in relation to a document, the form of that document which has been agreed between the parties;

			
	
			
				5
			“Business Day” means a day (other than a Friday, Saturday or Sunday) on which banks are open for ordinary banking business in London, New York and Doha;

			
	
			
				6
			“Change of Ownership” means the sale and purchase of the Shares pursuant to this Agreement;

			
	
			
				7
			“Charter Agreement” means each of the LNG tanker time charter party agreements effective as from 7 November 2004 (as amended) between the Charterer and each of the Subsidiaries;

			
	
			
				8
			“Charterer” means Qatar Liquefied Gas Company Limited (II);

		
			“Claim” means any claim by the Purchaser for breach of any of the Vendor Warranties;
		

			
	
			
				9
			“Company” means OSG Nakilat Corporation, a corporation incorporated in the Marshall Islands, with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Ajuro, Marshall Islands MH 96960, further particulars of which are set out in ‎Part 1 of ‎Schedule 1;

			
	
			
				10
			“Completion” means completion of the sale and purchase of the Shares in accordance with Clause ‎4;

		
			

		 

		

			
	
			
				11
			“Completion Date” means the date on which Completion actually takes place, being the date of this Agreement;

			
	
			
				12
			“Confidential Information” has the meaning given in Clause ‎8.1(a);

			
	
			
				13
			“Consideration” has the meaning given in Clause ‎3;

			
	
			
				14
			“Encumbrance” means any interest or equity of any person (including any right to acquire, option or right of pre-emption), any mortgage, charge, pledge, lien, assignment, hypothecation, security interest (including any created by Law), title retention or other security agreement or arrangement;

			
	
			
				15
			“Existing OSG Policies” has the meaning given in Clause ‎7.1(a);

			
	
			
				16
			“Group” means the Company and each of the Subsidiaries;

			
	
			
				17
			“Group Company” means any member of the Group;

			
	
			
				18
			“Junior Facilities Agreement” means the $51,000,000 junior facilities agreement between (among others) the Subsidiaries, the Company, as guarantor, the Agent as facility agent, the Security Trustee as security trustee, and the lenders thereto dated 30 October 2007 (and as subsequently amended and restated from time to time); 

			
	
			
				19
			“Laws” means all applicable legislation, statutes, directives, regulations, judgments, decisions, decrees, orders, instruments, by-laws, and other legislative measures or decisions having the force of law, treaties, conventions and other agreements between states, or between states and the European Union or other supranational bodies, rules of common law, customary law and equity and all civil or other codes and all other laws of, or having effect in, any jurisdiction from time to time;

			
	
			
				20
			“Purchaser Warranties” means the representations and warranties given by the Purchaser set out in Clause ‎5.4;  

			
	
			
				21
			“Representatives” means, in relation to a party, its Affiliates and their respective directors, officers, employees, agents, consultants, advisers and any lenders to such party;

			
	
			
				22
			“Security Trustee” means NatWest Markets plc (as renamed or replaced from time to time);

			
	
			
				23
			“Senior Facilities Agreement” means the $869,500,000 senior facilities agreement between (among others) the Subsidiaries, the Company as guarantor, the Agent as facility agent, the Security Trustee as security trustee, and the lenders thereto dated 27 July 2005 (and as subsequently amended and restated from time to time); 

			
	
			
				24
			  “SHA” means the shareholders’ agreement of the Company between the Purchaser and the Vendor dated 7 November 2004, along with the side letter to such agreement between the Purchaser and the Vendor dated 3 January 2017;

		
			“Shares” means the 499 issued and outstanding registered shares of the Company held by the Vendor, constituting 49.9% of all of the issued and outstanding registered shares of the Company;
		

		
			“Ship Management Agreements” means each of the ship management agreements dated October 2007 (as novated, amended and restated on 27 May 2014), between Nakilat Shipping (Qatar) Limited and each of the Subsidiaries;
		

			
	
			
				25
			“Subsidiaries” means the companies whose details are set out in ‎Part 2 of ‎Schedule 1, and “Subsidiary” means each of them;

		
			

		 

		

			
	
			
				26
			“Tax” means:

			
	
			
				 (a)
			

			
	
			
			all forms of tax, levy, impost, contribution, duty, liability and charge in the nature of taxation (including payment under the Corporation Tax (Instalment Payments) Regulations 1998) and all related withholdings or deductions of any nature (including, for the avoidance of doubt, PAYE and National Insurance contribution liabilities in the United Kingdom and corresponding obligations elsewhere); and

			
	
			
				 (b)
			

			
	
			
			all related fines, penalties, charges and interest,

			
	
			
				27
			imposed or collected by a Tax Authority whether directly or primarily chargeable against, recoverable from or attributable to any of the Group Companies or another person (and “Taxes” and “Taxation” shall be construed accordingly);

			
	
			
				28
			“Tax Authority” means a taxing or other governmental (local or central), state or municipal authority (whether within or outside the United Kingdom) competent to impose a liability for or to collect Tax;

			
	
			
				29
			“Transaction Documents” means this Agreement and any documents to be entered into pursuant to, or in connection with, this Agreement;

			
	
			
				30
			“Vendor Warranties” means the representations and warranties given by the Vendor set out in Clause ‎5.1; and

			
	
			
				31
			“Working Hours” means 9:30 am to 5:30 pm on a Business Day.

			
	
			
				 31.1
			

			
	
			
			In this Agreement, unless the context otherwise requires:

			
	
			
				 (a)
			

			
	
			
			every reference to a particular Law shall be construed also as a reference to all other Laws made under the Law referred to and to all such Laws as amended, re-enacted, consolidated or replaced or as their application or interpretation is affected by other Laws from time to time and whether before or after Completion provided that, as between the parties, no such amendment or modification shall apply for the purposes of this Agreement to the extent that it would impose any new or extended obligation, liability or restriction on, or otherwise adversely affect the rights of, any party;

			
	
			
				 (b)
			

			
	
			
			references to clauses and schedules are references to Clauses of and Schedules to this Agreement, references to paragraphs are references to paragraphs of the Schedule in which the reference appears and references to this Agreement include the Schedules;

			
	
			
				 (c)
			

			
	
			
			references to the singular shall include the plural and vice versa and references to one gender include any other gender;

			
	
			
				 (d)
			

			
	
			
			references to a “party” means a party to this Agreement and includes its successors in title, personal representatives and permitted assigns;

			
	
			
				 (e)
			

			
	
			
			references to a “person” includes any individual, partnership, body corporate, corporation sole or aggregate, state or agency of a state, and any unincorporated association or organisation, in each case whether or not having separate legal personality;

			
	
			
				 (f)
			

			
	
			
			references to a “company” includes any company, corporation or other body corporate wherever and however incorporated or established;

		
			

		 

		

			
	
			
				 (g)
			

			
	
			
			references to “dollars” or “$” are references to the lawful currency from time to time of the United States of America;

			
	
			
				 (h)
			

			
	
			
			references to times of the day are to Doha time unless otherwise stated; 

			
	
			
				 (i)
			

			
	
			
			references to writing shall include any modes of reproducing words in a legible and non-transitory form;

			
	
			
				 (j)
			

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

			
	
			
				 (k)
			

			
	
			
			words introduced by the word “other” shall not be given a restrictive meaning because they are preceded by words referring to a particular class of acts, matters or things; and

			
	
			
				 (l)
			

			
	
			
			general words shall not be given a restrictive meaning because they are followed by words which are particular examples of the acts, matters or things covered by the general words and the words “includes” and “including” shall be construed without limitation.

			
	
			
				 31.2
			

			
	
			
			The headings and sub-headings in this Agreement are inserted for convenience only and shall not affect the construction of this Agreement.

			
	
			
				 31.3
			

			
	
			
			Each of the schedules to this Agreement shall form part of this Agreement.

			
	
			
				 31.4
			

			
	
			
			References to this Agreement include this Agreement as amended or varied in accordance with its terms.

			
	
			
				 2.
			

			
	
			
			SALE OF SHARES

			
	
			
				 2.1
			

			
	
			
			On the terms set out in this Agreement, the Vendor shall sell and the Purchaser shall purchase the Shares with effect from Completion, free from all Encumbrances, together with all rights attaching to the Shares as at Completion (including all dividends and distributions declared, paid or made in respect of the Shares after Completion).

			
	
			
				 2.2
			

			
	
			
			For the avoidance of doubt, each party waives any pre-emption rights which it holds in respect of any of the Shares, including those under clause 15 of the SHA.

			
	
			
				 3.
			

			
	
			
			CONSIDERATION

		
			The purchase price for the sale of the Shares shall be $123,000,000 (one hundred and twenty-three million United States Dollars) (the “Consideration”) payable in cash at Completion by the Purchaser to the Vendor at the below account:
		

		
			Bank Name: JPMorgan Chase NA
		

		
			ABA Routing Number: 021000021
		

		
			SWIFT Code: CHASUS33
		

		
			Account Name: International Seaways, Inc.
		

		
			Account Number: 2321015113
		

		
			

		 

		

			
	
			
				 4.
			

			
	
			
			COMPLETION

			
	
			
				 4.1
			

			
	
			
			Completion shall take place at the Doha offices of the Purchaser (or at any other place as agreed in writing by the Vendor and the Purchaser) immediately after the execution of this Agreement.

			
	
			
				 4.2
			

			
	
			
			At Completion:

			
	
			
				 (a)
			

			
	
			
			the Vendor shall do or procure the carrying out of all those things listed in paragraph ‎1 of ‎Schedule 2;  

			
	
			
				 (b)
			

			
	
			
			the Purchaser shall do or procure the carrying out of all those things listed in paragraph ‎2 of ‎Schedule 2;  

			
	
			
				 (c)
			

			
	
			
			the parties shall procure that:

			
	
			
				 (i)
			

			
	
			
			board resolutions and shareholder resolutions, if required, of each Group Company are passed:

			
	
			
				 (A)
			

			
	
			
			in the case of the Company, solely:

			
	
			
				 (I)
			

			
	
			
			approving the Change of Ownership, the issuance of share certificates in the name of the Purchaser and the registration in the books of the Company of the Purchaser as the registered owner of the Shares; and

			
	
			
				 (II)
			

			
	
			
			approving the change of name of the Company to “Nakilat Maritime Corporation”;

			
	
			
				 (B)
			

			
	
			
			accepting the resignations of the officers of such Group Company as are referred to in paragraphs ‎1.1(d) and ‎2.1(b)(v) of ‎Schedule 2;  

			
	
			
				 (C)
			

			
	
			
			accepting the appointment of the following as the officers of each Group Company:

			
	
			
				 (I)
			

			
	
			
			Abdullah Al-Sulaiti – Director / President;

			
	
			
				 (II)
			

			
	
			
			Rashid Al Marri – Director / Vice President;

			
	
			
				 (III)
			

			
	
			
			Bader Al Mulla – Director; and 

			
	
			
				 (IV)
			

			
	
			
			Mohammed Al Khabi – Director, and 

			
	
			
				 (D)
			

			
	
			
			approving the entry into any documents required to be entered into in connection with the transactions contemplated by this Agreement;

		
			

		 

		

			
	
			
				 (ii)
			

			
	
			
			each applicable Group Company duly executes:

			
	
			
				 (A)
			

			
	
			
			a counterpart of the deed of amendment in respect of the applicable Charter Agreement, as duly executed by the Charterer; 

			
	
			
				 (B)
			

			
	
			
			a counterpart of the deed of amendment and restatement in respect of the applicable Ship Management Agreement, as duly executed by Nakilat Shipping (Qatar) Limited; and

			
	
			
				 (C)
			

			
	
			
			a counterpart of the deed of amendment and restatement in respect of the Accounting and Financial Services Agreement, as duly executed by Nakilat Shipping (Qatar) Limited;

			
	
			
				 (iii)
			

			
	
			
			a notification of the Change of Ownership is immediately delivered to:

			
	
			
				 (A)
			

			
	
			
			the Agent and the Security Trustee under each of the Senior Facilities Agreement and the Junior Facilities Agreement; and

			
	
			
				 (B)
			

			
	
			
			the Charterer; 

			
	
			
				 (iv)
			

			
	
			
			Qatar Gas Transport Company Limited (Nakilat) duly executes a counterpart of the deed of amendment in respect of each of the four guarantees granted by it in favour of the Charterer, as duly executed by the Charterer; and

			
	
			
				 (v)
			

			
	
			
			a copy of:

			
	
			
				 (A)
			

			
	
			
			each deed of amendment in respect of each of the guarantees granted by Qatar Gas Transport Company Limited (Nakilat), in favour of the Charterer duly executed by each of the Charterer and Qatar Gas Transport Company Limited (Nakilat); and 

			
	
			
				 (B)
			

			
	
			
			each deed of amendment in respect of each Charter Agreement duly executed by each of the Charterer and the applicable Subsidiary,

		
			is immediately delivered to the Charterer.
		

			
	
			
				 4.3
			

			
	
			
			Without prejudice to any other rights and remedies the parties may have, neither the Vendor or the Purchaser shall be obliged to complete the sale and purchase of any of the Shares unless the sale and purchase of all of the Shares is completed simultaneously.

			
	
			
				 5.
			

			
	
			
			WARRANTIES

			
	
			
				 5.1
			

			
	
			
			The Vendor represents and warrants to the Purchaser as at the date of this Agreement that:

			
	
			
				 (a)
			

			
	
			
			The Vendor is duly incorporated and validly existing in good-standing under the Laws of its country of incorporation.

			
	
			
				 (b)
			

			
	
			
			The Vendor has taken all necessary action and has all requisite power and authority to enter into and perform this Agreement in accordance with its terms.

		
			

		 

		

			
	
			
				 (c)
			

			
	
			
			This Agreement constitutes (or shall constitute when executed) valid, legal, binding and enforceable obligations on the Vendor.

			
	
			
				 (d)
			

			
	
			
			The execution and delivery of this Agreement by the Vendor and the performance of and compliance with its terms and provisions will not conflict with or result in a breach of, or constitute a default under, the constitutional documents of the Vendor, any agreement or instrument to which the Vendor is a party or by which it is bound, other than the SHA, or any Law, order or judgment that applies to or binds the Vendor or any of its property.

			
	
			
				 (e)
			

			
	
			
			No consent, action, approval or authorisation of, and no registration, declaration, notification or filing is required to be obtained, or made, by the Vendor to authorise the execution or performance of this Agreement.

			
	
			
				 (f)
			

			
	
			
			The Shares constitute the whole of the allotted and issued shares of the Company owned by the Vendor or any of its Affiliates.

			
	
			
				 (g)
			

			
	
			
			The Vendor is the sole legal and beneficial owner of the Shares and the Shares are fully paid up and free from all Encumbrances and the Vendor is entitled to transfer the full ownership of the Shares on the terms set out in this Agreement, subject to the terms of the SHA.

			
	
			
				 5.2
			

			
	
			
			The Vendor acknowledges that the Purchaser is entering into this Agreement on the basis of and in express reliance on the Vendor Warranties.

			
	
			
				 5.3
			

			
	
			
			Each of the Vendor Warranties is separate and independent and, unless otherwise specifically provided, shall not be restricted or limited by reference to any other representation, warranty or term of this Agreement.

			
	
			
				 5.4
			

			
	
			
			The Purchaser represents and warrants to the Vendor as at the date of this Agreement that:

			
	
			
				 (a)
			

			
	
			
			The Purchaser is duly incorporated and validly existing in good-standing under the Laws of its country of incorporation.

			
	
			
				 (b)
			

			
	
			
			The Purchaser has taken all necessary action and has all requisite power and authority to enter into and perform this Agreement in accordance with its terms.

			
	
			
				 (c)
			

			
	
			
			This Agreement constitutes (or shall constitute when executed) valid, legal, binding and enforceable obligations on the Purchaser.

			
	
			
				 (d)
			

			
	
			
			The execution and delivery of this Agreement by the Purchaser and the performance of and compliance with its terms and provisions will not conflict with or result in a breach of, or constitute a default under, the constitutional documents of the Purchaser, any agreement or instrument to which the Purchaser is a party or by which it is bound, other than the SHA, or any Law, order or judgment that applies to or binds the Purchaser or any of its property.

			
	
			
				 (e)
			

			
	
			
			No consent, action, approval or authorisation of, and no registration, declaration, notification or filing is required to be obtained, or made, by the Purchaser to authorise the execution or performance of this Agreement.

		
			

		 

		

			
	
			
				 6.
			

			
	
			
			LIMITATIONS ON VENDOR LIABILITY

			
	
			
				 6.1
			

			
	
			
			The aggregate liability of the Vendor in respect of all Claims shall not exceed the Consideration, plus any reasonable legal costs incurred by the Purchaser in enforcing its rights under this Agreement.

			
	
			
				 6.2
			

			
	
			
			The Vendor shall not be liable in respect of any Claim unless the Purchaser has given notice in writing of such Claim to the Vendor within 12 months of the Completion Date, including a summary of the nature of the Claim as far as it is known to the Purchaser and the amount claimed.

			
	
			
				 6.3
			

			
	
			
			For the purposes of this Clause ‎6, the liability of the Vendor in respect of a Claim shall mean the amount in respect of the Claim for which the Vendor:

			
	
			
				 (a)
			

			
	
			
			admits liability in writing; or

			
	
			
				 (b)
			

			
	
			
			is found to be liable by a court of competent jurisdiction and the Vendor has no right of appeal or is debarred by passage of time or otherwise from making an appeal,

		
			and the Vendor shall not be liable in respect of any contingent liability in relation to any Claim unless and until such contingent liability becomes an actual liability and is due and payable.
		

			
	
			
				 6.4
			

			
	
			
			The Purchaser shall not be entitled to recover damages or obtain payment, reimbursement, restitution or indemnity more than once in respect of the same loss, regardless of whether more than one Claim arises in respect of it, and for this purpose recovery by the Purchaser or any of the Group Companies shall be deemed to be a recovery by each of them.

			
	
			
				 7.
			

			
	
			
			INSURANCE CLAIMS

			
	
			
				 7.1
			

			
	
			
			The Vendor and the Purchaser acknowledge that:

			
	
			
				 (a)
			

			
	
			
			prior to and until Completion, each Group Company and its assets (including each vessel owned by each Subsidiary) have been covered under group insurance policies maintained by the Vendor (such policies the “Existing OSG Policies”); and

			
	
			
				 (b)
			

			
	
			
			on and after Completion each Group Company shall be solely responsible for obtaining and maintaining insurance policies covering such person and its assets (including each vessel owned by each Subsidiary).

			
	
			
				 7.2
			

			
	
			
			The Vendor hereby agrees and acknowledges that to the extent any insurance claim is made or any insurance proceeds are paid under any Existing OSG Policy to the extent relating to any Group Company or to the assets of any Group Company, as a result of damage or loss suffered by any Group Company or to the assets of any Group Company, the proceeds of any such claims are the property of the applicable Group Company.

			
	
			
				 7.3
			

			
	
			
			To the extent that the Vendor receives any insurance proceeds pursuant to an Existing OSG Policy that relate to damage or loss suffered by any Group Company or to the assets of any Group Company, the Vendor shall immediately pay the amount of such insurance proceeds directly to the applicable Group Company. Any such insurance 

		 

	proceeds received by the Vendor, pending their payment to the applicable Group Company, shall be held on trust by the Vendor for the applicable Group Company.

			
	
			
				 7.4
			

			
	
			
			The Vendor shall not take (and shall ensure that none of its Affiliates take) any action that could reasonably be expected to result in any potential claim under any Existing OSG Policy relating to any Group Company or to the assets of any Group Company being rejected or invalidated.

			
	
			
				 7.5
			

			
	
			
			The Vendor shall immediately notify the Purchaser and the applicable Group Company to the extent that it receives any material correspondence in connection with any Existing OSG Policy that could impact any Group Company or any existing claims of any Group Company. 

			
	
			
				 7.6
			

			
	
			
			The Vendor shall provide any assistance requested by the Purchaser or any Group Company in pursuing any claim under any Existing OSG Policy or in collecting any outstanding proceeds payable as a result of any such claim.

			
	
			
				 8.
			

			
	
			
			CONFIDENTIALITY AND ANNOUNCEMENTS

			
	
			
				 8.1
			

			
	
			
			Subject to Clause ‎8.4, each party:

			
	
			
				 (a)
			

			
	
			
			shall treat as strictly confidential the existence and provisions of this Agreement and the other Transaction Documents and the process of their negotiation (the “Confidential Information”); and

			
	
			
				 (b)
			

			
	
			
			shall not, except with the prior written consent of the other party (which shall not be unreasonably withheld or delayed), make use of (save for the purposes of performing its obligations under this Agreement) or disclose to any person (other than in accordance with Clause ‎8.2) any Confidential Information.

			
	
			
				 8.2
			

			
	
			
			Each party undertakes that it shall only disclose Confidential Information to its Representatives and any person where it is reasonably required for the purposes of performing its obligations under this Agreement (including those under Clause ‎4.2) or any other Transaction Document and, in each case, only where such recipients are informed of the confidential nature of the Confidential Information and the provisions of this Clause ‎8 and instructed to comply with this Clause ‎8 as if they were a party to it.

			
	
			
				 8.3
			

			
	
			
			Subject to Clause ‎8.4, neither party shall make any announcement (including any communication to the public, to any customers, suppliers or employees of any of the Group Companies) concerning the subject matter of this Agreement without the prior written consent of the other (which shall not be unreasonably withheld or delayed).

			
	
			
				 8.4
			

			
	
			
			Clauses ‎8.1,  ‎8.2 and ‎8.3 shall not apply if and to the extent that the party using or disclosing Confidential Information or making such announcement can demonstrate that:

			
	
			
				 (a)
			

			
	
			
			such disclosure or announcement is required by Law or by any stock exchange or any supervisory, regulatory, governmental or anti-trust body (including, for the avoidance of doubt, any Tax Authority) having applicable jurisdiction; or

			
	
			
				 (b)
			

			
	
			
			the Confidential Information concerned has come into the public domain other than through its fault (or that of its Representatives) or the fault of any person to 

		 

	whom such Confidential Information has been disclosed in accordance with this Clause ‎8.4.

			
	
			
				 8.5
			

			
	
			
			The provisions of this Clause ‎8 shall survive termination of this Agreement or Completion, as the case may be, and shall continue for a period of five years from the date of this Agreement.

			
	
			
				 9.
			

			
	
			
			FURTHER ASSURANCE

		
			The Vendor shall, at its own cost, promptly execute and deliver all such documents and do all such things and provide all such information and assistance, as the Purchaser may from time to time reasonably require for the purpose of giving full effect to the provisions of this Agreement and to secure for the Purchaser the full benefit of the rights, powers and remedies conferred upon it under this Agreement.
		

			
	
			
				 10.
			

			
	
			
			ENTIRE AGREEMENT AND REMEDIES

			
	
			
				 10.1
			

			
	
			
			This Agreement and the other Transaction Documents together set out the entire agreement between the parties relating to the sale and purchase of the Shares and, save to the extent expressly set out in this Agreement or any other Transaction Document, supersede and extinguish any prior drafts, agreements, undertakings, representations, warranties, promises, assurances and arrangements of any nature whatsoever, whether or not in writing, relating thereto.  This Clause ‎10 shall not exclude any liability for or remedy in respect of fraudulent misrepresentation.

			
	
			
				 10.2
			

			
	
			
			The rights, powers, privileges and remedies provided in this Agreement are cumulative and not exclusive of any rights, powers, privileges or remedies provided by Law.

			
	
			
				 11.
			

			
	
			
			POST-COMPLETION EFFECT OF AGREEMENT

			
	
			
				 11.1
			

			
	
			
			Notwithstanding Completion:

			
	
			
				 (a)
			

			
	
			
			each provision of this Agreement and any other Transaction Document not performed at or before Completion but which remains capable of performance;

			
	
			
				 (b)
			

			
	
			
			the Vendor Warranties and the Purchaser Warranties; and 

			
	
			
				 (c)
			

			
	
			
			all covenants, indemnities and other undertakings and assurances contained in or entered into pursuant to this Agreement or any other Transaction Document,

		
			will remain in full force and effect and, except as otherwise expressly provided, without limit in time.
		

			
	
			
				 12.
			

			
	
			
			WAIVER AND VARIATION

			
	
			
				 12.1
			

			
	
			
			A failure or delay by a party to exercise any right or remedy provided under this Agreement or by Law, whether by conduct or otherwise, shall not constitute a waiver of that or any other right or remedy, nor shall it preclude or restrict any further exercise of that or any other right or remedy.  No single or partial exercise of any right or remedy provided under this Agreement or by Law, whether by conduct or otherwise, shall preclude or restrict the further exercise of that or any other right or remedy.

			
	
			
				 12.2
			

			
	
			
			A waiver of any right or remedy under this Agreement shall only be effective if given in writing and shall not be deemed a waiver of any subsequent breach or default. 

		
			

		 

		

			
	
			
				 12.3
			

			
	
			
			No variation or amendment of this Agreement shall be valid unless it is in writing and duly executed by or on behalf of all of the parties to this Agreement.  Unless expressly agreed, no variation or amendment shall constitute a general waiver of any provision of this Agreement, nor shall it affect any rights or obligations under or pursuant to this Agreement which have already accrued up to the date of variation or amendment and the rights and obligations under or pursuant to this Agreement shall remain in full force and effect except and only to the extent that they are varied or amended.

			
	
			
				 13.
			

			
	
			
			INVALIDITY

		
			Where any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the Laws of any jurisdiction then such provision shall be deemed to be severed from this Agreement and, if possible, replaced with a lawful provision which, as closely as possible, gives effect to the intention of the parties under this Agreement and, where permissible, that shall not affect or impair the legality, validity or enforceability in that, or any other, jurisdiction of any other provision of this Agreement.
		

			
	
			
				 14.
			

			
	
			
			ASSIGNMENT

		
			No person shall assign, transfer, charge or otherwise deal with all or any of its rights under this Agreement nor grant, declare, create or dispose of any right or interest in it.
		

			
	
			
				 15.
			

			
	
			
			PAYMENTS

			
	
			
				 15.1
			

			
	
			
			Any payment to be made pursuant to this Agreement shall be made to the bank account notified by the payee to the payor by way of electronic transfer in immediately available funds on or before the due date for payment.  Receipt of such sum in such account on or before the due date for payment shall be a good discharge by the payor of its obligation to make such payment.

			
	
			
				 15.2
			

			
	
			
			Where any payment is made in satisfaction of a liability arising under this Agreement it shall be an adjustment to the Consideration.

			
	
			
				 16.
			

			
	
			
			NOTICES

			
	
			
				 16.1
			

			
	
			
			Any notice or other communication given under this Agreement or in connection with the matters contemplated herein shall, except where otherwise specifically provided, be in writing in the English language, addressed as provided in Clause ‎16.2 and served:

			
	
			
				 (a)
			

			
	
			
			by leaving it at the relevant address in which case it shall be deemed to have been given upon delivery to that address; 

			
	
			
				 (b)
			

			
	
			
			if from or to any place by air courier, in which case it shall be deemed to have been given two Business Days after its delivery to a representative of the courier;

			
	
			
				 (c)
			

			
	
			
			if from or to any place by pre-paid airmail, in which case it shall be deemed to have been given five Business Days after the date of posting;

			
	
			
				 (d)
			

			
	
			
			by facsimile, in which case it shall be deemed to have been given when despatched subject to confirmation of uninterrupted transmission by a transmission report; or

			
	
			
				 (e)
			

			
	
			
			by e-mail, in which case it shall be deemed to have been given when despatched subject to confirmation of delivery by a delivery receipt,

		
			

		 

		

		
			provided that in the case of sub-clauses ‎(d) and ‎(e) above any notice despatched outside Working Hours shall be deemed given at the start of the next period of Working Hours.
		

			
	
			
				 16.2
			

			
	
			
			Notices under this Agreement shall be sent for the attention of the person and to the address, fax number or e-mail address, subject to Clause ‎16.3, as set out below:

		
			For the Vendor:
		

		
			Name:International Seaways, Inc.
		

		
			For the attention of:Senior Vice President, Chief Financial Officer and Treasurer 
		

		
			Address:c/o International Seaways Ship Management LLC
		

		
			600 Third Avenue, 39th Floor
		

		
			New York, New York 10016
		

		
			Fax number:212-578-1832
		

		
			E-mail address:jpribor@intlseas.com
		

		
			with a copy to:
		

		
			Name:International Seaways, Inc.
		

		
			For the attention of:Senior Vice President, Chief Administrative Officer and General Counsel 
		

		
			Address:c/o International Seaways Ship Management LLC
		

		
			600 Third Avenue, 39th Floor
		

		
			New York, New York 10016
		

		
			Fax number:212-251-1180
		

		
			E-mail address:jsmall@intlseas.com
		

		
			 
		

		
			For the Purchaser:
		

		
			Name:Nakilat Marine Services Ltd.
		

		
			For the attention of:Chief Commercial & Business Development Officer
		

		
			Address:c/o Qatar Gas Transport Company Limited (Nakilat)
		

		
			Shoumoukh Towers, Tower B, C-Ring Road
		

		
			Doha, State of Qatar, PO Box 22271
		

		
			Fax number:974-4448-3127
		

		
			E-mail address:jstampe@qgtc.com.qa
		

		
			with a copy to:
		

		
			Name:Nakilat Marine Services Ltd.
		

		
			For the attention of:General Counsel
		

		
			Address:c/o Qatar Gas Transport Company Limited (Nakilat)
		

		
			Shoumoukh Towers, Tower B, C-Ring Road
		

		
			Doha, State of Qatar, PO Box 22271
		

		
			Fax number:974-4448-3110
		

		
			E-mail address:enewitt@qgtc.com.qa
		

		
			

		 

		

			
	
			
				 16.3
			

			
	
			
			Any party may notify the other party of any change to its address or other details specified in Clause ‎16.2 provided that such notification shall only be effective on the date specified in such notice or five Business Days after the notice is given, whichever is later.

			
	
			
				 17.
			

			
	
			
			COSTS

		
			Except as otherwise provided in this Agreement, the costs arising out of or in connection with the preparation, negotiation and implementation of this Agreement and all other Transaction Documents shall be shared equally between the parties.
		

			
	
			
				 18.
			

			
	
			
			RIGHTS OF THIRD PARTIES 

		
			A person who is not a party to this Agreement shall have no right under the Contracts (Rights of Third Parties) Act 1999 to enforce any of its terms.
		

			
	
			
				 19.
			

			
	
			
			COUNTERPARTS

		
			This Agreement may be executed in any number of counterparts.  Each counterpart shall constitute an original of this Agreement but all the counterparts together shall constitute but one and the same instrument.  This Agreement may be executed by facsimile signature.
		

			
	
			
				 20.
			

			
	
			
			GOVERNING LAW AND JURISDICTION

			
	
			
				 20.1
			

			
	
			
			This Agreement and any non-contractual rights or obligations arising out of or in connection with it shall be governed by and construed in accordance with the Laws of England and Wales.

			
	
			
				 20.2
			

			
	
			
			Any Dispute shall be referred to and finally resolved by arbitration under the Arbitration Rules of the London Maritime Arbitrators’ Association terms current at the time when proceedings are commenced (the “Rules”), which are deemed to be incorporated by reference into this Clause ‎20.2 (save that any requirement in the Rules to take account of the nationality of a person considered for appointment as an arbitrator shall be disapplied and a person may be nominated or appointed as an arbitrator (including as chairman) regardless of nationality).  There shall be three arbitrators, two of whom shall be nominated by the respective parties in accordance with the Rules and the third, who shall be the Chairman of the tribunal, shall be nominated by the two party nominated arbitrators within 14 days of the last of their appointments.  The seat, or legal place, of arbitration shall be London, U.K..  The language to be used in the arbitral proceedings shall be English.  Judgment on any award may be entered in any court having jurisdiction thereover.

			
	
			
				 20.3
			

			
	
			
			For the purposes of this Clause ‎20, “Dispute” means any dispute, controversy, claim or difference of whatever nature arising out of, relating to, or having any connection with this Agreement, including a dispute regarding the existence, formation, validity, interpretation, performance or termination of this Agreement or the consequences of its nullity and also including any dispute relating to any non-contractual rights or obligations arising out of, relating to, or having any connection with this Agreement.

		
			

		 

		

			
	
			
				Schedule 1
			

		 

	 

			
	
			
				1
			PARTICULARS OF THE COMPANY AND THE SUBSIDIARIES

			
	
			
				Part 1
			

		 

	

The Company

		
			 
		

			
					
						Company Name

					
					
						OSG Nakilat Corporation

				
	
					
						Registered Number

					
					
						12174

				
	
					
						Registered Address

					
					
						Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

				
	
					
						Date and Place of Incorporation

					
					
						October 15, 2004, Marshall Islands

				
	
					
						Officers 

					
					
						Bader Al Mulla - President and Director

					
						Jeffrey D. Pribor - Financial Director & Treasurer

					
						Lois K. Zabrocky - Senior Vice President & Director

					
						Shatha Al Emadi - Director

					
						Fieke Nijland - Secretary

					
						James D. Small- Assistant Secretary

				
	
					
						Authorised Shares 

					
					
						2,000 registered shares without par value

				
	
					
						Issued Shares 

					
					
						1,000 shares

				
	
					
						Shareholders and Shares Held

					
					
						Nakilat Marine Services Ltd. – 501 shares (Certificate No. 3)

					
						International Seaways, Inc. – 499 shares (Certificate No. 5)

				
	
					
						Accounting Reference Date

					
					
						31 December

				
	
					
						Auditors

					
					
						KPMG

				
	
					
						Tax Residence

					
					
						Marshall Islands

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			
	
			
				Part 2
			

		 

	

The Subsidiaries

		
			 
		

			
					
						Company Name

					
					
						Overseas LNG H1 Corporation

				
	
					
						Registered Number

					
					
						12175

				
	
					
						Registered Address

					
					
						Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

				
	
					
						Date and Place of Incorporation

					
					
						October 15, 2004, Marshall Islands

				
	
					
						Officers 

					
					
						Bader Al Mulla - President and Director

					
						Jeffrey D. Pribor - Financial Director & Treasurer

					
						Lois K. Zabrocky - Senior Vice President & Director

					
						Shatha Al Emadi - Director

					
						Fieke Nijland - Secretary

					
						James D. Small- Assistant Secretary

				
	
					
						Authorised Shares 

					
					
						500 registered shares without par value

				
	
					
						Issued Shares 

					
					
						1 share

				
	
					
						Shareholders

					
					
						OSG Nakilat Corporation

				
	
					
						Accounting Reference Date

					
					
						31 December

				
	
					
						Auditors

					
					
						KPMG

				
	
					
						Tax Residence

					
					
						Marshall Islands

				
	
					
						 

					
						 

					
					
						 

					
						 

					
						 

				
	
					
						Company Name

					
					
						Overseas LNG H2 Corporation

				
	
					
						Registered Number

					
					
						12176

				
	
					
						Registered Address

					
					
						Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

				
	
					
						Date and Place of Incorporation

					
					
						October 15, 2004, Marshall Islands

				

		 

	
					
						

					
						Officers 

					
					
						Bader Al Mulla - President and Director

					
						Jeffrey D. Pribor - Financial Director & Treasurer

					
						Lois K. Zabrocky - Senior Vice President & Director

					
						Shatha Al Emadi - Director

					
						Fieke Nijland - Secretary

					
						James D. Small- Assistant Secretary

				
	
					
						Authorised Shares 

					
					
						500 registered shares without par value

				
	
					
						Issued Shares 

					
					
						1 share

				
	
					
						Shareholders and Shares Held

					
					
						OSG Nakilat Corporation

				
	
					
						Accounting Reference Date

					
					
						31 December

				
	
					
						Auditors

					
					
						KPMG

				
	
					
						Tax Residence

					
					
						Marshall Islands

				
	
					
						 

					
					
						 

					
						 

					
						 

				
	
					
						Company Name

					
					
						Overseas LNG S1 Corporation

				
	
					
						Registered Number

					
					
						12177

				
	
					
						Registered Address

					
					
						Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

				
	
					
						Date and Place of Incorporation

					
					
						October 15, 2004, Marshall Islands

				
	
					
						Officers 

					
					
						Bader Al Mulla - President and Director

					
						Jeffrey D. Pribor - Financial Director & Treasurer

					
						Lois K. Zabrocky - Senior Vice President & Director

					
						Shatha Al Emadi - Director

					
						Fieke Nijland - Secretary

					
						James D. Small- Assistant Secretary

				
	
					
						Authorised Shares 

					
					
						500 registered shares without par value

				
	
					
						Issued Shares 

					
					
						1 share

				
	
					
						Shareholders and Shares Held

					
					
						OSG Nakilat Corporation

				
	
					
						Accounting Reference Date

					
					
						31 December

				
	
					
						Auditors

					
					
						KPMG

				
	
					
						Tax Residence

					
					
						Marshall Islands

				

		 

	
					
						

					
						 

					
					
						 

					
						 

					
						 

					
						 

					
						 

				
	
					
						Company Name

					
					
						Overseas LNG S2 Corporation

				
	
					
						Registered Number

					
					
						12178

				
	
					
						Registered Address

					
					
						Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH 96960

				
	
					
						Date and Place of Incorporation

					
					
						October 15, 2004, Marshall Islands

				
	
					
						Officers 

					
					
						Bader Al Mulla - President and Director

					
						Jeffrey D. Pribor - Financial Director & Treasurer

					
						Lois K. Zabrocky - Senior Vice President & Director

					
						Shatha Al Emadi - Director

					
						Fieke Nijland - Secretary

					
						James D. Small- Assistant Secretary

				
	
					
						Authorised Shares 

					
					
						500 registered shares without par value

				
	
					
						Issued Shares 

					
					
						1 share

				
	
					
						Shareholders and Shares Held

					
					
						OSG Nakilat Corporation

				
	
					
						Accounting Reference Date

					
					
						31 December

				
	
					
						Auditors

					
					
						KPMG

				
	
					
						Tax Residence

					
					
						Marshall Islands

				

		
			

		 

		

			
	
			
				Schedule 2
			

		 

	 

			
	
			
				2
			COMPLETION OBLIGATIONS

			
	
			
				 1.
			

			
	
			
			VENDOR’S OBLIGATIONS

			
	
			
				 1.1
			

			
	
			
			At Completion the Vendor shall deliver to the Purchaser, or procure the delivery to the Purchaser, of:

			
	
			
				 (a)
			

			
	
			
			all documents, duly executed and/or endorsed where required, required to enable title to all of the Shares to pass into the name of the Purchaser;

			
	
			
				 (b)
			

			
	
			
			share certificates in respect of all of the Shares;

			
	
			
				 (c)
			

			
	
			
			the original of any power of attorney, in Agreed Form, under which any document to be delivered to the Purchaser under this paragraph ‎1 has been executed;

			
	
			
				 (d)
			

			
	
			
			in respect of each Group Company, letters of resignation duly executed by: 

			
	
			
				 (i)
			

			
	
			
			Jeffrey D. Pribor (Financial Director & Treasurer);

			
	
			
				 (ii)
			

			
	
			
			Lois K. Zabrocky (Senior Vice President & Director); and

			
	
			
				 (iii)
			

			
	
			
			James D Small (Assistant Secretary),

			
	
			
				 (e)
			

			
	
			
			a counterpart of the termination agreement in respect of the SHA, in Agreed Form, duly executed by the Vendor; and

			
	
			
				 (f)
			

			
	
			
			a copy of a board resolution of the Vendor approving the sale of the Shares and the execution by the Vendor of the Transaction Documents and any other documents referred to in this Agreement.

			
	
			
				 2.
			

			
	
			
			PURCHASER’S OBLIGATIONS

			
	
			
				 2.1
			

			
	
			
			At Completion the Purchaser shall:

			
	
			
				 (a)
			

			
	
			
			pay the Consideration to the Vendor as provided in Clause ‎3; and

			
	
			
				 (b)
			

			
	
			
			deliver to the Vendor, or procure the delivery to the Vendor, of:

			
	
			
				 (i)
			

			
	
			
			evidence, to the extent not previously provided, of:

			
	
			
				 (A)
			

			
	
			
			the consent of the lenders, under each of the Senior Facilities Agreement and the Junior Facilities Agreement, to the Change of Ownership, as evidenced by a consent and amendment letter, in Agreed Form, duly executed by the Subsidiaries, the Company, the Agent and the Security Trustee under each of the Senior Facilities Agreement and the Junior Facilities Agreement; and

			
	
			
				 (B)
			

			
	
			
			the consent of the Charterer to the Change of Ownership, pursuant to the terms of each of the Charter Agreements as evidenced by a consent letter, in Agreed Form, in respect of each Charter Agreement duly executed by the applicable Subsidiary and the Charterer;

			
	
			
				 (ii)
			

			
	
			
			a copy of a deed of release in respect of each of the four guarantees from each of the Vendor and Overseas Shipholding Group, Inc. in favour of the Charterer, duly executed by the Charterer;

		
			

		 

		

			
	
			
				 (iii)
			

			
	
			
			a copy of an acknowledgment of receipt from the Charterer of the fully executed deeds of amendment in respect of each of the four guarantees granted by Qatar Gas Transport Company Limited (Nakilat) in favour of the Charterer; 

			
	
			
				 (iv)
			

			
	
			
			the original of any power of attorney, in Agreed Form, under which any document to be delivered to the Vendor under this paragraph ‎2 has been executed;

			
	
			
				 (v)
			

			
	
			
			in respect of each Group Company, a letter of resignation duly executed by Shatha Al Emadi (Director);

			
	
			
				 (vi)
			

			
	
			
			a counterpart of the termination agreement in respect of the SHA, in Agreed Form, duly executed by the Purchaser; and

			
	
			
				 (vii)
			

			
	
			
			a copy of a board resolution of the Purchaser approving the purchase of the Shares and the execution by the Purchaser of the Transaction Documents and any other documents referred to in this Agreement.

		
			 
		

		
			 
		

		
			

		 

		

		
			This Agreement has been entered into on the date stated at the beginning of it.
		

		
			 
		

		
			International Seaways, Inc.
		

		
			By:       /s/Lois K. Zabrocky
		

		
			Name:  Lois K. Zabrocky
		

		
			Title:    President
		

		
			 
		

		
			 
		

		
			Nakilat Marine Services Ltd.
		

		
			By:       /s/Abdullah Al-Sulaiti
		

		
			Name:  Abdullah Al-Sulaiti
		

		
			Title:    Attorney-In-Fact

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