Document:

EX-4.1

 Exhibit 4.1 
  

 
  

CROWN CASTLE INTERNATIONAL CORP., 

ISSUER 
 $750,000,000 AGGREGATE
PRINCIPAL AMOUNT 
 OF 
 3.150%
SENIOR NOTES DUE 2023 
 $1,000,000,000 AGGREGATE PRINCIPAL AMOUNT 

OF 
 3.800% SENIOR NOTES DUE 2028

  
  

TENTH 
 SUPPLEMENTAL 

INDENTURE 
 DATED AS OF JANUARY 16,
2018 
 TO THE INDENTURE 
 DATED
AS OF APRIL 15, 2014 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

TRUSTEE 
  

 
  

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Supplemental Indenture
Section
	 310 (a)(1)
	  	7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	7.10
	 (b)
	  	7.10
	 (c)
	  	N.A.
	 311 (a)
	  	7.11
	 (b)
	  	7.11
	 (c)
	  	N.A.
	 312 (a)
	  	2.05
	 (b)
	  	11.03
	 (c)
	  	11.03
	 313 (a)
	  	7.06
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.07
	 (c)
	  	7.06;11.02
	 (d)
	  	7.06
	 314 (a)
	  	4.03;11.02
	 (b)
	  	N.A.
	 (c)(1)
	  	11.04
	 (c)(2)
	  	11.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	11.05
	 (f)
	  	N.A.
	 315 (a)
	  	7.01
	 (b)
	  	7.05;
11.02
	 (c)
	  	7.01
	 (d)
	  	7.01
	 (e)
	  	6.11
	 316 (a) (last sentence)
	  	2.09
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	N.A.
	 317 (a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	 318 (a)
	  	11.01
	 (b)
	  	N.A.
	 (c)
	  	11.01

 N.A. means not applicable. 
  

	*	This Cross Reference Table is not part of the Supplemental Indenture. 

  
 i 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1
  

APPLICATION OF SUPPLEMENTAL INDENTURE AND CREATION OF NOTES;
	  			
	  			
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 SECTION 1.01.
	 	Application of this Supplemental Indenture	  	 	2	 
	 SECTION 1.02.
	 	Effect of Supplemental Indenture	  	 	2	 
	 SECTION 1.03.
	 	Definitions	  	 	3	 
	 SECTION 1.04.
	 	Other Definitions	  	 	15	 
	 SECTION 1.05.
	 	Incorporation by Reference of Trust Indenture Act	  	 	16	 
	 SECTION 1.06.
	 	Rules of Construction	  	 	16	 
		
	ARTICLE 2	  			
		
	THE NOTES	  			
			
	 SECTION 2.01.
	 	Issuance; Form and Dating	  	 	16	 
	 SECTION 2.02.
	 	Execution and Authentication	  	 	17	 
	 SECTION 2.03.
	 	Registrar and Paying Agent	  	 	18	 
	 SECTION 2.04.
	 	Maintenance of Office or Agency; Paying Agent to Hold Money in Trust	  	 	18	 
	 SECTION 2.05.
	 	Holder Lists	  	 	19	 
	 SECTION 2.06.
	 	Transfer and Exchange	  	 	19	 
	 SECTION 2.07.
	 	Additional Transfer and Exchange Requirements	  	 	20	 
	 SECTION 2.08.
	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	22	 
	 SECTION 2.09.
	 	Outstanding Notes	  	 	22	 
	 SECTION 2.10.
	 	Treasury Notes	  	 	23	 
	 SECTION 2.11.
	 	Temporary Notes	  	 	23	 
	 SECTION 2.12.
	 	Cancellation	  	 	23	 
	 SECTION 2.13.
	 	Defaulted Interest	  	 	23	 
	 SECTION 2.14.
	 	CUSIP Numbers	  	 	23	 
	 SECTION 2.15.
	 	No Sinking Fund	  	 	24	 
	 SECTION 2.16.
	 	Issuance of Additional Notes	  	 	24	 

  
 ii 

							
	ARTICLE 3	  			
		
	REDEMPTION AND PREPAYMENT	  			
			
	 SECTION 3.01.
	 	Notices to Trustee	  	 	24	 
	 SECTION 3.02.
	 	Selection of Notes to Be Redeemed	  	 	24	 
	 SECTION 3.03.
	 	Notice of Redemption	  	 	25	 
	 SECTION 3.04.
	 	Effect of Notice of Redemption	  	 	26	 
	 SECTION 3.05.
	 	Deposit of Redemption Price	  	 	26	 
	 SECTION 3.06.
	 	Notes Redeemed in Part	  	 	26	 
	 SECTION 3.07.
	 	Optional Redemption	  	 	26	 
		
	 ARTICLE 4
  

COVENANTS
	  			
	  			
			
	 SECTION 4.01.
	 	Payment of Notes	  	 	27	 
	 SECTION 4.02.
	 	Maintenance of Office or Agency	  	 	27	 
	 SECTION 4.03.
	 	Reports	  	 	28	 
	 SECTION 4.04.
	 	Compliance Certificate	  	 	28	 
	 SECTION 4.05.
	 	Taxes	  	 	29	 
	 SECTION 4.06.
	 	Stay, Extension and Usury Laws	  	 	29	 
	 SECTION 4.07.
	 	Liens	  	 	29	 
	 SECTION 4.08.
	 	Offer to Repurchase Upon Change of Control Triggering Event	  	 	30	 
		
	ARTICLE 5	  			
		
	SUCCESSORS	  			
			
	 SECTION 5.01.
	 	Merger, Consolidation or Sale of Assets	  	 	31	 
	 SECTION 5.02.
	 	Successor Corporation Substituted	  	 	32	 
		
	ARTICLE 6	  			
		
	DEFAULTS AND REMEDIES	  			
			
	 SECTION 6.01.
	 	Events of Default	  	 	32	 
	 SECTION 6.02.
	 	Acceleration	  	 	34	 
	 SECTION 6.03.
	 	Other Remedies	  	 	34	 
	 SECTION 6.04.
	 	Waiver of Past Defaults	  	 	34	 
	 SECTION 6.05.
	 	Control by Majority	  	 	34	 

  
 iii 

							
	 SECTION 6.06.
	 	Limitation on Suits	  	 	35	 
	 SECTION 6.07.
	 	Rights of Holders to Receive Payment	  	 	35	 
	 SECTION 6.08.
	 	Collection Suit by Trustee	  	 	35	 
	 SECTION 6.09.
	 	Trustee May File Proofs of Claim	  	 	36	 
	 SECTION 6.10.
	 	Priorities	  	 	36	 
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	36	 
		
	ARTICLE 7	  			
		
	TRUSTEE	  			
			
	 SECTION 7.01.
	 	Duties of Trustee	  	 	37	 
	 SECTION 7.02.
	 	Rights of Trustee	  	 	38	 
	 SECTION 7.03.
	 	Individual Rights of Trustee	  	 	39	 
	 SECTION 7.04.
	 	Trustee’s Disclaimer	  	 	39	 
	 SECTION 7.05.
	 	Notice of Defaults	  	 	39	 
	 SECTION 7.06.
	 	Reports by Trustee to Holders	  	 	40	 
	 SECTION 7.07.
	 	Compensation and Indemnity	  	 	40	 
	 SECTION 7.08.
	 	Replacement of Trustee	  	 	41	 
	 SECTION 7.09.
	 	Successor Trustee by Merger, etc	  	 	42	 
	 SECTION 7.10.
	 	Eligibility; Disqualification	  	 	42	 
	 SECTION 7.11.
	 	Preferential Collection of Claims Against Company	  	 	42	 
		
	ARTICLE 8	  			
		
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  			
			
	 SECTION 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	42	 
	 SECTION 8.02.
	 	Legal Defeasance and Discharge	  	 	42	 
	 SECTION 8.03.
	 	Covenant Defeasance	  	 	43	 
	 SECTION 8.04.
	 	Conditions to Legal or Covenant Defeasance	  	 	43	 
	 SECTION 8.05.
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	45	 
	 SECTION 8.06.
	 	Repayment to Company	  	 	46	 
	 SECTION 8.07.
	 	Reinstatement	  	 	46	 

  
 iv 

							
		
	 ARTICLE 9
  

AMENDMENT, SUPPLEMENT AND WAIVER
	  			
			
	 SECTION 9.01.
	 	Without Consent of Holders	  	 	46	 
	 SECTION 9.02.
	 	With Consent of Holders	  	 	47	 
	 SECTION 9.03.
	 	Compliance with Trust Indenture Act	  	 	49	 
	 SECTION 9.04.
	 	Revocation and Effect of Consents	  	 	49	 
	 SECTION 9.05.
	 	Notation on or Exchange of Notes	  	 	49	 
	 SECTION 9.06.
	 	Trustee to Sign Amendments, etc	  	 	49	 
		
	 ARTICLE 10
  

SATISFACTION AND DISCHARGE
	  			
			
	 SECTION 10.01.
	 	Satisfaction and Discharge	  	 	49	 
		
	ARTICLE 11	  			
		
	MISCELLANEOUS	  			
			
	 SECTION 11.01.
	 	Trust Indenture Act Controls	  	 	50	 
	 SECTION 11.02.
	 	Notices	  	 	50	 
	 SECTION 11.03.
	 	Communication by Holders with Other Holders	  	 	52	 
	 SECTION 11.04.
	 	Certificate and Opinion as to Conditions Precedent	  	 	52	 
	 SECTION 11.05.
	 	Statements Required in Certificate or Opinion	  	 	52	 
	 SECTION 11.06.
	 	Rules by Trustee and Agents	  	 	53	 
	 SECTION 11.07.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	53	 
	 SECTION 11.08.
	 	Governing Law	  	 	53	 
	 SECTION 11.09.
	 	Ratification of Base Indenture; No Adverse Interpretation of Other Agreements	  	 	53	 
	 SECTION 11.10.
	 	Successors	  	 	53	 
	 SECTION 11.11.
	 	Severability	  	 	53	 
	 SECTION 11.12.
	 	Counterpart Originals	  	 	53	 
	 SECTION 11.13.
	 	Table of Contents, Headings, etc	  	 	53	 
	 SECTION 11.14.
	 	Waiver of Jury Trial	  	 	54	 
	 SECTION 11.15.
	 	Force Majeure	  	 	54	 

  
 v 

 TENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of January 16, 2018,
to the Indenture dated as of April 15, 2014 (as amended and supplemented by the Second Supplemental Indenture dated as of December 15, 2014 (the “Second Supplemental Indenture”), the “Base Indenture,” and,
together with this Supplemental Indenture, the “Indenture”) between Crown Castle International Corp., a Delaware corporation, and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). 

WHEREAS, the Company has executed and delivered to the Trustee the Base Indenture providing for the issuance from time to time of one or more
series of Securities; 
 WHEREAS, the Company and the Predecessor Company have executed and delivered to the Trustee the Second Supplemental
Indenture, pursuant to which the Company assumed all the obligations of the Predecessor Company under the Base Indenture; 
 WHEREAS,
Section 9.01 of the Base Indenture provides for the Company and the Trustee to enter into an indenture supplemental to the Base Indenture without the consent of any Holders (as defined in the Base Indenture) to establish the forms or terms of
Securities of a series as permitted by Section 2.02 and Section 2.03 of the Base Indenture; 
 WHEREAS, pursuant to
Section 2.02 of the Second Supplemental Indenture, the Company succeeded to, and was substituted for, and may exercise every right and power of the Predecessor Company under the Base Indenture with the same effect as if the Company had been
named as the Company therein; 
 WHEREAS, pursuant to Section 2.02 of the Base Indenture, the Company wishes to provide for the
issuance of the 3.150% Senior Notes due 2023 (the “3.150% Notes”) and the 3.800% Senior Notes due 2028 (the “3.800% Notes,” and, together with the 3.150% Notes, the “Notes”), the forms and terms of
such Notes and the terms, provisions and conditions thereof to be set forth as provided in this Supplemental Indenture; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make
this Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, binding and enforceable obligations
of the Company, have been done and performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects; 

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

  
 1 

 ARTICLE 1 

APPLICATION OF SUPPLEMENTAL INDENTURE AND CREATION OF NOTES; 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01. Application of this Supplemental Indenture. Notwithstanding any other provision of this Supplemental Indenture, the
provisions of this Supplemental Indenture, including as provided in Section 1.02, and any amendments or modifications to the terms of the Base Indenture made herein, are expressly and solely for the benefit of the Holders (and not for the
benefit of any other series of Securities (as defined in the Base Indenture)). The 3.150% Notes and the 3.800% Notes each constitute a series of Securities as provided in Section 2.01 of the Base Indenture. Unless otherwise expressly specified,
references in this Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this Supplemental Indenture, and not the Base Indenture or any other document. All the Notes of a series issued
under this Supplemental Indenture shall be treated as a single class for all purposes of the Indenture, including waivers, amendments, redemptions and offers to purchase with respect to such series. 

SECTION 1.02. Effect of Supplemental Indenture. With respect to the Notes only, the Base Indenture shall be supplemented pursuant to
Section 9.01 thereof to establish the terms of the Notes as set forth in this Supplemental Indenture, including as follows: 
 (a)
Definitions. The definitions and other provisions of general application set forth in Sections 1.01, 1.02, 1.03 and 1.04 of the Base Indenture are deleted and replaced in their entirety by the provisions of Sections 1.03, 1.04, 1.05 and 1.06
of this Supplemental Indenture; 
 (b) The Securities. The provisions of Article II of the Base Indenture are deleted and replaced in
their entirety by the provisions of Article 2 of this Supplemental Indenture; 
 (c) Redemption. The provisions of Article III of the
Base Indenture are deleted and replaced in their entirety by the provisions of Article 3 of this Supplemental Indenture; 
 (d)
Covenants. The provisions of Article IV of the Base Indenture are deleted and replaced in their entirety by the provisions of Article 4 of this Supplemental Indenture; 

(e) Successors. The provisions of Article V of the Base Indenture are deleted and replaced in their entirety by Article 5 of this
Supplemental Indenture; 
 (f) Defaults and Remedies. The provisions of Article VI of the Base Indenture are deleted and replaced in
their entirety by the provisions of Article 6 of this Supplemental Indenture; 
 (g) Trustee. The provisions of Article VII of the
Base Indenture are deleted and replaced in their entirety by the provisions of Article 7 of this Supplemental Indenture; 

  
 2 

 (h) Legal Defeasance and Covenant Defeasance. The provisions of Article VIII of the Base
Indenture are deleted and replaced in their entirety by the provisions of Article 8 of this Supplemental Indenture; 
 (i) Amendments.
The provisions of Article IX of the Base Indenture are deleted and replaced in their entirety by the provisions of Article 9 of this Supplemental Indenture; and 

(j) Miscellaneous. The provisions of Article X of the Base Indenture are deleted and replaced in their entirety by the provisions of
Article 11 of this Supplemental Indenture. 
 To the extent that the provisions of this Supplemental Indenture (including those referred to
in clauses (a) through (j) above) conflict with any provision of the Base Indenture, the provisions of this Supplemental Indenture shall govern and be controlling solely with respect to the Notes. 

SECTION 1.03. Definitions. For all purposes of the Indenture, the following terms shall have the following meanings: 

“Adjusted EBITDA” means, for the 12-month period immediately preceding the calculation date, for the Company and its
Subsidiaries on a consolidated basis, determined in accordance with GAAP, the sum of (a) Consolidated Net Income for such period, plus (b) to the extent deducted in determining Consolidated Net Income, the sum, without duplication,
of (i) interest expense, whether or not accrued and whether or not capitalized (including amortization of debt issuance costs and original issue discount, the interest component of any deferred payment obligations, the interest component of all
payments associated with Capital Lease Obligations, and commissions, discounts and other fees and charges incurred in respect of letters of credit or bankers’ acceptance financings), and amortization of non-cash interest expense,
(ii) income tax expense and consolidated gross receipts tax expense, including taxes based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation, amortization and
accretion (including amortization of intangible assets and accretion of asset retirement obligations), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v) all other non-cash charges, expenses and interest
(including any non-cash losses in respect of Hedging Obligations, non-cash impairment charges, stock-based compensation charges and non-cash amortization of prepaid lease purchase price adjustments), (vi) non-recurring integration and
transaction costs and expenses, including as a result of business combinations, operational changes and improvements (including transaction costs, expenses and fees incurred in connection with any merger or acquisition, severance and retention costs
and business optimization expenses), (vii) non-recurring charges and expenses, restructuring charges and losses on the retirement or extinguishment of Indebtedness and (viii) other non-operating expenses in an aggregate amount not
exceeding $15 million in any fiscal year, in each case for such period, less extraordinary gains, other non-operating income in an aggregate amount not exceeding $15 million in any fiscal year and cash payments (not otherwise deducted in
determining Consolidated Net Income) made during such period with respect to non-cash charges that were added back in a prior period; provided, however, (I) with respect to any Person that became a Subsidiary of the Company, or
was merged with or consolidated into the 

  
 3 

 
Company or any of its Subsidiaries, during such period, or any acquisition by the Company or any of its Subsidiaries of the assets of any Person during such period, “Adjusted EBITDA”
shall, at the Company’s option in respect of any or all of the foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such acquisition, merger or consolidation,
including any concurrent transaction entered into by such Person or with respect to such assets as part of such acquisition, merger or consolidation, had occurred on the first day of such period and (II) with respect to any Person that has ceased to
be a Subsidiary of the Company during such period, or any material assets of the Company or any of its Subsidiaries sold or otherwise disposed of by the Company or any of its Subsidiaries during such period, “Adjusted EBITDA” shall exclude
the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 

“Additional Notes” means, with respect to a series of Notes, additional Notes of such series (other than the Initial
Notes of such series) issued hereunder from time to time in accordance with Sections 2.02 and 2.16, as part of the same or a different series as the Initial Notes of such series. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common
control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise. 
 “Agent” means any Registrar or Paying Agent. 

“Applicable Procedures” means, with respect to any transfer or exchange of beneficial ownership interests in a Global
Note, the rules and procedures of the Depositary that are applicable to such transfer or exchange. 
 “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as such term is used in Section 13(d)(3) of the
Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or
is exercisable only upon the occurrence of a subsequent condition. The term “Beneficially Own” has a correlative meaning. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Board of Directors” means the Board of Directors of the Company, or any authorized committee of the Board of Directors. 

  
 4 

 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the
Trustee. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a capital lease that would at such time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Capital
Stock” means: 
  

	 	(1)	in the case of a corporation, corporate stock; 

  

	 	(2)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 

 

	 	(3)	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

  

	 	(4)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

“Certificated Note” means (1) with respect to the 3.150% Notes, a Note that is in substantially the form attached hereto
as Exhibit A-1 and that is not a Global Note, and (2) with respect to the 3.800% Notes, a Note that is in substantially the form attached hereto as Exhibit A-2 and that is not a Global Note. 

“Change of Control” means the occurrence of any of the following: 

 

	 	(1)	the adoption of a plan relating to the liquidation or dissolution of the Company; 

  

	 	(2)	any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Company;
provided that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a Change of Control if (a) the Company’s stockholders immediately prior to such transaction Beneficially Own, directly or
indirectly through one or more intermediaries, 50% or more of the voting power of the outstanding Voting Stock of such other Person of whom the Company is a Subsidiary immediately following such transaction and (b) immediately following such
transaction, no person (as defined in this clause (2)) other than such other Person, Beneficially Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of the Company; or 

 

	 	(3)	the first day on which a majority of the members of the Board of Directors are not Continuing Directors. 

  
 5 

 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Company” means Crown Castle International Corp., a Delaware corporation, and any and all
successors thereto. 
 “Company Order” means a written order signed in the name of the Company by two Officers, one of whom
must be the Company’s principal executive officer, principal financial officer or principal accounting officer. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the series of Notes to be redeemed (assuming for such
purpose that the 3.150% Notes matured on June 15, 2023 and the 3.800% Notes matured on November 15, 2027) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price”
means (1) the arithmetic average of the Reference Treasury Dealer Quotations for the redemption date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Company is given fewer than four Reference
Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such redemption date. 

“Consolidated Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such
Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  

	 	(1)	the Net Income (but not loss) of any Person other than the Company that is not a Subsidiary or that is accounted for by the equity method of accounting shall be included only to the extent of the amount of dividends or
distributions paid in cash to the referent Person or a Subsidiary thereof; 

  

	 	(2)	the Net Income of any Person acquired in a pooling of interests transaction for any period prior to the date of such acquisition shall be excluded; and 

 

	 	(3)	the cumulative effect of a change in accounting principles shall be excluded. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors who: 

 

	 	(1)	was a member of the Board of Directors on the date hereof; or 

  

	 	(2)	was nominated for election or elected to the Board of Directors with the approval of a majority of the Continuing Directors who were members of the Board of Directors at the time of such nomination or election.

  
 6 

 “Corporate Trust Office” means, solely for purposes of presenting the
Notes, The Bank of New York Mellon located at 101 Barclay Street, 7 East, New York, New York 10286 and, for all other purposes the office of the Trustee at which any time its corporate trust business shall be administered, which at the date hereof
is located at 601 Travis Street, 16th floor, Houston, Texas 77002, Attention: Corporate Trust Services, re: Crown Castle International Corp., or such other address as the Trustee may designate from time to time by notice to the Holders and the
Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as Custodian with respect to the Notes in global form, or any successor entity
thereto. 
 “Default” means any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “Fitch” means Fitch Ratings, Inc. or any successor to the rating agency business thereof. 

“Fiscal Year” means the fiscal year of the Company, which as of the date hereof ends on December 31. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, as such were in effect as of December 31, 2016. 
 “Global Note” means
(1) with respect to the 3.150% Notes, a global note that is in substantially the form attached hereto as Exhibit A-1 and that includes the information and schedule called for by footnotes 1, 2 and 3 thereof, and (2) with respect to the
3.800% Notes, a global note that is in substantially the form attached hereto as Exhibit A-2 and that includes the information and schedule called for by footnotes 1, 2 and 3 thereof, and which in each case is deposited with the Depositary or its
custodian and registered in the name of the Depositary or its nominee. 
 “Government Securities” means
direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 

“GS V Notes” means, at any time, the 3.849% Senior Secured Notes due 2023 then outstanding under the Indenture dated
as of December 24, 2012, among CC Holdings GS V LLC, as issuer, Crown Castle GS III Corp., as co-issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee. 

  
 7 

 “Guarantee” means a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), direct or indirect, in any manner (including by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any
Indebtedness. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person
under: 
  

	 	(1)	interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and 

  

	 	(2)	other agreements or arrangements designed to protect such Person against fluctuations in interest rates or currency exchange rates. 

“Holder” means a Person in whose name a Note is registered. 

“Indebtedness” means, with respect to any Person, any indebtedness of such Person in respect of borrowed money or
evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof) or banker’s acceptances or representing Capital Lease Obligations or the balance deferred and unpaid of the
purchase price of any property or representing any Hedging Obligations (to the extent of any payment that has become due and payable), except any such balance that constitutes an accrued expense or trade payable, if and to the extent any of the
foregoing indebtedness (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP, as well as all Indebtedness of others secured by a Lien on any asset of
such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the value of such property or assets as of such date or the principal amount of such Indebtedness
of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. Notwithstanding the foregoing, the term “Indebtedness” shall not include post-closing
purchase price adjustments or earnouts except to the extent that the amount payable pursuant to such purchase price adjustment or earnout is or becomes due and payable and is not thereafter promptly paid. The amount of any Indebtedness outstanding
as of any date shall be the outstanding balance at such date of all unconditional obligations described above; provided that, in the case of any Indebtedness issued with original issue discount, the amount of such Indebtedness
shall be the accreted value thereof. For the avoidance of doubt, Indebtedness of any Person shall not include any obligations or guarantees of obligations of such Person relating to leases which would not have been accounted for as a liability on a
balance sheet of such Person in accordance with GAAP, even if those obligations or guarantees of obligations would be included as liabilities on the balance sheet of such Person at the time of determination. 

“Indenture” means the Indenture as defined in the preamble hereto, as amended or further supplemented from time to
time. 
 “Independent Investment Banker” means the Reference Treasury Dealer as may be appointed from time to
time by the Company. 

  
 8 

 “Initial Notes” means the first $750,000,000 aggregate principal amount
of 3.150% Notes issued under the Indenture on the date hereof and the first $1,000,000,000 aggregate principal amount of 3.800% Notes issued under the Indenture on the date hereof. 

“Investment Grade Rating” means a rating equal to or greater than BBB- by S&P and Fitch and Baa3 by Moody’s
or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the date hereof, or the equivalent rating of any other Ratings Agency selected by the Company as provided in the definition of
“Ratings Agencies.” 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking
institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 

“Licenses” means, collectively, any telephone, microwave, radio transmissions, personal communications or other
license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the Federal Communications Commission (or other
similar or successor agency of the federal government administering the Communications Act of 1934, as amended, or any similar or successor federal statute) and held by the Company or any of its Subsidiaries. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

 “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in
accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
  

	 	(1)	any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with any asset sale, any discontinued operations or the disposition of any securities by such Person or any of
its Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Subsidiaries; and 

  

	 	(2)	any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss. 

  
 9 

 “Newly Created Subsidiary” means a newly created direct or indirect
subsidiary of the Company that is formed after the date hereof; provided that neither the Company nor any of its Subsidiaries shall have transferred, or may in the future transfer, any assets (other than cash or cash equivalents
or used, obsolete, condemned, worn out or surplus assets or assets that are left on property of the Company or any of its Subsidiaries by customers or tenants) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains
designated as an Unrestricted Subsidiary. 
 “Notes” has the meaning assigned to it in the preamble to this
Supplemental Indenture. The Notes issued under the Indenture include the Initial Notes and Additional Notes, if any, unless the context otherwise requires. 

“Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President,
the Executive Vice Chairman, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one
of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 11.04. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the
requirements of Section 11.04. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 

“Permitted Amount” means, as of any date of determination, an amount equal to the product of (1) 3.5 and
(2) Adjusted EBITDA as of the most recent fiscal quarter for which internal financial statements are available. 

“Permitted Liens” means: 
  

	 	(1)	Liens existing on the date hereof (other than those securing the GS V Notes); 

  

	 	(2)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that
any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

  

	 	(3)	 Liens securing Indebtedness incurred by the Company or any of its Subsidiaries since the date hereof, represented
by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in
the business of the Company or any of its Subsidiaries (including any Indebtedness incurred for such purpose within 270 days of such purchase, construction or improvement) in an aggregate principal amount, including

  
 10 

	 	
all Indebtedness incurred to extend, refund, refinance, renew, defease or replace any other Indebtedness secured under this clause (3), not to exceed $500 million at any one time outstanding;
provided that, for the avoidance of doubt, individual financings of property, plant or equipment provided by the same lender or financing source that are permitted to be secured under this clause (3) may be cross-collateralized to other
financings of property, plant or equipment provided by such lender or financing source that are permitted to be secured under this clause (3) or otherwise under the Indenture; 

 

	 	(4)	Liens in favor of the Company or its Subsidiaries; 

  

	 	(5)	easements, rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

 

	 	(a)	are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary course of business); and 

 

	 	(b)	do not in the aggregate materially detract from the value of the property or materially impair the use thereof in the operation of business by the Company or its Subsidiaries; 

 

	 	(6)	Liens on property at the time the Company or any of its Subsidiaries acquires such property, including any acquisition by means of a merger or consolidation with or into the Company or any Subsidiary; provided,
however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition; provided further, however, that such Liens do not extend to any other property of the Company or
any of its Subsidiaries (plus after-acquired property required by the terms of the Indebtedness secured by such Lien or improvements, accessions, proceeds or dividends or distributions in respect thereof); 

 

	 	(7)	Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen incurred in the ordinary course of business for sums not yet due or being diligently
contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

  

	 	(8)	 Liens to secure any amendments, supplements, modifications, extensions, renewals, restatements, replacements or
refundings (or successive amendments, supplements, modifications, extensions, renewals, restatements, replacements or refundings), in whole or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (1), (3) and
(6) of this definition; provided, however, that (A) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus after-acquired property required by the terms of the Indebtedness
secured by such Lien or improvements, accessions, proceeds or dividends or distributions in respect thereof); and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of: (i) the
outstanding principal amount, or, if issued with original issue discount, the aggregate accreted value of, or, if greater, the committed amount of the Indebtedness secured by Liens described under clauses (1),

  
 11 

	 	
(3) or (6) of this definition at the time such original Lien became a Permitted Lien under the Indenture; and (ii) an amount no greater than accrued and unpaid interest with respect to
such Indebtedness and any fees, underwriting discounts and other costs and expenses, including premiums, related to such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings;

  

	 	(9)	restrictions on the transfer of Licenses or assets of the Company or any of its Subsidiaries imposed by any of the Licenses as in effect on the date hereof or imposed by the Communications Act of 1934, as amended, any
similar or successor federal statute or the rules and regulations of the Federal Communications Commission (or other similar or successor agency of the federal government administering such Act or successor statute) thereunder, all as the same may
be in effect from time to time; 

  

	 	(10)	leases and subleases of real property in the ordinary course of business (for the avoidance of doubt, excluding sale and leaseback transactions) that do not materially interfere with the ordinary conduct of the business
of the Company or any of its Subsidiaries; 

  

	 	(11)	Liens incurred in the ordinary course of business in connection with workers’ compensation and unemployment insurance, social security obligations, assessments or government charges which are not overdue for more
than 60 days; 

  

	 	(12)	Liens arising by operation of law in favor of purchasers in connection with the sale of an asset; provided, however, that such Lien only encumbers the property being sold; 

 

	 	(13)	Liens to secure performance of statutory obligations, surety or appeal bonds, performance bonds, bids or tenders; 

  

	 	(14)	judgment Liens; 

  

	 	(15)	Liens securing obligations under Hedging Obligations not for speculative purposes; 

  

	 	(16)	Liens in connection with escrow or security deposits made in connection with any acquisition of assets; and 

  

	 	(17)	banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 

 

	 	(a)	such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable
law; and 

  

	 	(b)	such deposit account is not intended to provide collateral to the depositary institution. 

  
 12 

 “Person” means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization or government or agency or political subdivision thereof (including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity,
subdivision or business). 
 “Predecessor Company” means Crown Castle International Corp., a Delaware
corporation, prior to the merger with Crown Castle REIT Inc., resulting in the Company.  
 “Prospectus”
means the Prospectus, dated March 27, 2015, as supplemented by the Prospectus Supplement, dated January 9, 2018, with respect to the Notes, as supplemented or amended and including all documents incorporated by reference therein as of the
date of the Prospectus Supplement. 
 “Ratings Agencies” means (1) S&P, Moody’s and Fitch and
(2) if any of S&P, Moody’s or Fitch ceases to rate the Notes or ceases to make a rating on the Notes publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered as such
pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Notes publicly available and selected by the Company (as certified by an officers’ certificate), which shall be substituted for S&P, Moody’s or Fitch, as the case
may be. 
 “Ratings Decline” means the occurrence of the following on, or within 90 days after, the date of
the public notice of the occurrence of a Change of Control or of the intention by the Company or any third party to effect a Change of Control (which period shall be extended for so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Notes have an Investment Grade Rating by all three Ratings Agencies, the Notes cease to have an Investment Grade
Rating by two of the three Ratings Agencies, (2) in the event that the Notes have an Investment Grade Rating by two Ratings Agencies, the Notes cease to have an Investment Grade Rating by both such Ratings Agencies, (3) in the event that
the Notes have an Investment Grade Rating by one Ratings Agency, the Notes cease to have an Investment Grade Rating by such Ratings Agency and there is a reduction in the rating of the Notes by one of the other Ratings Agencies, or (4) in the
event that the Notes do not have an Investment Grade Rating, there is a reduction in the rating of the Notes by two of the three Ratings Agencies or, if there are fewer than three Ratings Agencies rating the Notes, the rating of each Ratings Agency
(for the avoidance of doubt, changes in outlook shall not be a reduction in rating). 
 “Reference Treasury Dealer”
means Citigroup Global Markets Inc., RBC Capital Markets, LLC, SG Americas Securities, LLC, TD Securities (USA) LLC and a primary U.S. securities dealer selected by Credit Agricole Securities (USA) Inc. and each of their respective successors, and
any other primary U.S. Government securities dealers in New York City selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the arithmetic average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer by 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

  
 13 

 “Remaining Scheduled Payments” means, with respect to the applicable
series of Notes to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption if such Notes matured on June 15, 2023, in the case of
the 3.150% Notes, or November 15, 2027, in the case of the 3.800% Notes; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the
next scheduled interest payment thereon shall be reduced by the amount of interest accrued thereon to such redemption date. 

“Responsible Officer” with respect to the Trustee, means any officer within the Corporate Trust Office of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of the Indenture. 

“S&P” means Standard & Poor’s Ratings Services, or any successor to the rating agency business
thereof. 
 “SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means, with respect to any Person, any Subsidiary of such Person that would be a
“significant subsidiary” of such Person as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof. 

“Subsidiary” means, with respect to any Person: 

 

	 	(1)	any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of
directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

 

	 	(2)	any partnership: (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person; or (b) the only general partners of which are such Person or one or more
Subsidiaries of such Person (or any combination thereof); 

 provided, however, that the term “Subsidiary” with respect to
the Company and its Subsidiaries shall not include any Unrestricted Subsidiary. 

  
 14 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb) as in effect on the date on which the Indenture is qualified under the TIA. 
 “Treasury Rate”
means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding that redemption date) of the Comparable Treasury Issue. In determining
this rate, the Company assumes a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

“Trustee” means the party named as such above until a successor replaces it in accordance with the applicable
provisions of the Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted
Subsidiary” means (1) (a) each of Crown Castle Investment Corp. and Crown Castle Investment II Corp. and (b) any Newly Created Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted
Subsidiary, in each case until such time as the Board of Directors may designate Crown Castle Investment Corp., Crown Castle Investment II Corp. or such Newly Created Subsidiary, as applicable, to be a Subsidiary, provided that
no Default or Event of Default would occur or be existing following such designation, and (2) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing with the
Trustee a certified copy of the board resolution giving effect to such designation. At the time of designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing
Liens. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally
entitled to vote in the election of the board of directors, managers or trustees of such Person. 
 SECTION 1.04.
Other Definitions.  
  

			
	 Term
	  	 Defined in Section

	“Agent Members”	  	2.01(d)
	“Change of Control Offer”	  	4.08(a)
	“Change of Control Payment”	  	4.08(a)
	“Change of Control Payment Date”	  	4.08(a)
	“Covenant Defeasance”	  	8.03
	“Depositary”	  	2.01(b)
	“DTC”	  	2.01(b)
	“Event of Default”	  	6.01(a)
	“Legal Defeasance”	  	8.02(a)
	“Paying Agent”	  	2.03(a)
	“Payment Default”	  	6.01(a)
	“Registrar”	  	2.03(a)

  
 15 

 SECTION 1.05. Incorporation by Reference of Trust Indenture Act. Whenever the Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of the Indenture. 
 The following TIA terms
used in the Indenture have the following meanings: 
 “indenture securities” means the Notes; 

“indenture security Holder” means a Holder of a Note; 

“indenture to be qualified” means the Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes means the Company and any successor obligor upon the Notes. 

All other terms used in the Indenture that are defined by the TIA, defined by the TIA’s reference to another statute or defined by SEC
rule under the TIA have the meanings so assigned to them. 
 SECTION 1.06. Rules of Construction. Unless the context otherwise
requires: 
 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) the term “including” means “including without limitation”; 

(e) in the singular include the plural, and in the plural include the singular; 

(f) provisions apply to successive events and transactions; and 

(g) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time. 
 ARTICLE 2 

THE NOTES 
 SECTION 2.01.
Issuance; Form and Dating. (a) The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A-1, in the case of the 3.150% Notes, and Exhibit A-2, in the case of the 3.800% Notes, each of
which is hereby incorporated in and expressly made part of the Indenture. A series of Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the 

  
 16 

 
Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each series of Notes shall be issued in registered
form without interest coupons and only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 (b) The Notes
of each series shall be issued initially in the form of one or more Global Notes, which shall be deposited on behalf of the purchasers of the series of Notes represented thereby with the Trustee as Custodian for the depositary, The Depository Trust
Company (“DTC”) (such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of its nominee, Cede & Co., duly executed by the Company and
authenticated by the Trustee as hereinafter provided. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made on the records of the Custodian as hereinafter provided, subject in each
case to compliance with the Applicable Procedures. 
 (c) Each Global Note shall represent such of the outstanding Notes of a series as shall
be specified therein and each shall provide that it shall represent the aggregate amount of outstanding Notes of such series from time to time endorsed thereon and that the aggregate amount of outstanding Notes of such series represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges, purchases or conversions of such Notes. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes of the
series represented thereby shall be made by the Custodian in accordance with the standing instructions and procedures existing between the Depositary and the Custodian. 

(d) Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture with respect to
any Global Note held on their behalf by the Depositary or under any Global Note, and the Depositary (including, for this purpose, its nominee) may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (1) prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or (2) impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

SECTION 2.02. Execution and Authentication. (a) An Officer shall sign the Notes for the Company by manual or facsimile signature.
Typographic and other minor defects in any facsimile signature shall not affect the validity or enforceability of any Note which has been authenticated and delivered by the Trustee. 

(b) If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be
valid nevertheless. 
 (c) A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of
authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under the Indenture. 

  
 17 

 (d) The Trustee will, upon receipt of a Company Order, authenticate Notes for original issue that
may be validly issued under the Indenture, including any Additional Notes. The aggregate principal amount of Notes of a series outstanding at any time may not exceed the aggregate principal amount of Notes of such series authorized for issuance by
the Company pursuant to one or more Company Orders, except as provided in Section 2.08. 
 (e) The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate the Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in the Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

SECTION 2.03. Registrar and Paying Agent. (a) The Company shall maintain an office or agency where the Notes may be presented for
registration of transfer or for exchange (the “Registrar”), and an office or agency where Notes may be presented for payment (“Paying Agent”). The Trustee shall initially act as the Registrar and Paying Agent. The
Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term
“Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any agent not a party to the
Indenture. If the Company fails to appoint or maintain another entity as the Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

(b) The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Notes. 

SECTION 2.04. Maintenance of Office or Agency; Paying Agent to Hold Money in Trust. (a) The Company shall maintain in the Borough
of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices
and demands to or upon the Company in respect of the Notes and the Indenture may be served. Such office shall initially be the office of the Trustee. 

(b) The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of the Holders of Notes of a series or the Trustee all money held by the Paying Agent for the payment of principal of, or premium, if any, or interest on the Notes of such series, and shall notify the Trustee of any Default by the Company in
making any such payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the
benefit of the Holders of Notes of a series all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

  
 18 

 SECTION 2.05. Holder Lists. The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least 10 days
before each interest payment date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders, and the Company shall otherwise
comply with TIA § 312(a). 
 SECTION 2.06. Transfer and Exchange. (a) The Notes shall be issued in registered form without
interest coupons and only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The Notes of each series shall be transferable only upon the surrender of a Note of such series for registration of transfer. When a Note is
presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of the Indenture are satisfied. When Notes of a series are presented to the Registrar with a request to
exchange them for an equal principal amount of such Notes of other denominations, the Registrar shall make the exchange as requested if the requirements of the Indenture are met. To permit registration of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate Notes at the Registrar’s request. The Company or the Registrar may require payment by the Holder of a sum sufficient to pay all taxes, assessments or other governmental charges in connection with any
transfer or exchange pursuant to this Section 2.06. 
 (b) Prior to the due presentation for registration of transfer of any Note, the
Company, the Trustee, the Paying Agent or the Registrar may deem and treat the Person in whose name such Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to the provisions of
such Notes with respect to record dates) interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the
contrary. 
 (c) Neither the Company nor the Registrar shall be required (x) to issue, register the transfer of, or exchange any Notes
of a series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of the Notes of such series selected for redemption and ending at the close of business on the day of such sending,
or (y) to register the transfer of or exchange the Notes of a series selected, called or being called for redemption as a whole or the portion being redeemed of any such Notes selected, called or being called for redemption in part. 

(d) All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to
the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange. 

  
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 SECTION 2.07. Additional Transfer and Exchange Requirements. 

(a) Transfer and Exchange of Global Notes. (1) Certificated Notes of a series shall be issued in exchange for interests in a Global
Note of such series only if (x) the Depositary notifies the Company that it is unwilling or unable to continue as depositary for the Global Note of such series or if it at any time ceases to be a “clearing agency” registered under the
Exchange Act, (y) the Company in its discretion at any time determines not to have all the Notes of such series represented by such Global Note or (z) upon an Event of Default with respect to such series or a Default has occurred and is
continuing with respect to such series. In any such case, the Company shall execute, and the Trustee shall, upon receipt of a Company Order and an Officers’ Certificate, authenticate and deliver Certificated Notes of such series in an aggregate
principal amount equal to the principal amount of such Global Notes in exchange therefor. Certificated Notes issued in exchange for beneficial interests in Global Notes shall be issued only in registered form and only in denominations of $2,000 and
integral multiples of $1,000 in excess thereof, and shall be registered in such names as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver or cause
to be delivered such Certificated Notes to the persons in whose names such Notes are so registered. Such exchange shall be effected in accordance with the Applicable Procedures. (2) Notwithstanding any other provisions of the Indenture other
than the provisions set forth in Section 2.07(a)(1), a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 (b) Transfer
and Exchange of Certificated Notes. In the event that Certificated Notes of a series are issued in exchange for beneficial interests in Global Notes of such series in accordance with Section 2.07(a)(1), on or after such event when
Certificated Notes of such series are presented by a Holder to a Registrar with a request: (x) to register the transfer of such Certificated Notes to a person who shall take delivery thereof in the form of Certificated Notes only; or
(y) to exchange such Certificated Notes for an equal principal amount of Certificated Notes of such series of other authorized denominations, such Registrar shall register the transfer or make the exchange as requested if the requirements for
such transaction under the Indenture are satisfied; provided, however, that the Certificated Notes presented or surrendered for register of transfer or exchange shall be duly endorsed or accompanied by an
assignment form and, if applicable, a transfer certificate each in the form included in Exhibit A-1, in the case of the 3.150% Notes, or Exhibit A-2, in the case of the 3.800% Notes, and in each case in a form satisfactory to the Registrar duly
executed by the Holder thereof or its attorney duly authorized in writing. 
 (c) Transfers of Certificated Notes for Beneficial Interest
in Global Notes. In the event that Certificated Notes of a series are issued in exchange for beneficial interests in Global Notes of such series and, thereafter, the events or conditions specified in Section 2.07(a)(1), which required such
exchange shall cease to exist, the Company shall send notice to the Trustee and to the Holders of Notes of such series stating that such Holders may exchange Certificated Notes of such series for interests in Global Notes of such series by complying
with the procedures set forth in the Indenture and briefly describing such procedures and the events or circumstances requiring that such notice be given. Thereafter, if Certificated Notes of such series are presented by a Holder to a Registrar with
a request: (x) to register the transfer of such 

  
 20 

 
Certificated Notes to a person who shall take delivery thereof in the form of a beneficial interest in a Global Note of such series; or (y) to exchange such Certificated Notes for an
equal principal amount of beneficial interests in a Global Note of such series, which beneficial interests shall be owned by the Holder transferring such Certificated Notes, the Registrar shall register the transfer or make the exchange as requested
by canceling such Certificated Note and causing, or directing the Custodian to cause, the aggregate principal amount of the applicable Global Note to be increased accordingly and, if no such Global Note is then outstanding, the Company shall issue
and the Trustee shall authenticate and deliver a new Global Note of such series; provided, however, that the Certificated Notes presented or surrendered for registration of transfer or exchange shall be duly endorsed and
accompanied by an assignment form and, if applicable, a transfer certificate each in the form included in Exhibit A-1, in the case of the 3.150% Notes, or Exhibit A-2, in the case of the 3.800% Notes, and in each case in a form satisfactory to the
Registrar duly executed by the Holder thereof or its attorney duly authorized in writing. 
 (d) Transfers to the
Company. Nothing in the Indenture or in the Notes shall prohibit the sale or other transfer of any Notes (including beneficial interests in Global Notes) to the Company or any of its Subsidiaries. 

(e) No Obligation of the Trustee. 

(i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, an Agent Member or other
Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depositary or its nominee or of any Agent Member thereof, with respect to any ownership interest in any Notes or with respect to the delivery to any Agent
Member, beneficial owner or other Person (other than the Depositary) of any notice or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders of Notes of a series and all payments to
be made to Holders under a series of Notes shall be given or made only to or upon the order of the registered Holders of Notes of such series (which shall be the Depositary or its nominee in the case of a Global Note). The rights of beneficial
owners in any Global Note shall be exercised only through the Depositary subject to the Applicable Procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the Depositary with respect
to its Agent Members and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Agent Members or beneficial owners in
any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 

  
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 SECTION 2.08. Mutilated, Destroyed, Lost and Stolen Notes. (a) If any mutilated Note
of a series is surrendered to the Trustee, the Company shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver in exchange therefor a new Note of such series of like tenor and principal amount and bearing a
number not contemporaneously outstanding. 
 (b) If there shall be delivered to the Company and the Trustee (i) evidence to their
satisfaction of the destruction, loss or theft of any Note of a series and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company
or the Trustee that such Note has been acquired by a bona fide purchaser, the Company shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen
Note, a new Note of such series of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 (c) In case any
such mutilated, destroyed, lost or stolen Note of a series has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note of such series, pay such Note. 

(d) Upon the issuance of any new Note under this Section 2.08, the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

(e) Every new Note of a series issued pursuant to this Section 2.08 in lieu of any destroyed, lost or stolen Note of such series shall
constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of the Indenture equally and
proportionately with any and all other Notes of such series duly issued hereunder. 
 (f) The provisions of this Section 2.08 are
exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 

SECTION 2.09. Outstanding Notes. (a) The Notes of a series outstanding at any time are all the Notes of such series authenticated
by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note of such series effected by the Trustee in accordance with the provisions hereof, and those described in this
Section 2.09 as not outstanding. 
 (b) If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 
 (c) If the principal amount of any Note
is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 

  
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 (d) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date with respect to the Notes of a series, money sufficient to pay the Notes of such series payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall
cease to accrue interest. 
 (e) A Note does not cease to be outstanding because the Company or an Affiliate holds the Note. 

SECTION 2.10. Treasury Notes. In determining whether the Holders of the required principal amount of Notes of a series have concurred
in any direction, waiver or consent, Notes of such series owned by the Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Notes of such series that the Trustee actually knows are so owned shall be so disregarded. 

SECTION 2.11. Temporary Notes. In the event Certificated Notes of a series are to be issued under the terms of the Indenture, until
certificates representing the Notes of such series are ready for delivery, the Company may prepare and the Trustee, upon receipt of a Company Order, shall authenticate temporary Notes of such series. Temporary Notes of a series shall be
substantially in the form of Certificated Notes of such series but may have variations that the Company considers appropriate for temporary Notes of such series and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the
Company shall prepare and the Trustee, upon receipt of a Company Order, shall authenticate Certificated Notes of a series in exchange for temporary Notes of such series. Until so exchanged, temporary Notes of a series shall have the same rights
under the Indenture as the Certificated Notes of such series. 
 SECTION 2.12. Cancellation. The Company at any time may deliver
Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for transfer,
exchange, payment, replacement or cancellation and shall destroy such canceled Notes (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company, unless the Company otherwise
directs. The Company may not issue new Notes to replace Notes that it has paid or delivered to the Trustee for cancellation. 
 SECTION
2.13. Defaulted Interest. If the Company defaults in a payment of interest on the Notes of a series, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who
are Holders of Notes of such series on a subsequent special record date. The Company shall fix the special record date and payment date. At least 30 days before the special record date, the Company shall send to the Trustee and to each Holder of the
Notes of such series a notice that states the special record date, the payment date and the amount of defaulted interest and the amount of interest payable on such defaulted interest, if any, to be paid. The Company may pay defaulted interest in any
other lawful manner. 
 SECTION 2.14. CUSIP Numbers. The Company in issuing the Notes of a series may use “CUSIP” numbers
(if then generally in use), and, if so, the Trustee shall use 

  
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 “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes of such series or as contained in any notice of a redemption and that reliance may be placed only on the other
elements of identification printed on the Notes of such series, and any such redemption shall not be affected by any defect in or omission of such numbers. 

SECTION 2.15. No Sinking Fund. No sinking fund shall be provided with respect to the Notes. 

SECTION 2.16. Issuance of Additional Notes. (a) After the date hereof, the Company shall be entitled to issue Additional Notes of
a series under the Indenture, which Additional Notes shall have identical terms as the Initial Notes of such series, other than with respect to the date of issuance and the amount of the issue price. All the Notes of a series issued under the
Indenture shall be treated as a single class for all purposes of the Indenture including waivers, amendments, redemptions and offers to purchase with respect to such series. 

(b) With respect to any Additional Notes of a series, the Company shall set forth in a Board Resolution and an Officers’ Certificate, a
copy of each which shall be delivered to the Trustee, the following information: 
 (i) the aggregate principal amount of
such Additional Notes to be authenticated and delivered pursuant to the Indenture; and 
 (ii) the issue price, the issue
date and the CUSIP number of such Additional Notes; provided, however, that no Additional Notes of a series may be issued at a price that would cause such Additional Notes to not be fungible for U.S. federal income tax purposes with
any other Notes of such series issued under the Indenture, unless such Notes bear a separate CUSIP number. 
 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

SECTION 3.01. Notices to Trustee. If the Company desires to redeem all or part of a series of Notes pursuant to Section 3.07, it
shall notify the Trustee of the redemption date and the principal amount of such Notes to be redeemed. The Company shall give the notice to the Trustee at least 30 but no more that 60 days before the redemption date. 

SECTION 3.02. Selection of Notes to Be Redeemed.  

(a) If less than all the Notes of a series are to be redeemed at any time, such Notes to be redeemed will be selected in accordance with the
procedures of the Depositary. 
 (b) No Notes of a series of $2,000 of principal amount or less shall be redeemed in part. Notice of
redemption shall be sent by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notices of redemption may be conditional and, at the Company’s
discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied. 

  
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 (c) If any Note is to be redeemed in part only, the notice of redemption that relates to such
Note shall state the portion of the principal amount of that Note to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note presented for redemption shall be issued in the name of the Holder thereof upon
cancellation of the original Note. Notes called for redemption, subject to any condition included in such notice of redemption, become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on such Notes or
portions of them called for redemption. 
 SECTION 3.03. Notice of Redemption. (a) At least 30 days but not more than 60 days
before a redemption date, the Company shall send a notice of redemption to each Holder whose Notes are to be redeemed at its registered address. The notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price, or if not then ascertainable, either (i) the manner of calculation thereof or (ii) the
redemption price calculated using the Treasury Rate as of the Business Day immediately prior to the date on which the notice of redemption is delivered; 

(iii) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after
the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Note; 

(iv) the name and address of the Paying Agent; 

(v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(vi) that, upon the satisfaction of any conditions to such redemption set forth in the notice of redemption and unless the
Company defaults in making such redemption payment, interest on the Notes called for redemption ceases to accrue on and after the redemption date; 

(vii) the paragraph of the Notes or provision of the Indenture pursuant to which the Notes called for redemption are being
redeemed; and 
 (viii) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed
in such notice or printed on such Notes. 
 In addition, if such redemption is subject to the satisfaction of one or more conditions precedent, such notice
shall describe each such condition and, if applicable, shall state that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date stated in such notice, or by the redemption date as so delayed. 

  
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 (b) At the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least five Business Days before such notice is to be given (or such shorter period of time as the Trustee may agree),
an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03(a). 

(c) If the redemption price is not ascertainable on the date on which the notice of redemption is delivered, the Company shall send to the
Trustee, at least one Business Day prior to the redemption date, notice of the redemption price. 
 SECTION 3.04. Effect of Notice of
Redemption. Once notice of redemption is sent in accordance with Section 3.03, the Notes called for redemption, subject to any condition included in the applicable notice of redemption, become irrevocably due and payable on the redemption
date at the redemption price. A notice of redemption may be conditional. 
 SECTION 3.05. Deposit of Redemption Price. (a) Prior
to 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest on all the Notes to be redeemed on that date. The
Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be
redeemed. 
 (b) If the Company complies with the provisions of Section 3.05(a), on and after the redemption date, interest shall cease
to accrue on the Notes or the portions of the Notes called for redemption. If a Note of a series is redeemed on or after an interest record date of such series but on or prior to the related interest payment date of such series, then any accrued and
unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the
Company to comply with Section 3.05(a), interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at the
rate provided in such Notes. 
 SECTION 3.06. Notes Redeemed in Part. Upon surrender of a Note of a series that is redeemed in part,
the Company shall issue and the Trustee, upon receipt of a Company Order, shall authenticate for the Holder at the expense of the Company a new Note of such series equal in principal amount to the unredeemed portion of such Note surrendered. 

SECTION 3.07. Optional Redemption.  

(a) At the Company’s option, the Company may redeem the Notes of a series at any time in whole or in part. If the Company elects to redeem
the 3.150% Notes prior to June 

  
 26 

 
15, 2023, or the 3.800% Notes prior to November 15, 2027, the Company will pay a redemption price in respect of the applicable Notes of the series to be redeemed equal to the greater of the
following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100% of the aggregate principal amount of the Notes of such series to be redeemed or (2) the sum of the present values of
the applicable Remaining Scheduled Payments of the Notes being redeemed. In determining the present values of the Remaining Scheduled Payments of the Notes being redeemed, the Company will discount such payments to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 15 basis points with respect to the 3.150% Notes, and 20 basis points with respect to the 3.800% Notes. 

(b) If the Company elects to redeem the 3.150% Notes on or after June 15, 2023, or the 3.800% Notes on or after November 15, 2027,
the Company will pay a redemption price equal to 100% of the aggregate principal amount of the applicable Notes to be redeemed plus accrued and unpaid interest thereon to but excluding the redemption date. 

(c) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06. 

ARTICLE 4 
 COVENANTS 

SECTION 4.01. Payment of Notes. (a) The Company shall pay or cause to be paid the principal of and interest on the Notes of each
series on the dates and in the manner provided in such Notes. Principal of and interest on the Notes of a series shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m.,
New York Time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

(b) The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the
rate equal to the then applicable interest rate on the applicable series of Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace period) at the same rate to the extent lawful. 
 SECTION 4.02. Maintenance of Office or Agency.
(a) The Company shall maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for
registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee. 

  
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 (b) The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in the Borough of Manhattan, the City of New York, for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. 
 (c) The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company
in accordance with Section 2.03. 
 SECTION 4.03. Reports. (a) Whether or not required by the SEC’s rules and
regulations, so long as any Notes are outstanding, the Company shall furnish to the Trustee, within 15 days after the Company is required to file (or would be required to file assuming it were subject to such requirements and including any
extensions thereof) such annual and quarterly reports, information, documents and other reports with the SEC, copies of the Company’s annual report and of the information, documents and other reports that the Company is required to file with
the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The Company will also comply with the applicable provisions of Section 314(a) of the TIA. To the extent such filings are made with the SEC, the reports shall be deemed to be
furnished to the Trustee and Holders. 
 (b) In the event that the rules and regulations of the SEC permit the Company and any direct or
indirect parent of the Company to report at such parent entity’s level on a consolidated basis and such parent entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the
capital stock of the Company, consolidating reporting at the parent entity’s level in a manner consistent with that described in this Section 4.03 for the Company will satisfy this Section 4.03, and the Company will satisfy its
obligations under this Section 4.03 with respect to financial information relating to the Company by furnishing financial information relating to such direct or indirect parent; provided that such financial information is accompanied by
consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the
information relating to the Company and its Subsidiaries on a standalone basis, on the other hand. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates). 
 SECTION 4.04. Compliance Certificate. (a) The Company shall deliver to the
Trustee, within 90 days after the end of each Fiscal Year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding Fiscal Year has been made under the supervision of the signing
Officers with a view to determining whether the 

  
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Company has kept, observed, performed and fulfilled its obligations under the Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her
knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in the Indenture and is not in Default in the performance or observance of any of the terms, provisions and conditions of the Indenture (or, if a
Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or
her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes of a series is prohibited or if such event has occurred, a description of the event and what
action the Company is taking or proposes to take with respect thereto. 
 (b) The Company shall, so long as any of the Notes are outstanding,
deliver to the Trustee, promptly after the occurrence thereof, notice of any event that constitutes or, with the giving of notice or the passage of time or both, would constitute a Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 SECTION 4.05.
Taxes. The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where
the failure to effect such payment is not adverse in any material respect to the Holders. 
 SECTION 4.06. Stay, Extension and Usury
Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted,
now or at any time hereafter in force, that may affect the covenants or the performance of the Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that
it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 

SECTION 4.07. Liens. (a) The Company shall not, and shall not permit any of its Subsidiaries to, create, incur or assume any Lien
(other than Permitted Liens) on any of its or its Subsidiaries’ property or assets (which includes Capital Stock) securing Indebtedness without providing that the Notes shall be secured equally and ratably with (or prior to) the obligations so
secured for so long as such obligations are so secured. 
 (b) Notwithstanding the foregoing, the Company may, and may permit any of its
Subsidiaries to, create, incur or assume Liens securing Indebtedness without equally and ratably securing the Notes if, after giving effect to the creation, incurrence or assumption of such Liens and related transactions, the aggregate amount
(without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the property or assets (which includes Capital Stock) of the Company and its Subsidiaries shall not exceed the Permitted Amount at the time of the creation,
incurrence or assumption of such Liens (it being understood that any outstanding Liens securing the GS V Notes shall be deemed to be incurred pursuant to this Section 4.07(b)). 

  
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 SECTION 4.08. Offer to Repurchase Upon Change of Control Triggering Event. (a) If a
Change of Control Triggering Event occurs with respect to the Notes, each Holder of Notes shall have the right to require the Company to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of such Holder’s
Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any Change of Control Offer shall be payable in cash and shall be 101% of the aggregate principal amount of any Notes
repurchased plus accrued and unpaid interest on the Notes, if any (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), to the date of purchase (the
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event and subject to certain limitations described below, the Company shall send a notice to each Holder describing the
transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase Notes on the date specified in the notice (the “Change of Control Payment Date”). The Change of Control
Payment Date shall be no earlier than 30 days and no later than 60 days from the date the notice is sent, pursuant to the procedures required by the Indenture and described in such notice. 

(b) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions of the Notes properly tendered and not withdrawn pursuant to the Change of Control
Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes properly tendered and not withdrawn; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes
so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of the Notes being purchased by the Company. 

(c) The Paying Agent shall promptly send to each Holder of Notes properly tendered and not withdrawn the Change of Control Payment for such
Notes, and the Trustee shall promptly authenticate and mail, or cause to be transferred by book entry, to each Holder a new Note of the applicable series equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that the new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 thereafter. Any Note so accepted for payment shall cease to accrue interest on and after the Change of Control Payment Date. 

(d) The Change of Control provisions described in this Section 4.08 shall be applicable whether or not any other provisions of the
Indenture are applicable. The Company shall comply with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations to the extent those laws and regulations are applicable to any Change of Control Offer.
If the provisions of any of the applicable securities laws or securities regulations conflict with the provisions of this Section 4.08, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have
breached its obligations under this Section 4.08 by virtue of the compliance. 

  
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 (e) The Company shall not be required to make a Change of Control Offer upon a Change of Control
Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Company and purchases
all Notes properly tendered and not withdrawn under such Change of Control Offer. In addition, notwithstanding the occurrence of a Change of Control Triggering Event, the Company shall not be obligated to make a Change of Control Offer in the event
it has delivered a notice of redemption (which is or has become unconditional) with respect to all of the outstanding Notes as provided under Section 3.07. A Change of Control Offer may be made in advance of a Change of Control Triggering Event
and conditioned upon such Change of Control Triggering Event if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the Change of Control Offer. The provisions under the Indenture relating to the
Company’s obligation to make an offer to repurchase the Notes of a particular series as a result of a Change of Control Triggering Event may be waived or modified with the written consent of the Holders of a majority in principal amount of the
Notes of such series then outstanding. 
 ARTICLE 5 

SUCCESSORS 
 SECTION 5.01.
Merger, Consolidation or Sale of Assets. The Company shall not: 
 (i) consolidate or merge with or into (whether or
not the Company is the surviving corporation); or 
 (ii) sell, assign, transfer, lease, convey or otherwise dispose of all
or substantially all of its properties or assets in one or more related transactions to, 
 another corporation, Person or entity, unless:

 (1) either: 

(a) the Company is the surviving corporation; or 

(b) the entity or the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which
the sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person (which, if not a corporation, includes a corporate co-issuer) organized or existing under the laws of the United States, any state thereof or the
District of Columbia; 
 (2) the entity or Person formed by or surviving any such consolidation or merger (if other than the
Company) or the entity or Person to which the sale, 

  
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assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of the Company under the Notes and the Indenture pursuant to a supplemental indenture
in a form reasonably satisfactory to the Trustee; and 
 (3) immediately after such transaction no Default or Event of
Default shall have occurred and be continuing. 
 SECTION 5.02. Successor Corporation Substituted. Upon any consolidation or merger,
or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01, the successor corporation formed by such consolidation or into or with which the
Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other
disposition, the provisions of the Indenture referring to the “Company” shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under the Indenture with the same
effect as if such successor Person had been named as the Company herein, and the predecessor Company, except in the case of a lease that meets the requirements of Section 5.01, shall be released from the obligation to pay the principal of and
interest on the Notes. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
 SECTION
6.01. Events of Default. (a) Each of the following constitutes an “Event of Default” with respect to the applicable series of Notes: 

(i) default for 30 days in the payment when due of interest on the applicable series of Notes; 

(ii) default in payment when due of the principal of or premium, if any, on the applicable series of Notes; 

(iii) failure by the Company or any of its Subsidiaries to comply with the provisions in Section 5.01 or failure by the
Company to consummate a Change of Control Offer in accordance with the provision of the Indenture applicable to such offer; 

(iv) failure by the Company or any of its Subsidiaries for 60 days (or 120 days in the case of a failure to comply with the
reporting obligations described under Section 4.03) after notice to comply with any of its other agreements in the Indenture or the applicable series of Notes; 

(v) default under any Indebtedness for money borrowed by the Company or any of its Significant Subsidiaries, or the payment of
which is Guaranteed by the Company or any of its Significant Subsidiaries, whether such Indebtedness or Guarantee now exists, or is created after the date hereof, which default: 

  
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 (a) is caused by a failure to pay principal of or premium, if any, or interest
on the Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of the default (a “Payment Default”); or 

(b) results in the acceleration of the Indebtedness prior to its express maturity, 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates $250 million or more; 
 (vi)
failure by the Company or any of its Significant Subsidiaries to pay final judgments aggregating (net of amounts covered by insurance policies) in excess of $250 million, which judgments are not paid, discharged or stayed for a period of 60 days;

 (vii) the Company or any of its Subsidiaries pursuant to or within the meaning of Bankruptcy Law: 

(a) commences a voluntary case, 

(b) consents to the entry of an order for relief against it in an involuntary case, 

(c) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(d) makes a general assignment for the benefit of its creditors, or 

(e) generally is not paying its debts as they become due; or 

(viii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(a) is for relief against the Company or any of its Subsidiaries in an involuntary case; 

(b) appoints a custodian of the Company or any of its Subsidiaries or for all or substantially all of the property of the
Company or any of its Subsidiaries; or 

  
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 (c) orders the liquidation of the Company or any of its Subsidiaries; 

and the order or decree remains unstayed and in effect for 60 consecutive days. 

(b) A Default under Section 6.01(a)(iv) shall not constitute an Event of Default for a series of Notes until the Trustee or the Holders
of 25% in principal amount of the then-outstanding Notes of such series notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice. 

SECTION 6.02. Acceleration. If any Event of Default occurs and is continuing with respect to a series of Notes, the Trustee or the
Holders of at least 25% in principal amount of the then-outstanding Notes of such series may declare all Notes of such series to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default with respect to a
series of Notes arising from Section 6.01(a)(vii) or Section 6.01(a)(viii), with respect to the Company, all outstanding Notes of such series shall be due and payable without further action or notice. Holders may not enforce the Indenture
or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then-outstanding Notes of a series may direct the Trustee in its exercise of any trust or power with respect to such
series of Notes. 
 SECTION 6.03. Other Remedies. (a) If an Event of Default occurs and is continuing with respect to a series
of Notes, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, and interest on such series of Notes or to enforce the performance of any provision of such Notes or the Indenture. 

(b) The Trustee may maintain a proceeding even if it does not possess any of the series of Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder of such Notes in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.
All remedies are cumulative to the extent permitted by law. 
 SECTION 6.04. Waiver of Past Defaults. Holders of a majority in
aggregate principal amount of the then-outstanding Notes of a series by notice to the Trustee may, on behalf of the Holders of all such Notes of such series, waive any existing Default or Event of Default and its consequences under the Indenture,
except a continuing Default or Event of Default in the payment of the interest on, or the principal of, such Notes (including in connection with a Change of Control Offer) (provided, however, that the Holders of a
majority in aggregate principal amount of the then-outstanding Notes of a series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of the Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

SECTION 6.05. Control by Majority. Holders of a majority in principal amount of the then-outstanding Notes of a series may direct the
time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or 

  
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power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or the Indenture that the Trustee determines may be unduly prejudicial to the rights of
other Holders of Notes of such series or that may involve the Trustee in personal liability. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and
expenses caused by taking or not taking such action. 
 SECTION 6.06. Limitation on Suits. (a) A Holder of a Note of a series
may pursue a remedy with respect to the Indenture or such Notes only if: 
 (i) the Holder of a Note of such series gives to
the Trustee written notice of a continuing Event of Default; 
 (ii) the Holders of at least 25% in principal amount of the
then-outstanding Notes of such series make a written request to the Trustee to pursue the remedy; 
 (iii) such Holders of
Notes of such series offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 

(iv) the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested,
the provision of indemnity; and 
 (v) during such 60-day period the Holders of a majority in principal amount of the
then-outstanding Notes of such series do not give the Trustee a direction inconsistent with the request. 
 (b) A Holder of a Note of a
series may not use the Indenture to prejudice the rights of another Holder of a Note of such series or to obtain a preference or priority over another Holder of a Note of such series. 

SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of the Indenture, the right of any Holder of a
Note of a series to receive payment of principal of, premium, if any, and interest on such Note, on or after the respective due dates expressed in such Note (including in connection with an offer to purchase), or to bring suit for the enforcement of
any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08.
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a)(i) or Section 6.01(a)(ii) occurs and is continuing with respect to a series of Notes, the Trustee is authorized to recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes of such series and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

  
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 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee is authorized to file such
proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other
property payable or deliverable on any such claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07.
To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be
denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether
in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

SECTION 6.10. Priorities. (a) If the Trustee collects any money pursuant to this Article 6 with respect to Notes of a series, it
shall pay out the money in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under
Section 7.07, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes of such series for amounts due and unpaid on the Notes of such series for principal, premium, if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes of such series for principal, premium, if any and interest, respectively; and 

Third: to the Company or to such party as a court of competent jurisdiction shall direct. 

(b) The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 6.10. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under the Indenture or in any suit against
the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in 

  
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the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder
pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then-outstanding Notes of a series. 

ARTICLE 7 
 TRUSTEE 

SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights
and powers vested in it by the Indenture, and use the same degree of care and skill in its exercise thereof as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in the Indenture, as
modified or supplemented by a supplemental indenture, if any, and no implied covenants or obligations shall be read into the Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of the Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not
they conform to the requirements of the Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act, or its own
willful misconduct, except that: 
 (i) this paragraph does not limit the effect of Section 7.01(b); 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved
that the Trustee was grossly negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

(d) Whether or not therein expressly so provided, every provision of the Indenture that in any way relates to the Trustee is subject to
Section 7.01(a), (b), (c) and (g). 
 (e) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. 

  
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 (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (g) No provision of the Indenture shall require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 
 (h) Every
provision of the Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01 and to the provisions of the TIA. 

(i) The Trustee shall not be deemed to have notice of a Default unless a Responsible Officer responsible for administration of the Indenture
has received written notice thereof. 
 SECTION 7.02. Rights of Trustee. (a) The Trustee may conclusively rely upon any document
believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents or attorneys and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to
be authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 

(e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to the Indenture and the
Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document. 
 (g) The Trustee
shall not be deemed to have notice or charged with knowledge of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is
received from the Company or any Holders by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and the Indenture. 

(h) The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended to
and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

  
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 (i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by the Indenture at the request or direction of any of the Holders pursuant to the Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which
might be incurred by the Trustee in compliance with such request or direction. 
 (j) The Trustee may from time to time request that the
Company deliver an Officers’ Certificate setting forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to the Indenture, which Officers’ Certificate may be signed by any persons
authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 

(k) The permissive right of the Trustee to take any action under the Indenture shall not be construed as a duty to so act. 

(l) In no event shall the Trustee be responsible or liable for any special, indirect or consequential loss or damage of any kind whatsoever
(including loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of the
Notes of a series and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10 and Section 7.11. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of the Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes, it will not be responsible for the use or application of any money received by any Paying Agent (other than itself as
Paying Agent), and it shall not be responsible for any statement in the Indenture, in the Notes, or in any document executed in connection with the sale of the Notes, other than those set forth in the Trustee’s certificate of authentication.

 SECTION 7.05. Notice of Defaults. If a Default or Event of Default occurs and is continuing with respect to a series of Notes and
if it is actually known to a Responsible Officer of the Trustee, the Trustee shall send to each Holder of Notes of such series a notice of the Default within 90 days after it occurs. Except in the case of a Default or an Event of Default in the
payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers determines in good faith that withholding the notice is in the interests of Holders of such Notes. 

  
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 SECTION 7.06. Reports by Trustee to Holders. (a) Within 60 days after each
October 15, beginning with the first October 15 after the date hereof, for so long as the Notes remain outstanding, the Trustee shall send to the Holders a brief report dated as of such reporting date that complies with TIA § 313(a)
(but if no event described in TIA § 313(a) has occurred within the 12 months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b). The Trustee shall also transmit all reports as
required by TIA § 313(c). 
 (b) A copy of each report at the time of its sending to the Holders shall be sent to the Company and filed
with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange. 

SECTION 7.07. Compensation and Indemnity. (a) The Company shall pay to the Trustee from time to time such compensation for its
services as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request
for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, costs of preparation and mailing of notices to Holders and reasonable costs of counsel retained by the Trustee in connection with the delivery of an
Opinion of Counsel or otherwise in addition to the compensation for its services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The
Company shall indemnify the Trustee (including its directors, officers, employees and agents) against any and all loss, liability or expense (including reasonable attorneys’ fees and disbursements) incurred by or in connection with the
administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing the Indenture (including this Section 7.07) and of defending itself against any claims (whether asserted by any Holder, the
Company or otherwise). The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so to notify the Company shall not relieve
the Company of its indemnity obligations hereunder. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s own willful misconduct, gross negligence or
bad faith, as determined in a final non-appealable order of a court of competent jurisdiction. 
 (b) To secure the Company’s payment
obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay the principal of and interest and any liquidated
damages on the Notes. 
 (c) The Company’s payment obligations pursuant to this Section 7.07 shall survive the satisfaction or
discharge of the Indenture, any rejection or termination of the Indenture under any bankruptcy law or the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in
Section 6.01(a)(vii) or Section 6.01(a)(viii), the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

  
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 SECTION 7.08. Replacement of Trustee. (a) A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 

(b) The Trustee may resign at any time by so notifying the Company. The Holders of a majority in principal amount of the then-outstanding Notes
may remove the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 
 (i) the Trustee fails
to comply with Section 7.10; 
 (ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law; 
 (iii) a Custodian or public officer takes charge of the
Trustee or its property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 

(c) If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the then-outstanding Notes and
such Holders do not reasonably promptly appoint a successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then-outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

(d) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under the Indenture. The successor Trustee shall send a notice of its succession to Holders.
The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

(e) If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of then-outstanding Notes may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

(f) If the Trustee fails to comply with Section 7.10, after written notice hereto, the Holders of at least 10% in principal amount of the
Notes may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (g)
Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

  
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 SECTION 7.09. Successor Trustee by Merger, etc. If the Trustee consolidates with, merges
or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.
In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by the Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and if at that time any of the Notes shall not have been authenticated, any such successor to the Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in the Indenture provided that the
certificate of the Trustee shall have. 
 SECTION 7.10. Eligibility; Disqualification. (a) The Trustee shall at all times
satisfy the requirements of TIA §310(a). The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA §310(b);
provided, however, that there shall be excluded from the operation of TIA §310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other
securities of the Company are outstanding if the requirements for such exclusion set forth in TIA §310(b)(1) are met. 
 (b) The
Indenture shall always have a Trustee who satisfies the requirements of TIA §310(a)(1), (2) and (5). 
 SECTION 7.11.
Preferential Collection of Claims Against Company. The Trustee is subject to TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to TIA §311(a) to
the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Company may, at the option of the Board of Directors
evidenced by a Board Resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes of a series upon compliance with the conditions set forth below in this
Article 8. 
 SECTION 8.02. Legal Defeasance and Discharge. (a) Upon the Company’s exercise under Section 8.01 of the
option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from its obligations with respect to all outstanding Notes of a series on
the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes of a series, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of the Indenture referred to in (i) and (ii) below, and to
have satisfied all its other obligations under such Notes and the Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall
survive until otherwise terminated or discharged hereunder: 

  
 42 

 (i) the rights of Holders of the applicable series of outstanding Notes to
receive payments in respect of the principal of, premium, if any, and interest on such series of Notes when such payments are due from the trust referred to below; 

(ii) the Company’s obligations with respect to such series of Notes concerning issuing temporary Notes, registration of
Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; 

(iii) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s obligations in connection
therewith; and 
 (iv) the Legal Defeasance provisions of the Indenture. 

(b) Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03. 
 SECTION 8.03. Covenant Defeasance. Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from its obligations under the covenants contained in Sections 4.03,
4.07 and 4.08 with respect to the outstanding Notes of a series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and such Notes shall thereafter be
deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes of a series, the Company may omit
to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of the Indenture and
such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04,
Section 6.01(a)(iii) through Section 6.01(a)(vi) shall not constitute Events of Default. 
 SECTION 8.04. Conditions to Legal
or Covenant Defeasance. (a) The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes of a series: 

  
 43 

 (i) the Company must irrevocably deposit with the Trustee, in trust, for the
benefit of the Holders of the applicable series of Notes, cash in United States Dollars, non-callable Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium, if any, and interest on such outstanding series of Notes on the stated maturity or on the redemption date, as the case may be, and the Company must specify whether the series of Notes
is being defeased to maturity or to a particular redemption date; 
 (ii) in the case of Legal Defeasance, the Company shall
have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 

(a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 

(b) since the date hereof, there has been a change in the applicable federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the applicable series of
outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such Legal Defeasance had not occurred; 
 (iii) in the case of Covenant Defeasance, the Company shall have
delivered to the Trustee an Opinion of Counsel of a nationally recognized law firm in the United States confirming that the Holders of the applicable series of outstanding Notes shall not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(iv) no Default or Event of Default shall have occurred and be continuing with respect to the applicable series of outstanding
Notes either: 
 (a) on the date of such deposit, other than a Default or Event of Default resulting from the borrowing of
funds to be applied to such deposit; or 
 (b) insofar as Events of Default from bankruptcy or insolvency events with respect
to the Company are concerned, at any time in the period ending on the 91st day after the date of deposit; 
 (v) such Legal
Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any material agreement or 

  
 44 

 
instrument, other than the Indenture with respect to the applicable series of outstanding Notes, to which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound; 
 (vi) the Company must have delivered to the Trustee an Opinion of Counsel to the effect that after
the 91st day following the deposit, the trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 

(vii) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the
Company with the intent of preferring the Holders of the applicable series of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; and 

(viii) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for relating to the Legal Defeasance or the Covenant Defeasance with respect to the applicable series of Notes have been complied with. 

SECTION 8.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. (a) Subject to
Section 8.06, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to
Section 8.04 in respect of the outstanding Notes of a series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and the Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law. 
 (b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the outstanding Notes of the applicable series. 
 (c) Anything in this Article 8 to the contrary notwithstanding,
the Trustee shall deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance. 
  

  
 45 

 SECTION 8.06. Repayment to Company. Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall
be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
 SECTION
8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under the Indenture and the Notes of the applicable series shall be revived and reinstated as though no deposit had
occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note of a series following the reinstatement of its obligations with respect to such series, the Company shall be subrogated to
the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

SECTION 9.01. Without Consent of Holders. (a) Notwithstanding Section 9.02, the Company and the Trustee may amend or
supplement (x) the Indenture with respect to a series of Notes or (y) a series of Notes, in each case without the consent of any Holder of such Notes to: 

(i) cure any ambiguity, omission, defect or inconsistency; 

(ii) provide for uncertificated Notes in addition to or in place of Certificated Notes; 

(iii) provide for the assumption of the Company’s obligations to Holders in the case of a merger or consolidation; 

(iv) make any change that would provide any additional rights or benefits to the Holders of such series of Notes or that does
not adversely affect the legal rights under the Indenture of any such Holder of such series of Notes in any material respect; 

  
 46 

 (v) comply with requirements of the SEC in order to effect or maintain the
qualification of the Indenture under the TIA; or 
 (vi) conform a provision of the Base Indenture or this Supplemental
Indenture to the extent such provision was intended to be a substantially verbatim recitation of the applicable provision under the caption “Description of Notes” in the Prospectus. 

For the avoidance of doubt, nothing in this Supplemental Indenture shall be construed to require any consent of any Holder of a series of
Notes to amend or supplement the Base Indenture (or this Supplemental Indenture) in any manner that does not relate to such series of Notes. 

(b) Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture,
and upon receipt by the Trustee of the documents described in Section 7.02, the Trustee shall join with the Company in the execution of any amended or supplemental indenture authorized or permitted by the terms of the Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under the Indenture or
otherwise. 
 SECTION 9.02. With Consent of Holders. (a) Except as provided below in this Section 9.02, the Company and the
Trustee may amend or supplement (x) the Indenture with respect to a series of Notes (including Section 4.08) or (y) a series of Notes, in each case with the consent of the Holders of at least a majority in principal amount of the
Notes of such series then outstanding, voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, such series of Notes), and, subject to Sections 6.04 and 6.07, any existing Default
or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on such Notes, except a Payment Default resulting from an acceleration that has been rescinded) or compliance with any
provision of the Indenture or such Notes may be waived with the consent of the Holders of a majority in principal amount of the then-outstanding Notes of such series, voting as a single class (including consents obtained in connection with a tender
offer or exchange offer for, or purchase of, such series of Notes). Section 2.09 shall determine which such Notes are considered to be “outstanding” for purposes of this Section 9.02. 

(b) Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture,
and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of the applicable series of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02, the Trustee
shall join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case
the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture. 

  
 47 

 (c) It shall not be necessary for the consent of the Holders of the applicable series of Notes
under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

(d) After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall send to the Holders of the
applicable series of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to send such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the Notes of the applicable series then outstanding, voting as a single class, may waive compliance in a
particular instance by the Company with any provision of the Indenture or the applicable series of Notes. However, without the consent of each Holder of an outstanding Note of a series affected, an amendment or waiver under this Section 9.02 or
otherwise may not (with respect to any Notes of the applicable series held by a non-consenting Holder): 
 (i) reduce the
principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the principal
of or change the fixed maturity of any such Note or alter the provisions with respect to the redemption (other than the notice period), but not any required repurchase in connection with a Change of Control Offer, of the applicable series of such
Notes; 
 (iii) reduce the rate of or extend the time for payment of interest on any such Note; 

(iv) waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on such Notes,
excluding a rescission of acceleration of a series of Notes by the Holders of at least a majority in aggregate principal amount of such Notes and a waiver of the Payment Default that resulted from such acceleration; 

(v) make any such Note payable in money other than that stated in the applicable series of Notes; 

(vi) make any change in the provisions of the Indenture relating to waivers of past Defaults or Events of Default or the rights
of Holders to receive payments of principal of or premium, if any, or interest on the applicable series of Notes; 
 (vii)
waive a redemption payment, but not any payment upon a required repurchase in connection with a Change of Control Offer, with respect to any such Note; or 

(viii) make any change in the foregoing amendment and waiver provisions. 

  
 48 

 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to the
Indenture or the applicable series of Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

SECTION 9.04. Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by a
Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.
However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 SECTION 9.05. Notation on or
Exchange of Notes. (a) The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all of the Notes of a series may issue and the Trustee shall,
upon receipt of a Company Order, authenticate new Notes of such series that reflect the amendment, supplement or waiver. 
 (b) Failure to
make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

SECTION 9.06. Trustee to Sign Amendments, etc. The Trustee shall sign any amended or supplemental indenture authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors approves it. In executing any
amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon an Officer’s Certificate and an Opinion of Counsel stating that the execution of such
amended or supplemental indenture is authorized or permitted by the Indenture. 
 ARTICLE 10 

SATISFACTION AND DISCHARGE 

SECTION 10.01. Satisfaction and Discharge. (a) The Indenture will be discharged and will cease to be of further effect with
respect to a series of Notes issued hereunder, when: 
 (i) either: 

(a) all Notes of such series that have been authenticated, except lost, stolen or destroyed Notes of such series that have
been replaced or paid and Notes of such series for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation; or 

  
 49 

 (b) all Notes of such series that have not been delivered to the Trustee for
cancellation have become due and payable by reason of the sending of a notice of redemption or otherwise, or are by their terms to become due and payable within one year or are to be called for redemption within one year, and the Company has
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of such Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will
be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire principal and premium, if any, and accrued interest to the date of maturity or redemption on all the Notes of the applicable series not delivered
to the Trustee for cancellation; 
 (ii) the Company has paid or caused to be paid all sums payable by it under the
Indenture; and 
 (iii) the Company has delivered irrevocable instructions to the Trustee under the Indenture to apply the
deposited money toward the payment of the applicable series of Notes at maturity or on the redemption date, as the case may be. 
 (b) In
addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge with respect to the applicable series of Notes have been satisfied. 

ARTICLE 11 
 MISCELLANEOUS 

SECTION 11.01. Trust Indenture Act Controls. If any provision of the Indenture limits, qualifies or conflicts with the duties imposed
by TIA § 318(c), the imposed duties shall control. 
 SECTION 11.02. Notices. (a) Any notice or communication by the
Company or the Trustee to the others is duly given if in writing and delivered in Person or sent by first class mail (registered or certified, return receipt requested), telex, telecopier, facsimile, electronic mail in pdf format, or overnight air
courier guaranteeing next day delivery, to the others’ address: 
 If to the Company: 

Crown Castle International Corp. 

1220 Augusta Drive, Suite 600 

Houston, TX 77057 

Fax: (713) 570-3150 

Attention: Chief Financial Officer 

With a copy to: 

  
 50 

 Cravath, Swaine & Moore LLP 

825 Eighth Avenue 

New York, New York 10019 

Fax: (212) 474-3700 

Attention: Stephen L. Burns 

Johnny G. Skumpija 

If to the Trustee: 

The Bank of New York Mellon Trust Company, N.A. 

601 Travis Street, 16th Floor 

Houston, TX 77002 

Fax: (713) 483-6959 

Attention: Corporate Trust Services, re: Crown Castle International Corp. 

(b) The Company or the Trustee, by notice to the other, may designate additional or different addresses for subsequent notices or
communications. 
 (c) All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied or faxed; at the time delivered, if by electronic
mail in pdf format; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

(d) Except as otherwise expressly stated in the Indenture, any notice or communication to a Holder shall be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in
TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

(e) If a notice or communication is mailed or sent in the manner provided above within the time prescribed, it is duly given, whether or not
the addressee receives it. 
 (f) If the Company mails or sends a notice or communication to Holders, it shall mail or send a copy to the
Trustee and each Agent at the same time. 
 (g) The Trustee agrees to accept and act upon instructions or directions pursuant to the
Indenture sent by unsecured electronic mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee electronic mail or facsimile instructions (or instructions by a similar electronic method) and
the Trustee acts upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s
reliance upon and compliance with such instructions notwithstanding that such 

  
 51 

 
instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic
methods to submit instructions and directions to the Trustee, including the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

(h) Notwithstanding anything to the contrary contained herein, as long as the Notes of a series are in the form of a Global Note, notice to the
Holders of such series may be made electronically in accordance with procedures of the Depositary. 
 SECTION 11.03. Communication by
Holders with Other Holders. Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under the Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection
of TIA § 312(c). 
 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Company to the Trustee to take any action under the Indenture, the Company shall furnish to the Trustee: 
 (i) an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in the Indenture relating to the proposed action that are required to be satisfied as of the date thereof have been satisfied; and 

(ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set
forth in Section 11.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants that are required to have been satisfied as of the date thereof have been satisfied. 

SECTION 11.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in the Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

(i) a statement that the Person making such certificate or opinion has read such covenant or condition that is required to have
been satisfied as of the date thereof; 
 (ii) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (iii) a statement
that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition that is required to have been satisfied as of the
date thereof has been satisfied; and 
  

  
 52 

 (iv) a statement as to whether or not, in the opinion of such Person, such
condition or covenant that is required to have been satisfied as of the date thereof has been satisfied. 
 SECTION 11.06. Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions; provided that no such rule
shall conflict with the terms of the Indenture or the TIA. 
 SECTION 11.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 

SECTION 11.08. Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THE
NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

SECTION 11.09. Ratification of Base Indenture; No Adverse Interpretation of Other Agreements. The Base Indenture, as supplemented by
this Supplemental Indenture, is in all respects ratified and confirmed. The Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or
debt agreement may not be used to interpret the Indenture. 
 SECTION 11.10. Successors. All agreements of the Company in the
Indenture and the Notes shall bind its successors. All agreements of the Trustee in the Indenture shall bind its successors. 
 SECTION
11.11. Severability. In case any provision in the Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 SECTION 11.12. Counterpart Originals. The parties may sign any number of copies of the Indenture. Each signed copy shall
be an original, but all of them together represent the same agreement. 
 SECTION 11.13. Table of Contents, Headings, etc. The Table
of Contents and Headings of the Articles and Sections of the Indenture have been inserted for convenience of reference only, are not to be considered a part of the Indenture and shall in no way modify or restrict any of the terms or provisions
hereof. 

  
 53 

 SECTION 11.14. Waiver of Jury Trial. EACH OF THE COMPANY, THE HOLDERS AND
THE TRUSTEE 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 THE INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 SECTION 11.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

[Signature page follows] 

  
 54 

 IN WITNESS WHEREOF, the parties have caused this Tenth Supplemental Indenture to be duly executed
as of January 16, 2018. 
  

			
	CROWN CASTLE INTERNATIONAL CORP.
		
	By:	 	 /s/ Jay A. Brown

	Name:	 	Jay A. Brown
	Title:	 	President and Chief Executive Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Lawrence M. Kusch

	Name:	 	Lawrence M. Kusch
	Title:	 	Vice President

 [Tenth Supplemental Indenture] 

 EXHIBIT A-1 

FORM OF 3.150% NOTE 
 [FORM OF
FACE OF 3.150% NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 

CROWN CASTLE INTERNATIONAL CORP. 

3.150% Senior Notes due 2023 

$                      

No
                        . 

CUSIP No. 22822V AJ0 
 CROWN CASTLE
INTERNATIONAL CORP., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter defined), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $ ( 
  

 

	1 	 These paragraphs should be included only if the Note is a Global Note.

 
Dollars)[(as such sum may be increased or decreased as set forth on the Schedule of Exchanges of Notes attached hereto)]2 on July 15,
2023, and to pay interest thereon from January 16, 2018 or from the most recent Payment Date (as defined below) to which interest has been paid or duly provided for, semi-annually on January 15 and July 15 (each, a “Payment
Date”) in each year, commencing July 15, 2018, at the rate of 3.150% per annum, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the regular record date for such interest, which shall be January 1 or July 1, as the case may be, next preceding such Payment Date or, if such record date is not a Business Day, at the
close of business of the immediately succeeding Business Day. A “Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is not a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day, and no interest shall accrue on such payment
for the intervening period. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such regular record date and shall be paid to the Person in whose name this Note is registered at the close
of business on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business Day. At
least 30 days before the special record date, the Company shall send or cause to be sent to each Holder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest and the amount
of interest payable on such defaulted interest, if any, to be paid. 
 If a Holder has given wire transfer instructions to the Company, the Company will
make all payments of principal, premium and interest, if any, on that Holder’s Notes in accordance with those instructions. All other payments on the Notes will be made at the office or agency of the Paying Agent and Registrar for the Notes
within the City and State of New York unless, with respect to such other payments, the Company elects to make interest payments by check mailed to the Holders at their address set forth in the register of Holders. Interest will be computed on the
basis of a 360-day year composed of twelve 30-day months. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent appointed by the Company, by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
 [Signature page follows] 
  

 
  

	2 	Use this language only if the Note is a Global Note. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and delivered.

 Dated:                         
 
  

			
	CROWN CASTLE INTERNATIONAL CORP.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-1-3 

 This is one of the Notes designated therein referred to in the within-mentioned Supplemental
Indenture. 
 Dated:  
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 A-1-4 

 [FORM OF REVERSE OF 3.150% NOTE] 

1. Notes. 
 This Note is one of a duly authorized issue of senior
notes of the Company, issued and to be issued in one or more series under the Tenth Supplemental Indenture, dated as of January 16, 2018 (the “Supplemental Indenture”), to the Indenture dated as of April 15, 2014 (as
amended and supplemented by the Second Supplemental Indenture dated as of December 15, 2014 (the “Second Supplemental Indenture”), the “Base Indenture” and, together with the Supplemental Indenture, the
“Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders and of the terms upon which the Notes (as defined below) are, and are to be,
authenticated and delivered. This Note is one of the series designated on the face hereof as “3.150% Senior Notes due 2023” (herein called the “Notes”), issued in an initial aggregate principal amount of $750,000,000. All
terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 2. No Sinking Fund. 

No sinking fund is provided for the Notes. 
 3. Optional
Redemption. 
 (a) At the Company’s option, the Company may redeem the Notes at any time in whole or in part. If the Company elects to
redeem the Notes prior to June 15, 2023, the Company will pay a redemption price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100% of the
aggregate principal amount of the Notes to be redeemed or (2) the sum of the present values of the applicable Remaining Scheduled Payments of the Notes being redeemed. In determining the present values of the Remaining Scheduled Payments of the
Notes being redeemed, the Company will discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 15 basis points. 

(b) If the Company elects to redeem the Notes on or after June 15, 2023, the Company will pay a redemption price equal to 100% of the
aggregate principal amount of the applicable Notes to be redeemed plus accrued and unpaid interest thereon to but excluding the redemption date. 
 4.
Selection and Notice of Redemption. 
 (a) If less than all the Notes are to be redeemed at any time, such Notes to be redeemed will be
selected in accordance with the procedures of the Depositary. 

  
 A-1-5 

 (b) No Notes of $2,000 of principal amount or less will be redeemed in part. Notice of redemption
will be sent by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notice of redemption may be conditional and, at the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied. 
 5. Repurchase at Option of Holder. 

(a) If a Change of Control Triggering Event occurs with respect to the Notes, each Holder of Notes shall have the right to require the Company
to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any Change of Control
Offer shall be payable in cash and will be 101% of the aggregate principal amount of any Notes repurchased plus accrued and unpaid interest on the Notes, if any (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event and subject to certain limitations described below, the
Company shall send a notice to each Holder describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase Notes on the date specified in the notice (the “Change of Control Payment
Date”). The Change of Control Payment Date shall be no earlier than 30 days and no later than 60 days from the date the notice is sent, pursuant to the procedures required by the Indenture and described in such notice. 

6. Acceleration Upon Event of Default. 
 (a) If
any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then-outstanding Notes may declare all such Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of
an Event of Default arising from Section 6.01(a)(vii) or Section 6.01(a)(viii) of the Indenture, with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. 

(b) The Holders of a majority in aggregate principal amount of the then-outstanding Notes by notice to the Trustee may, on behalf of the
Holders of all Notes, waive any existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default in the payment of the interest on, or the principal of, the Notes (including in connection
with a Change of Control Offer) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration). 
 (c) The Indenture provides that if a Default or Event of Default occurs and is continuing with respect
to the Notes and is known to the Trustee, the Trustee must send to each Holder notice of the Default within 90 days after it occurs. Except in the case of a Default or Event of Default in the payment of principal of or interest on any Note, the
Trustee may withhold notice if and so long as a committee of its trust officers determines in good faith that withholding notice is in the interest of the Holders. In addition, the Company is required to deliver to the Trustee,

  
 A-1-6 

 
within 90 days after the end of each Fiscal Year, an Officers’ Certificate indicating whether the signers thereof know of any Default that occurred during the previous year. The Company is
also required to deliver to the Trustee, promptly after the occurrence thereof, written notice of any event that would constitute a Default or Event of Default, the status thereof and what action the Company is taking or proposes to take in respect
thereof. 
 7. Amendment and Modification. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Notes at the time
outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other
Note. 
 8. No Impairment of Obligation to Pay or Right to Convert. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed or to convert this Note as provided in the Indenture. 

9. Transfer and Exchange. 
 As provided in the Indenture and
subject to certain limitations set forth therein, the Notes shall be transferable only upon the surrender of a Note for registration of transfer. When a Note is presented to the Registrar with a request to register a transfer, the Registrar will
register the transfer as requested if the requirements of the Indenture are satisfied. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make
the exchange as requested if the requirements of the Indenture are met. To permit registration of transfers and exchanges, the Company will execute and the Trustee will authenticate Notes at the Registrar’s request. 

 

	10.	No Service Charge. 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company or the Registrar may require payment by the Holder of a sum sufficient to pay all taxes, assessments or other governmental charges in connection therewith. 

  
 A-1-7 

	11.	Treatment as Owner. 

 Prior to the due presentation of this Note for registration of transfer, the Company, the
Trustee, the Paying Agent or the Registrar may deem and treat the Person in whose name this Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to the provisions with respect to
record dates) interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

 

	12.	No Liability. 

 No past, present or future director, officer, employee, incorporator or stockholder of the
Company, as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and
releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
  

	13.	Governing Law. 

 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE
AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-1-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 
  

			
	TEN COM	  	 -   as tenants in common

		
	TEN ENT	  	 -   as tenants by the entireties (Cust)

		
	JT TEN	  	 -   as joint tenants with right of survivorship and not as tenants in
common

		
	UNIF GIFT MIN ACT	  	 -   Uniform Gifts to Minors Act

 Additional abbreviations may also be used though not in the above list. 

  
 A-1-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.08 of the Indenture, check the appropriate box below: 

 
 ☐ 

Section 
 4.08 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.08 of the Indenture, state the amount you elect to have
purchased: 
 $
                          

Date:                          

 Your Signature:
                         

(Sign exactly as your name appears on the face of this Note) 

Tax Identification No.:
                                         
                    

Signature Guarantee*:
                                         
                    
  

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-10 

 FORM OF ASSIGNMENT 

For value received                     hereby sell(s),
assign(s) and transfer(s) unto [also insert social security or other identifying number of assignee] the within Note, and hereby irrevocably constitutes and appoints
                    as attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 

Dated: 

                          
               

                          
               
 Signature(s) 

Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under
the Securities Exchange Act of 1934. 

  
 A-1-11 

 SCHEDULE OF EXCHANGES OF NOTES3 

 
 The following exchanges, repurchases or conversions of a part of this Global Note have
been made: 
  

									
	 Date of Exchange
	 	 Principal Amount of this
Global Note Following
Such
Decrease (or Increase)
	 	 Authorized Signatory of
Custodian
	  	Amount of Decrease in
Principal Amount of this
Global Note	  	Amount of Increase in
Principal Amount of this
Global Note

  

 

	3 	This schedule should be included only if the Note is a Global Note. 

  
 A-1-12 

 EXHIBIT A-2 

FORM OF 3.800% NOTE 
 [FORM OF
FACE OF 3.800% NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY
PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]1 

CROWN CASTLE INTERNATIONAL CORP. 

3.800% Senior Notes due 2028 

$
                                 

No
                                        .

 CUSIP No. 22822V AK7 
 CROWN CASTLE
INTERNATIONAL CORP., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter defined), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $ ( 
  

	1 	 These paragraphs should be included only if the Note is a Global Note.

 
Dollars)[(as such sum may be increased or decreased as set forth on the Schedule of Exchanges of Notes attached hereto)]2 on February 15,
2028, and to pay interest thereon from January 16, 2018 or from the most recent Payment Date (as defined below) to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 (each, a “Payment
Date”) in each year, commencing August 15, 2018, at the rate of 3.800% per annum, until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Payment Date will, as provided in the Indenture, be paid to the Person in whose name
this Note is registered at the close of business on the regular record date for such interest, which shall be February 1 or August 1, as the case may be, next preceding such Payment Date or, if such record date is not a Business Day, at
the close of business of the immediately succeeding Business Day. A “Business Day” shall mean any day other than a Saturday, Sunday or a day on which banking institutions in the City of New York or at a place of payment are
authorized by law, regulation or executive order to remain closed. If a payment date is not a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day, and no interest shall accrue on
such payment for the intervening period. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such regular record date and shall be paid to the Person in whose name this Note is registered
at the close of business on a subsequent special record date, which date shall be the fifteenth day next preceding the date fixed by the Company for the payment of defaulted interest or the next succeeding Business Day if such date is not a Business
Day. At least 30 days before the special record date, the Company shall send or cause to be sent to each Holder, with a copy to the Trustee, a notice that states the special record date, the payment date and the amount of defaulted interest and the
amount of interest payable on such defaulted interest, if any, to be paid. 
 If a Holder has given wire transfer instructions to the Company, the Company
will make all payments of principal, premium and interest, if any, on that Holder’s Notes in accordance with those instructions. All other payments on the Notes will be made at the office or agency of the Paying Agent and Registrar for the
Notes within the City and State of New York unless, with respect to such other payments, the Company elects to make interest payments by check mailed to the Holders at their address set forth in the register of Holders. Interest will be computed on
the basis of a 360-day year composed of twelve 30-day months. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof or an authenticating agent appointed by the Company, by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
 [Signature page follows] 
  

	2 	Use this language only if the Note is a Global Note. 

  
 A-2-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed and delivered.

 Dated:                      

 

	
	 CROWN CASTLE INTERNATIONAL CORP.
  

	By:                                     
                                         
                  
	Name:
	Title:

  
 A-2-3 

 This is one of the Notes designated therein referred to in the within-mentioned Supplemental
Indenture. 
 Dated:                     

  

	
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 

	By:                                     
                                         
                  
	 Authorized Signatory

  
 A-2-4 

 [FORM OF REVERSE OF 3.800% NOTE] 

1. Notes. 
 This Note is one of a duly authorized issue of senior
notes of the Company, issued and to be issued in one or more series under the Tenth Supplemental Indenture, dated as of January 16, 2018 (the “Supplemental Indenture”), to the Indenture dated as of April 15, 2014 (as
amended and supplemented by the Second Supplemental Indenture dated as of December 15, 2014 (the “Second Supplemental Indenture”), the “Base Indenture” and, together with the Supplemental Indenture, the
“Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby
made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders and of the terms upon which the Notes (as defined below) are, and are to be,
authenticated and delivered. This Note is one of the series designated on the face hereof as “3.800% Senior Notes due 2028” (herein called the “Notes”), issued in an initial aggregate principal amount of $1,000,000,000.
All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 2. No Sinking Fund. 

No sinking fund is provided for the Notes. 
 3. Optional
Redemption. 
 (a) At the Company’s option, the Company may redeem the Notes at any time in whole or in part. If the Company elects to
redeem the Notes prior to November 15, 2027, the Company will pay a redemption price equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest thereon to but excluding the redemption date: (1) 100% of
the aggregate principal amount of the Notes to be redeemed or (2) the sum of the present values of the applicable Remaining Scheduled Payments of the Notes being redeemed. In determining the present values of the Remaining Scheduled Payments of
the Notes being redeemed, the Company will discount such payments to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 20 basis points.

 (b) If the Company elects to redeem the Notes on or after November 15, 2027, the Company will pay a redemption price equal to
100% of the aggregate principal amount of the applicable Notes to be redeemed plus accrued and unpaid interest thereon to but excluding the redemption date. 

4. Selection and Notice of Redemption. 
 (a) If
less than all the Notes are to be redeemed at any time, such Notes to be redeemed will be selected in accordance with the procedures of the Depositary. 

  
 A-2-5 

 (b) No Notes of $2,000 of principal amount or less will be redeemed in part. Notice of redemption
will be sent by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notice of redemption may be conditional and, at the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied. 
 5. Repurchase at Option of Holder. 

(a) If a Change of Control Triggering Event occurs with respect to the Notes, each Holder of Notes shall have the right to require the Company
to repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 thereafter, of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). The offer price in any Change of Control
Offer shall be payable in cash and will be 101% of the aggregate principal amount of any Notes repurchased plus accrued and unpaid interest on the Notes, if any (subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date), to the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event and subject to certain limitations described below, the
Company shall send a notice to each Holder describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase Notes on the date specified in the notice (the “Change of Control Payment
Date”). The Change of Control Payment Date shall be no earlier than 30 days and no later than 60 days from the date the notice is sent, pursuant to the procedures required by the Indenture and described in such notice. 

6. Acceleration Upon Event of Default. 
 (a) If
any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then-outstanding Notes may declare all such Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of
an Event of Default arising from Section 6.01(a)(vii) or Section 6.01(a)(viii) of the Indenture, with respect to the Company, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the
Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. 

(b) The Holders of a majority in aggregate principal amount of the then-outstanding Notes by notice to the Trustee may, on behalf of the
Holders of all Notes, waive any existing Default or Event of Default and its consequences under the Indenture, except a continuing Default or Event of Default in the payment of the interest on, or the principal of, the Notes (including in connection
with a Change of Control Offer) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration). 
 (c) The Indenture provides that if a Default or Event of Default occurs and is continuing with respect
to the Notes and is known to the Trustee, the Trustee must send to each Holder notice of the Default within 90 days after it occurs. Except in the case of a Default or Event of Default in the payment of principal of or interest on any Note, the
Trustee may withhold notice if and so long as a committee of its trust officers determines in good faith that withholding notice is in the interest of the Holders. In addition, the Company is required to deliver to the Trustee,

  
 A-2-6 

 
within 90 days after the end of each Fiscal Year, an Officers’ Certificate indicating whether the signers thereof know of any Default that occurred during the previous year. The Company is
also required to deliver to the Trustee, promptly after the occurrence thereof, written notice of any event that would constitute a Default or Event of Default, the status thereof and what action the Company is taking or proposes to take in respect
thereof. 
 7. Amendment and Modification. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of not less than a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of not less than a majority in principal amount of the Notes at the time
outstanding, on behalf of the Holders of all the Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other
Note. 
 8. No Impairment of Obligation to Pay or Right to Convert. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of, premium, if any, and interest on this Note at the times, places and rate, and in the coin or currency, herein prescribed or to convert this Note as provided in the Indenture. 

9. Transfer and Exchange. 
 As provided in the Indenture and
subject to certain limitations set forth therein, the Notes shall be transferable only upon the surrender of a Note for registration of transfer. When a Note is presented to the Registrar with a request to register a transfer, the Registrar will
register the transfer as requested if the requirements of the Indenture are satisfied. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make
the exchange as requested if the requirements of the Indenture are met. To permit registration of transfers and exchanges, the Company will execute and the Trustee will authenticate Notes at the Registrar’s request. 

10. No Service Charge. 
 No service charge shall be made for any
such registration of transfer or exchange, but the Company or the Registrar may require payment by the Holder of a sum sufficient to pay all taxes, assessments or other governmental charges in connection therewith. 

  
 A-2-7 

	11.	Treatment as Owner. 

 Prior to the due presentation of this Note for registration of transfer, the Company, the
Trustee, the Paying Agent or the Registrar may deem and treat the Person in whose name this Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to the provisions with respect to
record dates) interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

12. No Liability. 
 No past, present or future director, officer,
employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder by accepting a Note waives and releases all such liability. Such waiver and release are part of the consideration for the issuance of the Notes. 
  

	13.	Governing Law. 

 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE
AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 A-2-8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full according to
applicable laws or regulations: 
  

			
	TEN COM	  	- as tenants in common
		
	TEN ENT	  	- as tenants by the entireties (Cust)
		
	JT TEN	  	 - as joint tenants with right of survivorship and not as tenants in common

		
	UNIF GIFT MIN ACT	  	- Uniform Gifts to Minors Act

 Additional abbreviations may also be used though not in the above list. 

  
 A-2-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.08 of the Indenture, check the appropriate box below: 

 
 ☐ 

Section 4.08 
 If you want to elect to have only
part of the Note purchased by the Company pursuant to Section 4.08 of the Indenture, state the amount you elect to have purchased: 
 $
                     

Date:                  

Your Signature:                      

(Sign exactly as your name appears on the face of this Note) 
  

	
	Tax Identification No.:                                
                     
	
	Signature Guarantee*:                                  
                    

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-10 

 FORM OF ASSIGNMENT 

For value received                      hereby sell(s),
assign(s) and transfer(s) unto [also insert social security or other identifying number of assignee] the within Note, and hereby irrevocably constitutes and appoints
                    as attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 

 

	
	Dated:
	
	                                      
                                         
                  
	
	                                      
                                         
                  
	  
 Signature(s)

 Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee
program pursuant to Rule 17Ad-15 under the Securities Exchange Act of 1934. 

  
 A-2-11 

 SCHEDULE OF EXCHANGES OF NOTES3 

The following exchanges, repurchases or conversions of a part of this Global Note have been made: 

 

									
	 Date of Exchange
	  	 Principal Amount of this
Global Note Following
Such
Decrease (or Increase)
	  	 Authorized Signatory of
Custodian
	  	 Amount of Decrease in
Principal Amount of this
Global
Note
	  	 Amount of Increase in
Principal Amount of this
Global
Note

  
  

	3 	This schedule should be included only if the Note is a Global Note. 

  
 A-2-12EX-10.1

 Exhibit 10.1 

Up to $18,253,968.25 
 FACILITY AGREEMENT 

Dated 21 December 2017 
 for 

KLEIMAR NV 
 as Borrower 

guaranteed by 
 NAVIOS MARITIME HOLDINGS INC.

 as Corporate Guarantor 
 and 

TRIANGLE SHIPPING CORPORATION 
 ESMERALDA
SHIPPING CORPORATION 
 as Collateral Guarantors 

arranged by 
 DVB BANK SE 

as Arranger 
 with 

DVB BANK SE 
 acting as Facility Agent 

DVB BANK SE 
 acting as Security Agent 

and 
 DVB BANK SE 

acting as Account Bank 
 relating to the financing of

 m.vs. “NAVIOS TAURUS”, “NAVIOS NORTHERN STAR” and “NAVIOS AMITIE” 

 
 

 

 Index 
  

							
	Clause	 	 	  	Page	 
		
	 Section 1 Interpretation
	  	 	2	 
	 1
	 	Definitions and Interpretation	  	 	2	 
	 Section 2 The Facility
	  	 	25	 
	 2
	 	The Facility	  	 	25	 
	 3
	 	Purpose	  	 	25	 
	 4
	 	Conditions of Drawdown	  	 	25	 
	 Section 3 Drawdown
	  	 	27	 
	 5
	 	Drawdown	  	 	27	 
	 Section 4 Repayment, Prepayment and Cancellation
	  	 	28	 
	 6
	 	Repayment	  	 	28	 
	 7
	 	Prepayment and Cancellation	  	 	28	 
	 Section 5 Costs of Drawdown
	  	 	31	 
	 8
	 	Interest	  	 	31	 
	 9
	 	Interest Periods	  	 	32	 
	 10
	 	Changes to the Calculation of Interest	  	 	33	 
	 11
	 	Fees	  	 	35	 
	 Section 6 Additional Payment Obligations
	  	 	36	 
	 12
	 	Tax Gross Up and Indemnities	  	 	36	 
	 13
	 	Increased Costs	  	 	40	 
	 14
	 	Other Indemnities	  	 	41	 
	 15
	 	Mitigation by the Finance Parties	  	 	44	 
	 16
	 	Costs and Expenses	  	 	45	 
	 Section 7 Guarantees
	  	 	46	 
	 17
	 	Guarantee and Indemnity	  	 	46	 
	 Section 8 Representations, Undertakings and Events of Default
	  	 	49	 
	 18
	 	Representations	  	 	49	 
	 19
	 	Information Undertakings	  	 	55	 
	 20
	 	Financial Covenants	  	 	59	 
	 21
	 	General Undertakings	  	 	60	 
	 22
	 	Insurance Undertakings	  	 	66	 
	 23
	 	Vessel Undertakings	  	 	71	 
	 24
	 	Security Cover	  	 	76	 
	 25
	 	Accounts and Application of Earnings	  	 	78	 
	 26
	 	Events of Default	  	 	80	 
	 Section 9 Changes to Parties
	  	 	85	 
	 27
	 	Changes to the Lenders	  	 	85	 
	 28
	 	Changes to the Transaction Obligors	  	 	89	 
	 Section 10 The Finance Parties
	  	 	91	 
	 29
	 	The Facility Agent, the Arranger and the Reference Banks	  	 	91	 
	 30
	 	The Security Agent	  	 	101	 
	 31
	 	Conduct of Business by the Finance Parties	  	 	115	 
	 32
	 	Sharing among the Finance Parties	  	 	115	 
	 Section 11 Administration
	  	 	117	 
	 33
	 	Payment Mechanics	  	 	117	 
	 34
	 	Set-Off	  	 	120	 
	 35
	 	Bail-in	  	 	120	 
	 36
	 	Notices	  	 	120	 
	 37
	 	Calculations and Certificates	  	 	122	 
	 38
	 	Partial Invalidity	  	 	122	 
	 39
	 	Remedies and Waivers	  	 	123	 
	 40
	 	Settlement or Discharge Conditional	  	 	123	 
	 41
	 	Irrevocable Payment	  	 	123	 

							
	 42
	 	 Amendments and Waivers
	  	 	123	 
	 43
	 	 Confidential Information
	  	 	125	 
	 44
	 	 Confidentiality of Funding Rates and Reference Bank Quotations
	  	 	129	 
	 45
	 	 Counterparts
	  	 	130	 
	 Section 12 Governing Law and Enforcement
	  	 	131	 
	 46
	 	 Governing Law
	  	 	131	 
	 47
	 	 Enforcement
	  	 	131	 
	 Schedule 1 The Parties
	  	 	132	 
	 Schedule 2 Conditions Precedent and Subsequent
	  	 	135	 
	 Schedule 3 Requests
	  	 	140	 
	 Schedule 4 Form of Transfer Certificate
	  	 	143	 
	 Schedule 5 Form of Assignment Agreement
	  	 	145	 
	 Schedule 6 Form of Compliance Certificate
	  	 	147	 
	 Schedule 7 Timetables
	  	 	148	 
	 Schedule 8 Vessel Details
	  	 	149	 
	 Schedule 9 Indenture Excerpts
	  	 	150	 
	 Schedule 10 Indenture Definitions
	  	 	151	 
	 Execution Pages
	  	 	152	 
	 Schedules
	  			
		
	 Schedule 1 The Parties
	  	 	132	 
	 Part A The Obligors
	  	 	132	 
	 Part B The Original Lenders
	  	 	133	 
	 Part C The Servicing Parties
	  	 	134	 
	 Schedule 2 Conditions Precedent and Subsequent
	  	 	135	 
	 Part A Conditions precedent to Initial Drawdown Request
	  	 	135	 
	 Part B Further Conditions precedent
	  	 	137	 
	 Part C Conditions Precedent to Disbursement
	  	 	138	 
	 Part D Conditions Subsequent
	  	 	139	 
	 Schedule 3 Requests
	  	 	140	 
	 Part A Drawdown Request
	  	 	140	 
	 Part B Selection Notice
	  	 	142	 
	 Schedule 4 Form of Transfer Certificate
	  	 	143	 
	 Schedule 5 Form of Assignment Agreement
	  	 	145	 
	 Schedule 6 Form of Compliance Certificate
	  	 	147	 
	 Schedule 7 Timetables
	  	 	148	 
	 Schedule 8 Vessel Details
	  	 	149	 
	 Schedule 9 Indenture Experts
	  	 	150	 
	 Schedule 10 Indenture Definitions
	  	 	151	 
		
	 Execution
	  			
		
	 Execution Pages
	  	 	152	 

 THIS AGREEMENT is made on 21 December 2017 

PARTIES 
  

	(1)	 KLEIMAR NV, a company existing under the laws of Belgium whose registered office is at 5 Suikerrui, 2000 Antwerp,
Belgium as borrower (the “Borrower”) 

  

	(2)	 NAVIOS MARITIME HOLDINGS INC., a corporation incorporated in the Republic of the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960 (the “Corporate Guarantor”) 

 

	(3)	 TRIANGLE SHIPPING CORPORATION, a corporation incorporated in the Republic of the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960 (“Collateral Guarantor A”) 

 

	(4)	 ESMERALDA SHIPPING CORPORATION, a corporation incorporated in the Republic of the Marshall Islands whose
registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, The Marshall Islands MH96960 (“Collateral Guarantor B”) 

 

	(5)	 DVB BANK SE as arranger (the “Arranger”) 

 

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

  

	(7)	 DVB BANK SE as agent of the other Finance Parties (the “Facility Agent”) 

 

	(8)	 DVB BANK SE as security agent for the Creditor Parties (the “Security Agent”)

  

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

 OPERATIVE PROVISIONS 

 SECTION 1 

INTERPRETATION 
  

	1	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 

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

 “Accounts” means: 
  

	 	(a)	 the Earnings Account; 

  

	 	(b)	 the Time Deposit Account; and 

 

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

 “Account
Security” means a document creating Security over any Account in agreed form. 
 “Advance” means the
borrowing of the Facility under this Agreement. 
 “Affiliate” means, in relation to any person, a Subsidiary of that
person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 “Approved Broker”
means any firm or firms of insurance brokers approved in writing by the Facility Agent, acting with the authorisation of the Lenders. 

“Approved Classification” means, in relation to a Vessel, as at the date of this Agreement, the classification in
relation to that Vessel specified in Schedule 8 (Vessel Details) with the relevant Approved Classification Society or the equivalent classification with another Approved Classification Society. 

“Approved Classification Society” means, in relation to a Vessel, as at the date of this Agreement, the classification
society in relation to that Vessel specified in Schedule 8 (Vessel Details) or any other classification society approved in writing by the Facility Agent acting with the authorisation of the Lenders. 

“Approved Flag” means, in relation to a Vessel, the Republic of Malta, the Republic of Panama or any other country in
which the Agent (acting on the instructions of the Majority Lenders) may approve that that Vessel is or, as the case may be, shall be registered;. 

“Approved Collateral Manager” means, in relation to a Collateral Vessel, as at the date of this Agreement, the Borrower
in its capacity as commercial and technical manager of that Collateral Vessel and/or any Affiliate of the Corporate Guarantor, or any other person approved in writing by the Facility Agent, acting with the authorisation of the Majority Lenders, as
the technical and commercial manager of that Collateral Vessel. 
 “Approved Manager” means, in relation to a
Borrower Vessel, as at the date of this Agreement, the Borrower in its capacity as commercial and technical manager of that Borrower Vessel and/or any Affiliate of the Corporate Guarantor, or any other person approved in writing by the Facility
Agent, acting with the authorisation of the Majority Lenders, as the technical and commercial manager of that Borrower Vessel. 

  
 2 

 “Approved Valuer” means H Clarkson & Co. Ltd., Fearnleys,
Maritime Strategies International Ltd., VesselValue.com, Arrow Valuations Ltd., Braemar ACM Shipbroking, Barry Rogliano and Salles (BRS), Golden Destiny S.A., Maersk Broker K/S, Simpson Spence & Young Shipbrokers Limited and E.A. Gibson
Shibrokers Ltd (or any Affiliate of such person through which valuations are commonly issued) and any other firm or firms of independent sale and purchase shipbrokers approved in writing by the Facility Agent, acting with the authorisation of the
Lenders. 
 “Assignable Charter” means any time charterparty, consecutive voyage charter or other contract of
affreightment in respect of a Borrower Vessel having a duration of more than 12 months (or capable of exceeding a duration of 12 months taking into account any extension options), including, without limitation, the Initial Charter and any guarantee
of the obligations of the Charterer under such charter or any bareboat charter in respect of a Borrower Vessel and any guarantee of the obligations of the Charterer under such bareboat charter, entered or to be entered into by a Borrower and a
Charterer or, as the context may require, bareboat charterer and, in the plural, means all of them. 
 “Assignment
Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed between the relevant assignor and assignee. 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation,
legalisation or registration. 
 “Availability Period” means the period from and including the date of this Agreement
to and including 31 December 2017. 
 “Available Commitment” means a Lender’s Commitment minus: 

 

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

 

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

 “Available Facility” means the aggregate for the time being of each
Lender’s Available Commitment. 
 “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. 

 “Borrower Vessel”
means Borrower Vessel A, Borrower Vessel B or Borrower Vessel C. 
 “Borrower Vessel A” has the meaning given to that
term in Schedule 8 (Vessel Details). 
 “Borrower Vessel B” has the meaning given to that term in Schedule 8
(Vessel Details). 
 “Borrower Vessel C” has the meaning given to that term in Schedule 8 (Vessel
Details). 

  
 3 

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

 

	 	(a)	 

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

  

	 	exceeds	 

  

	 	(ii)	 the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum
received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period, or 

 

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

 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general
business in London (in relation to a determination of an interest rate only), Frankfurt (in relation to funding only),New York (in relation to Dollar payments only) and otherwise Amsterdam and Athens. 

“Change of Control” means, in relation to: 
  

	 	(a)	 the Borrower, a change in: 

  

	 	(i)	 the beneficial ownership of any of the shares in the Borrower; or 

 

	 	(ii)	 the legal ownership of any of those shares; or 

 

	 	(iii)	 ultimate control of the voting rights attaching to any of the shares in the Borrower; or 

 

	 	(b)	 the Corporate Guarantor, change which results in Mrs Angeliki Frangou either directly or indirectly (through entities
owned and controlled by her or trusts or foundations of which she is the beneficiary) being the ultimate beneficial owner of, or having ultimate control of the voting rights attaching to, less than 20 per cent. of all the issued shares in the
Corporate Guarantor; 

 “Charter” means, in relation to a Vessel, any charter relating to that
Vessel, or other contract for its employment, whether or not already in existence. 
 “Charter Guarantee” means any
guarantee, bond, letter of credit or other instrument (whether or not already issued) supporting a Charter. 

  
 4 

 “Charterparty Assignment” means, in relation to an
Assignable Charter, the assignment creating Security over the rights of the relevant Owner under that Assignable Charter and any Charter Guarantee relative thereto in the agreed form. 

“Charterer” means, in relation to a Charter, a party to that Charter (other than the Owner of the relevant Vessel),
including, without limitation, the Initial Charterer. 
 “Code” means the US Internal Revenue Code of 1986. 

“Collateral Account Security” means the document creating second priority security in respect of the Collateral
Earnings Account in agreed form. 
 “Collateral Earnings Account” means: 

 

	 	(a)	 an account in the name of Collateral Guarantor A with account number 2910057429; and 

 

	 	(b)	 an account in the name of Collateral Guarantor B with account number 2910057410. 

“Collateral Existing Shares Pledge” means, in relation to a Collateral Guarantor, the document creating Security over
the share capital in that Collateral Guarantor each dated 12 January 2016. 
 “Collateral Facility Agreement”
means the facility agreement dated 5 January 2016 (as the same may be amended and supplemented from time to time) made between (i) the Collateral Guarantors as joint and several borrowers, (ii) the Corporate Guarantor. as parent
guarantor, (iii) the financial institutions listed in schedule 1 thereto as lenders, (iv) DVB Bank SE as arranger, (v) DVB Bank SE as facility agent and (vi) DVB Bank SE as security agent. 

“Collateral General Assignment” means, in relation to a Collateral Vessel, the second priority general assignment
creating Security in respect of that Collateral Vessel’s earnings, its insurances and any requisition compensation in respect of that Collateral Vessel in agreed form. 

“Collateral Guarantor” means Collateral Guarantor A or Collateral Guarantor B. 

“Collateral Loan” means the aggregate principal amount outstanding for the time being under the Collateral Facility
Agreement. 
 “Collateral Manager’s Undertaking” means, in relation to a Collateral Vessel, the letter of
undertaking from the Approved Collateral Manager subordinating the rights of the Approved Collateral Manager respectively against that Collateral Vessel and the relevant Collateral Guarantor to the rights of the Finance Parties and assigning the
rights and interests of the Approved Collateral Manager in the Insurances to the Finance Parties in agreed form. 

“Collateral Mortgage” means, in relation to a Collateral Vessel, the second preferred Panamanian ship mortgage on the
Collateral Vessel in agreed form. 
 “Collateral Security Documents” means, together, the Collateral Shares Pledge,
the Collateral Account Security, the Collateral Mortgages, the Collateral General Assignments and the Collateral Manager’s Undertakings. 

“Collateral Shares Pledge” means, in relation to a Collateral Guarantor, a document creating Security over the share
capital in that Collateral Guarantor. 
 “Collateral Vessel” means Collateral Vessel A or Collateral Vessel B. 

“Collateral Vessel A” has the meaning given to that term in Schedule 8 (Vessel Details). 

  
 5 

 “Collateral Vessel B” has the meaning given to that term in Schedule 8
(Vessel Details). 
 “Commitment” means: 

 

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

  

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

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

“Compliance Certificate” means a certificate in the form set out in Schedule 6 (Form of Compliance Certificate)
or in any other form agreed between the Corporate Guarantor, the Borrower and the Facility Agent. 
 “Confidential
Information” means all information relating to any Transaction Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is
received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either: 
  

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

 

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

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

	 	(i)	 information that: 

  

	 	(A)	 is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause
43 (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 in substantially the appropriate form recommended by
the LMA from time to time or in any other form agreed between the Borrower and the Facility Agent. 
 “Corresponding
Debt” means any amount, other than any Parallel Debt, which an Obligor owes to a Creditor Party under or in connection with the Finance Documents. 

  
 6 

 “Creditor Party” means each Finance Party from time to time party to this
Agreement, a Receiver or any Delegate. 
 “Deed of Covenant” means, in relation to a Borrower Vessel, the
first priority deed of covenant collateral to the Mortgage on that Borrower Vessel and creating Security over that Borrower Vessel in agreed form. 

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

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

 

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in each case,
required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control
of, any of the Parties or, if applicable, any Transaction Obligor; or 

  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the
treasury or payments operations of a Party or, if applicable, any Transaction Obligor preventing that, or any other, Party or, if applicable, any Transaction Obligor: 

 

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

 

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

 and which (in either such case) is not caused by, and is beyond the control of, the Party or,
if applicable, any Transaction Obligor whose operations are disrupted. 
 “Document of Compliance” has the meaning
given to it in the ISM Code. 
 “dollars” and “$” mean the lawful currency, for the time being, of
the United States of America. 
 “Drawdown” means the drawdown of the Facility. 

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

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

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

 

	 	(a)	 the following, save to the extent that any of them is, with the prior written consent of the Facility Agent, pooled or
shared with any other person: 

  

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

  
 7 

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

 

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

  

	 	(iv)	 remuneration for salvage and towage services; 

 

	 	(v)	 demurrage and detention moneys; 

 

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

  

	 	(vii)	 all moneys which are at any time payable under any Insurances in relation to loss of hire; 

 

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

  

	 	(b)	 if and whenever that Vessel is employed on terms whereby any moneys falling within
sub-paragraphs (i) to (vii) of paragraph (a) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable
to that Vessel. 

 “Earnings Account” means an account opened or to be opened in the name of the
Borrower with the Account Bank and designated “Kleimar N.V. – Earnings Account”. 
 “EEA Member
Country” means any member state of the European Union, Iceland, Liechtenstein and Norway. 
 “Environmental
Approval” means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws. 

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

“Environmental Incident” means: 
  

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

  

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

  

	 	(c)	 any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon
the air, sea, land or soils (including the seabed) or 

  
 8 

	 	 
surface water otherwise than from any Vessel and in connection with which any Vessel is actually or potentially liable to be arrested and/or where any Transaction Obligor and/or any operator or
manager of any Vessel is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval. 

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

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

“EU Bail-In Legislation Schedule” means the document described as such and
published by the Loan Market Association (or any successor person) from time to time. 
 “Event of Default” means any
event or circumstance specified as such in Clause 26 (Events of Default). 
 “Existing Facility Agreement”
means the facility agreement dated 19 September 2013 (as amended and supplemented from time to time) and entered into between the Borrower as borrower, DVB Bank SE as lender and DVB Bank SE as arranger, agent and security trustee. 

“Existing Indebtedness” means all amounts due and payable under the Existing Facility Agreement. 

“Facility” means the term loan facility made available under this Agreement as described in Clause 2 (The
Facility). 
 “Facility Office” means the office or offices notified by a Lender to the Facility Agent in writing
on or before the date it becomes a Lender (or, following that date, by not less than 5 Business Days’ written notice) as the office or offices through which it will perform its obligations under this Agreement. 

“FATCA” means: 
  

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

 

	 	(b)	 any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US
and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to in paragraph (a) above; or 

  

	 	(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 

  
 9 

	 	(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 any of the Arranger, the
Facility Agent and the Security Agent and any Obligor setting out any of the fees referred to in Clause 11 (Fees). 

“Fleet Vessel” means any vessel which is wholy or partially owned by the Borrower, including, without limitation, the
Borrower Vessels. 
 “Finance Document” means: 

 

	 	(a)	 this Agreement; 

  

	 	(b)	 any Fee Letter; 

  

	 	(c)	 the Drawdown Request; 

  

	 	(d)	 any Security Document; 

  

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

  

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

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

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

 

	 	(a)	 moneys borrowed; 

  

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

  

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

  

	 	(d)	 the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with the
applicable 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; 

  
 10 

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

  

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

  

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

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

“GAAP” means generally accepted accounting principles in relation to the: 

 

	 	(a)	 Corporate Guarantor, in the US; and 

 

	 	(b)	 Borrower, in Belgium. 

“General Assignment” means, in relation to a Borrower Vessel, the general assignment creating Security over that
Borrower Vessel’s Earnings, its Insurances and any Requisition Compensation in relation to that Borrower Vessel in agreed form. 

“Guarantor” means the Corporate Guarantor, Collateral Guarantor A or Collateral Guarantor B. 

“Group” means the Corporate Guarantor and its Subsidiaries for the time being (including without limitation the
Borrower, but excluding any Subsidiaries whose shares are listed on any public stock exchange and whose financial statements are not consolidated into the financial statements of the Corporate Guarantor) and “member of the Group”
shall be construed accordingly. 
 “Guarantee” means the guarantee of the Guarantors contained in this Agreement.

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

“Indemnified Person” has the meaning given to it in Clause 14.2 (Other indemnities). 

“Indenture Definitions” means the definitions set out in Schedule 11 (Indenture Definitions). 

“Indenture Event of Default” has the meaning ascribed to it in Schedule 11 (Indenture Definitions) 

“Indenture Excerpt” means the excerpt from the Refinanced Indenture set out in Schedule 10 (Indenture Excerpt)

 “Indentures” means, together, the Refinanced Indenture and the Secured Indenture and in the singular means either
or both of them. 
 “Initial Charter” has the meaning given to that term in Schedule 8 (Vessel Details). 

“Initial Charterer” has the meaning given to that term in Schedule 8 (Vessel Details). 

  
 11 

 “Initial Market Value” means, in relation to a Vessel, the Market Value of
a Vessel determined in accordance with the valuations provided pursuant to paragraph 3.3 of Schedule 2, Part B. 

“Insurances” means, in relation to a Vessel: 
  

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

 

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

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

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

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

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the
Interest Period of the Loan or that part of the Loan; and 

  

	 	(b)	 the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest
Period of the Loan or that part of the Loan, 

 each as of the Specified Time for dollars. 

“ISM Code” means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention
(including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time. 

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

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

“Lender” means: 
  

	 	(a)	 any Original Lender; and 

  

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

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

  
 12 

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

  

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

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

“LMA” means the Loan Market Association. 

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

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

“Majority Lenders” means: 
  

	 	(a)	 if no Advance has yet been made, a Lender or Lenders whose Commitments aggregate more than 66 2⁄3 per cent. of the Total Commitments; or 

  

	 	(b)	 at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66 2⁄3 per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the
Loan immediately before repayment or prepayment in full aggregate more than 66 2⁄3 per cent. of the Loan immediately before such repayment.

 “Management Agreement” means, in relation to a Vessel, the agreement entered into between the
Owner owning that Vessel and an Approved Manager (other than the Borrower) or the Approved Collateral Manager (as the case may be) regarding the commercial and technical management of that Vessel. 

“Manager’s Undertaking” means, in relation to a Borrower Vessel, the letter of undertaking from an Approved
Manager (other than the Borrower) subordinating the rights of such Approved Manager respectively against that Borrower Vessel and the Borrower to the rights of the Finance Parties and assigning the rights and interests of such Approved Manager in
the Insurances to the Finance Parties in agreed form. 
 “Margin” means 3.25 per cent. per annum. 

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

	 	(a)	 unless otherwise specified, as at a date not more than 14 days previously; 

 

	 	(b)	 by an Approved Valuer or Approved Valuers; 

 

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

 

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

 “Material Adverse Effect” means in the
reasonable opinion of the Majority Lenders a material adverse effect on: 

  
 13 

	 	(a)	 the business, operations, property, condition (financial or otherwise) or prospects of the Group as a whole; or

  

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

 

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

“Maturity Date” means 30 September 2021. 

“Minimum Liquidity Amount” has the meaning ascribed to it in Clause 20.1 (Minimum liquidity). 

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

	 	(a)	 (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end
on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day; 

 

	 	(b)	 if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end
on the last Business Day in that calendar month; and 

  

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

 The above rules will only apply to
the last Month of any period. 
 “Mortgage” means, in relation to a Borrower Vessel, the first priority Maltese ship
mortgage on that Borrower Vessel in agreed form. 
 “Negative Pledge” means, in relation to the shares of the
Borrower, the negative pledge agreement to be entered into by the Shareholders in favour of the Security Agent in agreed form; 

“Obligor” means the Borrower or a Guarantor. 

“Original Financial Statements” means: 
  

	 	(a)	 in relation to the Corporate Guarantor, its unaudited financial statements for the financial quarter ended on
30 September 2017; and 

  

	 	(b)	 in relation to the Borrower, its annual audited consolidated balance sheet and profit loss accounts for its financial
year ended on 31 December 2015. 

 “Original Jurisdiction” means, in relation to an Obligor,
the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement. 
 “Overseas
Regulations” means the Overseas Companies Regulations 2009 (SI 2009/1801). 
 “Owner” means the Borrower or
a Collateral Guarantor. 

  
 14 

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

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

 

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

 

	 	(b)	 the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 12 months
plus a redelivery allowance of not more than 30 days; 

  

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

  

	 	(d)	 in relation to which not more than two months’ hire is payable in advance, 

and any other Charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders. 

“Permitted Financial Indebtedness” means: 
  

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

 

	 	(b)	 the Existing Indebtedness; 

  

	 	(c)	 any Financial Indebtedness disclosed in the Group’s filings with the US Securities and Exchange Commission;

  

	 	(d)	 any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents and
which is, in the case of any such Financial Indebtedness of the Borrower, the subject of Subordinated Debt Security. 

“Permitted Security” means: 
  

	 	(a)	 Security created by the Finance Documents and/or by the Collateral Facility Agreement; 

 

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

  

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

  

	 	(d)	 liens for salvage; 

  

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

 

	 	(f)	 any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance
of the Vessel and not as a result of any default or 

  
 15 

	 	 
omission by the Borrower and subject, in the case of liens for repair or maintenance, to Clause 23.16 (Restrictions on chartering, appointment of managers etc.). 

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

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

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

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

	 	(a)	 if: 

  

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

 

	 	(ii)	 it consists of a single figure, 

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

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

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

“Refinanced Indenture” means the Indenture dated as of 21 November 2017 for $305,000,000 issued by
the Corporate Guarantor and Navios Maritime Finance II (US) Inc. for 11.25 per cent Senior Notes due on 15 August 2022. 

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

  
 16 

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

 

	 	(a)	 its Original Jurisdiction; 

  

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

  

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

 

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

 “Relevant Percentage” has the meaning ascribed to it the Collateral Facility Agreement. 

“Repayment Date” means each date on which a Repayment Instalment is required to be paid under Clause 6.1 (Repayment
of Loan). 
 “Repayment Instalment” has the meaning given to it in Clause 6.1 (Repayment of Loan). 

“Repeating Representation” means each of the representations set out in Clause 18 (Representations) except
Clause 18.10 (Insolvency), Clause 18.11 (No filing or stamp taxes), Clause 18.12 (Deduction of Tax) and Clause 18.17 (No proceedings pending or threatened) and any representation of any Transaction Obligor made in any
other Finance Document that is expressed to be a “Repeating Representation” or is otherwise expressed to be repeated. 

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

“Requisition” means, in relation to a Vessel: 

 

	 	(a)	 any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve a
requisition for title) or acquisition of that Vessel, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected (whether de jure or de facto) by
any government or official authority or by any person or persons claiming to be or to represent a government or official authority; and 

  

	 	(b)	 any capture or seizure of that Vessel (including any hijacking or theft) by any person whatsoever.

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

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

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

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

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

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

  
 17 

	 	(b)	 otherwise imposed by any law or regulation. 

“Screen Rate” means the London interbank offered rate administered by ICE Benchmark Administration Limited (or
any other person which takes over the administration of that rate) for dollars for the relevant period displayed on page LIBOR01 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 Facility Agent may specify another page or service displaying the
relevant rate after consultation with the Borrower. 
 “Secured Indenture” means the indenture dated as
of 29 November 2013 for $650,000,000 issued by the Corporate Guarantor and Navios Maritime Finance II (US) Inc. for 7.375% First Priority Ship Mortgage Notes due in 2022. 

“Secured Liabilities” means all present and future obligations and liabilities, (whether actual or contingent and
whether owed jointly or severally or in any other capacity whatsoever) of each Transaction Obligor to any Creditor Party under or in connection with each Finance Document. 

“Security” means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other
agreement or arrangement having the effect of conferring security. 
 “Security Assets” means all of the assets of
the Transaction Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security. 

“Security Document” means: 
  

	 	(a)	 the Negative Pledge; 

  

	 	(b)	 any Charterparty Assignment; 

 

	 	(c)	 any Mortgage; 

  

	 	(d)	 any Deed of Covenant; 

  

	 	(e)	 any General Assignment; 

  

	 	(f)	 any Account Security; 

  

	 	(g)	 any Manager’s Undertaking; 

 

	 	(h)	 any Collateral Security Document; 

 

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

  

	 	(j)	 any other document designated as such by the Facility Agent and the Borrower. 

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

“Security Property” means: 
  

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

  
 18 

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

  

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

 

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

except: 
  

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

 

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

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

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

“Shareholders” means, together, NAV Holdings Limited and Camco Holdings Ltd., each a company existing under the laws of
Malta whose registered office is at 25/16, Vincenti Buildings, Strait Street, Valletta VLT1432, the Republic of Malta. 

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

“Subsidiary” a company (S) is a subsidiary of another company (P) if: 

 

	 	(a)	 a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital
and income distributions) are directly owned by P or are indirectly attributable to P; and 

  

	 	(b)	 P has direct or indirect control over a majority of the voting rights attached to the issued shares of S;

 and any company of which S is a subsidiary is a parent company of S. 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or
interest payable in connection with any failure to pay or any delay in paying any of the same). 
 “Tax Credit” has
the meaning given to it in Clause 12.1 (Definitions). 
 “Tax Deduction” has the meaning given to it in Clause
12.1 (Definitions). 
 “Tax Payment” has the meaning given to it in Clause 12.1 (Definitions). 

“Terms and Conditions” means the Special Conditions for Time Deposit Accounts for Commercial Clients (including but not
limited to the Account Bank’s General Terms and Conditions of Business) as set out in the Application for Opening of the Time Deposit Account. 

  
 19 

 “Test Date” has the meaning ascribed to it in Clause 20.4
(Definitions). 
 “Third Parties Act” has the meaning given to it in Clause 1.5 (Third party rights).

 “Time Deposit Account” means an account opened or to be opened in the name of the Borrower with the Account Bank
and designated “Kleimar N.V. – Time Deposit Account “. 
 “Total Commitments” means the aggregate of
the Commitments, being an amount equal to the lesser of (a) the Existing Indebtedness on the Drawdown Date and (b) $18,253,968.25. 

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

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

 

	 	(b)	 in the case of any of the events described in paragraph (a) of the definition “Requisition”, any such
Requisition of a Vessel unless that Vessel is returned to the full control of the relevant Borrower within 60 days of such Requisition; and 

  

	 	(c)	 in the case of any of the events described in paragraph (b) of the definition “Requisition”, any such
Requisition of a Vessel unless that Vessel is returned to the full control of the relevant Borrower within 90 days of such Requisition, provided that in the case of hijacking, if the relevant underwriters confirm to the Facility Agent in writing (in
customary terms) prior to the end of the 90 day period that that Vessel will be fully covered by that Borrower’s war risk insurance, the shorter of 12 months and the period for which such cover is confirmed to attach. 

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

 

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

  

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

  

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

 

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

  

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

 “Transaction Document” means: 

 

	 	(a)	 a Finance Document; 

  

	 	(b)	 any Assignable Charter and any related Charter Guarantee; or 

 

	 	(c)	 any other document designated as such by the Facility Agent and the Borrower. 

“Transaction Obligor” means an Obligor, the Shareholders, any Approved Manager or Approved Collateral Manager who is a
member of the Group or any other member of the Group who executes a Transaction Document. 
 “Transaction Security”
means the Security created or evidenced or expressed to be created or evidenced under the Security Documents. 

  
 20 

 “Transfer Certificate” means a certificate in the form set out in Schedule
4 (Form of Transfer Certificate) or any other form agreed between the Facility Agent and the Borrower. 
 “Transfer
Date” means, in relation to an assignment or a transfer, the later of: 
  

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

  

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

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

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

“US” means the United States of America. 

“US Tax Obligor” means: 
  

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

 

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

 “VAT” means: 

 

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

  

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

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

“Vessel” means a Borrower Vessel or a Collateral Vessel. 

“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

  
 21 

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

  

	1.2	 Construction 

  

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

 

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

  

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

  

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

  

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

 

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

  

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

 

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

  

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

  

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

  

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

  

	 	(xi)	 a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not
having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

 

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

  

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

 

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

  
 22 

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

 

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

  

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

  

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

  

	(d)	 Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in
connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. 

  

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

  

	1.3	 Construction of insurance terms 

In this Agreement: 

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

“obligatory insurances” means all insurances effected, or which the Borrower is obliged to effect, under Clause 22
(Insurance Undertakings) or any other provision of this Agreement or of another Finance Document; 
 “policy”
includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms; 

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

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

	1.4	 Agreed forms of Finance Documents 

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

  

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

  
 23 

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

  

	1.5	 Third party rights 

  

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

 

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

  

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

  
 24 

 SECTION 2 

THE FACILITY 
  

	2	 THE FACILITY 

  

	2.1	 The Facility 

Subject to the terms of this Agreement, the Lenders agree to make available to the Borrower a dollar term loan facility in an aggregate
amount not exceeding 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 a Transaction Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph
(c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by a Transaction Obligor which relates to a
Finance Party’s participation in the Facility or its role under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing to that Finance Party by that Transaction Obligor. 

 

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

  

	3	 PURPOSE 

  

	3.1	 Purpose 

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

  

	3.2	 Monitoring 

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

 

	4	 CONDITIONS OF DRAWDOWN 

 

	4.1	 Conditions precedent to delivery of a Drawdown Request 

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

	4.2	 Further conditions precedent 

The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if: 

 

	(a)	 on the date of the Drawdown Request and on the proposed Drawdown Date and before the Advance is made available:

  
 25 

	 	(i)	 no Default is continuing or would result from the proposed Advance; 

 

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

 

	(b)	 on the Drawdown Date, the Facility Agent has received, or is satisfied that it will receive when the Advance is made
available, all of the documents and other evidence listed in Part B of Schedule 2 (Conditions Precedent and Subsequent) in form and substance satisfactory to the Facility Agent (acting on the instructions of all the Lenders).

  

	4.3	 Conditions subsequent 

Save in the case of documentary evidence which must be provided when the Advance is made available (as a same day condition subsequent)
that the Mortgages and the Collateral Mortgages have been duly registered on such date (as required under paragraph 2(a) of Part D of Schedule 2 (Conditions Precedent and Subsequent), the Borrower undertakes to deliver or cause to be
delivered to the Facility Agent within five Business Days after that Drawdown Date, the additional documents and other evidence listed in Part D of Schedule 2 (Conditions Precedent and Subsequent) in form and substance satisfactory to
the Facility Agent. 
  

	4.4	 Notification of satisfaction of conditions precedent 

 

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

 

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

  

	4.5	 Waiver of conditions precedent 

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

  
 26 

 SECTION 3 

DRAWDOWN 
  

	5	 DRAWDOWN 

  

	5.1	 Delivery of a Drawdown Request 

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

	5.2	 Completion of a Drawdown Request 

 

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

  

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

 

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

 

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

 

	(b)	 Only one Drawdown Request may be delivered. 

 

	5.3	 Currency and amount 

  

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

 

	(b)	 The amount of the proposed Advance must be an amount which is not more than the Total Commitments.

  

	(c)	 The amount of the proposed Advance must be an amount which would not oblige the Borrower to provide additional security
or prepay part of the Advance if the ratio set out in Clause 24 (Security Cover) were applied and notice was given by the Facility Agent under Clause 24.1 (Minimum required security cover) immediately after the Advance was made.

  

	5.4	 Lenders’ participation 

 

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

  

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

  

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

  

	5.5	 Cancellation of Commitments 

The Commitments which are unutilised at the end of the Availability Period shall then be cancelled. 

  
 27 

 SECTION 4 

REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	6	 REPAYMENT 

  

	6.1	 Repayment of Loan 

The Borrower shall repay the Loan by 15 equal consecutive quarterly instalments, the first 14 such instalments each in an amount of
$730,158.73 and the 15th and final such instalment in an amount of $8,031,746.03 (comprising an instalment of $730,158.73 and a balloon payment of $7,301,587.3) (each a “Repayment
Instalment”), the first of which shall be paid on the date falling three Months after the Drawdown Date and the last on the Maturity Date. 
  

	6.2	 Effect of cancellation and prepayment on scheduled repayments 

 

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

  

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

  

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

 

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

 

	6.3	 Maturity Date 

On the Maturity Date, the Borrower shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums
then accrued and owing under the Finance Documents. 
  

	6.4	 Reborrowing 

The Borrower may not reborrow any part of the Facility which is repaid. 

 

	7	 PREPAYMENT AND CANCELLATION 

 

	7.1	 Illegality 

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

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

  
 28 

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

  

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

  

	7.2	 Voluntary and automatic cancellation 

 

	(a)	 The Borrower may, if it gives the Facility Agent not less than 5 Business Days’ (or such shorter period as the
Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $500,000 or a multiple of that amount) of the Available Facility. Any cancellation under this Clause 7.2 (Voluntary and automatic cancellation)
shall reduce the Commitments of the Lenders rateably. 

  

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

  

	7.3	 Voluntary prepayment of Loan 

 

	(a)	 Subject to paragraph (b) below, theBorrower may, if it gives the Facility Agent not less than five Business
Days’ (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of $500,000 or a multiple of that
amount). 

  

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

  

	7.4	 Mandatory prepayment on sale, arrest or Total Loss of a Borrower Vessel 

 

	(a)	 If a Borrower Vessel is sold, arrested or becomes a Total Loss, the Borrower shall repay the Relevant Amount on the
Relevant Date. 

  

	(b)	 In this Clause 7.4 (Mandatory prepayment on sale, arrest or Total Loss of a Borrower Vessel):

 “Relevant Date” means: 

 

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

  

	 	(ii)	 in the case of any arrest of a Borrower Vessel, where that Borrower Vessel is not within 30 days redelivered to the full
control of the Borrower, on or before the date falling 37 days after the date of the arrest of that Borrower Vessel; or 

  

	 	(iii)	 in the case of a Total Loss of a Borrower Vessel, on the earlier of: 

 

	 	(A)	 the date falling 180 days after the Total Loss Date; and 

 

	 	(B)	 the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.

 “Relevant Amount” means an amount (if any) which after the application of the prepayment to be
made pursuant to this Clause 7.4 (Mandatory prepayment on sale, arrest or Total Loss of a Borrower Vessel) results in the minimum required security cover set out in 24.1 (Minimum required security cover) being the greater of: 

  
 29 

	 	(i)	 135 per cent.; and 

  

	 	(ii)	 the percentage which applied immediately prior to the Total Loss, arrest or the sale (as applicable).

  

	7.5	 Mandatory prepayment 

  

	(a)	 If the Mortgages and the Collateral Mortgages have not been registered on all the Vessels by the last date of the
Availability Period, the Borrower shall prepay the Loan in full within 7 days from the last day of the Availability Period, unless the Lenders in their sole discretion agree otherwise. 

 

	(b)	 If the Refinanced Indenture has not been refinanced by the Corporate Guarantor by the date falling 3 months prior to its
maturity the Borrower shall prepay the Loan in full within 15 days for the date falling 3 months prior to its maturity. 

  

	7.6	 Mandatory prepayment on sale, arrest or Total Loss of a Collateral Vessel 

If a Collateral Vessel is sold, arrested or becomes a Total Loss, the relevant Collateral Guarantor shall apply the proceed as follows:

  

	(a)	 first, towards repayment of the Collateral Loan (or any part thereof) in accordance with clause 7.4 of the Collateral
Facility Agreement; and 

  

	(b)	 second, to the extent that there is any balance, in or towards prepayment of the Loan to the extent necessary to ensure
compliance with Clause 24.1 (Minimum required security cover). 

  

	7.7	 Restrictions 

  

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

  

	(b)	 Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and all other
amounts accrued under the Finance Documents and, subject to the fee provided for in Clause 11.3 (Prepayment fee) and any Break Costs, without premium or penalty. 

 

	(c)	 The Borrower may not reborrow any part of the Facility which is prepaid. 

 

	(d)	 the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

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

 

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

  

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

  

	7.8	 Application of prepayments 

  
 30 

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

  
 31 

 SECTION 5 

COSTS OF DRAWDOWN 
  

	8	 INTEREST 

  

	8.1	 Calculation of interest 

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

	(a)	 the Margin; and 

  

	(b)	 LIBOR. 

  

	8.2	 Payment of interest 

  

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

  

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

  

	8.3	 Fixed rate of interest 

 

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

  

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

  

	8.4	 Default interest 

  

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

  

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

  
 32 

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

  

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

  

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

  

	8.5	 Notification of rates of interest 

 

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

  

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

  

	9	 INTEREST PERIODS 

  

	9.1	 Selection of Interest Periods 

 

	(a)	 The first Interest Period for the Loan as specified in the Drawdown Request shall be three Months from the Drawdown
Date. 

  

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

  

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

  

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

  

	(e)	 Subject to Clause 8.3 (Fixed rate of interest) and this Clause 9 (Interest Periods), the Borrower may
select an Interest Period of three Months or any other period (up to a maximum of 12 Months) agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders). 

 

	(f)	 An Interest Period in respect of the Loan or any part of the Loan shall not extend beyond the Maturity Date.

  

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

 

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

  

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

  
 33 

	9.2	 Changes to Interest Periods 

 

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

  

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

  

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

  

	9.3	 Non-Business Days 

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

	10	 CHANGES TO THE CALCULATION OF INTEREST 

 

	10.1	 Unavailability of Screen Rate 

 

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

 

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

 

	 	(i)	 dollars; or 

  

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

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

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

 

	10.2	 Calculation of Reference Bank Rate 

 

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

 

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

  
 34 

	10.3	 Market disruption 

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

	10.4	 Cost of funds 

  

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

  

	 	(i)	 the Margin; and 

  

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

  

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

  

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

  

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

  

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

  

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

 

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

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

	(f)	 If this Clause 10.4 (Cost of funds) applies but any Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above the rate of interest shall be calculated on the basis of the quotations of the remaining Lenders. 

 

	10.5	 Notification to Borrower 

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

  
 35 

	10.6	 Break Costs 

  

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

 

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

  

	11	 FEES 

  

	11.1	 Commitment fee 

  

	(a)	 The Borrower shall pay to the Facility Agent (for the account of each Lender) a fee computed at the rate of 1 per
cent. per annum on that Lender’s Available Commitment from time to time for the Availability Period. 

  

	(b)	 The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the
Availability Period, on the last day of the Availability Period and, if cancelled, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

 

	11.2	 Arrangement fee 

The Borrower shall pay to the Arranger an arrangement fee in the amount and at the times agreed in a Fee Letter. 

 

	11.3	 Prepayment fee 

  

	(a)	 If the Borrower makes a prepayment for the purpose of refinancing the Facility (in whole or in part) after the Drawdown
Date with an entity which is not affiliated to any of the Lenders, the Borrower shall pay to the Facility Agent for each Lender a prepayment fee on the date of prepayment of all or any part of the Loan. 

 

	(b)	 The amount of the prepayment fee is: 

 

	 	(i)	 if the prepayment occurs on or before the first anniversary of the relevant Drawdown Date, three per cent. of the amount
prepaid; 

  

	 	(ii)	 if the prepayment occurs after the first but on or before the second anniversary of the relevant Drawdown Date, two per
cent. of the amount prepaid; and 

  

	 	(iii)	 if the prepayment occurs after the second but on or before the third anniversary of the relevant Drawdown Date, one per
cent. of the amount prepaid. 

  

	(c)	 No prepayment fee shall be payable under this Clause if the prepayment is made under Clause 7.1 (Illegality),
Clause 7.4 (Mandatory prepayment on sale, arrest or Total Loss of a Borrower Vessel), Clause 7.5 (Mandatory prepayment) or after the third anniversary of the Drawdown Date. 

  
 36 

 SECTION 6 

ADDITIONAL PAYMENT OBLIGATIONS 
  

	12	 TAX GROSS UP AND INDEMNITIES 

 

	12.1	 Definitions 

  

	(a)	 In this Agreement: 

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

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

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

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

  

	12.2	 Tax gross-up 

 

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

  

	(b)	 The Borrower shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change
in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such
notification from a Lender it shall notify the 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 shall be
increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

 

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

  

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

  

	12.3	 Tax indemnity 

  

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

  
 37 

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

 

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

 

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

  

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

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

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

 

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

  

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

 

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

  

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

  

	12.4	 Tax Credit 

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

 

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

  

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

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

	12.5	 Stamp taxes 

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

	12.6	 VAT 

  

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

  
 38 

	 	 
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 other than the Recipient (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration
for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration): 

  

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

 

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

  

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

  

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

  

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

  

	12.7	 FATCA Information 

  

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

  

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

 

	 	(A)	 a FATCA Exempt Party; or 

  

	 	(B)	 not a FATCA Exempt Party; and 

  
 39 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA as that
other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

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

  

	(b)	 If a Party confirms to another Party pursuant to sub-paragraph (i) of
paragraph (a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

 

	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything and
sub-paragraph (iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(i)	 any law or regulation; 

  

	 	(ii)	 any fiduciary duty; or 

  

	 	(iii)	 any duty of confidentiality. 

 

	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other
information requested in accordance with sub-paragraphs (i) or (ii) of paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be
treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

  

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

  

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

  

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

  

	 	(iii)	 where the Borrower is not a US Tax Obligor, the date of a request from the Facility Agent, 

supply to the Facility Agent: 
  

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

  

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

  

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

  

	(g)	 If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Facility Agent
by a Lender pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such 

  
 40 

	 	 
updated withholding certificate, withholding statement, document, authorisation or waiver to the Facility Agent unless it is unlawful for the Lender to do so (in which case the Lender shall
promptly notify the Facility Agent). The Facility Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower. 

 

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

  

	12.8	 FATCA Deduction 

  

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

 

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

 

	13	 INCREASED COSTS 

  

	13.1	 Increased costs 

  

	(a)	 Subject to Clause 13.3 (Exceptions), the Borrower shall, within three Business Days of a demand by the Facility
Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of: 

  

	 	(i)	 the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation;
or 

  

	 	(ii)	 compliance with any law or regulation made, 

in each case after the date of this Agreement; or 
  

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

  

	(b)	 In this Agreement: 

  

	 	(i)	 “Basel III” means: 

 

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

  

	 	(B)	 the rules for global systemically important banks contained in “Global systemically important banks: assessment
methodology and the additional loss absorbency requirement - Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

  
 41 

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

  

	 	(ii)	 “CRD IV” means: 

 

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

  

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

 

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

 

	 	(iii)	 “Increased Costs” means: 

 

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

  

	 	(B)	 an additional or increased cost; or 

 

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

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

	13.2	 Increased cost claims 

 

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

  

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

  

	13.3	 Exceptions 

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

 

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

 

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

 

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

  

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

 

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

  

	14	 OTHER INDEMNITIES 

  

	14.1	 Currency indemnity 

  
 42 

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

 

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

 

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

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

	(b)	 Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a
currency or currency unit other than that in which it is expressed to be payable. 

  

	14.2	 Other indemnities 

  

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

  

	 	(i)	 the occurrence of any Event of Default; 

 

	 	(ii)	 a failure by a Transaction Obligor to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability arising as a result of Clause 32 (Sharing among the Finance Parties); 

  

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

 

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

  

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

  

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

  

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

  

	 	(ii)	 in connection with any Environmental Claim. 

  
 43 

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

  

	14.3	 Mandatory Cost 

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

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

 

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

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

	14.4	 Indemnity to the Facility Agent 

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

 

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

 

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

 

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

  

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

  

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

  

	14.5	 Indemnity to the Security Agent 

 

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

  

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

 

	 	(A)	 any failure by the Borrower to comply with its obligations under Clause 16 (Costs and Expenses);

  

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

  
 44 

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	15	 MITIGATION BY THE FINANCE PARTIES 

 

	15.1	 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 any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross Up and Indemnities), Clause 13 (Increased Costs) or paragraph
(a) of Clause 14.3 (Mandatory Cost). 

  

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

  

	15.2	 Limitation of liability 

 

	(a)	 Each Obligor shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that
Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation). 

  

	(b)	 A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if either: 

 

	 	(i)	 a Default has occurred and is continuing; or 

 

	 	(ii)	 in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

  
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	16	 COSTS AND EXPENSES 

  

	16.1	 Transaction expenses 

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

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

  

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

 

	16.2	 Amendment costs 

If: 
  

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

 

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

 

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

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

 

	16.3	 Enforcement and preservation costs 

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

  
 46 

 SECTION 7 

GUARANTEES 
  

	17	 GUARANTEE AND INDEMNITY 

 

	17.1	 Guarantee and indemnity 

Each Guarantor irrevocably and unconditionally jointly and severally with the other Guarantors: 

 

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

  

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

  

	(c)	 agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal,
it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of another Transaction Obligor not paying any amount which would, but for such
unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under
this Clause 17 (Guarantee and Indemnity) if the amount claimed had been recoverable on the basis of a guarantee. 

  

	17.2	 Continuing guarantee 

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

	17.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Transaction Obligor or any security for those
obligations or otherwise) is made by a Creditor Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation,
then the liability of each Guarantor under this Clause 17 (Guarantee and Indemnity) will continue or be reinstated as if the discharge, release or arrangement had not occurred. 

 

	17.4	 Waiver of defences 

The obligations of each Guarantor under this Clause 17 (Guarantee and Indemnity) and in respect of any Transaction Security will
not be affected or discharged by an act, omission, matter or thing which, but for this Clause 17.4 (Waiver of defences), would reduce, release or prejudice any of its obligations under this Clause 17 (Guarantee and Indemnity) or in
respect of any Transaction Security (without limitation and whether or not known to it or any Creditor Party) including: 
  

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

  

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

  
 47 

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

 

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

  

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

  

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

  

	(g)	 any insolvency or similar proceedings. 

 

	17.5	 Immediate recourse 

  

	(a)	 Each Guarantor waives any right it may have of first requiring any Creditor Party (or any trustee or agent on its
behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or
commencing proceedings under this Clause 17 (Guarantee and Indemnity). This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	(b)	 Each Guarantor acknowledges the right of the Facility Agent pursuant to Clause 26.18 (Acceleration) to enforce or
direct the Security Agent to enforce or exercise any or all of its rights, remedies powers or discretions under any guarantee or indemnity contained in this Agreement. 

 

	17.6	 Appropriations 

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

	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Creditor Party (or any
trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

  

	(b)	 hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any
Guarantor’s liability under this Clause 17 (Guarantee and Indemnity). 

  

	17.7	 Deferral of Guarantor’s rights 

All rights which any Guarantor at any time has (whether in respect of this Guarantee, a mortgage or any other transaction) against the
Borrower, any other Transaction Obligor or their respective assets shall be fully subordinated to the rights of the Creditor Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise
directs, no Guarantor will exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason
of any amount being payable, or liability arising, under this Clause 17 (Guarantee and Indemnity): 

  
 48 

	(a)	 to be indemnified by a Transaction Obligor; 

 

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

  

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

 

	(d)	 to bring legal or other proceedings for an order requiring any Transaction Obligor to make any payment, or perform any
obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and indemnity); 

  

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

  

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

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

 

	17.8	 Additional security 

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

	17.9	 Applicability of provisions of Guarantee to other Security 

Clauses 17.2 (Continuing guarantee), 17.3 (Reinstatement), 17.4 (Waiver of defences), 17.5 (Immediate
recourse), 17.6 (Appropriations), 17.7 (Deferral of Guarantor’s rights) and 17.8 (Additional security) shall apply, with any necessary modifications, to any Security which the Guarantor creates (whether at the time at
which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them. 

  
 49 

 SECTION 8 

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	18	 REPRESENTATIONS 

  

	18.1	 General 

Each Obligor makes and procures (as the case may be) that each other Transaction Obligor makes the representations and warranties set
out in this Clause 18 (Representations) to each Finance Party on the date of this Agreement. 
  

	18.2	 Status 

  

	(a)	 It is a corporation, duly incorporated and validly existing in good standing under the law of its Original Jurisdiction.

  

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

 

	18.3	 Share capital and ownership 

 

	(a)	 The Borrower has an authorised share capital of 3,203,072.87 divided into 56,900 registered shares of no par value, all
of which shares have been issued and paid up in full. 

  

	(b)	 The legal title to and beneficial interest in the shares in the Borrower is held free of any Security (other than
Permitted Security) or any other claim by the Shareholders, each being a wholly owned Subsidiary of the Corporate Guarantor. 

  

	(c)	 None of the shares in the Borrower is subject to any option to purchase,
pre-emption rights or similar rights. 

  

	18.4	 Binding obligations 

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

	18.5	 Validity, effectiveness and ranking of Security 

 

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

  

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

  

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

  

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

  

	18.6	 Non-conflict with other obligations 

  
 50 

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

	(a)	 any law or regulation applicable to it; 

 

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

 

	(c)	 any agreement or instrument binding upon it or any member of the Group or any member of the Group’s assets or
constitute a default or termination event (however described) under any such agreement or instrument. 

  

	18.7	 Power and authority 

  

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

  

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

  

	 	(ii)	 in the case of each Owner, its registration of the Vessel owned by it under the Approved Flag. 

 

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

  

	18.8	 Validity and admissibility in evidence 

All Authorisations required or desirable: 
  

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

  

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

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

 

	18.9	 Governing law and enforcement 

 

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

  

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

  

	18.10	 Insolvency 

No: 
  

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

  

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

  
 51 

 has been taken or, to its knowledge, threatened in relation to a member of the Group; and
none of the circumstances described in Clause 26.7 (Insolvency) applies to a member of the Group. 
  

	18.11	 No filing or stamp taxes 

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

	18.12	 Deduction of Tax 

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

 

	18.13	 No default 

  

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

  

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

 

	18.14	 No misleading information 

 

	(a)	 Any factual information provided by any member of the Group for the purposes of this Agreement was true and accurate in
all material respects as at the date it was provided or as at the date (if any) at which it is stated. 

  

	(b)	 The financial projections contained in any such information have been prepared on the basis of recent historical
information and on the basis of reasonable assumptions. 

  

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

  

	18.15	 Financial Statements 

  

	(a)	 The Original Financial Statements were prepared in accordance with the applicable GAAP consistently applied.

  

	(b)	 The Original Financial Statements give a true and fair view of the Borrower’s and the Corporate Guarantors
financial condition as at the end of the relevant financial year and results of operations during the relevant financial year (consolidated in the case of the Corporate Guarantor). 

 

	(c)	 There has been no material adverse change in the assets, business or financial condition of the Borrower, or the assets,
business or consolidated financial condition of the Group since 30 September 2017. 

  
 52 

	(d)	 The Borrower’s and the Corporate Guarantor’s most recent financial statements delivered pursuant to Clause
19.2 (Financial statements): 

  

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

  

	 	(ii)	 give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition as at the end of
the relevant financial year and operations during the relevant financial year (consolidated in the case of the Corporate Guarantor). 

  

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

  

	18.16	 Pari passu ranking 

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

	18.17	 No proceedings pending or threatened 

 

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

  

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

 

	18.18	 Validity and completeness of the Transaction Documents 

 

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

  

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

  

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

  

	18.19	 Valuations 

  

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

 

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

  
 53 

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

 

	18.20	 No breach of laws 

It has not (and no other member of the Group has) breached any law or regulation which breach has or is reasonably likely to have a
Material Adverse Effect. 
  

	18.21	 No Charter 

No Vessel is subject to any Charter other than a Permitted Charter and in the case of the Borrower Vessel C, the Initial Charter. 

 

	18.22	 Compliance with Environmental Laws 

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

	18.23	 No Environmental Claim 

No Environmental Claim has been made or threatened against any member of the Group or any Vessel. 

 

	18.24	 No Environmental Incident 

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

 

	18.25	 ISM and ISPS Code compliance 

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

	18.26	 Taxes paid 

  

	(a)	 It is not and no other member of the Group is materially overdue in the filing of any Tax returns and it is not (and no
other member of the Group is) overdue in the payment of any amount in respect of Tax. 

  

	(b)	 No claims or investigations are being, or are reasonably likely to be, made or conducted against it (or any other member
of the Group) with respect to Taxes. 

  

	18.27	 Financial Indebtedness 

No Transaction Obligor has any Financial Indebtedness outstanding other than Permitted Financial Indebtedness. 

 

	18.28	 Overseas companies 

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

  
 54 

	18.29	 Good title to assets 

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

	18.30	 Ownership 

  

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

  

	(b)	 Each Owner is the sole legal and beneficial owner of the Vessel owned by it, its Earnings and its Insurances.

  

	(c)	 To the best of the Obligors’ knowledge, the Initial Charterer is the sole legal and beneficial owner of all rights
and interests the Initial Charter creates in its favour. 

  

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

  

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

  

	18.31	 Centre of main interests and establishments 

For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the
“Regulation”), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is not situated in the US (save for the Corporate Guarantor) or the United Kingdom and it has no “establishment” (as that
term is used in Article 2(h) of the Regulation) in any other jurisdiction. 
  

	18.32	 Place of business 

No Transaction Obligor has a place of business in the US (save for the Corporate Guarantor) or the United Kingdom and its head office
functions are carried out a the address stated in Schedule 1 Part A (The Obligors.) 
  

	18.33	 No employee or pension arrangements 

No Transaction Obligor has any employees or any liabilities under any pension scheme. 

 

	18.34	 Sanctions 

  

	(a)	 No Transaction Obligor: 

  

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

  

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

  

	 	(iii)	 owns or controls a Prohibited Person. 

 

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

  
 55 

	18.35	 US Tax Obligor 

No Transaction Obligor is a US Tax Obligor. 
  

	18.36	 Indentures 

The entry into this Agreement and the Security Documents by the Transaction Obligors and the borrowing of the Loan by the Borrower does
not breach section 4.10 (incurrence of indebtedness and issuance of disqualified stock and preferred stock) or any other provision of either Indenture. 
  

	18.37	 Ownership of the Corporate Guarantor 

Mrs Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or foundations of which she
is the beneficiary) is the ultimate beneficial owner of, or has ultimate control of the voting rights attaching to, at least 20 per cent. of all the issued shares in the Corporate Guarantor. 

 

	18.38	 Repetition 

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

	19	 INFORMATION UNDERTAKINGS 

 

	19.1	 General 

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

	19.2	 Financial statements 

The Obligors shall supply to the Facility Agent in sufficient copies for all the Lenders: 

 

	(a)	 in relation to the Borrower, as soon as they are filed with the relevant authorities, its annual audited consolidated
balance sheet and profit and loss accounts; 

  

	(b)	 in relation to the Corporate Guarantor, as soon as they become available, but in any event within:

  

	 	(i)	 180 days after the end of each of its financial years its annual audited consolidated financial statements for that
financial year; 

  

	 	(ii)	 90 days after the end of each 6-month period ending on 30 June its
unaudited financial statements for that financial half-year; 

  

	 	(iii)	 90 days after the end of each 3-month period ending on 31 March,
30 June and 30 September quarter its unaudited financial statements for that financial quarter; 

  

	(c)	 the financial statements required to be provided by the Obligors in relation to the Borrower or the Corporate Guarantor
under paragraphs (a) and (b) above shall include, or shall be supplemented by, updated details of all off balance sheet and time charter hire commitments. 

 

	19.3	 Compliance Certificate 

  
 56 

	(a)	 The Corporate Guarantor shall supply to the Facility Agent, with each set of financial statements delivered pursuant to sub-paragraph (iii) of paragraph (b) of 19.2 (Financial statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial
Covenants) as of the relevant Test Date. 

  

	(b)	 Each Compliance Certificate shall be signed by one director or officer of the Corporate Guarantor and, if required to be
delivered with the financial statements delivered pursuant to sub-paragraph (i) of paragraph (i) of Clause 19.2 (Financial statements), shall be reported on by the Obligor’s auditors in
the form agreed by the Obligor and all the Lenders before the date of this Agreement by the Obligor’s auditors. 

  

	19.4	 Requirements as to financial statements 

 

	(a)	 Each set of financial statements delivered by the Obligors pursuant to Clause 19.2 (Financial statements) shall
be certified by a director of the company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up if they have not
been filed with the US Securities and Exchange Commission. 

  

	(b)	 The Obligors shall procure that each set of financial statements of the Borrower and the Corporate Guarantor delivered
pursuant to Clause 19.2 (Financial statements) is prepared using the applicable GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for the Borrower
and the Corporate Guarantor unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in the applicable GAAP, the accounting practices or reference periods and, unless such change is
described in the filings made with the US Securities and Exchange Commission, its auditors (or, if appropriate, the auditors of the the Borrower and the Corporate Guarantor) deliver to the Facility Agent: 

 

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

 

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

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

	19.5	 Information: miscellaneous 

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

	(a)	 all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as
they are dispatched unless the contents of such communication have already been disclosed in the filings made with the US Securities and Exchange Commission; 

 

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

  
 57 

	(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 member of the Group and which might have a Material Adverse Effect; 

 

	(d)	 promptly, its constitutional documents where these have been amended or varied unless, in respect of the Corporate
Guarantor, these changes have been disclosed in the filings with the US Securities and Exchange Commission; 

  

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

 

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

 

	 	(ii)	 the Security Assets; 

  

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

 

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

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

 

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

  

	19.6	 Notification of Event of Default 

 

	(a)	 Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Facility Agent (i) of
any Event of Default (and the steps, if any, being taken to remedy it (including, without limitation, the occurrence of an Indenture Event of Default, in which case the Transaction Obligor shall also provide to the Facility Agent copies of all
demands or notices made or given in connection therewith) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor); and (ii) promptly upon becoming aware of
the same, of any breach of any Sanctions applicable to the Vessel, any Transaction Obligor or any party to any agreement relating to any Vessel. 

  

	(b)	 Promptly upon a request by the Facility Agent, the Borrower shall supply to the Facility 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). 

 

	19.7	 Use of websites 

  

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

  

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

  

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

  

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

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

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

  

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

 

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

 

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

 

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

  

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

  

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

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

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

  

	19.8	 “Know your customer” checks 

 

	(a)	 If: 

  

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

  

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

  

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

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

  
 59 

 prospective new Lender to carry out and be satisfied it has complied with all necessary
“know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

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

  

	20	 FINANCIAL COVENANTS 

  

	20.1	 Minimum liquidity 

The Obligors will ensure that at all times during the Security Period an amount not less than $650,000 (the “Minimum Liquidity
Amount”) shall: 
  

	(a)	 unless paragraph (b) below applies, be credited in its entirety to the Earnings Account; 

 

	(b)	 where the Borrower has opened and elected to place funds on the Time Deposit Account, be credited in its entirety to the
Time Deposit Account. 

  

	20.2	 Corporate Guarantor’s Financial Covenants 

The Corporate Guarantor shall ensure that at all times: 
  

	(a)	 at no time shall the Current Liabilities of the Group exceed its Current Assets; 

 

	(b)	 it will at all times maintain Liquidity in an aggregate amount of not less than $30,000,000; 

 

	(c)	 the Fixed Charge Coverage Ratio is at least 2.0 to 1.0; 

 

	(d)	 the Net Total Debt of the Group divided by its Total Assets shall at all times be less than 75 per cent.

  

	20.3	 Compliance Check 

Compliance with the undertakings contained in Clause 20.2 (Corporate Guarantor’s Financial Covenants) shall be determined on
each Test Date, with the first such determination to take place on 31 March 2018. 
  

	20.4	 Definitions 

For the purposes of this Clause 20 (Financial Covenants): 

“Current Assets” means at any time the amount shown in the Latest Accounts as “Current Assets”. 

“Current Liabilities” means the amount shown in the Latest Accounts as current or short term liabilities provided that
it shall include the short term portion of long term debt but shall exclude any balloon payments and debt related prepayments accounted as short term debt. 

“Fixed Charge Coverage Ratio” has the meaning ascribed to it in Schedule 11 (Indenture Definitions) and shall be
applied in accordance with the Refinanced Indenture. 
 “Latest Accounts” means, in respect of any financial quarter
or year of the Corporate Guarantor, the latest unaudited (in respect 

  
 60 

 of each financial quarter) or audited (in respect of each financial year) consolidated
financial statements required to be prepared pursuant to Clause (20.2 (Corporate Guarantor’s Financial Covenants). 

“Net Total Debt” means total debt as evidenced at any relevant time by the Latest Accounts, in which they shall have
been calculated in accordance with the applicable GAAP less unencumbered cash (which shall have the meaning given thereto under the applicable GAAP) of the Corporate Guarantor. 

“Test Date” means 31 March, 30 June, 30 September and 31 December, being the last day of the
financial quarter to which the Latest Accounts relate. 
 “Total Assets” means the total assets as evidenced at any
relevant time by the Latest Accounts, in which they shall have been calculated in accordance with the applicable GAAP adjusted (i) for charter free market values of vessels and (ii) by deducting unencumbered cash (which shall have the
meaning given thereto under the applicable GAAP). 
  

	21	 GENERAL UNDERTAKINGS 

  

	21.1	 General 

The undertakings in this Clause 21 (General Undertakings) remain in force throughout the Security Period except as the Facility
Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit. 
  

	21.2	 Authorisations 

Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly: 

 

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

 

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

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

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

 

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

  

	 	(iii)	 own and operate each Vessel (in the case of the Owners). 

 

	21.3	 Compliance with laws 

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

	21.4	 Environmental compliance 

Each Obligor shall, and shall procure that each other Transaction Obligor will, and the Corporate Guarantor shall ensure that each other
member of the Group will: 
  

	(a)	 comply with all Environmental Laws; 

 

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

  
 61 

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

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

 

	21.5	 Environmental claims 

Each Obligor shall, and shall procure that each other Transaction Obligor will, (through the Corporate Guarantor), promptly upon
becoming aware of the same, inform the Facility Agent in writing of: 
  

	(a)	 any Environmental Claim against any member of the Group which is current, pending or threatened; and

  

	(b)	 any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or
threatened against any member of the Group, 

 where the claim, if determined against that member of the Group, has
or is reasonably likely to have a Material Adverse Effect. 
  

	21.6	 Taxation 

  

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

  

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

 

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

  

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

  

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

  

	21.7	 Overseas companies 

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

	21.8	 Pari passu ranking 

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

  
 62 

	21.9	 Title 

  

	(a)	 Each Owner shall hold the legal title to, and own the entire beneficial interest in: 

 

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

 

	 	(ii)	 with effect on and from its creation or intended creation, any other assets the subject of any Transaction Security
created or intended to be created by the relevant Owner. 

  

	(b)	 The Corporate Guarantor shall hold the legal title to, and own the entire beneficial interest in with effect on and from
its creation or intended creation, any assets the subject of any Transaction Security created or intended to be created by the Corporate Guarantor. 

  

	21.10	 Negative pledge 

  

	(a)	 No Obligor shall (and the Corporate Guarantor shall ensure that no other member of the Group will) create or permit to
subsist any Security over any of its assets which are, in the case of members of the Group, the subject of the Security created or intended to be created by the Finance Documents. 

 

	(b)	 The Borrower in relation to any of its assets which are the subject of the Security created or intended to be created by
the Finance Documents shall not: 

  

	 	(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 a Transaction Obligor or any other member of the Group; 

  

	 	(ii)	 sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

 

	 	(iii)	 enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

  

	 	(iv)	 enter into any other preferential arrangement having a similar effect, 

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

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

 

	21.11	 Disposals 

Subject to Clause 23.16 (Restrictions on chartering, appointment of managers etc.), no Owner shall enter into a single
transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset which is the subject of the Security created or intended to be created by the Finance
Documents (including without limitation any Vessel owned by it, its Earnings or its Insurances). 
  

	21.12	 Merger 

No Obligor shall enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction except in circumstances where
the Corporate Guarantor is the surviving entity of any such event. 
  

	21.13	 Change of business 

  
 63 

	(a)	 The Corporate Guarantor shall procure that no substantial change is made to the general nature of the business of the
Corporate Guarantor or the Group from that carried on at the date of this Agreement. 

  

	(b)	 The Borrower shall not engage in any business other than the ownership of the Fleet Vessels and operation (including,
without limitation, chartering and managing) of the Fleet Vessels or any vessel owned by a member of the Group. 

  

	(c)	 Each Collateral Guarantor shall not engage in any business other than the ownership and operation of its Collateral
Vessel. 

  

	21.14	 Financial Indebtedness 

The Borrower shall not incur or permit to be outstanding any Financial Indebtedness except Permitted Financial Indebtedness and save as
disclosed in the Original Financial Statements of the Borrower. 
  

	21.15	 Expenditure 

The Borrower shall not incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating
(including, without limitation, chartering and managing), maintaining and repairing a Fleet Vessel or any vessel owned by a member of the Group. 
  

	21.16	 Share capital 

The Borrower shall not: 
  

	(a)	 purchase, cancel or redeem any of its share capital; 

 

	(b)	 increase or reduce its authorised share capital; 

 

	(c)	 issue any further shares except to the Shareholders (unless the provisions of the Negative Pledge are complied with);

  

	(d)	 appoint any further director or of the Borrower (unless the provisions of the Negative Pledge are complied with).

  

	21.17	 Dividends 

  

	(a)	 The Borrower shall not pay any dividend or make any other form of distribution or effect any form of redemption,
purchase or return of share capital if an Event of Default has occurred and is continuing at the relevant time or an Event of Default will result from the payment of a dividend or the making of any other form of distribution. 

 

	(b)	 The Corporate Guarantor may only make or pay any dividend or other distribution (in cash or in kind) in respect of its
share capital of up to $0.06 per share per annum in accordance with the provisions of the Indentures if no Event of Default has occurred or will result from the making or payment of such dividend or distribution and no waiver or relaxation of the
covenants contained in Clause 20.2 (Corporate Guarantor’s Financial Covenants) is in effect at the relevant time. 

  

	21.18	 Accounts 

The Borrower shall not, in relation to the Borrower Vessels, open or maintain any account with any bank or financial institution except
the Accounts. 
  

	21.19	 Other transactions 

  
 64 

 The Borrower shall not: 

 

	(a)	 be the creditor in respect of any loan or any form of credit to any person other than another Obligor and where such
loan or form of credit is Permitted Financial Indebtedness and save for as disclosed in the Original Financial Statements of the Borrower; 

  

	(b)	 save for the guarantees issued by the Borrower and the unsecured guarantee issued by each Collateral Guarantor in
respect of the Corporate Guarantor under the Indentures give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that
Obligor assumes any liability of any other person other than any guarantee or indemnity given under the Finance Documents or the Indentures. 

  

	(c)	 enter into any material agreement other than: 

 

	 	(i)	 the Transaction Documents; 

  

	 	(ii)	 any other agreement expressly allowed under any other term of this Agreement; and 

 

	(d)	 enter into any transaction on terms which are, in any respect, less favourable to the Borrower than those which it could
obtain in a bargain made at arms’ length; or 

  

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

  

	21.20	 Unlawfulness, invalidity and ranking; Security imperilled 

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

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

  

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

  

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

 

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

 

	(e)	 imperil or jeopardise the Transaction Security. 

 

	21.21	 Separate corporate existence 

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

	21.22	 Accounting reference date 

No Obligor shall change its year end accounting reference date. 

 

	21.23	 Securitisation 

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

  
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 Each Owner, if requested by the Facility Agent, shall provide documentation evidencing the
purchase price of the Vessel owned by it when acquired by the relevant Owner. 
  

	21.24	 Constitutional documents 

Without prejudice to Clause 21.16 (Share capital) and the terms of any Negative Pledge, no Obligor shall allow any amendment or
variation to its constitutional documents unless such amendment or variation would clearly be immaterial to this Agreement and the other Finance Documents. 
  

	21.25	 Further assurance 

  

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

  

	 	(i)	 to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right of any
kind created or intended to be created under or evidenced by the Finance Documents (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 Transaction Security) or for the exercise of any rights, powers and remedies of any of the Creditor Parties provided by or pursuant to the Finance Documents or by law; 

 

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

  

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

 

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

  

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

  

	(c)	 At the same time as an Obligor delivers to the Security Agent any document executed by itself or another Transaction
Obligor pursuant to this Clause 21.25 (Further assurance), that Obligor shall deliver, or shall procure that such other Transaction Obligor will deliver, to the Security Agent a certificate signed by two of that Obligor’s or Transaction
Obligor’s directors or officers (as appropriate) which shall: 

  

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

  
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	 	(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 (as appropriate) and is valid under that Obligor’s or Transaction Obligor’s articles of
incorporation, articles of association or other constitutional documents. 

  

	21.26	 Indentures 

Each Obligor shall comply with all obligations undertaken under the Refinanced Indenture which are set out in the Indenture Excerpt and
each Obligor further agrees that: 
  

	(a)	 any terms used in the Indenture Excerpt shall have the meanings ascribed thereto in the Indenture Definitions;

  

	(b)	 no waiver or variation of any term of either Indenture by any person shall waive or vary any Obligor’s obligation
hereunder to comply with the obligations in the Indenture Excerpt; 

  

	(c)	 each Obligor shall continue to be bound by its obligations as set out in the Indenture Excerpt following a Covenant
Defeasance or a Legal Defeasance (both terms as defined in the Secured Indenture) or other termination or cancellation of either Indenture; and 

  

	(d)	 the Corporate Guarantor will not vary any material term of either Indenture, Provided that the Corporate
Guarantor’s right of partial or full prepayment of either Indenture shall not be affected by the provisions of this paragraph (d). 

  

	21.27	 Collateral Shares Pledge 

If at any time during the Security Period the Collateral Facility Agreement has been repaid in full and the Security granted thereunder,
including the Collateral Existing Shares Pledges, has been released, the Collateral Guarantors shall procure that the Collateral Shares Pledges are executed in favour of the Security Agent within 15 days from the release of such Security and that
the Facility Agent has received documents and other evidence of the type referred to in Clauses 1 and 2 of Part A of Schedule 2 in all respects satisfactory to the Facility Agent. 

 

	22	 INSURANCE UNDERTAKINGS 

 

	22.1	 General 

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

	22.2	 Maintenance of obligatory insurances 

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

 

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

  

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

 

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

  
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	(d)	 freight, demurrage and defence; and 

 

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

 

	22.3	 Terms of obligatory insurances 

Each Owner shall effect such insurances in respect of the Vessel owned by it: 

 

	(a)	 in dollars; 

  

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

  

	 	(i)	 in relation to a Borrower Vessel: 

 

	 	(A)	 an amount which (when aggregated with the amounts for which any other vessels providing first priority security for the
Secured Liabilities are insured for such risks) equals 120 per cent. of the Loan; and 

  

	 	(B)	 the Market Value of that Borrower Vessel; 

 

	 	(ii)	 in relation to a Collateral Vessel: 

 

	 	(A)	 an amount which ensures compliance with clause 24.1 of the Collateral Facility Agreement; and 

 

	 	(B)	 the Market Value of that Collateral Vessel. 

 

	(c)	 in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to
time available under basic protection and indemnity club entry and in the international marine insurance market but such amount shall not be less than $1,000,000,000; 

 

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

 

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

  

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

  

	(g)	 on approved terms; and 

  

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

  

	22.4	 Further protections for the Finance Parties 

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

	(a)	 subject always to paragraph (b), name that Owner as the sole named insured unless the interest of every other named
insured is limited: 

  

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

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

  

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

  

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

 and
that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances; 

 

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

  

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

  

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

  

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

  

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

 

	22.5	 Renewal of obligatory insurances 

Each Owner shall: 
  

	(a)	 at least 10 days before the expiry of any obligatory insurance effected by it: 

 

	 	(i)	 notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks
association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; and 

  

	 	(ii)	 obtain the Facility Agents’ approval to the matters referred to in
sub-paragraph (i) of paragraph (a) above; 

  

	(b)	 at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the
Facility Agent’s approval pursuant to paragraph (a) above; and 

  

	(c)	 procure that the Approved Brokers and/or the approved war risks and protection and indemnity associations with which
such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions of the renewal. 

  

	22.6	 Copies of policies; letters of undertaking 

Each Owner shall ensure that the Approved Brokers provide the Security Agent with: 

  
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	(a)	 pro forma copies of all policies relating to the obligatory insurances which they are to effect or renew; and

  

	(b)	 a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved
Brokers that: 

  

	 	(i)	 they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment
complying with the provisions of Clause 22.4 (Further protections for the Finance Parties); 

  

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

  

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

  

	 	(iv)	 they will, if they have not received notice of renewal instructions from the relevant Owner or its agents, notify the
Security Agent not less than 14 days before the expiry of the obligatory insurances; 

  

	 	(v)	 if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the
terms of the instructions; 

  

	 	(vi)	 they will not set off against any sum recoverable in respect of a claim relating to the Vessel owned by that Owner under
such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Vessel or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such
premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and 

 

	 	(vii)	 they will arrange for a separate policy to be issued in respect of the Vessel owned by that Owner forthwith upon being
so requested by the Facility Agent. 

  

	22.7	 Copies of certificates of entry 

Each Owner shall ensure that any protection and indemnity and/or war risks associations in which the Vessel owned by it is entered
provide the Security Agent with: 
  

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

 

	(b)	 a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of
Majority Lenders; and 

  

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

  

	22.8	 Deposit of original policies 

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

	22.9	 Payment of premiums 

Each Owner shall punctually 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 Facility Agent or the Security Agent. 

  
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	22.10	 Guarantees 

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

	22.11	 Compliance with terms of insurances 

 

	(a)	 Each Owner shall not do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might
render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part. 

 

	(b)	 Without limiting paragraph (a) above, each Owner shall: 

 

	 	(i)	 take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory
insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 22.6 (Copies of policies; letters of undertaking)) ensure that the obligatory
insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval; 

  

	 	(ii)	 not make any changes relating to the classification or classification society or manager or operator of the Vessel owned
by it unless approved by the underwriters of the obligatory insurances; 

  

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

  

	 	(iv)	 not employ the Vessel owned by it, nor allow it to be employed, otherwise than in conformity with the terms and
conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	22.12	 Alteration to terms of insurances 

No Owner shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory
insurance. 
  

	22.13	 Settlement of claims 

Each Owner shall: 
  

	(a)	 not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and

  

	(b)	 do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or
recover any moneys which at any time become payable in respect of the obligatory insurances. 

  

	22.14	 Provision of copies of communications 

Each Owner shall provide the Security Agent, at the time of each such communication, with copies of all written communications between
that Owner and: 
  

	(a)	 the Approved Brokers; 

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

 

	(c)	 the approved insurance companies and/or underwriters, 

which relate directly or indirectly to: 
  

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

  

	 	(ii)	 any credit arrangements made between that Owner and any of the persons referred to in paragraphs (a) or (b) above
relating wholly or partly to the effecting or maintenance of the obligatory insurances. 

  

	22.15	 Provision of information 

Each Owner shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility
Agent (or any such designated person) requests for the purpose of: 
  

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

  

	(b)	 effecting, maintaining or renewing any such insurances as are referred to in Clause 22.16 (Mortgagee’s interest,
additional perils and mortgagee’s rights insurances) or dealing with or considering any matters relating to any such insurances, 

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

	22.16	 Mortgagee’s interest, additional perils and mortgagee’s rights insurances 

The Security Agent shall be entitled from time to time to effect, maintain and renew: 

 

	(a)	 a mortgagee’s interest insurance in an amount equal to 120 per cent. of the Loan; 

 

	(b)	 a mortgagee’s interest additional perils insurance in an amount equal to 120 per cent. of the Loan;

  

	(c)	 a mortgagee’s rights insurance in an amount equal to 110 per cent. of the Loan, 

and the Borrower shall upon demand fully indemnify the Finance Parties in respect of all premiums and other expenses which are incurred
in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 
  

	23	 VESSEL UNDERTAKINGS 

  

	23.1	 General 

The undertakings in this Clause 23 (Vessel Undertakings) remain in force on and from the Drawdown Date and throughout the rest of
the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit. 
  

	23.2	 Vessel’s names and registration 

Each Owner shall, in respect of the Vessel owned by it: 

  
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	(a)	 keep that Vessel registered in its name under the Approved Flag from time to time at its port of registration;

  

	(b)	 not do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled;
and 

  

	(c)	 not change the name of that Vessel without prior notification to, and consent of, the Facility Agent.

  

	23.3	 Repair and classification 

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

 

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

 

	(b)	 so as to maintain the Approved Classification free of overdue recommendations and conditions affecting that
Vessel’s class. 

  

	23.4	 Modifications 

Each Owner shall not make any modification or repairs to, or replacement of, the Vessel owned by it or equipment installed on it which
would or might materially alter the structure, type or performance characteristics of that Vessel or materially reduce its value. 
  

	23.5	 Removal and installation of parts 

 

	(a)	 Subject to paragraph (b) below, no Owner shall remove any material part of the Vessel owned by it , or any item of
equipment installed on that Vessel unless: 

  

	 	(i)	 the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better
condition than the part or item removed; 

  

	 	(ii)	 the replacement part or item is free from any Security in favour of any person other than the Security Agent; and

  

	 	(iii)	 the replacement part or item becomes, on installation on that Vessel, the property of the relevant Owner and subject to
the security constituted by the Mortgage, the Collateral Mortgage and the Collateral Deed of Covenant (as applicable). 

  

	(b)	 Each Owner may install equipment owned by a third party if the equipment can be removed without any risk of damage to
the Vessel owned by it. 

  

	23.6	 Surveys 

The Owner shall submit the Vessel owned by it regularly to all periodic or other surveys which may be required for classification
purposes and, if so required by the Facility Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey reports. 
  

	23.7	 Inspection 

  

	(a)	 At the request of the Facility Agent, each Owner shall permit the Security Agent (acting through surveyors or other
persons appointed by it for that purpose) to board the Vessel owned by it at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections
Provided that such technical survey shall not interfere with the ordinary trading of the Vessel owned by it (unless an Event of Default is in existence at the relevant time). 

  
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	(b)	 The cost of all inspections under this Clause 23.7 (Inspection) shall be for the account of the Owners but no
more than once during each calendar year, unless a Default has occurred in which case any additional inspection will be at the Owners’ cost. 

  

	23.8	 Prevention of and release from arrest 

 

	(a)	 Each Owner shall promptly discharge: 

 

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

  

	 	(ii)	 all Taxes, dues and other amounts charged in respect of the Vessel owned by it, its Earnings or its Insurances; and

  

	 	(iii)	 all other outgoings whatsoever in respect of the Vessel owned by it, its Earnings or its Insurances.

  

	(b)	 Each Borrower shall immediately upon receiving notice of the arrest of the Vessel owned by it or of its detention in
exercise or purported exercise of any lien or claim, take all steps necessary to procure its release by providing bail or otherwise as the circumstances may require. 

 

	23.9	 Compliance with laws etc. 

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

 

	(a)	 comply, or procure compliance with all laws or regulations: 

 

	 	(i)	 relating to its business generally; and 

 

	 	(ii)	 relating to the relevant Vessel, its ownership, employment, operation, management and registration,

 including, but not limited to, the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of
the Approved Flag; 
  

	(b)	 obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental Approvals;

  

	(c)	 without limiting paragraph (a) above, not employ any Vessel nor allow its employment, operation or management in
any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions; and 

  

	(d)	 not appoint any manager or agent to manage the Vessel owned by it unless such party undertakes to procure that any
agreement entered into relating to the management, employment or operation of that Vessel contains a clause in which the counterparty undertakes to comply with all Sanctions. 

 

	23.10	 ISPS Code 

Without limiting paragraph (a) of Clause 23.9 (Compliance with laws etc.), each Ownerr shall in relation to the Vessel owned
by it: 
  

	(a)	 procure that that Vessel and the company responsible for that Vessel’s compliance with the ISPS Code comply with
the ISPS Code; and 

  

	(b)	 maintain an ISSC for that Vessel; and 

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

  

	23.11	 Sanctions and Vessel trading 

Without limiting Clause 23.9 (Compliance with laws etc.), each Owner shall procure in relation to the Vessel owned by it: 

 

	(a)	 that Vessel it shall not be used by or for the benefit of a Prohibited Person; 

 

	(b)	 that Vessel shall not be used in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions if
Sanctions were binding on each Transaction Obligor); and 

  

	(c)	 that Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion
clause (or similar) in the Insurances. 

  

	23.12	 Trading in war zones 

In the event of hostilities in any part of the world (whether war is declared or not), each Owner shall not cause or permit the Vessel
owned by it to enter or trade to any zone which is declared a war zone by any government or by that Vessel’s war risks insurers unless: 
  

	(a)	 the prior written consent of the Security Agent acting on the instructions of the Majority Lenders has been given; and

  

	(b)	 that Owner has (at its expense) effected any special, additional or modified insurance cover which the Security Agent
acting on the instructions of the Majority Lenders may require. 

  

	23.13	 Monitoring 

  

	(a)	 Each Owner shall (or shall procure that any Charterer, the Approved Manager and the Approved Collateral Manager shall)
allow the Security Agent (or its agents), at any time and from time to time, to access all information pertaining to the Vessel owned by it (including the movement of that Vessel) using any and all available means. 

 

	(b)	 All costs incurred by the Security Agent (and any of its agents) under paragraph (a) of Clause 23.13
(Monitoring) above shall be for the account of the Lenders. 

  

	23.14	 Provision of information 

Without prejudice to Clause 19.5 (Information: miscellaneous) each Owner shall in relation to the Vessel owned by itpromptly
provide the Facility Agent with any information which it requests regarding: 
  

	(a)	 that Vessel, its employment, position and engagements; 

 

	(b)	 that Vessel’s Earnings and payments and amounts due to its master and crew; 

 

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

  

	(d)	 any towages and salvages; and 

 

	(e)	 its compliance, the Approved Manager’s and the Approved Collateral Manager’s compliance and the compliance of
that Vessel with the ISM Code and the ISPS Code, 

 and, upon the Facility Agent’s request, each Owner shall
promptly provide copies of class records, any inspection reports obtained for the Vessel owned by it, any current Charter 

  
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 relating to that Vessel, any current guarantee of any such Charter, that Vessel’s
Safety Management Certificate and any relevant Document of Compliance. 
  

	23.15	 Notification of certain events 

Each Owner shall, in relation to the Vessel owned by it, immediately notify the Facility Agent by fax, confirmed forthwith by letter,
of: 
  

	(a)	 any casualty to that Vessel which is or is likely to be or to become a Major Casualty; 

 

	(b)	 any occurrence as a result of which that Vessel has become or is, by the passing of time or otherwise, likely to become
a Total Loss; 

  

	(c)	 any requisition of that Vessel for hire; 

 

	(d)	 any requirement or recommendation made in relation to that Vessel by any insurer or classification society or by any
competent authority which is not immediately complied with; 

  

	(e)	 any arrest or detention of that Vessel, any exercise or purported exercise of any lien on that Vessel or its Earnings or
any requisition of that Vessel for hire; 

  

	(f)	 any unscheduled dry docking of that Vessel; 

 

	(g)	 any Environmental Claim made against that Owner or in connection with that Vessel, or any Environmental Incident;

  

	(h)	 any claim for breach of the ISM Code or the ISPS Code being made against that Owner, an Approved Manager, an Approved
Collateral Manager or otherwise in connection with that Vessel; or 

  

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

 and the Owner shall keep the Facility Agent advised in writing on a regular
basis and in such detail as the Facility Agent shall require as to that Owner’s, any such Approved Manager’s, any such Approved Collateral Manager or any other person’s response to any of those events or matters. 

 

	23.16	 Restrictions on chartering, appointment of managers etc. 

No Owner shall, in relation to the Vessel owned by it: 
  

	(a)	 enter into any time, voyage or consecutive voyage charter in respect of the Vessel other than a Permitted Charter, the
Initial Charter and any Assignable Charter Provided that a Charterparty Assignment has been executed in respect of that Assignable Charter and the Facility Agent has received documents and other evidence of the type referred to in Clauses 1
and 2 of Part A of Schedule 2 in all respects satisfactory to the Facility Agent; 

  

	(b)	 change in any material respect, cancel or terminate (or purport to so change, cancel or terminate), the Initial Charter,
any Permitted Charter which has a duration of 12 months or more or any Charter Guarantee in respect of such a Permitted Charter or the Initial Charter; 

  

	(c)	 change, cancel or terminate a Management Agreement; 

 

	(d)	 appoint a manager of that Vessel other than an Approved Manager or the Approved Collateral Manager (as applicable);

  

	(e)	 de activate or lay up that Vessel; or 

  
 76 

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

  

	23.17	 Notice of Mortgage or Collateral Mortgage 

 

	(a)	 The Borrower shall keep each Mortgage registered against the relevant Borrower Vessel as a valid first preferred
mortgage, carry on board the relevant Borrower Vessel a certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the master’s cabin of that Borrower Vessel a framed printed notice stating that
that Borrower Vessel is mortgaged by the Borrower to the Security Agent. 

  

	(b)	 Each Collateral Guarantor shall keep the relevant Collateral Mortgage registered against the relevant Collateral Vessel
as a valid second priority mortgage, carry on board the relevant Collateral Vessel a certified copy of that Collateral Mortgage and place and maintain in a conspicuous place in the navigation room and the master’s cabin of that Collateral
Vessel a framed printed notice stating that that Collateral Vessel is mortgaged by the Owner of that Colalteral Vessel to the Security Agent. 

  

	23.18	 Sharing of Earnings 

No Owner shall enter into any agreement or arrangement for the sharing of any Earnings other than any profit sharing arrangements on
arm’s length terms. 
  

	23.19	 Nuclear materials 

No Owner shall permit the Vessel owned by it to carry any nuclear material or any nuclear waste. 

 

	23.20	 Notification of compliance 

Each Owner shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that
it is complying with this Clause 23 (Vessel Undertakings). 
  

	23.21	 Charterparty Assignment 

 

	(a)	 The Borrower shall enter into a Charterparty Assignment in respect of the Initial Charter and the assignment
contemplated thereunder shall be notified to the Initial Charterer and any charter guarantor in accordance with the terms of that Charterparty Assignment and the Borrower shall use its commercially reasonable endeavours to obtain an acknowledgment
of that Charterparty Assignment from the Initial Charterer and/or charter guarantor, and shall additionally deliver to the Facility Agent such other documents equivalent to those referred to at paragraphs 1.2, 1.3, 1.5 and 1.8 of Schedule 2, Part A
as the Facility Agent may require. 

  

	(b)	 Each Owner shall, in respect of the Vessel owned by it, promptly after its entry into any Assignable Charter, enter into
a Charterparty Assignment in respect of that Assignable Charter and the assignment contemplated thereunder shall be notified to the relevant Charterer and any charter guarantor in accordance with the terms of such Charterparty Assignment and each
Owner shall use its commercially reasonable endeavours to obtain an acknowledgment of that Charterparty Assignment from the relevant Charterer and/or charter guarantor, and shall additionally deliver to the Facility Agent such other documents
equivalent to those referred to at paragraphs 1.2, 1.3, 1.5 and 1.8 of Schedule 2, Part A as the Facility Agent may require. 

  
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	24	 SECURITY COVER 

  

	24.1	 Minimum required security cover 

Clause 24.2 (Provision of additional security; prepayment) applies if the Facility Agent notifies the Borrower that: 

 

	(a)	 the aggregate Market Value of the Vessels (after deducting, in the case of the Collateral Vessels, that part of the
Market Value of those Vessels which results in compliance with the requirements of clause 24.1 of the Collateral Loan Agreement); and 

  

	(b)	 the net realisable value of additional Security previously provided under this Clause 24.1 (Minimum required security
cover), 

 is below, 135 per cent. of the Loan. 

 

	24.2	 Provision of additional security; prepayment 

 

	(a)	 If the Facility Agent serves a notice on the Borrower under Clause 24.1 (Minimum required security cover), the
Borrower or the Corporate Guarantor shall, on or before the date falling one Month after the date on which the Facility Agent’s notice is served (the “Prepayment Date”), prepay such part of the Loan as shall eliminate the
shortfall. 

  

	(b)	 The Borrower or the Corporate Guarantor may, instead of making a prepayment as described in paragraph (a) above,
provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders: 

 

	 	(i)	 has a net realisable value at least equal to the shortfall; and 

 

	 	(ii)	 is documented in such terms as the Facility Agent may approve or require, 

before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment
obligation. 
  

	24.3	 Value of additional vessel security 

The net realisable value of any additional security which is provided under Clause 24.2 (Provision of additional security;
prepayment) and which consists of Security over a vessel shall be the Market Value of the vessel concerned after deducting the amount of any indebtedness (other than Secured Liabilities) which is secured by Security over that vessel. 

 

	24.4	 Valuations binding 

Any valuation under this Clause 24 (Security Cover) shall be binding and conclusive as regards the Owners. 

 

	24.5	 Provision of information 

 

	(a)	 Each Owner shall promptly provide the Facility Agent and any shipbroker acting under this Clause 24 (Security
Cover) with any information which the Facility Agent or the shipbroker may request for the purposes of the valuation. 

  

	(b)	 If an Owner fails to provide the information referred to in paragraph (a) above by the date specified in the
request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers prudent. 

  
 78 

	24.6	 Prepayment mechanism 

Any prepayment pursuant to Clause 24.2 (Provision of additional security; prepayment) shall be made in accordance with the
relevant provisions of Clause 7 (Prepayment and Cancellation) and shall be treated as a voluntary prepayment pursuant to Clause 7.3 (Voluntary prepayment of Loan). 

 

	24.7	 Provision of valuations 

 

	(a)	 For the purpose of the Drawdown and subject to paragraph (b) below, the Market Value of any Vessel shall be
determined by reference to one valuation of that Vessel as given by an Approved Valuer selected and appointed by the Owners and addressed to the Facility Agent. 

 

	(b)	 If requested by the Facility Agent in relation to paragraph (a) above, a second Approved Valuer shall be selected
by the Facility Agent, appointed by the Borrowers and its valuation shall be addressed to the Facility Agent, and the Market Value of that Vessel shall be the arithmetic average of the two valuations. 

 

	(c)	 If one such valuation in respect of a Vessel obtained pursuant to paragraphs (a) and (b) above differs by at least
10 per cent. from the lower valuation, then a third valuation for that Vessel shall be obtained from a third Approved Valuer selected by the Facility Agent, appointed by the Borrowers and such valuation shall be addressed to the Facility Agent
and the Market Value of that Vessel shall be the arithmetic average of all three such valuations. 

  

	(d)	 Subject to paragraph (f) below, the Facility Agent shall be entitled to test the security cover requirement under
Clause 24.1 (Minimum required security cover) by reference to the Market Value of any Vessel as determined in accordance with paragraphs (a) to (c) above, quarterly during the Security Period. 

 

	(e)	 Each of the valuations referred to at paragraphs (a), (b) and (c) above shall be obtained not more than 30 days
before the relevant Drawdown Date, while each of the valuations referred to in paragraph (d) above shall be obtained not more than 30 days before the Test Date of the relevant quarter. 

 

	(f)	 The Facility Agent may at any time after a Default has occurred and is continuing obtain valuations of the Vessel and
any other vessel over which additional security has been created in accordance with Clause 24.2 (Provision of additional security; prepayment) from Approved Valuers to enable the Facility Agent to determine the Market Values of the Vessel and
any other vessel. 

  

	(g)	 The valuations referred to in paragraph (a), (b), (c),(f) shall be obtained at the cost and expense of the Borrower and
the Borrower shall within three Business Days of demand by the Facility Agent pay to the Facility Agent all costs and expenses incurred by it in obtaining any such valuation. 

 

	25	 ACCOUNTS AND APPLICATION OF EARNINGS 

 

	25.1	 Account bank 

Subject to Clause 25.9 (Location of Accounts), each Account must be held with the Account Bank. 

 

	25.2	 Accounts 

  

	(a)	 The Borrower must operate each Account in accordance with this Clause 25 (Accounts and Application of Earnings)
and the provisions of the Account Security. 

  

	(b)	 Account Security must be provided in respect of any Account opened after the date of this Agreement.

  
 79 

	25.3	 Payments into the Time Deposit Account 

Upon opening the Time Deposit Account and the execution of Account Security in relation to such Account, the Borrower may, provided that
there is no Event of Default which is continuing, transfer the Minimum Liquidity Amount from the Earnings Account to the Time Deposit Account. 
  

	25.4	 Payments out of the Time Deposit Account 

 

	(a)	 The Security Agent shall instruct the Account Bank to transfer any amount standing to the credit of the Time Deposit
Account: 

  

	 	(i)	 on expiry of the term of the deposit on the Time Deposit Account, at the Borrower’s request, in accordance with the
provisions of the Account Bank’s Terms and Conditions; or 

  

	 	(ii)	 at any time (subject to the payment of any break costs payable in accordance with the terms of the deposit), to meet the
Borrower’s prepayment obligations under any of Clauses 7.1 (Illegality)or 7.4 (Mandatory prepayment on sale, arrest or Total Loss), 

Provided that in each case: 
  

	 	(A)	 there is no Event of Default which is continuing; and 

 

	 	(B)	 no breach of Clause 20.1 (Minimum liquidity) has occurred or will occur as a result of such transfer.

  

	(b)	 Where no transfer can be made as a result of the proviso under paragraph (a) above, interest shall be payable on
the amount then standing to the credit of the Time Deposit Account at the Account Bank’s discretion and in accordance with market standard conditions at that time. 

 

	(c)	 In the event of any conflict between the provisions of the Terms and Conditions and this Agreement, this Agreement shall
prevail. 

  

	25.5	 Payment of Earnings 

The Borrower shall ensure that, subject only to the provisions of the General Assignments, all the Earnings are paid in to the Earnings
Account. 
  

	25.6	 Application of Earnings 

The Borrower shall transfer from the Earnings Account to the Facility Agent: 

 

	(a)	 on each Repayment Date, the amount of the Repayment Instalment then due on the Repayment Date; and

  

	(b)	 on the last day of each Interest Period, the amount of interest then due on that date; and 

 

	(c)	 on any day on which an amount is otherwise due from the Borrower under a Finance Document, an amount necessary to meet
that due amount, 

 and the Borrower irrevocably authorizes and instructs: 

 

	 	(i)	 the Account Bank to make those transfers in accordance with the instructions of the Facility Agent (copied to the
Security Agent, who, as security taker under the Accounts Security, agrees for itself and on behalf of the other pledgees that such transfers may be made); 

  
 80 

	 	(ii)	 the Facility Agent to apply the transferred amounts in payment of the relevant Repayment Instalment, interest amount or
other amount due. 

  

	25.7	 Shortfall in Earnings 

 

	(a)	 If the credit balance on the Earnings Account is insufficient to pay any relevant Repayment Instalment, the Borrower
shall make up the amount of the insufficiency on demand from the Facility Agent. 

  

	(b)	 The Borrower may not make up all or any part of the insufficiency from the Minimum Liquidity Amount.

  

	25.8	 Application of funds 

Until an Event of Default occurs, the Facility Agent shall on each Repayment Date and on each Interest Payment Date distribute to the
Finance Parties in accordance with Clause 33.2 (Distributions by the Facility Agent) so much of the then balance on the Earnings Account as equals: 
  

	(a)	 the Repayment Instalment due on that Repayment Date; and 

 

	(b)	 the amount of interest payable on that Interest Payment Date, 

in discharge of the Borrower’s liability for that Repayment Instalment or that interest. 

 

	25.9	 Location of Accounts 

The Borrower shall promptly: 
  

	(a)	 comply with any requirement of the Facility Agent as to the location or relocation of the Accounts (or any of them); and

  

	(b)	 execute any documents which the Facility Agent specifies to create or maintain in favour of the Security Agent Security
over (and/or rights of set-off, consolidation or other rights in relation to) each Account. 

  

	25.10	 Miscellaneous Accounts provisions 

 

	(a)	 No Finance Party is responsible or liable to any Transaction Obligor for: 

 

	 	(i)	 any non-payment of any liability of a Transaction Obligor which could be paid
out of moneys standing to the credit of the Earnings Account; or 

  

	 	(ii)	 any withdrawal wrongly made, if made in good faith. 

 

	26	 EVENTS OF DEFAULT 

  

	26.1	 General 

Each of the events or circumstances set out in this Clause 26 (Events of Default) is an Event of Default except for Clause 26.18
(Acceleration) and Clause 26.19 (Enforcement of security). 
  

	26.2	 Non-payment 

A Transaction 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: 

  
 81 

	 	(i)	 administrative or technical error; or 

 

	 	(ii)	 a Disruption Event; and 

  

	(b)	 payment is made within five Business Days of its due date. 

 

	26.3	 Specific obligations 

A breach occurs of Clause 4.5 (Waiver of conditions precedent), Clause 20 (Financial Covenants), Clause 21.9
(Title), Clause 21.10 (Negative pledge), Clause 21.20 (Unlawfulness, invalidity and ranking; Security imperilled), Clause 22.2 (Maintenance of obligatory insurances), Clause 22.3 (Terms of obligatory insurances),
Clause 22.5 (Renewal of obligatory insurances), Clause 23.9 (Compliance with laws etc.) in relation to Sanctions or Clause 24 (Security Cover). 
  

	26.4	 Other obligations 

  

	(a)	 A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred to in
Clause 26.2 (Non-payment) and Clause 26.3 (Specific obligations)). 

  

	(b)	 No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is
remedied within fifteen days of the Facility Agent giving notice to the Borrower or (if earlier) any Transaction Obligor becoming aware of the failure to comply. 

 

	26.5	 Misrepresentation 

Any representation or statement made or deemed to be made by a Transaction Obligor in the Finance Documents or any other document
delivered by or on behalf of any Transaction Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made. 

 

	26.6	 Cross default 

  

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

  

	(b)	 Any Financial Indebtedness of any Transaction Obligor is declared to be or otherwise becomes due and payable prior to
its specified maturity as a result of an event of default (however described) unless the relevant Transaction Obligor is contesting the declaration of an event of default or of the Financial Indebtedness becoming due and payable in good faith and on
substantial grounds by appropriate proceedings and adequate reserves (in the reasonable opinion of the Facility Agent) have been set aside for its payment if such proceedings fail. 

 

	(c)	 Any commitment for any Financial Indebtedness of any Transaction Obligor is cancelled 

or suspended by a creditor of that Transaction Obligor as a result of an event of default (however described). 

 

	(d)	 Any creditor of any Transaction Obligor becomes entitled to declare any Financial Indebtedness of that Transaction
Obligor due and payable prior to its specified maturity as a result of an event of default (however described) unless the relevant Transaction Obligor is contesting the declaration of an event of default or of the Financial Indebtedness becoming due
and payable in good faith and on substantial grounds by appropriate proceedings and adequate reserves (in the reasonable opinion of the Facility Agent) have been set aside for its payment if such proceedings fail. 

 

	(e)	 No Event of Default will occur under this Clause 26.6 (Cross default) in respect of a person other than an Owner
if the aggregate amount of Financial Indebtedness or commitment for 

  
 82 

	 	 
Financial Indebtedness falling within paragraphs (a) to (d) above is less than $10,000,000 (or, in each case, its equivalent in any other currency) in aggregate. 

 

	26.7	 Insolvency 

  

	(a)	 A Transaction Obligor: 

  

	 	(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. 

 

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

  

	26.8	 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 Transaction Obligor; 

  

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

  

	 	(iii)	 the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar
officer in respect of any Transaction Obligor or any of its assets; or 

  

	 	(iv)	 enforcement of any Security over any assets of any Transaction Obligor, 

or any analogous procedure or step is taken in any jurisdiction. 

 

	(b)	 Paragraph (a) above shall not apply to any winding-up petition which is
frivolous or vexatious and is discharged, stayed or dismissed within 30 days of commencement. 

  

	26.9	 Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or
assets of an Obligor (other than an arrest or detention of the Vessel in which case paragraph (ii) of Clause 7.4 (Mandatory prepayment on sale, arrest or Total Loss) shall apply). 

 

	26.10	 Ownership of the Corporate Guarantor and the Borrower 

A Change of Control has occurred, without the prior consent of the Majority Lenders, after the date of this Agreement. 

 

	26.11	 Unlawfulness, invalidity and ranking 

 

	(a)	 It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance Documents.

  

	(b)	 Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid, binding or
enforceable. 

  
 83 

	(c)	 Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any
Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective. 

  

	(d)	 Any Transaction Security proves to have ranked after, or loses its priority to, any other Security unless by operation
of law. 

  

	26.12	 Security imperilled; flag instability 

 

	(a)	 Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.

  

	(b)	 The state of the Approved Flag of any Vessel is or becomes involved in hostilities or civil war or there is a seizure of
power in such state by unconstitutional means, or any other event occurs in relation to a Vessel, the Mortgage, the Collateral Mortgage or the Approved Flag and in the reasonable opinion of the Facility Agent such event is likely to have a Material
Adverse Effect unless the relevant Owner, within 30 days of the occurrence of such event (or such longer period as may be agreed by the Facility Agent acting with the authorisation of the Lenders) re-registers
that Vessel on an alternative flag approved pursuant to Clause 23.2 (Vessel’s names and registration) and subject to: 

  

	 	(i)	 that Vessel remaining subject to Security created by a first priority or preferred ship mortgage or second priority or
preferred ship mortgage (as applicable) on the Vessel and, if appropriate, a first or, as the case may be, second priority deed of covenant collateral to that mortgage (or equivalent first or, as the case may be, second priority security) on
substantially the same terms as the Mortgage or the Collateral Mortgage (as applicable) and if applicable, a Collateral Deed of Covenant and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the
Lenders, shall reasonably approve or require; and 

  

	 	(ii)	 the execution of such other documentation amending and supplementing the Finance Documents, as the Facility Agent,
acting with the authorisation of the Lenders, shall reasonably approve or require. 

  

	26.13	 Cessation of business 

Any member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its
business. 
  

	26.14	 Expropriation 

The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any
seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets other than: 

 

	(a)	 an arrest or detention of a Vessel (in which case paragraph (ii) of Clause 7.4 (Mandatory prepayment on sale,
arrest or Total Loss) shall apply); or 

  

	(b)	 any Requisition. 

  

	26.15	 Repudiation and rescission of agreements 

A Transaction Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction
Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security. 

  
 84 

	26.16	 Litigation 

Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or
threatened, or any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body is made, in relation to any of the Transaction Documents or the transactions contemplated in
any of the Transaction Documents or against any member of the Group or its assets which has or is reasonably likely to have a Material Adverse Effect. 
  

	26.17	 Material adverse change 

Any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect. 

 

	26.18	 Acceleration 

On and at any time after the occurrence of an Event of Default the Facility Agent may, and shall if so directed by the Majority Lenders,
by notice to the Borrower: 
  

	(a)	 cancel the Total Commitments, whereupon they shall immediately be cancelled; 

 

	(b)	 declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under
the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or 

  

	(c)	 declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by
the Facility Agent acting on the instructions of the Majority Lenders, 

 and the Facility Agent may serve notices
under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may take any action referred to in Clause 26.19 (Enforcement of security) if no such notice is served or simultaneously with or at any
time after the service of any of such notice. 
  

	26.19	 Enforcement of security 

On and at any time after the occurrence of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders,
take any action which, as a result of the Event of Default or any notice served under Clause 26.18 (Acceleration), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation. 

  
 85 

 SECTION 9 

CHANGES TO PARTIES 
  

	27	 CHANGES TO THE LENDERS 

 

	27.1	 Assignments and transfers by the Lenders 

Subject to this Clause 27 (Changes to the Lenders), a Lender (the “Existing Lender”) may: 

 

	(a)	 assign any of its rights; or 

 

	(b)	 transfer by novation any of its rights and obligations, 

under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in
or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the “New Lender”). 
  

	27.2	 Conditions of assignment or transfer 

 

	(a)	 A notice to and the consent of the Borrower is required for an assignment or transfer by an Existing Lender, unless the
assignment or transfer is: 

  

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

 

	 	(ii)	 if the Existing Lender is a fund, to a fund which is a Related Fund; or 

 

	 	(iii)	 made at a time when an Event of Default has occurred. 

 

	(b)	 The consent of the Borrower to an assignment or transfer may not be unreasonably withheld or delayed. The Borrower will
be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by the Borrower within that time. 

 

	(c)	 The consent of the Borrower to an assignment or transfer may not be withheld solely because the assignment or transfer
may result in an increase to any amount payable under Clause 14.3 (Mandatory Cost). 

  

	(d)	 The consent of the Facility Agent is required for an assignment or transfer by an Existing Lender, such consent not to
be unreasonably withheld. 

  

	(e)	 An assignment will only be effective on: 

 

	 	(i)	 receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New
Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Creditor Parties as it would have been under if it were an Original Lender; and 

 

	 	(ii)	 performance by the Facility Agent of all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender. 

 

	(f)	 A transfer will only be effective if the procedure set out in Clause 27.5 (Procedure for transfer) is complied
with. 

  
 86 

	(g)	 If: 

  

	 	(i)	 a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility
Office; and 

  

	 	(ii)	 as a result of circumstances existing at the date the assignment, transfer or change occurs, a Transaction Obligor would
be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross Up and Indemnities) or under that clause as incorporated by reference or in full in any other Finance Document or
Clause 13 (Increased Costs), 

 then the New Lender or Lender acting through its new Facility Office is only
entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (g) shall not
apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility. 
  

	(h)	 Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of
doubt, that: 

  

	 	(A)	 the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf
of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the
Existing Lender would have been had it remained a Lender; and 

  

	 	(B)	 it has received a copy of each of the Security Documents which are governed by German law and which are account pledges,
is aware of the contents of such account pledges and expressly consents to the declarations of the Security Agent made on behalf of the New Lender (as future pledgee) in such account pledges. 

 

	27.3	 Assignment or transfer fee 

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a
fee of $5,000. 
  

	27.4	 Limitation of responsibility of Existing Lenders 

 

	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 

  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction Security
or any other documents; 

  

	 	(ii)	 the financial condition of any Transaction Obligor; 

 

	 	(iii)	 the performance and observance by any Transaction Obligor of its obligations under the Transaction Documents or any
other documents; or 

  

	 	(iv)	 the accuracy of any statements (whether written or oral) made in or in connection with any Transaction Document or any
other document, 

 and any representations or warranties implied by law are excluded. 

 

	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties and the Creditor Parties that it:

  
 87 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of the financial condition and
affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with
any Transaction Document or the Transaction Security; and 

  

	 	(ii)	 will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor and its related
entities throughout the Security Period. 

  

	(c)	 Nothing in any Finance Document obliges an Existing Lender to: 

 

	 	(i)	 accept a re-transfer or re-assignment
from a New Lender of any of the rights and obligations assigned or transferred under this Clause 27 (Changes to the Lenders); or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the
non-performance by any Transaction Obligor of its obligations under the Transaction Documents or otherwise. 

  

	27.5	 Procedure for transfer 

 

	(a)	 Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer), a transfer is effected
in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below as
soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate. Upon execution by the
Facility Agent, the Security Agent shall also execute the Transfer Certificate. 

  

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

 

	(c)	 Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date: 

 

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

  

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

  

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

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

 

	27.6	 Procedure for assignment 

 

	(a)	 Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer) an assignment may be
effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph
(b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute
that Assignment Agreement. Upon execution by the Facility Agent, the Security Agent shall also execute the Assignment Agreement. 

  

	(b)	 The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and
the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender. 

 

	(c)	 Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date: 

 

	 	(i)	 the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of
the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement; 

  

	 	(ii)	 the Existing Lender will be released from the obligations (the “Relevant Obligations”) expressed to be
the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and 

  

	 	(iii)	 the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the Relevant
Obligations. 

  

	(d)	 Lenders may utilise procedures other than those set out in this Clause 27.6 (Procedure for assignment) to assign
their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless in accordance with Clause 27.5 (Procedure for transfer), to obtain a release by that Transaction Obligor from the obligations
owed to that Transaction Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) Provided that they comply with the conditions set out in Clause 27.2 (Conditions of assignment or transfer).

  

	27.7	 Copy of Transfer Certificate or Assignment Agreement to Borrower 

The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement,
send to the Borrower a copy of that Transfer Certificate or Assignment Agreement. 
  

	27.8	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 27 (Changes to the Lenders), each Lender may without
consulting with or obtaining consent from any Transaction Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure
obligations of that Lender including, without limitation: 
  

	(a)	 any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and

  
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	(b)	 any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities, 

 except
that no such charge, assignment or Security shall: 
  

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

  

	 	(ii)	 require any payments to be made by a Transaction Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	27.9	 Pro rata interest settlement 

If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a “pro rata basis” to
Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 27.5 (Procedure for transfer) or any assignment pursuant to Clause 27.6 (Procedure for assignment) the Transfer Date of which, in each case, is after
the date of such notification and is not on the last day of an Interest Period): 
  

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

 

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

  

	 	(i)	 when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and

  

	 	(ii)	 the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause
27.9 (Pro rata interest settlement), have been payable to it on that date, but after deduction of the Accrued Amounts. 

  

	(c)	 In this Clause 27.9 (Pro rata interest settlement) references to “Interest Period” shall be construed
to include a reference to any other period for accrual of fees. 

  

	28	 CHANGES TO THE TRANSACTION OBLIGORS 

 

	28.1	 Assignment or transfer by Transaction Obligors 

No Transaction Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

 

	28.2	 Release of security 

  

	(a)	 If a disposal of any asset subject to security created by a Security Document is made in the following circumstances:

  

	 	(i)	 the disposal is permitted by the terms of any Finance Document; 

 

	 	(ii)	 all the Lenders agree to the disposal; 

  
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	 	(iii)	 the disposal is being made at the request of the Security Agent in circumstances where any security created by the
Security Documents has become enforceable; or 

  

	 	(iv)	 the disposal is being effected by enforcement of a Security Document, 

the Security Agent may release the asset(s) being disposed of from any security over those assets created by a Security Document.
However, the proceeds of any disposal (or an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any). 
  

	(b)	 If the Security Agent is satisfied that a release is allowed under this Clause 28.2 (Release of security) (at the
request and expense of the Borrower) each Finance Party must enter into any document and do all such other things which are reasonably required to achieve that release. Each other Finance Party irrevocably authorises the Security Agent to enter into
any such document. Any release will not affect the obligations of any other Transaction Obligor under the Finance Documents. 

  
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 SECTION 10 

THE FINANCE PARTIES 
  

	29	 THE FACILITY AGENT, THE ARRANGER AND THE REFERENCE BANKS 

 

	29.1	 Appointment of the Facility Agent 

 

	(a)	 Each of the Arranger and the Lenders appoints the Facility Agent to act as its agent under and in connection with the
Finance Documents. 

  

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

  

	29.2	 Instructions 

  

	(a)	 The Facility Agent shall: 

  

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

  

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

 

	 	(B)	 in all other cases, the Majority Lenders; and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or
group of Finance Parties). 

  

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

 

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

  

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

 

	 	(i)	 where a contrary indication appears in a Finance Document; 

 

	 	(ii)	 where a Finance Document requires the Facility Agent to act in a specified manner or to take a specified action;

  

	 	(iii)	 in respect of any provision which protects the Facility Agent’s own position in its personal capacity as opposed to
its role of Facility Agent for the relevant Finance Parties. 

  
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	(e)	 If giving effect to instructions given by the Majority Lenders would in the Facility Agent’s opinion have an effect
equivalent to an amendment or waiver referred to in Clause 42 (Amendments and Waivers), the Facility Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Facility
Agent) whose consent would have been required in respect of that amendment or waiver. 

  

	(f)	 In exercising any discretion to exercise a right, power or authority under the Finance Documents where it has not
received any instructions as to the exercise of that discretion the Facility Agent shall do so having regard to the interests of all the Finance Parties. 

  

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

  

	(h)	 Without prejudice to the remainder of this Clause 29.2 (Instructions), in the absence of instructions, the
Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to be in the best interests of the Finance Parties. The Facility Agent may act (or refrain from acting) as it considers
to be in the best interest of the Finance Parties. 

  

	(i)	 The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance
Party’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the
Security Documents or enforcement of the Transaction Security or Security Documents. 

  

	29.3	 Duties of the Facility Agent 

 

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

  

	(b)	 Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original or a copy of any
document which is delivered to the Facility Agent for that Party by any other Party. 

  

	(c)	 Without prejudice to Clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to Borrower), paragraph
(b) above shall not apply to any Transfer Certificate or any Assignment Agreement. 

  

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

  

	(e)	 If the Facility Agent receives notice from a Party referring to any Finance Document, describing a Default and stating
that the circumstance described is a Default, it shall promptly notify the other Finance Parties. 

  

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

 

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

  
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	29.4	 Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in
connection with any Finance Document. 
  

	29.5	 No fiduciary duties 

  

	(a)	 Nothing in any Finance Document constitutes the Facility Agent or the Arranger as a trustee or fiduciary of any other
person. 

  

	(b)	 Neither the Facility Agent nor the Arranger shall be bound to account to other Finance Party for any sum or the profit
element of any sum received by it for its own account. 

  

	29.6	 Application of receipts 

Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its
capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 33.5 (Application of receipts; partial payments). 
  

	29.7	 Business with the Group 

The Facility Agent and the Arranger may accept deposits from, lend money to, and generally engage in any kind of banking or other
business with, any member of the Group. 
  

	29.8	 Rights and discretions 

 

	(a)	 The Facility Agent may: 

  

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

  

	 	(ii)	 assume that: 

  

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

  

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

 

	 	(iii)	 rely on a certificate from any person: 

 

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

  

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

 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth
and accuracy of that certificate. 
  

	(b)	 The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Finance
Parties) that: 

  

	 	(i)	 no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.2 (Non-payment)); 

  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised;
and 

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

  

	(c)	 The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts. 

  

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

  

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

  

	(f)	 The Facility Agent may act in relation to the Finance Documents and the Security Property through its officers,
employees and agents and shall not: 

  

	 	(i)	 be liable for any error of judgment made by any such person; or 

 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default
on the part of any such person, 

 unless such error or such loss was directly caused by the Facility Agent’s
gross negligence or wilful misconduct. 
  

	(g)	 Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party any
information it reasonably believes it has received as agent under the Finance Documents. 

  

	(h)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger
is obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 

	(i)	 Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	29.9	 Responsibility for documentation 

Neither the Facility Agent nor the Arranger is responsible or liable for: 

 

	(a)	 the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the
Security Agent, the Arranger, a Transaction Obligor or any other person in, or in connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with any Transaction Document; or 

  

	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property
or any other agreement, arrangement or document entered into, 

  
 95 

	 	 
made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or 

 

	(c)	 any determination as to whether any information provided or to be provided to any Finance Party or Creditor Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 

 

	29.10	 No duty to monitor 

The Facility Agent shall not be bound to enquire: 
  

	(a)	 whether or not any Default has occurred; 

 

	(b)	 as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction
Document; or 

  

	(c)	 whether any other event specified in any Transaction Document has occurred. 

 

	29.11	 Exclusion of liability 

 

	(a)	 Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 33.11 (Disruption to
Payment Systems etc.) or any other provision of any Finance Document excluding or limiting the liability of the Facility Agent), the Facility Agent will not be liable for: 

 

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

 

	 	(ii)	 exercising, or not exercising ,any right, power, authority or discretion given to it by, or in connection with, any
Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or 

 

	 	(iii)	 any shortfall which arises on the enforcement or realisation of the Security Property; or 

 

	 	(iv)	 without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to any person,
any diminution in value or any liability whatsoever arising as a result of: 

  

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

 

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

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	(b)	 No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility
Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or 

  
 96 

	 	 
agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.5 (Third party
rights) and the provisions of the Third Parties Act. 

  

	(c)	 The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Facility Agent if the Facility Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by the Facility Agent for that purpose. 

  

	(d)	 Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out: 

 

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

 

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

 on behalf of any Finance Party and each Finance Party confirms to the Facility Agent and the Arranger that it is
solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or the Arranger. 

 

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

  

	29.12	 Lenders’ indemnity to the Facility Agent 

 

	(a)	 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to
its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the
Facility Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 33.11 (Disruption to Payment Systems etc.) notwithstanding the Facility Agent’s negligence, gross negligence
or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by a Transaction Obligor
pursuant to a Finance Document). 

  

	(b)	 Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that
Lender makes to the Facility Agent pursuant to paragraph (a) above. 

  

	(c)	 Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims
reimbursement relates to a liability of the Facility Agent to an Obligor. 

  

	29.13	 Resignation of the Facility Agent 

 

	(a)	 The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance
Parties and the Borrower. 

  
 97 

	(b)	 Alternatively, the Facility 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 Facility Agent. 

  

	(c)	 If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within
20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent. 

  

	(d)	 If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for
it to remain as agent and the Facility Agent is entitled to appoint a successor Facility Agent under paragraph (c) above, the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the
proposed successor Facility Agent to become a party to this Agreement as Facility Agent) agree with the proposed successor Facility Agent amendments to this Clause 29 (The Facility Agent, the Arranger and the Reference Banks) and any other
term of this Agreement dealing with the rights or obligations of the Facility Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee
payable under this Agreement which are consistent with the successor Facility Agent’s normal fee rates and those amendments will bind the Parties. 

  

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

 

	(f)	 The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor.

  

	(g)	 Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in
respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 14.4 (Indemnity to the Facility Agent) and this Clause 29 (The Facility Agent, the Arranger and
the Reference Banks) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility Agent. Any fees for the account of the retiring Facility Agent shall cease to
accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	(h)	 The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (e) above shall be for the account of the Borrower. 

 

	(i)	 The consent of the Borrower (or any other Transaction Obligor) is not required for an assignment or transfer of rights
and/or obligations by the Facility Agent. 

  

	(j)	 The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use
reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the
Finance Documents, either: 

  

	 	(i)	 the Facility Agent fails to respond to a request under Clause 12.7 (FATCA Information) and a Lender reasonably
believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  
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	 	(ii)	 the information supplied by the Facility Agent pursuant to Clause 12.7 (FATCA Information) indicates that the
Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

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

 and (in each case) a Lender reasonably believes
that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and that Lender, by notice to the Facility Agent, requires it to resign. 

 

	29.14	 Confidentiality 

  

	(a)	 In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency
division which shall be treated as a separate entity from any other of its divisions or departments. 

  

	(b)	 If information is received by a division or department of the Facility Agent other than the division or department
responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be
obliged to disclose such information to any Party. 

  

	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor the Arranger
is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary
duty. 

  

	29.15	 Relationship with the other Finance Parties 

 

	(a)	 Subject to Clause 27.9 (Pro rata interest settlement), the Facility Agent may treat the person shown in its
records as Lender at the opening of business (in the place of the Facility Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 

 

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or determination
under any Finance Document made or delivered on that day, 

 unless it has received not less than five Business
Days’ prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

	(b)	 Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably specify
(through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Finance Party shall deal with the Security Agent exclusively through the Facility Agent and shall not deal
directly with the Security Agent. 

  

	(c)	 Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 36.5
(Electronic communication) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be
made) 

  
 99 

	 	 
and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 36.2
(Addresses) and sub-paragraph (ii) of paragraph (a) of Clause 36.5 (Electronic communication) and the Facility Agent shall be entitled to treat such person as the person entitled to
receive all such notices, communications, information and documents as though that person were that Lender. 

  

	29.16	 Credit appraisal by the Finance Parties 

Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any
Transaction Document, each Finance Party confirms to the Facility Agent and the Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in
connection with, any Transaction Document including but not limited to: 
  

	(a)	 the financial condition, status and nature of each member of the Group; 

 

	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and
any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property; 

 

	(c)	 whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its
respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Transaction Document or the Security Property; 

  

	(d)	 the adequacy, accuracy or completeness of any other information provided by the Facility Agent, any Party or by any
other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Transaction Document; and 

  

	(e)	 the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority
of any of the Transaction Security or the existence of any Security affecting the Security Assets. 

  

	29.17	 Facility Agent’s management time 

Any amount payable to the Facility Agent under Clause 14.4 (Indemnity to the Facility Agent), Clause 16 (Costs and
Expenses) and Clause 29.12 (Lenders’ indemnity to the Facility Agent) shall include the cost of utilising the Facility Agent’s management time or other resources and will be calculated on the basis of such reasonable daily or
hourly rates as the Facility Agent may notify to the Borrower and the other Finance Parties, and is in addition to any fee paid or payable to the Facility Agent under Clause 11 (Fees).] 

 

	29.18	 Deduction from amounts payable by the Facility Agent 

If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that
Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For
the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 
  

	29.19	 Reliance and engagement letters 

  
 100 

 Each Creditor Party confirms that each of the Arranger and the Facility Agent has authority
to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the Arranger or the Facility Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by
accountants, auditors or providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its
behalf and further confirms that it accepts the terms and qualifications set out in such letters.] 
  

	29.20	 Full freedom to enter into transactions 

Without prejudice to Clause 29.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any
rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled: 
  

	(a)	 to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any
Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document); 

 

	(b)	 to deal in and enter into and arrange transactions relating to: 

 

	 	(i)	 any securities issued or to be issued by any Transaction Obligor or any other person; or 

 

	 	(ii)	 any options or other derivatives in connection with such securities; and 

 

	(c)	 to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance
Document, 

 and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating,
negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever
acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived
from the dealings transactions or other matters. 
  

	29.21	 Capital Markets 

  

	(a)	 For the period between the date of this Agreement and until the Maturity Date should the Borrower or the Corporate
Guarantor initiate, engage in, or otherwise enter into any public offering or private placement of any equity or debt securities or a combination thereof, or alternatively should the Borrower or the Corporate Guarantor pursue a structured financing
not limited to asset backed securities, (collectively the “Covered Transactions”), then Corporate Guarantor shall use best commercial endeavours for the Facility Agent or any of its affiliates to have the right, but not the
obligation, to be retained by the Corporate Guarantor as a lead underwriter, co-manager, placement agent, or similar role as the case may be, in connection with such Covered Transactions.

  

	(b)	 The role of the Facility Agent (or its affiliate as applicable) in such Covered Transactions will be subject to an
appropriate underwriting or placement agreement based on market terms and conditions mutually agreeable to the Facility Agent (or its affiliate as applicable) and the Corporate Guarantor, and the Facility Agent (or its affiliate as applicable) shall
be entitled to obtain customary fees in connection with such role, which shall be derived on the basis of the transaction economics paid on a per transaction basis. 

  
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	29.22	 Role of Reference Banks 

 

	(a)	 No Reference Bank is under any obligation to provide a quotation or any other information to the Facility Agent.

  

	(b)	 No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any
Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct. 

  

	(c)	 No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any
Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any
officer, employee or agent of each Reference Bank may rely on this Clause 29.22 (Role of Reference Banks), subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 

 

	29.23	 Third Party Reference Banks 

A Reference Bank which is not a Party may rely on Clause 29.22 (Role of Reference Banks), Clause 42.3 (Other exceptions)
and Clause 44 (Confidentiality of Funding Rates and Reference Bank Quotations) subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act. 

 

	30	 THE SECURITY AGENT 

  

	30.1	 Trust 

  

	(a)	 The Security Agent declares that it holds the Security Property on trust for the Creditor Parties on the terms contained
in this Agreement and shall deal with the Security Property in accordance with this Clause 30 (The Security Agent) and the other provisions of the Finance Documents. 

 

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

  

	30.2	 Parallel Debt (Covenant to pay the Security Agent) 

 

	(a)	 Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be
amounts equal to, and in the currency or currencies of, its Corresponding Debt. 

  

	(b)	 The Parallel Debt of an Obligor: 

 

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

 

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

 

	(c)	 For the purposes of this Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent), the Security Agent:

  

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

 

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

  
 102 

	 	(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). 

 

	(d)	 The Parallel Debt of an Obligor shall be: 

 

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

  

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

and the Corresponding Debt of an Obligor shall be: 
  

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

  

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

in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt. 

 

	(e)	 All amounts received or recovered by the Security Agent in connection with this Clause 30.2 (Parallel Debt (Covenant
to pay the Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause 33.5 (Application of receipts; partial payments). 

 

	(f)	 This Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent)) shall apply, with any necessary
modifications, to each Finance Document. 

  

	30.3	 Enforcement through Security Agent only 

The Creditor Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to
exercise any right, power, authority or discretion arising under the Security Documents except through the Security Agent. 
  

	30.4	 Instructions 

  

	(a)	 The Security Agent shall: 

  

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

  

	 	(A)	 all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates the matter is an all
Lender decision; and 

  

	 	(B)	 in all other cases, the Majority Lenders (or the Facility Agent on their behalf); and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph (i) above (or if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance with instructions given to it by that Finance Party or
group of Finance Parties). 

  

	(b)	 The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority
Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether,

  
 103 

 and in what manner, it should exercise or refrain from exercising any right, power,
authority or discretion and the Security Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. 
  

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

  

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

 

	 	(i)	 where a contrary indication appears in a Finance Document; 

 

	 	(ii)	 where a Finance Document requires the Security Agent to act in a specified manner or to take a specified action;

  

	 	(iii)	 in respect of any provision which protects the Security Agent’s own position in its personal capacity as opposed to
its role of Security Agent for the relevant Creditor Parties. 

  

	 	(iv)	 in respect of the exercise of the Security Agent’s discretion to exercise a right, power or authority under any of:

  

	 	(A)	 Clause 30.28 (Application of receipts upon enforcement); 

 

	 	(B)	 Clause 30.29 (Permitted Deductions); and 

 

	 	(C)	 Clause 30.30 (Prospective liabilities). 

 

	(e)	 If giving effect to instructions given by the Majority Lenders would in the Security Agent’s opinion have an effect
equivalent to an amendment or waiver referred to in Clause 42 (Amendments and Waivers), the Security Agent shall not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security
Agent) whose consent would have been required in respect of that amendment or waiver. 

  

	(f)	 In exercising any discretion to exercise a right, power or authority under the Finance Documents where either:

  

	 	(i)	 it has not received any instructions as to the exercise of that discretion; or 

 

	 	(ii)	 the exercise of that discretion is subject to sub-paragraph (iv) of
paragraph (d) above, 

 the Security Agent shall do so having regard to the interests of all the Creditor
Parties. 
  

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

  

	(h)	 Without prejudice to the remainder of this Clause 30.4 (Instructions), in the absence of instructions, the
Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate. 

  
 104 

	(i)	 The Security Agent is not authorised to act on behalf of a Finance Party (without first obtaining that Finance
Party’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the
Security Documents or enforcement of the Transaction Security or Security Documents. 

  

	30.5	 Duties of the Security Agent 

 

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

  

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

  

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

  

	(d)	 If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default and stating
that the circumstance described is a Default, it shall promptly notify the other Finance Parties. 

  

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

  

	30.6	 No fiduciary duties 

  

	(a)	 Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any Transaction
Obligor. 

  

	(b)	 The Security Agent shall not be bound to account to any other Party for any sum or the profit element of any sum
received by it for its own account. 

  

	30.7	 Business with the Group 

The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any
member of the Group. 
  

	30.8	 Rights and discretions 

 

	(a)	 The Security Agent may: 

  

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

  

	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance Parties are duly
given in accordance with the terms of the Finance Documents; 

  

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

 

	 	(C)	 if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions under the
Finance Documents for so acting have been satisfied; and 

  
 105 

	 	(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 Security Agent shall be entitled to carry out all dealings with the other Finance Parties through the Facility Agent
and may give to the Facility Agent any notice or other communication required to be given by the Security Agent to any Finance Party. 

  

	(c)	 The Security Agent may assume (unless it has received notice to the contrary in its capacity as security agent for the
Creditor Parties) that: 

  

	 	(i)	 no Default has occurred; 

  

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Finance Parties has not been exercised;
and 

  

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

  

	(d)	 The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts. 

  

	(e)	 Without prejudice to the generality of paragraph (d) above or paragraph (f) below, the Security Agent may at
any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion deems this
to be desirable. 

  

	(f)	 The Security Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other
professional advisers or experts (whether obtained by the Security Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so
relying. 

  

	(g)	 The Security Agent may act in relation to the Finance Documents and the Security Property through its officers,
employees and agents and shall not: 

  

	 	(i)	 be liable for any error of judgment made by any such person; or 

 

	 	(ii)	 be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default
on the part of any such person, 

 unless such error or such loss was directly caused by the Security Agent’s
gross negligence or wilful misconduct. 
  

	(h)	 Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party any
information it reasonably believes it has received as security agent under the Finance Documents. 

  

	(i)	 Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or
omit to do anything if it would or might, in its reasonable 

  
 106 

 opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or
duty of confidentiality. 
  

	(j)	 Notwithstanding any provision of any Finance Document to the contrary, the Security Agent is not obliged to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds
or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	30.9	 Responsibility for documentation 

None of the Security Agent, any Receiver or Delegate is responsible or liable for: 

 

	(a)	 the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility Agent, the
Security Agent, the Arranger, a Transaction Obligor or any other person in, or in connection with, any Transaction Document or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with any Transaction Document; or 

  

	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security Property
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or 

 

	(c)	 any determination as to whether any information provided or to be provided to any Creditor Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 

 

	30.10	 No duty to monitor 

The Security Agent shall not be bound to enquire: 
  

	(a)	 whether or not any Default has occurred; 

 

	(b)	 as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction
Document; or 

  

	(c)	 whether any other event specified in any Transaction Document has occurred. 

 

	30.11	 Exclusion of liability 

 

	(a)	 Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor any Receiver or Delegate will be liable for: 

 

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

 

	 	(ii)	 exercising, or not exercising ,any right, power, authority or discretion given to it by, or in connection with, any
Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Transaction Document or the Security Property; or 

  
 107 

	 	(iii)	 any shortfall which arises on the enforcement or realisation of the Security Property; or 

 

	 	(iv)	 without prejudice to the generality of sub-paragraphs (i) to (iii) above,
any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of: 

  

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

 

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

including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of
nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	(b)	 No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings against
any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or
agent in relation to any Transaction Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of
the Third Parties Act. 

  

	(c)	 The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount
required under the Finance Documents to be paid by the Security Agent if the Security Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or
settlement system used by the Security Agent for that purpose. 

  

	(d)	 Nothing in this Agreement shall oblige the Security Agent to carry out: 

 

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

 

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

 on behalf of any Finance Party and each Finance Party confirms to the Security Agent that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent. 
  

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

  
 108 

	30.12	 Lenders’ indemnity to the Security Agent 

 

	(a)	 Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to
its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them
(otherwise than by reason of the Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the Security Agent, Receiver or
Delegate has been reimbursed by a Transaction Obligor pursuant to a Finance Document). 

  

	(b)	 Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any payment that
Lender makes to the Security Agent pursuant to paragraph (a) above. 

  

	(c)	 Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims
reimbursement relates to a liability of the Security Agent to an Obligor. 

  

	30.13	 Resignation of the Security Agent 

 

	(a)	 The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance
Parties and the Borrower. 

  

	(b)	 Alternatively, 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 Security Agent. 

  

	(c)	 If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within
20 days after notice of resignation was given, the retiring Security Agent may appoint a successor Security Agent. 

  

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

 

	(e)	 The Security Agent’s resignation notice shall only take effect upon: 

 

	 	(i)	 the appointment of a successor; and 

 

	 	(ii)	 the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.

  

	(f)	 Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document executed as a
deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 30.25 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of Clause
14.5 (Indemnity to the Security Agent) and this Clause 30 (The Security Agent) and any other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Security Agent. Any
fees for the account of the retiring Security Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if
such successor had been an original Party. 

  
 109 

	(g)	 The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrower. 

 

	(h)	 The consent of the Borrower (or any other Transaction Obligor) is not required for an assignment or transfer of rights
and/or obligations by the Security Agent. 

  

	30.14	 Confidentiality 

  

	(a)	 In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through its trustee
division which shall be treated as a separate entity from any other of its divisions or departments. 

  

	(b)	 If information is received by a division or department of the Security Agent other than the division or department
responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be
obliged to disclose such information to any Party. 

  

	(c)	 Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to
disclose to any other person (i) any confidential information or (ii) any other information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

  

	30.15	 Credit appraisal by the Finance Parties 

Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any
Transaction Document, each Finance Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any
Transaction Document including but not limited to: 
  

	(a)	 the financial condition, status and nature of each member of the Group; 

 

	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security Property and
any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction Document or the Security Property; 

 

	(c)	 whether that Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its
respective assets under, or in connection with, any Transaction Document, the Security Property, the transactions contemplated by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Transaction Document or the Security Property; 

  

	(d)	 the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or by any other
person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Transaction Document; and 

  

	(e)	 the right or title of any person in or to or the value or sufficiency of any part of the Security Assets, the priority
of any of the Transaction Security or the existence of any Security affecting the Security Assets. 

  

	30.16	 Security Agent’s management time 

  
 110 

	(a)	 Any amount payable to the Security Agent under Clause 14.5 (Indemnity to the Security Agent), Clause 16 (Costs
and Expenses) and Clause 30.12 (Lenders’ indemnity to the Security Agent) shall include the cost of utilising the Security Agent’s management time or other resources and will be calculated on the basis of such reasonable daily
or hourly rates as the Security Agent may notify to the Borrower and the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause 11 (Fees). 

 

	(b)	 Without prejudice to paragraph (a) above, in the event of: 

 

	 	(i)	 a Default; 

  

	 	(ii)	 the Security Agent being requested by a Transaction] Obligor or the Majority Lenders to undertake duties which the
Security Agent and the Borrower agrees to be of an exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or 

 

	 	(iii)	 the Security Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances,

 the Borrower shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that
may be agreed between them or determined pursuant to paragraph (c) below. 
  

	(c)	 If the Security Agent and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration
referred to in paragraph (b) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and
approved by the Borrower or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by
the Borrower) and the determination of any investment bank shall be final and binding upon the Parties. 

  

	30.17	 Reliance and engagement letters 

Each Creditor Party confirms that the Security Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of
any letters or reports already accepted by the Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or providers of due diligence reports in connection with the Finance
Documents or the transactions contemplated in the Finance Documents and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the terms and qualifications set out in such
letters. 
  

	30.18	 No responsibility to perfect Transaction Security 

The Security Agent shall not be liable for any failure to: 
  

	(a)	 require the deposit with it of any deed or document certifying, representing or constituting the title of any
Transaction Obligor to any of the Security Assets; 

  

	(b)	 obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or
admissibility in evidence of any Finance Document or the Transaction Security; 

  

	(c)	 register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction
Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of the Transaction Security; 

  
 111 

	(d)	 take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security Assets or to
render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation; or 

  

	(e)	 require any further assurance in relation to any Security Document. 

 

	30.19	 Insurance by Security Agent 

 

	(a)	 The Security Agent shall not be obliged: 

 

	 	(i)	 to insure any of the Security Assets; 

 

	 	(ii)	 to require any other person to maintain any insurance; or 

 

	 	(iii)	 to verify any obligation to arrange or maintain insurance contained in any Finance Document, 

and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of,
any such insurance. 
  

	(b)	 Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable for any damages,
costs or losses to any person as a result of its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Majority Lenders request it to do so in writing and
the Security Agent fails to do so within 14 days after receipt of that request. 

  

	30.20	 Custodians and nominees 

The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any asset of the trust as
the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability,
expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person. 

 

	30.21	 Delegation by the Security Agent 

 

	(a)	 Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise
to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such. 

  

	(b)	 That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any
restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Creditor Parties. 

 

	(c)	 No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs
or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate. 

  

	30.22	 Additional Security Agents 

 

	(a)	 The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it: 

  

	 	(i)	 if it considers that appointment to be in the interests of the Creditor Parties; or 

  
 112 

	 	(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. 

 

	30.23	 Acceptance of title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any
Transaction Obligor may have to any of the Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title. 
  

	30.24	 Releases 

Upon a disposal of any of the Security Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the
Security Agent, the Security Agent is irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other Creditor Party) to release, without recourse or warranty, that property
from the Transaction Security and to execute any release of the Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may be required
or desirable. 
  

	30.25	 Winding up of trust 

If the Security Agent, with the approval of the Facility Agent determines that: 

 

	(a)	 all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully and finally
discharged; and 

  

	(b)	 no Creditor Party is under any commitment, obligation or liability (actual or contingent) to make advances or provide
other financial accommodation to any Transaction Obligor pursuant to the Finance Documents, 

 then 

 

	 	(i)	 the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or
warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and 

  

	 	(ii)	 any Security Agent which has resigned pursuant to Clause 30.13 (Resignation of the Security Agent) shall release,
without recourse or warranty, all of its rights under each Security Document. 

  

	30.26	 Powers supplemental to Trustee Acts 

  
 113 

 The rights, powers, authorities and discretions given to the Security Agent under or in
connection with the Finance Documents shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise. 

 

	30.27	 Disapplication of Trustee Acts 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this
Agreement and the other Finance Documents. Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any
other Finance Document shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance Document shall constitute a restriction or
exclusion for the purposes of the Trustee Act 2000. 
  

	30.28	 Application of receipts upon enforcement 

All amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause
30.2 (Parallel Debt (Covenant to pay the Security Agent)) or in connection with the realisation or enforcement of all or any part of the Security Property (for the purposes of this Clause 30 (The Security Agent), the
“Recoveries”) shall be held by the Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the remaining provisions of this
Clause 30 (The Security Agent)), in the following order of priority: 
  

	(a)	 in discharging any sums owing to the Security Agent (in its capacity as such) other than pursuant to Clause 30.2
(Parallel Debt (Covenant to pay the Security Agent)) or any Receiver or Delegate; 

  

	(b)	 in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Creditor Parties, for
application towards the discharge of all sums due and payable by any Transaction Obligor under any of the Finance Documents in accordance with Clause 33.5 (Application of receipts; partial payments); 

 

	(c)	 if none of the Transaction Obligors is under any further actual or contingent liability under any Finance Document, in
payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Transaction Obligor; and 

  

	(d)	 the balance, if any, in payment or distribution to the relevant Transaction Obligor. 

 

	30.29	 Permitted Deductions 

  

	(a)	 The Security Agent may, in its discretion: 

 

	 	(i)	 set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account
of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and 

  

	 	(ii)	 pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of
performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement). 

 

	(b)	 For the purposes of sub-paragraph (i) of paragraph (a) above, if the
Security Agent has become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served. 

  
 114 

	30.30	 Prospective liabilities 

Following acceleration, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an
interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for
later payment to the Facility Agent for application in accordance with Clause 33.5 (Application of receipts; partial payments) in respect of: 
  

	(a)	 any sum to the Security Agent, any Receiver or any Delegate; and 

 

	(b)	 any part of the Secured Liabilities, 

that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become
due or owing at any time in the future. 
  

	30.31	 Investment of proceeds 

Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 33.5
(Application of receipts; partial payments) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial
institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent’s discretion in accordance
with the provisions of this Clause 30.31 (Investment of proceeds). 
  

	30.32	 Currency conversion 

  

	(a)	 For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may convert any
moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange. 

  

	(b)	 The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the
amount of the due currency purchased after deducting the costs of conversion. 

  

	30.33	 Good discharge 

  

	(a)	 Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the Facility Agent on
behalf of the Creditor Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent. 

  

	(b)	 The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) above in
the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated. 

  

	30.34	 Amounts received by Obligors 

If any of the Obligors receives or recovers any amount which, under the terms of any of the Finance Documents, should have been paid to
the Security Agent, that Obligor will hold the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in accordance with the terms of this Agreement. 

 

	30.35	 Application and consideration 

In consideration for the covenants given to the Security Agent by each Obligor in relation to Clause 30.2 (Parallel Debt (Covenant to
pay the Security Agent)) the Security Agent agrees 

  
 115 

 with each Obligor to apply all moneys from time to time paid by such Obligor to the
Security Agent in accordance with the foregoing provisions of this Clause 30 (The Security Agent). 
  

	30.36	 Full freedom to enter into transactions 

Without prejudice to Clause 30.7 (Business with the Group) or any other provision of a Finance Document and notwithstanding any
rule of law or equity to the contrary, the Security Agent shall be absolutely entitled: 
  

	(a)	 to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any
Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent
and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document); 

 

	(b)	 to deal in and enter into and arrange transactions relating to: 

 

	 	(i)	 any securities issued or to be issued by any Transaction Obligor or any other person; or 

 

	 	(ii)	 any options or other derivatives in connection with such securities; and 

 

	(c)	 to provide advice or other services to the Borrower or any person who is a party to, or referred to in, a Finance
Document, 

 and, in particular, the Security Agent shall be absolutely entitled, in proposing, evaluating,
negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever
acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived
from the dealings transactions or other matters. 
  

	31	 CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

No provision of this Agreement will: 
  

	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks
fit; 

  

	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the
extent, order and manner of any claim; or 

  

	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in
respect of Tax. 

  

	32	 SHARING AMONG THE FINANCE PARTIES 

 

	32.1	 Payments to Finance Parties 

If a Finance Party (a “Recovering Finance Party”) receives or recovers any amount from a Transaction Obligor other than
in accordance with Clause 33 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due to it under the Finance Documents then: 

 

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

  
 116 

	(b)	 the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance
Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 33 (Payment Mechanics), without taking account of any Tax which would be imposed on the Facility
Agent in relation to the receipt, recovery or distribution; and 

  

	(c)	 the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility
Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with
Clause 33.5 (Application of receipts; partial payments). 

  

	32.2	 Redistribution of payments 

The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Transaction Obligor and distribute it among
the Finance Parties (other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 33.5 (Application of receipts; partial payments) towards the obligations of that Transaction Obligor to
the Sharing Finance Parties. 
  

	32.3	 Recovering Finance Party’s rights 

On a distribution by the Facility Agent under Clause 32.2 (Redistribution of payments) of a payment received by a Recovering
Finance Party from a Transaction Obligor, as between the relevant Transaction Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Transaction
Obligor. 
  

	32.4	 Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that
Recovering Finance Party, then: 
  

	(a)	 each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that
Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which
that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 

  

	(b)	 as between the relevant Transaction Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Transaction Obligor. 

  

	32.5	 Exceptions 

  

	(a)	 This Clause 32 (Sharing among the Finance Parties) shall not apply to the extent that the Recovering Finance
Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Transaction Obligor. 

  

	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance
Party has received or recovered as a result of taking legal or arbitration proceedings, if: 

  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	 that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so
as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 

  
 117 

 SECTION 11 

ADMINISTRATION 
  

	33	 PAYMENT MECHANICS 

  

	33.1	 Payments to the Facility Agent 

 

	(a)	 On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance Document, that
Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility
Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment. 

  

	(b)	 Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation
to euro, in a principal financial centre in such Participating Member State or London, as specified by the Facility Agent) and with such bank as the Facility Agent, in each case, specifies. 

 

	33.2	 Distributions by the Facility Agent 

Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 33.3
(Distributions to a Transaction Obligor) and Clause 33.4 (Clawback and pre-funding) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive
payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days’ notice with a bank specified by
that Party in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London), as specified by that Party or, in the case of the Advance, to such
account of such person as may be specified by the Borrower in the Drawdown Request. 
  

	33.3	 Distributions to a Transaction Obligor 

The Facility Agent may (with the consent of the Transaction Obligor or in accordance with Clause 34
(Set-Off)) apply any amount received by it for that Transaction Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction Obligor under
the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	33.4	 Clawback and pre-funding 

 

	(a)	 Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not
obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	(b)	 Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to be the
case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together
with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds. 

 

	(c)	 If the Facility Agent has notified the Lenders that it 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 Facility Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower:

  
 118 

	 	(i)	 the Facility Agent shall notify the Borrower of that Lender’s identity and the Borrower shall on demand refund it
to the Facility Agent; and 

  

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

  

	33.5	 Application of receipts; partial payments 

 

	(a)	 If the Facility Agent or the Security Agent (as applicable) receives a payment that is insufficient to discharge all the
amounts then due and payable by a Transaction Obligor under the Finance Documents, the Facility Agent or the Security Agent (as applicable) shall apply that payment towards the obligations of that Transaction Obligor under the Finance Documents in
the following order: 

  

	 	(i)	 first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any other amounts owing to,
the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents; 

  

	 	(ii)	 secondly, in or towards payment pro rata of any accrued interest and fees due but unpaid to the Lenders under
this Agreement; 

  

	 	(iii)	 thirdly, in or towards payment pro rata of any principal due but unpaid to the Lenders under this Agreement; and

  

	 	(iv)	 fourthly, in or towards payment pro rata of any other sum due to any Finance Party but unpaid under the Finance
Documents. 

  

	(b)	 The Facility Agent shall, if so directed by the Majority Lenders, vary, or instruct the Security Agent to vary (as
applicable), the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above. 

  

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

 

	33.6	 No set-off by Transaction Obligors 

All payments to be made by a Transaction Obligor under the Finance Documents shall be calculated and be made without (and free and clear
of any deduction for) set-off or counterclaim. 
  

	33.7	 Business Days 

  

	(a)	 Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the
next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	(b)	 During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is
payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	33.8	 Currency of account 

  

	(a)	 Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from a
Transaction Obligor under any Finance Document. 

  

	(b)	 Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes
are incurred. 

  
 119 

	(c)	 Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.

  

	33.9	 Change of currency 

  

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

  

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

 

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

  

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

  

	33.10	 Currency Conversion 

  

	(a)	 For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing
Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange. 

  

	(b)	 The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent of the
amount of the due currency purchased after deducting the costs of conversion. 

  

	33.11	 Disruption to Payment Systems etc. 

If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by
the Borrower that a Disruption Event has occurred: 
  

	(a)	 the Facility 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 Facility Agent may deem necessary in the circumstances; 

  

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

  

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

  

	(d)	 any such changes agreed upon by the Facility Agent and the Borrower shall (whether or not it is finally determined that
a Disruption Event has occurred) be binding upon the Parties and any Transaction Obligors as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 42 (Amendments and
Waivers); 

  

	(e)	 the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any
liability whatsoever (including, without limitation for negligence, 

  
 120 

	 	 
gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any
actions pursuant to or in connection with this Clause 33.11 (Disruption to Payment Systems etc.); and 

  

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

  

	34	 SET-OFF 

A Finance Party may set off any matured obligation due from a Transaction Obligor under the Finance Documents (to the extent
beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Transaction Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different
currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	35	 BAIL-IN 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the parties to a
Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant
Resolution Authority and acknowledges and accepts to be bound by the effect of: 
  

	(a)	 any Bail-In Action in relation to any such liability, including (without
limitation): 

  

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid
interest) in respect of any such liability; 

  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to,
or conferred on, it; and 

  

	 	(iii)	 a cancellation of any such liability; and 

 

	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability. 

  

	36	 NOTICES 

  

	36.1	 Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated,
may be made by fax or letter. 
  

	36.2	 Addresses 

The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party
for any communication or document to be made or delivered under or in connection with the Finance Documents are: 
  

	(a)	 in the case of the Borrower, that specified in Schedule 1 (The Parties); 

 

	(b)	 in the case of each Lender or any other Obligor, that specified in Schedule 1 (The Parties) or, if it becomes a
Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party; 

  
 121 

	(c)	 in the case of the Facility Agent, that specified in Schedule 1 (The Parties); and 

 

	(d)	 in the case of the Security Agent, that specified in Schedule 1 (The Parties), 

or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may
notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days’ notice. 
  

	36.3	 Delivery 

  

	(a)	 Any communication or document made or delivered by one person to another under or in connection with the Finance
Documents will only be effective: 

  

	 	(i)	 if by way of fax, when received in legible form; or 

 

	 	(ii)	 if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the
post postage prepaid in an envelope addressed to it at that address, 

 and, if a particular department or officer
is specified as part of its address details provided under Clause 36.2 (Addresses), if addressed to that department or officer. 
  

	(b)	 Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received
by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in Schedule 1 (The Parties) (or any substitute department or officer as that Servicing Party
shall specify for this purpose). 

  

	(c)	 All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise specified in any
Finance Document. 

  

	(d)	 Any communication or document made or delivered to the Borrower in accordance with this Clause will be deemed to have
been made or delivered to each of the Transaction Obligors. 

  

	(e)	 Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00
p.m. in the place of receipt shall be deemed only to become effective on the following day. 

  

	36.4	 Notification of address and fax number 

Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 36.2
(Addresses) or changing its own address or fax number, the Facility Agent shall notify the other Parties. 
  

	36.5	 Electronic communication 

 

	(a)	 Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by
electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those two Parties: 

  

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable the
transmission of information by that means; and 

  

	 	(ii)	 notify each other of any change to their address or any other such information supplied by them by not less than five
Business Days’ notice. 

  
 122 

	(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 Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or
the Security Agent shall specify for this purpose. 

  

	(d)	 Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00 p.m. in
the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. 

 

	(e)	 Any reference in a Finance Document to a communication being sent or received shall be construed to include that
communication being made available in accordance with this Clause 36.5 (Electronic communication). 

  

	36.6	 English language 

  

	(a)	 Any notice given under or in connection with any Finance Document must be in English. 

 

	(b)	 All other documents provided under or in connection with any Finance Document must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by
a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

 

	37	 CALCULATIONS AND CERTIFICATES 

 

	37.1	 Accounts 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	37.2	 Certificates and determinations 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest
error, conclusive evidence of the matters to which it relates. 
  

	37.3	 Day count convention 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the
actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice. 
  

	38	 PARTIAL INVALIDITY 

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the 

  
 123 

 
legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

 

	39	 REMEDIES AND WAIVERS 

No failure to exercise, nor any delay in exercising, on the part of any Creditor Party, any right or remedy under a Finance Document
shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of a Creditor Party shall be effective unless it is in writing. No single or
partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies
provided by law. 
  

	40	 SETTLEMENT OR DISCHARGE CONDITIONAL 

Any settlement or discharge under any Finance Document between any Finance Party and any Transaction Obligor shall be conditional upon
no security or payment to any Finance Party by any Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise. 

 

	41	 IRREVOCABLE PAYMENT 

If the Facility Agent considers that an amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in
purported payment or discharge of an obligation of that Transaction Obligor to a Creditor Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Transaction Obligor or
otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents. 
  

	42	 AMENDMENTS AND WAIVERS 

 

	42.1	 Required consents 

  

	(a)	 Subject to Clause 42.2 (All Lender matters) and Clause 42.3 (Other exceptions) any term of the Finance
Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties. 

 

	(b)	 The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 42
(Amendments and Waivers). 

  

	(c)	 Without prejudice to the generality of Clause 29.8 (Rights and discretions), the Facility Agent may engage, pay
for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement. 

  

	42.2	 All Lender matters 

Subject to Clause 42.4 (Replacement of Screen Rate), an amendment of or waiver or consent in relation to any term of any Finance
Document that has the effect of changing or which relates to: 
  

	(a)	 the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

 

	(b)	 a postponement to or extension of the date of payment of any amount under the Finance Documents (other than in relation
to Clause 7.3 (Voluntary prepayment of Loan) in respect of a prepayment made pursuant to Clause 24.2 (Provision of additional security; prepayment) or Clause 7.4 (Manadatory prepayment on sale, arrest or Total Loss of a
Borrower Vessel); 

  
 124 

	(c)	 a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;

  

	(d)	 a change in currency of payment of any amount under the Finance Documents; 

 

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

  

	(f)	 a change to any Transaction Obligor; 

 

	(g)	 any provision which expressly requires the consent of all the Lenders; 

 

	(h)	 this Clause 42 (Amendments and Waivers); 

 

	(i)	 any change to Clause 2 (The Facility), Clause 3 (Purpose), Clause 5 (Drawdown), Clause 6.2
(Effect of cancellation and prepayment on scheduled repayments), Clause 8 (Interest), paragraph (a) of Clause 24.7 (Provision of valuations), Clause 25 (Accounts and Application of Earnings), Clause 27 (Changes to
the Lenders), Clause 32 (Sharing among the Finance Parties), Clause 46 (Governing Law) or Clause 47 (Enforcement); 

  

	(j)	 any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination arrangement
set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders
or otherwise under a Finance Document); 

  

	(k)	 (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:

  

	 	(i)	 the guarantee and indemnity granted under Clause 17 (Guarantee and Indemnity); 

 

	 	(ii)	 the Security Assets; or 

  

	 	(iii)	 the manner in which the proceeds of enforcement of the Transaction Security are distributed, 

(except in the case of sub-paragraphs (ii) and (iii) above, insofar as it relates to a sale
or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); 

 

	(l)	 the release of the guarantee and indemnity granted under Clause 17 (Guarantee and Indemnity) or of any
Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this
Agreement or any other Finance Document, 

 shall not be made, or given, without the prior consent of all the
Lenders. 
  

	42.3	 Other exceptions 

  

	(a)	 An amendment or waiver which relates to the rights or obligations of a Servicing Party or the Arranger or a Reference
Bank (each in their capacity as such) may not be effected without the consent of that Servicing Party, the Arranger or that Reference Bank, as the case may be. 

 

	(b)	 The Borrower and the Facility Agent, the Arranger or the Security Agent, as applicable, may amend or waive a term of a
Fee Letter to which they are party. 

  

	42.4	 Replacement of Screen Rate 

  
 125 

	(a)	 Subject to Clause 42.3 (Other exceptions), if the Screen Rate is not available for dollars, any amendment or
waiver which relates to providing for another benchmark rate to apply in relation to dollars, in place of that Screen Rate (or which relates to aligning any provision of a Finance Document to the use of that benchmark rate) may be made with the
consent of the Majority Lenders and the Obligors. 

  

	(b)	 If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) above within 2
Business Days (unless the Borrower and the Facility Agent agree to a longer time period in relation to any request) of that request being made: 

  

	 	(i)	 its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any
relevant percentage of Total Commitments has been obtained to approve that request; and 

  

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

  

	42.5	 Obligor Intent 

Without prejudice to the generality of Clauses 1.2 (Construction) and 17.4 (Waiver of defences) each Obligor expressly
confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase, extension or
addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working
capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for
which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 
  

	43	 CONFIDENTIAL INFORMATION 

 

	43.1	 Confidentiality 

Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent
permitted by Clause 43.2 (Disclosure of Confidential Information) and Clause 43.3 (Disclosure to numbering service providers) and to ensure that all Confidential Information is protected with security measures and a degree of care that
would apply to its own confidential information. 
  

	43.2	 Disclosure of Confidential Information 

Any Finance Party may disclose: 
  

	(a)	 to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

  

	(b)	 to any person: 

  
 126 

	 	(i)	 to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or
obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional
advisers; 

  

	 	(ii)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction including a securitisation under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Transaction
Obligors and to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(iii)	 appointed by any Finance Party or by a person to whom sub-paragraph (i) or
(ii) of paragraph (b) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (b) of Clause
29.15 (Relationship with the other Finance Parties); 

  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any
transaction referred to in sub-paragraph (i) or (ii) of paragraph (b) above; 

  

	 	(v)	 to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental,
banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation including any applicable data protection laws; 

 

	 	(vi)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitrations, administrative or other investigations, proceedings or disputes; 

  

	 	(vii)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant
to Clause 27.8 (Security over Lenders’ rights); 

  

	 	(viii)	 who is a Party, a member of the Group or any related entity of a Transaction Obligor; 

 

	 	(ix)	 as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion
obtained in connection with any Finance Document; or 

  

	 	(x)	 with the consent of the Corporate Guarantee; 

in each case, such Confidential Information as that Finance Party shall consider appropriate if: 

 

	 	(A)	 in relation to sub-paragraphs (i), (ii) and (iii) of paragraph
(b) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and
is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

  

	 	(B)	 in relation to sub-paragraph (iv) of paragraph (b) above, the person
to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that

  
 127 

	 	 
some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	 in relation to sub-paragraphs (v), (vi) and (vii) of paragraph
(b) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement
to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; 

  

	(c)	 to any person appointed by that Finance Party or by a person to whom
sub-paragraph (i) or (ii) of paragraph (b) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation
to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the
service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or
such other form of confidentiality undertaking agreed between the 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 Transaction Obligors if the rating agency to whom the Confidential Information is to be given is informed of its
confidential nature and that some or all of such Confidential Information may be price-sensitive information. 

 Any
non-disclosure undertaking contained herein shall not prevent the Corporate Guarantor from disclosing any information required to be disclosed by law, regulation or any governmental or competent regulatory
authority (including without limitation, any securities exchange), provided that, to the extent reasonably practicable, the Corporate Guarantor shall inform the Facility Agent on the proposed form, timing, nature and purpose of the disclosure. 

 

	43.3	 Disclosure to numbering service providers 

 

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

 

	 	(i)	 names of Transaction Obligors; 

 

	 	(ii)	 country of domicile of Transaction Obligors; 

 

	 	(iii)	 place of incorporation of Transaction Obligors; 

 

	 	(iv)	 date of this Agreement; 

  

	 	(v)	 Clause 46 (Governing Law); 

 

	 	(vi)	 the names of the Facility Agent and the Arranger; 

 

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

 

	 	(viii)	 amount of Total Commitments; 

 

	 	(ix)	 currency of the Facility; 

  
 128 

	 	(x)	 type of Facility; 

  

	 	(xi)	 ranking of Facility; 

  

	 	(xii)	 Maturity Date for Facility; 

  

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

  

	 	(xiv)	 such other information agreed between such Finance Party and the Borrower, 

to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 

 

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

  

	(c)	 Each Obligor represents, on behalf of itself and the other Transaction Obligors, that none of the information set out in
sub-paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information. 

 

	(d)	 The Facility Agent shall notify the Corporate Guarantor and the other Finance Parties of: 

 

	 	(i)	 the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility
and/or one or more Transaction Obligors; and 

  

	 	(ii)	 the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Transaction
Obligors by such numbering service provider. 

  

	43.4	 Entire agreement 

This Clause 43 (Confidential Information) constitutes the entire agreement between the Parties in relation to the obligations of
the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	43.5	 Inside information 

Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and
that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for
any unlawful purpose. 
  

	43.6	 Notification of disclosure 

Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower: 

 

	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to
sub-paragraph (v) of paragraph (b) of Clause 43.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the
ordinary course of its supervisory or regulatory function; and 

  

	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 43 (Confidential
Information). 

  
 129 

	43.7	 Continuing obligations 

The obligations in this Clause 43 (Confidential Information) are continuing and, in particular, shall survive and remain binding
on each Finance Party for a period of 12 months from the earlier of: 
  

	(a)	 the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full
and all Commitments have been cancelled or otherwise cease to be available; and 

  

	(b)	 the date on which such Finance Party otherwise ceases to be a Finance Party. 

 

	44	 CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS 

 

	44.1	 Confidentiality and disclosure 

 

	(a)	 The Facility Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Facility Agent, each
Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b), (c) and (d) below. 

  

	(b)	 The Facility Agent may disclose: 

 

	 	(i)	 any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower pursuant to Clause
8.5 (Notification of rates of interest); and 

  

	 	(ii)	 any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in
respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement
substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender or Reference
Bank, as the case may be. 

  

	(c)	 The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any
Funding Rate, to: 

  

	 	(i)	 any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners
and Representatives if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and that it may
be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound
by requirements of confidentiality in relation to it; 

  

	 	(ii)	 any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any
governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be
given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is
not practicable to do so in the circumstances; 

  

	 	(iii)	 any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, 

  
 130 

	 	 
proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price sensitive
information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and 

 

	 	(iv)	 any person with the consent of the relevant Lender or Reference Bank, as the case may be. 

 

	(d)	 The Facility Agent’s obligations in this Clause 44 (Confidentiality of Funding Rates and Reference Bank
Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 8.5 (Notification of rates of interest) Provided that (other than pursuant to sub-paragraph (i) of paragraph (b) above) the Facility Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification. 

 

	44.2	 Related obligations 

  

	(a)	 The Facility Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Facility Agent, each
Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each
Obligor undertake not to use any Funding Rate or, in the case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose. 

  

	(b)	 The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender
or Reference Bank, as the case may be: 

  

	 	(i)	 of the circumstances of any disclosure made pursuant to sub-paragraph
(ii) of paragraph (c) of Clause 44.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

  

	 	(ii)	 upon becoming aware that any information has been disclosed in breach of this Clause 44 (Confidentiality of Funding
Rates and Reference Bank Quotations). 

  

	44.3	 No Event of Default 

No Event of Default will occur under Clause 26.4 (Other obligations) by reason only of an Obligor’s failure to comply with
this Clause 44 (Confidentiality of Funding Rates and Reference Bank Quotations). 
  

	45	 COUNTERPARTS 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the
counterparts were on a single copy of the Finance Document. 

  
 131 

 SECTION 12 

GOVERNING LAW AND ENFORCEMENT 
  

	46	 GOVERNING LAW 

This Agreement and any non-contractual obligations arising out of or in connection with it are
governed by English law. 
  

	47	 ENFORCEMENT 

  

	47.1	 Jurisdiction 

  

	(a)	 The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this
Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a
“Dispute”). 

  

	(b)	 The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and
accordingly no Obligor will argue to the contrary. 

  

	(c)	 This Clause 47 (Enforcement) is for the benefit of the Creditor Parties only. As a result, no Creditor Party
shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Creditor Parties may take concurrent proceedings in any number of jurisdictions. 

 

	47.2	 Service of process 

  

	(a)	 Without prejudice to any other mode of service allowed under any relevant law, each Transaction Obligor (other than an
Obligor incorporated in England and Wales): 

  

	 	(i)	 irrevocably appoints HFW Nominees Ltd at its current address at Friary Court, 65 Crutched Friars, London EC3N 2AE,
England, as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and 

  

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

  

	(b)	 If any person appointed as an agent for service of process is unable for any reason to act as agent for service of
process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within seven days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint
another agent for this purpose. 

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

  
 132 

 EXECUTION PAGES 

BORROWER 
  

			
	 SIGNED by /s/ Efstratios Camatsos
	  	 )

	 duly authorised attorney-in-fact
	  	 )

	 for and on behalf of
	  	 )

	 KLEIMAR NV
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	 )

	 Witness’ name: Aikaterina Dimitriou
	  	 )

	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	 )

		
	 CORPORATE GUARANTOR
	  	
		
	 SIGNED by /s/ Efstratios Camatsos
	  	 )

	 duly authorised attorney-in-fact
	  	 )

	 for and on behalf of
	  	 )

	 NAVIOS MARITIME HOLDINGS INC.
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	 )

	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	
		
	 COLLATERAL GUARANTORS
	  	
		
	 SIGNED by /s/ Efstratios Camatsos
	  	 )

	 duly authorised attorney-in-fact
	  	 )

	 for and on behalf of
	  	 )

	 TRIANGLE SHIPPING CORPORATION
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	

  
 133 

  

			
	 SIGNED by /s/ Efstratios Camatsos
	  	 )

	 duly authorised attorney-in-fact
	  	 )

	 for and on behalf of
	  	 )

	 ESMERALDA SHIPPING CORPORATION
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	

  
 134 

			
	LENDERS	  	
		
	 SIGNED by /s/ Nadine Aulch
	  	 )

	 duly authorised
	  	 )

	 for and on behalf of
	  	 )

	 DVB BANK SE
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	
		
	 ARRANGER
	  	
		
	 SIGNED by /s/ Nadine Aulch
	  	 )

	 duly authorised
	  	 )

	 for and on behalf of
	  	 )

	 DVB BANK SE
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	
		
	 FACILITY AGENT
	  	
		
	 SIGNED by /s/ Nadine Aulch
	  	 )

	 duly authorised
	  	 )

	 for and on behalf of
	  	 )

	 DVB BANK SE
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	 )

  
 135 

			
	SECURITY AGENT	  	
		
	 SIGNED by /s/ Nadine Aulch
	  	 )

	 duly authorised
	  	 )

	 for and on behalf of
	  	 )

	 DVB BANK SE
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	
		
	 ACCOUNT BANK
	  	
		
	 SIGNED by /s/ Nadine Aulch
	  	 )

	 duly authorised
	  	 )

	 for and on behalf of
	  	 )

	 DVB BANK SE
	  	 )

	 in the presence of:
	  	 )

		
	 Witness’ signature: /s/ Aikaterina Dimitriou
	  	
	 Witness’ name: Aikaterina Dimitriou
	  	
	 Witness’ address: Watson Farley & Williams

348 Syngrou Avenue

17674 Kallithea
	  	
	 Athens, Greece
	  	

  
 136

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