Document:

EX-4.5

 Exhibit 4.5 

Dated 25 August 2021 

ZAKYNTHOS SHIPPING CORPORATION 

DELOS SHIPPING CORPORATION 

KERKYRA SHIPPING CORPORATION 

ALKMENE SHIPPING CORPORATION 

PERSEPHONE SHIPPING CORPORATION 

as joint and several Borrowers 

and 
 THE BANKS AND FINANCIAL
INSTITUTIONS 
 listed in Schedule 1 

as Lenders 
 and 

BNP PARIBAS 
 as Bookrunner
and Arranger 
 and 
 BNP
PARIBAS 
 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Mandated Lead Arrangers 
 and

 BNP PARIBAS 
 as Agent
and Security Trustee 
 LOAN AGREEMENT 

relating to a loan facility of up to $96,000,000 

secured on m.vs. “NAVE QUASAR”, “NAVE PHOTON”, “NAVE GALACTIC”, “STAR N” and “HECTOR N” 

 
 

 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	Interpretation	  	 	1	 
	 2
	 	Loan Facility	  	 	24	 
	 3
	 	Position of the Lenders	  	 	24	 
	 4
	 	Drawdown	  	 	25	 
	 5
	 	Interest	  	 	26	 
	 6
	 	Interest Periods	  	 	29	 
	 7
	 	Default Interest	  	 	29	 
	 8
	 	Repayment and Prepayment	  	 	31	 
	 9
	 	Conditions Precedent	  	 	33	 
	 10
	 	Representations and Warranties	  	 	34	 
	 11
	 	General Undertakings	  	 	37	 
	 12
	 	Corporate Undertakings	  	 	43	 
	 13
	 	Insurance	  	 	44	 
	 14
	 	Ship covenants	  	 	51	 
	 15
	 	Security Cover	  	 	56	 
	 16
	 	Payments and Calculations	  	 	57	 
	 17
	 	Application of Receipts	  	 	60	 
	 18
	 	Application of Earnings	  	 	61	 
	 19
	 	Events of Default	  	 	63	 
	 20
	 	Fees and Expenses	  	 	69	 
	 21
	 	Indemnities	  	 	71	 
	 22
	 	No Set-off or Tax Deduction	  	 	73	 
	 23
	 	Illegality, etc	  	 	76	 
	 24
	 	Increased Costs	  	 	76	 
	 25
	 	Set-off	  	 	78	 
	 26
	 	Transfers and Changes in Lending Offices	  	 	78	 
	 27
	 	Variations and Waivers by majority lenders	  	 	83	 
	 28
	 	Notices	  	 	85	 
	 29
	 	Supplemental	  	 	87	 
	 30
	 	Confidentiality	  	 	89	 
	 31
	 	Law and Jurisdiction	  	 	93	 
	 32
	 	Bail-In	  	 	94	 
			
	Schedules	 	 	  	 	 
		
	 Schedule 1 Lenders and Commitments
	  	 	95	 
	 Schedule 2 Drawdown Notice
	  	 	96	 
	 Schedule 3 Condition Precedent Documents
	  	 	98	 
	 Part A
	  	 	98	 
	 Part B
	  	 	99	 
	 Schedule 4 Transfer Certificate
	  	 	101	 
	 Schedule 5 Vessel Details
	  	 	105	 
		
	Execution	  	 	 
		
	 Execution Pages
	  	 	107	 

 THIS LOAN AGREEMENT is made on 25 August 2021 

PARTIES 
  

	(1)	 ZAKYNTHOS SHIPPING CORPORATION, DELOS SHIPPING CORPORATION, KERKYRA SHIPPING
CORPORATION, ALKMENE SHIPPING CORPORATION and PERSEPHONE SHIPPING CORPORATION, each a corporation incorporated and existing under the laws of the Marshall Islands whose registered address is at Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, as joint and several Borrowers. 

  

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

 

	(3)	 BNP PARIBAS whose registered office (siege social) is at 16 Boulevard des Italiens, 75009 Paris,
France, acting through its office at Grand Moulins Paris, 9 rue du Débarcadère, 93500 Pantin, France as Bookrunner and Arranger. 

  

	(4)	 BNP PARIBAS whose registered office (siege social) is at 16 Boulevard des Italiens, 75009 Paris,
France, acting through its office at Grand Moulins Paris, 9 rue du Débarcadère, 93500 Pantin, France and CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK a French sociéte anonyme, acting through its office at 12,
place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered under the SIREN No. 304 187 701 of the Registre du Commerce et des Sociétés of Nanterre as Mandated Lead Arrangers. 

 

	(5)	 BNP PARIBAS whose registered office (siege social) is at 16 Boulevard des Italiens, 75009 Paris,
France, acting through its office at Grand Moulins Paris, 9 rue du Débarcadère, 93500 Pantin, France as Agent and Security Trustee. 

 

	BACKGROUND	 

The Lenders have agreed to make available to the Borrowers a senior secured term loan facility, in an aggregate amount equal to the lesser of
(i) $96,000,000 and (ii) 67 per cent. of the aggregate Initial Market Value of the Ships, in one advance, for the purpose of partially refinancing the Existing Indebtedness of the Corporate Guarantor under the Indenture and the Ships. 

IT IS AGREED as follows: 
  

	1	 INTERPRETATION 

 

	1.1	 Definitions 

Subject to Clause 1.5, in this Agreement: 

“Account” means each of the Earnings Accounts and the Retention Account and, in the plural, means all of them; 

“Account Bank” means BNP Paribas (Suisse) SA, acting through its office at Place de Hollande 2, CP CH-1211, Geneva 11, Switzerland or any other bank or other financial institution acceptable to the Agent and the Borrowers; 

“Account Pledge” means, in relation to each Account, a deed of pledge of that Account in such form as the Lenders may approve
or require, and in the plural means all of them; 

 “Advance” means the borrowing of all or part of the Loan under this
Agreement; 
 “Additional Charter” shall have the meaning given to that term in Schedule 5; 

“Additional Charterer” shall have the meaning given to that term in Schedule 5; 

“Additional Provider” shall have the meaning given to that term in Schedule 5; 

“Additional Ship” shall have the meaning given to that term in Schedule 5; 

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

“Agency and Trust Deed” means the agency and trust deed executed or to be executed between the Borrowers, the Lenders, the
Agent and the Security Trustee in such form as the Lenders may approve or require; 
 “Agent” means BNP Paribas acting
through its office at Grand Moulins Paris, 9 rue du Débarcadère, 93500 Pantin, France or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

“Applicable Person” has the meaning given in Clause 29.4; 

“Approved Broker” means any of Arrow Valuations Ltd, Barry Rogliano Salles, Braemar ACM Ltd, Clarkson Valuations Limited, E.A.
Gibsons Shipbrokers, Fearnleys AS, Galbraith, Simpson Spence & Young, Howe Robinson Partners, Maersk Broker A/S and Affinity (Shipping) LLP (to include, in each case, their successors or assigns and such subsidiary or other company in the
same corporate group through which valuations are commonly issued by each of these brokers), or such other first-class independent broker as the Borrowers and the Agent (acting on the instructions of the Majority Lenders) may agree in writing from
time to time; 
 “Approved Flag” means, in relation to a Ship, the flag of Marshall Islands, the flag of Liberia, the flag
of Panama, the flag of Hong Kong or such other flag as the Agent (acting on the instructions of the Majority Lenders) may approve as the flag on which that Ship is or, as the case may be, shall be registered; 

“Approved Flag State” means, in relation to a Ship, the Republic of the Marshall Islands, the Republic of Liberia, the
Republic of Panama, the Hong Kong Special Administrative Region of the People’s Republic of China or any other country in which the Agent (acting on the instructions of the Majority Lenders) may approve that that Ship is or, as the case may be,
shall be registered; 
 “Approved Manager” means, in respect of the commercial and technical management of each Ship, Navios
Tankers Management or any other company (for the avoidance of doubt, other than an affiliate or subsidiary of Navios Tankers Management), which the Agent (acting on the instructions of the Majority Lenders) may approve from time to time as the
commercial and technical manager of any Ship (such approval not required in respect of an affiliate or subsidiary of Navios Tankers Management); 

“Approved Manager’s Undertaking” means, in relation to a Ship, a letter of undertaking including, without limitation, an
assignment of the Approved Manager’s rights, title and interest in the Insurances of the relevant Ship executed or to be executed by the Approved Manager in favour of the Security Trustee agreeing certain matters in relation to the Approved
Manager serving as the manager of that Ship and subordinating the rights of the Approved 

  
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Manager against that Ship and that Borrower to the rights of the Creditor Parties under the Finance Documents, in such form as the Security Trustee, with the authorisation of the Lenders, may
approve or require and, in the plural, means all of them; 
 “Arranger” means BNP Paribas acting through its office at Grand
Moulins Paris, 9 rue du Débarcadère, 93500 Pantin, France; 
 “Article 55 BRRD” means Article 55 of Directive
2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms; 
 “Availability
Period” means the period commencing on the date of this Agreement and ending on: 
  

	 	(a)	 30 December 2021 (or such later date as the Agent acting on the instructions of the Lenders may, in its
sole discretion, agree with the Borrowers); or 

  

	 	(b)	 if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated;

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

 

	 	(a)	 in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD,
the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; 

  

	 	(b)	 in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or
regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; and 

  

	 	(c)	 in relation to the United Kingdom, the UK Bail-In Legislation;

 “Balloon Instalment” has the meaning given to it in Clause 8.1; 

“Basel III” means: 
  

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

  

	 	(b)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement—Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

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

  
 3 

 “Bookrunner” means BNP Paribas acting through its office at Grand Moulins
Paris, 9 rue du Débarcadère, 93500 Pantin, France; 
 “Borrower” means each of Borrower A, Borrower B,
Borrower C, Borrower D and Borrower E and, in the plural, means all of them; 
 “Borrower A” means Zakynthos Shipping
Corporation, a corporation incorporated and existing under the laws of the Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Borrower B” means Delos Shipping Corporation, a corporation incorporated and existing under the laws of the Marshall Islands
having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Borrower C” means Kerkyra Shipping Corporation, a corporation incorporated and existing under the laws of the Marshall
Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Borrower D” means Alkmene Shipping Corporation, a corporation incorporated and existing under the laws of the Marshall
Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Borrower E” means Persephone Shipping Corporation, a corporation incorporated and existing under the laws of the Marshall
Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Business Day” means a day on which banks are open in London, Athens, Paris and Geneva and in respect of a day on which a
payment is required to be made under a Finance Document, also in New York City; 
 “Charterparty” means: 

 

	 	(a)	 in relation to a Ship, any charterparty in respect of that Ship (including, without limitation, an Existing
Charter) of a duration exceeding or capable of exceeding 12 months, made on terms and with a charterer acceptable in all respects to the Lenders; 

  

	 	(b)	 in relation to the Collateral Ship, the Collateral Charter; and 

 

	 	(c)	 in relation to an Additional Ship, any Additional Charter. 

“Charterparty Assignment” means: 
  

	 	(a)	 in relation to a Ship, the deed of assignment of any Charterparty in favour of the Security Trustee, in such
form as the Lenders may approve or require; 

  

	 	(b)	 in relation to the Collateral Ship, the deed of assignment of the Collateral Charter in favour of the Security
Trustee, in such form as the Lenders may approve or require; and 

  

	 	(c)	 in relation to an Additional Ship, the deed of assignment of any Additional Charter, in favour of the Security
Trustee, in such form as the Lenders may approve or require. 

  
 4 

 “Classification Society” means a member of the IACS or any other
classification society approved in writing by the Agent acting with the authorisation of the Majority Lenders; 
 “Code”
means the United States Internal Revenue Code of 1986; 
 “Collateral Charter” shall have the meaning given to that term in
Schedule 5; 
 “Collateral Charterer” shall have the meaning given to that term in Schedule 5; 

“Collateral Provider” shall have the meaning given to that term in Schedule 5; 

“Collateral Ship” shall have the meaning given to that term in Schedule 5; 

“Commitment” means, in relation to a Lender, the amount set opposite its name in Schedule 1 or, as the case may require, the
amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means the aggregate of the Commitments of all the Lenders);

 “Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the Loan Market
Association (LMA) or in any other form agreed between the Borrowers and the Agent; 
 “Confidential Information” means all
information relating to the Borrowers, any Security Party, the Group, the Finance Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor
Party in relation to, or for the purpose of becoming a Creditor Party under, the Finance Documents or the Loan from either: 
  

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

 

	 	(b)	 another Creditor Party, if the information was obtained by that Creditor 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 Creditor Party
of Clause 30; 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 Creditor Party before the date the information is disclosed to it in accordance with
paragraphs (a) or (b) above or is lawfully obtained by that Creditor Party after that date, from a source which is, as far as that Creditor Party is aware, unconnected with the Group and which, in either case, as far as that Creditor Party is
aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and 

  
 5 

	 	(ii)	 any Funding Rate or any quotation supplied to the Agent by a Reference Bank; 

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

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

“Corporate Guarantee” means the guarantee given or to be given by the Corporate Guarantor in favour of the Security Trustee,
guaranteeing the obligations of the Borrowers under this Agreement and the other Finance Documents, in such form as the Lenders may approve or require; 

“Corporate Guarantor” means Navios Maritime Acquisition Corporation, a corporation incorporated under the laws of the Marshall
Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, listed on the New York Stock Exchange; 

“CRD IV” means Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential
supervision of credit institutions and investment firms, amending Directive 2003/87/EC and repealing Directive 2006/48/EC and 2006/29/EC; 

“Creditor Party” means the Agent, the Security Trustee or any Lender, whether as at the date of this Agreement or at any later
time; 
 “CRR” means Regulation (EU) No. 575/2013 of 26 June 2013 on prudential requirements for credit
institutions and investment firms and amending regulation (EU) No. 648/2012; 
 “Designated Shareholder” means Mrs
Angeliki Frangou either directly or indirectly (through entities owned and controlled by her or trusts or foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. or any of its affiliates being, either individually or
together, the ultimate beneficial owner(s) of, or having ultimate control of the voting rights attaching to, at least 10 per cent. of all the issued shares in the Corporate Guarantor and in the plural means all of them; 

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

“Drawdown Date” means, in relation to the Advance, the date requested by the Borrowers for the Advance to be made, or (as the
context requires) the date on which the Advance is actually made; 
 “Drawdown Notice” means a notice in the form set out in
Schedule 2 (or in any other form which the Agent approves or reasonably requires); 
 “Earnings” means, in relation to a
Ship and the Collateral Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower owning that Ship, the Collateral Provider or the Security Trustee and which arise out of the use or operation of
that Ship, including (but not limited to): 
  

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

  
 6 

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

  

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

“Earnings Account” means: 
  

	 	(a)	 in relation to a Ship, an account in the name of the Borrower owning that Ship with the Account Bank which is
designated by the Agent in writing as the Earnings Account in respect of that Ship for the purposes of this Agreement, and, in the plural, means all of them; and 

 

	 	(b)	 in relation to the Collateral Ship, an account in the name of the Collateral Provider with the Account Bank
which is designated by the Agent in writing as the Earnings Account in respect of the Collateral Ship for the purposes of this Agreement; 

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

“Environmental Claim” means: 
  

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

  

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

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

 

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

 

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

  
 7 

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

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

“Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other
hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; 
 “EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from time to time; 

“Event of Default” means any of the events or circumstances described in Clause 19.1; 

“Existing Charter” shall have the meaning given to that term in Schedule 5; 

“Existing Charterer” shall have the meaning given to that term in Schedule 5; 

“Existing Indebtedness” means, at any date, any outstanding Financial Indebtedness (or part thereof) on that date under the
Indenture; 
 “Existing Security Interest” means any Existing Security Interests created under the Indenture; 

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

“FATCA Exempt Party” means a party to a Finance Document that is entitled to receive payments free from any FATCA Deduction;

 “FATCA FFI” means a foreign financial institution as defined in section 1471 (d)(4) of the Code which, if any Creditor
Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction; 
 “Final Maturity Date” means the earlier
of: 
  

	 	(a)	 the date falling on the second anniversary of the Drawdown Date; and 

 

	 	(b)	 30 December 2023. 

  
 8 

 “Finance Documents” means: 

 

	 	(a)	 this Agreement; 

  

	 	(b)	 the Agency and Trust Deed; 

 

	 	(c)	 the Corporate Guarantee; 

 

	 	(d)	 the General Assignments; 

 

	 	(e)	 the Mortgages; 

  

	 	(f)	 the Account Pledges; 

 

	 	(g)	 the Charterparty Assignments; 

 

	 	(h)	 the Approved Manager’s Undertakings; 

 

	 	(i)	 the Shares Security Deeds; 

 

	 	(j)	 the Subordination Agreement; and 

 

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

 “Financial Indebtedness”
means, in relation to a person (the “debtor”), a liability of the debtor: 
  

	 	(a)	 for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;

  

	 	(b)	 under any loan stock, bond, note or other security issued by the debtor; 

 

	 	(c)	 under any acceptance credit, guarantee or letter of credit facility or dematerialised equivalent made available
to the debtor; 

  

	 	(d)	 under a financial lease, a deferred purchase consideration arrangement or any other agreement having the
commercial effect of a borrowing or raising of money by the debtor; 

  

	 	(e)	 under any foreign exchange transaction, any interest or currency swap or any other kind of derivative
transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or 

 

	 	(f)	 under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of
another person which would fall within (a) to (e) if the references to the debtor referred to the other person; 

“Funding Rate” means any rate notified to the Agent by a Lender pursuant to Clause 5.12; 

  
 9 

 “General Assignment” means, in relation to a Ship, a general assignment of
the Earnings, the Insurances and any Requisition Compensation, in such form as the Lenders may approve or require and in the plural means all of them; 

“Group” means together, the Corporate Guarantor and its wholly-owned subsidiaries (direct or indirect) including, but not
limited to, the Borrowers, an Additional Provider and the Collateral Provider from time to time during the Security Period and “member of the Group” shall be construed accordingly; 

“IACS” means the International Association of Classification Societies; 

“Indenture” means the first priority ship mortgage notes of $610 million issued on 13 November 2013 by the Corporate
Guarantor and further increased by $60 million on 31 March 2014 with a scheduled maturity of 15 November 2021 at a fixed rate of 8.125%; 

“Initial Market Value” means, in relation to a Ship, the Market Value thereof determined by taking the valuation of that Ship
referred to in paragraph 5 of Schedule 3, Part B; 
 “Insurances” means, in relation to a Ship: 

 

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

 

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

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

“Interpolated Screen Rate” means, in relation to LIBOR for an Interest Period, 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
that Interest Period; and 

  

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

 each as of 11.00 a.m. (London time) on the Quotation Day for the currency of the Loan; 

“ISM Code” means, in relation to its application to the Borrowers, the Ships and their operation: 

 

	 	(a)	 ‘The International Management Code for the Safe Operation of Ships and for Pollution Prevention’,
currently known or referred to as the ‘ISM Code’, adopted by the Assembly of the International Maritime Organisation by Resolution A.741(18) on 4 November 1993 and incorporated on 19 May 1994 into chapter IX of the International
Convention for the Safety of Life at Sea 1974 (SOLAS 1974); and 

  
 10 

	 	(b)	 all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the
future issued by or on behalf of the International Maritime Organisation or any other entity with responsibility for implementing the ISM Code, including without limitation, the ‘Guidelines on implementation or administering of the
International Safety Management (ISM) Code by Administrations’ produced by the International Maritime Organisations pursuant to Resolution A.788(19) adopted on 25 November 1995, 

as the same may be amended, supplemented or replaced from time to time; 

“ISM Code Documentation” includes, in relation to a Ship: 

 

	 	(a)	 the document of compliance (DOC) and safety management certificate (SMC) issued pursuant to the ISM Code within
the periods specified by the ISM Code; and 

  

	 	(b)	 all other documents and data which are relevant to the ISM SMS and its implementation and verification which
the Agent may require; and 

  

	 	(c)	 any other documents which are prepared or which are otherwise relevant to establish and maintain that
Ship’s or that Borrower’s compliance with the ISM Code which the Agent may require; 

 “ISM SMS”
means the safety management system which is required to be developed, implemented and maintained under the ISM Code; 
 “ISPS
Code” means the International Ship and Port Facility Security Code constituted pursuant to resolution A.924 (22) of the International Maritime Organisation (“IMO”) adopted by a Diplomatic conference of the IMO on Maritime
Security on 13 December 2002 and now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS) 1974 (as amended) to take effect on 1 July 2004; 

“ISSC” means a valid and current International Ship Security Certificate issued under the ISPS Code; 

“Lender” means, subject to Clause 26.6: 
  

	 	(a)	 a bank or financial institution listed in Schedule 1 and acting through its branch or office indicated in
Schedule 1 (or through another branch notified to the Borrowers under Clause 26.14) unless it has delivered a Transfer Certificate or Certificates covering the entire amounts of its Commitment and its Contribution; and 

 

	 	(b)	 the holder for the time being of a Transfer Certificate; 

“LIBOR” means, for an Interest Period: 
  

	 	(a)	 the applicable Screen Rate; 

 

	 	(b)	 (if no Screen Rate is available for that Interest Period) the Interpolated Screen Rate; or

  

	 	(c)	 if: 

  

	 	(i)	 no Screen Rate is available for the currency of the Loan; or 

  
 11 

	 	(ii)	 no Screen Rate is available for that Interest Period and it is not possible to calculate an Interpolated Screen
Rate, 

 the Reference Bank Rate, 

as of, in the case of paragraphs (a) to (c) above, 11.00 a.m. (London time) on the Quotation Day for the currency of the Loan and for a
period equal in length to that Interest Period and, if any such rate is below zero, LIBOR will be deemed to be zero; 

“Loan” means the principal amount for the time being outstanding under this Agreement; 

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

“Majority Lenders” means: 
  

	 	(a)	 before the Advance has been made, Lenders whose Commitments total 66.67 per cent. of the Total
Commitments; and 

  

	 	(b)	 after the Advance has been made, Lenders whose Contributions total 66.67 per cent. of the Loan,

 and in any event in respect of (a) and (b) above shall not consist of less than two Lenders. 

“Mandated Lead Arrangers” means BNP Paribas whose registered office (siege social) is at 16 Boulevard des Italiens,
75009 Paris, France, acting through its office at Grand Moulins Paris, 9 rue du Débarcadère, 93500 Pantin, France and Crédit Agricole Corporate and Investment Bank a French société anonyme, acting through its
office at 12, place des Etats-Unis, CS 70052, 92547 Montrouge Cedex, France, registered under the SIREN No. 304 187 701 of the Registre du Commerce et des Sociétés of Nanterre; 

“Margin” means 3.55 per cent. per annum; 

“Market Value” means the market value of the Ship determined from time to time in accordance with Clause 15.4; 

“Minimum Liquidity” has the meaning given in Clause 11.20; 

“Mortgage” means, in relation to a Ship, the first preferred or, as the case may be, priority ship mortgage and, if
applicable, deed of covenant collateral thereto on that Ship, executed by the Borrower which is the owner thereof in favour of the Security Trustee or (as the case may be) the Lenders, in such form as the Lenders may approve or require and in the
plural means all of them; 
 “Navios Tankers Management” means Navios Tankers Management Inc., a corporation incorporated in
the Marshall Islands having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands; 

“Negotiation Period” has the meaning given in Clause 5.10; 

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.2 as the context requires; 

  
 12 

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

“Permitted Security Interests” means: 
  

	 	(a)	 Security Interests created by the Finance Documents; 

 

	 	(b)	 at any time prior to the Drawdown Date, any Existing Security Interest; 

 

	 	(c)	 liens for unpaid crew’s wages in accordance with usual maritime practice; 

 

	 	(d)	 liens for salvage; 

  

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

  

	 	(f)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 45 days overdue (unless the overdue amount is being contested by the relevant Borrower in
good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.13(g); 

  

	 	(g)	 any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal
before whom such action is brought as security for costs and expenses where the relevant Borrower is prosecuting or defending such action in good faith by appropriate steps; and 

 

	 	(h)	 Security Interests arising by operation of law in respect of taxes which are not overdue for payment other than
taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have been made; 

“Person” has the meaning given to it in Clause 10.18; 

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

 

	 	(a)	 England and Wales; 

  

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

 

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

  

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

  

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

  

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

  
 13 

 “Poseidon Principles” means the financial industry framework for assessing
and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the
International Maritime Organisation from time to time; 
 “Potential Event of Default” means an event or circumstance which,
with the giving of any notice, the lapse of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

“Quotation Date” means, in relation to any period for which an interest rate is to be determined under any provision of a
Finance Document, the day which is 2 Business Days in London before the first day of that period, unless market practice differs in the London Interbank Market for a currency, in which case the Quotation Date will be determined by the Agent in
accordance with market practice in the London Interbank Market (and if quotations would normally be given by leading banks in the London Interbank Market on more than one day, the Quotation Date will be the last of those days); 

“Reference Bank” means, in relation to the determination of LIBOR and any mandatory costs, the London office of such bank as
may be appointed by the Agent after consultation with (but without the approval of) the Borrowers; 
 “Reference Bank Rate”
means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks: 
  

	 	(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 contributes to the Screen Rate and asked to
submit to the relevant administrator; or 
  

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

 “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
Person” has the meaning given in Clause 19.9; 
 “Relevant Nominating Body” means any applicable central bank,
regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board; 

  
 14 

 “Repayment Date” means a date on which a repayment is required to be made
under Clause 8; 
 “Repayment Instalment” has the meaning given to it in Clause 8.1; 

“Replacement Benchmark” means a benchmark rate which is: 

 

	 	(a)	 formally designated, nominated or recommended as the replacement for a Screen Rate by: 

 

	 	(i)	 the administrator of that Screen Rate; or 

 

	 	(ii)	 any Relevant Nominating Body, 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the
“Replacement Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(b)	 in the opinion of the Lenders and the Borrowers, generally accepted in the international or any relevant
domestic syndicated loan markets as the appropriate successor to a Screen Rate; or 

  

	 	(c)	 in the opinion of the Lenders and the Borrowers, an appropriate successor to a Screen Rate;

 “Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or
custodian; 
 “Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event
such as is referred to in paragraph (b) of the definition of “Total Loss”; 
 “Retention Account” means an
account in the joint names of the Borrowers with the Account Bank designated “Zakynthos Shipping Corporation / Delos Shipping Corporation / Kerkyra Shipping Corporation / Alkmene Shipping Corporation / Persephone Shipping Corporation –
Retention Account”, or any other account (with that or another office of the Account Bank) which replaces this account and is designated by the Agent as the Retention Account for the purposes of this Agreement; 

“Sanctioned Person” has the meaning given to it in Clause 10.18; 

“Sanctioned Country” has the meaning given to it in Clause 10.18; 

“Sanctions” means any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by the
U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of State, the United Nations Security Council and/or the European Union and/or any of its member states and/or Her Majesty’s Treasury and/or the
State Secretariat for Economic Affairs of Switzerland (SECO) and/or the French Republic or other relevant sanctions authority; 

“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 (before any correction, recalculation or republication by the administrator) on page LIBOR01 of the Thomson Reuters screen (or any

  
 15 

 
replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If
such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers. 

“Screen Rate Replacement Event” means, in relation to a Screen Rate: 

 

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lenders, and
the Borrowers materially changed; 

  

	 	(b)	 

	 	(i)	 

	 	(A)	 the administrator of that Screen Rate or its supervisor publicly announces that such administrator is
insolvent; or 

  

	 	(B)	 information is published in any order, decree, notice, petition or filing, however described, or filed with a
court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent, 

provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate; 

 

	 	(ii)	 the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate; 

  

	 	(iii)	 the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or
will be permanently or indefinitely discontinued; or 

  

	 	(iv)	 the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used;
or 

  

	 	(v)	 the supervisor of the administrator of that Screen Rate makes a public announcement or publishes information:

  

	 	(A)	 stating that that Screen Rate is no longer or, as of a specified future date will no longer be, representative
of the underlying market or economic reality that it is intended to measure and that representativeness will not be restored (as determined by such supervisor); and 

 

	 	(B)	 with awareness that any such announcement or publication will engage certain triggers for fallback provisions
in contracts which may be activated by any such pre-cessation announcement or publication; or 

  

	 	(c)	 the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with
its reduced submissions or other contingency or fallback policies or arrangements and either: 

  
 16 

	 	(i)	 the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Lenders and the
Borrowers) temporary; or 

  

	 	(ii)	 that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than the
Screen Rate Contingency Period; or 

  

	 	(d)	 in the opinion of the Lenders and the Borrowers, that Screen Rate is otherwise no longer appropriate for the
purposes of calculating interest under this Agreement; 

 “Secured Liabilities” means all liabilities
which the Borrowers, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or by virtue of the Finance Documents or any judgment relating to the Finance Documents; and for this purpose, there
shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country;

 “Security Cover Ratio” means, at any relevant time, the aggregate of: 

 

	 	(a)	 the aggregate of the Market Value of the Ships; plus 

 

	 	(b)	 the net realisable value of any additional security provided at that time under Clause 15,

 expressed as a percentage of the Loan; 

“Security Interest” means: 
  

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

  

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

 “Security Party” means the Corporate Guarantor, the
Approved Manager, the Shareholder and any other person (except a Creditor Party, an Existing Charterer, an Additional Charterer and the Collateral Charterer) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement,
or in any similar capacity, executes a document falling within the final paragraph of the definition of “Finance Documents”; 

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

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

  

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

  

	 	(c)	 no Borrower nor any Security Party has any future or contingent liability under Clause 20, 21 or 22 below or
any other provision of this Agreement or another Finance Document; and 

  
 17 

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

“Security Trustee” means BNP Paribas acting through its office Grand Moulins Paris, 9 rue du Débarcadère, 93500
Pantin, France, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 
 “Shareholder” means in
relation to each of the Borrowers, Aegean Sea Maritime Holdings Inc., a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands,
MH96960; 
 “Shares Security Deed” means, in respect of all the issued shares in each Borrower, a pledge of such shares
executed or to be executed by the Shareholder in favour of the Security Trustee, in such form as the Lenders may approve or require; 

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

“Ship A” has the meaning given to that term in Schedule 5; 

“Ship B” has the meaning given to that term in Schedule 5; 

“Ship C” has the meaning given to that term in Schedule 5; 

“Ship D” has the meaning given to that term in Schedule 5; 

“Ship E” has the meaning given to that term in Schedule 5; 

“Subordinated Creditor” means: 
  

	 	(a)	 Navios Shipmanagement Holdings Corporation, a corporation incorporated under the laws of the Marshall Islands
whose registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; or 

  

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

“Subordinated Finance Document” means: 
  

	 	(a)	 the Subordinated Loan Agreement; and 

 

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

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

  
 18 

	 	(a)	 the Subordinated Loan Agreement; 

 

	 	(b)	 a supplemental agreement entered or to be entered into between (i) the Guarantor as borrower and
(ii) the Subordinated Creditor as lender amending the Subordinated Loan Agreement; and 

  

	 	(c)	 any other amendment and/or supplement related to the Subordinated Liabilities. 

“Subordination Agreement” means a subordination agreement entered into or to be entered into by the Subordinated Creditor and
the Agent in such form as the Lenders may approve or require. 
 “Total Loss” means in relation to a Ship: 

 

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

 

	 	(b)	 any expropriation, confiscation, requisition or acquisition of a Ship whether for full consideration, a
consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority,
excluding a requisition for hire for a fixed period not exceeding one year without any right to an extension unless a Ship is within 30 days redelivered to the full control of the Borrower owning that Ship; 

 

	 	(c)	 any condemnation of that Ship by any tribunal or by any person or person claiming to be a tribunal; and

  

	 	(d)	 any arrest, capture, seizure, confiscation or detention of that Ship (including any hijacking or theft) unless
it is within the Relevant Period redelivered to the full control of the Borrower owning that Ship. 

 In this definition
“Relevant Period” means: 
  

	 	(a)	 in the case of any arrest of a Ship, within 1 month; and 

 

	 	(b)	 in the case of piracy or capture, seizure, confiscation or detention of a Ship (including any hijacking or
theft) 90 days Provided that if the relevant underwriters confirm to the Agent in writing prior to the end of the 90-day period referred to in (i) above that the relevant Ship is subject to an
approved piracy insurance cover, the earlier of 12 months after the date on which that Ship is captured by pirates and the date on which the piracy insurance cover expires; 

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

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

  

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

  

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

  
 19 

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

  

	 	(c)	 in the case of any other type of total loss, on the earlier of: 

 

	 	(i)	 the date at which a total loss is subsequently admitted by such insurers; 

 

	 	(ii)	 the date at which a total loss is subsequently adjudged by a competent court of law or arbitration tribunal to
have occurred, if such insurers do not immediately admit such claim; or 

  

	 	(iii)	 the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss
occurred; 

 “Transfer Certificate” has the meaning given in Clause 26.2; 

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

“UK Bail-In Legislation” means Part 1 of the United Kingdom Banking Act 2009 and any
other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration or other
insolvency proceedings); 
 “US” means the United States of America; 

“US GAAP” means generally accepted international accounting principles as from time to time in effect in the United States of
America; 
 “US Tax Obligor” means: 
  

	 	(a)	 a person which is resident for tax purposes in the United States of America; or 

 

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

 “Write-down and Conversion Powers” means: 

 

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

  

	 	(b)	 in relation to any other applicable Bail-In Legislation other than the
UK 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

  
 20 

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

  

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

  

	1.2	 Construction of certain terms 

In this Agreement: 

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

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

“consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and
legalisation; 
 “contingent liability” means a liability which is not certain to arise and/or the amount of which remains
unascertained; 
 “document” includes a deed; also a letter or fax; 

“excess risks” means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not
recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims; 

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

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 

  
 21 

 “months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Borrower owning that Ship, is
obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document; 
 “parent company”
has the meaning given in Clause 1.4; 
 “person” includes any individual, any entity, any company; any state, political sub-division of a state and local or municipal authority; and any international organisation; 

“policy”, in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the
contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks covered
by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (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; 
 “regulation” includes any regulation, rule, official directive, request or guideline (either having
the force of law or compliance with which is reasonable in the ordinary course of business of the party concerned) of any governmental, intergovernmental or supranational body, agency, department or regulatory,
self-regulatory or other authority or organisation; 
 “subsidiary” has the meaning
given in Clause 1.4; 
 “successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to
any other person’s rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor
include a person to whom those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person; 

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

“war risks” includes the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses
(1/11/02), clauses 29 or 30 of the International Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision; and

 “which is continuing” or “is continuing”, 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. 

  
 22 

	1.3	 Meaning of “month” 

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

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

  

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

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

	1.4	 Meaning of “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; or 

  

	(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 Provided that there shall be excluded from
this definition any subsidiaries which are listed on a public stock exchange. 
  

	1.5	 General Interpretation 

 

	(a)	 In this Agreement: 

  

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

  

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

  

	 	(iii)	 words denoting the singular number shall include the plural and vice versa. 

 

	(b)	 Clauses 1.1 to 1.4 and paragraph (a) of this Clause 1.5 apply unless the contrary intention appears.

  

	(c)	 References in Clause 1.1 to a document being in the form of a particular Appendix include references to that
form with any modifications to that form which the Agent (with the authorisation of the Lenders in the case of substantial modifications) approves or requires. 

 

	(d)	 The clause headings shall not affect the interpretation of this Agreement. 

  
 23 

	2	 LOAN FACILITY 

 

	2.1	 Amount of loan facility 

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrowers a senior secured term loan facility, in
one Advance, in an aggregate amount not exceeding the Total Commitments. 
  

	2.2	 Lenders’ participations in the Advance 

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

	2.3	 Purpose of Advance 

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

 

	3	 POSITION OF THE LENDERS 

 

	3.1	 Interests of Lenders several 

The rights of the Creditor Parties under this Agreement are several; accordingly each Lender shall be entitled to sue for any amount which has
become due and payable by the Borrowers to it under this Agreement without joining the Security Trustee or any other Creditor Party as additional parties in the proceedings, save that the Security Interests created by any of the Finance Documents
may only be enforced in accordance with Clause 19.2. 
  

	3.2	 Proceedings by individual Creditor Party 

However, without the prior consent of the Lenders, no Creditor Party may bring proceedings in respect of: 

 

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

  

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

  

	3.3	 Obligations of Creditor Parties several 

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

	(a)	 the obligations of the other Lenders being increased; nor 

 

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

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

  
 24 

	3.4	 Parties bound by certain actions of Lenders 

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

 

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

  

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

  

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

  

	3.5	 Reliance on action of Agent 

However, each Borrower and each Security Party: 
  

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

  

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

  

	3.6	 Construction 

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

	4	 DRAWDOWN 

  

	4.1	 Request for Advance 

 

	(a)	 Subject to the following conditions, the Borrowers may request the Advance to be advanced by ensuring that the
Agent receives a completed Drawdown Notice not later than 11.00 a.m. (Paris time) 2 Business Days prior to the intended Drawdown Date (or such other shorter period as the Lenders may agree). 

 

	(b)	 The Borrowers may not deliver more than one Drawdown Notice. 

 

	4.2	 Availability 

The conditions referred to in Clause 4.1 are that: 
  

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

 

	(b)	 the amount of the Advance shall not exceed the lesser of (i) $96,000,000 and (ii) 67 per cent. of the
aggregate Initial Market Value of the Ships; 

  

	(c)	 the Advance shall be made available in a single amount; and 

 

	(d)	 the amount of the Advance shall not exceed the Total Commitments. 

  
 25 

	4.3	 Notification to Lenders of receipt of a Drawdown Notice 

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

 

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

 

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

 

	(c)	 the duration of the first Interest Period. 

 

	4.4	 Drawdown Notice irrevocable 

A Drawdown Notice must be signed by an officer or other authorised person of each Borrower; and once served a Drawdown Notice cannot be revoked
without the prior consent of the Agent, acting on the authority of the Majority Lenders. 
  

	4.5	 Lenders to make available Contributions 

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

	4.6	 Disbursement of Advance 

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

	(a)	 to the account which the Borrowers specify in the Drawdown Notice; and 

 

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

 

	4.7	 Disbursement of Loan to third party 

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

	5	 INTEREST 

  

	5.1	 Payment of normal interest 

Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall be paid by the Borrowers on the last
day of that Interest Period. 
  

	5.2	 Normal rate of interest 

Subject to the provisions of this Agreement, the rate of interest on each Advance in respect of an Interest Period shall be the aggregate of
(i) the Margin and (ii) LIBOR for that Interest Period subject to Clauses 5.6 and 5.7. 

  
 26 

	5.3	 Payment of accrued interest 

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

	5.4	 Notification of Interest Periods and rates of normal interest 

The Agent shall notify the Borrowers and each Lender of: 
  

	(a)	 each rate of interest; and 

 

	(b)	 the duration of each Interest Period, 

as soon as reasonably practicable after each is determined. 
  

	5.5	 Obligation of Reference Bank to quote 

Each of the Reference Banks which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of
fixing a rate of interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.16. 
  

	5.6	 Absence of quotations by Reference Bank 

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

	5.7	 Market disruption 

The following provisions of this Clause 5 apply if: 
  

	(a)	 LIBOR is to be determined by reference to the Reference Banks and no Reference Bank does, before 1.00 p.m.
(London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or 

  

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

  

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

 

	5.8	 Notification of market disruption 

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

	5.9	 Suspension of drawdown 

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

 

	(a)	 in a case falling within paragraphs (a) or (b) of Clause 5.7, the Lenders’ obligations to make such
Advance; 

  
 27 

	(b)	 in a case falling within Clause 5.7(c), the Affected Lender’s obligation to participate in such Advance,

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

 

	5.10	 Negotiation of alternative rate of interest 

Subject to Clause 27.4 (Replacement of Screen Rate), if the Agent’s notice under Clause 5.8 is served after the Advance is made,
the Borrowers, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation
Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned. 

 

	5.11	 Application of agreed alternative rate of interest 

Subject to Clause 27.4 (Replacement of Screen Rate), any alternative interest rate or an alternative basis which is agreed during the
Negotiation Period shall take effect in accordance with the terms agreed. 
  

	5.12	 Alternative rate of interest in absence of agreement 

Subject to Clause 27.4 (Replacement of Screen Rate), if an alternative interest rate or alternative basis is not agreed within the
Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate
representing the cost of funding of the Lenders concerned or (as the case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause 5.12 shall be
repeated if the relevant circumstances are continuing at the end of the interest period so set by the Agent. 
  

	5.13	 Notice of prepayment 

If the Borrowers do not agree with an interest rate set by the Agent under Clause 5.12, the Borrowers may give the Agent not less than 15
Business Days’ notice of their intention to prepay at the end of the interest period set by the Agent. 
  

	5.14	 Prepayment; termination of Commitments 

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

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

  

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

  
 28 

	5.15	 Application of prepayment 

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

	6	 INTEREST PERIODS 

 

	6.1	 Commencement of Interest Periods 

The first Interest Period shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period. 
  

	6.2	 Duration of normal Interest Periods 

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

	(a)	 3 or 6 months as notified by the Borrowers to the Agent not later than 11.00 a.m. (Paris time) 3 Business Days
before the commencement of the Interest Period; or 

  

	(b)	 3 months, if the Borrowers fail to notify the Agent by the time specified in paragraph (a) above; or

  

	(c)	 such other period as the Agent may agree with the Borrowers, subject to additional funding costs (if any) for
periods shorter than 3 months. 

  

	6.3	 Duration of Interest Periods for Repayment Instalments 

 

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

  

	(b)	 An Interest Period in respect of the Loan shall not extend beyond the Final Maturity Date.

  

	6.4	 Non-availability of matching deposits for Interest Period selected

 If, after the Borrowers have selected an Interest Period longer than 3 months, any Lender notifies the Agent by
11.00 a.m. (London time) on the third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when
the Interest Period commences, the Interest Period shall be 3 months. 
  

	7	 DEFAULT INTEREST 

 

	7.1	 Payment of default interest on overdue amounts 

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

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

 

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

  
 29 

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

  

	7.2	 Default rate of interest 

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

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

  

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

  

	7.3	 Calculation of default rate of interest 

The rates referred to in Clause 7.2 are: 
  

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

  

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

  

	 	(i)	 LIBOR; or 

  

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

  

	7.4	 Notification of interest periods and default rates 

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

 

	7.5	 Payment of accrued default interest 

Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference
to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 
  

	7.6	 Compounding of default interest 

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

  
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	8	 REPAYMENT AND PREPAYMENT 

 

	8.1	 Amount of repayment instalments 

The Borrowers shall repay the Loan by: 
  

	(a)	 8 equal consecutive quarterly instalments (each a “Repayment Instalment” and together, the
“Repayment Instalments”) each in the amount of $4,625,000 each; and 

  

	(b)	 a balloon instalment in the amount of up to $59,000,000 (the “Balloon Instalment”).

 Provided that if the amount of the Loan actually drawn down is less than $96,000,000 each Repayment Instalment
and the Balloon Instalment shall be reduced pro rata by an amount in aggregate equal to the undrawn amount. 
  

	8.2	 Repayment Dates 

The first Repayment Instalment shall be repaid on the date falling 3 months after the Drawdown Date with the remaining Repayment Instalments to
be repaid at 3-months intervals thereafter and the last Repayment Instalment together with the Balloon Instalment shall be repaid on the Final Maturity Date. 

 

	8.3	 Final Repayment Date 

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

	8.4	 Voluntary prepayment 

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

	8.5	 Conditions for voluntary prepayment 

The conditions referred to in Clause 8.4 are that: 
  

	(a)	 a partial prepayment shall be $1,000,000 or an integral multiple of $1,000,000; 

 

	(b)	 the Agent has received from the Borrowers at least 10 Business Days’ prior written notice specifying the
amount to be prepaid and the date on which the prepayment is to be made (such date shall be the last day of an Interest Period); and 

  

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

 

	8.6	 Effect of notice of prepayment 

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

  
 31 

	8.7	 Notification of notice of prepayment 

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

	8.8	 Mandatory prepayment 

The Borrowers shall be obliged to prepay the Relevant Amount: 
  

	(a)	 if a Ship is sold, on or before the date on which the sale is completed by delivery of that Ship to the buyer;
or 

  

	(b)	 if a Ship becomes a Total Loss, on the earlier of the date falling 180 days after the Total Loss Date and the
date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss. 

 In this Clause 8.8:

 “Relevant Amount” means: 
  

	 	(i)	 an amount equal to the higher of: 

 

	 	(A)	 the Relevant Fraction of the Loan on the date on which the relevant Ship is sold or becomes a Total Loss; and

  

	 	(B)	 an amount which after the application of the prepayment to be made pursuant to Clause 8.10(b) results in the
Security Cover Ratio being at last equal to the greater of (A) the Security Cover Ratio required to be maintained under Clause 15.1. and (B) the percentage which applied immediately prior to the applicable event described in paragraph
(a) or (b) of this Clause 8.8; or 

  

	 	(ii)	 if the relevant Ship is the last Ship subject to a Mortgage, the whole of the Loan. 

“Relevant Fraction” means a fraction of which the numerator is the Market Value of the Ship which is sold or becomes a Total
Loss and the denominator is the aggregate of (A) the Market Value of the other Ships then subject to a Mortgage and (B) the Market Value of that Ship. 
  

	8.9	 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 below or otherwise) in respect of the
amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but (subject to Clause 8.11) without premium or penalty. 

 

	8.10	 Application of partial prepayment 

Any partial prepayment shall be applied: 
  

	(a)	 if made pursuant to Clause 8.4, in order of maturity against the then outstanding Repayment Instalments and the
Balloon Instalment or in such other manner as the Agent (acting on the instructions of the Lenders) may agree with the Borrowers; 

  

	(b)	 if made pursuant to Clause 8.8: 

  
 32 

	 	(i)	 FIRSTLY: pro rata against the Repayment Instalments and the Balloon Instalment; and 

 

	 	(ii)	 SECONDLY: pro rata towards repayment of any overdue interest, any breakage costs, any accrued interest relating
to the Loan, any other costs, fees, expenses, commissions due under this Agreement; and 

  

	 	(iii)	 THIRDLY: any surplus shall be released to the Borrowers Provided that no Event of Default or Potential
Event of Default has occurred or is continuing. 

  

	8.11	 No reborrowing 

No amount repaid or prepaid may be reborrowed. 
  

	9	 CONDITIONS PRECEDENT 

 

	9.1	 Documents, fees and no default 

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

 

	(a)	 that on or before the date of this Agreement, the Agent receives: 

 

	 	(i)	 the documents described in Part A of Schedule 3 in a form and substance satisfactory to the Agent and its
lawyers; 

  

	 	(ii)	 the up-front fee referred to in Clause 20.1; 

 

	 	(iii)	 the commitment fee referred to in Clause 20.2; 

 

	 	(iv)	 the agency fee referred to in Clause 20.4; and 

 

	 	(v)	 payment in full of any expenses payable pursuant to Clause 20.2 which are due and payable on the date of this
Agreement; 

  

	(b)	 that, before or on the Drawdown Date, the Agent receives: 

 

	 	(i)	 the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its
lawyers; and 

  

	 	(ii)	 payment in full of any expenses payable pursuant to Clause 20.2 which are due and payable on the date of this
Agreement; 

  

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

 

	 	(i)	 no Event of Default or Potential Event of Default has occurred or is continuing or would result from the
borrowing of the relevant Advance; and 

  

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

  

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

  
 33 

	 	(iv)	 there has been no material adverse change in the business, management, condition (financial or otherwise),
results of operations, operation, performance, prospects or properties of the Borrowers or any of them and/or the Corporate Guarantor applying as at 31 December 2020; 

 

	(d)	 that, if the ratio set out in Clause 15.1 were applied immediately following the making of the Advance, the
Borrowers would not be obliged to provide additional security or prepay part of the Loan under that Clause; and 

  

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

 

	9.2	 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit the Advance to be borrowed before certain of the conditions referred to in Clause 9.1 are
satisfied, the Borrowers shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authority of the Majority Lenders, specify). 

 

	9.3	 Condition subsequent 

The Borrowers undertake to deliver or cause to be delivered to the Agent within 20 Business Days after delivery of the Collateral Ship, a duly
executed original of a Charterparty Assignment in relation to the Collateral Charter. 
  

	10	 REPRESENTATIONS AND WARRANTIES 

 

	10.1	 General 

Each Borrower represents and warrants (which representations and warranties (other than the ones in Clauses 10.11 and 10.12) shall survive the
execution of this Agreement and shall be deemed to be repeated throughout the Security Period on the first day of each Interest Period with respect to the facts and circumstances then existing) to each Creditor Party as follows. 

 

	10.2	 Status 

Each Borrower is duly incorporated and validly existing and in good standing under the laws of the Republic of the Marshall Islands. 

 

	10.3	 Share capital and ownership 

Each Borrower is authorised to issue and has issued 500 registered shares of par value $1.00 each, and the ownership of all those shares is
held in registered form by the Shareholder, free of any Security Interest or other claim, by the persons disclosed in writing to the Agent prior to the date of this Agreement. 
  

	10.4	 Corporate power 

Each Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it to: 

  
 34 

	(a)	 continue to own the Ship owned by it under the relevant Approved Flag; 

 

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

 

	(c)	 borrow under this Agreement and to make all the payments contemplated by, and to comply with, those Finance
Documents to which that Borrower is a party. 

  

	10.5	 Consents in force 

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

 

	10.6	 Legal validity; effective Security Interests 

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

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

  

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

 subject to any relevant insolvency laws affecting creditors’
rights generally. 
  

	10.7	 No third party Security Interests 

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

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

  

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

  

	10.8	 No conflicts 

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

	(a)	 any law or regulation; or 

 

	(b)	 the constitutional documents of that Borrower; or 

 

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

  
 35 

	10.9	 No withholding taxes 

All payments which each Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or
withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 
  

	10.10	 No default 

No Event of Default or Potential Event of Default has occurred and is continuing or would result from the entry into, the performance of, or
any transaction contemplated by, any Finance Document. 
  

	10.11	 Information 

All information which has been provided in writing by or on behalf of the Borrowers or any member of the Group to any Creditor Party in
connection with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.7; and there has been no material adverse change in the financial
position or state of affairs, operation, performance or prospects of the Borrowers or any of them or any Security Party (excluding the Approved Manager) as at 30 June 2021 from that disclosed to the Agent. 

 

	10.12	 No litigation 

No material, legal or administrative action involving any Borrower or any Security Party (excluding the Approved Manager) has been commenced or
taken or, to a Borrower’s knowledge, is likely to be commenced or taken. 
  

	10.13	 Compliance with certain undertakings 

At the date of this Agreement, each Borrower is in compliance with Clauses 11.2, 11.4, 11.9 and 11.13. 

 

	10.14	 Taxes paid 

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

 

	10.15	 No money laundering; anti-bribery 

None of the Borrowers, the Security Parties and the Designated Shareholder nor any of their subsidiaries, directors or officers, or, to their
best knowledge, any affiliate, agent or employee of them, have engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules in any applicable jurisdiction and
each of the Borrowers, the Security Parties and the Designated Shareholder has instituted and maintains policies and procedures designed to prevent violation of such laws, regulations and rules. 

 

	10.16	 ISM Code, ISPS Code Compliance and Environmental Laws 

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

  
 36 

	10.17	 No immunity 

No Borrower, nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding
(which shall include, without limitation, suit attachment prior to judgement, execution or other enforcement). 
  

	10.18	 Sanctions 

None of the Borrowers, the Security Parties, the Designated Shareholder or any charterer in respect of a Ship nor any of their subsidiaries,
directors or officers, or, to their best knowledge, any affiliate, agent or employee of them, is an individual or entity (a “Person”), that is, or is owned or controlled by Persons that are: (i) the target of any Sanctions (a
“Sanctioned Person”) or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions broadly prohibiting dealings with such government, country or territory (a
“Sanctioned Country”) or (iii) in violation of any Sanctions. 
  

	10.19	 Validity and completeness of the Existing Charters and the Collateral Charter 

 

	(a)	 Each Existing Charter and the Collateral Charter constitute legal, valid, binding and enforceable obligations
of the Borrower which is a party thereto. 

  

	(b)	 The copies of the Existing Charters and the Collateral Charter delivered to the Agent before the date of this
Agreement are true and complete copies. 

  

	(c)	 No amendments or additions to the Existing Charters and the Collateral Charter have been agreed nor has any
Borrower waived any of its respective rights under the relevant Existing Charter. 

  

	10.20	 Insolvency 

In relation to each Borrower, no corporate action, legal proceeding or other procedure or step described in Clause 19.1(g) or creditors’
process described in that clause has been taken or, to its knowledge, threatened in relation to it, and none of the circumstances described in Clause 19.1(g) applies to it. 
  

	11	 GENERAL UNDERTAKINGS 

 

	11.1	 General 

Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security
Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 
  

	11.2	 Title and negative pledge 

Each Borrower will: 
  

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

  
 37 

	(b)	 not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other
asset, present or future; and 

  

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

  

	11.3	 No disposal of assets 

No Borrower will transfer, lease or otherwise dispose of: 
  

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

  

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

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

	11.4	 No other liabilities or obligations to be incurred 

No Borrower will incur any liability or obligation except: 
  

	(a)	 liabilities and obligations under the Finance Documents to which it is a party; 

 

	(b)	 subject to other provisions of this Agreement, liabilities or obligations reasonably incurred in the ordinary
course of trading, maintaining, repairing, operating and chartering the Ship owned by it; 

  

	(c)	 at any time prior to the Drawdown Date, the Existing Indebtedness; and 

 

	(d)	 Financial Indebtedness to any other corporation which is a member of the Group or individual who is a
shareholder or majority shareholder in a member of the Group Provided that such Financial Indebtedness shall be fully subordinated to the Loan and the relevant Borrower shall, promptly following the Agent’s demand, execute or procure the
execution of any documents which the Agent specifies to create or maintain the subordination of the rights of the relevant member of the Group against the relevant Borrower to those of the Creditor Parties under the Finance Documents.

  

	11.5	 Information provided to be accurate 

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

	11.6	 Provision of financial statements 

Each Borrower will send or procure that they are sent to the Agent: 
  

	(a)	 as soon as possible, but in no event later than 180 days after the end of each financial year of the Corporate
Guarantor (commencing with the financial year ending on 31 December 2021), the audited annual consolidated accounts of the Group; and 

  
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	(b)	 as soon as possible, but in no event later than 90 days after the end of the
6-month period ending on 30 June in each financial year of the Corporate Guarantor (commencing with the 6-month period ending on 30 June 2021), the unaudited
semi-annual consolidated management accounts in respect of the Group, duly certified as to their correctness by an officer of the Corporate Guarantor; and 

  

	(c)	 promptly after each request by the Agent, such further financial information about that Borrower, the Ship
owned by it and the Corporate Guarantor or any other member of the Group (including, but not limited to, information regarding the charter arrangements, Financial Indebtedness and operating expenses) as the Agent may require. 

 

	11.7	 Form of financial statements 

All accounts (audited and unaudited) delivered under Clause 11.6 will: 

 

	(a)	 be prepared in accordance with all applicable laws and US GAAP; 

 

	(b)	 give a true and fair view of the state of affairs of the relevant person at the date of those accounts and of
its profit for the period to which those accounts relate; and 

  

	(c)	 fully disclose or provide for all significant liabilities of the Group. 

 

	11.8	 Shareholder notices 

Each Borrower will send to the Agent following a request by the Agent, and at the same time as they are despatched, copies of all
communications which are despatched to that Borrower’s shareholders or any class of them. 
  

	11.9	 Consents 

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

	(a)	 for that Borrower and that Security Party to perform its obligations under any Finance Document or any
Charterparty to which it is party; 

  

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

  

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

and that Borrower will, and will procure that each Security Party will, comply with the terms of all such consents. 

 

	11.10	 Maintenance of Security Interests 

Each Borrower will: 
  

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

  
 39 

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

  

	11.11	 Notification of litigation 

Each Borrower will provide the Agent with details of any legal or administrative action involving that Borrower, any Security Party, the
Approved Manager, the Ship owned by it, the Earnings or the Insurances in respect of that Ship as soon as such action is instituted or it becomes apparent to that Borrower that it is likely to be instituted, unless it is clear that the legal or
administrative action cannot be considered material in the context of any Finance Document. 
  

	11.12	 Principal place of business 

Each Borrower will maintain its place of business, and keep its corporate documents and records, at the address stated in Clause 28.2(a); and
no Borrower will establish, or do anything as a result of which it would be deemed to have, a place of business in the United States or the United Kingdom or any country other than Greece. 

 

	11.13	 Confirmation of no default 

Each Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by an
officer of each Borrower and which: 
  

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

 

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

 The Agent may serve requests under this Clause 11.13 from time to time;
this Clause 11.13 does not affect the Borrowers’ obligations under Clause 11.14. 
  

	11.14	 Notification of default 

Each Borrower will notify the Agent as soon as that Borrower becomes aware of the occurrence of an Event of Default or a Potential Event of
Default and will thereafter keep the Agent fully up-to-date with all developments. 
  

	11.15	 Provision of further information 

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

	(a)	 to that Borrower, the Ship owned by it, the Insurances, the Earnings or the Corporate Guarantor;

  

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

  
 40 

	(c)	 any information requested in respect of that Borrower, the Corporate Guarantor, the Shareholder and the
Designated Shareholder in connection with the Creditor Parties’ and/or the Account Bank’s “Know your customer” regulations, including, but not limited to information required pursuant to all applicable laws and regulations,
including, without limitation, the laws of the European Union, Switzerland and the United States of America in connection with that Borrower, the Corporate Guarantor and any other Security Party and their respective beneficial owners,

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

 

	11.16	 Provision of copies and translation of documents 

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

 

	11.17	 “Know your customer” checks. If: 

 

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

  

	(b)	 any change in the status of any Borrower or any Security Party after the date of this Agreement; or

  

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

 obliges the Agent or any Lender (or, in the case of
paragraph (c), any prospective new Lender) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the
request of the Agent or any Lender supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the
event described in paragraph (c), on behalf of any prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has complied
with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

 

	11.18	 Sanctions 

  

	(a)	 None of the Borrowers and the Security Parties will, directly or indirectly, use the proceeds of the loan
hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, affiliate, joint venture partner or any other Person, (i) to fund any activities or business of or with any Person, or in any country or territory,
that, at the time of such funding, is, a Sanctioned Person or Sanctioned Country or (ii) use in repayment of any moneys due to the Finance Parties any earnings of the Ship paid directly or indirectly from any activities or business of or with
any Person, or in any country, territory or port, that, at the time of such payment, is, a Sanctioned Person or Sanctioned Country, or (iii) in any other manner that would result in a violation of Sanctions by any Person (including the
Borrower, the Guarantor, the Approved Manager, the Additional Charterer, the Collateral Charterer, the Existing Charterer and any Person participating in the loan hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility
or security agent or otherwise); 

  

	(b)	 Without limiting paragraphs (a) and (b) of Clause 14.10, the Borrowers shall procure:

  
 41 

	 	(i)	 that the Ships shall not be used directly or indirectly by or for the benefit of a Sanctioned Person;

  

	 	(ii)	 that the Ships shall not be used directly or indirectly in calling, trading or otherwise going to a Sanctioned
Country; 

  

	 	(iii)	 that the Ships shall not be used directly or indirectly in any transport of any goods prohibited by Sanctions;

  

	 	(iv)	 that the Ships shall not be used directly or indirectly in any manner which would expose the Ships, any
Security Party, any Existing Charterer, crew or the insurers to enforcement proceedings or any other consequences whatsoever arising from Sanctions; 

  

	 	(v)	 that the Ships shall not be used or traded directly or indirectly in any manner which would trigger the
operation of any sanctions limitation or exclusion clause (or similar) in the Insurances and/or re-insurance of the Ships; and 

 

	 	(vi)	 that each Charterparty and each sub-charterparty in respect of a Ship shall contain, for the benefit of the
relevant Borrower, language which broadly gives effect to the provisions of paragraph (b) of Clause 14.10 as regards Sanctions and of this sub-paragraph (b)(vi) of this Clause 11.18 and which permits refusal of employment or voyage orders if
compliance would result in a breach of Sanctions. 

  

	11.19	 Hedging of interest rate risks – Right of first refusal 

The Borrowers hereby grant to the Lenders a right of first refusal for the purpose of hedging any part of the interest rate risk under this
Agreement throughout the Security Period. In the event that the Borrowers decide to hedge their exposure under this Agreement, they shall enter into such documentation as may be required by the relevant Lender (in such capacity the “Swap
Bank”) and the provisions of this Agreement will be amended to incorporate the amendments required, including, but not limited to, Clause 17 reflecting pari passu sharing in the security and receipts between the Lenders and the Swap Bank.

  

	11.20	 Minimum Liquidity 

Each Borrower shall maintain in its Earnings Account credit balances (“Minimum Liquidity”) in an aggregate amount of not less
than $500,000, commencing from the Drawdown Date and at all times thereafter throughout the Security Period. 
  

	11.21	 No amendment to the Existing Charters, the Additional Charters and the Collateral Charter

  

	(a)	 No Borrower will agree to any material amendment (and for, the avoidance of doubt, “material” to mean
any amendment which may detrimentally affect the interests of any Creditor Party) or supplement to, or waive or fail to enforce, any Existing Charter or any of its provisions. 

 

	(b)	 No Additional Provider will agree to any material amendment (and for, the avoidance of doubt,
“material” to mean any amendment which may detrimentally affect the interests of any Creditor Party) or supplement to, or waive or fail to enforce, any Additional Charter or any of its provisions. 

  
 42 

	(c)	 The Collateral Provider will not agree to any material amendment (and for, the avoidance of doubt,
“material” to mean any amendment which may detrimentally affect the interests of any Creditor Party) or supplement to, or waive or fail to enforce, the Collateral Charter or any of its provisions. 

 

	11.22	 Use of websites 

 

	(a)	 Each Borrower acknowledges an agrees that ay information under this Agreement may be delivered to a Lender
(through the Agent) on to an electronic website (a “Website Lender”) if: 

  

	 	(i)	 the Agent and the Lender agree; 

 

	 	(ii)	 the Agent appoints a website provider and designates an electronic website for this purpose (the
“Designated Website”); 

  

	 	(iii)	 the Designated Website is used for communication between the Agent and the Lenders; 

 

	 	(iv)	 the Agent notifies the Lenders of the address for the website; 

 

	 	(v)	 the information can only be posted on the website by the Agent; and 

 

	 	(vi)	 the information posted is in a format agreed between each Borrower and the Agent. 

 

	(b)	 The cost of the website shall be borne by each Borrower, subject to such cost being agreed by each Borrower
beforehand. 

  

	(c)	 Any Website Lender may request from any Borrower, through the Agent, one paper copy of any information required
to be provided under this Agreement which is posted onto the Designated Website and each Borrower shall at its own cost comply with any such request within ten Business Days. 

 

	12	 CORPORATE UNDERTAKINGS 

 

	12.1	 General 

Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the
Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 
  

	12.2	 Maintenance of status 

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

	12.3	 Negative undertakings 

No Borrower will: 
  

	(a)	 carry on any business other than the ownership, chartering and operation of the Ship owned by it; or

  

	(b)	 pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of
share capital if: 

  
 43 

	 	(i)	 an Event of Default has occurred at such time; or 

 

	 	(ii)	 an Event of Default would occur as a direct result of such distribution, redemption, purchase or return; or

  

	(c)	 provide any form of credit or financial assistance or issue guarantees in favour of any other corporation or
individual other than in the normal course of its business Provided that that corporation or individual to whom any form of credit or financial assistance has been granted or in favour of whom the guarantee has been issued fully subordinates
its rights to the rights of the Creditor Parties under the Finance Documents on terms acceptable to the Agent; 

  

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

 

	 	(i)	 a person who is directly or indirectly interested in that Borrower’s share or loan capital; or

  

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

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

	(e)	 open or maintain any account with any bank or financial institution except accounts with the Account Bank for
the purposes of the Finance Documents and any accounts disclosed to the Agent on or prior to the date of this Agreement; or 

  

	(f)	 issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share
capital; or 

  

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

  

	(h)	 enter into any form of amalgamation, merger or de-merger or any form of
reconstruction or reorganisation. 

  

	13	 INSURANCE 

  

	13.1	 General 

Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 13, from the Drawdown Date and
throughout the term of the Security Period, except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 
  

	13.2	 Maintenance of obligatory insurances 

Each Borrower shall keep the Ship owned by it, at all times during the Security Period, insured at the expense of that Borrower against: 

 

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

  
 44 

	(b)	 war risks; and 

  

	(c)	 protection and indemnity, meaning the usual risks including liability for oil pollution and excess war risk
P&I cover; and 

  

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

 

	13.3	 Terms of obligatory insurances 

Each Borrower shall effect such insurances: 
  

	(a)	 in Dollars; 

  

	(b)	 in the case of fire and usual marine risks and war risks, in such amounts as shall from time to time be
approved by the Agent but in any event in an amount not less than the greater of (i) the Market Value of the Ship owned by it and (ii) an amount which, when aggregated with the amount for which the other Ships then subject to a Mortgage is
insured, is equal to 120 per cent. of the Loan; and 

  

	(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 (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); 

 

	(d)	 in relation to protection and indemnity risks in respect of the relevant Ship’s full value and tonnage;

  

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

  

	(f)	 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 which are members of the International Group of Protection and Indemnity Associations. 

 

	13.4	 Further protections for the Creditor Parties 

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

 

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

  

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

 

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

  
 45 

	 	(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; 

  

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

  

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

  

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

  

	(e)	 provide that the insurers shall waive, to the fullest extent permitted by English law, their entitlement (if
any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the Security Trustee in respect of any rights or interests (secured or not) held by or available to the Security Trustee in respect of the
Secured Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph (d) from making personal claims against persons (other than any
Borrower or any Creditor Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; 

 

	(f)	 provide that such obligatory insurances shall be primary without right of contribution from other insurances
which may be carried by the Security Trustee; 

  

	(g)	 provide that the Security Trustee may make proof of loss if that Borrower fails to do so; and

  

	(h)	 provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage
which adversely affects the interest of the Security Trustee, or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, charge or lapse shall not be effective with
respect to the Security Trustee for 30 days (or 7 days in the case of war risks) after receipt by the Security Trustee of prior written notice from the insurers of such cancellation, change or lapse. 

 

	13.5	 Renewal of obligatory insurances 

Each Borrower shall: 
  

	(a)	 at least 14 days before the expiry of any obligatory insurance: 

 

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

  

	 	(ii)	 in case of any substantial change in insurance cover, obtain the Lenders’ approval to the matters referred
to in paragraph (i) above; 

  
 46 

	(b)	 at least 7 days before the expiry of any obligatory insurance, renew the insurance; and 

 

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

  

	13.6	 Copies of policies; letters of undertaking 

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

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

  

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

  

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

  

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

  

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

  

	13.7	 Copies of certificates of entry 

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

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

 

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

 

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

  

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

  
 47 

	13.8	 Deposit of original policies 

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

	13.9	 Payment of premiums 

Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts
when so required by the Security Trustee. 
  

	13.10	 Guarantees 

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

	13.11	 Restrictions on employment 

No Borrower shall employ the Ship owned by it, nor permit her to be employed, outside the cover provided by any obligatory insurances. 

 

	13.12	 Compliance with terms of insurances 

No Borrower shall either do or omit to do (or 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 thereunder repayable in whole or in part; and in particular: 
  

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

  

	(b)	 no Borrower shall make any changes relating to the classification or the Classification Society or manager or
operator of the Ship owned by it approved by the underwriters of the obligatory insurances; 

  

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

  

	(d)	 no Borrower shall employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with
the terms and conditions of the obligatory insurances (including but not limited to any applicable laws and Sanctions), without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which
the insurers specify. 

  
 48 

	13.13	 Alteration to terms of insurances 

No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory
insurance without the prior written consent of the Security Trustee. 
  

	13.14	 Settlement of claims 

No Borrower shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do
all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances. 

 

	13.15	 Provision of copies of communications 

Each Borrower shall provide the Security Trustee, at the time of each such communication, copies of all written communications in case of, but
not limited to, an Event of Default, Total Loss or Major Casualty between that Borrower and: 
  

	(a)	 the approved brokers; and 

 

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

 

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

  

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

  

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

  

	13.16	 Provision of information 

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

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

  

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

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

  
 49 

	13.17	 Mortgagee’s interest and additional perils insurances 

The Security Trustee shall effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such
insurers and generally in such manner as the Lenders may from time to time consider appropriate: 
  

	(a)	 a mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 110 per cent.
of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the
Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of,
or on the basis of an allegation concerning: 

  

	 	(i)	 any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of warranty or condition or any non-disclosure
relating to such obligatory insurance; 

  

	 	(ii)	 any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower,
any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or

  

	 	(iii)	 any other matter capable of being insured against under a mortgagee’s interest marine insurance policy
whether or not similar to the foregoing; 

  

	(b)	 a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to
110 per cent. of the Loan, providing for the indemnification of the Security Trustee against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of
detention of a Ship, the imposition of any Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing,

 and the Borrowers shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses
which are incurred in connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 

 

	13.18	 Review of insurance requirements 

The Lenders shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in
circumstances after the date of this Agreement which are, in the opinion of the Lenders, significant and capable of affecting any Borrower or any Ship and its or their Insurances (including, without limitation, changes in the availability or the
cost of Insurances or the risks to which the Borrower owning that Ship may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrowers, such review to be carried out at the Agent’s request, at any
time during the Security Period if the Agent (acting on the instructions of the Lenders) considers necessary (the reasonable fees of the insurance consultants to conduct such review shall be deducted from the Earnings Accounts (or any of them) and
each Borrower hereby agrees to arrange the transfer of monies from its Earnings Account in order to pay such fees) Provided that the Borrowers shall not be required to pay the fees of the insurance consultants to conduct such review more
often than once a year unless an Event of Default has occurred and is continuing, or unless a change in the terms of the cover of any Ship has occurred. 

  
 50 

	13.19	 Modification of insurance requirements 

The Security Trustee shall notify the Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the
Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrowers as an amendment to this Clause 13 and shall bind the Borrowers accordingly. 

 

	13.20	 Compliance with mortgagee’s instructions 

The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance
Document) to require a Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower owning that Ship implements any amendments to the terms of the obligatory insurances and any
operational changes required as a result of a notice served under Clause 13.19. 
  

	14	 SHIP COVENANTS 

 

	14.1	 General 

Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 14, at all times during the
Security Period, except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit in writing. 
  

	14.2	 Ship’s name and registration 

Each Borrower shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do or allow to be done anything as a
result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of that Ship, without the prior written consent of the Agent (acting with the authorisation of the Lenders), which shall not be
unreasonably withheld or delayed, and shall remain acceptable to the Agent (acting with the authorisation of the Lenders) at all times. 
  

	14.3	 Repair and classification 

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

 

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

  

	(b)	 so as to maintain the highest class with a Classification Society which is a member of IACS acceptable to the
Agent (acting with the authorisation of the Lenders) free of overdue recommendations and conditions of such Classification Society; 

  

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

  
 51 

	(d)	 each Borrower shall use its best efforts to allow the Agent (or its agents), at any time, to inspect the
original class and related records of that Borrower and the Ship owned by it electronically (through the Classification Society directly) and to take copies of such records. 

 

	14.4	 Modification 

No Borrower shall make any modification or repairs to, or replacement of, the Ship or equipment installed on the Ship owned by it which would
or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value. 
  

	14.5	 Removal of parts 

No Borrower shall remove any material part of the Ship owned by it, or any item of equipment installed on, that Ship unless the part or item so
removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security Trustee and
becomes on installation on the relevant Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that each Borrower may install equipment owned by a third party if the equipment can be
removed without any risk of damage to its Ship. 
  

	14.6	 Surveys 

Each Borrower shall submit the Ship owned by it regularly to all periodical or other surveys which may be required for classification purposes
and, if so required by the Lenders provide the Security Trustee, with copies of all survey reports. 
  

	14.7	 Technical Survey 

Without prejudice to each Borrower’s obligations pursuant to Clause 14.6, each Borrower promptly following the request of the Agent will,
submit the Ship for a technical survey by an independent surveyor or surveyors appointed by the Agent (provided such technical survey does not interfere with the ordinary trading of the Ship owned by it). All fees and expenses incurred in relation
to the appointment of the surveyor or surveyors and the preparation and issue of all technical reports pursuant to this Clause 14.7 shall be for the account of the Borrowers. 
  

	14.8	 Inspection 

Each Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship owned by it
at all times (but in any event without interfering with the ordinary trading of the Ship owned by it) to inspect its condition or to satisfy themselves about proposed or executed repairs, shall afford all proper facilities for such inspections and
pay to the Agent the amount of all fees, costs and expenses incurred in respect of such inspections Provided that so long as no Event of Default shall have occurred that Borrower shall not be obliged to pay any fees and expenses in respect of
more than one inspection of its Ship in any calendar year. 
  

	14.9	 Prevention of and release from arrest 

Each Borrower shall promptly discharge: 

  
 52 

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

  

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

  

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

 and, forthwith upon receiving notice of the arrest of that Ship, or of her detention in exercise or purported exercise
of any lien or claim, that Borrower shall procure her release by providing bail or otherwise as the circumstances may require. 
  

	14.10	 Compliance with laws etc. 

Each Borrower shall: 
  

	(a)	 comply, or procure compliance with the ISM Code (including, for the avoidance of doubt, by the Approved
Manager), all Environmental Laws, the ISPS Code, Sanctions and all other laws or regulations relating to the Ship owned by it, its ownership, operation and management or to the business of that Borrower; 

 

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

  

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

  

	14.11	 Provision of information 

Each Borrower shall promptly provide the Security Trustee with any information which the Lenders request regarding: 

 

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

 

	(b)	 the Earnings and payments and amounts due to that Ship’s master and crew of that Ship;

  

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

  

	(d)	 any towages and salvages; 

 

	(e)	 any intended dry-docking of that Ship; 

 

	(f)	 that Borrower’s, the Approved Manager’s compliance or the compliance of that Ship with the ISM Code
and the ISPS Code; and 

  

	(g)	 any other information which the Creditor Parties (or any of them) may reasonably request,

  
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 and, upon the Security Trustee’s request, provide copies of any current charter
relating to that Ship, and copies of that Borrower’s or the Approved Manager’s Document of Compliance or any other document issued under ISM Code Documentation. 
  

	14.12	 Notification of certain events 

Each Borrower shall immediately notify the Security Trustee by letter of: 

 

	(a)	 any casualty which is or is likely to be or to become a Major Casualty; 

 

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

  

	(c)	 any requirement or recommendation made by any insurer or Classification Society or by any competent authority
which is not complied with in accordance with its terms; 

  

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

  

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

 

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

  

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

  

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

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

 

	14.13	 Restrictions on chartering, appointment of managers etc. 

No Borrower shall, in relation to the Ship owned by it: 
  

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

 

	(b)	 enter into any time or consecutive voyage charter in respect of that Ship for a term which exceeds, or which by
virtue of any optional extensions may exceed, 12 months except as the Agent may consent, such consent not to be unreasonably withheld; 

  

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

  

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

  

	(e)	 appoint a manager of that Ship other than the Approved Manager or agree to any material alteration to the terms
of the Approved Manager’s appointment which could lead to an Event of Default (“material alterations” to include, without limitation, alterations concerning fees, duration and parties); 

  
 54 

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

 

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

  

	14.14	 Notice of Mortgage 

Each Borrower shall keep the Mortgage relative to its Ship registered against its Ship as a valid first priority or as the case may be
preferred mortgage, carry on board that Ship 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 Ship a framed printed notice stating that that Ship is mortgaged
by that Borrower to the Security Trustee. 
  

	14.15	 Sharing of Earnings 

No Borrower shall: 
  

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

 

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

  

	(c)	 enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security
Interest relating to any Earnings other than customary profit sharing arrangements in time charter contracts. 

  

	14.16	 Time Charter Assignment 

If a Borrower enters into any Charterparty of a duration exceeding or capable of exceeding 12 months, that Borrower shall, at the request of
the Agent, execute in favour of the Security Trustee a Charterparty Assignment, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Part A and 6 of Part B of Schedule 3 hereof as the Agent
may require. 
  

	14.17	 ISM Code, ISPS Code compliance and Environmental Laws 

All requirements of the ISM Code, ISPS Code and Environmental Laws as they relate to each Borrower, the Approved Manager, the Ship owned by the
relevant Borrower shall be complied with at all times. 
  

	14.18	 Poseidon Principles 

Each Borrower shall, upon the request of any Lender and at the cost of the Borrowers, on or before 31st July in each calendar year, supply or procure the supply by the relevant Approved Classification Society (as specified by the relevant Lender) to the Agent of all information necessary in order for
any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of
Annex VI and any Statement of Compliance, in each case relating to the Ship owned by it for the preceding 

  
 55 

 
calendar year provided always that, for the avoidance of doubt, such information shall be “Confidential Information” for the purposes of Clause 30.1 (Confidential Information)
but the Borrowers acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender’s portfolio climate alignment. 

 

	15	 SECURITY COVER 

 

	15.1	 Minimum required security cover 

Clause 15.2 applies if the Agent notifies the Borrowers that the Security Cover Ratio is below 125 per cent, and Security Cover Ratio
shall be tested as at 30 June and 31 December each year. 
  

	15.2	 Provision of additional security; prepayment 

If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least) of the Loan as will eliminate
the shortfall on or before the date falling 1 month after the date on which the Agent’s notice is served under Clause 15.1 (the “Prepayment Date”) unless at least 1 Business Day before the Prepayment Date it has
provided, or ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall. 

In this Clause 15.2 “security” means a Security Interest over an asset or assets (whether securing a Borrower’s
liabilities under the Finance Documents or a guarantee in respect of those liabilities), or a guarantee, letter of credit or other security (including any cash pledged to the Security Trustee) in respect of that Borrower’s liabilities under the
Finance Documents. 
  

	15.3	 Requirement for additional documents 

The Borrowers shall not be deemed to have complied with Clause 15.2 above until the Agent has received in connection with the additional
security certified copies of documents of the kinds referred to in paragraphs 3, 4 and 5 of Schedule 3, Part A and such legal opinions in terms acceptable to the Majority Lenders from such lawyers as they may select. 

 

	15.4	 Valuation of Ship 

For the purpose of the Security Cover Ratio determination under Clause 15.1, the market value of a Ship shall be provided: 

 

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

 

	(b)	 by an Approved Broker selected by the Borrowers and appointed by the Agent (unless the Borrowers have not
nominated an Approved Broker within 14 Business Days of the Agent’s request in which case the Agent will be entitled to select and appoint an Approved Broker); 

 

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

 

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

  
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	15.5	 Value of additional security 

The net realisable value of any additional security which is provided under Clause 15.1 and which consists of a Security Interest over a vessel
shall be that shown by a valuation complying with the requirements of Clause 15.4. 
  

	15.6	 Valuations binding 

Any valuation under Clause 15.2, 15.4 or 15.5 shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the
Majority Lenders make of a security which does not consist of or include a Security Interest. 
  

	15.7	 Provision of information 

The Borrowers shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.4 or 15.5 with any information which
the Agent or the Approved Broker or expert may request for the purposes of the valuation; and, if the Borrowers fail to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which the
Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 
  

	15.8	 Payment of valuation expenses 

Without prejudice to the generality of the Borrowers’ obligations under Clauses 20.3, 20.5 and 20.6, the Borrowers shall, on demand, pay
the Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause
Provided that so long as no Event of Default shall have occurred and is continuing and so long as all valuations of each Ship commissioned by the Agent for the purposes of this Clause 15 confirm that the Borrowers have satisfied the test in
Clause 15.1, no Borrower shall be obliged to pay the fees and expenses in respect of more than two valuations (excluding valuations provided to determine the Initial Market Value). 

 

	15.9	 Frequency of valuations 

The Borrowers acknowledge and agree that the Agent may commission valuation(s) of any Ship at such times as the Agent may reasonably request
(including, without limitation, on the occurrence of any breach of obligation under this Agreement, any Finance Document or any other relevant documentation in connection therewith) and, in any event not less than twice in any calendar year. 

 

	16	 PAYMENTS AND CALCULATIONS 

 

	16.1	 Currency and method of payments 

All payments to be made: 
  

	(a)	 by the Lenders to the Agent; or 

 

	(b)	 by any Borrower to the Arranger, the Bookrunner, the Mandated Lead Arrangers, the Agent, the Security Trustee
or any Lender, 

  
 57 

 under a Finance Document shall be made to the Agent or to the Security Trustee, in the case
of an amount payable to it: 
  

	 	(i)	 by not later than 11.00 a.m. (New York City time) on the due date; 

 

	 	(ii)	 in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such
other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time for the settlement of international transactions of the type contemplated by this Agreement); 

 

	 	(iii)	 to the account of the Agent, as the Agent may from time to time notify to the Borrowers and the other Creditor
Parties; and 

  

	 	(iv)	 in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to
the Borrowers and the other Creditor Parties. 

  

	16.2	 Payment on non-Business Day 

If any payment by any Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 

 

	(a)	 the due date shall be extended to the next succeeding Business Day; or 

 

	(b)	 if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to
the immediately preceding Business Day, 

 and interest shall be payable during any extension under paragraph (a) at
the rate payable on the original due date. 
  

	16.3	 Basis for calculation of periodic payments 

All interest and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall
be calculated on the basis of the actual number of days elapsed and a 360 day year. 
  

	16.4	 Distribution of payments to Creditor Parties 

Subject to Clauses 16.5, 16.6 and 16.7: 
  

	(a)	 any amount received by the Agent under a Finance Document for distribution or remittance to a Lender or the
Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have
notified to the Agent not less than 5 Business Days previously; and 

  

	(b)	 amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally
shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it. 

  

	16.5	 Permitted deductions by Agent 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a
Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on
demand. 

  
 58 

	16.6	 Agent only obliged to pay when monies received 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the
Borrowers or any Lender any sum which the Agent is expecting to receive for remittance or distribution to the Borrowers or that Lender until the Agent has satisfied itself that it has received that sum. 

 

	16.7	 Refund to Agent of monies not received 

If and to the extent that the Agent makes available a sum to the Borrowers or a Lender, without first having received that sum, the Borrowers
or (as the case may be) the Lender concerned shall, on demand: 
  

	(a)	 refund the sum in full to the Agent; and 

 

	(b)	 pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or
other loss, liability or expense incurred by the Agent as a result of making the sum available before receiving it. 

  

	16.8	 Agent may assume receipt 

Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any
form of notice that it had not received the sum which it made available. 
  

	16.9	 Creditor Party accounts 

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrowers and each Security Party under the Finance
Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 
  

	16.10	 Agent’s memorandum account 

The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the Security
Trustee and each Lender from the Borrowers and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 

 

	16.11	 Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by a Borrower or a Security Party to a Creditor Party, those
accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 

  
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	17	 APPLICATION OF RECEIPTS 

 

	17.1	 Normal order of application 

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any
Finance Document shall be applied: 
  

	(a)	 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the
following proportions: 

  

	 	(i)	 first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under
the Finance Documents other than those amounts referred to at (ii) and (iii) below (including, but without limitation, all amounts payable by any Borrower under Clauses 20, 21 and 22 of this Agreement or by any Borrower or any Security Party
under any corresponding or similar provision in any other Finance Document); 

  

	 	(ii)	 secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to
the Creditor Parties under the Finance Documents; and 

  

	 	(iii)	 thirdly, in or towards satisfaction of the Loan; 

 

	(b)	 SECONDLY: in retention of an amount equal to any amount not then due and payable under any Finance Document but
which the Agent, by notice to the Borrowers (or any of them), the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards
satisfaction of them in accordance with the foregoing provisions of this Clause 17.1(a); 

  

	(c)	 THIRDLY: in or towards satisfaction of any amounts representing insurance costs or premiums then due and
payable by the Borrowers (or any of them) in connection with the Ships and/or the Lenders; 

  

	(d)	 FOURTHLY: in or towards satisfaction of any amounts representing management fees then due and payable by the
Borrowers (or any of them) to the Approved Manager in connection with the Ships; and 

  

	(e)	 FIFTHLY: any surplus shall be paid to the Borrowers (or any of them) or to any other person appearing to be
entitled to it. 

  

	17.2	 Variation of order of application 

The Agent may, with the authorisation of the Majority Lenders by notice to the Borrowers, the Security Parties and the other Creditor Parties
provide for a different manner of application from that set out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified category or categories. 

 

	17.3	 Notice of variation of order of application 

The Agent may give notices under Clause 17.2 from time to time; and such a notice may be stated to apply not only to sums which may be received
or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served. 

  
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	17.4	 Appropriation rights overridden 

This Clause 17 and any notice which the Agent gives under Clause 17.2 shall override any right of appropriation possessed, and any
appropriation made, by any Borrower or any Security Party. 
  

	18	 APPLICATION OF EARNINGS 

 

	18.1	 Payment of Earnings 

The Borrowers and the Collateral Provider undertake with each Creditor Party that, throughout the Security Period (subject only to the
provisions of the General Assignment to which it is party): 
  

	(a)	 it shall maintain the Accounts opened in its name (whether individually or jointly) with the Account Bank;

  

	(b)	 it shall ensure that all Earnings of the Ship and the Collateral Ship owned by it are paid to the Earnings
Account for that Ship or the Collateral Ship, as the case may be; and 

  

	(c)	 the Minimum Liquidity amounts required to be maintained pursuant to Clause 11.20 shall be maintained in the
relevant Earnings Account of the Ships. 

  

	18.2	 Monthly retentions 

The Borrowers undertake with each Creditor Party to ensure that, on and from the date falling one month after the Drawdown Date and at monthly
intervals thereafter during the Security Period, there are transferred to the Retention Account out of the Earnings received in the Earnings Accounts during the preceding month: 

 

	(a)	 one-third of the amount of the relevant Repayment Instalment falling
due under Clause 8.1 on the next Repayment Date; and 

  

	(b)	 the relevant fraction of the aggregate amount of interest on the Loan which is payable on the next due date for
payment of interest under this Agreement, 

 and the Borrowers irrevocably authorise the Agent to make those transfers if
the Borrowers fail to do so. 
 The “relevant fraction”, in relation to paragraph (b), is a fraction of which the numerator
is 1 and the denominator the number of months comprised in the then current Interest Period (or if the current Interest Period in respect of the Loan ends after the next due date for payment of interest under this Agreement, the number of months
from the later of the commencement of the current Interest Period in respect of the Loan or the last due date for payment of interest to the next due date for payment of interest in respect of the Loan under this Agreement). 

 

	18.3	 Shortfall in Earnings 

If the aggregate Earnings received in the Earnings Account are insufficient at any time for the required amount to be transferred to the
Retention Account under Clause 18.2, the Borrowers shall immediately pay the amount of the insufficiency into the Retention Account. 

  
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	18.4	 Application of retentions 

Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the
credit of the Retention Account, on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 so much of the then balance on the Retention Account as equals:

  

	(a)	 the Repayment Instalment due on that Repayment Date pursuant to Clause 8.1; or 

 

	(b)	 the amount of interest in respect of the Loan payable on that interest payment date, 

in discharge of the Borrowers’ liability for that Repayment Instalment or that interest. 

 

	18.5	 Application of Earnings 

Each Borrower and the Collateral Provider undertakes with the Lenders that money from time to time credited to, or for the time being standing
to the credit of, the Earnings Accounts shall (i) unless and until an Event of Default shall have occurred (whereupon the provisions of Clause 17.1 shall be and become applicable) or (ii) unless otherwise agreed in writing between the
Borrowers and the Agent, be available for application in the following manner: 
  

	(a)	 in or towards making payments of all amounts due and payable by the Borrowers under this Agreement (other than
payments of principal and interest); 

  

	(b)	 in or towards satisfaction of all amounts of interest or default interest payable to the Creditor Parties under
the Finance Documents; 

  

	(c)	 in or towards satisfaction of the Loan; 

 

	(d)	 in or towards making payments of all fees due to the Approved Manager and thereafter meeting the costs and
expenses from time to time incurred by or on behalf of a Borrower in connection with the operation of the Ship owned by it; and 

  

	(e)	 as to any surplus from time to time arising on an Earnings Account following application as aforesaid, to be
paid to the Borrower owning that Ship or to whomsoever it may direct. 

  

	18.6	 Location of account 

Each Borrower shall promptly: 
  

	(a)	 comply with any requirement of the Agent as to the location or
re-location of its Earnings Account; and 

  

	(b)	 execute any documents which the Agent specifies to create or maintain in favour of the Security Trustee a
Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the Accounts. 

  

	18.7	 Debits for expenses etc. 

The Agent shall be entitled (but not obliged) from time to time to debit the Earnings Accounts without prior notice in order to discharge any
amount due and payable under Clause 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 20 or 21. 

  
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	18.8	 Borrowers’ obligations unaffected 

The provisions of this Clause 18 (as distinct from a distribution effected under Clause 18.4) do not affect: 

 

	(a)	 the liability of the Borrowers to make payments of principal and interest on the due dates; or

  

	(b)	 any other liability or obligation of the Borrowers or any Security Party under any Finance Document.

  

	18.9	 Restriction on withdrawal 

During the Security Period no sum may be withdrawn by a Borrower from the Retention Account. 

 

	19	 EVENTS OF DEFAULT 

 

	19.1	 Events of Default 

An Event of Default occurs if: 
  

	(a)	 the Borrowers or any of them or any Security Party fails to pay when due or (if so payable) on demand any sum
payable under a Finance Document or under any document relating to a Finance Document; or 

  

	(b)	 any breach occurs of Clause 9.2, 10.15, 10.18, 11.2, 11.3, 11.18, 11.20, 12.2, 12.3, 13.2, 13.3, 14.2 or 15.2
or clause 12.3 of the Corporate Guarantee; or 

  

	(c)	 any breach by the Borrowers or any of them or any Security Party occurs of any provision of a Finance Document
(other than a breach covered by paragraphs (a) or (b) above) if, in the opinion of the Majority Lenders, such default is capable of remedy, and such default continues unremedied 14 days after the earlier of (i) written notice from the
Agent requesting action to remedy the same and (ii) any Borrower becoming aware of such breach; or 

  

	(d)	 (subject to any applicable grace period specified in the Finance Document) any breach by the Borrowers or any
of them or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a), (b) or (c) above); or 

  

	(e)	 any representation, warranty or statement made or repeated by, or by an officer of, any Borrower or a Security
Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading when it is made or repeated; or 

 

	(f)	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person (for an amount
exceeding, in the case of any Relevant Person other than a Borrower $10,000,000 (or the equivalent in any other currency) in aggregate): 

  

	 	(i)	 any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand; or

  
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	 	(ii)	 any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and
payable prior to its stated maturity date as a consequence of any event of default unless the Relevant Person 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 have been set aside for its payment if such proceedings fail; or 

  

	 	(iii)	 a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is
terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event; or 

  

	 	(iv)	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other
facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is
required, or becomes capable of being required, in respect of such a facility as a result of any event of default; or 

  

	 	(v)	 any Security Interest securing any Financial Indebtedness of a Relevant Person becomes enforceable; or

  

	(g)	 any of the following occurs in relation to a Relevant Person: 

 

	 	(i)	 a Relevant Person becomes, in the reasonable opinion of the Lenders, unable to pay its debts as they fall due;
or 

  

	 	(ii)	 any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or
distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency and such execution, attachment, arrest, sequestration or distress is not withdrawn or discharged within thirty (30) days; or

  

	 	(iii)	 any administrative or other receiver is appointed over any asset of a Relevant Person; or

  

	 	(iv)	 an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person; or

  

	 	(v)	 any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent
or likely to become insolvent is made by a Relevant Person or by the directors or officers of a Relevant Person or, in any proceedings, by a lawyer acting for a Relevant Person; or 

 

	 	(vi)	 a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made in relation
to a Relevant Person or a winding up resolution is passed by a Relevant Person; or 

  

	 	(vii)	 a resolution is passed, an administration notice is given or filed, an application or petition to a court is
made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members, shareholders, officers or directors of a Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the
assets of a Relevant Person, or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view to the winding up of that or 

  
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another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or another Relevant Person ceasing or suspending
business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than a Borrower or the Corporate Guarantor which is, or is to be, effected for the purposes of an
amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than 3 months after the commencement of the winding up; or 

  

	 	(viii)	 an administration notice is given or filed, an application or petition to a court is made or presented or any
other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a
provisional liquidator or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds
and not with a view to some other insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 60 days of being made or presented, or (bb) within 60 days of the administration notice
being given or filed, or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way
and without being the subject of any actual, interim or pending insolvency law procedure; or 

  

	 	(ix)	 a Relevant Person or its directors or officers take any steps (whether by making or presenting an application
or petition to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise) with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of
payments, reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value) of creditors or of any class of them or any such moratorium, suspension or deferral of payments, reorganisation or
arrangement is effected by court order, by the filing of documents with a court, by means of a contract or in any other way at all; or 

  

	 	(x)	 any meeting of the members, shareholders or directors, or of any committee of the board or senior management,
of a Relevant Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a
meeting) the members, shareholders, directors or such a committee resolve or agree that such an action or step should be taken or should be taken if certain conditions materialise or fail to materialise; or 

 

	 	(xi)	 in a country other than England, any event occurs, any proceedings are opened or commenced or any step is taken
which, in the reasonable opinion of the Majority Lenders is similar to any of the foregoing; or 

  

	(h)	 any Borrower or any Security Party ceases or suspends carrying on its business or a part of its business which,
in the reasonable opinion of the Majority Lenders, is material in the context of this Agreement Provided that no Event of Default will occur under this paragraph (h) if the Security Party is an Approved Manager and the Borrowers replace
such Approved Manager by another Approved Manager within 30 days from the date of such event; or 

  
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	(i)	 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

	 	(i)	 for any Borrower or any Security Party to discharge any liability under a Finance Document or to comply with
any other obligation which the Majority Lenders consider material under a Finance Document; or 

  

	 	(ii)	 for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any
Security Interest created by, a Finance Document; or 

  

	(j)	 any official consent necessary to enable any Borrower to own, operate or charter the Ship owned by it or to
enable any Borrower or any Security Party to comply with any provision which the Majority Lenders reasonably consider material of a Finance Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any
condition of such a consent is not fulfilled, unless the relevant Borrower contests any denial, expiration or revocation (other than with respect to a Finance Documents) and on the condition that, in the reasonable opinion of the Majority Lenders
(i) there are real prospects of such contest being successfully granted/upheld by the relevant Borrower (ii) such contest being made in good faith; or 

 

	(k)	 it appears to the Majority Lenders that, without their prior written consent: 

 

	 	(i)	 a change has occurred or probably has occurred after the date of this Agreement in the legal or direct
beneficial ownership of any of the shares in any Borrower or the Shareholder in the voting rights attaching to any of those shares; or 

  

	 	(ii)	 any Borrower ceases to be a wholly owned indirect subsidiary of the Corporate Guarantor; or

  

	 	(iii)	 the Designated Shareholders own, in aggregate, less than 10 per cent. of the issued and outstanding voting
shares in the Corporate Guarantor; or 

  

	 	(iv)	 the shares of the Corporate Guarantor cease to be listed on the New York Stock Exchange (NYSE) or any other US
or European stock exchange acceptable to the Agent; or 

  

	(l)	 any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes
invalid or unenforceable, or a Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or
any other third party claim or interest; or 

  

	(m)	 the security constituted by a Finance Document is in any way imperilled or in jeopardy; or

  

	(n)	 any other event occurs or any other circumstances arise or develop including, without limitation:

  

	 	(i)	 a material adverse change in the business, condition (financial or otherwise), operation, state of affairs or
prospects of any Borrower, the Corporate Guarantor or the Group; or 

  

	 	(ii)	 any accident or other event involving any Ship or another vessel owned, chartered or operated by a Relevant
Person, 

  
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 in the light of which the Majority Lenders reasonably consider that there is a significant
risk that any Security Party is, or will later become, unable to discharge its liabilities under the Finance Documents as they fall due or the enforceability of any Finance Document may be adversely affected. 

 

	(o)	 Existing Charters, Collateral Charters and Additional Charter 

 

	 	(i)	 Any Existing Charter, Collateral Charter or any of the Additional Charters is frustrated (except as a result of
a Total Loss of the relevant Ship, the Collateral Ship or the relevant Additional Ship), terminated (except by mere effluxion of time), cancelled or rescinded or purported to be cancelled or rescinded or the relevant Ship, or the Collateral Ship or
the relevant Additional Ship is withdrawn from service under that Existing Charter, the Collateral Charter or the Additional Charter, respectively prior to its termination by effluxion of time. 

 

	 	(ii)	 No Event of Default will occur under paragraph (i) of this Clause 19.1(o) (Existing Charters) if,
as soon as possible, but in any event not later than 60 days after such frustration, termination, cancellation or rescission the Borrower owning the relevant Ship, the Collateral Provider owning the relevant Collateral Ship and the Additional
Provider owning the Additional Ship: 

  

	 	(A)	 has entered into a new charter (a “Replacement Charter”) in respect of that ship with a
duration which is approximately the same as the remaining duration of such Existing Charter, such Additional Charters or the Collateral Charter on terms otherwise acceptable to the Agent (acting on the instructions of the Majority Lenders at their
sole discretion), which shall not be unreasonably withheld or delayed; 

  

	 	(B)	 has delivered to the Agent copies of such Replacement Charter or sufficient evidence that such Replacement
Charter has been agreed and, if applicable, any related charter guarantee duly executed by the parties thereto and of each document to be delivered pursuant to each of them; and 

 

	 	(C)	 has complied with its obligations pursuant to Clause 14.16 (Time Charter Assignment) in relation to such
Replacement Charter (as if same was by definition a Charterparty) and, if applicable, any related charter guarantee. 

  

	(p)	 Repayment of Subordinated Loan Agreement 

Any payment of principal or interest under the Subordinated Loan Agreement prior to the Final Maturity Date (other than repayment taking place
by way of equity raising). 
  

	19.2	 Actions following an Event of Default 

On, or at any time after, the occurrence of an Event of Default, which is continuing: 

 

	(a)	 the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	(i)	 serve on the Borrowers a notice stating that all or part of the Commitments and all other obligations of each
Lender to the Borrowers under this Agreement are terminated; and/or 

  
 67 

	 	(ii)	 serve on the Borrowers a notice stating that all or part of the Loan, all accrued interest and all other
amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand; and/or 

  

	 	(iii)	 take any other action which, as a result of the Event of Default or any notice served under paragraph
(i) or (ii) above, the Agent and/or the Lenders are entitled to take under any Finance Document or any applicable law; and/or 

  

	(b)	 the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the Lenders, the
Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a) (i) or (ii) above, the Security Trustee, the Agent and/or the Majority Lenders are entitled to take under any Finance
Document or any applicable law. 

  

	19.3	 Termination of Commitments 

On the service of a notice under paragraph (a)(i) of Clause 19.2, the Commitments and all other obligations of each Lender to the Borrowers
under this Agreement shall terminate. 
  

	19.4	 Acceleration of Loan 

On the service of a notice under paragraph (a)(ii) of Clause 19.2, the Loan, all accrued interest and all other amounts accrued or owing from
the Borrowers or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 
  

	19.5	 Multiple notices; action without notice 

The Agent may serve notices under paragraphs (a) (i) and (ii) of Clause 19.2 simultaneously or on different dates and it and/or the
Security Trustee may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 

 

	19.6	 Notification of Creditor Parties and Security Parties 

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on
the Borrowers under Clause 19.2; but the notice shall become effective when it is served on the Borrowers, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the
Borrowers or any Security Party with any form of claim or defence. 
  

	19.7	 Creditor Party’s rights unimpaired 

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or
the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 

  
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	19.8	 Exclusion of Creditor Party Liability 

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrowers or a Security Party:

  

	(a)	 for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance
Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or 

  

	(b)	 as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by
or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset, 

except that this does not exempt a Creditor Party or a receiver or manager from liability for losses shown to have been caused by the gross
negligence or the wilful misconduct of such Creditor Party’s own officers and employees or (as the case may be) such receiver’s or manager’s own partners or employees. 

 

	19.9	 Relevant Persons 

In this Clause 19, a “Relevant Person” means a Borrower, a Security Party (excluding the Approved Manager), and any company
which is a subsidiary of any Borrower or of a Security Party (excluding the Approved Manager) or of which any Borrower is a subsidiary. 
  

	19.10	 Interpretation 

In Clause 19.1(f) references to an event of default or a termination event include any event, howsoever described, which is similar to an event
of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g) “petition” includes an application. 
  

	20	 FEES AND EXPENSES 

 

	20.1	 Up-front fee 

The Borrowers shall pay to the Agent on or prior to the date of this Agreement a non-refundable up-front fee in the amount of $1,152,000 (representing 1.20 per cent. of the Total Commitments) for distribution among the Lenders pro rata to their Commitments. 

 

	20.2	 Commitment fee 

The Borrowers shall pay to the Agent (for the account of each Lender) a non-refundable commitment fee,
at the rate of 1.00 per cent. per annum on the undrawn or uncancelled amount of the Total Commitments, payable quarterly in arrears for distribution among the Lenders pro rata to their Commitments, during the period from (and including) the
date of this Agreement to the earlier of (i) the Drawdown Date to occur under this Agreement and (ii) the last day of the Availability Period (and on the last day of such period). 

 

	20.3	 Account Bank fee 

The Borrowers and the Collateral Provider shall pay to the Account Bank on or prior to the date of this Agreement and on each anniversary
thereof a non-refundable annual fee in the amount of $1,000 in respect of each Earnings Account. 
  

	20.4	 Agency fee 

The Borrowers shall pay to the Agent (for its own account) an agency fee in the amount of $30,000 per annum. The first such fee shall be due
and payable to the Agent on or prior to the Drawdown Date and each subsequent such fee shall be payable on each anniversary of the date of this Agreement. 

  
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	20.5	 Costs of negotiation, preparation etc. 

The Borrowers shall pay to the Agent, within ten Business Days’ from its demand, the amount of all expenses incurred by the Agent or the
Security Trustee in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document (including, without
limitation, out of pocket expenses, legal fees and any related VAT). 
  

	20.6	 Costs of variations, amendments, enforcement etc. 

The Borrowers shall pay to the Agent, within ten Business Days’ from its demand, the amount of all documented expenses incurred by a
Creditor Party in connection with: 
  

	(a)	 any amendment or supplement to a Finance Document, or any proposal for such an amendment to be made, including,
but not limited to, any amendment or supplement (or any proposal for such an amendment or supplement) contemplated in Clause 27.4 (Replacement of Screen Rate); 

 

	(b)	 any consent or waiver by the Lenders, the Majority Lenders or the Creditor Party concerned under or in
connection with a Finance Document, or any request for such a consent or waiver; 

  

	(c)	 the valuation of any security provided or offered under Clause 15 or any other matter relating to such
security; 

  

	(d)	 where the Agent, in its absolute opinion, considers that there has been a material change to the insurances in
respect of a Ship, the review of the insurances of a Ship pursuant to Clause 13.18; 

  

	(e)	 the opinions of the independent insurance consultant referred to in paragraph 6 of Part B, Schedule 3; and

  

	(f)	 any step taken by any Lender concerned with a view to the protection, exercise or enforcement of any right or
Security Interest created by a Finance Document or for any similar purpose. 

 There shall be recoverable under paragraph
(d) the full amount of all legal expenses, whether or not such as would be allowed under rules of court or any taxation or other procedure carried out under such rules. 
  

	20.7	 Documentary taxes 

The Borrowers shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent’s demand, fully
indemnify each Creditor Party against any liabilities, claims losses and expenses resulting from any failure or delay by the Borrowers to pay such a tax. 
  

	20.8	 Certification of amounts 

A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount,
is due. 

  
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	21	 INDEMNITIES 

  

	21.1	 Indemnities regarding borrowing and repayment of Loan 

The Borrowers shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of
all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

  

	(a)	 the Advance not being borrowed on the date specified in the Drawdown Notice for any reason other than a default
by the Lender claiming the indemnity; 

  

	(b)	 the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an
Interest Period or other relevant period including, without limitation, where such receipt or recovery is made as a result of the voluntary or mandatory repayment or prepayment of the Loan, or any part thereof; 

 

	(c)	 any failure (for whatever reason) by the Borrowers to make payment of any amount due under a Finance Document
on the due date or, if so payable, on demand (after giving credit for any default interest paid by the Borrowers on the amount concerned under Clause 7); and 

  

	(d)	 the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of the Loan under
Clause 19, 

 and in respect of any tax (other than tax on its overall net income or a FATCA Deduction) for which a
Creditor Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 
  

	21.2	 Breakage costs 

Without limiting its generality, Clause 21.1 covers any liability, expense or loss, including a loss of a prospective profit, incurred by a
Lender: 
  

	(a)	 in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any
part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount); and 

  

	(b)	 in terminating, or otherwise in connection with, any interest and/or currency swap or any other transaction
entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge any exposure arising under this Agreement or that part which the Lender concerned determines is fairly attributable to this
Agreement of the amount of the liabilities, expenses or losses (including losses of prospective profits) incurred by it in terminating, or otherwise in connection with, a number of transactions of which this Agreement is one. 

  
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	21.3	 Miscellaneous indemnities 

The Borrowers shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, demands, proceedings,
liabilities, taxes, losses and expenses of every kind (“liability items”) which may be made or brought against, or incurred by, a Creditor Party, in any country, in relation to: 

 

	(a)	 any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the
Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; and 

  

	(b)	 any other event, matter or question which occurs or arises at any time during the Security Period and which has
any connection with, or any bearing on, any Finance Document, any payment or other transaction relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created (or intended to be created) by a Finance
Document, 

 other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by
the dishonesty or wilful misconduct of the officers or employees of the Creditor Party concerned. 
  

	21.4	 Extension of indemnities; environmental indemnity 

Without prejudice to its generality, Clause 21.3 covers: 
  

	(a)	 any matter which would be covered by Clause 21.3 if any of the references in that Clause to a Lender were a
reference to the Agent or (as the case may be) to the Security Trustee; and 

  

	(b)	 any liability items which arise, or are asserted, under or in connection with any law relating to safety at
sea, pollution or the protection of the environment, the ISM Code, the ISPS Code or any Environmental Law. 

  

	21.5	 Currency indemnity 

If any sum due from a Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a
Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of:

  

	(a)	 making or lodging any claim or proof against a Borrower or any Security Party, whether in its liquidation, any
arrangement involving it or otherwise; or 

  

	(b)	 obtaining an order or judgment from any court or other tribunal; or 

 

	(c)	 enforcing any such order or judgment, 

the Borrowers shall indemnify the Creditor Party concerned against the loss arising when the amount of the payment actually received by that
Creditor Party is converted at the available rate of exchange into the Contractual Currency. 
 In this Clause 21.5, the “available
rate of exchange” means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

  
 72 

 This Clause 21.5 creates a separate liability of each Borrower which is distinct from its
other liabilities under the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.6	 Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor
Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown of the amounts due) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or
aggregate amount, is due. 
  

	21.7	 Sums deemed due to a Lender 

For the purposes of this Clause 21, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to a Lender shall be
treated as a sum due to that Lender. 
  

	21.8	 Sanctions 

  

	(a)	 The Borrowers shall, within three (3) Business Days of demand by a Creditor Party, indemnify each Creditor
Party against any cost, loss or liability incurred by it as a result of any civil penalty or fine against, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred in connection with the defence thereof
by, the Agent or any Lender as a result of conduct of the Borrowers or any Security Party or any of their partners, directors, officers, employees, agents or advisors, that violates any Sanctions. 

 

	(b)	 The indemnity in Clause 21.8(a) above shall cover any losses incurred by each Creditor Party in any
jurisdiction arising or asserted under or in connection with any law relating to any Sanctions. 

  

	22	 NO SET-OFF OR TAX DEDUCTION 

 

	22.1	 No deductions 

All amounts due from the Borrowers under a Finance Document shall be paid: 

 

	(a)	 without any form of set-off, cross-claim or condition; and

  

	(b)	 free and clear of any tax deduction except a tax deduction which a Borrower is required by law to make.

  

	22.2	 Grossing-up for taxes 

If a Borrower is required by law to make a tax deduction from any payment: 

 

	(a)	 that Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	(b)	 that Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event
before any fine or penalty arises; and 

  

	(c)	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that each
Creditor Party receives and retains (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received. 

  
 73 

	22.3	 Evidence of payment of taxes 

Within 1 month after making any tax deduction, the Borrower concerned shall deliver to the Agent documentary evidence satisfactory to the Agent
that the tax had been paid to the appropriate taxation authority. 
  

	22.4	 Exclusion of tax on overall net income 

In this Clause 22 “tax deduction” means any deduction or withholding for or on account of any present or future tax except tax
on a Creditor Party’s overall net income or a FATCA Deduction. 
  

	22.5	 FATCA information 

 

	(a)	 Subject to paragraph (c) below, each party to the Finance Documents shall, within 5 Business Days of a
reasonable request by another party to the Finance Documents: 

  

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

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; and 

 

	 	(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 to any Finance Document 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 Creditor Party, and paragraph (a)(iii) above shall not oblige any
other party to a Finance Document, 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 to any Finance Document fails to confirm whether or not it is a FATCA Exempt Party or to supply
forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such party shall be treated for the purposes of the
Finance Documents 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. 

  
 74 

	(e)	 If a Borrower is or becomes a US Tax Obligor or a FATCA FFI, it shall as soon as reasonably practicable inform
the Agent of the same; 

  

	(f)	 Where the Agent reasonably believes that its obligations under FATCA require it, the relevant Borrower or the
relevant Security Party shall provide the Agent, upon request, with a W-8 BEN-E form (or any successor form) or any other forms or documentation the Agent may reasonably
require, as soon as reasonably practicable. The Agent shall not be liable for any action which it takes or refrains from taking under or in connection with this paragraph (f); 

 

	(g)	 If a Borrower is or becomes a US Tax Obligor or a FATCA FFI, or where the Agent reasonably believes that its
obligations under FATCA require it, each Creditor Party shall, within 10 Business Days of the date of a request from the Agent supply to the Agent: 

  

	 	(i)	 a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); and/or 

  

	 	(ii)	 any withholding statement and other documentation, authorisations and waivers as the Agent may require to
certify or establish the status of such Creditor Party under FATCA, 

 the Agent shall provide any withholding certificate,
withholding statement, documentation, authorisations and waivers it receives from a Creditor Party pursuant to this paragraph (g) to that Borrower or the relevant Security Party and shall be entitled to rely on any such withholding certificate,
withholding statement, documentation, authorisations and waivers provided without further verification. The Agent shall not be liable for any action which it takes or refrains from taking under or in connection with this paragraph (g); and 

 

	(h)	 The Borrowers, each Security Party and each Creditor Party agrees that if any withholding certificate,
withholding statement, documentation, authorisations and waivers provided to the Agent pursuant to paragraphs (f) to (g) above is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding
statement, documentation, authorisations and waivers or promptly notify the Agent in writing of its legal inability to do so. The Agent shall, if applicable, provide any such updated withholding certificate, withholding statement, documentation,
authorisations and waivers to the Borrowers or the relevant Security Party. The Agent shall not be liable for any action which it takes or refrains from taking under or in connection with this paragraph (h). 

 

	22.6	 FATCA Deduction 

 

	(a)	 Each party to a Finance Document may make any FATCA Deduction it is required to make by FATCA, and any payment
required in connection with that FATCA Deduction, and shall not 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 to a Finance Document shall promptly, upon becoming aware that it must make a FATCA Deduction (or
that there is any change in the rate or the basis of such FATCA Deduction), notify the party to a Finance Document to whom it is making the payment and, in addition, shall notify the Borrowers and the Agent and the Agent shall notify the other
Creditor Parties. 

  
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	23	 ILLEGALITY, ETC 

 

	23.1	 Illegality 

This Clause 23 applies if a Lender (the “Notifying Lender”) notifies the Agent that it has become, or will with effect from a
specified date, become for that Lender or any affiliate of that Lender: 
  

	(a)	 unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	(b)	 contrary to, or inconsistent with, any regulation, 

for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement. 
  

	23.2	 Notification of illegality 

The Agent shall promptly notify the Borrowers, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1
which the Agent receives from the Notifying Lender. 
  

	23.3	 Prepayment; termination of Commitment 

On the Agent notifying the Borrowers under Clause 23.2, the Notifying Lender’s Commitment shall terminate; and thereupon or, if later, on
the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Notifying Lender’s Contribution in accordance with Clause 8. 

 

	24	 INCREASED COSTS 

 

	24.1	 Increased costs 

 

	(a)	 Each Borrower shall, within 3 Business Days of a demand by the Agent, pay for the account of a Creditor Party
the amount of any Increased Costs incurred by that Creditor 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, 

after the date of this Agreement. 
  

	(b)	 In this Agreement, “Increased Costs” means: 

 

	 	(i)	 a reduction in the rate of return from the Loan or on a Creditor Party’s (or its affiliate’s) overall
capital; 

  

	 	(ii)	 an additional or increased cost; or 

 

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

  
 76 

 which is incurred or suffered by a Creditor Party or any of its affiliates to the extent
that it is attributable to that Creditor Party having entered into its Commitment or funding or performing its obligations under any Finance Document and, for the avoidance of doubt, includes any Increased Costs incurred or suffered by a Creditor
Party or any of its affiliates as a result of or with connection to Basel III, CRD IV or CRR, 
 but not an item attributable to a
change in the rate of tax on the overall net income of the Notifying Lender (aa) (or a parent company of it) or (bb) an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or (cc) a FATCA Deduction. 

 

	24.2	 Increased cost claims 

 

	(a)	 A Creditor Party (the “Notifying Lender”) intending to make a claim pursuant to Clause 24.1
shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower. 

  

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

  

	24.3	 Notification to Borrowers of claim for increased costs 

The Agent shall promptly notify the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.2. 
  

	24.4	 Payment of increased costs 

The Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from time
to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
  

	24.5	 Notice of prepayment 

If the Borrowers are not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrowers may
give the Agent not less than 15 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period and/or to cancel the Notifying Lender’s Available Commitment. 

 

	24.6	 Prepayment; termination of Commitment 

A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrowers’ notice of intended
prepayment; and: 
  

	(a)	 on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled;
and 

  

	(b)	 on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin. 

  

	24.7	 Application of prepayment 

Clause 8 shall apply in relation to the prepayment. 

  
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	25	 SET-OFF 

 

	25.1	 Application of credit balances 

Each Creditor Party may without prior notice: 
  

	(a)	 apply any balance (whether or not then due) which at any time stands to the credit of any account in the name
of a Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum then due from that Borrower to that Creditor Party under any of the Finance Documents; and 

 

	(b)	 for that purpose: 

  

	 	(i)	 break, or alter the maturity of, all or any part of a deposit of that Borrower; 

 

	 	(ii)	 convert or translate all or any part of a deposit or other credit balance into Dollars; and

  

	 	(iii)	 enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party
concerned considers appropriate. 

  

	25.2	 Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition
to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

 

	25.3	 Sums deemed due to a Lender 

For the purposes of this Clause 25, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to, or for the account
of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

 

	25.4	 No Security Interest 

This Clause 25 gives the Creditor Parties a contractual right of set off only and does not create any equitable charge or other Security
Interest over any credit balance of any Borrower. 
  

	26	 TRANSFERS AND CHANGES IN LENDING OFFICES 

 

	26.1	 Transfer by Borrowers 

No Borrower may, without the consent of the Agent, given on the instructions of all the Lenders: 

 

	(a)	 transfer any of its rights or obligations under any Finance Document; or 

 

	(b)	 enter into any merger, de-merger or other reorganisation, or carry out
any other act, as a result of which any of its rights or liabilities would vest in, or pass to, another person. 

  
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	26.2	 Transfer by a Lender 

 

	(a)	 Subject to Clause 26.4, a Lender (the “Transferor Lender”) may at any time, without the prior
written consent of the Borrowers (but with a 15 days’ prior notice), transfer and/or assign: 

  

	 	(i)	 its rights in respect of all or part of its Contribution; or 

 

	 	(ii)	 its obligations in respect of all or part of its Commitment; or 

 

	 	(iii)	 a combination of (i) and (ii), 

to another Lender, another branch, subsidiary or affiliate of a Lender, another first class international bank or financial institution, any
member of the European System of Central Banks, or to any (re)insurers and insurance brokers or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in shipping loans, securities or other
financial assets (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required by the Agent (a “Transfer Certificate”)
executed by the Transferor Lender and the Transferee Lender. 
 However, any rights and obligations of the Transferor Lender in its capacity
as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Deed. 
  

	26.3	 Transfer Certificate, delivery and notification 

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
Transfer Certificate may be defective): 
  

	(a)	 sign the Transfer Certificate on behalf of itself, each Borrower, the Security Parties, the Security Trustee
and each of the other Lenders; 

  

	(b)	 on behalf of the Transferee Lender, send to each Borrower and each Security Party letters or faxes notifying
them of the Transfer Certificate and attaching a copy of it; and 

  

	(c)	 send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above,

 Provided that the Agent is satisfied that the Transferee Lender 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 Transferee Lender. 
  

	26.4	 Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that
it is signed by the Agent under Clause 26.3 on or before that date. 
  

	26.5	 No transfer without Transfer Certificate 

No assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, any
Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

  
 79 

	26.6	 Lender re-organisation; waiver of Transfer Certificate

 However, if a Lender enters into any merger, de-merger or other
reorganisation as a result of which all its rights or obligations vest in another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrowers and the Security Trustee waive the need for the
execution and delivery of a Transfer Certificate; and, upon service of the Agent’s notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender. 

 

	26.7	 Effect of Transfer Certificate 

A Transfer Certificate takes effect in accordance with English law as follows: 

 

	(a)	 to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent)
which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrowers or any Security
Party had against the Transferor Lender; 

  

	(b)	 the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate;

  

	(c)	 the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a
Commitment of an amount specified in the Transfer Certificate; 

  

	(d)	 the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the
Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee
Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them; 

  

	(e)	 any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date
ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of any Borrower or any Security Party against
the Transferor Lender had not existed; 

  

	(f)	 the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to
the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be
entitled to them; and 

  

	(g)	 in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any
misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount. 

 The rights and equities of any Borrower or any
Security Party referred to above include, but are not limited to, any right of set off and any other kind of cross-claim. 

  
 80 

	26.8	 Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for
inspection by any Lender, the Security Trustee and the Borrowers during normal banking hours, subject to receiving at least 3 Business Days prior notice. 
  

	26.9	 Reliance on register of Lenders 

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the
amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents. 

 

	26.10	 Authorisation of Agent to sign Transfer Certificates 

The Borrowers, the Security Trustee and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 

 

	26.11	 Registration fee 

In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $1,500 (and all costs, fees and expenses
incidental to the transfer (including, but not limited to legal fees and expenses)) from the Transferor Lender or (at the Agent’s option) the Transferee Lender. 
  

	26.12	 Sub-participation; subrogation assignment 

A Lender may sub-participate all or any part of its rights and/or obligations under or in connection
with the Finance Documents without the consent of, or any notice to, the Borrowers, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security
Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 
  

	26.13	 Disclosure of information 

Subject to Clause 26.4, a Lender may, disclose to a potential Transferee Lender or, to any
sub-participant any information which the Lender has received in relation to the Borrowers, any Security Party or their affairs under or in connection with any Finance Document, unless the information is
clearly of a confidential nature only after a potential Transferee Lender or any sub-participant to whom disclosure is made agrees to be bound by the terms of the confidentiality undertaking in this
Clause 26.13 by way of a confidentiality agreement in a form recommended by the LMA from time to time or acceptable to the Borrowers. 
 The
Borrowers agree that the terms and conditions of this Agreement shall remain confidential and shall not, or shall procure that the Corporate Guarantor shall not, disclose (whether, without limitation, in writing or orally) to third parties (other
than any disclosure to the Corporate Guarantor’s shareholders, officers, employees or professional advisers Provided that the person to whom disclosure is made agrees to be bound by the terms of the confidentiality undertaking in this
Clause 26.13 any information required to be disclosed by law, regulation or any governmental or competent regulatory authority (including without 

  
 81 

 
limitation, any securities exchange), provided that, to the extent reasonably practicable, the Corporate Guarantor shall inform the Agent on the proposed form, timing, nature and purpose of the
disclosure) the existence of this Agreement or the terms and conditions contained herein without the prior written consent of the Lenders. 
  

	26.14	 Change of lending office 

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 

 

	(a)	 the date on which the Agent receives the notice; and 

 

	(b)	 the date, if any, specified in the notice as the date on which the change will come into effect,

 provided that a Lender shall not nominate more than two lending offices. 

 

	26.15	 Notification 

On receiving such a notice, the Agent shall notify the Borrowers and the Security Trustee; and, until the Agent receives such a notice, it
shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had notice. 
  

	26.16	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from any
Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender
including, without limitation: 
  

	(a)	 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank;
and 

  

	(b)	 in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any
holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities; 

except that no such charge, assignment or Security Interest shall: 
  

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by the Borrowers or any Security Party or grant to any person any more
extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents. 

  
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	27	 VARIATIONS AND WAIVERS BY MAJORITY LENDERS 

 

	27.1	 Variations, waivers etc. by Lenders 

Subject to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor
Party’s rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by fax, by the Borrowers, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in
their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party. 
  

	27.2	 Variations, waivers etc. requiring agreement of all Lenders 

Subject to Clause 27.4 (Replacement of Screen Rate), as regards the following, Clause 27.1 applies as if the words “by the Agent on
behalf of the Majority Lenders” were replaced by the words “by or on behalf of every Lender”: 
  

	(a)	 a reduction in the Margin; 

 

	(b)	 a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees or
other sum payable under this Agreement; 

  

	(c)	 an increase in any Lender’s Commitment; 

 

	(d)	 a change to the definition of “Majority Lenders”; 

 

	(e)	 a change to Clause 3 or this Clause 27; 

 

	(f)	 any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination
arrangement set out in a Finance Document; and 

  

	(g)	 any other change or matter as regards which this Agreement or another Finance Document expressly provides that
each Lender’s consent is required. 

  

	27.3	 Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect
to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have
varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 
  

	(a)	 a provision of this Agreement or another Finance Document; or 

 

	(b)	 an Event of Default; or 

 

	(c)	 a breach by a Borrower or a Security Party of an obligation under a Finance Document or the general law; or

  

	(d)	 any right or remedy conferred by any Finance Document or by the general law, 

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 

  
 83 

	27.4	 Replacement of Screen Rate 

 

	(a)	 If a Screen Rate Replacement Event has occurred in relation to the Screen Rate for dollars, any amendment or
waiver which relates to: 

  

	 	(i)	 providing for the use of a Replacement Benchmark; and 

 

	 	(ii)	 

	 	(A)	 aligning any provision of any Finance Document to the use of that Replacement Benchmark; 

 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 

 

	 	(D)	 providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

  

	 	(E)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

 may be made with the
consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrowers. 
  

	(b)	 If, as at 1 January 2023 this Agreement provides that the rate of interest for the Loan in dollars is to
be determined by reference to the Screen Rate for LIBOR: 

  

	 	(i)	 a Screen Rate Replacement Event shall be deemed to have occurred on that date in relation to the Screen Rate
for dollars; and 

  

	 	(ii)	 the Agent, (acting on the instructions of the Majority Lenders) and the Borrowers shall enter into negotiations
in good faith with a view to agreeing the use of a Replacement Benchmark in relation to dollars in place of that Screen Rate from and including a date no later than 31 May 2023. 

 

	(c)	 If any Lender fails to respond to a request for an amendment or waiver described in, or for any other
vote of Lenders in relation to, paragraphs (a) or (b) above within 10 Business Days (or such longer time period in relation to any request which the Borrowers and the Facility Agent may agree) of that request being made: 

 

	 	(i)	 its Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of
calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) 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. 

  
 84 

	27.5	 Market Flex 

The Borrowers agree that the Bookrunner shall be entitled after the Drawdown Date, in order to achieve any transfer of an amount up to
$28,000,000 of BNP Paribas’ Contribution and/or Commitment to a Transferee Lender after consultation with the Borrowers, to increase the margin by an aggregate amount not exceeding 0.45 per cent. per annum on the date falling 6 months
after the Drawdown Date, and the Borrowers shall (and shall procure that the Security Parties will) enter into such documentation as may be required by the Lenders in order to document the resultant amendments to this Agreement and any of the other
Finance Documents. 
  

	28	 NOTICES 

  

	28.1	 General 

Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and
references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly. 
  

	28.2	 Addresses for communications 

A notice shall be sent: 
  

					
	(a)	  	to a Borrower:	  	c/o Navios Tankers Management Inc.
		  		  	85 Akti Miaouli
		  		  	Piraeus 185 38
			
		  		  	Fax No: +30 210 4172070
			
		  		  	for the attention of: Vassiliki Papaefthymiou
			
		  		  	E-mail: vpapaefthymiou@Navios.com
			
	(b)	  	to a Lender:	  	At the address below its name in Schedule 1 or (as the case
		  		  	may require) in the relevant Transfer Certificate.
			
	(c)	  	to the Arranger, the Agent,	  	BNP Paribas
		  	the Bookrunner and the	  	CIB – Agency EMEA
		  	Security Trustee:	  	9 rue du Débarcadère
		  		  	93500 Pantin
		  		  	France
			
		  		  	For the attention of: Alexandra Arhab/Patrick Touzeau
			
		  		  	E-mail: alexandra.arhab@bnpparibas.com; patrick.touzeau@bnpparibas.com
		  		  	Tel: +33 1 42 98 61 17 /+33 1 42 98 76 15
			
	(d)	  	to the Mandated Lead	  	BNP Paribas
		  	Arrangers:	  	CIB – Agency EMEA
		  		  	9 rue du Débarcadère
		  		  	 93500 Pantin

		  		  	 France

  
 85 

					
		  		  	 For the attention of: Alexandra Arhab/Patrick Touzeau

			
		  		  	 E-mail: alexandra.arhab@bnpparibas.com;
patrick.touzeau@bnpparibas.com

		  		  	 Tel: +33 1 42 98 61 17 /+33 1 42 98 76 15

			
		  		  	 Crédit Agricole Corporate and Investment Bank 12, place des Etats-Unis

		  		  	 CS 70052 92547 Montrouge Cedex

		  		  	 France

			
		  		  	 E-mail:

		  		  	 clementine.costil@ca-cib.com romy.roussel@ca-cib.com charlene.marguetheintz@ca-cib.com

			
		  		  	 Copy :

		  		  	 nicoletta.panayiotopoulos@ca-cib.com yannick.legourieres@ca-cib.com

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Trustee, the Borrowers, the Lenders and the Security Parties. 
  

	28.3	 Effective date of notices 

Subject to Clauses 28.4 and 28.5: 
  

	(a)	 a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the
time when it is delivered; and 

  

	(b)	 a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its
transmission is completed. 

  

	28.4	 Service outside business hours 

However, if under Clause 28.3 a notice would be deemed to be served: 
  

	(a)	 on a day which is not a business day in the place of receipt; or 

 

	(b)	 on such a business day, but after 5 p.m. local time, 

the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business
day. 

  
 86 

	28.5	 Illegible notices 

Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would
otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 
  

	28.6	 Valid notices 

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not
comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 
  

	(a)	 the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the
case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

	(b)	 in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which
the notice was served what the correct or missing particulars should have been. 

  

	28.7	 English language 

Any notice under or in connection with a Finance Document shall be in English. 

 

	28.8	 Meaning of “notice” 

In this Clause “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 

 

	29	 SUPPLEMENTAL 

  

	29.1	 Rights cumulative, non-exclusive 

The rights and remedies which the Finance Documents give to each Creditor Party are: 

 

	(a)	 cumulative; 

  

	(b)	 may be exercised as often as appears expedient; and 

 

	(c)	 shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any
right or remedy conferred by any law. 

  

	29.2	 Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 
  

	29.3	 Third party rights 

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

  
 87 

	29.4	 Waiver of Banking Secrecy 

The Borrowers hereby irrevocably authorise and give consent to the Agent and, each of its affiliates, and their respective subsidiaries,
branches and representative offices and their respective directors, officers, employees and agents (the “Authorised Persons” and each an “Authorised Person”), to disclose and transmit to the Applicable Persons,
whether orally, in writing or by any other means, information and documents which relates to, or are connected with, the Borrowers, their beneficial owner, any other member of the Group, their business, dealings or assets (the
“Information”), from time to time and to the extent that the Authorised Person deems such disclosure or transmission to be necessary or desirable for or incidental to the carrying out of its duties, obligations, commitments and
activities whether arising under contract or by operation of law and/or consolidated supervision and risk management policy, to the extent that the Information is covered by banking secrecy under any applicable law in general and Swiss banking
secrecy rules in particular and/or: 
  

	(a)	 necessary or desirable for the purposes of its internal cross-selling enabling the Borrowers and/or any other
member of the Group to benefit from the Agent’s or any other Authorised Person’s business activities; and/or 

  

	(b)	 necessary or desirable to insure a risk related to the Borrowers and/or any other member of the Group; and/or

  

	(c)	 necessary or desirable to syndicate a risk related to the Borrowers and/or any other member of the Group;
and/or 

  

	(d)	 necessary or desirable to securitise a risk related to the Borrowers and/or any other member of the Group;
and/or 

  

	(e)	 necessary or desirable to open an account or to start a business relation with the Agent’s or any other
Authorised Person’s parent company or any of its subsidiaries or branches. 

 In this Clause 29.4, “Applicable
Person” means any or all of the following persons: 
  

	 	(i)	 any authority or person against which, pursuant to any applicable law, administrative order or court ruling,
banking secrecy may not be validly asserted by an Authorised Person; 

  

	 	(ii)	 the Agent’s or any other Authorised Person’s parent company, any of its subsidiaries, branches or
representative offices; 

  

	 	(iii)	 any rating agency, auditor, insurance and reinsurance company, broker or professional adviser, to the extent
such entity or person is bound by a statutory or contractual duty of confidentiality; 

  

	 	(iv)	 any financial institution and institutional or other investor who is or might be involved in securitisation
schemes, hedging agreements, participations, credit derivatives or any other risk transfer or sharing arrangements, including, inter alia, a bank and/or other financial institution’s participation in, or syndication in respect of, the Loan;

  

	 	(v)	 any potential assignee or transferee or person who has entered into or is proposing to enter into contractual
arrangements with the Authorised Person in relation to a Borrower; and 

  
 88 

	 	(vi)	 any external computer services provider, for the purpose of maintenance or repair of the Agent’s or any
other Authorised Person’s computer systems and date provided that such external computer services provider is bound by the confidentiality policy of BNP Paribas. 

 

	29.5	 Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an affiliate) ceases to be a Lender, the Agent shall
(in consultation with the Borrowers) appoint another Lender or an affiliate of a Lender to replace that Reference Bank. 
  

	29.6	 Role of Reference Banks 

 

	(a)	 No Reference Bank is under any obligation to provide a quotation or any other information to the Agent but may
do so at the Agent’s request. 

  

	(b)	 No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any quotation provided to the Agent. 

  

	(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 quotation provided to
the Agent, and any officer, employee or agent of each Reference Bank may rely on this clause subject to clause 29.3 and the provisions of the Third Parties Act. 

 

	29.7	 Third party Reference Banks 

Any Reference Bank which is not a party to this Agreement may rely on Clause 29.6 subject to Clause 29.3 and the provisions of the Third
Parties Act. 
  

	29.8	 Counterparts 

A Finance Document may be executed in any number of counterparts. 
  

	30	 CONFIDENTIALITY 

 

	30.1	 Confidential Information 

Each Creditor Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
Clauses 30.2 and 30.3 and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information taking also into account the public nature of the Corporate
Guarantor. 
  

	30.2	 Disclosure of Confidential Information 

Any Creditor Party may disclose: 
  

	(a)	 to any of its affiliates and Related Funds and any of its or their officers, directors, employees, professional
advisers, auditors, insurers, reinsurers, partners and Representatives such Confidential Information as that Creditor Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph
(a) is informed in 

  
 89 

	 	
writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the
recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 

 

	(b)	 to any person: 

  

	 	(i)	 to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights
and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as 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 under which payments are to be made or may be made by reference to, one or more Finance Documents and/or the Borrowers and/or any Security Party and to any
of that person’s affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(iii)	 appointed by any Creditor Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive
communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf; 

  

	 	(iv)	 who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or
indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) 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; 

 

	 	(vi)	 to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,
arbitration, administrative or other investigations, proceedings or disputes; 

  

	 	(vii)	 to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates a Security Interest (or
may do so) pursuant to Clause 26.16 (Security over Lenders’ rights), including to a federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) to (or through) whom it creates Security Interest
pursuant to Clause 26.16 (Security over Lenders’ rights) and any federal reserve or central bank (including, for the avoidance of doubt, the European Central Bank) may disclose such Confidential Information to a third party to whom it
transfers (or may potentially transfer) rights under the Finance Documents or the securities issued by the special purpose vehicle in connection with the enforcement of such Security Interest; 

 

	 	(viii)	 who is a party to a Finance Document, a member of the Group or any related entity of the Borrowers or any
Security Party; or 

  

	 	(ix)	 with the consent of the Borrowers; 

in each case, such Confidential Information as that Creditor Party shall consider appropriate if: 

  
 90 

	 	(A)	 in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information
is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the
confidentiality of the Confidential Information; 

  

	 	(B)	 in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has
entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive
information; 

  

	 	(C)	 in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information
is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it is
not practicable so to do in the circumstances; 

  

	(c)	 to any person appointed by that Creditor Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies
to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may
be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality
agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Creditor
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 Borrowers and/or the Security Parties. 

 

	30.3	 Disclosure to numbering service providers 

 

	(a)	 Any Creditor Party may disclose to any national or international numbering service provider appointed by that
Creditor Party to provide identification numbering services in respect of this Agreement, the Loan and/or the Borrowers and/or the Security Parties the following information: 

 

	 	(i)	 names of the Borrowers and the Security Parties; 

 

	 	(ii)	 country of domicile of the Borrowers and the Security Parties; 

 

	 	(iii)	 place of incorporation of the Borrowers and the Security Parties; 

 

	 	(iv)	 date of this Agreement; 

 

	 	(v)	 governing law; 

  

	 	(vi)	 the name of the Agent; 

  
 91 

	 	(vii)	 date of each amendment and restatement of this Agreement; 

 

	 	(viii)	 amount of the Loan; 

  

	 	(ix)	 amount of Total Commitments; 

 

	 	(x)	 currency of the Loan; 

 

	 	(xi)	 type of facility; 

  

	 	(xii)	 ranking of facility; 

 

	 	(xiii)	 final Repayment Date; 

 

	 	(xiv)	 changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and

  

	 	(xv)	 such other information agreed between such Creditor Party and the Borrowers, 

to enable such numbering service provider to provide its usual syndicated loan numbering identification services. 

 

	(b)	 The parties to this Agreement acknowledge and agree that each identification number assigned to this Agreement,
the Loan and/or the Borrowers and/or any Security Party 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)	 The Borrowers represent that none of the information set out in paragraphs (a)(i) to (a)(xv) above is, nor will
at any time be, unpublished price-sensitive information. 

  

	(d)	 The Agent shall notify the Borrowers and the other Creditor Parties of: 

 

	 	(i)	 the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or
the Borrowers and/or the Security Parties; and 

  

	 	(ii)	 the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or the Borrowers and/or the
Security Parties by such numbering service provider. 

  

	30.4	 Entire agreement 

This Clause 30 constitutes the entire agreement between the parties to this Agreement in relation to the obligations of the Creditor Parties
under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 
  

	30.5	 Inside information 

Each of the Creditor 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 Creditor Parties undertakes not to use any Confidential Information for any
unlawful purpose. 

  
 92 

	30.6	 Notification of disclosure 

Each of the Creditor Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers: 

 

	(a)	 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause
30.2 except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

 

	(b)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 30.

  

	30.7	 Continuing obligations 

The obligations in this Clause 30 are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period of 12
months from the earlier of: 
  

	(a)	 the date on which all amounts payable by the Borrowers and the Security Parties 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 Creditor Party otherwise ceases to be a Creditor Party. 

 

	31	 LAW AND JURISDICTION 

 

	31.1	 English law 

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

	31.2	 Exclusive English jurisdiction 

Subject to Clause 31.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 

 

	31.3	 Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 31.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 

 

	(a)	 to commence proceedings in relation to any Dispute in the courts of any country other than England and which
have or claim jurisdiction to that Dispute; and 

  

	(b)	 to commence such proceedings in the courts of any such country or countries concurrently with or in addition to
proceedings in England or without commencing proceedings in England. 

 No Borrower shall commence any proceedings in any
country other than England in relation to a Dispute. 
  

	31.4	 Process agent 

Each Borrower irrevocably appoints Hill Dickinson LLP at their office for the time being, presently at The Broadgate Tower, 20 Primrose
Street, London EC2A 2EW, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute. 

  
 93 

	31.5	 Creditor Party rights unaffected 

Nothing in this Clause 31 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an
international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

 

	31.6	 Meaning of “proceedings” and “Dispute” 

In this Clause 31, “proceedings” means proceedings of any kind, including an application for a provisional or protective
measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any
non-contractual obligation arising out of or in connection with this Agreement. 
  

	32	 BAIL-IN 

 

	32.1	 Contractual recognition of 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 hereto 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. 

 THIS AGREEMENT has been entered into on the
date stated at the beginning of this Agreement. 

  
 94 

 EXECUTION PAGES 

BORROWERS 
  

					
	SIGNED by Maria Trivela	  	)	  	 /s/ Maria Trivela

	for and on behalf of	  	)	  	
	ZAKYNTHOS SHIPPING CORPORATION	  	)	  	
			
	SIGNED by Maria Trivela	  	)	  	 /s/ Maria Trivela

	for and on behalf of	  	)	  	
	DELOS SHIPPING CORPORATION	  	)	  	
			
	SIGNED by Maria Trivela	  	)	  	 /s/ Maria Trivela

	for and on behalf of	  	)	  	
	KERKYRA SHIPPING CORPORATION	  	)	  	
			
	SIGNED by Maria Trivela	  	)	  	 /s/ Maria Trivela

	for and on behalf of	  	)	  	
	ALKMENE SHIPPING CORPORATION	  	)	  	
			
	SIGNED by Maria Trivela	  	)	  	 /s/ Maria Trivela

	for and on behalf of	  	)	  	
	PERSEPHONE SHIPPING CORPORATION	  	)	  	

 LENDERS 
  

					
	SIGNED by Eleni Antonakou	  	)	  	 /s/ Eleni Antonakou

	for and on behalf of	  	)	  	
	BNP PARIBAS	  	)	  	
			
	SIGNED by Charalampos Kazantzis	  	)	  	 /s/ Charalampos Kazantzis

	for and on behalf of	  	)	  	
	CREDIT AGRICOLE CORPORATE	  	)	  	
	AND INVESTMENT BANK	  	)	  	

  
 95 

					
	BOOKRUNNER
			
	SIGNED by Eleni Antonakou	  	)	  	 /s/ Eleni Antonakou

	for and on behalf of	  	)	  	
	BNP PARIBAS	  	)	  	

 ARRANGER 
  

					
	SIGNED by Eleni Antonakou	  	)	  	 /s/ Eleni Antonakou

	for and on behalf of	  	)	  	
	BNP PARIBAS	  	)	  	

 MANDATED LEAD ARRANGERS 
  

					
	SIGNED by Eleni Antonakou	  	)	  	 /s/ Eleni Antonakou

	for and on behalf of	  	)	  	
	BNP PARIBAS	  	)	  	
			
	SIGNED by Charalampos Kazantzis	  	)	  	 /s/ Charalampos Kazantzis

	for and on behalf of	  	)	  	
	CREDIT AGRICOLE CORPORATE	  	)	  	
	AND INVESTMENT BANK	  	)	  	

 AGENT 
  

					
	SIGNED by Eleni Antonakou	  	)	  	 /s/ Eleni Antonakou

	for and on behalf of	  	)	  	
	BNP PARIBAS	  	)	  	

 SECURITY TRUSTEE 
  

					
	 SIGNED by Eleni Antonakou
	  	)	  	 /s/ Eleni Antonakou

	for and on behalf of	  	)	  	
	BNP PARIBAS	  	)	  	

  
 96 

					
	Witness to all the above	  	)	  	 /s/ Georgia Metaxa

	Signature	  	)	  	
	Name: Georgia Metaxa	  	)	  	
	Address: 34U Syngrou Avenue Kallithea 17674	  	)	  	
	Athens-Greece	  		  	

  
 97EX-4.6

 Exhibit 4.6 

Private and Confidential 
 DATED 24th August 2021 
 NAVIOS MARITIME ACQUISITION CORPORATION (1) 

as borrower 
 and

 NAVIOS MARITIME PARTNERS L.P. (2) 

as lender 
  

 
 LOAN
AGREEMENT 
 in respect of 

a loan of up to USD45,000,000 
  

 
  

 
 PIRAEUS 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	Purpose and definitions	  	 	3	 
			
	 2
	 	The Lender’s Commitment, Loan and Use of Proceeds	  	 	11	 
			
	 3
	 	Interest	  	 	12	 
			
	 4
	 	Repayment and prepayment	  	 	12	 
			
	 5
	 	Fees and expenses	  	 	13	 
			
	 6
	 	Payments and taxes; Accounts and calculations	  	 	14	 
			
	 9
	 	Conditions	  	 	26	 
			
	 10
	 	Events of Default	  	 	27	 
			
	 11
	 	Indemnities	  	 	30	 
			
	 12
	 	Unlawfulness and Increased Costs mitigation	  	 	31	 
			
	 13
	 	Security and miscellaneous	  	 	32	 
			
	 14
	 	Intentionally left blank	  	 	34	 
			
	 15
	 	Assignment, transfer and disclosure	  	 	35	 
			
	 16
	 	Notices	  	 	36	 
			
	 17
	 	Governing law	  	 	36	 
			
	 18
	 	Jurisdiction	  	 	36	 
		
	 Schedule 1 Form of Drawdown Notice
	  	 	42	 
		
	 Schedule 2 Conditions precedent
	  	 	43	 

  
 2 

 THIS AGREEMENT is dated 24th August 2021 and
made BETWEEN: 
  

	(1)	 NAVIOS MARITIME ACQUISITION CORPORATION as Borrower; and 

 

	(2)	 NAVIOS MARITIME PARTNERS L.P. as Lender. 

IT IS AGREED as follows: 
  

	1	 PURPOSE AND DEFINITIONS 

 

	1.1	 Purpose 

This Agreement sets out the terms and conditions upon which the Lender agrees to make available to the Borrower a loan facility of up to
USD45,000,000 for the purpose of funding working capital requirements of ongoing operations. 
  

	1.2	 Definitions 

In this Agreement, unless the context otherwise requires: 

“Advance” means the principal amount of each drawing to be made in respect of the Loan pursuant to Clause 2.2; 

“Banking Day” means a day on which dealings in deposits in USD are carried on in the London Interbank Eurocurrency Market and
a day (other than Saturday or Sunday) on which banks are open for general business in London, Piraeus and New York City; 
 “Borrowed
Money” means Indebtedness in respect of (i) money borrowed and debit balances at banks, (ii) any bond, note, loan stock, debenture or similar debt instrument, (iii) acceptance or documentary credit facilities,
(iv) receivables sold or discounted (otherwise than on a non-recourse basis), (v) deferred payments for assets or services acquired, (vi) finance leases and hire purchase contracts, (vii) swaps,
forward exchange contracts, futures and other derivatives, (viii) any other transaction (including without limitation forward sale or purchase agreements) having the commercial effect of a borrowing or of any of (ii) to (vii) above and
(ix) guarantees in respect of Indebtedness of any person falling within any of (i) to (viii) above; 

  
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 “Borrower” means Navios Maritime Acquisition Corporation a company
incorporated in the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; 

“Certified Copy” means in relation to any document delivered or issued by or on behalf of any company, a copy of such document
certified as a true, complete and up to date copy of the original by any of the directors or officers for the time being of such company or by such company’s attorneys or solicitors; 

“Closing Date” means the date on which the conditions precedent set out in Clause 8 have been satisfied or waived by the
Lender; 
 “Commitment” means, in relation to the Loan, the maximum amount which the Lender has agreed to lend to the
Borrower under clause 2.1 as reduced by any relevant term of this Agreement; 
 “Default” means any Event of Default or any
event or circumstance which with the giving of notice or lapse of time or the satisfaction of any other condition (or any combination thereof) would constitute an Event of Default; 

“Dollars” and “USD” mean the lawful currency of the USA and in respect of all payments to be made under this
Agreement means funds which are for same day settlement in the New York Clearing House Interbank Payments System (or such other US dollar funds as may at the relevant time be customary for the settlement of international banking transactions
denominated in US dollars); 
 “Drawdown Date” means, in respect of an Advance, any date being a Banking Day falling during
the Drawdown Period, on which that Advance is, or is to be, made available; 
 “Drawdown Notice” means a notice
substantially in the form of schedule 1; 
 “Drawdown Period” means the period commencing on the Closing Date and ending on
the earlier of (i) the date falling ninety (90) days after the Closing Date or such other date as the Lender and the Borrower may agree and (ii) any date on which the Commitment is finally cancelled or fully drawn under the terms of
this Agreement; 
 “Encumbrance” means any mortgage, charge, pledge, lien, hypothecation, assignment, title retention,
preferential right, option, trust arrangement or security interest or any other encumbrance, security or arrangement conferring howsoever a priority of payment in respect of any obligation of any person; 

  
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 “Event of Default” means any of the events or circumstances listed in
clause 10.1; 
 “Execution Date” means the date on which this Agreement has been executed by all the parties hereto; 

“Facility Period” means the period starting on the first Drawdown Date and ending on such date as the Lender determines that
all payment obligations whatsoever of the Borrower under or pursuant to this Agreement whensoever arising, actual or contingent, have been irrevocably paid; 

“FATCA” means: 
  

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

  

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

  

	 	(c)	 any agreement pursuant to the implementation of 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; or 

  

	 	(b)	 in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within
paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA; 

“FATCA Deduction” means a deduction or withholding from a payment under this Agreement required by FATCA; 

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

  
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 “Group” means at any relevant time the Borrower and its subsidiaries ; 

“Group Member” means any member of the Group; 

“Indebtedness” means any obligation howsoever arising (whether present or future, actual or contingent, secured or unsecured
as principal, surety or otherwise) for the payment or repayment of money; 
 “Interest Payment Date” has the meaning given
thereto in Clause 3.1.1; 
 “Latest Accounts” means, in respect of any financial year of the Group, the latest financial
statements required to be prepared pursuant to clause 8.1.6; 
 “Legal Reservations” means: 

 

	 	(a)	 the principle that equitable remedies may be granted or refused at the discretion of a court, the limitation of
enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors; 

  

	 	(b)	 the time barring of claims under applicable limitation laws, the possibility that an undertaking to assume
liability for or indemnify a person against non-payment of UK stamp duty may be void and defences of set-off or counterclaim; 

 

	 	(c)	 any general principles, reservations or qualifications, in each case as to matters of law as set out in any
legal opinion; 

  

	 	(d)	 the principle that any additional interest imposed under any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void; 

  

	 	(e)	 the principle that, in certain circumstances, security granted by way of fixed charge may be characterised as a
floating charge or that security purported to be constituted by way of an assignment may be recharacterised as a charge; 

  

	 	(f)	 the principle that the courts of England may not give effect to an indemnity for legal costs incurred by an
unsuccessful litigant; and 

  

	 	(g)	 similar principles, rights and defences under the laws of any Pertinent Jurisdiction 

  
 6 

 “Lender” means Navios Maritime Partners L.P., a limited partnership formed
in the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960; 

“Loan” means the principal amount borrowed by the Borrower under this Agreement or (as the context may require) the principal
amount owing to the Lender under this Agreement at any relevant time (as the same shall be increased from time to time by the capitalisation of interest in accordance with clause 3.1); 

“Material Adverse Effect” means, a material adverse effect on: 

 

	 	(a)	 the business, assets or financial condition of the Borrower or any other Group Member; or

  

	 	(b)	 the ability of the Borrower to perform its obligations under this Agreement; 

“Permitted Encumbrance” means any Encumbrance created pursuant to or expressly permitted by this Agreement and permitted liens
or otherwise permitted by the Lender and any lien arising by the operation of law; 
 “Perfection Requirements” means the
making or procuring of appropriate registrations, filings, endorsements, notarisations, stampings and/or notifications of this Agreement determined by the legal advisers to the Lender to be necessary in any Pertinent Jurisdiction for the
enforceability or production in evidence of this Agreement to the extent such matters are complied with within any timeframe specified by law or this Agreement; 

“Pertinent Jurisdiction” means any jurisdiction in which or where the Borrower is incorporated, resident, domiciled or has a
permanent establishment or assets; 
 “Proceedings” means any litigation, arbitration, legal action or judicial,
quasi-judicial or administrative proceedings whatsoever arising or instigated by anyone in any court, tribunal, public office or other forum whatsoever and wheresoever (including, without limitation, any action for provisional or permanent
attachment of any thing or for injunctive remedies or interim relief and any action instigated on an ex parte basis); 
 “Prohibited
Person” means a person that is: 
  

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

  
 7 

	 	(b)	 permanently located, organised or resident in, a country or territory that is the target of country-wide
Sanctions (in each case other than to the extent dealings with such person are licensed, approved, exempted or permitted pursuant to Sanctions); or 

  

	 	(c)	 otherwise a target of Sanctions (other than to the extent dealings with such person are licenced, approved,
exempted or permitted pursuant to Sanctions). 

 “Register” has the meaning specified in clause 15.3 

“Repayment Date” means the date which falls on the first anniversary of the first Drawdown Date; 

“Required Authorisation” means any authorisation, consent, declaration, licence, permit, exemption, approval or other
document, whether imposed by or arising in connection with any law, regulation, custom, contract, security or otherwise howsoever which must be obtained at any time from any person, government entity or central bank or other self-regulating or
supra-national authority in order to enable the Borrower lawfully to draw the Loan and/or to enable the Borrower lawfully and continuously to continue its corporate existence and/or perform all its obligations whatsoever whensoever arising under
this Agreement; 
 “Sanctions” means any economic or trade sanctions laws, regulations, embargoes or restrictive measures
administered, enacted or enforced by: 
  

	 	(a)	 the United States government; 

 

	 	(b)	 the United Nations; 

  

	 	(c)	 the European Union or any of its Member States; 

 

	 	(d)	 the United Kingdom; 

  

	 	(e)	 any country to which the Borrower is bound; or 

 

	 	(f)	 the respective governmental institutions and agencies of any of the foregoing, including without limitation,
the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”), the United States Department of State, and Her Majesty’s Treasury (“HMT”) (together “Sanctions Authorities”).

  
 8 

 “Sanctions List” means the “Specially Designated Nationals and Blocked
Persons” list issued by OFAC, the “Consolidated List of Financial Sanctions Targets and Investment Ban List” issued by HMT, or any similar list issued or maintained or made public by any of the Sanctions Authorities; 

“Taxes” includes all present and future income, corporation, capital or value-added taxes and all stamp and other taxes and
levies, imposts, deductions, duties, charges and withholdings whatsoever together with interest thereon and penalties in respect thereto, if any, and charges, fees or other amounts made on or in respect thereof (and “Taxation” shall be
construed accordingly); and 
 “Unlawfulness” means any event or circumstance which either is or, as the case may be, might
in the reasonable opinion of the Lender become the subject of a notification by the Lender to the Borrower under clause 12.1. 
  

	1.3	 Construction 

In this Agreement, unless the context otherwise requires: 
  

	1.3.1	 clause headings and the index are inserted for convenience of reference only and shall be ignored in the
construction of this Agreement; 

  

	1.3.2	 references to clauses and schedules are to be construed as references to clauses of, and schedules to, this
Agreement and references to this Agreement include its schedules; 

  

	1.3.3	 references to (or to any specified provision of) this Agreement or any other document shall be construed as
references to this Agreement, that provision or that document as in force for the time being and as duly amended and/or supplemented and/or novated; 

  

	1.3.4	 references to a “regulation” include any present or future regulation, rule, directive, requirement,
request or guideline (whether or not having the force of law) of any Government Entity, central bank or any self-regulatory or other supra-national authority (including, without limitation, any regulation implementing or complying with (1) the
“International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004, in the form existing on the date of this Agreement (“Basel
II”) and/or (2) Basel III and/or (3) Basel IV and (4) any other law or regulation which, at any time and from time to time, implements and/or amends and/or supplements and/or re-enacts
and/or supersedes, whether in whole or in part, Basel II and/or Basel III and/or Basel IV (including CRD IV and CRR), and whether such implementation, application or compliance is by a Government Entity, a lender or any company affiliated to it);

  
 9 

	1.3.5	 references to any person in or party to this Agreement shall include reference to such person’s lawful
successors and assigns and references to the Lender shall also include a Transferee; 

  

	1.3.6	 words importing the plural shall include the singular and vice versa; 

 

	1.3.7	 references to a time of day are, unless otherwise stated, to London time; 

 

	1.3.8	 references to a person shall be construed as references to an individual, firm, company, corporation or
unincorporated body of persons or any Government Entity; 

  

	1.3.9	 references to a “guarantee” include references to an indemnity or any other kind of assurance
whatsoever (including, without limitation, any kind of negotiable instrument, bill or note) against financial loss or other liability including, without limitation, an obligation to purchase assets or services as a consequence of a default by any
other person to pay any Indebtedness and “guaranteed” shall be construed accordingly; 

  

	1.3.10	 references to any statute or other legislative provision are to be construed as references to any such statute
or other legislative provision as the same may be re-enacted or modified or substituted by any subsequent statute or legislative provision (whether before or after the date hereof) and shall include any
regulations, orders, instruments or other subordinate legislation issued or made under such statute or legislative provision; 

  

	1.3.11	 a certificate by the Lender as to any amount due or calculation made or any matter whatsoever determined in
connection with this Agreement shall be conclusive and binding on the Borrower except for manifest error; 

  

	1.3.12	 if any document, term or other matter or thing is required to be approved, agreed or consented to by the Lender
such approval, agreement or consent must be obtained in writing unless the contrary is stated; and 

  

	1.3.13	 the words “other” and “otherwise” shall not be construed eiusdem generis with any foregoing
words where a wider construction is possible. 

  

	1.4	 Contracts (Rights of Third Parties Act) 1999 

Except for clause 17.6.4 no part of this Agreement shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who
is not a party to this Agreement. 

  
 10 

	2	 THE LENDER’S COMMITMENT, LOAN AND USE OF PROCEEDS 

 

	2.1	 The Commitment 

In reliance upon each of the representations and warranties in clause 7, the Lender agrees to make available by way of loan to the Borrower on
the terms of this Agreement the principal sum of up to USD45,000,000 for the purpose of funding working capital requirements of ongoing operations. 
  

	2.2	 Drawdown  

On the terms and subject to the conditions of this Agreement, the Loan shall be advanced in as many Advances as required by the Borrower up to
a maximum aggregate amount of USD45,000,000, each on a Drawdown Date following receipt by the Lender from the Borrower of a Drawdown Notice not later than 10 a.m. London time on the Banking Day before such proposed Drawdown Date. A Drawdown Notice
shall be effective on actual receipt by the Lender and, once given, shall be irrevocable. 
  

	2.3	 Amount 

The principal amount specified in a Drawdown Notice for borrowing on a Drawdown Date shall, subject to the terms of this Agreement,
(A) not exceed (i) USD45,000,000 less (ii) the aggregate of such amounts as may have been made available under this Agreement prior thereto and (B) be a whole multiple of USD1,000,000. 

 

	2.4	 Availability 

Upon receipt of a Drawdown Notice complying with the terms of this Agreement the Lender shall, subject to the provisions of clause 8, make an
Advance available to the Borrower on the relevant Drawdown Date in payment to such account as the Borrower shall specify in the relevant Drawdown Notice. No Advance may be made after the expiry of the Drawdown Period. 

 

	2.5	 Cancellation 

If any part of the Loan is not drawn down by the end of the Drawdown Period, the Commitment shall thereupon be automatically cancelled and the
Lender shall have no further obligation under this Agreement. 

  
 11 

	2.6	 Use of Proceeds 

The Lender shall have no responsibility for the Borrower’s use of the proceeds of the Loan and is not bound to monitor or verify the
application of any amount borrowed pursuant to the terms of this Agreement. 
  

	3	 INTEREST  

 

	3.1	 Interest rate 

 

	3.1.1	 Subject to Clause 3.1.2, the Loan shall bear interest at the rate of 11.50% per annum, payable on the day
falling three (3) months after the first Drawdown Date and at three-monthly intervals thereafter (each, an “Interest Payment Date”). 

  

	3.1.2	 Interest on the Loan shall be compounded on each Interest Payment Date and shall be payable by the Borrower on
the Repayment Date. Notwithstanding the foregoing, the Borrower may, at its option, pay all or any part of such compounded interest in cash at any time. 

  

	3.2	 Default interest 

If the Lender fails to receive any sum whatsoever on its due date for payment under this Agreement, the Borrower must pay interest on such sum
on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate of two (2.0) per cent per annum over the interest rate referred to in Clause 3.1. Such interest shall be due and payable on demand, shall
accrue daily and shall be compounded annually. 
  

	4	 REPAYMENT AND PREPAYMENT 

 

	4.1	 Repayment 

Subject as otherwise provided in this Agreement, the Borrower must repay the Loan on the Repayment Date. 

 

	4.2	 Voluntary prepayment 

The Borrower may prepay the Loan in whole or in part (being USD1,000,000 or any larger sum which is a whole multiple of USD1,000,000) at any
time. 

  
 12 

	4.3	 Amounts payable on prepayment 

Any prepayment of all or part of the Loan under this Agreement shall be made without any prepayment penalty but together with: 

 

	4.3.1	 accrued interest on the amount to be prepaid to the date of such prepayment; 

 

	4.3.2	 any additional amount payable under clause 6.6; and 

 

	4.3.3	 if of the whole Loan, all other sums payable by the Borrower to the Lender under this Agreement.

  

	4.4	 Notice of prepayment;  

 

	4.4.1	 No prepayment may be effected under clause 4.2 unless the Borrower shall have given the Lender at least three
(3) Banking Day’s prior written notice of its intention to make such prepayment. Every notice of prepayment shall be effective only on actual receipt by the Lender, shall be irrevocable, shall specify the amount to be prepaid and shall
oblige the Borrower to make such prepayment on the date specified. 

  

	4.4.2	 Amounts prepaid may not be re-borrowed. 

 

	5	 FEES AND EXPENSES 

 

	5.1	 Fees 

The Borrower agrees to pay to the Lender on the first Drawdown Date a non-refundable upfront fee of
USD450,000.  
  

	5.2	 Expenses 

The Borrower agrees to reimburse the Lender on a full indemnity basis on demand for all expenses and/or disbursements whatsoever: 

 

	5.2.1	 in respect of, legal fees certified by the Lender as having been incurred by it from time to time and at any
time and all other expenses and/or disbursements certified by the Lender as having been incurred by it in relation to the negotiation, consideration, approval and structuring of this Agreement and the arrangements contemplated hereby:

  

	5.2.2	 in connection howsoever with the negotiation, preparation, execution and, where relevant, registration of this
Agreement and of any contemplated or actual amendment, indulgence or the granting of any waiver or consent howsoever in connection with this Agreement; and 

  
 13 

	5.2.3	 in contemplation or furtherance of, or otherwise howsoever in connection with, the exercise or enforcement of,
or preservation of any rights, powers, remedies or discretion under this Agreement or any amendment thereto or consideration of the Lender’s rights thereunder or any action proposed or taken with interest at the rate referred to in clause 3.3
from the date on which such expenses and/or disbursements were demanded by the Lender to the date of payment (as well after as before judgment). 

  

	5.3	 Value Added Tax 

All fees and expenses payable under to this clause 5 must be paid with value added tax or any similar tax (if any) properly chargeable thereon.
Any value added tax chargeable in respect of any services supplied by the Lender under this Agreement must, on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder. 

 

	5.4	 Stamp and other duties 

The Borrower must pay all stamp, documentary, registration or other like duties or taxes (including any duties or taxes payable by the Lender)
imposed on or in connection with this Agreement or the Loan and agree to indemnify the Lender against any liability arising by reason of any delay or omission by the Borrower to pay such duties or taxes other than to the extent such duties or taxes
arise as a result of the Lender transferring its Loan or Commitments under this Agreement. 
  

	6	 PAYMENTS AND TAXES; ACCOUNTS AND CALCULATIONS 

 

	6.1	 No set-off or counterclaim 

All payments to be made by the Borrower under this Agreement must be made in full, without any set-off
or counterclaim whatsoever and, subject to clause 6.6, free and clear of any deductions or withholdings, in USD not later than 11 a.m. London time on the due date to such account of the Lender as the Lender may from time to time notify to the
Borrower. 
  

	6.2	 Payment by the Lender 

The proceeds of the Loan to be advanced by the Lender to the Borrower under this Agreement must be remitted by in USD on the relevant Drawdown
Date to the account or accounts specified in the relevant Drawdown Notice. 

  
 14 

	6.3	 Non-Banking Days 

When any payment under this Agreement would otherwise be due on a day which is not a Banking Day, the due date for payment shall be extended to
the next following Banking Day. 
  

	6.4	 Calculations 

All interest and other payments of an annual nature under this Agreement shall accrue from day to day and be calculated on the basis of actual
days elapsed and a 360 day year. 
  

	6.5	 Currency of account 

If any sum due from the Borrower under this Agreement, or under any order or judgment given or made in relation thereto or for any other reason
whatsoever, must be converted from the currency (“the first currency”) in which the same is payable thereunder into another currency (“the second currency”) for the purpose of (i) making or filing a claim or proof against
the Borrower, (ii) obtaining an order or judgment in any court or other tribunal or (iii) enforcing any order or judgment given or made in relation thereto, the Borrower undertakes to indemnify and hold harmless the Lender from and against
any loss suffered as a result of any discrepancy between (a) the rate of exchange used for such purpose to convert the sum in question from the first currency into the second currency and (b) the rate or rates of exchange at which the
Lender may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction, in whole or in part, of any such order, judgment, claim or proof. Any amount due from the Borrower
under this clause 6.5 shall be due as a separate debt and shall not be affected by judgment being obtained for any other sums due under or in respect of this Agreement and the term “rate of exchange” includes any premium and costs of
exchange payable in connection with the purchase of the first currency with the second currency. 
  

	6.6	 Grossing-up for Taxes 

If at any time the Borrower must make any deduction or withholding in respect of Taxes from any payment due under this Agreement, the sum due
from the Borrower in respect of such payment must then be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Lender receives on the due date for such payment (and retains, free from any liability
in respect of such deduction or withholding), a net sum equal to the sum which it would have received had no such deduction or withholding been made 

  
 15 

 
and the Borrower agrees to indemnify the Lender on demand against any losses or costs certified by the Lender to have been incurred by it by reason of any failure of the Borrower to make any such
deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Borrower must promptly deliver to the Lender any receipts, certificates or other proof evidencing the amounts (if any) paid or
payable in respect of any deduction or withholding as aforesaid. . The Lender shall use commercially reasonable efforts (including the delivery of properly completed and executed Tax forms or documentation prescribed by applicable law) to reduce or
eliminate any deduction or withholding for Taxes from any payment due under this Agreement and to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to this clause 6.6. 

 

	6.7	 Loan account 

The Lender agrees to maintain a control account showing the Loan and other sums owing by the Borrower under this Agreement and all payments in
respect thereof being made from time to time. The control account shall, in the absence of manifest error, absent prompt objection by the Borrower, be conclusive as to the amount from time to time owing by the Borrower under this Agreement. 

 

	6.8	 Partial payments 

If, on any date on which a payment is due to be made by the Borrower under this Agreement, the amount received by the Lender from the Borrower
falls short of the total amount of the payment due to be made by the Borrower on such date then, without prejudice to any rights or remedies available to the Lender under this Agreement, the Lender must apply the amount actually received from the
Borrower in or towards discharge of the obligations of the Borrower under this Agreement in the following order, notwithstanding any appropriation made, or purported to be made, by the Borrower: 

 

	6.8.1	 first, in or towards payment, on a pro-rata basis, of any unpaid costs
and expenses of the Lender under this Agreement; 

  

	6.8.2	 secondly, in or towards payment of any fees payable to the Lender under, or in relation to, this Agreement
which remain unpaid; 

  
 16 

	6.8.3	 thirdly, in or towards payment to the Lender of any accrued interest owing in respect of the Loan which shall
have become due under this Agreement but remains unpaid; 

  

	6.8.4	 fourthly, in or towards payment to the Lender of any principal in respect of the Loan which shall have become
due but remains unpaid; 

  

	6.8.5	 fifthly, in or towards payment to the Lender of any other sum which shall have become due under this Agreement
but remains unpaid (and, if more than one such sum so remains unpaid, on a pro rata basis). 

 The order of application set
out in clauses 5.8.1 to 5.8.5 may be varied by the Lender without any reference to, or consent or approval from, the Borrower. 
  

	6.9	 FATCA  

  

	6.9.1	 Subject to Clause 5.9.3 below, each party shall, within ten (10) Banking Days of a reasonable request by
another party: 

  

	 	(a)	 confirm to that other party whether it is: 

 

	 	(i)	 a FATCA Exempt Party; or 

 

	 	(ii)	 not a FATCA Exempt Party; and 

 

	 	(b)	 supply to that other party such forms, documentation and other information relating to its status under FATCA
(including its applicable passthru percentage or other information required under the Treasury Regulations or other official guidance including intergovernmental agreements) as that other party reasonably requests for the purposes of that other
party’s compliance with FATCA. 

  

	6.9.2	 If a party confirms to another party pursuant to Clause 5.9.1(a) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly. 

  

	6.9.3	 Clause 5.9.1(a) above shall not oblige the Lender to do anything which would or might in its reasonable opinion
constitute a breach of: 

  

	 	(a)	 any law or regulation; 

 

	 	(b)	 any policy of the Lender; 

  
 17 

	 	(c)	 any fiduciary duty; or 

 

	 	(d)	 any duty of confidentiality. 

 

	6.9.4	 If the Borrower is required to make a FATCA Deduction, the Borrower shall make that FATCA Deduction and any
payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA; 

  

	6.9.5	 The Borrower 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 a FATCA Deduction) notify the Lender accordingly; and 

  

	6.9.6	 Within thirty days of making either a FATCA Deduction or any payment required in connection with that FATCA
Deduction, the Borrower shall deliver to the Lender evidence satisfactory to the Lender that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority. 

 

	7	 REPRESENTATIONS AND WARRANTIES 

 

	7.1	 Continuing representations and warranties 

The Borrower represents and warrants to the Lender that: 
  

	7.1.1	 Due incorporation 

it is duly incorporated and validly existing in good standing, under the laws of the Marshall Islands as a corporation and has power to carry
on its respective business as it is now being conducted and to own its property and other assets to which it has unencumbered legal and beneficial title except as disclosed to the Lender in writing; 

 

	7.1.2	 Corporate power 

it has power to execute, deliver and perform its obligations and, as the case may be, to exercise its rights under this Agreement; all
necessary corporate, shareholder or member and other action has been taken to authorise the execution, delivery and on the execution of this Agreement performance of the same and no limitation on the powers of the Borrower to borrow or to howsoever
incur liability will be exceeded as a result of borrowing any part of the Loan; 

  
 18 

	7.1.3	 Binding obligations 

subject to the Legal Reservations and the Perfection Requirements, this Agreement, when executed, will constitute valid and legally binding
obligations of the Borrower enforceable in accordance with its terms and admissible in evidence; 
  

	7.1.4	 No conflict with other obligations 

the execution and delivery of, the performance of its obligations under, and compliance with the provisions of, this Agreement by the Borrower
will not (i) contravene in any material respect any existing applicable law, statute, rule or regulation or any judgment, decree or permit of any Pertinent Jurisdiction to which the Borrower or other member of the Group is subject,
(ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which the Borrower or any other member of the Group is a party or is subject or by which it or any of its
property is bound which is likely to have a Material Adverse Effect or (iii) contravene or conflict with any provision of the constitutional documents of the Borrower; 
  

	7.1.5	 No default 

no Default has occurred which is continuing; 
  

	7.1.6	 No litigation or judgments 

no Proceedings are current, pending or threatened against the Borrower or any other Group Members or their assets which could have a Material
Adverse Effect and there exist no judgments, orders, injunctions which would materially affect the obligations of the Borrower under this Agreement other than have been publicly disclosed by the Borrower prior to the Execution Date; 

 

	7.1.7	 No filings required 

it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement that they or any other
instrument be notarised, filed, recorded, registered or enrolled in any court, public office or elsewhere in any Pertinent Jurisdiction or that any stamp, registration or similar tax or charge be paid in any Pertinent Jurisdiction on or in relation
to this Agreement is in proper form for its enforcement in the courts of each Pertinent Jurisdiction; 

  
 19 

	7.1.8	 Required Authorisations and legal compliance 

all Required Authorisations have been obtained or effected and are in full force and effect and the Borrower has not in any way contravened any
applicable law, statute, rule or regulation (including all such as relate to money laundering); 
  

	7.1.9	 Choice of law 

the choice of English law to govern this Agreement and the submissions by the Borrower to the jurisdiction of the English courts and the
obligations of the Borrower associated therewith, are valid and binding; 
  

	7.1.10	 No immunity 

neither the Borrower or any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any Proceedings whatsoever;

  

	7.1.11	 Financial statements correct and complete 

the Latest Accounts of the Borrower in respect of the relevant financial year as delivered to the Lender present fairly and accurately the
financial position of the Borrower for the financial year, ended on such date and, as at such date, the Borrower had no material liabilities (contingent or otherwise) or any unrealised or anticipated losses which are not disclosed by, or reserved
against or provided for in, such financial statements or notes thereto; 
  

	7.1.12	 Pari passu 

the obligations of the Borrower under this Agreement are direct, general and unconditional obligations of the Borrower and rank at least pari
passu with all present and future unsubordinated Indebtedness of the Borrower except for obligations which are mandatorily preferred by operation of law and not by contract; 
  

	7.1.13	 Information/ Material Adverse Effect 

all written factual information, whatsoever provided by the Borrower to the Lender in connection with the negotiation and preparation of this
Agreement or otherwise provided hereafter in relation to, or pursuant to this Agreement is true and accurate in all material respects and not misleading and the Borrower’s public filings do or will not omit material facts and all reasonable
enquiries have been made to verify the facts and statements contained therein as of such date and there has not occurred a Material Adverse Effect on the Borrower since such information was provided to the Lender; 

  
 20 

	7.1.14	 Copies true and complete 

the copies of the constitutional documents of the Borrower delivered or to be delivered to the Lender pursuant to clause 8.1 are, or will when
delivered be, true and complete copies; and there have been no amendments or variations thereof; 
  

	7.1.15	 Indebtedness 

the Borrower has not incurred any Indebtedness other than as disclosed to the Lender in writing or as disclosed in the Group’s public
filings; 
  

	7.1.16	 Use of proceeds 

the Borrower shall apply the Loan only for the purposes specified in clauses 1.1. and 2.1; 

 

	7.1.17	 Filings 

subject to any permissible extensions, the Borrower has filed all material tax and other fiscal returns required to be filed with any tax
authority to which it is subject; 
  

	7.1.18	 Office 

the Borrower does not have an office in England or in the United States of America; 

 

	7.1.19	 Prohibited Persons, unlawful activity 

none of the Group Members are a Prohibited Person; and 
  

	7.1.20	 Insolvency 

the Borrower is not unable or has admitted inability to pay its debts as they fall due, has not suspended making payments on any of its debts
nor it has announced an intention to do so nor has become insolvent; or, save as disclosed to the Lender prior to the Execution Date, the Borrower has not suffered the declaration of a moratorium in respect of any of its Indebtedness; 

 

	7.1.21	 Sanctions 

neither the Borrower nor any director, officer, agent, employee of the Borrower or any person acting on behalf of the Borrower, is a Prohibited
Person nor acts directly or indirectly on behalf of a Prohibited Person; and 

  
 21 

	7.2	 Repetition of representations and warranties 

On the Execution Date, each Drawdown Date and on each Interest Payment Date, the Borrower shall be deemed to repeat the representations and
warranties in clause 7.1 updated mutatis mutandis as if made with reference to the facts and circumstances existing on such day. 
  

	8	 UNDERTAKINGS 

  

	8.1	 General 

The Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will: 

 

	8.1.1	 Notice of Default and Proceedings 

promptly inform (and any public filing of the Borrower containing the relevant information about the matters hereafter described shall
constitute compliance with this covenant to inform) the Lender, in writing, of the details of any Proceedings involving the Borrower or member of the Group which could have a Material Adverse Effect as soon as the same is instituted or formally
threatened and will, from time to time, if so reasonably requested by the Lender, confirm to the Lender in writing that, save as otherwise stated in such confirmation, no Default has occurred and is continuing and no such Proceedings are on foot or
have been formally threatened in writing; 
  

	8.1.2	 Authorisation 

obtain or cause to be obtained, maintain in full force and effect and comply fully with all Required Authorisations, provide the Lender, upon
request, with Certified Copies of the same and do, or cause to be done, all other acts and things which may from time to time be necessary under any applicable law for the continued due performance of all the obligations of the Borrower under this
Agreement; 
  

	8.1.3	 Corporate Existence/Ownership 

ensure that it maintains its corporate existence as a body corporate duly organised and validly existing and in good standing under the laws of
the Pertinent Jurisdiction and ensure that the Borrower is owned and controlled, directly or through other companies, by the persons disclosed to the Lender prior to the date hereof; 

  
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	8.1.4	 Use of proceeds 

use the Loan exclusively for the purposes specified in clauses 1.1 and 2.1; 

 

	8.1.5	 Pari passu 

ensure that its obligations under this Agreement shall at all times rank at least pari passu with all its present and future unsecured and
unsubordinated Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract; 
  

	8.1.6	 Financial statements 

provide the Lender (or procure that is provided): 
  

	 	(a)	 as soon as possible, but in no event later than 120 days after the end of each of its financial years, annual
audited (prepared in accordance with US GAAP by a firm of accountants acceptable to the Lender) consolidated balance sheet and profit and loss accounts of the Borrower (commencing with the financial year ending 31 December 2021) and public
filing in respect of the Borrower shall constitute delivery; 

  

	 	(b)	 as soon as possible, but in no event later than 90 days after the end of each of its first three financial
quarters, commencing with the second financial quarter of 2021, the Borrower’s unaudited consolidated balance sheet and profit and loss accounts for that 3 month period certified as to their correctness by its chief financial officer;

  

	 	(c)	 prior to the start of each of its financial years, an annual forecast in respect of the Borrower;

  

	 	(d)	 details of any litigation, arbitration, administrative proceedings, Default and any other events or
circumstances which are likely to have a Material Adverse Effect on the Borrower; 

  

	8.1.7	 Provision of further information 

provide the Lender with such financial or other information concerning the Borrower, all vessels (including those under construction) owned,
acquired, sold or managed by any Group Member, or any of its subsidiaries, including, commitments, financial standing, operations and in relation to Borrowed Moneys, repayment of Borrowed Money, as the Lender may from time to time reasonably
require; 

  
 23 

	8.1.8	 Compliance with Laws and payment of taxes 

comply in all material respects with all relevant applicable laws, statutes, directives, decrees, rulings and analogous rules (including, but
not limited to, those relating to Sanctions) and regulations (other than in the case of Sanctions) where failure to do so would be reasonably likely to have a Material Adverse Effect and pay all taxes for which it is liable as they fall due unless
disputed in good faith; 
  

	8.1.9	 Sanctions 

will not and will use reasonable endeavours to ensure that no Group Member does, conduct or undertake any business: 

 

	 	(a)	 in breach of any Sanctions of: 

 

	 	(i)	 the United Nations Security Council; 

 

	 	(ii)	 the European Union; 

  

	 	(iii)	 the United Kingdom; 

  

	 	(iv)	 the United States of America 

 

	 	(v)	 the Marshall Islands 

as they apply to their members or nationals; or 
  

	 	(b)	 in any trade, carriage of goods or business which is forbidden by the laws of the United Kingdom or the United
States of America as they apply to their members or nationals, or any law applicable to the Borrower; or 

  

	 	(c)	 in carrying illicit or prohibited goods; or 

 

	 	(d)	 in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; or

  
 24 

	 	(e)	 to the knowledge of the Borrower, by or for the benefit of a Prohibited Person; 

 

	8.1.10	 Delivery of reports 

deliver to the Lender upon request a copy of each report, circular, notice or like document issued by the Borrower to its shareholders or
creditors generally; 
  

	8.1.11	 If, in the opinion of the Lender, any member of the Group agrees with any lender in the context of a financing
made or to be made available to that member of the Group, financial covenants with respect to the Borrower (including without limitation any dividend restrictions on the Guarantor, the “Covenants”) which place such lender or lenders
in a more favourable position than that applicable to the Lender pursuant to this Agreement, the Borrower shall give the Lender the benefit of such Covenants which, in the opinion of the Lender, would place them in an equivalent position as that
applicable to the other lender or lenders at the relevant time. The Borrower shall also enter, if required by the Lender, into a supplemental agreement to this Agreement to amend the same accordingly (with such supplemental agreement or agreements
being entered into on or immediately after the date on which the Covenants are granted). 

  

	8.2	 Negative undertakings 

The Borrower undertakes with the Lender that, from the Execution Date until the end of the Facility Period, it will not, without the prior
written consent of the Lender: 
  

	8.2.1	 Negative pledge 

permit any Encumbrance (other than a Permitted Encumbrance or as otherwise disclosed in writing by the Borrower to the Lender on or prior to
the date of this Agreement) to subsist, arise or be created or extended over any shares or equivalent rights of ownership owned by the Borrower to secure or prefer any present or future Indebtedness or other liability or obligation of any Group
Member or any other person; 
  

	8.2.2	 Transactions 

enter into any transactions with or involving such a person or company on terms which are, in any respect, less favourable to the Borrower than
those which it could obtain at arm’s length; or 

  
 25 

	8.2.3	 Prohibited Persons 

and shall use reasonable endeavours to procure that no Group Member will, have any course of dealings, directly or indirectly, with any
Prohibited Person. 
  

	9	 CONDITIONS 

  

	9.1	 Documents and evidence 

The Lender’s obligation to make available the Loan and any Advance is subject to the following conditions precedent: 

 

	9.1.1	 that on or before the relevant Drawdown Date, the Lender has received the documents described in Schedule 2 in
form and substance satisfactory to the Lender; 

  

	9.1.2	 the representations and warranties contained in clause 7.1 being then true and correct as if each was made with
respect to the facts and circumstances existing at such time; and 

  

	9.1.3	 no Default shall have occurred and be continuing and no Default would result from the making of the Loan.

  

	9.2	 Waiver of conditions precedent 

The conditions specified in this clause 9 are inserted solely for the benefit of the Lender and may be waived by the Lender in whole or in part
and with or without conditions. 
  

	9.3	 English language 

All documents required to be delivered under and/or supplied in connection with this Agreement must either be in the English language or
accompanied by an English translation certified by a notary, lawyer or consulate acceptable to the Lender.                 

 

	9.4	 Further conditions precedent 

Not later than two (2) Banking Days prior to the Drawdown Date of an Advance and not later than five (5) Banking Days prior to any
Interest Payment Date, the Lender may request and the Borrower must, prior to such date, deliver to the Lender (at the Borrowers’ expense) on such request further favorable certificates and/or opinions and/or other evidence satisfactory to the
Lender (acting reasonably) as to any or all of the matters which are referred to in clauses 6, 7, 8, and 9. 

  
 26 

	10	 EVENTS OF DEFAULT 

 

	10.1	 Events 

Each of the following events shall constitute an Event of Default (whether such event shall occur voluntarily or involuntarily or by operation
of law or regulation or in connection with any judgment, decree or order of any court or other authority or otherwise, howsoever): 
  

	10.1.1	 Non-payment: the Borrower fails to pay any sum payable by it
under this Agreement at the time, in the currency and in the manner stipulated in this Agreement (and so that, for this purpose, sums payable (i) under clause 4.1 shall be treated as having been paid at the stipulated time if (a) received
by the Lender within five (5) days of the dates therein referred to and (b) such delay in receipt is caused by administrative or other delays or errors within the banking system and (ii) on demand shall be treated as having been paid
at the stipulated time if paid within five (5) Banking Days of demand); or 

  

	10.1.2	 Breach of other obligations: the Borrower commits any breach of or omits to observe any of its
obligations or undertakings expressed to be assumed by it under any this Agreement (other than those referred to in clause 9.1.1 above) unless such breach or omission, in the reasonable opinion of the Lender is capable of remedy, in which case the
same shall constitute an Event of Default if it has not been remedied within thirty (30) Business Days of the Lender giving written notice to the Borrower of, or the Borrower becoming aware of the occurrence thereof; or 

 

	10.1.3	 Misrepresentation: any representation or warranty made or deemed to be made or repeated by or in respect
of the Borrower in or pursuant to this Agreement or in any notice, certificate or statement referred to in or delivered under this Agreement is or proves to have been incorrect or misleading in any material respect unless the circumstances giving
rise to the misrepresentation are in the reasonable opinion of the Lender capable of remedy and are remedied within thirty 30 Business Day of the Lender giving written notice to the Borrower of, or the Borrower becoming aware of, the occurrence
thereof; or 

  

	10.1.4	 Cross-default: any Indebtedness of the Borrower or any other Group Member (which is not intra group or
subordinated debt) in excess of USD25,000,000 is not paid when due (subject to applicable grace periods) or any Indebtedness of the Borrower or any other Group Member becomes (whether by declaration or automatically in accordance with the relevant
agreement or instrument constituting the same) due and payable prior to the date when it would 

  
 27 

	 	
otherwise have become due (unless as a result of the exercise by the Borrower or by the relevant Group Member of a voluntary right of prepayment), or any creditor of the Borrower or of any other
Group Member becomes entitled to declare any such Indebtedness due and payable or any facility or commitment available to the Borrower or any other Group Member relating to Indebtedness is withdrawn, suspended or cancelled by reason of any default
(however described) of the person concerned (unless the relevant creditor has granted to the Borrower a waiver in respect thereof) ; or 

  

	10.1.5	 Execution: any uninsured judgment or order made against the Borrower or any other Group Member in an
amount in excess of USD25,000,000 is not stayed, appealed against or complied with within twenty (20) days or a creditor attaches or takes possession of, or a distress, execution, sequestration or other process is levied or enforced upon or
sued out against, any of the undertakings, assets, rights or revenues of the Borrower or any other Group Member and is not discharged within thirty (30) days; or 

 

	10.1.6	 Insolvency: the Borrower is unable or admits inability to pay its debts as they fall due; suspends
making payments on all or substantially all of its debts or announces an intention to do so; becomes insolvent; or suffers the declaration of a moratorium in respect of all or substantially all of its Indebtedness; or 

 

	10.1.7	 Dissolution: any corporate action, Proceedings or other steps are taken to dissolve or wind-up the Borrower or an order is made or resolution passed for the dissolution or winding up of the Borrower; or 

  

	10.1.8	 Administration: any petition is presented, notice given or other steps are taken anywhere to appoint an
administrator of the Borrower or an administration order is made in relation to the Borrower ; or 

  

	10.1.9	 Appointment of receivers and managers: any administrative or other receiver is appointed anywhere of the
Borrower or any part of its assets and/or undertaking or any other steps are taken to enforce any Encumbrance over all or any part of the assets of the Borrower; or 

 

	10.1.10	 Compositions: any corporate action, legal proceedings or other procedures are taken, by the Borrower or
by any of its creditors with a view to the general readjustment or rescheduling of all or substantially all of its Indebtedness, or to proposing any kind of composition, compromise or arrangement involving such company and all or substantially all
of its creditors; or 

  
 28 

	10.1.11	 Analogous proceedings: there occurs, in relation to the Borrower, in any country or territory in which
it carries on business or to the jurisdiction of whose courts any part of its assets is subject, any event which, in the reasonable opinion of the Lender, appears in that country or territory to correspond with, or have an effect equivalent or
similar to, any of those mentioned in clauses 9.1.6 to 9.1.10 (inclusive) or the Borrower otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or

  

	10.1.12	 Cessation of business: the Borrower suspends or ceases to carry on its business; or

  

	10.1.13	 Seizure: all or a material part of the undertaking, assets, rights or revenues of, or shares or other
ownership interests in, the Borrower are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any government entity; or 

  

	10.1.14	 Invalidity: this Agreement or any of its provisions, other than as a result of any act or omission of
the Lender, at any time and for any reason are or shall become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of this Agreement or any of its provisions or the exercise of any
right of the Lender hereunder, shall at any time and for any reason be contested by the Borrower or by any creditor of the Borrower (other than the Lender), or if the Borrower shall deny that it has any, or any further, liability thereunder; or

  

	10.1.15	 Unlawfulness: any Unlawfulness occurs or it becomes impossible or unlawful at any time for the Borrower,
to fulfil any of the covenants and obligations expressed to be assumed by it in this Agreement or for the Lender to exercise the rights or any of them vested in it under this Agreement or otherwise; or 

 

	10.1.16	 Material events: any other event occurs or circumstance arises which, in the reasonable opinion of the
Lender, is likely to have a Material Adverse Effect or, if such event or circumstance is capable of remedy it is not remedied within 15 Business Days of the earlier of (i) the Lender notifying the Borrower of such event or (ii) the
Borrower becoming aware of the same; or 

  

	10.1.17	 Litigation: any Proceedings are current, pending or threatened against the Borrower or any other Group
Member which are reasonably likely to have a Material Adverse Effect; 

  
 29 

	10.1.18	 Required Authorisations: any Required Authorisation is revoked or withheld or modified or is otherwise
not granted or fails to remain in full force and effect or if any exchange control or other law or regulation shall exist which would make any transaction under this Agreement or the continuation thereof, unlawful or would prevent the performance by
the Borrower of any term of this Agreement; 

  

	10.1.19	 Money Laundering: the Borrower is in breach of or fails to observe any law, requirement, measure or
procedure implemented to combat “money laundering” as defined in Article 1 of the Directive (91/308 EEC) of the Council of the European Communities. 

 

	10.2	 Acceleration 

The Lender may, without prejudice to any other rights of the Lender, at any time after the happening of an Event of Default so long as the same
is continuing, by notice to the Borrower: 
  

	10.2.1	 declare that the obligation of the Lender to make the Commitment available shall be terminated, whereupon the
Commitment shall immediately be cancelled; and/or 

  

	10.2.2	 declare that the Loan and all interest accrued and all other sums payable whensoever under this Agreement have
become due and payable, whereupon the same shall, immediately or in otherwise accordance with the terms of such notice, become due and payable; and/or 

  

	10.2.3	 exercise any or all of its rights, remedies, powers or discretions under this Agreement. 

 

	10.3	 Demand basis 

If, under clause 9.2.2, the Lender has declared the Loan to be due and payable on demand, at any time thereafter the Lender may by further
notice to the Borrower demand repayment of the Loan on such date as may be specified whereupon the Loan shall become due and payable accordingly with all interest accrued and all other sums payable under this Agreement. 

 

	11	 INDEMNITIES 

  

	11.1	 General indemnity 

The Borrower agrees to indemnify the Lender on demand, without prejudice to any of the Lender’s other rights under this Agreement, against
any loss (including loss of interest), cost or expense which the Lender shall certify as sustained at any time by it in connection with this Agreement, including (without limitation) any such loss, cost or expense arising from any action, claim,
suit or proceeding directly or indirectly related to this Agreement or the Loan (excluding any default by the Lender determined by a court of competent jurisdiction to have resulted from (i) the gross negligence, bad faith or willful misconduct
of the Lender or (ii) a material breach of this Agreement by the Lender). 

  
 30 

	12	 UNLAWFULNESS AND INCREASED COSTS MITIGATION 

 

	12.1	 Unlawfulness 

Regardless of any other provision of this Agreement, in the event that the Lender notifies the Borrower that by reason of: 

 

	 	(a)	 the introduction of or any change in any applicable law or regulation or any change in the interpretation or
application thereof; or 

  

	 	(b)	 compliance by the Lender with any directive, request or requirement (whether or not having the force of law) of
any central bank or Government Entity 

 it becomes unlawful or it is prohibited by or contrary to such directive request
or requirement for the Lender to maintain or give effect to any of its obligations in connection howsoever with this Agreement then (i) the Commitment shall be reduced to zero and (ii) the Borrower shall be obliged to prepay the Loan
either immediately or on a future date (specified in the Lender’s notice) not being earlier than the latest date permitted by the relevant law, regulation, directive, request or requirement with interest and commitment commission accrued to the
date of prepayment and all other sums payable whensoever by the Borrower under this Agreement. 
  

	12.2	 Increased costs 

If the Lender certifies to the Borrower that at any time the effect of any applicable law, regulation or regulatory requirements or the
interpretation or application thereof or any change therein is to: 
  

	12.2.1	 subject the Lender to Taxes or change the basis of Taxation of the Lender relating to any payment under this
Agreement (other than Taxes or Taxation on the overall net income of the Lender imposed in the jurisdiction in which its principal or lending office under this Agreement is located); and/or 

  
 31 

	12.2.2	 increase the cost to, or impose an additional cost on, the Lender in making or keeping the Commitment available
or maintaining or funding all or part of the Loan; and/or 

  

	12.2.3	 reduce the amount payable or the effective return to the Lender under this Agreement; and/or

  

	12.2.4	 require the Lender to make a payment or forgo a return on or calculated by reference to any amount received or
receivable by the Lender under this Agreement; and/or 

 then and in each such case (subject to clause 11.3) the Borrower
must on demand either: 
  

	 	(a)	 pay to the Lender the amount which the Lender certifies (in a certificate setting forth the basis of the
computation of such amount but not including any matters which the Lender or its holding company regards as confidential) is required to compensate the Lender for such liability to Taxes, cost, reduction, payment, forgone return or loss; or

  

	 	(b)	 prepay the Loan, in respect of which prepayment the terms of clause 4.2 shall apply. 

 

	12.3	 Exception 

Nothing in clause 11.2 shall entitle the Lender to receive any amount relating to compensation for any such liability to Taxes, increased or
additional cost, reduction, payment, foregone return or loss to the extent that the same is the subject of an additional payment under clause 5.3, 5.4 or 6.6. 
  

	13	 SECURITY AND MISCELLANEOUS 

 

	13.1	 Application of moneys 

All moneys received by the Lender under or pursuant to this Agreement and expressed to be applicable in accordance with the provisions of this
clause 13.1 shall be applied by the Lender as follows: 
  

	13.1.1	 first in or toward payment of all unpaid fees, sums which have been demanded by way of indemnity and expenses
which may be owing to the Lender under this Agreement; 

  

	13.1.2	 secondly in or towards payment of any arrears of interest owing in respect of the Loan or any part thereof;

  

	13.1.3	 thirdly in or towards repayment of the Loan (whether the same is due and payable or not);

  
 32 

	13.1.4	 fourthly in or towards payment to the Lender of any other sums which the Lender certifies are owing to it under
this Agreement; and 

  

	13.1.5	 fifthly the surplus (if any) shall be paid to the Borrower. 

 

	13.2	 No implied waivers, remedies cumulative 

No failure or delay on the part of the Lender to exercise any power, right or remedy under this Agreement shall operate as a waiver thereof,
nor shall any single or partial exercise by the Lender of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this Agreement are cumulative and are
not exclusive of any remedies provided by law. No waiver by the Lender shall be effective unless it is in writing. 
  

	13.3	 Severability 

If any provision of this Agreement is prohibited, invalid, illegal or unenforceable in any jurisdiction, such prohibition, invalidity,
illegality or unenforceability shall not affect or impair howsoever the remaining provisions thereof or affect the validity, legality or enforceability of such provision in any other jurisdiction. 

 

	13.4	 Force Majeure 

Regardless of any other provision of this Agreement the Lender shall not be liable for any failure to perform the whole or any part of this
Agreement resulting directly or indirectly from (i) the action or inaction or purported action of any governmental or local authority (ii) any strike, lockout, boycott or blockade (including any strike, lockout, boycott or blockade
effected by or upon the Lender or any of its representatives or employees) (iii) any act of God (iv) any act of war (whether declared or not) or terrorism (v) any failure of any information technology or other operational systems or
equipment affecting the Lender or (vi) any other circumstances whatsoever outside the Lender’s control. 
  

	13.5	 Amendments 

This Agreement may be amended or varied only by an instrument in writing executed by both parties hereto who irrevocably agree that the
provisions of this clause 13.8 may not be waived or modified except by an instrument in writing to that effect signed by both of them. 

  
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	13.6	 Counterparts 

This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and the
same agreement which may be sufficiently evidenced by one counterpart. 
  

	13.7	 English language  

All documents required to be delivered under and/or supplied whensoever in connection howsoever with this Agreement and all notices,
communications, information and other written material whatsoever given or provided in connection howsoever therewith must either be in the English language or accompanied by an English translation certified by a notary, lawyer or consulate
acceptable to the Lender. 
  

	14	 INTENTIONALLY LEFT BLANK 

 

	15	 ASSIGNMENT, TRANSFER AND DISCLOSURE 

 

	15.1	 Benefit and burden 

This Agreement shall be binding upon, and ensure for the benefit of, the Lender and the Borrower and their respective successors. 

 

	15.2	 No assignment by Borrower 

The Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of the Lender.
Neither the Borrower nor any affiliate of the Borrower may become a Lender or a sub-participant. 
  

	15.3	 Assignment by Lender 

The Lender may not assign, sell, sub-participate all or any part of its rights under this Agreement to
another branch, subsidiary or affiliate of the Lender, another bank or financial institution, a member of the European System of Central Banks, an insurance company, a trust corporation or a capital investment company (including any credit fund),
without the prior written consent of the Borrower. The Lender, acting solely for this purpose as an agent of the Borrower, shall maintain a register for the recordation of the names and addresses of any such assignee or participant of the Lender,
and the Commitments of, and principal amounts (and stated interest) of the Loans owing to, each such assignee or participant pursuant to the terms 

  
 34 

 
hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Lender, and any such assignee or
participant of Lender shall treat each person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower, the Lender
and any such assignee or participant of the Lender, at any reasonable time and from time to time upon reasonable prior notice. It is the intention that this Loan Agreement be treated as a registered obligation and in “registered form”
within the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code of 1986, as amended, and the United States Treasury Regulations thereunder. 
  

	15.4	 Disclosure of information 

The Lender may disclose to a prospective assignee, transferee or to any other person who may propose entering into contractual relations with
the Lender in relation to this Agreement such information about or in connection with the Borrower and this Agreement as the Lender considers appropriate, provided that the Lender shall consult with the Borrower prior to disclosing (i) any such
information which is not public or contained in this Agreement and/or (ii) any documentation other that a copy of this Agreement. 
  

	16	 NOTICES 

  

	16.1	 General 

  

	16.1.1	 unless otherwise specifically provided herein, every notice under or in connection with this Agreement shall be
given in English by letter delivered personally and/or sent by post and/or transmitted by electronic mail; 

  

	16.1.2	 in this clause “notice” includes any demand, consent, authorisation, approval, instruction,
certificate, request, waiver or other communication. 

  

	16.2	 Addresses for communications, effective date of notices 

 

	16.2.1	 Subject to clause 15.2.2 notices to the Borrower shall be deemed to have been given and shall take effect when
received in full legible form by the Borrower at the address and/or the email address appearing below (or at such other address or email address as the Borrower may hereafter specify for such purpose to the Lender by notice in writing);

  
 35 

 Address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH 96960, 

Marshall Islands 
 email:
     
 notwithstanding the provisions of clause 16.2.1, a notice of Default and/or a notice given pursuant to clause
10.2 or clause 10.3 shall be deemed to have been given and shall take effect when delivered, sent or transmitted by the Lender to the Borrower to the address or fax number referred to in clause 16.2.1; 

 

	16.2.2	 notices to the Lender shall be deemed to be given, and shall take effect, when received in full legible form by
the Lender at the address and/or the email address appearing below (or at any such other address or email address as the Lender may hereafter specify for such purpose to the Borrower by notice in writing); 

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

email:     legal_corp@navios.com 

if under clause 16.2.1 or clause 16.2.2 a notice would be deemed to have been given and effective on a day which is not a working day in the
place of receipt or is outside the normal business hours in the place of receipt, the notice shall be deemed to have been given and to have taken effect at the opening of business on the next working day in such place. 

 

	17	 GOVERNING LAW  

 

	17.1	 Law 

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

	18	 JURISDICTION 

  

	18.1	 Exclusive jurisdiction 

Subject to clause 17.4 below, the Borrower and the Lender hereby irrevocably agree that the courts of England shall have exclusive
jurisdiction: 

  
 36 

	18.1.1	 to settle any disputes or other matters whatsoever arising under or in connection with this Agreement (or any non-contractual obligation arising out of or in connection with this Agreement) and any disputes or other such matters arising in connection with the negotiation, validity or enforceability of this Agreement or any
part thereof, whether the alleged liability shall arise under the laws of England or under the laws of some other country and regardless of whether a particular cause of action may successfully be brought in the English courts; and

  

	18.1.2	 to grant interim remedies or other provisional or protective relief. 

 

	18.2	 Submission and service of process 

Subject to clause 17.4 below, the Borrower and the Lender accordingly irrevocably and unconditionally submit to the jurisdiction of the English
courts. Without prejudice to any other mode of service the Borrower: 
  

	18.2.1	 irrevocably empowers and appoints Messrs Hill Dickinson Services (London) Ltd at present of The Broadgate
Tower, 20 Primrose Street, London, EC2A 2EW, England as its agent to receive and accept on its behalf any process or other document relating to any proceedings before the English courts in connection with this Agreement; 

 

	18.2.2	 agrees to maintain such an agent for service of process in England from the date hereof until the end of the
Facility Period; 

  

	18.2.3	 agrees that failure by a process agent to notify the Borrower of service of process will not invalidate the
proceedings concerned; 

  

	18.2.4	 without prejudice to the effectiveness of service of process on its agent under clause 17.2.1 above but as an
alternative method, consents to the service of process relating to any such proceedings by mailing or delivering a copy of the process to its address for the time being applying under clause 15.2; 

 

	18.2.5	 agrees that if the appointment of any person mentioned in clause 17.2.1 ceases to be effective, the Borrower
shall immediately appoint a further person in England to accept service of process on its behalf in England and, failing such appointment with in seven (7) days the Lender shall thereupon be entitled and is hereby irrevocably authorised by the
Borrower in those circumstances to appoint such person by notice to the Borrower. 

  
 37 

	18.3	 Forum non conveniens and enforcement abroad 

The Borrower and the Lender: 
  

	18.3.1	 waive any right and agree not to apply to the English court or other court in any jurisdiction whatsoever to
stay or strike out any proceedings commenced in England on the ground that England is an inappropriate forum and/or that proceedings have been or will be started in any other jurisdiction in connection with any dispute or related matter falling
within clause 16.1; and 

  

	18.3.2	 agree that a final non-appealable judgment or order of an English court
in a dispute or other matter falling within clause 17.1 shall be conclusive and binding on the Borrower and the Lender and may be enforced against them in the courts of any other jurisdiction. 

 

	18.4	 Right of Lender, but not Borrower, to bring proceedings in any other jurisdiction 

 

	18.4.1	 nothing in this clause 18 limits the right of the Lender to bring proceedings in connection with the
enforcement of its security, or the enforcement or recovery of any judgment debt or judicial award or order made (i) in each case, in the courts of England and (ii) under or in relation to this Agreement, including third party proceedings,
against the Borrower, or to apply for interim remedies, in any other court and/or concurrently in more than one jurisdiction; and 

  

	18.4.2	 the obtaining by the Lender of judgment in one jurisdiction shall not prevent the Lender from bringing or
continuing proceedings in any other jurisdiction proceedings in connection with the enforcement of its security, or the enforcement or recovery of any judgment debt or judicial award or order made (i) in each case, in the courts of England and
(ii) under or in relation to this Agreement, whether or not these shall be founded on the same cause of action. 

 IN WITNESS
whereof the parties to this Agreement have caused this Agreement to be duly executed on the date first above written. 

  
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 EXECUTION PAGE 

BORROWER 
  

					
	SIGNED by Leonidas Korres	  	)	  	
	as attorney-in-fact	  	)	  	
	for and on behalf of	  	)	  	/s/Leonidas Korres
	NAVIOS MARITIME ACQUISITION	  	)	  	
	CORPORATION	  	)	  	
			
	LENDER	  		  	
			
	SIGNED by Efstratios Desypris	  	)	  	
	as attorney-in-fact	  	)	  	
	for and on behalf of	  	)	  	/s/ Efstratios Desypris
	NAVIOS MARITIME PARTNERS L.P.	  	)	  	

  
 39

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