Document:

EX-4.1

 Exhibit 4.1 

FACE OF NOTE 
 UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V. (“EUROCLEAR”) OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM (AND ANY
PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR INDIVIDUAL NOTES REGISTERED IN THE NAMES OF PARTICIPANTS
IN EUROCLEAR OR CLEARSTREAM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY EUROCLEAR OR CLEARSTREAM OR BY A NOMINEE OF EUROCLEAR OR CLEARSTREAM TO EUROCLEAR OR CLEARSTREAM OR BY EUROCLEAR OR CLEARSTREAM OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 
  

			
	No. [            ]	 	€[            ]

 TIME WARNER INC. 

1.95% Note due 2023 
 COMMON
CODE: 126673434 
 ISIN: XS1266734349 

CUSIP: 887317 AY1 
 Time Warner
Inc., a Delaware corporation (such corporation or any successor under the Indenture referred to on the reverse hereof being called the “Company”), Historic TW Inc., a Delaware corporation (“Historic TW”), Home Box Office, Inc., a
Delaware corporation (“HBO”), and Turner Broadcasting System, Inc., a Georgia corporation (“TBS” and, together with Historic TW and HBO, the “Guarantors”), promise to pay to The Bank of New York Depository (Nominees)
Limited, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear and Clearstream, or registered assigns, the principal sum of [            ] MILLION EURO
(€[            ]) on September 15, 2023. This Note has the benefit of unconditional guarantees by the Guarantors, as more fully described on the reverse hereof. 

 

			
	Interest Payment Dates:  	  	Annually in arrears on September 15 of each year,
beginning on September 15, 2015
		
	Record Date:	  	September 1 immediately preceding each interest
payment date

  
 2 

 Additional provisions of this Note are set forth on the other side of this Note. 

Dated: July 28, 2015 

  
 3 

											
	Attest:	 		 	 TIME WARNER INC.
  

				
		 		 	     by
  
	 	 
	 	 		 		 	Name:	 	Edward B. Ruggiero
	Name:	 	Erin Garbarino	 		 		 	Title:	 	Senior Vice President & Treasurer
	Title:	 	Assistant Secretary	 		 		 		 	
			
	Attest:	 		 	 HISTORIC TW INC.,
   as
Guarantor

		 		 	     by
  
	 	 
	 	 		 		 	Name:	 	Edward B. Ruggiero
	Name:	 	Janice Cannon	 		 		 	Title:	 	Senior Vice President & Treasurer
	Title:	 	Assistant Secretary	 		 		 		 	
			
	Attest:	 		 	 HOME BOX OFFICE, INC.,

  as Guarantor
  

		 		 	     by
  
	 	 
	 	 		 		 	Name:	 	Edward B. Ruggiero
	Name:	 	Janice Cannon	 		 		 	Title:	 	Senior Vice President &
	Title:	 	Assistant Secretary	 		 		 		 	Assistant Treasurer
			
		 		 	 TURNER BROADCASTING SYSTEM, INC.,

  as Guarantor

	Attest:	 		 	  
     by
	 		 	
		 		 		 		 	 
	 	 		 		 	Name:	 	Edward B. Ruggiero
	 Name:
 Title:
	 	 Janice Cannon
 Assistant Secretary
	 		 		 	Title:	 	 Senior Vice President &
 Assistant
Treasurer

  
 4 

					
	TRUSTEE’S CERTIFICATE OF     AUTHENTICATION
	
	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.
	
	The Bank of New York Mellon, as Trustee,

			
		
	    by 	 	 
		 	 Authorized Signatory

 

					
		 	   Dated 	 	 

  
 5 

 REVERSE SIDE OF NOTE 

TIME WARNER INC. 
 1.95% Note due
2023 
 This Note (as defined below) is one of the duly authorized issue of senior debentures, notes, bonds or other evidences of
indebtedness (hereinafter called the “Debt Securities”) of the Company of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture dated as of March 11, 2010 (the “Indenture”) among
the Company, Historic TW, HBO, TBS and The Bank of New York Mellon, as trustee (herein called the “Trustee”), to which reference is hereby made for a statement of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, and any agent of the Trustee, any Paying Agent, the Company, the Guarantors and the Holders of the Debt Securities, and the terms upon which the Debt Securities are issued and may be authenticated and delivered.
Capitalized terms used in this Note and not otherwise defined in this Note have the respective meanings ascribed thereto in the Indenture. 

The Debt Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may
mature at different times, may bear interest (if any) at different rates, may have different conversion prices or exchange provisions (if any), may be subject to different redemption provisions (if any), may be subject to different sinking, purchase
or analogous funds (if any), may be subject to different covenants and Events of Default and may otherwise vary as provided or permitted in the Indenture. This Note is one of the series of Debt Securities of the Company issued pursuant to the
Indenture designated as the 1.95% Notes due 2023 (the “Notes”), initially limited in aggregate principal amount to €700,000,000. The Company may, without the consent of the Holders of the Notes, issue additional notes having the same
ranking, interest rate, maturity and other terms as the Notes. Any additional notes will, together with the Notes, form a single series of the Notes under the Indenture. Any additional notes issued as part of the same series as the Notes will be
fungible with such series of the Notes for United States Federal income tax purposes or will be issued under a separate CUSIP number. No additional notes may be issued if an Event of Default has occurred with respect to the Notes. 

The Company promises to pay interest from July 28, 2015, on the principal amount of this Note annually in arrears on September 15
of each year, beginning September 15, 2015, at the office or agency of the Company in the Borough of Manhattan, the City of New York, or any other office or agency designated by the Company for that purpose, in euro or, in the circumstances
described below, in U.S. dollars, at the rate per annum specified in the title hereof. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and
including the last date on which interest was paid (or July 28, 2015, if no interest has been paid on the Notes), to but excluding the next scheduled interest payment date. If interest or principal is payable on a Saturday, Sunday or any other
day that is not a Business Day (as defined below), the Company will make the payment on the next Business Day, and no interest will accrue as a result of the delay in payment. 

  
 6 

 Historic TW, as primary obligor and not merely as surety, fully, irrevocably and unconditionally
guarantees to each Holder of Notes, and to the Trustee and its successors and assigns, (i) the full and punctual payment of principal of and interest on the Notes when due, whether at maturity, by acceleration, by redemption or otherwise, and
all other monetary obligations of the Company under the Indenture (including obligations to the Trustee) and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Company under the
Indenture and the Notes. Each of HBO and TBS, as primary obligor and not merely as surety, fully, irrevocably and unconditionally guarantees (the guarantees of Historic TW, HBO and TBS, collectively, the “Guarantees”) to each Holder of
Notes, and to the Trustee and its successors and assigns, (i) the full and punctual payment of all monies due under the guarantee of Historic TW, and all other monetary obligations of Historic TW under the Indenture (including obligations to
the Trustee) and (ii) the full and punctual performance within applicable grace periods of all other obligations of Historic TW under the Indenture and its guarantee. 

The Guarantees constitute guarantees of payment, performance and compliance and not merely of collection. The obligation of each Guarantor to
make any payments may be satisfied by causing the Company or any other Person to make such payments. Further, each Guarantor agrees to pay any and all reasonable costs and expenses (including reasonable attorney’s fees) incurred by the Trustee
or any Holder of Notes in enforcing any of their respective rights under the Guarantees. The Indenture also permits the release of a Guarantor from its obligations under its Guarantee in certain circumstances without the consent of the Holders of
the Debt Securities. 
 The interest so payable, and punctually paid or duly provided for, on any September 15 will, except as
provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the September 1 next preceding the interest payment date (herein called the “Regular
Record Date”) whether or not a Business Day, and may, at the option of the Company, be paid by check mailed to the registered address of such Person. Any such interest which is payable, but is not so punctually paid or duly provided for, shall
forthwith cease to be payable to the registered Holder on such Regular Record Date and may be paid either to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be listed and upon such notice as may be required by such exchange, if such manner of payment shall be deemed practicable by the Trustee, all as more fully provided in the
Indenture. 
 Initially, The Bank of New York Mellon, London Branch, will be the Paying Agent, and the Trustee will be the Registrar with
respect to this Note. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Registrar, to appoint additional or other Paying Agents and other Registrars and to approve any change in the office through
which any Paying Agent or Registrar acts; provided that there will at all times be a Paying Agent in London. 

  
 7 

 The Notes will be redeemable at any time and from time to time, in whole or in part, at the
option of the Company, on at least 15 days, but not more than 45 days, prior notice mailed to the registered address of each Holder of the Notes to be redeemed. The Notes will be redeemable prior to June 15, 2023 (the date that is three months
prior to the maturity date of the Notes) at redemption prices equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the Remaining Scheduled Payments (as defined
below) discounted to the redemption date, on an annual basis (ACTUAL/ACTUAL (ICMA)), at a rate equal to the applicable Bund Rate (as defined below) plus 25 basis points, plus, in each case, accrued and unpaid interest to, but not including, the date
of redemption. The Notes will be redeemable on or after June 15, 2023 (the date that is three months prior to the maturity date of the Notes) at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued
and unpaid interest to, but not including, the date of redemption. The Notes may be redeemed, at the option of the Company in whole, but not in part, on not less than 15 nor more than 45 days’ prior notice, at 100% of the principal amount of
the Notes to be redeemed plus accrued and unpaid interest to, but not including, the date of redemption if, as a result of any change in, or amendment to, the laws, regulations or rulings of the United States (or any political subdivision or taxing
authority thereof or therein having power to tax), or any change in official position regarding application or interpretation of those laws, regulations or rulings (including a holding by a court of competent jurisdiction), which change, amendment,
application or interpretation is announced and becomes effective on or after the original issue date with respect to the Notes, the Company, Historic TW, HBO or TBS, as the case may be, would, on the occasion of the next payment of principal or
interest in respect of the Notes, be obligated, in making that payment, to pay additional amounts as described below and that obligation cannot be avoided by the Company, Historic TW, HBO or TBS, individually or together, taking reasonable measures
available to them. 
 Each applicable redemption price shall be the “Redemption Price”. 

“Bund Rate” means the yield to maturity, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Reference Bond (as defined below) on the basis of the middle market price of the Reference Bond prevailing at 11:00 a.m. (London time) on such Business Day as
determined by the Company or the Independent Investment Bank. 
 “Business Day” means any day (A) that is not
Saturday or Sunday or any other day on which commercial banks are authorized or required by law, regulation or executive order to close in New York City or London, and (B) that is a day on which the Trans-European Automated Real-time Gross
Settlement Express Transfer System (the TARGET2 system), or any successor thereto, operates. 
 “Independent Investment
Bank” means one of the Reference Bond Dealers (as defined below) that the Company appoints as the Independent Investment Bank from time to time. 

“Reference Bond” means, in relation to any Bund Rate calculation, a German government bond whose maturity is closest to the
maturity of the Notes, or if the Company or the Independent Investment Bank considers that such similar bond is not in issue, such other German 

  
 8 

 government bond as the Company or the Independent Investment Bank, with the advice of three brokers of, and/or
market makers in, German government bonds selected by the Company or the Independent Investment Bank, determine to be appropriate for determining the Bund Rate. 

“Reference Bond Dealer” means (A) each of BNP Paribas, Barclays Bank PLC, Citigroup Global Markets Limited and Deutsche
Bank AG, London Branch (or their respective affiliates that are Primary Bond Dealers), and their respective successors and (B) any other broker of, and/or market maker in, German government bonds (a “Primary Bond Dealer”) selected by
the Company. 
 “Remaining Scheduled Payments” means, with respect to the Note to be redeemed, the remaining scheduled
payments of principal of and interest on the Note that would be due after the related redemption date but for the redemption. If that redemption date is not an interest payment date with respect to a Note, the amount of the next succeeding scheduled
interest payment on such Note will be reduced by the amount of interest accrued on the Note to, but excluding, the redemption date. 
 If
the Company elects to redeem less than all of the Notes of a series, and the Notes are global Notes, the Notes to be redeemed will be selected by Euroclear or Clearstream in accordance with their standard procedures. If the notes to be redeemed are
not global Notes then held by Euroclear or Clearstream, the Trustee will select the notes to be redeemed on a pro rata basis, by lot, or by any other method the Trustee deems fair and appropriate. If the Notes are listed on any national
securities exchange, Euroclear or Clearstream will select notes in compliance with the requirements of the principal national securities exchange on which the Notes are listed. Notwithstanding the foregoing, if less than all of the Notes are to be
redeemed, no notes of a principal amount of €100,000 or less shall be redeemed in part. 
 If money sufficient to pay the redemption
price on the Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent, or the Trustee, on or before the redemption date, then on and after such redemption date, interest will cease to accrue on such Notes
(or such portion thereof) called for redemption, unless the Company defaults in the payment of the Redemption Price and accrued interest. On or before the redemption date, the Company shall deposit with the Paying Agent, or the Trustee, money
sufficient to pay the Redemption Price of and accrued interest on the Notes to be redeemed on such date. 
 Payment of Additional Amounts 

All payments of principal, premium (if any) and interest in respect of the Notes or the Guarantees will be made free and clear of, and
without withholding or deduction for, any present or future taxes, assessments, duties or governmental charges of whatever nature imposed, levied or collected by the United States (or any political subdivision or taxing authority thereof or therein
having power to tax), unless such withholding or deduction is required by law or the official interpretation or administration thereof. 

In addition, for so long as the Notes are outstanding, the Company will, to the extent permitted by law, maintain a paying agent in a
jurisdiction that will not require withholding or deduction of tax pursuant to any law implementing European Council Directive 2003/48/EC on the taxation of savings income (the “Directive”). 

  
 9 

 The Company or the relevant Guarantor, as applicable, will, subject to the exceptions and
limitations set forth below, pay as additional interest in respect of the Notes or the Guarantees such additional amounts as are necessary in order that the net payment by us of the principal of, premium (if any) and interest in respect of the Notes
or the Guarantees to a holder who is not a United States person (as defined below), after withholding or deduction for any present or future tax, assessment, duties or other governmental charge imposed by the United States (or any political
subdivision or taxing authority thereof or therein having power to tax), will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply:

 (1)        to the extent any tax, assessment or other governmental charge is imposed by reason
of the holder (or the beneficial owner for whose benefit such holder holds such Note), or a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a
power over an estate or trust administered by a fiduciary holder, being considered as: 

     a.        being or having been engaged in a trade or
business in the United States or having or having had a permanent establishment in the United States; 

     b.        having a current or former connection with
the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States;

      c.        being or having been a personal holding
company, a passive foreign investment company or a controlled foreign corporation for U.S. Federal income tax purposes or a corporation that has accumulated earnings to avoid U.S. Federal income tax; 

     d.        being or having been a “10-percent
shareholder” of the Company as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provision; or 

     e.        being a bank receiving payments on an
extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, as described in section 881(c)(3)(A) of the Code or any successor provision; 

(2)        to any holder that is not the sole beneficial owner of the Notes, or a portion of the
Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the
partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

  
 10 

 (3)        to the extent any tax, assessment or other
governmental charge that would not have been imposed but for the failure of the holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or
connection with the United States of the holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United
States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

(4)        to any tax, assessment or other governmental charge that is imposed otherwise than by
withholding by us or a paying agent from the payment; 
 (5)        to any tax, assessment or other
governmental charge required to be withheld by any paying agent from any payment of principal of or interest on any Notes, if such payment can be made without such withholding by any other paying agent; 

(6)        to any estate, inheritance, gift, sales, transfer, wealth, capital gains or personal
property tax or similar tax, assessment or other governmental charge, or excise tax imposed on the transfer of Notes; 

(7)        to any withholding or deduction that is imposed on a payment to an individual and that is
required to be made pursuant to the Directive or any other directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings income, or any law implementing or complying with or
introduced in order to conform to, such directive; 

(8)        to any tax, assessment or other governmental charge required to be withheld by any paying
agent from any payment of principal of or interest on any Note as a result of the presentation of any Note for payment (where presentation is required) by or on behalf of a holder of Notes, if such payment could have been made without such
withholding by presenting the relevant Note to at least one other paying agent in a member state of the European Union; 

(9)        to the extent any tax, assessment or other governmental charge would not have been imposed
but for the presentation by the holder of any Note, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever
occurs later except to the extent that the beneficiary or holder thereof would have been entitled to the payment of additional amounts had such Note been presented for payment on any day during such 30-day period; 

(10)        to any tax, assessment or other governmental charge imposed under sections 1471 through
1474 of the Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to section 1471(b) of the Code or any fiscal or regulatory legislation, rules or
practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Code; or 

  
 11 

 (11)        in the case of any combination of items (1),
(2), (3), (4), (5), (6), (7), (8), (9) and (10). 
 This Note is subject in all cases to any tax, fiscal or other law or regulation or
administrative or judicial interpretation applicable to this Note. Except as specifically provided in this Note, the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a
political subdivision or taxing authority of or in any government or political subdivision. 
 As used in this Note, the term “United
States” means the United States of America, the states of the United States, and the District of Columbia, and the term “United States person” means any individual who is a citizen or resident of the United States for U.S. Federal
income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to U.S.
Federal income taxation regardless of its source. 
 Payment for the Notes will be made in euros, and all payments of principal of, the
redemption price (if any), and interest and additional amounts (if any), on the Notes, will be payable in euros, provided, that if the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the
Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the
international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be converted into U.S. dollars at the
rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, in the event the Board of Governors of the Federal Reserve System has not mandated a
rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street
Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the Notes so made in
U.S. dollars will not constitute an event of default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes and all accrued interest
thereon may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental indentures to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of the 

  
 12 

 Indenture or of modifying in any manner the rights of the Holders of the Debt Securities of each series under the
Indenture with the consent of the Holders of not less than a majority in principal amount of the Debt Securities at the time Outstanding of all series to be affected thereby (acting as one class). The Indenture also permits the Holders of a majority
in principal amount of the Debt Securities at the time Outstanding of each series on behalf of the Holders of all Debt Securities of such series to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
and their consequences with respect to such series under the Indenture. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other Note. 

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

As provided in the Indenture and subject to the satisfaction of certain conditions therein set forth, including the deposit of certain trust
funds in trust, at the Company’s option, either (i) the Company and the Guarantors shall be deemed to have paid and discharged the entire indebtedness represented by, and the obligations under, the Debt Securities of any series and to have
satisfied all the obligations (with certain exceptions) under the Indenture relating to the Debt Securities and the Guarantees of such series or (ii) the Company and the Guarantors shall cease to be under any obligation to comply with any term,
provision or condition of certain restrictive covenants or provisions set forth in any additions or changes to or deletions from covenants and Events of Default with respect to the Debt Securities and the Guarantees of such series. 

The Notes are issuable in registered form without coupons, in minimum denominations of €100,000 and integral multiples of €1,000 in
excess thereof. Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the Company in the Borough of Manhattan, the City of New York, and in the manner and subject to the
limitations provided in the Indenture. 
 Upon due presentment for registration of transfer of this Note at the office or agency of the
Company in the Borough of Manhattan, the City of New York, a new Note or Notes of authorized denominations for a like aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the
Indenture. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax, assessment or other governmental charge payable in connection therewith. 
 Subject to the provisions of
the Indenture, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note is overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary. 

  
 13 

 Unless otherwise defined herein, all terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 
 THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF
THE STATE OF NEW YORK. 
 Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under
the Indenture, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 
 The
Company will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture. Requests may be made to Time Warner Inc., One Time Warner Center, New York, N.Y. 10019-8016, Attention of Investor Relations. 

  
 14 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
  

	
	 
	
	 

 (Insert assignee’s soc. sec. or tax ID no.) 
  

	
	 
	
	 
	
	 

 (Print or type assignee’s name, address and zip code) 

 
 and irrevocably appoint ______________________________________ agent to transfer this
Note on the books of the Company. The agent may substitute another to act for him. 
  

	
	 

  
  

							
	Date:	 	 	 	Your Signature:	 	 

  
  

	
	 

 (Sign exactly as your name appears on the other side of this Note)EX-10.18

 EXHIBIT 10.18 

Dated 21 July 2015 

IKAROS MARINE LLC 
 as
Borrower 
 and 
 THE BANKS
AND FINANCIAL INSTITUTIONS 
 Listed in Schedule 1 

as Lenders 
 and 

ABN AMRO BANK N.V. 
 as
Agent, Mandated Lead Arranger, Swap Provider, 
 Security Agent and as K-Sure Agent 

SECOND SUPPLEMENTAL AGREEMENT 

relating to a loan facility of 

(originally) up to US$52,703,000 

 Index 
  

							
	Clause	 	 	  	Page	 
	 1
	 	 Interpretation
	  	 	2	  
	 2
	 	 Agreement of the Finance Parties
	  	 	2	  
	 3
	 	 Conditions Precedent/Subsequent
	  	 	3	  
	 4
	 	 Representations and Warranties
	  	 	3	  
	 5
	 	 Amendment of Loan Agreement and Other Finance Documents
	  	 	3	  
	 6
	 	 Further Assurances
	  	 	7	  
	 7
	 	 Expenses
	  	 	7	  
	 8
	 	 Notices
	  	 	8	  
	 9
	 	 Supplemental
	  	 	8	  
	 10
	 	 Law and Jurisdiction
	  	 	8	  
	 Schedule 1 Lenders
	  	 	9	  
	 Schedule 2 Conditions Precedent Documents
	  	 	10	  
	 Schedule 3 Form of Effective Date notice
	  	 	11	  
	 Schedule 4 Part A List of Directly Owned IPO Entities
	  	 	12	  
	 Part B List of Indirectly Owned IPO Entities
	  	 	14	  
	 Schedule 5 Deed of Release
	  	 	15	  
	 Execution Page
	  	 	23	  

 THIS SECOND SUPPLEMENTAL AGREEMENT is made on 21 July 2015 

BETWEEN 
  

	(1)	IKAROS MARINE LLC a limited liability company formed in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the
“Borrower”); 

  

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

  

	(3)	ABN AMRO BANK N.V. acting through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands, as Agent, Mandated Lead Arranger, Swap Provider, Security Agent and as K-Sure Agent.

 BACKGROUND 
  

	(A)	By a loan agreement dated 25 April 2013 (as amended and supplemented by a supplemental agreement dated 24 April 2015, the “Loan Agreement”) and made between (i) the Borrower as borrower,
(ii) the Lenders and (iv) ABN AMRO Bank N.V. as Agent, Swap Provider, Security Agent and K-Sure Agent, the Lenders have made available to the Borrower a loan facility in an amount of (originally) up to US$52,703,000, of which an amount of
US$43,750,000 is outstanding by way of principal on the date hereof. 

  

	(B)	By a master agreement (the “Master Agreement”) (on the 2002 ISDA Master Agreement) form together with the schedule attached thereto (as amended)) dated 25 April 2013 and made between (i) the
Borrower and (ii) the Swap Provider, it was agreed that the Swap Provider would enter into Designated Transactions with the Borrower from time to time. 

  

	(C)	By a guarantee dated 25 April 2013 (the “Existing Guarantee”) and made between (i) Poseidon Containers Holdings LLC (the “Existing Guarantor”) and (ii) the Security
Trustee, the Existing Guarantor has guaranteed the obligations of the Borrower under the Loan Agreement and the Master Agreement. 

  

	(D)	The Borrower and the Existing Guarantor have requested that the Finance Parties agree to: 

  

	 	(i)	the substitution of the Existing Guarantor with Poseidon Containers Holdings Corp. of the Marshall Islands (“New Guarantor”); 

 

	 	(ii)	the release of the Existing Guarantor from its obligations under the Finance Documents to which it is a party; 

  

	 	(iii)	the conclusion of an initial public offering of the share capital of the New Guarantor and subsequent listing of such share capital on the New York Stock Exchange; 

 

	 	(iv)	the change in the ultimate beneficial ownership of the shares of the Borrower; and 

  

	 	(v)	the consequential amendments to the Loan Agreement and the other Finance Documents in connection with those others 

together, the “Request”. 
  

	(E)	This Second Supplemental Agreement sets out the terms and conditions on which the Finance Parties agree to the requests of the Borrower set out in paragraphs (i)-(iv) of Recital (D) and, with effect on and
from the Effective Date, to the required and consequential amendments to the Loan Agreement and the other Finance Documents in connection with those matters as set out in Clause 5 of this Second Supplemental Agreement. 

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Defined expressions 

 Words and expressions defined in the Loan Agreement shall have the
same meanings when used in this Second Supplemental Agreement unless the context otherwise requires. 
  

	1.2	Definitions 

 In this Second Supplemental Agreement, unless the contrary intention
appears: 
 “Agreed Form” means in relation to any document, that document in the form approved in writing by the Agent or
as otherwise approved in accordance with any other approval procedure specified in any relevant provision of any Finance Document; 

“Directly Owned IPO Entities” means the limited liability companies directly owned as at the date hereof by the Existing
Guarantor specified in Part A of Schedule 4 and, in the singular, means any of them; 
 “Effective Date” means the date on
which the Agent notifies the Borrower in writing in the form set out in Schedule 3 that all the conditions precedent in Schedule 2 have been satisfied; 

“Indirectly Owned IPO Entities” means the limited liability companies indirectly owned as at the date hereof by the Existing
Guarantor specified in Part B of Schedule 4 and, in the singular, means any of them; 
 “IPO Entities” means, together, the
Directly Owned IPO Entities and the Indirectly Owned IPO Entities and, in the singular, means any of them; and 
 “New
Guarantee” means the guarantee and indemnity executed or, as the case may be, to be executed by the New Guarantor in favour of the Security Agent guaranteeing the obligations of the Borrower under the Loan Agreement and the Master Agreement
in the Agreed Form. 
  

	1.3	Application of construction and interpretation provisions of Loan Agreement 

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

	2	AGREEMENT OF THE FINANCE PARTIES 

  

	2.1	Agreement of the Lenders 

 The Lenders agree, subject to and upon the terms and
conditions of this Second Supplemental Agreement, to the Request. 
  

	2.2	Agreement of the Finance Parties 

 The Finance Parties agree, subject to and upon the
terms and conditions of this Agreement, to the consequential amendment of the Loan Agreement and the other Finance Documents in connection with the matters referred to in Clause 2.1. 

  
 2 

	2.3	Release 

 With effect on and from (and subject to the occurrence of) the Effective Date,
the Finance Parties hereby irrevocably release the Existing Guarantor from its obligations under the Existing Guarantee. 
 The Agent shall
deliver to the Existing Guarantor within 1 Business Day of the Effective Date a deed of release in the form set out in Schedule 5, duly executed by the Finance Parties. 
  

	3	CONDITIONS PRECEDENT/SUBSEQUENT 

  

	3.1	General 

 The agreement of the Finance Parties contained in Clause 2.1, 2.2. and 2.3 is
subject to the fulfilment of the conditions precedent in Clause 3.2. 
  

	3.2	Conditions precedent 

 The conditions referred to in Clause 2.1 are that the Agent shall
have received the documents and evidence referred to in Schedule 2 in all respects in form and substance satisfactory to the Agent and its lawyers on the date of this Second Supplemental Agreement or such later date as may be applicable. Upon
receipt of the documents and evidence referred to above, the Agent shall promptly deliver to the Borrower a written confirmation in the form set out in Schedule 3. 
  

	4	REPRESENTATIONS AND WARRANTIES 

  

	4.1	Repetition of Loan Agreement representations and warranties 

 The Borrower represents and
warrants to the Agent that the representations and warranties in clause 11 of the Loan Agreement, as amended by this Second Supplemental Agreement and updated with appropriate modifications to refer to this Second Supplemental Agreement and, where
appropriate, each other Finance Document which is being amended by this Second Supplemental Agreement, remain true and not misleading if repeated on the date of this Second Supplemental Agreement with reference to the circumstances now existing.

 Repetition of Finance Document representations and warranties 

The Borrower and each of the other Security Parties represent and warrant to the Agent that the representations and warranties in the Finance
Documents (other than the Loan Agreement) to which each is a party, as amended and supplemented by this Agreement and updated with appropriate modifications to refer to this Agreement, remain true and not misleading if repeated on the date of this
Agreement with reference to the circumstances now existing. 
  

	5	AMENDMENT OF LOAN AGREEMENT AND OTHER FINANCE DOCUMENTS 

  

	5.1	Amendments to Loan Agreement 

 With effect on and from (and subject to the occurrence of)
the Effective Date the Loan Agreement shall be, and shall be deemed by this Second Supplemental Agreement to be, amended as follows: 
  

	(a)	by adding the definitions of “Applicable Accounting Principles”, “GAAP”, “NYSE” and “Second Supplemental Agreement” in clause 1.1 thereof as follows:

 “Applicable Accounting Principles” means: 

  
 3 

	 	(a)	prior to the completion of a successful IPO, IFRS; and 

  

	 	(b)	at all times thereafter, GAAP; 

 “GAAP” means generally accepted accounting
principles as from time to time in effect in the United States of America; 
 “NYSE” means the New York Stock Exchange; and

 “Second Supplemental Agreement” means the supplemental agreement dated 21 July 2015 entered into between
(i) the Borrower, (ii) the Lenders, (iii) the Mandated Lead Arranger, (iv) the Agent, (v) the Security Agent, (vi) the Swap Provider and the (vii) K-Sure Agent amending and supplementing subject to the terms and
conditions contained therein, this Agreement and certain other Finance Documents;”; 
  

	(b)	by deleting each of the definitions of “Guarantor” and “IPO” in clause 1.1 thereof in its entirety and replacing them with the following new definitions: 

““IPO” means the initial public offering of part of the share capital of the Guarantor and the subsequent listing of such
share capital on the NYSE; and 
 “Guarantor” means Poseidon Containers Holdings Corp., a corporation incorporated in the
Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Islands, Majuro, Marshall Islands, MH96960 and/or where the context permits, any other person who shall at any time during the Facility Period give to the
Lenders or to the Security Agent on their behalf a guarantee and/or indemnity for the repayment of all or part of the Indebtedness;”; 
  

	(c)	by replacing all references to IFRS throughout the Loan Agreement with references to Applicable Accounting Principles; 

  

	(d)	by adding a new clause 6.10 hereof as follows: 

  

	 	“6.10	Mandatory prepayment in case of Change of Control 

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

 

	 	(a)	the Borrower shall be obliged to prepay the Loan and pay all other amounts then outstanding under the Finance Documents in full within 15 days from the Lender’s notice; and 

 

	 	(b)	any obligations of the Lenders to the Borrower under this Agreement (including without the limitation the obligation to make available the Loan) shall terminate. 

In this Clause 6.10, “Change of Control” means if any of the following occurs in relation to the Borrower and/or the
Guarantor: 
  

	 	(i)	prior to the completion of a successful IPO, without the prior consent of the Lenders, a change has occurred after the date of this Agreement in the direct or indirect, ultimate, legal or beneficial ownership of any of
the limited liability company interests in the Borrower or in the direct or indirect ultimate control of the voting rights attaching to any of those interests; or 

 

	 	(ii)	 during the period commencing on the date of the Second Supplemental Agreement and ending on (aa) in the case of the successful completion of an

  
 4 

	 	
IPO, 31 December 2015 (inclusive) and (bb) in any other case, at all times thereafter, the members of the Guarantor disclosed to the Lender on the date of this Agreement (the
“Members”) cease to own at least 50 per cent. of the issued share capital (with a right to vote) of the Guarantor; or 

  

	 	(iii)	upon completion of the successful IPO, during the period commencing on 1 January 2016 (inclusive) and at all times thereafter, the Members cease to own at least 20 per cent. of the issued share capital (with a
right to vote) of the Guarantor Provided that this paragraph (iii) will cease to apply if the Vessel becomes subject to a time charter for a duration of at least 3 years (excluding any optional extensions and renewal options) in form and
substance and with a charterer acceptable and approved by the Facility Agent following the expiration of the Initial Charter; or 

  

	 	(iv)	upon completion of the successful IPO, Mr George Giouroukos ceases to (either directly and/or indirectly) beneficially own in aggregate at least 3 per cent. of the issued share capital (with the right to vote) of
the Guarantor; or 

  

	 	(v)	Mr George Giouroukos ceases to be the Chief Executive Officer of the Guarantor; or 

  

	 	(vi)	the Borrower ceases to be a wholly-owned subsidiary of the Guarantor.”; 

  

	(e)	by deleting clause 11.1.18 thereof in its entirety and replacing it with the following new clause: 

  

	(f)	“11.1.18 Taxation No Security Party is materially overdue in the filing of any tax returns, no claims or investigations are being, or are reasonably likely to be, made or conducted against any Security Party
with respect to taxes unless in the case of the Guarantor: 

  

	 	(a)	such taxes are being contested in good faith by the Guarantor; 

  

	 	(b)	such payment of tax can be lawfully withheld; and 

  

	 	(c)	the Guarantor provides evidence to the Agent following the Agent’s request showing that adequate reserves have been maintained by the Guarantor for such taxes.”; 

 

	(g)	by adding the words in clause 12.3.6 thereof “(other than as a result of the completion of a successful IPO)” after the words “or corporate reconstruction.”; 

 

	(h)	by deleting paragraph (iii) of clause 12.2.2 in its entirety and replacing it with the following new paragraph: 

“(iii) minimum cash of 4.50 per cent. Of Total Interest Bearing Debt at all times if the Vessel is employed under a time charter with
a total initial period of duration of less than a year.” 
  

	(i)	by deleting clause 12.3.13 thereof in its entirety and replacing it with the following new clause: 

  

	 	“12.3.13	No Dividends The Borrower and the Guarantor may in each calendar year pay dividends, provided that no Event of Default has occurred and in continuing or would result upon giving effect to such dividend payment;
and the Borrower shall not issue, allot or grant any person any limited liability company interests other than the Pledgor.”; 

  

	(j)	by deleting clause 12.3.17 thereof in its entirety and replacing it with the following new clause: 

  
 5 

	 	“12.3.17	No Change in Ownership or Control The Borrower shall procure throughout the Facility Period that until the successful completion of the IPO, neither the Borrower nor the Guarantor shall without the prior written
consent of the Agent permit any change in its beneficial ownership and control or its direct or indirect ownership from that advised to the Lender at the date of this Agreement provided that during the period commencing on the date of the Second
Supplemental Agreement and ending on (a) in the case of the successful completion of an IPO, 31 December 2015 (inclusive) and (b) in any other case, at all times thereafter, the Members shall own at least 50 per cent. of the
issued share capital (with a right to vote) of the Guarantor.”; 

  

	(k)	by deleting clause 13.1.8 thereof in its entirety; 

  

	(l)	by deleting clause 13.1.14 thereof in its entirety and replacing it with the following: 

  

	 	“13.1.14	Reduction of capital A Security Party (other than, following the successful completion of the IPO, the Guarantor Provided that no Event of Default has occurred and is continuing at such time or would result upon
giving effect to a capital reduction by the Guarantor following the successful completion of the IPO) reduces its authorised or issued or subscribed capital.”; 

 

	(m)	by adding a new clause 13.1.26 thereof as follows: 

  

	 	“13.1.26	Delisting of Guarantor’s shares Following the successful completion of the IPO, the shares of the Guarantor cease to be listed on the NYSE without the prior consent of the Lenders.”; 

 

	(n)	the definition of, and references throughout the Loan Agreement to, each Finance Document shall be construed as if the same referred to that Finance Document as amended and supplemented by this Second Supplemental
Agreement; and 

 by construing references throughout the Loan Agreement to “this Agreement”, “hereunder”
and other like expressions as if the same referred to the Loan Agreement as amended and supplemented by this Second Supplemental Agreement. 
  

	5.2	Amendments to Finance Documents 

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

 

	(a)	the definition of, and references throughout each of the Finance Documents to, the Loan Agreement and any of the other Finance Documents shall be construed as if the same referred to the Loan Agreement and those Finance
Documents as amended by this Second Supplemental Agreement; and 

  

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

  

	5.3	The Finance Documents to remain in full force and effect 

 The Finance Documents shall
remain in full force and effect, as amended by: 
  

	(a)	the amendments contained or referred to in Clauses 5.1 and 5.2; and 

  

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

  
 6 

	6	FURTHER ASSURANCES 

  

	6.1	Borrower’s and each Security Party’s obligations to execute further documents etc. 

The Borrower and each Security Party shall: 
  

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

  

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

 which the
Agent may, by notice to the Borrower or that Security Party specify for any of the purposes described in Clause 6.2 or for any similar or related purpose. 
  

	6.2	Purposes of further assurances 

 Those purposes are: 

 

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

  

	(b)	implementing the terms and provisions of this Second Supplemental Agreement. 

  

	6.3	Terms of further assurances 

 The Agent may specify the terms of any document to be
executed by the Borrower or, as the case may be, the Security Parties, under Clause 6.1, and those terms may include any covenants, powers and provisions which the Agent considers appropriate to protect its interests. 

 

	6.4	Obligation to comply with notice 

 The Borrower shall comply with a notice under Clause
6.1 by the date specified in the notice. 
  

	6.5	Limited liability company action 

 At the same time as the Borrower deliver to the Agent
any document executed under Clause 6.1(a), the Borrower shall also deliver to the Agent a certificate signed by an officer of the Borrower which shall: 
  

	(a)	set out the text of a resolution of that Borrower’s applicable governing body specifically authorising the execution of the document specified by the Agent unless the execution of the relevant document is
authorised by the existing resolutions and general power of attorney of that Borrower; and 

  

	(b)	state that either the resolution was duly passed by the member validly convened and held throughout and is valid under that Borrower’s articles of incorporation or other constitutional documents. 

 

	7	EXPENSES 

  

	7.1	Reimbursement of expenses 

 The Borrower shall reimburse to the Agent on demand all
reasonable costs, fees and expenses (including, but not limited to, legal fees and expenses) and taxes thereon incurred 

  
 7 

 
by the Agent, any other Finance Party or K-Sure in connection with the negotiation, preparation and execution of this Second Supplemental Agreement and any other documents required thereunder.

  

	8	NOTICES 

  

	8.1	General 

 The provisions of clause 18 (Notices) of the Loan Agreement, as amended by this
Second Supplemental Agreement, shall apply to this Second Supplemental Agreement as if they were expressly incorporated in this Second Supplemental Agreement with any necessary modifications. 

 

	9	SUPPLEMENTAL 

  

	9.1	Counterparts 

 This Second Supplemental Agreement may be executed in any number of
counterparts. 
  

	9.2	Third party rights 

 Other than a Finance Party, no person who is not a party to this
Second Supplemental Agreement has any right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Second Supplemental Agreement. 

 

	10	LAW AND JURISDICTION 

  

	10.1	Governing law 

 This Second Supplemental 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. 
  

	10.2	Incorporation of the Loan Agreement provisions 

 The provisions of clause 22 (Law and
Jurisdiction) of the Loan Agreement, as amended by this Second Supplemental Agreement, shall apply to this Second Supplemental Agreement as if they were expressly incorporated in this Second Supplemental Agreement with any necessary modifications.

 This Second Supplemental Agreement has been duly executed as a Deed on the date stated at the beginning of this Second Supplemental Agreement.

  
 8 

 SCHEDULE 1 

LENDERS 
  

			
	 Lender
	  	 Lending Office

	 ABN AMRO Bank N.V.
	  	 93 Coolsingel
 3012 AE

Rotterdam
 The Netherlands

Fax: +31 10401 5323

  
 9 

 SCHEDULE 2 

CONDITIONS PRECEDENT DOCUMENTS 
 The
following are the documents referred to in Clause 3.2: 
  

	1	In relation to the Borrower, documents of the kind specified in paragraphs 1 of Schedule 1 Part I of the Loan Agreement as amended and supplemented by this Second Supplemental Agreement with appropriate modifications to
refer to this Second Supplemental Agreement (as applicable). 

  

	2	In relation to the New Guarantor documents of the kind specified in paragraphs 1 of Schedule 1, Part I of the Loan Agreement as amended and supplemented by this Second Supplemental Agreement with appropriate
modifications to refer to this Second Supplemental Agreement and the New Guarantee. 

  

	3	A duly executed original of this Second Supplemental Agreement and any documents required pursuant thereto. 

  

	4	An original of the New Guarantee duly executed by the New Guarantor. 

  

	5	A certified true copy of the amended and restated limited liability company agreement of each Directly Owned IPO Entity specifying the New Guarantor as the sole member/holder of the membership interests in such Directly
Owned IPO Entity. 

  

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

  

	7	Documentary evidence that the agent for service of process named in clause 22.5 of the Loan Agreement has accepted its appointment in respect of this Second Supplemental Agreement and the New Guarantee.

  

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

 

	9	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of Marshall Islands and such other relevant jurisdictions as the Agent may require, each in form and substance reasonably
acceptable to the Lenders and K-Sure. 

  

	10	Any further opinions, consents, agreements and documents in connection with this Second Supplemental Agreement, the Finance Documents and this Second Supplemental Agreement which the Agent or K-Sure may request by
notice to the Borrower prior to the Effective Date. 

  
 10 

 SCHEDULE 3 

FORM OF EFFECTIVE DATE NOTICE 
  

	To :	IKAROS MARINE LLC 

 c/o 3-5 Menandrou Street 

145 61 Kifisia 
 Athens, Greece

 Fax: +30 210 8084224 
 Attn:
Legal Department 
 [●] 2015 
 Dear Sirs

 We refer to the second supplemental agreement (the “Second Supplemental Agreement”) dated 21 July 2015 made between
(i) yourself as Borrower, (ii) the banks and financial institutions listed in Schedule 1 thereof as Lenders and (iii) ourselves, as Agent, Arranger, Swap Provider, Security Agent and K-Sure Agent. 

Words and expressions defined in the Supplemental Agreement shall have the same meaning when used in this letter. 

We write to confirm that the conditions precedent in Schedule 2 of the Second Supplemental Agreement have been fulfilled and that accordingly the Effective
Date is [●] 2015. 
 Yours faithfully 

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

  
 11 

 SCHEDULE 4 

PART A 
 LIST OF
DIRECTLY OWNED IPO ENTITIES 
  

	1	Pisti Shipping LLC; 

  

	2	Aris Marine LLC; 

  

	3	Aphrodite Marine LLC; 

  

	4	Athena Marine LLC; 

  

	5	Pericles Marine LLC; 

  

	6	Hephasteus Maine LLC; 

  

	7	Zeus One Marine LLC; 

  

	8	Leonidas Marine LLC; 

  

	9	Platon Marine LLC; 

  

	10	Socrates Marine LLC; 

  

	11	Kronos Marine LLC; 

  

	12	Rea Marine LLC; 

  

	13	Tasman Marine LLC; 

  

	14	Mercator Maine LLC; 

  

	15	Hudson Marine LLC 

  

	16	Odysseus Marine LLC; 

  

	17	Poseidon Fleet Holdings LLC; 

  

	18	Achilleas Marine LLC; 

  

	19	Hercules Marine LLC; 

  

	20	Marine Treasurer LLC; 

  

	21	Dimitra Marine LLC; 

  

	22	Artemis Marine LLC; 

  

	23	Hermes Marine LLC; 

  

	24	Apollon Marine LLC; 

  

	25	Hera Marine LLC; 

  
 12 

	26	Drake Marine LLC; and 

  

	27	Barentz Marine LLC. 

  
 13 

 PART B 

LIST OF INDIRECTLY OWNED IPO ENTITIES 
  

	1	Alexander Marine LLC; 

  

	2	Hector Marine LLC; and 

  

	3	Ikaros Marine LLC. 

  
 14 

 SCHEDULE 5 

DEED OF RELEASE 
 Dated
[●] 2015 
 THE BANKS AND FINANCIAL INSTITUTIONS 

listed in the Schedule 
 as
Lenders 
 and 
 ABN AMRO
BANK N.V. 
 as Agent, Mandated Lead Arranger, Swap Provider and Security Agent 

and 
 IKAROS MARINE LLC

 as Borrower 
 and 

POSEIDON CONTAINERS HOLDINGS LLC 

as Guarantor 
 DEED OF RELEASE

 relating to 
 a facility
of (originally) up to 
 US$52,703,000 

  
 15 

 INDEX 
  

							
	Clause	 	 	  	Page	 
	 1
	 	Interpretation	  	 	2	  
	 2
	 	Agreement of the Finance Parties	  	 	2	  
	 3
	 	Conditions Precedent/Subsequent	  	 	3	  
	 4
	 	Representations and Warranties	  	 	3	  
	 5
	 	Amendment of Loan Agreement and Other Finance Documents	  	 	3	  
	 6
	 	Further Assurances	  	 	7	  
	 7
	 	Expenses	  	 	7	  
	 8
	 	Notices	  	 	8	  
	 9
	 	Supplemental	  	 	8	  
	 10
	 	Law and Jurisdiction	  	 	8	  
	 Schedule 1 Lenders
	  	 	9	  
	 Schedule 2 Conditions Precedent Documents
	  	 	10	  
	 Schedule 3 Form of Effective Date notice
	  	 	11	  
	 Schedule 4 Part A List of Directly Owned IPO Entities
	  	 	12	  
	 Part B List of Indirectly Owned IPO Entities
	  	 	14	  
	 Schedule 5 Deed of Release
	  	 	15	  
	 Execution Page
	  	 	23	  

  
 16 

 THIS DEED is made on [●] 2015 

BETWEEN 
  

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

  

	(2)	ABN AMRO BANK N.V. acting through its office at 93 Coolsingel, 3012 AE, Rotterdam, The Netherlands, as Agent, Mandated Lead Arranger, Swap Provider, Security Agent and as K-Sure Agent;
and 

  

	(3)	IKAROS MARINE LLC a limited liability company formed in the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the
“Borrower”). 

 BACKGROUND 
  

	(A)	By a loan agreement dated 25 April 2013 (as amended and supplemented by a supplemental agreement dated 24 April 2015, the “Loan Agreement”) and made between (i) the Borrower as borrower,
(ii) the Lenders and (iv) ABN AMRO Bank N.V. as Agent, Swap Provider, Security Agent and K-Sure Agent, the Lenders have made available to the Borrower a loan facility in an amount of (originally) up to US$52,703,000. 

 

	(B)	By a master agreement (the “Master Agreement”) (on the 2002 ISDA Master Agreement) form together with the schedule attached thereto (as amended)) dated 25 April 2013 and made between (i) the
Borrower and (ii) the Swap Provider, it was agreed that the Swap Provider would enter into Designated Transactions with the Borrower from time to time. 

  

	(C)	By a guarantee dated 25 April 2013 (the “Guarantee”) and made between (i) the Guarantor and (ii) the Security Trustee, the Existing Guarantor has guaranteed the obligations of the
Borrower under the Loan Agreement and the Master Agreement. 

  

	(D)	This Deed sets out the terms and conditions on which the Finance Parties agree, at the request of the Borrower and the Finance Parties, to the release of the Guarantor from its obligations under the Guarantee.

 IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Defined expressions 

 Words and expressions defined in the Loan Agreement shall have the
same meanings when used in this Deed unless the context otherwise requires. 
  

	1.2	Definitions 

 In this Deed, unless the contrary intention appears: 

“Continuing Finance Documents” means the Finance Documents other than the Guarantee; 

 

	1.3	Application of construction and interpretation provisions of Loan Agreement 

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

  
 17 

	2	RELEASE OF OBLIGATIONS 

  

	2.1	Release of obligations 

 The Finance Parties with immediate effect, irrevocably release
and discharge the Guarantor from its obligations under the Guarantee, including any covenants and undertakings relating to the Guarantee. 
  

	3	CONTINUING EFFECT 

  

	3.1	Finance Documents to remain in full force and effect 

 The Borrower and the Security
Parties (other than the Guarantor) confirm and agree with the Finance Parties that the Continuing Finance Documents shall remain in full force and effect. 
  

	4	EXPENSES 

  

	4.1	Expenses 

 The provisions of clause 9 (fees) of the Loan Agreement shall apply to this
Deed as if they were expressly incorporated in this Deed with any appropriate modifications. 
  

	5	SUPPLEMENTAL 

  

	5.1	Counterparts 

 This Deed may be executed in any number of counterparts. 

 

	5.2	Third party rights 

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

	6	LAW AND JURISDICTION 

  

	6.1	Governing law 

 This Deed shall be governed by and construed in accordance with English
law. 
  

	6.2	Incorporation of Loan Agreement provisions 

 The provisions of clause 22 (law and
jurisdiction) of the Loan Agreement shall apply to this Deed as if they were expressly incorporated in this Agreement with any necessary modifications. 

THIS DEED has been executed by or on behalf of the parties and has, on the date stated at the beginning of this Deed, been delivered as a Deed. 

  
 18 

 SCHEDULE 1 

LENDER 
  

			
	 Lender
	  	 Lending Office

	ABN AMRO Bank N.V.	  	 93 Coolsingel
 3012 AE

Rotterdam
 The Netherlands

Fax: +31 10401 5323

  
 19 

 EXECUTION PAGES 
  

			
	LENDERS	  	
		
	EXECUTED as a DEED	  	)
	by ABN AMRO BANK N.V.	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)
		
	AGENT	  	
		
	EXECUTED as a DEED	  	)
	by ABN AMRO BANK N.V.	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)
		
	MANDATED LEAD ARRANGER	  	
		
	EXECUTED as a DEED	  	)
	by ABN AMRO BANK N.V.	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)
		
	SECURITY AGENT	  	
		
	EXECUTED as a DEED	  	)
	by ABN AMRO BANK N.V.	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)
		
	SWAP PROVIDER	  	
		
	EXECUTED as a DEED	  	)
	by ABN AMRO BANK N.V.	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)

  
 20 

			
	K-SURE AGENT	  	
		
	EXECUTED as a DEED	  	)
	by ABN AMRO BANK N.V.	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)
		
	BORROWER	  	
	EXECUTED as a DEED	  	)
	by IKAROS MARINE LLC	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)
		
	GUARANTOR	  	
		
	EXECUTED as a DEED	  	)
	by POSEIDON CONTAINERS HOLDINGS LLC	  	)
	acting by its duly authorised	  	)
	attorney-in-fact)	  	)
	in the presence of:	  	)

  
 21 

 COUNTERSIGNED this [●] day of [●] 2015 for and on behalf of the below companies each of which,
by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Deed Of Release, that it agrees in all respects to the same and that the Finance Documents to which it is a party shall remain in
full force and effect and shall continue to stand as security for the obligations of the Borrowers under the Loan Agreement and the other Finance Documents. 
  

	
	MANAGERS
	
	  

	
	for and on behalf of
	TECHNOMAR SHIPPING INC.
	
	  

	
	for and on behalf of
	CONCHART COMMERCIAL INC.
	
	SHAREHOLDER
	
	  

	
	for and on behalf of
	ODYSSEUS MARINE LLC

  
 22 

 EXECUTION PAGE 
  

					
	BORROWER	  		  	
			
	SIGNED, SEALED and DELIVERED	  	)	  	
	for and on behalf of	  	)	  	
	IKAROS MARINE LLC	  	)	  	
	By Aikaterini Emmanouil	  	)	  	
	as Attorney-in-Fact	  	)	  	
	pursuant to a Power of Attorney dated 8 July 2015	  	 )
	  	
	in the presence of:	  	)	  	 /s/ Aikaterini Emmanouil

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	
			
	LENDER	  		  	
			
	SIGNED by Vassiliki Georgopoulos	  	)	  	
	for and on behalf of	  	)	  	
	ABN AMRO BANK N.V.	  	)	  	 /s/ Vassiliki Georgopoulos

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	
			
	AGENT	  		  	
			
	SIGNED by Vassiliki Georgopoulos	  	)	  	
	for and on behalf of	  	)	  	
	ABN AMRO BANK N.V.	  	)	  	 /s/ Vassiliki Georgopoulos

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	
			
	MANDATED LEAD ARRANGER	  		  	
			
	SIGNED by Vassiliki Georgopoulos	  	)	  	
	for and on behalf of	  	)	  	
	ABN AMRO BANK N.V.	  	)	  	 /s/ Vassiliki Georgopoulos

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	

  
 23 

					
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	
			
	SECURITY AGENT	  		  	
			
	SIGNED by Vassiliki Georgopoulos	  	)	  	
	for and on behalf of	  	)	  	
	ABN AMRO BANK N.V.	  	)	  	 /s/ Vassiliki Georgopoulos

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	
			
	SWAP PROVIDER	  		  	
			
	SIGNED by Vassiliki Georgopoulos	  	)	  	
	for and on behalf of	  	)	  	
	ABN AMRO BANK N.V.	  	)	  	 /s/ Vassiliki Georgopoulos

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	
			
	K-SURE AGENT	  		  	
			
	SIGNED by Vassiliki Georgopoulos	  	)	  	
	for and on behalf of	  	)	  	
	ABN AMRO BANK N.V.	  	)	  	 /s/ Vassiliki Georgopoulos

			
	 /s/ Nadine Akleh
	  		  	
	Nadine Akleh	  		  	
	Solicitor	  		  	
	Watson Farley & Williams	  		  	
	348 Syngrou Avenue	  		  	
	17674 Kallithea	  		  	
	Athens – Greece	  		  	

  
 24 

 COUNTERSIGNED this 21st day of July 2015 for and on
behalf of each Security Party (other than the Borrower) which, by its execution hereof, confirms and acknowledges that it has read and understood the terms and conditions of this Supplemental Agreement, that it agrees in all respects to the same and
that the Finance Documents to which it is a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan Agreement and the other Finance Documents (each as amended and
supplemented by this Supplemental Agreement). 
  

	
	 /s/ George Giouroukos

	 George Giouroukos
  

for and on behalf of

	 POSEIDON CONTAINERS HOLDINGS LLC

	
	 /s/ Dimitrios Tsiaklaganos

	 Dimitrios Tsiaklaganos

 
 for and on behalf of

	 ODYSSEUS MARINE LLC

	
	 /s/ Theodoros Baltatzis

	 Theodoros Baltatzis
  

for and on behalf of

	 TECHNOMAR SHIPPING INC.

	
	 /s/ Dimitrios Tsiaklaganos

	 Dimitrios Tsiaklaganos

 
 for and on behalf of

	 CONCHART COMMERCIAL INC.

  
 25

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