Document:

Exhibit 4.17

     

    Private & confidential

     

     
    	
            
              Dated: 27th April, 2021

            

          

     

    ALPHA BANK S.A.

    (as lender)

     

    - and -

     

    GAMORA SHIPPING CO. and

     

    ROCKET SHIPPING CO.

    (as joint and several borrowers)

     

    	
            

	 
	
            LOAN AGREEMENT

          
	 
	
            for a secured floating interest rate loan facility of up to 

            US$18,000,000

          
	 
	
            

    

    

     

    Theo V. Sioufas & Co.

    Law Offices

    Piraeus

      

     

    
      
        

    

    TABLE OF CONTENTS

     

    	
            CLAUSE

          	
            HEADINGS

          	
            PAGE

          
	 	 	 	 
	 	
            1.

          	
            PURPOSE, DEFINITIONS AND INTERPRETATION

          	
            1

          
	 	
            2.

          	
            THE LOAN

          	
            21

          
	 	
            3.

          	
            INTEREST

          	
            23

          
	 	
            4.

          	
            REPAYMENT - PREPAYMENT

          	
            27

          
	 	
            5.

          	
            PAYMENTS, TAXES AND COMPUTATION

          	
            30

          
	 	
            6.

          	
            REPRESENTATIONS AND WARRANTIES

          	
            33

          
	 	
            7.

          	
            CONDITIONS PRECEDENT

          	
            38

          
	 	
            8.

          	
            COVENANTS

          	
            43

          
	 	
            9.

          	
            EVENTS OF DEFAULT

          	
            56

          
	 	
            10.

          	
            INDEMNITIES - EXPENSES - FEES

          	
            61

          
	 	
            11.

          	
            SECURITY, APPLICATION, SET-OFF

          	
            67

          
	 	
            12.

          	
            UNLAWFULNESS, INCREASED COST, BAIL-IN

          	
            69

          
	 	
            13.

          	
            OPERATING ACCOUNTS

          	
            72

          
	 	
            14.

          	
            ASSIGNMENT, TRANSFER, PARTICIPATION, LENDING OFFICE

          	
            74

          
	 	
            15.

          	
            MISCELLANEOUS

          	
            76

          
	 	
            16.

          	
            JOINT AND SEVERAL LIABILITY OF THE BORROWERS

          	
            79

            

          
	 	
            17.

          	
            NOTICES AND COMMUNICATIONS

          	
            81

          
	 	
            18.

          	
            LAW AND JURISDICTION

          	
            84

          

    

    

    	 	 	
            SCHEDULES

          
	 	 	 
	 	
            1.

          	
            Form of Drawdown Notice

          
	 	 	 
	 	
            2.

          	
            Form of Insurance Letter

          

    

    

    
      
        

    

    
    THIS AGREEMENT is dated the 27th day of April, 2021 and made BETWEEN:

     

    	(1)	
            ALPHA BANK S.A., a banking
                  société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens, Greece, acting, except as otherwise herein provided, through
                  its office at 93 Akti Miaouli, Piraeus, Greece, as lender (hereinafter called the “Lender”, which expression shall include its
                successors and assigns); and

          

     

    
      
        	(2)	(a)          	GAMORA

                  SHIPPING CO., a corporation duly incorporated in the Republic of the Marshall Islands
                  having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (and includes its successors) (the “Gamora Borrower”); and

      

    

     

    	

          	(b)	
            ROCKET SHIPPING CO., a corporation duly incorporated in the Republic of the Marshall Islands having its registered address  at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (and includes its successors) (the “Rocket Borrower” and together with the Gamora Borrower hereinafter called the “Borrowers”)

          

     

    AND IT IS HEREBY AGREED as follows:

     

    
      
        	1.	
                PURPOSE, DEFINITIONS AND INTERPRETATION

              

      

      

      

    

    	1.1	
            Amount and Purpose

          

     

    	

          	(a)	
            Amount: This Agreement sets out the terms and conditions upon and subject to which it is agreed that the Lender will make available
                to the Borrowers, on a joint and several basis, by one (1) Advance a secured term loan facility in the amount of up to the lesser of:

          

     

    	

          	(i)	
            Dollars Eighteen million ($18,000,000); and

          

     

    	

          	(ii)	
            60% of the aggregate Market Value of the Vessels as determined in
                accordance with Clause 8.5(b) (Valuation of Vessels) by valuation obtained maximum twenty (20) days prior to the Drawdown Date;

          

     

    	

          	(b)	
            Purpose: The Loan proceeds shall be used for the purpose of re-financing part of the acquisition
                cost of the Vessels.

          

     

    	1.2	
            Definitions

          

     

    Subject to Clause 1.3 (Interpretation) and Clause 1.4 (Construction of certain terms), in this
      Agreement (unless otherwise defined in the relevant Finance Document and unless the context otherwise requires) and the other Finance Documents each term or expression defined in the recital of the parties and in this Clause shall have the meaning
      given to it in the recital of the parties and in this Clause:

     

    “Accounts Pledge Agreement” means an agreement to be entered into between the Borrowers and the Lender for the creation of a pledge over the Operating Accounts in favour of the Lender, in
        form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented;

     

    “Advance” means
        each borrowing of a portion of the Commitment by the Borrowers or (as the context may require) the principal amount of such borrowing;

     

    “Affiliate” means, in relation to any person, a subsidiary of that person or a parent company of that person or any other subsidiary of that parent company;

     

    
      1

      
        

    

    “Alternative Rate” means a rate agreed between the Lender and the Borrowers on the basis of which (instead of LIBOR) the interest rate is determined pursuant to Clause 3.6 (Market disruption – Non Availability);

     

    “Approved Commercial Manager” in relation to each
        Vessel means for the time being Castor Ships S.A. , a corporation lawfully incorporated and validly existing under the laws of the Republic of the Marshall Islands, and having an office established in Greece pursuant to the Greek
        laws 378/68, 27/75, 2234/94, 3752/09 and 4150/13 (as amended and in force at the date hereof) at 17th km National Road Athens-Lamia & F0inikos Street, Nea Kifissia 145 64, Greece, or any other person appointed by the Borrower with the consent of the Lender (such consent not to be unreasonably withheld, delayed or
        conditioned), as the commercial manager of that Vessel, and includes its successors in title;

     

    “Approved Managers” means, for the time being, together, the Approved Commercial Manager, the Approved Head Manager and the Approved Technical Manager, and “Approved Manager” means either of them,
        as the context may require;

     

    “Approved Manager’s Undertaking” means a letter of undertaking and subordination to be executed by the relevant Approved Manager, as manager of the Vessels, in favour of the Lender, such Approved Manager’s Undertaking to
        be in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented, and “Approved
          Manager’s Undertakings” means all of them;

     

    “Approved Head Manager” in relation to each Vessel means for the time being PAVIMAR S.A., a corporation lawfully incorporated and validly existing
          under the laws of the Republic of the Marshall Islands, and having an office established in Greece pursuant to the Greek laws 378/68, 27/75, 2234/94, 3752/09 and 4150/13 (as amended and in force
        at the date hereof) at 17th km National Road Athens-Lamia & F0inikos Street, Nea Kifissia 145 64, Greece or any other
        person appointed by the Owner of the relevant Vessel with the consent of the Lender (such consent not to be unreasonably withheld), as the technical manager of that Vessel, and includes its successors in title;

     

    “Approved Technical Manager” in relation to each
        Vessel means for the time being Wallem Shipmanagement Limited,of Hong Kong, or any other person appointed by the Borrower with the consent of the Lender (such consent not to be unreasonably withheld, delayed or conditioned), as the technical manager of that Vessel, and includes its successors in
        title;

     

    “Approved Shipbrokers” means any of Clarksons (Hellas), Braemar and Allied Shipbroking or any other first class
          independent firm of internationally known shipbrokers, appointed by the Lender at its discretion and agreed by the Borrower, and includes their respective successors in title and “Approved Shipbroker” means any of them;

     

    “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;

     

    “Assignable Charterparty” means in relation to a Vessel, any time or bareboat charterparty (irrespective of the duration of
          such bareboat charterparty), consecutive voyage charter or contract of affreightment or related document in respect of the employment of that Vessel having a duration (or capable of exceeding a duration) of more than 12 months and any guarantee
          of the obligations of the charterer under such charter in respect of that Vessel, whether now existing or hereinafter entered or to be entered into by the Owner thereof or any person, firm or company on its behalf and a charterer at a daily rate
          and on terms and conditions acceptable to the Lender (and shall include any addenda thereto);

     

    
      2

      
        

    

    “Assignee”
        has the meaning ascribed thereto in Clause 14.3 (Assignment by Lenders);

     

    “Availability Period” means the period starting on the date hereof and ending on:

     

    	

          	(a)	
            the 30th day of April, 2021 or until such later date as the Lender may agree in writing; or

          

     

    	

          	(b)	
            such earlier date (if any): (i) on which the whole Commitment has been advanced by the Lender to the Borrowers, or (ii) on which the Commitment is reduced to zero pursuant to Clauses 3.6 (Market
                  disruption – Non Availability), 9.2 (Consequences of Default – Acceleration), 12.1 (Unlawfulness) or any other Clause of this
              Agreement;

          

     

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

     

    “Bail-In Legislation” means:

     

    	

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

          

     

    	

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

          

     

    “Balloon Instalment” has the meaning given in Clause 4.1 (Repayment);

     

    “Banking Day”
        means any day on which banks and foreign exchange markets in New York, London, Athens and Piraeus and in each country or place in or at which an act is required
        to be done under this Agreement in accordance with the usual practice of the Lender, are open for the transaction of business of the nature contemplated in this Agreement;

     

    “Basel II Accord” means the ”International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on
        the date of this Agreement;

     

    “Basel II Approach” means either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by the Lender (or its holding company) for the purposes of implementing or complying with the Basel II
        Accord;

     

    “Basel II Regulation” means (a) any law or regulation implementing the Basel II Accord or (b) any Basel II Approach adopted by the Lender;

     

    “Basel III Accord” means:

     

    	

          	(a)	
            the agreements on capital requirements, 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

          

     

    
      3

      
        

    

    	

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

          

     

    “Basel III Regulation” means any law or regulation implementing the Basel III Accord save and to the extent that it re-enacts a Basel II Regulation;

     

    “Beneficial Shareholder(s)” means in respect of each of the Borrowers, the person or persons disclosed to the Lender as being the ultimate legal and beneficial owner or owners (either directly and/or through companies beneficially owned by such person or persons
        and/or trusts or foundations of which such person or persons are legal and beneficial owners) of 100% of the shares in each of the Borrowers, and in the case of the Corporate Guarantor  having  a controlling interest of the Corporate Guarantor
        through  voting rights attaching to a certain class of  shares and the legal ownership of those shares in each of the Borrowers and the Corporate Guarantor;

     

    “Borrowed Money”
        means Financial Indebtedness incurred in respect of (i) money borrowed or raised, (ii) any bond, note, loan stock, debenture or similar instrument, (iii) acceptance of documentary credit facilities, (iv) deferred payments for assets or services
        acquired, (v) rental payments under leases (whether in respect of land, machinery, equipment or otherwise) entered into primarily as a method of raising finance or of financing the acquisition of the asset leased, (vi) guarantees, bonds, stand-by
        letters of credit or other instruments issued in connection with the performance of contracts and (vii) guarantees or other assurances against financial loss in respect of Financial Indebtedness of any person falling within any of sub-paragraphs
        (i) to (vi) above;

     

    “Borrowers”
        means jointly and severally the Gamora Borrower and the Rocket Borrower as specified at the beginning of this Agreement and “Borrower” means
        either of them as the context may require;

     

    “Break Costs” means all costs, losses, premiums or penalties incurred by the Lender in the circumstances contemplated by Clause 10.1 (Miscellaneous indemnities), or as a result of it receiving any
        prepayment of all or any part of the Loan (whether pursuant to Clause 4 (Repayment-Prepayment) or otherwise), or any other payment under or in relation to the Security Documents on a day other than
        the due date for payment of the sum in question, and includes (without limitation) any losses or costs incurred in liquidating or re-employing deposits from third parties acquired to effect or maintain the Loan;

     

    “Charterparty Assignment” means, in relation to a Vessel, an assignment of the rights of its Owner under any Assignable Charterparty and any guarantee of such Assignable Charterparty executed or to be executed by its Owner in favour of the Lender and the
        acknowledgement of notice of the assignment in respect of such Assignable Charterparty to be obtained (on best effort basis by its Owner) in form and substance as the Lender may approve or require, as the same may from time to time be amended
        and/or supplemented and, “Charterparty Assignments” means all of them;

     

    “Classification” in relation to a Vessel means the classification referred to in the Mortgage registered thereon with the Classification Society or such other classification society as the
        Lender shall, at the request of the Borrowers, have agreed in writing, shall be treated as the Classification Society for the purposes of the Finance Documents;

     

    “Classification Society” means such classification society which is a member of IACS (other than the China Classification Society and the Russian Maritime Registry of Shipping) and which the Lender shall, at the request of the Borrowers, have agreed in writing  to be treated
          as the Classification Society for the purposes of the Finance Documents;

     

    
      4

      
        

    

    “Commitment”
        means the amount which the Lender agreed to lend to the Borrowers under Clause 2.1 (Commitment to Lend) as reduced by any relevant term of this Agreement;

     

    “Commitment Letter” means the Commitment Letter dated  8 March, 2021 addressed by the Lender to the Borrowers and accepted by it on the same date, and shall include any amendments or
        addenda thereto;

     

    “Corporate Guarantee” means an irrevocable and unconditional guarantee given or, as the context may require, to be given by the Corporate Guarantor in form and substance satisfactory to the Lender as security for the Outstanding Indebtedness and any and all
        other obligations of the Borrowers under this Agreement and the Security Documents, as the same may from time to time be amended and/or supplemented;

     

    “Corporate Guarantor” means Castor Maritime Inc., a corporation lawfully incorporated and validly existing under the
          laws of the Republic of the Marshall Islands, and/or any other person nominated by the Borrowers and acceptable to the Lender which may give a Corporate Guarantee, and includes its successors in title;

     

    “Default” means
        any Event of Default or any event 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;

     

    “Default Rate”
        means that rate of interest per annum which is determined in accordance with the provisions of Clause 3.4 (Default Interest);

     

    “DOC” means a
        document of compliance issued to an Operator in accordance with rule 13 of the ISM Code;

     

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

     

    “Drawdown Date”
        means the date, being a Banking Day, requested by the Borrowers for the Loan to be made available, or (as the context requires) the date on which the Loan is actually made available;

     

    “Drawdown Notice” means a notice substantially in the terms of Schedule 1 (Form of Drawdown Notice) (or in any other form which the Lender approves);

     

    “Earnings” in
        relation to a Vessel means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Owner thereof and which arise out of the use or operation of that Vessel, including (but not limited to) all freight, hire
        and passage moneys, compensation payable to the Owner thereof in the event of requisition of that Vessel for hire, remuneration for salvage and towage services, demurrage and detention moneys, contributions of any nature whatsoever in respect of
        general average, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Vessel and any other earnings whatsoever due or to become due to the Owner thereof in respect of that
        Vessel and all sums recoverable under the Insurances in respect of loss of Earnings and includes, if and whenever that Vessel is employed on terms whereby any and all such moneys as aforesaid are pooled or shared with any other person, that
        proportion of the net receipts of the relevant pooling or sharing agreement which is attributable to that Vessel;

     

    
      5

      
        

    

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

     

    “Environmental Affiliate” means any agent or employee of any of the Borrowers or any other Relevant Party or any person having a contractual relationship with any of the Borrowers or any other Relevant Party in connection with any Relevant Ship or her operation or
        the carriage of cargo thereon;

     

    “Environmental Approval” means any consent, authorisation, licence or approval of any governmental or public body or authorities or courts applicable to any Relevant Ship or her operation or the carriage of cargo thereon and/or passengers therein and/or
        provisions of goods and/or services on or from the Relevant Ship required under any Environmental Law;

     

    “Environmental Claim” means:

     

    	

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

          

     

    	

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

          

     

    and “claim” means (i) a claim for damages, compensation,
      fines, penalties or any other payment of any kind which exceeds $400,000 (or the equivalent in any other currency) per Vessel per incident or (ii) one or more claims for damages, compensation, fines, penalties or any other payment of any kind, the
      subject matter of which exceeds $400,000 (or the equivalent in any other currency) in aggregate, whether such claim or claims are in relation to one or more Vessels and whether resulting from one incident or a series of incidents;

     

    “Environmental Incident” means (i) any release of Material of Environmental Concern from a Vessel, (ii) any incident in which Material of Environmental Concern is released from a vessel other than the Vessels
        and which involves collision between a Vessel and such other vessel or some other incident of navigation or operation, in either case, where a Vessel, the Borrowers (or any of them) or the Approved Managers (or any of them) is/are actually or
        allegedly at fault or otherwise liable (in whole or in part) or (iii) any incident in which Material of Environmental Concern is released from a vessel other than the Vessels and where a Vessel is actually or potentially liable to be arrested as a
        result and/or where the Borrowers (or any of them) or the Approved Managers (or any of them) is/are actually or allegedly at fault or otherwise liable;

     

    “Environmental Laws” means all national, international and state laws, rules, regulations, treaties and conventions applicable to any Relevant Ship pertaining to the pollution or protection of human health or the environment including, without limitation, the
        carriage of Materials of Environmental Concern and actual or threatened emissions, spills, releases or discharges of Materials of Environmental Concern and actual or threatened emissions, spills, releases or discharges of Materials of Environmental
        Concern from any Relevant Ship  (including, without limitation, the United States Oil Pollution Act of 1990 and any comparable laws of the individual States of the United States of America);

     

    “EU Bail-In Legislation Schedule” means the document described as such and published by the Loan Market Association (or any successor person) from time to time;

     

    “Event of Default” means any event or circumstance set out in Clause 9.1 (Events) or described as such in any other of the Finance Documents;

     

    “Expenses”
        means the aggregate at any relevant time (to the extent that the same have not been received or recovered by the Lender) of:

     

    
      6

      
        

    

    	

          	(a)	
            all losses, liabilities, costs, charges, expenses, damages and outgoings of whatever nature, (including, without limitation, Taxes, repair costs, registration fees and insurance premiums, crew wages, repatriation expenses and seamen’s
              pension fund dues) suffered, incurred, charged to or paid or committed to be paid by the Lender in connection with the exercise of the powers referred to in or granted by any of the Finance Documents or otherwise payable by the Borrowers or
              any of them in accordance with the terms of any of the Finance Documents;

          

     

    	

          	(b)	
            the expenses referred to in Clause 10.2 (Expenses); and

          

     

    	

          	(c)	
            interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings from, in the case of Expenses referred to in sub-paragraph (b) above, the date on which such Expenses were demanded by the Lender from the Borrowers
              and in all other cases, the date on which the same were suffered, incurred or paid by the Lender until the date of receipt or recovery thereof (whether before or after judgement) at the Default Rate (as conclusively certified by the Lender);

          

     

    “FATCA” means:

     

    	

          	(a)	
            sections 1471 to 1474 of the US Internal Revenue Code of 1986 (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 Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA;

     

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

     

    “Final Maturity Date” means the date falling on the fourth (4th) anniversary of the Drawdown Date;

     

    “Finance Documents” means, together, this Agreement, the Security Documents, the Insurance Letters and any other document designated as such by the Lender and the Borrowers;

     

    “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 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;

          

     

    
      7

      
        

    

    	

          	(e)	
            under 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;

          

     

    “Financial Year” means, in relation to the Borrowers, each period of one (1) year commencing on 1st January
        thereof in respect of which financial statements referred to in Clause 8.1(f) (Financial statements) are or ought to be prepared;

     

    “Flag State”
        means in relation to each Vessel, the Republic of the Marshall Islands or such other state or territory designated in writing by the Lender, at the request of an Owner, as being the “Flag State” of such Vessel for the purposes of the Security Documents;

     

    “General Assignment” means, in relation to each Vessel, the first priority assignment of the Earnings, Insurances and Requisition Compensation collateral to the Mortgage relative to such Vessel, executed or (as the context may require) to be executed by the
        Owner thereof in favour of the Lender, in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented
          (together, the “General Assignments”);

     

    “Government Entity” means and includes (whether having a distinct legal personality or not) any national or local government authority, board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or
        institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing is a participant;

     

    “Governmental Withholdings” means withholdings and any restrictions or conditions resulting in any charge whatsoever imposed, either now or hereafter, by any sovereign state or by any political sub-division or taxing authority of any sovereign state;

     

    “Group” means the Borrowers, the Corporate Guarantor and their direct or indirect Subsidiaries and all other shipping companies now or in the future substantially directly or indirectly owned and/or controlled by same
        beneficial interests as the Borrowers from time to time during the Security Period and “member of the Group” means any member of the Group;

     

    “Insurance Letter” in relation to a Vessel means a letter from the Owner thereof in the form of Schedule 2 (Form of Insurance Letter);

     

    “Insurances” in
        relation to a Vessel means all policies and contracts of insurance (including, without limitation, all entries of such Vessel in a protection and indemnity, hull and machinery, war risks or other mutual insurance association) which are from time to
        time in place or taken out or entered into by or for the benefit of its Owner (whether in the sole name of its Owner or in the joint names of its Owner and the Lender, however without the Mortgagee being liable for payment of premiums,
        contributions or calls) in respect of such Vessel and its earnings or otherwise howsoever in connection with such Vessel and all benefits of such policies and/or contracts (including all claims of whatsoever nature and return of premiums);

     

    
      8

      
        

    

    “Interest Payment Date” means in respect of the Loan or any part thereof in respect of which a separate Interest Period is fixed the last day of the relevant Interest Period and in case of any Interest Period longer than three (3) months the date(s) falling at
        successive three (3) monthly intervals during such longer Interest Period and the last day of such Interest Period, provided, however, that if any of the aforesaid dates falls on a day which is not a
          Banking Day the Borrowers shall pay the accrued interest on the first Banking Day thereafter unless the result of such extension would be to carry such Interest Payment Date over into another calendar month in which event such Interest Payment
          Date shall be the immediately preceding Banking Day;

     

    “Interest Period” means in relation to the Loan or any part thereof, each period for the calculation of interest in respect of the Loan or such part ascertained in accordance with Clauses 3.2 (Selection of Interest
            Period) and 3.3 (Determination of Interest Periods);

     

    “ISM Code”
        means in relation to its application to the Borrowers, the Vessels 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 4th November, 1993 and incorporated on 19th May, 1994 into chapter IX of the
                International Convention for the Safety of Life at Sea 1974 (SOLAS 1974); and

          

     

    	

          	(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 Organisation pursuant to Resolution A. 788(19) adopted on 25th November, 1995;

          

     

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

     

    “ISM Code Documentation” includes:

     

    	

          	(a)	
            the DOC and SMC issued by a classification society in all respects acceptable to the Lender in its absolute discretion pursuant to the ISM Code in relation to the Vessels within the period specified by the ISM Code;

          

     

    	

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

          

     

    	

          	(c)	
            any other documents which are prepared or which are otherwise relevant to establish and maintain each Vessel’s or each Owner’s compliance with the ISM Code which the Lender may require by request;

          

     

    “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 Security Code of the International Maritime Organization and includes any amendments or extensions thereto and any regulation issued pursuant thereto;

     

    “ISSC” in
        relation to a Vessel means an International Ship Security Certificate issued in respect of such Vessel pursuant to the ISPS Code;

     

    
      9

      
        

    

    “Lender” means
        the Lender as specified in the beginning of this Agreement, and includes its successors in title and transferees;

     

    “Lending Office”
        means the office of the Lender appearing at the beginning of this Agreement or any other office of the Lender designated by the Lender as the Lending Office by notice to the Borrowers;

     

    “LIBOR” means,
        in relation to the Loan or any part of the Loan:

     

    	

          	(a)	
            the applicable Screen Rate at or about 11.45 a.m. (London time) on  the Quotation Day for Dollars and for a period equal in length to the Interest Period then
              applicable to the Loan or that part of the Loan; or

          

     

    	

          	(b)	
            as otherwise determined pursuant to Clause3.6(d) (Negotiation of alternative rate of interest),

          

     

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

     

    “Loan” means
        the aggregate principal amount borrowed by the Borrowers in respect of the Commitment or (as the context may require) the principal amount owing to the Lender under this Agreement at any time;

     

    “Major Casualty” in relation to a Vessel means any casualty to such Vessel in respect whereof the claim or the aggregate of the claims against all insurers, before adjustment for any relevant
        franchise or deductible, exceeds the Major Casualty Amount;

     

    “Major Casualty Amount” means Four hundred thousand Dollars ($400,000) or the equivalent in any other currency;

     

    “Management Agreement” in relation to a Vessel means the agreement made between the Owner thereof and the relevant Approved Manager providing (inter alia)
        for that Approved Manager to manage such Vessel, as amended and/or supplemented from time to time (together, the “Management Agreements”);

     

    “MAPI” has the meaning given in Clause 10.9 (MII and MAPI costs);

     

    “Margin” means
        three point two zero per centum (3.20%) per annum;

     

    “Market Value”
        in relation to a Vessel means the market value of such Vessel as determined in accordance with Clause 8.5(b) (Valuation of Vessels);

     

    “Material of Environmental Concern” means and includes pollutants, contaminants, toxic substances, oil as defined in the United States Oil Pollution Act of 1990 and all hazardous substances as defined in the United States Comprehensive Environmental Response,
        Compensation and Liability Act 1980;

     

    “Material Adverse Change” means any event or series of events which, in the opinion of the Lender, is likely to have a Material Adverse Effect;

     

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

     

    	

          	(a)	
            the business, property, assets, liabilities, operations or condition (financial or otherwise) of the Borrower and/or any Security Party taken as a whole;

          

     

    
      10

      
        

    

    	

          	(b)	
            the ability of the Borrower and/or any Security Party to (i) comply with or perform any of its obligations or (ii) discharge any of its liabilities, under any Finance Document as they fall due; or

          

     

    	

          	(c)	
            the validity, legality or enforceability of any Finance Document or the rights and remedies of the Lender under any Finance Document;

          

     

     “MII” has the meaning given in Clause 10.9 (MII and MAPI costs);

     

    “month” means a
        period beginning in one calendar month and ending in the next calendar month on the day numerically corresponding to the day of the calendar month on which it started, provided that (i) if the period started on the last Banking Day in a
        calendar month or if there is no such numerically corresponding day, it shall end on the last Banking Day in such next calendar month and (ii) if such numerically corresponding day is not a Banking Day, the period shall end on the next following
        Banking Day in the same calendar month but if there is no such Banking Day it shall end on the preceding Banking Day and “months” and “monthly”
        shall be construed accordingly;

     

    “Mortgage” in relation to a Vessel means the first preferred ship mortgage or, as the case may be, first priority ship mortgage and the deed of
        covenant supplemental thereto on such Vessel to be executed by the Owner thereof in favour of the Lender in form and substance as the Lender may approve or require, as the same may from time to time be
        amended and/or supplemented (together, the “Mortgages”);

     

    “Mortgaged Vessel(s)” means the Vessel(s) which remain mortgaged in favour of the Lender pursuant to this Agreement at any relevant time hereunder;

     

    “Operating Account” means the account to be opened and maintained in the name of each Owner with the Lending Office or with any other branch of the Lender or any other office of the Lender or with such other bank as may be required by and at the discretion
        of the Lender pursuant to Clause 13.7 (Relocation of Operating Accounts) and shall include any sub-accounts or call accounts (whether in Dollars or any other currency) opened under the same
        designation or any revised designation or number from time to time notified by the Lender to the Borrowers, to which (inter alia) all Earnings of the relevant Vessel and/or any other moneys are to be paid in accordance with the provisions of this
        Agreement and/or the relevant General Assignment and/or any of the other Finance Documents (together, the “Operating Accounts”);

     

    “Operating Expenses” means the voyage and operating expenses of the Vessels, including, but not limited to, the expenses for operating, crewing, victualing, insuring, maintaining, repairing and generally trading the Vessels (and if applicable, voyage expenses), the expenses for spares, administration and management of the Vessels (inclusive of the management fees, survey expenses, legal fees, commissions, bunkering expenses, ballast
        water treatment installation costs and corporate administration fees and taxes) as well as the reserves that the Borrowers, acting reasonably, consider necessary for the commercial operation of the Vessels and the costs of intermediate and special
        surveys and dry docking of the Vessels;

     

    “Operator”
        means any person who is from time to time during the Security Period concerned in the operation of the Vessels (or any of them) and falls within the definition of “Company” set out in rule 1.1.2. of the ISM
        Code;

     

    “Outstanding Indebtedness” means the aggregate of (a) the Loan and interest accrued and accruing thereon, (b) the Expenses, and (c) all other sums of any nature (together
        with all interest on any of those sums) which from time to time may be payable by the Borrowers to the Lender pursuant to the Finance Documents, whether actually or contingently and (d) any damages payable as a result of any breach by the Borrowers of any of the Finance Documents and (e) any damages or other sums payable as a result of any of the obligations
        of the Borrowers under or pursuant to any of the Finance Documents being disclaimed by a liquidator or any other person, or, where the context permits, the amount thereof for the time being outstanding;

     

    
      11

      
        

    

    “Owner” in
        relation to a Vessel means the owner of such Vessel as specified in the definition of the Vessels in this Clause 1.2 (together, the “Owners”);

     

    “Party” means a
        party to this Agreement;

     

    “Permitted Security Interest” means:

     

    	

          	(a)	
            Security Interests created by the Finance Documents;

          

     

    	

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

          

     

    	

          	(c)	
            liens for salvage;

          

     

    	

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

          

     

    	

          	(e)	
            liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a
              Vessel, provided such liens do not secure amounts more than 60 days overdue (unless the overdue amount is being contested in good faith by appropriate steps) and, in the case of liens for repair or maintenance, in such Vessel is put in the
              possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed the Major Casualty Amount provided that (i) either that person has first given to the Lender and in terms satisfactory to
              it a written undertaking not to exercise any lien on such Vessel or her earnings for the cost of such work or (ii) the previous consent of the Lender shall have been obtained (which consent shall not be unreasonably withheld);

          

     

    	

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

          

     

    	

          	(g)	
            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;

          

     

    “Pledged Deposit” has the meaning ascribed thereto in Clause 8.1(k) (Pledged
            Deposit);

     

    “Pledgor” means
        the Corporate Guarantor or any other person(s) acceptable to the Lender who has/have executed or (as the context may require) shall execute the Shares Pledge Agreement (together, the “Pledgors”);

     

     “Quotation Day” means, in respect of any period in respect of which LIBOR falls to be determined under this Agreement, the second Banking Day before the first day of such period;

     

    “Registry” in
        relation to a Vessel means the offices of such registrar, commissioner or representative of the relevant Flag State who is duly authorised to register such Vessel, its Owner’s title thereto and the relevant Mortgage over such Vessel under the laws
        and flag of the relevant Flag State;

     

    
      12

      
        

    

    “Regulatory Agency” means the Government Entity or other organization in the relevant Flag State which has been designated by the government of the relevant Flag State to implement and/or administer and/or enforce the provisions of the ISM Code;

     

    “Related Company” means any shipping company which is under the ultimate control, direct or indirect, of the Corporate Guarantor;

     

    “Relevant Jurisdiction” means any jurisdiction in which or where any Security Party is incorporated, resident, domiciled, has a permanent establishment, carries on, or has a place of business or is otherwise effectively connected;

     

    “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;

     

    “Relevant Party” means the Borrower, the Borrower’s Related Companies and the other corporate
        Security Parties and their respective Related Companies;

     

    “Relevant Ship” means the Vessels and any other vessel from time to time (whether before or after the date of this Agreement) owned, managed or crewed by, or chartered to, by any Relevant Party;

     

    “Repayment Date”
        means each of the dates specified in Clause 4.1 (Repayment) on which the Repayment Instalments shall be payable by the Borrowers to the Lender;

     

    “Repayment Instalments” means each of the instalments of the Loan which becomes due for repayment by the Borrowers to the Lender on a Repayment Date pursuant to Clause 4.1 (Repayment);

     

    “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 (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or

          

     

    	

          	(ii)	
            any Relevant Nominating Body,

          

     

    and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement

        Benchmark” will be the replacement under paragraph (ii) above;

     

    	

          	(b)	
            in the opinion of the Lender and the Borrower, generally accepted in the international loan markets as the appropriate successor to a Screen Rate; or

          

     

    	

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

          

     

    “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”;

     

    
      13

      
        

    

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

     

    “Sanctions”
        means any economic, financial or trade sanctions laws, regulations, embargoes or other restrictive measures adopted, administered, enacted or enforced by any Sanctions Authority, or otherwise imposed by any law or regulation, compliance with which
        is reasonable in the ordinary course of business of the Borrowers (or any of them), any other Security Party and the Lender or to which the Borrowers, any other Security Party and the Lender are subject (which shall include without limitation, any
        extra-territorial sanctions imposed by law or regulation of the United States of America);

     

    “Sanctions Authority” means:

     

    	

          	(a)	
            the government of the United States of America;

          

     

    	

          	(b)	
            the United Nations;

          

     

    	

          	(c)	
            the European Union (or the governments of any of its member states);

          

     

    	

          	(d)	
            the United Kingdom;

          

     

    	

          	(e)	
            the Flag State; or

          

     

    	

          	(f)	
            the respective governmental institutions and agencies of any of the foregoing including the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the
              United States Department of State, the United States Department of Commerce and Her Majesty’s Treasury;

          

     

    “Sanctions Restricted Jurisdiction” means any country or territory which is the target of country-wide or territory-wide Sanctions, including as at the date of this Agreement, Iran, Sudan, Syria, Crimea, North Korea and Cuba;

     

    “Sanctions Restricted Person” means a person or vessel:

     

    	

          	(a)	
            that is, or is directly or indirectly, owned or controlled (as such terms are defined by the relevant Sanctions Authority) by, or acting on behalf of, one or more persons or entities on any list (each as amended, supplemented or
              substituted from time to time) of restricted entities, persons or organisations (or equivalent) published by a Sanctions Authority;

          

     

    	

          	(b)	
            that is located or resident in or incorporated under the laws of, or owned or controlled by, a person located or resident in or incorporated under the laws of a Sanctions Restricted Jurisdiction; or

          

     

    	

          	(c)	
            that is otherwise the target or subject of Sanctions;

          

     

    “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 or LIBOR02 of
        the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or
        service ceases to be available, the Lender may specify another page or service displaying the relevant rate after consultation with the Borrowers;

     

    
      14

      
        

    

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

          

     

    “Security Documents” means:

     

    	

          	(a)	
            the Accounts Pledge Agreement;

          

     

    	

          	(b)	
            the Approved Manager’s Undertakings;

          

     

    	

          	(c)	
            the General Assignments;

          

     

    	

          	(d)	
            the Mortgages;

          

     

    	

          	(e)	
            any Charterparty Assignment;

          

     

    	

          	(f)	
            the Corporate Guarantee;

          

     

    	

          	(g)	
            the Shares Pledge Agreement; and

          

     

    	

          	(h)	
            any other agreement or document (whether creating a Security
                Interest or not) that may have been or shall from time to time after the date of this Agreement be executed to guarantee and/or secure all or any part of the Outstanding Indebtedness and/or any and all
                  other obligations of the Borrowers to the Lender pursuant to this Agreement and any other moneys from time to time owing or payable by the Borrowers under or in connection with this Agreement and/or any of the other documents referred to
                  in this definition, as each such document may from time to time be amended and/or supplemented, and “Security Document” means any of them as the context may require;

          

     

    
      15

      
        

    

    “Security Interest” means any mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust arrangement or security interest or other
        encumbrance of any kind securing any obligation of any person or any type of preferential arrangement (including without limitation title transfer and/or retention arrest, seizure, garnishee order (whether nisi or absolute) or any other order or
        judgement arrangements having a similar effect) or other encumbrance of any kind or the security rights of a plaintiff under an action in rem or any right conferring a priority of payment in respect of any
        obligation of any person;

     

    “Security Party”
        means each Borrower, the Corporate Guarantor, the Pledgor and any other person (other than the Lender, any charterer and the Approved Managers), 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 last paragraph of the definition of “Finance Documents”, and “Security Parties” means any or all of them, as the context may require;

     

    “Security Period” means the period commencing on and including the date hereof and terminating on and including the date upon which Outstanding Indebtedness has been paid in full to the Lender;

     

    “Security Requirement” means the amount in Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be conclusively binding on the Borrowers) which is
        at any relevant time not less than one hundred and twenty percent (120%) of the Loan;

     

    “Security Value” means the amount in Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be conclusive and binding on the Borrowers) which, at any
        relevant time is the aggregate of (i) the aggregate Market Value of the Mortgaged Vessels as most recently determined in accordance with Clause 8.5(b) (Valuation of Vessels), (ii) the market value of any additional security provided under Clause 8.5(a) (Security shortfall-Additional Security) and accepted by the Lender (if any) and (iii) the Pledged
        Deposit;

     

    “Shares” means the five hundred (500) registered shares in the issued share capital of each of the Borrowers owned by the Pledgor;

     

    “Shares Pledge Agreement” means the pledge agreement to be executed by the Pledgor(s) in favour of the Lender, whereby the Pledgor shall pledge all Shares, in form and substance as the Lender may approve or require, as the same may from time to time be amended
        and/or supplemented;

     

    “SMC” means a
        safety management certificate issued in respect of the Vessels in accordance with rule 13 of the ISM Code;

     

    “Subsidiary” of
        a person means any company or entity directly or indirectly controlled by such person;

     

    “Taxes”
        includes all present and future taxes, levies, imposts, duties, fees or charges of whatever nature together with interest thereon and penalties in respect thereof (except taxes concerning the Lender and imposed on the net income of the Lender) and
        “Taxation” shall be construed accordingly;

     

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

     

    
      	 	
              (a)

            	
              actual, constructive, compromised or arranged total loss of that Vessel; or

            

    

     

    
      16

      
        

    

    	

          	(b)	
            any expropriation, confiscation, appropriation, expropriation, deprivation, forfeiture, requisition or acquisition of that Vessel, whether for full or part consideration, a consideration less than its proper value, a nominal consideration
              or without any consideration, which is effected by any Government Entity or by any person or persons claiming to be or to represent a Government Entity whether de jure or de facto, unless it is within thirty (30) days from the date of such
              occurrence redelivered to the full control of the Owner thereof; or

          

     

    	

          	(c)	
            any condemnation of that Vessel

                by any tribunal or by any person or persons claiming to be a tribunal,

          

     

    	

          	(d)	
            any arrest, capture, seizure, confiscation or detention of that Vessel (including any hijacking or theft or piracy or related incident) unless it is
              within ninety (90) days from the date of such occurrence redelivered to the full control of the Owner thereof;

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    “Transferee” has the meaning ascribed thereto in Clause 14.3 (Assignment by the Lender);

     

    “UK Bail-In Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) 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 Tax Obligor”
        means:

     

    	

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

          

     

    	

          	(b)	
            a Borrower or a Security Party some or all whose payments under the Finance Documents are from sources within the US for US federal income tax purposes;

          

     

    “Vessels”
        means:

     

    	

          	(a)	
            the oil tanker motor vessel “WONDER SIRIUS“, of about 62,806 gt and 34,551 nt, built in 2005 in Geoje, S. Korea by Samsung Heavy Industries Co. Ltd., having IMO No. 9285847, registered under the laws and flag of the Republic of the Marshall Islands at the Ships Registry of the port of Majuro in the ownership of the Gamora Borrower with Official No. 9332 (the “Vessel A”); and

          

     

    
      17

      
        

    

    	

          	(b)	
            the oil tanker motor vessel “WONDER POLARIS“, of about 62,806 gt and 34,551 nt, built in 2005 in Geoje, S. Korea by Samsung Heavy Industries Co. Ltd., having IMO No. 9285835, registered under the laws and flag of the Republic of the Marshall Islands at the Ships Registry of the port of Majuro in the ownership of the Rocket Borrower with Official No. 9331 (the “Vessel B”),

          

     

    in each case, together with all her boats, engines, machinery tackle outfit spare gear fuel consumable and other stores belongings and appurtenances whether on board or ashore and whether now owned
      or hereafter acquired and all the additions, improvements and replacements in or on the above described vessel,

     

    (the Vessel A and the Vessel B hereinafter together called the “Vessels”, and “Vessel”
      means any of them, as the context may require);

     

    “Write-down and Conversion Powers” means:

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

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

          

     

    	

          	(c)	
            in relation to any UK Bail-In Legislation:

          

     

    	

          	(i)	
            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; and

          

     

    	

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

          

     

    	1.3	
            Interpretation

          

     

    In this Agreement:

     

    	

          	(c)	
            Clause headings and the table of contents are inserted for convenience of reference only and shall be ignored in the interpretation of this Agreement;

          

     

    
      18

      
        

    

    	

          	(d)	
            subject to any specific provision of this Agreement or of any assignment and/or participation or syndication agreement of any nature whatsoever, reference to each of the parties hereto and to the other Finance Documents shall be deemed to
              be reference to and/or to include, as appropriate, their respective successors and permitted assigns;

          

     

    	

          	(e)	
            where the context so admits, words in the singular include the plural and vice versa;

          

     

    	

          	(f)	
            the words “including” and “in particular” shall not be construed as limiting the generality of any foregoing words;

          

     

    	

          	(g)	
            references to (or to any specified provisions of) a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as it may from time to time be amended, restated, novated or
              replaced, however fundamentally, whether before the date of this Agreement or otherwise;

          

     

    	

          	(h)	
            references to Clauses and Schedules are to be construed as references to the Clauses of, and the Schedules to, the relevant Finance Document and references to a Finance Document include all the terms of that Finance Document and any
              Schedules, Annexes or Appendices thereto, which form an integral part of same;

          

     

    	

          	(i)	
            references to the opinion of the Lender or a determination or acceptance by the Lender or to documents, acts, or persons acceptable or satisfactory to the Lender or the like shall be construed as reference to opinion, determination,
              acceptance or satisfaction of the Lender at the sole discretion of the Lender, and such opinion, determination, acceptance or satisfaction of the Lender shall be conclusive and binding on the Borrowers;

          

     

    	

          	(j)	
            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 governmental or intergovernmental body, agency, authority, central bank or government department or any self-regulatory or other national or supra-national
              authority or organisation and includes (without limitation) any Basel II Regulation or Basel III Regulation;

          

     

    	

          	(k)	
            references to any person include such person’s assignees and successors in title; and

          

     

    	

          	(l)	
            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;

          

     

    	1.4	
            Construction of certain terms

          

     

    In this Agreement:

     

    “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;

     

    
      19

      
        

    

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

     

    “continuing”, in relation to any Default or any Event of Default, means that the Default or the Event
        of Default has not been remedied or waived;

     

    “control” of an
        entity means:

     

    	

          	(a)	
            the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

          

     

    	

          	(i)	
            cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast at a general meeting of that entity; or

          

     

    	

          	(ii)	
            appoint or remove all, or the majority, of the directors or other equivalent officers of that entity; or

          

     

    	

          	(iii)	
            give directions with respect to the operating and financial policies of that entity with which the directors or other equivalent officers of that entity are obliged to comply; and/or

          

     

    	

          	(b)	
            the holding beneficially of more than 50 per cent of the issued share capital of that entity (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either
              profits or capital) (and, for this purpose, any Security Interest over the share capital shall be disregarded in determining the beneficial ownership of such share capital);

          

     

    and “controlled” shall be construed accordingly;

     

    “document” includes a deed; also a letter or fax;

     

    “guarantee” means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any
        obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in
        order to maintain or assist the ability of such person to meet its indebtedness and “guaranteed” shall be
        construed accordingly;

     

    “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;

     

    “liability” includes every kind of debt or liability (present or future, certain or contingent), whether incurred
        as principal or surety or otherwise;

     

    “person” includes any individual, firm, company, corporation, unincorporated body of persons or any state,
        political sub-division or any agency thereof 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;

     

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

     

    
      20

      
        

    

    “right” means any right, privilege, power or remedy, any proprietary interest in any asset and any other interest
        or remedy of any kind, whether actual or contingent, present or future, arising under contract or law, or in equity;

     

    “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;

     

    “liquidation”, “winding up”, “dissolution”, or “administration” of person or a “receiver” or “administrative receiver” or “administrator” in the context of insolvency proceedings or
        security enforcement actions in respect of a person shall be construed so as to include any equivalent or analogous proceedings or any equivalent and analogous person or appointee (respectively) under the law of the jurisdiction in which such
        person is established or incorporated or any jurisdiction in which such person carries on business including (in respect of proceedings) the seeking or occurrences of liquidation, winding-up, reorganisation, dissolution, administration,
        arrangement, adjustment, protection or relief of debtors.

     

    	1.5	
            Same meaning

          

     

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

     

    	1.6	
            Inconsistency

          

     

    Unless a contrary indication appears, in the event of any inconsistency between the terms of this Agreement and the terms of any other Finance Document when dealing with the same or similar subject
      matter (other than as relates to the creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any provision of this Agreement and any provision of any Finance Document (other than in
      relation to the creation and/or perfection of security) the provisions of this Agreement shall prevail.

     

    	1.7	
            Finance Documents

          

     

    Where any other Finance Document provides that Clause 1.3 (Interpretation) and Clause 1.4 (Construction of
          certain terms), shall apply to that Finance Document, any other provision of this Agreement which, by its terms, purports to apply to all or any of the Finance Documents and/or any Security Party shall apply to that Finance Document as
      if set out in it but with all necessary changes.

     

    
      
        	2.	
                THE LOAN

              

         

        

      

    

    	2.1	
            Commitment to lend

          

     

    The Lender, relying upon (inter alia) each of the representations and warranties set forth in Clause 6 (Representations and warranties) and in each
      of the Security Documents, agrees to lend to the Borrowers in (1) Advance and upon and subject to the terms of this Agreement, the amount specified in Clause 1.1 (Amount and Purpose) and the Borrowers
      shall apply all amounts borrowed under the Commitment in accordance with Clause 1.1 (Amount and Purpose).

     

    
      21

      
        

    

    	2.2	
            Drawdown Notice irrevocable

          

     

    A Drawdown Notice must be signed by a director or a duly authorised attorney-in-fact of the Borrowers and shall be effective on actual receipt thereof by the Lender and, once served, it, subject as
      provided in Clause 3.6 (Market disruption – Non Availability), cannot be revoked without the prior consent of the Lender.

     

    	2.3	
            Drawdown Notice and commitment to borrow

          

     

    Subject to the terms and conditions of this Agreement, the Commitment shall be advanced to the Borrowers following receipt by the Lender from the Borrowers of a Drawdown Notice not later than 10:00
      a.m. (London time) on the third Banking Day before the date on which the drawdown is intended to be made.

     

    	2.4	
            Number of advances agreed

          

     

    The Commitment shall be advanced to the Borrowers by one (1) Advance and any amount undrawn under the Commitment shall be cancelled and may not be borrowed by the Borrowers at a later date.

     

    	2.5	
            Disbursement

          

     

    Upon receipt of the relevant Drawdown Notice complying with the terms of this Agreement the Lender shall, subject to the provisions of Clause 7 (Conditions
          precedent), on the date specified in the relevant Drawdown Notice, make the Commitment available to the Borrowers, and payment to the Borrowers shall be made to the account which the Borrowers specify in the relevant Drawdown Notice.

     

    	2.6	
            Application of proceeds

          

     

    Without prejudice to the Borrowers’ obligations under Clause 8.1(d) (Use of Loan proceeds), the Lender is not bound to monitor or verify the
      application of any amount borrowed pursuant to this Agreement and shall have no responsibility for the application of the proceeds of the Loan (or any part thereof) by the Borrowers.

     

    	2.7	
            Termination date of the Commitment

          

     

    Any part of the Commitment undrawn and uncancelled at the end of the Availability Period shall thereupon be automatically cancelled.

     

    	2.8	
            Evidence

          

     

    It is hereby expressly agreed and admitted by the Borrowers that abstracts or photocopies of the books of the Lender as well as statements of accounts or a certificate signed by an authorised officer
      of the Lender shall be conclusive binding and full evidence, save for manifest error, on the Borrowers as to the existence and/or the amount of the at any time Outstanding Indebtedness, of any amount due under this Agreement, of the applicable
      interest rate or Default Rate or any other rate provided for or referred to in this Agreement, the Interest Period, the value of additional securities under Clause 8.5(a) (Security shortfall Additional Security),
      the payment or non-payment of any amount.  Nevertheless, enforcement procedures or any other court or out-of-court procedure can be commenced by the Lender on the basis of the above mentioned means of evidence including written statements or
      certificates of the Lender.

     

    
      22

      
        

    

    	2.9	
            Cancellation

          

     

    The Borrowers shall be entitled to cancel any undrawn part of the Commitment under this Agreement upon giving the Lender not less than five (5) Banking Days’ notice in writing to that effect,
      provided that no Drawdown Notice has been given to the Lender under Clause 2.3 (Drawdown Notice and commitment to borrow) for the full amount of the Commitment or in respect of the portion thereof in
      respect of which cancellation is required by the Borrowers.  Any such notice of cancellation, once given, shall be irrevocable.  Any amount cancelled may not be drawn. Notwithstanding any such cancellation pursuant to this Clause 2.9 the Borrowers
      shall continue to be liable for any and all amounts due to the Lender under this Agreement including without limitation any amounts due to the Lender under Clause 10 (Indemnities - Expenses – Fees).

     

    	2.10	
            No security or lien from other person

          

     

    Neither of the Borrowers has taken or received, and each of the Borrowers undertakes that until all moneys, obligations and liabilities due, owing or incurred by the Borrowers under this Agreement
      and the Security Documents have been paid in full, none of the Borrowers will take or receive, any security or lien from any other person liable or for any liability whatsoever.

     

    	2.11	
            Interest to co-borrow

          

     

    The Borrowers have an interest in borrowing jointly and severally in that they are companies which have close financial co-operation and mutual assistance and in that the Commitment would not have
      been available to each one of the Borrowers separately.

     

    
      
        	3.	INTEREST

      

      

      

    

    	3.1	
            Normal Interest Rate

          

     

    The Borrowers shall pay interest on the Loan (or as the case may be, each portion thereof to which a different Interest Period relates) in respect of each Interest Period (or part thereof) on each
      Interest Payment Date. The interest rate for the calculation of interest shall be the rate per annum determined by the Lender to be the aggregate of (i) the Margin and (ii) LIBOR for that Interest Period, unless there is an Alternative Rate in which
      case the interest rate for the calculation of interest shall be the rate per annum determined by the Lender to be the aggregate of (i) the Margin and (ii) the Alternative Rate.

     

    	3.2	
            Selection of Interest Period

          

     

    	

          	(a)	
            Notice:  The Borrowers may by notice received by the Lender not later than 10:00 a.m. (London time) on the second Banking Day before
                the beginning of each Interest Period specify (subject to Clause 3.3 (Determination of Interest Periods) below) whether such Interest Period shall have a duration of one (1) or two (2) or
                three (3) months (or such other period as may be requested by the Borrowers and as the Lender, in its sole discretion, may agree to).

          

     

    	

          	(b)	
            Non-availability of matching deposits for Interest Period selected:  If, after the Borrowers by notice to the Lender  have selected
                an Interest Period, the Lender notifies the Borrowers on the same Banking Day before the commencement of that Interest Period that it is not satisfied that deposits in Dollars for a period equal to that Interest Period will be available to
                it in the London Interbank Market when that Interest Period commences, that Interest Period shall be of such duration as the Lender may advise the Borrowers in writing.

          

     

    
      23

      
        

    

    	3.3	
            Determination of Interest Periods

          

     

    Every Interest Period shall, subject to market availability to be conclusively determined by the Lender, be of the duration specified by the Borrowers pursuant to Clause 3.2 (Selection of Interest Periods) but so that:

     

    	

          	(a)	
            Initial Interest Period: the initial Interest Period in respect of the Loan will commence on the date on which the Commitment is
                advanced and each subsequent Interest Period will commence forthwith upon the expiry of the preceding Interest Period;

          

     

    	

          	(b)	
            Interest tranches: if any Interest Period would otherwise overrun one or more Repayment Dates, then, in the case of the last
                Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Dates the Loan shall be divided into parts so that there is one part equal to the amount(s) of the Repayment Instalment(s)
                due on each Repayment Date falling during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part equal to the amount of the balance of the Loan having an Interest Period determined in
                accordance with Clause 3.2 (Selection of Interest Period) and the other provisions of this Clause 3.3 and the other provisions of this Clause 3.3 and the expression “Interest Period in respect of the Loan” when used in this Agreement refers to the Interest Period in respect of the
                balance of the Loan;

          

     

    	

          	(c)	
            Failure to notify: if the Borrowers fail to specify the duration of an Interest Period in accordance with the provisions of Clause
                3.2 (Selection of Interest Period) and this Clause 3.3, such Interest Period shall have a duration of three (3) months unless another period shall be determined by the Lender at its sole
                discretion provided, always, that such period (whether of three (3) months or of different duration) shall comply with this Clause 3.3,

          

     

    provided, always, that:

     

    	

          	(i)	
            any Interest Period which commences on the last day of a calendar month, and any Interest Period which commences on the day on which there is no numerically corresponding day in the calendar month during which such Interest Period is due
              to end, shall end on the last Banking Day of the calendar month during which such Interest Period is due to end; and

          

     

    	

          	(ii)	
            if the last day of an Interest Period is not a Banking Day the Interest Period shall be extended until the next following Banking Day unless such next following Banking Day falls in the next calendar month in which case such Interest
              Period shall be shortened to expire on the preceding Banking Day.

          

     

    
      24

      
        

    

    	3.4	
            Default Interest

          

     

    	

          	(a)	
            Default interest: If the Borrowers fail to pay any sum (including, without limitation, any sum payable pursuant to this Clause 3.4)
                on its due date for payment under any of the Finance Documents, the Borrowers shall pay interest on such sum from the due date up to the date of actual payment (as well after as before judgement) at the rate determined by the Lender
                pursuant to this Clause 3.4. The period beginning on such due date and ending on such date of payment shall be divided into successive periods as selected by the Lender each of which (other than the first, which shall commence on such due
                date) shall commence on the last day of the preceding such period.  The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (i) two per cent (2%) per annum, (ii) the Margin and (iii)
                LIBOR. Such interest shall be due and payable on the last day of each such period as determined by the Lender and each such day shall, for the purposes of this Agreement, be treated as an Interest Payment Date, provided that if such
                unpaid sum is of principal which became due and payable by reason of a declaration by the Lender under Clause 9.2 (Consequences of Default – Acceleration) or a prepayment pursuant to Clauses
                4.2 (Voluntary Prepayment), 4.3 (Compulsory Prepayment in case of Total Loss or sale of a Vessel), 8.5(a)(i), 12.1 (Unlawfulness) and 12.2 (Increased Cost) on a date other than an Interest Payment Date relating thereto, the first such period selected by the Lender shall be of a duration equal to the period between the
                due date of such principal sum and such Interest Payment Date and interest shall be payable on such principal sum during such period at a rate two per cent (2%) above the rate applicable thereto immediately before it fell due. If for the
                reasons specified in Clause 3.6 (Market disruption – Non Availability), the Lender is unable to determine a rate in accordance with the foregoing provisions of this Clause 3.4, interest on
                any sum not paid on its due date for payment shall be calculated at a rate determined by the Lender to be two per cent (2%) per annum above the aggregate of (i) the Margin and (ii) the Alternative Rate.

          

     

    	

          	(b)	
            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 be compounded every 6 months and shall be payable on demand.

          

     

    	3.5	
            Notification of Interest and interest rate

          

     

    The Lender shall notify the Borrowers promptly of the duration of each Interest Period and of each rate of interest determined by it under this Clause 3 without prejudice to the
      right of the Lender to make determinations at its sole discretion. In case that the Lender fails to notify the Borrowers as above, such failure will not affect the validity of the determination of the Interest Period and Interest Rate made pursuant
      to this Clause 3 and neither constitute nor will be interpreted as if to constitute a breach of obligation of the Lender except in case of wilful misconduct.

     

    	3.6	
             Market disruption – Non Availability

          

     

    	

          	(a)	
            Market Disruption Event - Notification: If and whenever, at any time prior to the commencement of any Interest Period, the Lender
                (in its discretion) shall have determined (which determination shall be conclusive in the absence of manifest error) that a Market Disruption Event has occurred in relation to the Loan for any such Interest Period, then the Lender shall
                forthwith give notice thereof (a “Determination Notice”) to the Borrowers stating the circumstances falling within Clause 3.6(c) (Meaning of “Market Disruption Event”) which have caused its notice to be given and the rate of interest on the Loan (or the relevant
                part thereof) for that Interest Period shall be the percentage rate per annum which is the sum of:

          

     

    (i)          the Margin; and

     

    	

          	(ii)	
            the rate which expresses as a percentage rate per annum the cost to the Lender of funding the Loan (or the relevant part thereof) from whatever source it may select.

          

     

    	

          	(b)	
            Suspension of drawdown: If the Determination Notice is given before the Commitment (or a part thereof) is advanced, the Lender’s
                obligation to make the Commitment (or a part thereof) available shall be suspended while the circumstances referred to in the Determination notice continue.

          

     

    
      25

      
        

    

    	

          	(c)	
            Meaning of “Market Disruption Event”: In this Agreement “Market

                  Disruption Event” means:

          

     

    	

          	(i)	
            at or about noon on the Quotation Day for the relevant Interest Period no Screen Rate is available for LIBOR for Dollars; and/or

          

     

    	

          	(ii)	
            before close of business in London on the Quotation Day for the relevant Interest Period, the Lender determines (in its sole discretion) that the cost to it of obtaining matching deposits in the London
              Interbank Market to fund the Loan (or the relevant part thereof) for such Interest Period would be in excess of the Screen Rate for such Interest Period; and

          

     

    	

          	(iii)	
            before close of business in London on the Quotation Day for the relevant Interest Period, deposits in Dollars are not available to the Lender in the London Interbank Market in the ordinary course of business in
              sufficient amounts to fund the Loan (or the relevant part thereof) for such Interest Period.

          

     

    	

          	(d)	
            Negotiation of alternative rate of interest:  If the Determination Notice is served after the Loan is borrowed, the
                Borrower and the Lender shall enter into negotiations (for a period of not more than 15 days after the date on which the Lender serves the Determination Notice (the “Negotiation Period”)
                and shall use reasonable endeavours to agree, an alternative interest rate or (as the case may be) an alternative basis for the Lender to fund or continue to fund the Loan during the Interest Period concerned. During the Negotiation Period
                the Lender shall set an Interest Period and interest rate representing the Cost of Funding of the Lender in Dollars, in each case as determined by the Lender, of the Loan plus the Margin.

          

     

    	

          	(e)	
            Application of agreed alternative rate of interest: Any alternative interest
                rate or an alternative basis which is agreed during the Negotiation Period shall be binding on the Lender and all Security Parties and shall take effect in accordance with the terms agreed.

          

     

    	

          	(d)	
            Alternative basis of interest in absence of agreement: If the Lender and the Borrowers will not enter into negotiations as provided in Clause 3.6(c)(i) or 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 Lender shall set the following Interest Period and an interest rate representing the cost of funding of the Lender in Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period; if the relevant circumstances are continuing at the end of the Interest Period so set by the Lender and the Borrowers and the Lender are unable to agree a suitable alternative basis, the Lender shall continue to set the following Interest Period and an interest rate representing its cost of funding in
                Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period until such time as the circumstances specified in Sub-Clause 3.6(a)
                (Market Disruption Event) shall no longer exist, whereupon the normal rate of interest shall apply.

          

     

    	

          	(e)	
            Notice of prepayment: If the Borrowers do not
                agree with an interest rate set by the Lender under Clause 3.6(d) (Alternative basis of interest in absence of agreement), the Borrowers may give the Lender not less than 5 Banking Days’ notice of its intention to prepay the Loan at the end of the interest period set by the Lender.

          

     

    
      26

      
        

    

    	

          	(f)	
            Prepayment; termination of Commitment: A notice under Clause 3.6(e) (Notice of prepayment) shall be irrevocable; and on the last Banking Day of the interest period set by the Lender, the Borrowers, if the Commitment has already been advanced, shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the
                applicable rate plus the Margin and the balance of the Outstanding Indebtedness or, if the Commitment has not been advanced, the Commitment shall be reduced to zero and no Advance shall be made to the Borrowers under this Agreement
                thereafter.

          

     

    	

          	(g)	
            Application of prepayment: The provisions of Clause 4 (Repayment-Prepayment) shall
                apply in relation to the prepayment made hereunder.

          

     

    3.7          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 in relation to that currency in place of that Screen Rate ; and

          

     

    (ii)

     

    	

          	(1)	
            aligning any provision of any Finance Document to the use of that Replacement Benchmark;

          

     

    	

          	(2)	
            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);

          

     

    	

          	(3)	
            implementing market conventions applicable to that Replacement Benchmark;

          

     

    	

          	(4)	
            providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

          

     

    	

          	(5)	
            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 Lender and the Borrowers.

     

    
      
        	4.	
                REPAYMENT - PREPAYMENT

              

      

      

      

    

    	4.1	
            Repayment

          

     

    The Borrowers shall and it is expressly undertaken by the Borrowers to repay the Loan jointly and severally by (a) Sixteen (16) quarterly  repayment instalments (the “Repayment Instalments”), the first of which to be repaid on the date falling three (3) months after the Drawdown Date, and each of the subsequent ones consecutively falling due for payment on each of the dates falling
      three (3) months after the immediately preceding Repayment Date with the last (the 16th) of such Repayment Instalments falling due for payment on the Final Maturity Date
      and (b) a balloon installment in the amount of Dollars Six million five hundred thousand ($6,500,000) (the “Balloon Installment”), such Balloon Installment to be repaid together with the
      last (the 16th) Repayment Instalment on the Final Maturity Date; subject to the provisions of this Agreement, each of the Repayment Instalments shall be in the following
      amount:

     

    
      27

      
        

    

    	

          	(a)	
            1st to 4th (both incl.) in the amount of Dollars Eight hundred fifty thousand
              ($850,000); and

          

     

    	

          	(a)	
            5th to 16th (both incl.) in the amount of Dollars Six hundred seventy five
              thousand ($675,000);

          

     

    provided that (a) if the last Repayment Date would otherwise fall after the Final Maturity Date, the
        last Repayment Date shall be the Final Maturity Date, (b) there shall be no Repayment Dates after the Final Maturity Date, (c) on the Final Maturity Date the Borrowers shall also pay to the Lender any and all other monies then due and payable under
        this Agreement and the other Finance Documents, (d) if any part of the Commitment is not advanced to the Borrowers the amounts of the Repayment Instalments and the Balloon Instalment shall be reduced pro-rata, and (e) if any of the Repayment
        Instalments shall become due on a day which is not a Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless such Banking Day falls in the next calendar month, in which event such due date shall be the
        immediately preceding Banking Day.

     

    	4.2	
            Voluntary Prepayment

          

     

    The Borrowers shall have the right, to prepay, part or all of the Loan in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the
      Borrowers to the Lender hereunder or pursuant to the other Finance Documents and all interest accrued thereon, provided that:

     

    	

          	(a)	
            the Lender shall have received from the Borrowers not less than five (5) days’ prior notice in writing (which shall be irrevocable) of their intention to make such prepayment and specify the account and the date on which such prepayment is
              to be made;

          

     

    	

          	(b)	
            such prepayment may take place only on the last day of an Interest Period relating to the whole of the Loan;

          

     

    	

          	(c)	
            each such prepayment shall be equal to One hundred thousand Dollars ($100,000) or a whole multiple thereof or the balance of the Loan;

          

     

    	

          	(d)	
            any prepayment of less than the whole of the Loan will be applied in or towards pro-rata satisfaction of the outstanding Repayment Installments and the Balloon Installment;

          

     

    	

          	(e)	
            every notice of prepayment shall be effective only on actual receipt by the Lender, shall be irrevocable and shall oblige the Borrowers to make such prepayment on the date specified;

          

     

    
      28

      
        

    

    	

          	(f)	
            the Borrowers have provided evidence satisfactory to the Lender that any consent required by the Borrowers (or any of them) or any Security Party in connection with the prepayment has been obtained and remains in force, and that any
              regulation relevant to this Agreement which affects the Borrowers (or any of them) or any Security Party has been complied with;

          

     

    	

          	(g)	
            no amount prepaid may be re-borrowed; and

          

     

    	

          	(h)	
            the Borrowers may not prepay the Loan or any part thereof save as expressly provided in this Agreement;

          

     

    Provided always that if the Borrowers shall, subject always to Clause 4.2(a), make a prepayment on a Banking Day other than the last day of an Interest Period in respect of the whole of the Loan, it shall, in
        addition to the amount prepaid and accrued interest, pay to the Lender any amount which the Lender may certify is necessary to compensate the Lender for any Break Costs incurred by the Lender as a result of the making of the prepayment in question.

     

    	4.3	
            Compulsory Prepayment in case of Total Loss or sale of a Vessel

          

     

    	

          	(a)	
            Total Loss of a Vessel: On a Vessel becoming a Total Loss:

          

     

    	

          	(i)	
            prior to the advancing of the Commitment, the obligation of the Lender to make available the Commitment shall immediately cease and the Commitment shall be reduced to zero; or

          

     

    	

          	(ii)	
            in case the Commitment or, as the case may be, any part thereof has been already advanced, the amount of the Loan shall, on on the earlier of the date falling one hundred and twenty (120) days after the Total Loss Date and the date of
              receipt by the Lender of the insurance proceeds relating to such Total Loss, be reduced by an amount equal to the Relevant Percentage (as hereinafter defined) of the Loan and the Borrowers shall thereupon be obliged to make such
              repayment of the Relevant Percentage of the Loan.

          

     

    	

          	(b)	
            Sale or refinancing of a Mortgaged Vessel:  In the event of a sale or other disposal of any
                  Mortgaged Vessel or in case of refinancing of a Mortgaged Vessel by another bank or financial institution or if the Borrowers request the Lender’s consent for the discharge of the Mortgage
                  registered on a Mortgaged Vessel the amount of the Loan shall be reduced by an amount equal to the Relevant Percentage (as hereinafter defined) and the Borrowers shall thereupon be obliged to make such repayment of the
                Relevant Percentage of the Loan;

          

     

    AND for the purpose of this Clause 4.3 “Relevant Percentage” in relation to any Mortgaged Vessel,
      means an amount equal to the higher of:

     

    	

          	(i)	
            an amount equal to the proportion which the Market Value of such Mortgaged Vessel bears to the aggregate of the Market Values of both Mortgaged Vessels based on the valuations of such Vessels carried out under Clause 8.5(b) (Valuation of Vessels) immediately before the Total Loss occurred or the sale or other disposal of the relevant Mortgaged Vessel, as the case may be occurs; and

          

     

    	

          	(ii)	
            the amount which is required to be repaid to the Lender so that, after the payment to the Lender of the amount referred to in paragraph (i), the aggregate of (1) the Market Value of the Vessel remaining mortgaged to the Lender determined
              in accordance with Clause 8.5(b) (Valuation of Vessels) immediately after the Total Loss or the sale or other disposal of the relevant Vessel, as the case may be, and (2) the Pledged Deposit
              is at least equal to 120% of the amount of the Loan;

          

     

    
      29

      
        

    

    provided, however, that if the relevant Mortgaged Vessel so lost or sold or otherwise disposed of is
        the last Mortgaged Vessel, then the full amount of the insurance or, as the case may be, the sale proceeds shall apply against repayment of the Outstanding Indebtedness and additionally the Borrowers shall pay to the Lender the balance (if any) of
        the Outstanding Indebtedness.

     

    	4.4	
            Application by the Lender in case of compulsory prepayment

          

     

    Any amount prepaid in accordance with Clause 4.3(a) (Total Loss of a Mortgaged Vessel), and Clause 4.3(b) (Sale
          of a Mortgaged Vessel) which is less than the whole of the Outstanding Indebtedness will be applied by the Lender in or towards pro rata satisfaction of the outstanding Repayment Instalments and the Balloon Instalment.

     

    	4.5	
            Amounts payable on prepayment

          

     

    Any prepayment of all or part of the Loan under this Agreement shall be made together with:

     

    	

          	(a)	
            accrued interest on the amount of the Loan to the date of such prepayment (calculated, in the case of a prepayment pursuant to Clause 3.6 (Market disruption – Non Availability) at a rate
              equal to the aggregate of the Margin and the cost to the Lender of funding the Loan);

          

     

    	

          	(b)	
            any additional amount payable under Clause 5.3 (Gross Up);

          

     

    	

          	(c)	
            all other sums payable by the Borrowers to the Lender under this Agreement or any of the other Finance Documents including, without limitation, any amounts payable under Clause 10 (Indemnities -
                  Expenses – Fees); and

          

     

    	

          	(d)	
            in relation to any prepayment made on a date other than an Interest Payment Date in respect of the whole of the Loan, it shall, in addition to the amount prepaid and accrued interest, pay to the Lender any
              amount which the Lender may certify is necessary to compensate the Lender for any Break Costs incurred by the Lender as a result of the making of the prepayment in question.

          

     

    
      
        	5.	
                PAYMENTS, TAXES AND COMPUTATION

              

      

      

      

    

    	5.1	
            Payment - No set-off or Counterclaims

          

     

    	

          	(a)	
            The Borrowers hereby jointly and severally acknowledge that in performing their respective obligations under this Agreement, the Lender will be incurring liabilities to third parties in relation to the funding of amounts to the Borrowers,
              such liabilities matching the liabilities of the Borrowers to the Lender and that it is reasonable for the Lender to be entitled to receive payments from the Borrowers gross on the due date in order that the Lender is put in a position to
              perform its matching obligations to the relevant third parties.  Accordingly, all payments to be made by the Borrowers under this Agreement and/or any of the other Finance Documents shall be made in full, without any set-off or counterclaim
              whatsoever and, subject as provided in Clause 5.3 (Gross Up), free and clear of any deductions or withholdings or Governmental Withholdings whatsoever, as follows:

          

     

    
      30

      
        

    

    	

          	(i)	
            in Dollars (except for charges or expenses which shall be paid in the currency in which they are incurred), not later than 10:00 a.m. (London time) on the Banking Day (in Piraeus, Athens, London and New York City) on which the relevant
              payment is due under the terms of this Agreement; and

          

     

    	

          	(ii)	
            to such account and at such bank as the Lender may from time to time specify for this purpose by written notice to the
                Borrowers, reference: “Gamora Shipping Co./Rocket Shipping Co./Loan Agreement dated: 27th April, 2021” provided, however, that the Lender shall have the right to change the place of account for payment, upon three (3) Banking Days’ prior written notice to the Borrowers.

          

     

    	

          	(b)	
            If at any time it shall become unlawful or impracticable for the Borrowers (or any of them) to make payment under this Agreement to the relevant account or bank referred to in Clause 5.1(a), the Borrowers may request and the Lender may
              agree to alternative arrangements for the payment of the amounts due by the Borrowers to the Lender under this Agreement or the other Finance Documents.

          

     

    	5.2	
            Payments on Banking Days

          

     

    All payments due shall be made on a Banking Day.  If the due date for payment falls on a day which is not a Banking Day, that payment due shall be made on the immediately following Banking Day unless
      such Banking Day falls in the next calendar month, in which case payments shall fall due and be made on the immediately preceding Banking Day.

     

    	5.3	
            Gross Up

          

     

    If at any time any law, regulation, regulatory requirement or requirement of any governmental authority, monetary agency, central bank or the like compels the Borrowers to make payment subject to
      Governmental Withholdings, the Borrowers shall pay to the Lender such additional amounts as may be necessary to ensure that there will be received by the Lender a net amount equal to the full amount which would have been received had payment not been
      made subject to such Governmental Withholdings. The Borrowers shall indemnify the Lender against any losses or costs incurred by the Lender by reason of any failure of the Borrowers 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 Borrowers shall, not later than thirty (30) days after each deduction, withholding or payment of any Governmental Withholdings, forward to the Lender official receipts and any
      other documentary receipts and any other documentary evidence reasonably required by the Lender in respect of the payment made or to be made of any deduction or withholding or Governmental Withholding. The obligations of the Borrowers under this
      provision shall, subject to applicable law, remain in force notwithstanding the repayment of the Loan and the payment of all interest due thereon pursuant to the provisions of this Agreement.

     

    	5.4	
            Mitigation

          

     

    If circumstances arise which would result in an increased amount being payable by the Borrower under this Clause then, without in any way limiting the rights of the Lender under
      this Clause, the Lender shall use reasonable endeavours to transfer the obligations, liabilities and rights under this Agreement and the Security Documents to another office or financial institution not affected by the circumstances, but the Lender
      shall be under no obligation to take any such action if in its opinion, to do so would or might:

     

    	

          	(a)	
            have an adverse effect on its business, operations or financial condition on the Lender; or

          

     

    
      31

      
        

    

    	

          	(b)	
            involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent, with any regulation of the Lender; or

          

     

    	

          	(c)	
            involve the Lender in any expense (unless indemnified to its reasonable satisfaction) or tax disadvantage.

          

     

    	5.5	
            Claw-back of Tax benefit

          

     

    If, following any such deduction or withholding as is referred to in Clause 5.3 (Gross-up) from any payment by the Borrower, the
      Lender shall receive or be granted a credit against or remission for any Taxes payable by it, the Lender shall, subject to the Borrower having made any increased payment in accordance with Clause 5.3 (Gross-up)
      and to the extent that the Lender can do so without prejudicing its retention of the amount of such credit or remission and without prejudice to the right of the Lender to obtain any other relief or allowance which may be available to it,
      reimburse the Borrower with such amount as the Lender shall in its absolute discretion certify to be the proportion of such credit or remission as will leave the Lender (after such reimbursement) in no worse position than it would have been in had
      there been no such deduction or withholding from the payment by the Borrower. Such reimbursement shall be made forthwith upon the Lender certifying that the amount of the credit or remission has been received by it, provided, always, that:

     

    	

          	(a)	
            the Lender shall not be obliged to allocate this transaction any part of a tax repayment or credit which is referable to a number of transactions;

          

     

    	

          	(b)	
            nothing in this Clause shall oblige the Lender to rearrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority to, another or to
              make any such claim within any particular time or to disclose any information regarding its tax affairs and computations;

          

     

    	

          	(c)	
            nothing in this Clause shall oblige the Lender to make a payment which exceeds any repayment or credit in respect of tax on account of which the Borrower has made an increased payment under this Clause;

          

     

    	

          	(d)	
            any allocation or determination made by the Lender under or in connection with this Clause shall be binding on the Borrower; and

          

     

    	

          	(e)	
            without prejudice to the generality of the foregoing, the Borrower shall not, by virtue of this Clause 5.5, be entitled to enquire about the Lender’s tax affairs.

          

     

    	5.6	
            Loan Account

          

     

    All sums advanced by the Lender to the Borrowers under this Agreement and all interest accrued thereon and all other amounts due under this Agreement from time to time and all repayments and/or
      payments thereof shall be debited and credited respectively to a separate loan account maintained by the Lender in accordance with its usual practices in the name of the Borrowers. The Lender may, however, in accordance with its usual practices or
      for its accounting needs, maintain more than one account, consolidate or separate them but all such accounts shall be considered parts of one single loan account maintained under this Agreement.  In case that a ship mortgage in the form of Account
      Current is granted as security under this Agreement, the account(s) referred to in this Clause shall be the Account Current referred to in such mortgage.

     

    
      32

      
        

    

    	5.7	
            Computation

          

     

    All interest and other payments payable by reference to a rate per annum 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.	
                REPRESENTATIONS AND WARRANTIES

              

      

      

      

    

    	6.1	
            Continuing representations and warranties

          

     

    The Borrowers jointly and severally represent and warrant to the Lender that;

     

    	

          	(a)	
            Due Incorporation/Valid Existence:  Each of the Borrowers and the other corporate Security Parties is duly incorporated and validly
                existing and in good standing under the laws of their respective countries of incorporation, and have power to own their respective property and assets, to carry on their respective business as the same are now being lawfully conducted and
                to purchase, own, finance and operate vessels, or, as the case may be, manage vessels, as well as to undertake the obligations which such Security Party has undertaken or shall undertake pursuant to the Finance Documents and does not have a
                place of business in the United Kingdom or the United States of America;

          

     

    	

          	(b)	
            Due Corporate Authority:  Each of the Borrowers has power to execute, deliver and perform its obligations under the Finance
                Documents to which is or is to be a party and to borrow the Commitment and each of the other Security Parties has power to execute and deliver and perform its/his obligations under the Finance Documents to which it/he is or is to be a
                party; all necessary corporate, shareholder and other action has been taken to authorise the execution, delivery and performance of the same and no limitation on the powers of the Borrowers (or any of them) to borrow will be exceeded as a
                result of borrowing the Loan;

          

     

    	

          	(c)	
            Litigation: no litigation or arbitration, tax claim or administrative proceeding (including action relating to any alleged or actual
                breach of the ISM Code and the ISPS Code) involving a potential liability of the Borrowers (or any of them) or any other Security Party is current or pending or (to its or its officers’ knowledge) threatened against the Borrowers (or any of
                them) or any other Security Party, which, if adversely determined, would have a Material Adverse Effect of any of them;

          

     

    	

          	(d)	
            No conflict with other obligations:  the execution and delivery of, the performance of its obligations under, and compliance with
                the provisions of, the Finance Documents by the relevant Security Parties will not (i) contravene any existing applicable law, statute, rule or regulation or any judgment, decree or permit to which the Borrowers (or any of them) or any
                other Security Party 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 Borrowers (or any of them) or any other Security Party is a
                party or is subject to or by which it or any of its property is bound, (iii) contravene or conflict with any provision of the memorandum and articles of association/articles of incorporation/by-laws/statutes or other constitutional
                documents of the Borrowers (or any of them) or any other Security Party or (iv) result in the creation or imposition of or oblige the Borrowers (or any of them) or any other Security Party to create any Security Interest (other than a
                Permitted Security Interest) on any of the undertakings, assets, rights or revenues of the Borrowers (or any of them) or any other Security Party;

          

     

    
      33

      
        

    

    	

          	(e)	
            Financial Condition:  the financial condition of the Borrowers (or any of them) and of the other Security Parties (other than the
                Approved Managers) has not suffered any material deterioration since that condition was last disclosed to the Lender;

          

     

    	

          	(f)	
            No Immunity:  neither the Borrowers nor any other Security Party nor any of their respective assets are entitled to immunity on the
                grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgement, execution or other enforcement);

          

     

    	

          	(g)	
            Shipping Company:  each of the Borrowers and the Approved Managers is a shipping company involved in the owning or, as the case may
                be, managing of ships engaged in international voyages and earning profits in free foreign currency;

          

     

    	

          	(h)	
            Licences/Authorisation:  every consent, authorisation, license or approval of, or registration with or declaration to, governmental
                or public bodies or authorities or courts required by any Security Party to authorise, or required by any Security Party in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of each of the
                Finance Documents or the performance by each Security Party of its obligations under the Finance Documents to which such Security Party is or is to be a party has been obtained or made and is in full force and effect and there has been no
                default in the observance of any of the conditions or restrictions (if any) imposed in, or in connection with, any of the same so far as the Borrowers are aware;

          

     

    	

          	(i)	
            Perfected Securities: the Finance Documents do now or, as the case may be, will, upon execution and delivery (and,
                where applicable, registration as provided for in the Finance Documents):

          

     

    	

          	(i)	
            constitute the relevant Security Party’s legal, valid and binding obligations enforceable against that Security Party in accordance with their respective terms (having the requisite corporate benefit which is
              legally and economically sufficient); and

          

     

    	

          	(ii)	
            create legal, valid and binding Security Interests (having the priority specified in the relevant Finance Document) enforceable in accordance with their respective terms over all the assets and revenues
              intended to be covered to which they, by their terms, relate, subject to any relevant insolvency laws affecting creditors’ rights generally;

          

     

    	

          	(m)	
            No third party Security Interests: without limiting the generality of Clause
                6.1(i) (Perfected Securities), at the time of the execution and delivery of each Finance Document to which each Borrower is a party:

          

     

    	

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

          

     

    	

          	(ii)	
            no third party will have any Security Interests (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;

          

     

    	

          	(n)	
            No Notarisation/Filing/Recording:  save for the registration of any Mortgage in the appropriate
                shipping Registry, it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement or any of the other Finance Documents that it or they or any other instrument be notarised, filed,
                recorded, registered or enrolled in any court, public office or elsewhere or that any stamp, registration or similar tax or charge be paid on or in relation to this Agreement or the other Finance Documents;

          

     

    
      34

      
        

    

    	

          	(o)	
            Taxes paid: each Borrower has paid all taxes applicable to, or imposed on or
                in relation to that Borrower, its business or its Vessel; and

          

     

    	

          	(p)	
            Valid Choice of Law:  the choice of law agreed to govern this Agreement and/or any other Finance Document and the submission to the
                jurisdiction of the courts agreed in each of the Finance Documents are or will be, on execution of the respective Finance Documents, valid and binding on each of the Borrowers and any other Security Party which is or is to be a party
                thereto.

          

     

    	6.2	
            Initial representations and warranties

          

     

    The Borrowers further jointly and severally represent and warrant to the Lender that:

     

    	

          	(a)	
            Direct obligations - Pari Passu: the obligations of the Borrowers under this Agreement are direct, general and unconditional
                obligations of the Borrowers and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the Borrowers with the exception of any obligations which are mandatorily preferred by law;

          

     

    	

          	(b)	
            Information:  all information, accounts, statements of financial position, exhibits and reports furnished by or on behalf of any
                Security Party to the Lender in connection with the negotiation and preparation of this Agreement and each of the other Finance Documents are true and accurate in all material respects and not misleading, do not omit material facts and all
                reasonable enquiries have been made to verify the facts and statements contained therein; there are no other facts the omission of which would make any fact or statement therein misleading and, in the case of accounts and statements of
                financial position, they have been prepared in accordance with generally accepted international accounting principles, standards and practices which have been consistently applied;

          

     

    	

          	(c)	
            No Default:  no Default has occurred and is continuing;

          

     

    	

          	(d)	
            No Taxes:  no Taxes are imposed by deduction, withholding or otherwise on any payment to be made by any Security Party under this
                Agreement and/or any other of the Finance Documents or are imposed on or by virtue of the execution or delivery of this Agreement and/or any other of the Finance Documents or any document or instrument to be executed or delivered hereunder
                or thereunder.  In case that any Tax exists now or will be imposed in the future, it will be borne by the Borrowers;

          

     

    	

          	(e)	
            No Default under other Financial Indebtedness:  neither of the Borrowers nor any other Security Party (other than the Approved
                Managers) is in Default under any agreement relating to Financial Indebtedness to which it is a party or by which it is or may be bound;

          

     

    	

          	(f)	
            Ownership/Flag/Seaworthiness/Class/Insurance of the Vessels: each Vessel on the Drawdown Date will be:

          

     

    	

          	(i)	
            in the absolute and free from Security Interests (other than in favour of the Lender) ownership of the Owner thereof who is and will on and after the Drawdown Date be the sole legal and beneficial owner of that Vessel;

          

     

    
      35

      
        

    

    	

          	(ii)	
            registered in the name of the Owner thereof through the relevant Registry of the port of registry of the Flag State under the laws and flag of the Flag State;

          

     

    	

          	(iii)	
            operationally seaworthy and in every way fit for service;

          

     

    	

          	(iv)	
            classed with a Classification Society member of IACS, which has been approved by the Lender in writing and such classification is and will be free of all requirements and overdue recommendations of such Classification Society;

          

     

    	

          	(v)	
            insured in accordance with the provisions of this Agreement and the relevant Mortgage;

          

     

    	

          	(vi)	
            managed by the Approved Managers; and

          

     

    	

          	(vii)	
            in full compliance with the ISM and the ISPS Code;

          

     

    	

          	(g)	
            No Charter: unless otherwise permitted in writing by the Lender, none of the Vessels will on or before the Drawdown Date or be
                subject to any charter or contract nor to any agreement to enter into any charter or contract which, if entered into after the Drawdown Date would have required the consent of the Lender under any of the Finance Documents and there will not
                on or before the Drawdown Date be any agreement or arrangement whereby the Earnings of the relevant Vessel may be shared with any other person;

          

     

    	

          	(h)	
            No Security Interests: neither the Vessel, nor its Earnings, Requisition Compensation or Insurances nor any other
                properties or rights which are, or are to be, the subject of any of the Security Documents nor any part thereof will, on the Drawdown Date, be subject to any Security Interests other than Permitted Security Interests or otherwise permitted
                by the Finance Documents;

          

     

    	

          	(i)	
            Compliance with Environmental Laws and Approvals: eexcept as may already have been disclosed by the Borrowers in writing to, and
                acknowledged in writing by, the Lender:

          

     

    	

          	(i)	
            each Borrower and its Related Companies have complied with the provisions of all Environmental Laws;

          

     

    	

          	(ii)	
            each Borrower and its Related Companies have obtained all Environmental Approvals and are in compliance with all such Environmental Approvals; and

          

     

    	

          	(iii)	
            neither the Borrowers nor any of their respective Related Companies have received notice of any Environmental Claim
                that the Borrowers or any of their respective Related Companies are not in compliance with any Environmental Law or any Environmental Approval;

          

     

    	

          	(j)	
            No Environmental Claims: except as may already have been disclosed by the Borrowers in writing to, and acknowledged in writing by,
                the Lender:

          

     

    	

          	(i)	
            there is no Environmental Claim pending or, to the best of the Borrowers’ knowledge and belief, threatened against either Borrower or its Vessel or that Borrower’s Related Companies or any other
              Relevant Ship; and

          

     

    	

          	(ii)	
            there has been no emission, spill, release or discharge of a Material of Environmental Concern from the Vessels or any other Relevant Ship or any vessel owned by, managed or crewed by or chartered to either Borrower which could give rise
              to an Environmental Claim;

          

     

    
      36

      
        

    

    	

          	(k)	
            Copies true and complete: the copies of the Management Agreements delivered or to be delivered to the Lender pursuant to Clause 7.1
                (Conditions precedent to the execution of this Agreement) are, or will when delivered be, true and complete copies of such documents; such documents will when delivered constitute valid and
                binding obligations of the parties thereto enforceable in accordance with their respective terms and there will have been no amendments or variations thereof or defaults thereunder;

          

     

    	

          	(l)	
            DOC and SMC: in relation to each Vessel the DOC applicable to each Approved Manager and the SMC applicable to that Vessel are
                presently in full effect;

          

     

    	

          	(m)	
            Compliance with ISM Code: each Vessel will comply on the Drawdown Date and the Operator complies with the requirements of the ISM
                Code and the SMC which has been or, as the case may be, shall be issued in respect of each relevant Vessel shall remain valid on the Drawdown Date and thereafter throughout the Security Period;

          

     

    	

          	(n)	
            Compliance with ISPS Code:  each Borrower has a valid and current ISSC in respect of its Vessel  and it is and will be in full
                compliance with the ISPS Code; and the Operator complies with the requirements of the ISPS Code and the ISSC in respect of each Vessel shall remain valid throughout the Security Period;

          

     

    	

          	(o)	
            Shareholdings:

          

     

    	

          	(i)	
            each Borrower is a fully owned Subsidiary of the Corporate Guarantor and  the shares in the Corporate Guarantor are legally and
                beneficially owned as disclosed to the Lender before signing of this Agreement; and

          

     

    	

          	(ii)	
            no change of control has been made directly or indirectly in the ownership, beneficial ownership, or management of each of the Borrowers and the Corporate Guarantor or any share therein or of the Vessel and  the voting rights in each of the Borrowers and the Corporate
                Guarantor, but, so far as the Corporate Guarantor is concerned, the result of such change is that the controlling interest in the Corporate Guarantor ceases to remain in the Beneficial Shareholder(s)
                  disclosed to the Lender before signing of this Agreement , unless otherwise permitted by the Lender; and

          

     

    	

          	(p)	
            No US Tax Obligor: none of the Security Parties is a US Tax Obligor;

          

     

    	

          	(q)	
            Sanctions: neither any Security Party nor any other member of the Group:

          

     

    	

          	(i)	
            is a Sanctions Restricted Person;

          

     

    	

          	(ii)	
            owns or controls directly or indirectly a Sanctions Restricted Person; or

          

     

    	

          	(iii)	
            has a Sanctions Restricted Person serving as a director, officer or, to the best of its knowledge, employee; and

          

     

    	

          	(iv)	
            no proceeds of the Loan shall be made available, directly or to the knowledge of the Borrowers, or any of them (after reasonable enquiry) indirectly, to or for the benefit of a Sanctions Restricted Person contrary to Sanctions or for
              transactions in a Sanctions Restricted Jurisdiction nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

          

     

    
      37

      
        

    

    	6.3	
            Money laundering - acting for own account

          

     

    Each of the Borrowers further jointly and severally represents and warrants and confirms to the Lender that it is the beneficiary for each part of the Loan made or to be made available to it and it
      will promptly inform the Lender by written notice if it is not, or ceases to be, the beneficiary and notify the Lender in writing of the name and the address of the
      new beneficiary/beneficiaries; each of the Borrowers is aware that under applicable money laundering provisions, it has an obligation to state for whose account the Loan is obtained; each of the Borrowers confirms that, by entering into this
      Agreement and the other Finance Documents, it is acting on its own behalf and for its own account and it is obtaining the Loan for its own account. In relation to the borrowing by the Borrowers of the Loan, the performance and discharge of its obligations and liabilities under this Agreement or any of the other Finance Documents and the transactions and other arrangements effected or contemplated by this Agreement or any
        of the Documents to which each of the Borrowers is a party, it is acting for its own account and that the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been
        implemented to combat “money laundering” (as defined in Article 1 of the Directive (91/308/EEC) of the Council of the European Community).

     

    	6.4	
            Representations Correct

          

     

    At the time of entering into this Agreement all above representations and warranties or any other information given by the Borrowers and/or the Approved Managers to the Lender are true and accurate.

     

    	6.5	
            Repetition of Representations and Warranties

          

     

    The representations and warranties in this Clause 6 (except in relation to the representations and warranties in Clause 6.2 (Initial
          representations and warranties)) shall be deemed to be repeated by the Borrower:

     

    	

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

          

     

    	

          	(b)	
            on the Drawdown Date; and

          

     

    	

          	(c)	
            on each Interest Payment Date throughout the Security Period,

          

     

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

     

      

    
      
        	7.	
                CONDITIONS PRECEDENT

              

      

      

      

    

    	7.1	
            Conditions precedent to the execution of this Agreement

          

     

    The obligation of the Lender to make the Commitment or any part thereof available shall be subject to the condition that the Lender, shall have received, not later than two (2) Banking Days before
      the day on which the Drawdown Notice in respect of the Commitment or such part thereof is given, the following documents and evidence in form and substance satisfactory to the Lender:

     

    	

          	(a)	
            Constitutional Documents: a duly certified true copy of the Articles of Incorporation and By-Laws or the Memorandum and Articles of
                Association, or of any other constitutional documents, as the case may be, of each corporate Security Party;

          

     

    
      38

      
        

    

    	

          	(b)	
            Certificates of incumbency: a recent certificate of incumbency of each corporate Security Party issued by the appropriate authority
                and/or at the discretion of the Lender signed by the secretary or a director of each of them respectively, stating the corporate body which binds every one of them, the officers and/or the directors of each of them and containing specimens
                of their signatures;

          

     

    	

          	(c)	
            Shareholding: a statement to the Lender confirming the identity of the Beneficial Shareholder(s) of each of the Borrowers and the Corporate Guarantor in line with “know your customer” procedures of the Lender for opening account purposes, who should be
                acceptable in all respects to the Lender; in the event that the Lender agrees (at its sole discretion) that a Security Party may have a corporate shareholder, the conditions set out in Sub-clauses (a) (Constitutional

                    Documents), (b) (Certificates of incumbency), (d) (Resolutions) and (e) (Powers of
                    Attorney) of this Clause 7.1 shall apply (mutatis mutandis) to such corporate shareholder;

          

     

    	

          	(d)	
            Resolutions: minutes of separate meetings of the directors and (if required) shareholders of each of the Borrowers and the Corporate
                Guarantor at which there was approved (inter alia) the entry into, execution, delivery and performance of this Agreement, the other Finance Documents and any other documents executed or to be executed pursuant hereto or thereto to which the
                relevant Security Party is or is to be a party;

          

     

    	

          	(e)	
            Powers of Attorney: the original of any power(s) of attorney and any further evidence of the due authority of any person signing
                this Agreement, the other Finance Documents, and any other documents executed or to be executed pursuant hereto or thereto on behalf of any corporate person;

          

     

    	

          	(f)	
            Consents: evidence that all necessary licences, consents, permits and authorisations (including exchange control ones) have been
                obtained by any Security Party for the execution, delivery, validity, enforceability, admissibility in evidence and the due performance of the respective obligations under or pursuant to this Agreement and the other Finance Documents;

          

     

    	

          	(g)	
            Fees:  evidence that the fees referred to in Clause 10.14 (Arrangement Fee) have
                been paid in full;

          

     

    	

          	(h)	
            DOC:  a copy of the DOC applicable to each Approved Manager certified as true and in effect;

          

     

    	

          	(i)	
            Other documents: any other documents or recent certificates or other evidence which would be required by the Lender in relation to
                each Security Party evidencing that the relevant Security Party has been properly established, continues to exist validly and is in good standing;

          

     

    	

          	(j)	
            Management Agreements – Assignable Charterparty: a copy of each of the following documents certified as true and complete by the legal counsel of the Borrowers:

          

     

    	

          	(i)	
            each Management Agreement evidencing that the relevant Vessel is
                managed by the Approved Managers on terms acceptable to the Lender; and

          

     

    	

          	(ii)	
            any Assignable Charterparty; and

          

     

    	

          	(k)	
            Operating Accounts: evidence that the Operating Accounts have been duly opened and all mandate forms and other legal documents
                required for the opening of an account under any applicable law, as well as signature cards and properly adopted authorizations have been duly delivered to and have been accepted by the compliance department of the Lender.

          

     

    
      39

      
        

    

    	7.2	
            Conditions precedent to the making of the Commitment

          

     

    The obligation of the Lender to advance the Commitment (or any part thereof) is subject to the further condition that the Lender shall have received prior to the drawdown or, where
      this is not possible, simultaneously with the drawdown of the Commitment or the relevant part thereof or the Drawdown Date:

     

    	

          	(a)	
            Conditions precedent: evidence that the conditions precedent set out in Clause 7.1 (Conditions precedent to the execution of this Agreement) remain fully satisfied;

          

     

    	

          	(b)	
            Drawdown Notice: the Drawdown Notice duly executed, issued and delivered to the Lender as provided in Clause
                2.2 (Drawdown Notice and commitment to borrow);

          

     

    	

          	(c)	
            Security Documents:  each of the Security Documents duly executed and where appropriate duly registered with the
                Registry or any other competent authority (as required);

          

     

    	

          	(d)	
            Title and no Security Interests:  evidence that, prior to or simultaneously with the
                drawdown, each Vessel will be duly registered in the ownership of the Owner thereof with the Registry and under the laws and flag of the Flag State free from any Security Interests save for those in favour of the Lender and otherwise as
                contemplated herein;

          

     

    	

          	(e)	
            Insurances:  evidence in form and substance satisfactory to the Lender that each Vessel has been insured in accordance with the
                insurance requirements provided for in this Agreement and the Security Documents, to be followed by full copies of cover notes, policies, certificates of entry or other contracts of insurance and irrevocable authority is hereby given to the
                Lender at any time at its discretion to obtain copies of the policies, certificates of entry or other contracts of insurance from the insurers and/or obtain any information in relation to the Insurances relating to that Vessel;

          

     

    	

          	(f)	
            Insurers’ confirmations: evidence in form and substance satisfactory to the Lender that each
                  Vessel has been insured in accordance with the insurance requirements provided for in this Agreement and the other Security Documents, including a MII and a MAPI, accompanied by waivers for liens for unpaid premium of other
                vessels managed by the relevant Approved Manager, together with an opinion from insurance consultants (appointed by the Lender at the Borrowers’ expense) as to the adequacy of the insurances effected or
                  to be effected in respect of each Vessel, to be followed by full copies of cover notes, policies, certificates of entry or other contracts of insurance and irrevocable authority is hereby given to the Lender at any time at its discretion
                  to obtain copies of the policies, certificates of entry or other contracts of insurance from the insurers and/or obtain any information in relation to the Insurances relating to each Vessel;

          

     

    	

          	(g)	
            MII and MAPI: the MII and the MAPI shall have been effected by the Lender, but at the expense of the Borrowers as provided in Clause 10.9 (MII costs and MAPI);

          

     

    	

          	(h)	
            Access to class records: due authorisation from the Drawdown Date in form and substance satisfactory to the Lender authorising the
                Lender to have access and/or obtain any copies of class records or other information at its discretion from the Classification Society of the relevant Vessel, provided however, that the Lender shall not exercise such right unless
                and until an Event of Default has occurred and is continuing;

          

     

    
      40

      
        

    

    	

          	(i)	
            Notices of assignment:  duly executed notices of assignment in the form prescribed by the
                Security Documents;

          

     

    	

          	(j)	
            Mortgage registration; evidence that each Mortgage on or before the Drawdown Date will be
                registered against the relevant Vessel through the Registry under the laws and flag of the Flag State;

          

     

    	

          	(k)	
            Trading certificates: upon issuance, copies of the trading certificates of each Vessel
                certified as true and complete by the legal counsel of the Borrowers evidencing the same to be valid and in force;

          

     

    	

          	(l)	
            Class confirmation:  evidence from the Classification
                  Society that on the Drawdown Date each Vessel is classed with the class notation (referred to in the Mortgage relative thereto), with the Classification Society or to a similar standard with
                  another classification society of like standing to be specifically approved by the Lender and remains free from any overdue requirements or recommendations affecting her class;

          

     

    	

          	(m)	
            Trim and stability booklet:  if so requested by the Lender, an extract of the trim and stability booklet
                certifying the lightweight of each Vessel, certified as true and complete by the legal counsel of the Borrowers;

          

     

    	

          	(n)	
            DOC and SMC: (i) a certified copy of the DOC issued to the Operator of each Vessel and (ii)
                a certified copy of the SMC for each Vessel;

          

     

    	

          	(o)	
            ISM Code Documentation: copies of such applications for ISM Code Documentation as the Lender may by written notice to the Borrowers
                have requested not later than two (2) days before the Drawdown Date certified as true and complete in all material respects by the Borrowers and the Approved Managers;

          

     

    	

          	(p)	
            ISPS Code compliance:

          

     

    	

          	(i)	
            evidence satisfactory to the Lender that each Vessel is subject to a ship security plan which complies with the ISPS Code (such as proof that a security plan has been submitted to the recognized organisation for approval); and

          

     

    	

          	(ii)	
            a copy, certified as a true and complete copy of the ISSC for each Vessel delivered to the Lender on the Drawdown Date;

          

     

    	

          	(r)	
            Valuation:  charter free valuation of each Vessel
                satisfactory to the Lender, to be obtained by the Lender, at the Borrowers’ expense, not earlier than twenty (20) days prior to the expected Drawdown Date, made on the basis and in the manner
                specified in Clause 8.5(b) (Valuation of Vessels);

          

     

    
      	 	
              (s)

            	
              Insurance Letters:  the Insurance Letters duly executed;

            

    

     

    	

          	(t)	
            Confirmations from process agents: confirmation from any agents nominated in this Agreement and elsewhere in the other Finance
                Documents for the acceptance of any notice or service of process, that they consent to such nomination;

          

     

    
      41

      
        

    

    	

          	(u)	
            Acknowledgement of Receipt: a receipt in writing in form and substance satisfactory to the Lender including an acknowledgement and
                admission of the Borrowers and the Corporate Guarantor to the effect that the Commitment or relevant part thereof (as the case may be) was drawn by the Borrowers and a declaration by the Borrowers and the Corporate Guarantor that all
                conditions precedent have been fulfilled, that there is no Event of Default and that all the representations and warranties are true and correct;

          

     

    	

          	(v)	
            Legal opinions: draft opinion from lawyers appointed by the Lender as to all the matters referred to in Clause 6.1(a) (Due Incorporation/Valid Existence) and Clause 6.1(b) (Due Corporate Authority) and all such aspects of law as the Lender shall deem relevant to
                this Agreement and the other Finance Documents and any other documents executed pursuant hereto or thereto and any further legal or other expert opinion as the Lender at its sole discretion may require;

          

     

    	

          	(w)	
            Flag State opinion:  draft opinion of legal advisers to the Lender on matters of the laws
                of the Flag State of the relevant Vessel;

          

     

    	

          	(x)	
            Condition survey report: if the Lender so requires, a satisfactory to the Lender physical condition survey report on each Vessel
                together with a comprehensive record inspection from a surveyor appointed by the Lender, at the Borrowers’ expense.

          

     

    	7.3	
            No change of circumstances

          

     

    The obligation of the Lender to advance the Commitment or any part thereof is subject to the further condition that at the time of the giving of a Drawdown Notice and on advancing the Commitment:

     

    	

          	(a)	
            Representations and warranties: the representations and warranties set out in Clause 6 (Representations

                    and warranties) and in each of the other Finance Documents are true and correct on and as of each such time as if each was made with respect to the facts and circumstances existing at such time;

          

     

    	

          	(b)	
            No Event of Default:  no Event of Default shall have occurred and be continuing or would result from the drawdown;

          

     

    	

          	(c)	
            No change:  the Lender shall be satisfied that (i) there has been no change in the control of any of the Borrowers and the Corporate
                Guarantor from that disclosed to the Lender at the negotiation of this Agreement and no change directly or indirectly in the ownership, beneficial ownership, or management of the Borrowers (or either of them), each of which is a fully owned
                Subsidiary of the Corporate Guarantor, or any share therein or of the Vessels (or either of them), but, so far as the Corporate Guarantor is concerned, the result of such change is that the control in the Corporate Guarantor ceases to remain in the Beneficial Shareholder(s) disclosed to the Lender before signing of this Agreement  and (ii)  there has been no Material Adverse Change in the financial condition of any Security Party
                which (change) might, in the sole opinion of the Lender, be detrimental to the interests of the Lender, provided, however, that such ‘control’ (as defined in Clause 1.4 (Construction of certain terms) of the Loan Agreement) of each of the Borrowers and Guarantor will remain with such Beneficial Shareholder(s) throughout the remainder of the Security Period; and

          

     

    	

          	(d)	
            No Market Disruption Event:  none of the circumstances contemplated by Clause 3.6 (Market
                    disruption – Non Availability) has occurred and is continuing.

          

     

    
      42

      
        

    

    	7.4	
            Know your customer and money laundering compliance

          

     

    The obligation of the Lender to advance the Commitment or any part thereof is subject to the further condition that the Lender, prior to or simultaneously with the drawdown, shall have received, to
      the extent required by any change in applicable law and regulation or any changes in the Lender’s own internal guidelines since the date on which the applicable documents and evidence were delivered to the Lender pursuant to Clause 8.9 (Know your customer and money laundering compliance), such further documents and evidence as the Lender shall require to identify the Borrowers and the other Security Parties and any other persons involved
      or affected by the transaction(s) contemplated by this Agreement.

     

    	7.5	
            Further documents

          

     

    Without prejudice to the provisions of this Clause 7 each of the Borrowers hereby undertakes with the Lender to make or procure to be made such amendments and/or additions to any of the documents
      delivered to the Lender in accordance with this Clause 7 and to execute and/or deliver to the Lender or procure to be executed and/or delivered to the Lender such further documents as the Lender and its legal advisors may reasonably require to
      satisfy themselves that all the terms and requirements of this Agreement have been complied with.

     

    	7.6	
            Waiver of conditions precedent

          

     

    The conditions specified in this Clause 7 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. Without prejudice to
      any of the other provisions of this Agreement, in the event that the Lender, in its sole and absolute discretion, makes the Commitment available to the Borrowers prior to the satisfaction of all or any of the conditions referred to in Clauses 7.1 (Conditions precedent to the execution of this Agreement), 7.2 (Conditions precedent to the making
          of the Commitment) and 7.3 (No change of circumstances), each of the Borrowers hereby covenants and undertakes to satisfy or procure the
      satisfaction of such condition or conditions by no later than fourteen (14) days after the Drawdown Date or within such longer period as the Lender may, in its sole and absolute discretion, agree to or specify.

     

    
      
        	8.	COVENANTS

      

      

      

    

    	8.1	
            General

          

     

    Each of the Borrowers, jointly and severally with the other Borrower, undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, it will:

     

    	

          	(a)	
            Notice on Material Adverse Change or Default: promptly inform the Lender upon becoming aware of any occurrence which might
                materially adversely affect the ability of any Security Party to perform its obligations under any of the Finance Documents and, without limiting the generality of the foregoing, will inform the Lender of any Default forthwith upon becoming
                aware thereof and will from time to time, if so 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;

          

     

    	

          	(b)	
            Notification of litigation:

          

     

    	

          	(i)	
            provide the Lender with details of any legal or administrative action involving that Borrower, the Vessel owned by it, any bareboat charterer, any bareboat guarantor, the Earnings or the Insurances in respect of that Vessel, any Security
              Party, 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, and each Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action; and

          

     

    
      43

      
        

    

    	

          	(ii)	
            and shall procure that any bareboat charterer shall supply to the Lender promptly, to the extent permitted by law, details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions
              Authority;

          

     

    	

          	(c)	
            Consents and licenses: without prejudice to Clauses 6 (Representations and warranties) and

                7 (Conditions precedent), obtain or cause to be obtained, maintain in full force and effect and comply in all material respects with the conditions and restrictions (if any) imposed in, or in
                connection with, every consent, authorisation, license or approval of governmental or public bodies or authorities or courts and do or cause to be done, all other acts and things which may from time to time be necessary or desirable under
                applicable law for the continued due performance of all the obligations of the Security Parties under each of the Finance Documents;

          

     

    	

          	(d)	
            Use of Loan proceeds: use the Loan exclusively for the purposes specified in Clause 1.1 (Amount

                    and Purpose);

          

     

    	

          	(e)	
            Pari passu: ensure that its obligations under this Agreement shall, without prejudice to the provisions of this Clause 8.1, at all
                times rank at least pari passu with all its other present and future unsecured and unsubordinated Financial Indebtedness with the exception of any obligations which are mandatorily preferred by law and not by contract;

          

     

    	

          	(f)	
            Financial statements: furnish the Lender with (i) audited annual consolidated financial statements of the Corporate Guarantor
                audited by the auditors acceptable to the Lender and (ii)  management prepared accounts of the Borrowers attested by its financial officer, in each case prepared in accordance with internationally accepted accounting principles and
                practices consistently applied in respect of each Financial Year as soon as practicable but not later than 180 days after the end of the Financial Year to which they relate, commencing with Financial Year ending on 31st December, 2021; xxx

          

     

    	

          	(g)	
            Provision of further information: promptly, when requested, provide the Lender with such financial and other information and
                accounts relating to the business, undertaking, assets, liabilities, revenues, financial condition commitments, operations or affairs of the Borrowers and the Corporate Guarantor and such other further general information relating to each
                Security Party as the Lender from time to time may reasonably require;

          

     

    	

          	(h)	
            Financial Information: provide the Lender from time to time as the Lender may reasonably request with
                information on the financial conditions, cash flow position, commitments and operations of the Borrowers and the Corporate Guarantor  including cash flow analysis and voyage accounts of each

                Vessel with a breakdown of income and running expenses showing net trading profit, trade payables and trade receivables, such financial details to be certified by an authorized signatory of the Borrowers

                as to their correctness;

          

     

    	

          	(i)	
            Information on the employment of the Vessels:  provide the Lender from time to time as the Lender may request with information on
                the employment of each Vessel, as well as on the terms and conditions of any charterparty, contract of affreightment, agreement or related document in respect of the employment of each Vessel, such information to be certified by one of the
                directors of the Borrowers as to their correctness;

          

     

    
      44

      
        

    

    	

          	(j)	
            Pledged Deposit: procure that upon drawdown and at all times during the Security Period, the Borrowers shall
                maintain in interest bearing accounts with the Lender an amount of Dollars Seven hundred thousand ($700,000) ($350,000 per Vessel) (which for the purpose of this Agreement shall be called herein the “Pledged Deposit”), which amount will remain pledged in favour of the Lender throughout the Security Period; provided however that
                in case of sale or refinancing of either Vessel the amount of the Pledged Deposit will be reduced to $350,000;

          

     

    	

          	(k)	
            Banking operations: ensure that all banking operations in
                connection with the Vessels are carried out through the Lending Office of the Lender;

          

     

    	

          	(l)	
            Subordination: ensure that all Financial Indebtedness of the Borrowers to their respective
                shareholders is fully subordinated to the rights of the Lender under the Finance Documents, all in a form acceptable to the Lender, and to subordinate to the rights of the Lender under the Finance Documents any Financial Indebtedness issued
                to it by its shareholders, all in a form acceptable to the Lender;

          

     

    	

          	(m)	
            Obligations under Finance Documents:  duly and punctually perform each of the obligations expressed to be assumed by it under the
                Finance Documents;

          

     

    	

          	(n)	
            Payment on demand: pay to the Lender on demand any sum of money which is payable by the Borrowers to the Lender under this Agreement
                but in respect of which it is not specified in any other Clause when it is due and payable;

          

     

    	

          	(o)	
            Compliance with Laws and Regulations: comply, or procure compliance with all laws or regulations relating to it
                and/or its Vessel, its ownership, operation and management or to the business of such Borrower and cause this Agreement and the other Finance Documents to comply with and satisfy all the requirements and formalities established by the
                applicable laws to perfect this Agreement and the other Finance Documents as valid and enforceable Finance Documents;

          

     

    	

          	(p)	
            Maintenance of Security Interests:

          

     

    	

          	(i)	
            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

          

     

    	

          	(ii)	
            without limiting the generality of paragraph (p) above, at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in all Relevant Jurisdictions, pay any stamp, registration or similar tax in
              all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which may be 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;

          

     

    	

          	(q)	
            Registered Office: maintain its registered office at the address referred to in the Recitals;
                  and will not establish, or do anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States of America;

          

     

    	

          	(r)	
            Compliance with Covenants: duly and punctually perform all obligations under this Agreement and the other Finance Documents; and

          

     

    
      45

      
        

    

    	

          	(s)	
            No US Tax Obligor: procure that, unless otherwise agreed by the Lender, no Security Party shall become a US Tax
                Obligor.

          

     

    	8.2	
            Negative undertakings

          

     

    Each of the Borrowers, jointly and severally with the other Borrower, undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, without the prior written consent of the Lender, it will:

     

    	

          	(a)	
            Negative pledge:

          

     

    	

          	(i)	
            not permit any Security Interest (other than a Permitted Security Interest) to subsist, arise or be created or extended over all or any part of its present or future undertakings, assets, rights or revenues to secure or prefer any present
              or future Financial Indebtedness or other liability or obligation of the Borrowers (or any of them) or any other person other than in the normal course of its business of owning, financing and operating vessels and owning or acquiring
              ship-owning companies; and

          

     

    	

          	(ii)	
            not cease to hold the legal title to, and own the entire beneficial interest in its Vessel, its 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 the assignments contained in the relevant General Assignment and any other Finance Documents;

          

     

    	

          	(b)	
            No further Financial Indebtedness: not incur any further Financial Indebtedness nor authorise or accept any capital commitments
                (other than that normally associated with the day to day operations and trading of the Borrowers and any Financial Indebtedness that is subordinated (in writing with the Lender’s prior written
                consent, at its discretion,  and pursuant to a subordination agreement acceptable to the Lender) to all Financial Indebtedness incurred under the Finance Documents) nor enter into any agreement for
                payment on deferred terms or hire agreement;

          

     

    	

          	(c)	
            No merger:  not merge or consolidate with any other person;

          

     

    	

          	(d)	
            No disposals:

          

     

    	

          	(i)	
            not sell, transfer, abandon, lend, lease or otherwise dispose of or cease to exercise direct control over any part (being either alone or when aggregated with all other disposals falling to be taken into account pursuant to this Clause
              8.2(d) material in the opinion of the Lender in relation to the undertakings, assets, rights and revenues of the Borrowers) of its present or future undertaking, assets, rights or revenues (otherwise than by transfers, sales or disposals for
              full consideration in the ordinary course of operations and trading) whether by one or a series of transactions related or not; and

          

     

    	

          	(ii)	
            not transfer, lease or otherwise dispose of 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;

          

     

    	

          	(e)	
            No acquisitions: not acquire any further assets other than its Vessel and rights arising under contracts entered into by or on
                behalf of that Borrower other than in the ordinary course of its business of owning, operating and chartering its Vessel;

          

     

    
      46

      
        

    

    	

          	(f)	
            No other business: not undertake any type of business other than its current business of owning, financing and operating vessels and
                owning or acquiring ship-owning companies;

          

     

    	

          	(g)	
            No investments: not make any investments in any person, asset, firm, corporation, joint venture or other entity;

          

     

    	

          	(h)	
            No other obligations: not incur any liability or obligations except liabilities and obligations arising under the Finance Documents
                or contracts entered into in the ordinary course of its business of owning, operating, maintaining, repairing and chartering its Vessel (and for the purposes of this Clause 8.2(h) fees to be paid pursuant to the Management Agreement in
                respect of its Vessel shall be considered as permitted obligations under the Finance Documents);

          

     

    	

          	(i)	
            No borrowing: not incur any Borrowed Money except for Borrowed Money pursuant to the Finance Documents;

          

     

    	

          	(j)	
            No repayment of borrowings: not repay the principal of, or pay interest on or any other sum in connection with, any of its Borrowed
                Money except for Borrowed Money pursuant to the Finance Documents;

          

     

    	

          	(k)	
            No Payments: unless otherwise provided in this Agreement and the other Finance Documents (and then only to the extent expressly
                permitted by the same) not pay out any funds (whether out of the Earnings or out of moneys collected under the relevant General Assignment and/or the other Finance Documents or not) to any person except in connection with the administration
                of such Borrower and the operation and/or maintenance and/or repair and/or trading of its Vessel;

          

     

    	

          	(l)	
            No guarantees: not issue any guarantees or indemnities or otherwise become directly or contingently liable for the obligations of
                any person, firm, or corporation except pursuant to the Finance Documents and except for, in the case of such Borrowers, guarantees or indemnities from time to time required in the ordinary course of its business or by any protection and
                indemnity or war risks association with which its Vessel is entered, guarantees required to procure the release of its Vessel from any arrest, detention, attachment or levy or guarantees or undertakings required for the salvage of its
                Vessel;

          

     

    	

          	(m)	
            No loans:  not make any loans or advances to, or any investments in any person, firm, corporation, joint venture or other entity
                including (without limitation) any loan or advance or grant any credit (save for normal trade credit in the ordinary course of business) to any officer, director, stockholder or employee or any other company managed by the Approved Head
                Manager or the Approved Commercial Manager directly or through the Approved Head Manager or the Approved Commercial Manager of the Vessels or agree to do so, provided, always, that any loans of its shareholders to either Borrower
                shall be fully subordinated to that Borrower’s obligations under this Agreement and the other Finance Documents;

          

     

    	

          	(n)	
            No securities:  not permit any Financial Indebtedness of the Borrowers (or any of them) to any person (other than the Lender) to be
                guaranteed by any person (save, in the case of either Borrower, for guarantees or indemnities from time to time required in the ordinary course of business or by any protection and indemnity or war risks association with which its Vessel is
                entered, guarantees required to procure the release of its Vessel from any arrest, detention, attachment or levy or guarantees or undertakings required for the salvage of its Vessel);

          

     

    
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          	(o)	
            No dividends or distribution: not declare or pay any dividends or other distribution
                under any name or description upon any of the issued shares or otherwise dispose of any of its present or future assets, undertakings, rights or revenues (which are all assigned to the Lender) to any of the shareholders of either Borrower
                without the prior written consent of the Lender, provided that, subject to (i) no Event of Default having occurred and being continuing and (ii) no Event of Default resulting from the payment of such dividends or the making of any
                other form of distribution, a Borrower shall be entitled to declare or make payments of any dividends without the prior written approval of the Lender;

          

     

    	

          	(p)	
            No Subsidiaries: not form or acquire any Subsidiaries;

          

     

    	

          	(q)	
            No change of business structure: not change the nature, organisation and conduct of its business or carry on any business other than
                the business carried on at the date of this Agreement;

          

     

    	

          	(r)	
            No change of legal structure: (such consent not be unreasonably withheld) ensure that none of the documents defining the
                constitution of such Borrower shall be materially (in the Lender’s opinion) altered in any manner whatsoever;

          

     

    	

          	(s)	
            No Security Interest on assets: other than Permitted Security Interests, not allow any part of its undertaking, property, assets or
                rights, whether present or future, to be mortgaged, charged, pledged, used as a lien or otherwise encumbered without the prior written consent of the Lender;

          

     

    	

          	(t)	
            No change of control: ensure that no change shall be made directly or indirectly in the ownership, beneficial ownership, control or
                management of any of the Borrowers and the Corporate Guarantor or any share therein, or any of the Vessels, as a result of which the ultimate legal and beneficial ownership of the Beneficial Shareholder(s) disclosed to the Lender at the
                negotiation of this Agreement and confirmed in writing on or before the date hereof is materially changed, but so far as the Corporate Guarantor is concerned the result of such change is that  the control in the Corporate Guarantor ceases to remain in the Beneficial Shareholder(s) disclosed to the Lender before signing of this Agreement , provided, however, that such ‘control’
                (as defined in Clause 1.4 (Construction of certain terms) of the Loan Agreement) of each of the Borrowers and Guarantor will remain with such Beneficial Shareholder(s) throughout the remainder
                of the Security Period; and

          

     

    	

          	(u)	
            No Master Agreement Derivatives:  not enter into any transaction in a derivative of any description whatsoever.

          

     

    	8.3	
            Undertakings concerning the Vessels

          

     

    Each of the Borrowers, jointly and severally with the other Borrower,
        undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, it will:

     

    	

          	(a)	
            Conveyance on default: where a Vessel is (or is to be) sold in exercise of any power conferred on the Lender, execute, forthwith
                upon request by the Lender, such form of conveyance of that Vessel as the Lender may require;

          

     

    	

          	(b)	
            Mortgage: execute, and procure the registration of the relevant Mortgage over each Vessel under the laws and flag of the Flag State
                immediately upon the drawdown of the Loan on the Drawdown Date;

          

     

    
      48

      
        

    

    	

          	(c)	
            Chartering: not let or agree its Vessel to be let:

          

     

    	

          	(i)	
            on demise charter for any period; or

          

     

    	

          	(ii)	
            without the prior written consent of the Lender (such consent not to be unreasonably withheld) by any Assignable Charterparty; or

          

     

    	

          	(iii)	
            on terms whereby more than two (2) months’ hire (or the equivalent) is payable in advance; or

          

     

    	

          	(iv)	
            otherwise than on bona fide arm’s length terms at the time when its Vessel is fixed; or

          

     

    	

          	(v)	
            under any pooling or sharing agreement in respect thereof on terms whereby any and all the Earnings of either Vessel
                are pooled or shared with any other person;

          

     

    	

          	(d)	
            Laid-up: not de-activate or lay up its Vessel;

          

     

    	

          	(e)	
            No amendment to Assignable Charterparty: not waive or fail to enforce, any
                Assignable Charterparty to which it is a party or any of its provisions, and will promptly notify the Lender of any material amendment or supplement to any Assignable Charterparty;

          

     

    	

          	(f)	
            Approved Manager:  not without the prior written consent of the Lender (such consent not to be unreasonably withheld) agree or
                appoint a manager of either Vessel other than the Approved Managers;

          

     

    	

          	(g)	
            Ownership/Management/Control:  ensure that each Vessel will be registered on the Drawdown Date in the ownership of the Owner thereof
                under the laws of the Flag State and thereafter ensure that each Vessel will maintain her registration, ownership, management, control and beneficial ownership;

          

     

    	

          	(h)	
            Class: ensure that each Vessel will remain in class free of overdue recommendations or average damage affecting class or permitted
                by the Classification Society and provide the Lender on demand with copies of all class and trading certificates of each Vessel;

          

     

    	

          	(i)	
            Insurances: ensure that all Insurances (as defined in the relevant Mortgage/General Assignment)
                  of each Vessel is maintained and comply with all insurance requirements specified in this Agreement and in the relevant Mortgage and in case of failure to maintain either Vessel so insured, authorise the Lender (and such authorisation is
                  hereby expressly given to the Lender) to have the right but not the obligation to effect such Insurances on behalf of the Owner (and in case that either Vessel remains in port for an extended period) to effect port risks insurances at the
                  cost of the Borrowers which, if paid by the Lender, shall be Expenses; the Lender shall be entitled to obtain once per year at Borrowers’ expense an opinion from insurance consultants (appointed by the Lender at the Borrowers’ expense) as
                  to the adequacy of the insurances effected or to be effected in respect of each Vessel, Provided that (i) if an Event of Default has occurred and is continuing or (ii) if there has been any change in the insurance placement within
                  such year or (iii) if there has been a Material Adverse Change of the financial condition of any of the insurers of any of the Vessels at the Lender’s sole opinion, the Lender shall be entitled to obtain at Borrowers’ expense such opinion
                  from such insurance consultants at any time it deems necessary;

          

     

    
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          	(j)	
            Transfer/Security Interests:  not without the prior written consent of the Lender agrees either Vessel or any share therein to be
                sold or otherwise disposed of or create or agree to create or permit to subsist any Security Interest over the Vessels (or either of them) (or any share or interest therein) other than Permitted Security Interests;

          

     

    	

          	(k)	
            Not imperil Flag, Ownership, Insurances: ensure that each Vessel is maintained and trades in conformity with the laws of the Flag
                State, of its owning company or of the nationality of the officers, the requirements of the Insurances and nothing is done or permitted to be done which could endanger the flag of such Vessel or its unencumbered (other than Security
                Interests in favour of the Lender and Security Interests permitted by this Agreement) ownership or its Insurances;

          

     

    	

          	(l)	
            Mortgage Covenants: ensure that each Owner always comply with all the covenants provided for in the Mortgage registered over its
                Vessel;

          

     

    	

          	(m)	
            No assignment of Earnings:  ensure that neither of the Owners will assign or agree to assign otherwise than to the Lender the
                Earnings or any part thereof;

          

     

    	

          	(n)	
            No sharing of Earnings: ensure that neither of the Owners:

          

     

    	

          	(i)	
            will enter into any agreement or arrangement for the sharing of any Earnings; and/or

          

     

    	

          	(ii)	
            will enter into any agreement or arrangement for the postponement of any date on which any Earnings are due or the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of such Owner to any
              Earnings; and/or

          

     

    	

          	(iii)	
            will enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security Interest relating to any Earnings.

          

     

    	

          	(o)	
            Assignable Charterparty:  ensure and procure that in the event of its Vessel being employed under an Assignable
                Charterparty:

          

     

    	

          	(i)	
            execute and deliver to the Lender within fifteen (15) days of signing thereof a specific assignment of all its rights, title and interest in and to such charter and any charter guarantee in the form of a
              Charterparty Assignment and a notice of such assignment addressed to the relevant charterer;

          

     

    	

          	(ii)	
            ensure (on a best effort basis) that the relevant charterer and any charter guarantor agree to acknowledge to the Lender the specific assignment of such charter and charter guarantee by executing an
              acknowledgement substantially in the form included in the relevant Charterparty Assignment;

          

     

    	

          	(iii)	
            in the case where such charter is a demise charter, the relevant charterer to undertake to the Lender (1) to comply
                with all of that Borrower’s undertakings with regard to the employment, insurances, operation, repairs and maintenance of its Vessel contained in this Agreement, the relevant Mortgage and the relevant General Assignment and (2) to provide (inter alia) an assignment of its interest in the insurances of its Vessel in the
                form of a tripartite agreement in form and substance acceptable to the Lender, to be made between the Lender, that Borrower and such charterer;

          

     

    	

          	(p)	
            No freight derivatives: not enter into or agree to enter into any freight derivatives or any other instruments which
                have the effect of hedging forward exposures to freight derivatives without the Lender’s consent;

          

     

    
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          	(q)	
            Vessels’ inspection: permit the Lender (i) by surveyors or other persons appointed by it on its behalf to board its Vessel (and, subject to no Event of Default having occurred and being continuing, no more than once a year (but in any event without interfering with the ordinary trading of its Vessel) for the purpose of inspecting her condition or for the purpose of satisfying itself with regard to proposed or executed repairs and to afford all proper facilities for such inspections and (ii) at any time by
                financial or insurance advisors or other persons appointed by the Lender to review the operating and insurance records of its Vessel and the Owner thereof and the costs (as supported by vouchers) of any and all such valuations shall be
                borne by the Borrowers;

          

     

    	

          	(r)	
            Trading: use its Vessel only for civil merchant trading;

          

     

    	

          	(s)	
            Compliance with ISM Code:  procure that each Approved Manager and any Operator will:

          

     

    	

          	(i)	
            comply with and ensure that the Vessels and any Operator by no later than the Drawdown Date complies with the requirements of the ISM Code, including (but not limited to) the maintenance and renewal of valid certificates pursuant thereto
              throughout the Security Period;

          

     

    	

          	(ii)	
            immediately inform the Lender if there is any threatened or actual withdrawal of either Owner, any Approved Manager’s or an Operator’s DOC or the SMC in respect of either Vessel; and

          

     

    	

          	(iii)	
            promptly inform the Lender upon the issue to the relevant Owner, any Approved Manager or any Operator of a DOC and to a Vessel of an SMC or the receipt by either Owner, any Approved Manager or any Operator of notification that its
              application for the same has been realised;

          

     

    	

          	(t)	
            Compliance with ISPS Code:  procure that the Approved Managers or any Operator will:

          

     

    	

          	(i)	
            maintain at all times a valid and current ISSC in respect of the relevant Vessel;

          

     

    	

          	(ii)	
            immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC in respect of the relevant Vessel; and

          

     

    	

          	(iii)	
            procure that the relevant Vessel will comply at all times with the ISPS Code;

          

     

    	

          	(u)	
            Maintenance of legal and beneficial interest in the Vessels:  hold the legal title to, and own the entire beneficial interest in its
                Vessel, its 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;

          

     

    	

          	(v)	
            Compliance with Environmental Laws: comply with, and procure that all Environmental Affiliates  of any Relevant Party comply with,
                all Environmental Laws including without limitation, requirements relating to manning and establishment of financial responsibility and to obtain and comply with, and procure that all Environmental Affiliates such Relevant Party obtain and
                comply with, all Environmental Approvals and to notify the Lender forthwith:

          

     

    
      51

      
        

    

    	

          	(i)	
            of any Environmental Claim made against any of the Vessels (or any of them), any Relevant Ship and/or their respective Owners; and

          

     

    	

          	(ii)	
            upon becoming aware of any incident which may give rise to an Environmental Claim and to keep the Lender advised in writing of the relevant Owner’s response to such Environmental Claim on such regular basis and in such detail as the Lender
              shall require.

          

     

    	

          	(w)	
            War Risk Insurance cover: in the event of hostilities in any part of the
                world (whether war is declared or not), it will not cause or permit its Vessel to enter or trade to any zone which is declared a war zone by any government or by its Vessel’s war risks insurers unless the prior written consent of the Lender
                has been given and the relevant Owner has (at its expense) effected any special, additional or modified insurance cover which the Lender may approve or require.

          

     

    	8.4	
            Validity of Securities - Earnings - Taxes etc.

          

     

    Each of the Borrowers, jointly and severally with the other Borrower,
        undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, it will:

     

    	

          	(a)	
            Validity: ensure and procure that all governmental or other consents required by law and/or any other steps required for the
                validity, enforceability and legality of this Agreement and the other Finance Documents are maintained in full force and effect and/or appropriately taken;

          

     

    	

          	(b)	
            Earnings: ensure and procure that, unless and until directed by the Lender otherwise (i) all the Earnings of its Vessel shall be
                paid to its Operating Account and (ii) the persons from whom the Earnings are from time to time due are irrevocably instructed to pay them to the said Operating Account or to such account in the name of such Borrower as shall be from time
                to time determined by the Lender in accordance with the provisions hereof and of the relevant Security Documents;

          

     

    	

          	(c)	
            Taxes:  pay all Taxes, assessments and other governmental charges imposed on the Borrowers (or any of them) when the same fall due,
                except to the extent that the same are being contested in good faith by appropriate proceedings and adequate reserves have been set aside for their payment if such proceedings fail;

          

     

    	

          	(d)	
            Additional Documents: from time to time and within fifteen (15) days after the request of the Lender, execute and deliver to the
                Lender or procure the execution and delivery to the Lender of all such documents as shall be deemed desirable at the reasonable discretion of the Lender for giving full effect to this Agreement, and for perfecting, protecting the value of
                or enforcing any rights or securities granted to the Lender under any one or more of this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto and in case that any conditions precedent (with the
                Lender’s consent) have not been fulfilled prior to the Drawdown Date, such conditions shall be complied with within fifteen (15) Banking Days after the Lender’s written request (unless the Lender agrees otherwise in writing) and failure to
                comply with this covenant shall be an Event of Default.

          

     

    
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    	8.5	
            Secured Value to Security Requirement ratio - Valuation of the Vessels

          

     

    	

          	(a)	
            Security shortfall - Additional Security: If at any time during the Security Period, the Security Value shall be less than the
                Security Requirement, the Lender may give notice to the Borrowers requiring that such deficiency be remedied and then the Borrowers shall (unless the sole cause of such deficiency is the Total Loss of the relevant Vessel and the Owner
                thereof in full compliance with its obligations in relation to such Total Loss) either:

          

     

    	

          	(i)	
            prepay (in accordance with Clause 4.2 (Voluntary prepayment) (but without regard to the requirement for ten (10) days’ notice) within a period of thirty (30) days of the date of receipt by
              the Borrowers of the Lender’s said notice such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made between the date of the notice and the date of such
              prepayment) being at least equal to the Security Value; or

          

     

    	

          	(ii)	
            within thirty (30) days of the date of receipt by the Borrowers of the Lender’s said notice constitute to the satisfaction of the Lender such further security for the Loan as shall be acceptable to the Lender having a value for security
              purposes (as determined by the Lender in its absolute discretion) at the date upon which such further security shall be constituted which, when added to the Security Value, shall not be less than the Security Requirement as at such date. Such
              additional security shall be constituted by:

          

     

    	

          	aa)	
            additional pledged cash deposits in favor of the Lender in an amount equal to such shortfall with the Lender and in an account and manner to be determined by the Lender; and/or

          

     

    	

          	bb)	
            any other security acceptable to the Lender at its absolute discretion to be provided in a manner determined by the Lender.

          

     

    The provisions of Clauses 4.3 (Compulsory Prepayment in case of Total Loss or sale of a Vessel) and 4.5 (Amounts

          payable on prepayment) shall apply to prepayments under Clause 8.5(a)(i).

     

    	

          	(b)	
            Valuation of Vessels: Each of the Vessels shall, for the purposes of this Clause 8.5, be valued in Dollars at least once a year and
                at any time that the Lender may reasonably require by one (1) Approved Shipbroker appointed by the Lender, (such valuation to be addressed to the Lender and made without, unless required by the Lender, physical inspection, and on the basis
                of a sale for prompt delivery for cash at arm’s length on normal commercial terms as between a willing buyer and a willing seller, without taking into account the benefit of any Assignable Charterparty
                or other engagement concerning the relevant Vessel, as may be applicable. The Lender and the Borrowers agree to accept the valuation made by the Approved Shipbroker appointed as aforesaid as conclusive evidence of the Market Value of the
                relevant Vessel at the date of such valuation and that such valuation shall constitute the Market Value of the relevant Vessel for the purposes of this Clause 8.5.

          

     

    The value of the relevant Vessel determined in accordance with the provisions of this Clause 8.5 shall be binding upon the Borrowers and the Lender until such time as any further such valuations
      shall be obtained.

     

    	

          	(c)	
            Information: The Borrowers undertake to the Lender to provide the Lender and any such Approved Shipbrokers such information
                concerning the relevant Vessel and its condition as such Approved Shipbrokers may reasonably require for the purpose of making any such valuation.

          

     

    
      53

      
        

    

    	

          	(d)	
            Costs: All costs in connection with the Lender obtaining any valuation of each of the Vessels referred to in Clause 8.5(b) (Valuation of Vessels), and any valuation of any additional security for the purposes of ascertaining the Security Value at any time or necessitated by the Borrowers electing to constitute
                additional security pursuant to Clause 8.5(a)(ii) and all legal and other expenses incurred by the Lender in connection with any matter arising out of this Clause 8.5 shall be borne by the Borrowers.

          

     

    	

          	(e)	
            Valuation of additional security: For the purpose of this Clause 8.5, the market value of any additional security provided or to be
                provided to the Lender shall be determined by the Lender in its absolute discretion without any necessity for the Lender assigning any reason thereto and if such security consists of a vessel shall be that shown by a valuation complying
                with the requirements of Clause 8.5(b) (Valuation of Vessels) (whereas the costs shall be borne by the Borrowers in accordance with Clause 8.5(d) (Costs))
                or if the additional security is in the form of a cash deposit full credit shall be given for such cash deposit on a Dollar for Dollar basis.

          

     

    	

          	(f)	
            Documents and evidence: In connection with any additional security provided in accordance with this Clause 8.5, the Lender shall be
                entitled to receive such evidence and documents of the kind referred to in Clause 7.1 (Conditions precedent to the execution of this Agreement) as may in the Lender’s opinion be appropriate
                and such favourable legal opinions as the Lender shall in its absolute discretion require.

          

     

    	8.6	
            Sanctions

          

     

    	

          	(a)	
            Without limiting Clause 8.7 (Compliance with laws etc.), each of the Borrowers hereby undertakes with the Lender that, from the date of this Agreement and until the date that the Outstanding
              Indebtedness is paid in full, it shall ensure that none of the Vessels:

          

     

    	

          	(i)	
            will be used by or for the benefit of a Sanctions Restricted Person contrary to Sanctions; and/or

          

     

    	

          	(ii)	
            will be used in trading in any Sanctions Restricted Jurisdiction or in any manner contrary to Sanctions; and/or

          

     

    	

          	(iii)	
            will be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances.

          

     

    	

          	(b)	
            Each Borrower shall:

          

     

    	

          	(i)	
            not directly or to its knowledge (after reasonable enquiry) indirectly use or permit to be used all or any part of the proceeds of the Loan, or lend, contribute or otherwise make available such proceeds directly or to its knowledge (after
              reasonable enquiry) indirectly, to any person or entity (i) to finance or facilitate any activity or transaction of or with any Sanctions Restricted Person contrary to Sanctions or in any Sanctions Restricted Jurisdiction, or (ii) in any
              other manner that would result in a violation of any Sanctions by any Party;

          

     

    	

          	(ii)	
            shall not fund all or part of any payment under the Loan out of proceeds derived directly or to its knowledge (after reasonable enquiry) indirectly from any activity or transaction with a Sanctions Restricted Person contrary to Sanctions
              or in a Sanctions Restricted Jurisdiction or which would otherwise cause any party to be in breach of any Sanctions; and

          

     

    
      54

      
        

    

    	

          	(iii)	
            procure that no proceeds to its knowledge (after reasonable enquiry) from activities or business with a Sanctions Restricted Person contrary to Sanctions or in a Sanctions Restricted Jurisdiction are credited to any of the Accounts.

          

     

    	8.7	
            Compliance with laws etc.

          

     

    Each of the Borrowers shall:

     

    	

          	(a)	
            comply, or procure compliance with all laws or regulations by the relevant Security Party:

          

     

    	

          	(i)	
            relating to its respective business generally; and

          

     

    	

          	(ii)	
            relating to its Vessel, its ownership, employment, operation, management and registration including, but not limited to, the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Flag State; and

          

     

    	

          	(iii)	
            all Sanctions;

          

     

    	

          	(b)	
            obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental Approvals; and

          

     

    	

          	(c)	
            without limiting paragraph (a) above, not employ its Vessel nor allow its employment, operation or management in any manner contrary to any law or regulation including, but not limited to, the ISM Code, the ISPS Code and all Environmental
              Laws which has or is likely to have a Material Adverse Effect on any of the Security Parties.

          

     

    	8.8	
            Covenants for the Securities Parties

          

     

    Each of the Borrowers, jointly and severally with the other Borrower,
        undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, it will ensure

        and procure that all other Security Parties and each of them duly and punctually comply, with the covenants in Clauses 8.1 (General), 8.3 (Undertakings
            concerning the Vessels), 8.4 (Validity of Securities - Earnings - Taxes etc.), 8.5 (Secured Value to Security Requirement ratio - Valuation of the
            Vessels), 8.6 (Sanctions) and 8.7 (Compliance with laws etc.) which are applicable to them mutatis mutandis.

     

    	8.9	
            Know your customer and money laundering compliance

          

     

    Each of the Borrowers, jointly and severally with the other Borrower,
        undertakes with the Lender that, from the date of this Agreement and until the full and complete payment and discharge of the Outstanding Indebtedness, it will provide the Lender, or procure the
        provision of, such documentation and other evidence as the Lender shall from time to time require, based on applicable law and regulations from time to time and the Lender’s own internal guidelines from time to time to identify the each of the
        Borrowers and the other Security Parties, including the disclosure in writing of the ultimate legal and beneficial owner or owners of such entities, and any other persons involved or affected by the
        transaction(s) contemplated by this Agreement in order for the 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.

     

    
      55

      
        

    

    
      
        	9.	
                EVENTS OF DEFAULT

              

      

      

      

    

    	9.1	
            Events

          

     

    There shall be an Event of Default if:

     

    	

          	(a)	
            Non‐payment: any Security Party fails to pay any sum payable by it under any of the Finance Documents at the time, in the currency
                and in the manner stipulated in the Finance Documents (and so that, for this purpose, sums payable on demand shall be treated as having been paid at the stipulated time if paid within five (5) Banking Days of demand and other sums due shall
                be treated as having been paid at the stipulated time if paid within two (2) Banking Days of its falling due); or

          

     

    	

          	(b)	
            Breach of Insurance and certain other obligations: any of the Borrowers fails to obtain and/or maintain the Insurances (as defined
                in, and in accordance with the requirements of, the Finance Documents) or if any insurer in respect of such Insurances cancels the Insurances or disclaims liability by reason, in either case, of mis‐statement in any proposal for the
                Insurances or for any other failure or default on the part of the Borrowers or any other person or the Borrowers commit any breach of or omit to observe any of the obligations or undertakings expressed to be assumed by them under Clause 8 (Covenants); or

          

     

    	

          	(c)	
            Breach of other obligations: any Security Party commits any breach of or omits to observe any of its obligations or undertakings
                expressed to be assumed by it under any of the Finance Documents (other than those referred to in Clauses 9.1(a) (Non‐payment) and 9.1(b) (Breach of
                    Insurance and certain other obligations) above) and, in respect of any such breach or omission which in the opinion of the Lender is capable of remedy, such action as the Lender may require shall not have been taken within
                fifteen (15) days of the Lender notifying in writing the relevant Security Party of such default and of such required action; or

          

     

    	

          	(d)	
            Misrepresentation: any representation or warranty made or deemed to be made or repeated by or in respect of any Security Party in or
                pursuant to any of the Finance Documents or in any notice, certificate or statement referred to in or delivered under any of the Finance Documents is or proves to have been incorrect or misleading in any material respect; or

          

     

    	

          	(e)	
            Cross‐default: any Financial Indebtedness (other than under the Finance Documents) of any of the Borrowers and the Corporate
                Guarantor (in each case related to an amount exceeding the amount of Five hundred thousand Dollars ($500,000) is not paid when due (unless contested in good faith) or any Financial Indebtedness (other
                than under the Finance Documents) of any of the Borrowers and the Corporate Guarantor 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 otherwise have become due (unless as a result of the exercise by that Borrower or the Corporate Guarantor of a voluntary right of
                prepayment), or the Lender becomes entitled to declare any such Financial Indebtedness due and payable or any facility or commitment available to any of the Borrowers and the Corporate Guarantor relating

                to such Financial Indebtedness is withdrawn, suspended or cancelled by reason of any default (however described) of the person concerned, unless the relevant Security Party shall have satisfied the Lender that such withdrawal, suspension or
                cancellation will not affect or prejudice in any way the relevant Security Party’s ability to pay its debts as they fall due, or any guarantee given by any of the Borrowers and the Corporate Guarantor in

                respect of such Financial Indebtedness is not honoured when due and called upon; or

          

     

    
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          	(f)	
            Legal process: any judgment or order made or commenced in good faith by a person against any of the Borrowers and the Corporate
                Guarantor is not stayed or complied with within thirty (30) days or a good faith creditor attaches or takes possession of, or a distress, execution, sequestration or other bonafide process is levied or enforced upon or sued out against, any of the undertakings, assets, rights or revenues of any of the Borrowers and the Corporate Guarantor and is not
                discharged, or bail is lodged in respect thereof, within thirty (30) days within ; or

          

     

    	

          	(g)	
            Insolvency: any Security Party becomes insolvent or stops or suspends making payments (whether of principal or interest) with
                respect to all or any class of its debts or announces an intention to do so; or

          

     

    	

          	(h)	
            Reduction or loss of capital: a meeting is convened by any of the Borrowers and the Corporate Guarantor for the purpose of passing
                any resolution to purchase, reduce or redeem any of its share capital; or

          

     

    	

          	(i)	
            Winding up: any petition is presented or other step is taken for the purpose of winding up any Security Party or an order is made or
                resolution passed for the winding up of any Security Party or a notice is issued convening a meeting for the purpose of passing any such resolution; or

          

     

    	

          	(j)	
            Administration: any bonafide petition is presented or other step is taken for the purpose
                of the appointment of an administrator of any Security Party or the Lender believes that any such petition or other step is imminent or an administration order is made in relation to any Security Party; or

          

     

    	

          	(k)	
            Appointment of receivers and managers: any administrative or other receiver is appointed of any Security Party or any part of its
                assets and/or undertaking or any other steps are taken to enforce any Security Interest over all or any part of the assets of any such Security Party; or

          

     

    	

          	(l)	
            Compositions: any steps are taken, or negotiations commenced, by any Security Party or by any of its creditors with a view to the
                general readjustment or rescheduling of all or part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such company and any of its creditors provided, however, that if the Borrowers are
                able to provide such evidence as is satisfactory in all respects to the Lender that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or

          

     

    	

          	(m)	
            Analogous proceedings: there occurs, in relation to any Security Party, in any country or territory in which any of them carries on
                business or to the jurisdiction of whose courts any part of their assets is subject, any event which, in the 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(f) (Legal process) to (l) (Compositions) (inclusive) or any Security Party otherwise becomes subject, in any
                such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or

          

     

    	

          	(n)	
            Cessation of business: any Security Party suspends or ceases or threatens to suspend or cease to carry on its business; or

          

     

    	

          	(o)	
            Seizure: all or a material part of the undertaking, assets, rights or revenues of, or shares or other ownership interests in, any
                Security Party are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any government; and the respective Security Party fails to procure for its release within a period of  thirty (30) days; or

          

     

    
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          	(p)	
            Consents:  any consent, authorisation, licence or approval of, or registration with or declaration to, governmental or public bodies
                or authorities or courts required by any Security Party to authorise or otherwise in connection with, the execution, delivery, validity, enforceability or admissibility in evidence of this Agreement and/or any of the other Security
                Documents or the performance by the Security Parties of their respective obligations under this Agreement and/or any of the other Finance Documents is modified in a manner unacceptable to the Mortgagee or is not granted or is revoked or
                terminated or expires and is not renewed or otherwise ceases to be in full force and effect; or

          

     

    	

          	(q)	
            Invalidity: any of the Finance Documents shall at any time and for any reason become invalid or unenforceable or otherwise cease to
                remain in full force and effect, or if the validity or enforceability of any of the Finance Documents shall at any time and for any reason be contested by any Security Party which is a party thereto, or if any such Security Party shall deny
                that it has any, or any further, liability thereunder; or

          

     

    	

          	(r)	
            Unlawfulness: it becomes impossible or unlawful at any time for any Security Party, to fulfil any of the covenants and obligations
                expressed to be assumed by it in any of the Finance Documents or for the Lender to exercise the rights or any of them vested in it under any of the Finance Documents or otherwise; or

          

     

    	

          	(s)	
            Repudiation: any Security Party repudiates any of the Finance Documents or does or causes or permits to be done any act or thing
                evidencing an intention to repudiate any of the Finance Documents; or

          

     

    	

          	(t)	
            Security Interests enforceable: any Security Interest (other than Permitted Security Interest) in respect of any of the property (or
                part thereof) which is the subject of any of the Finance Documents becomes enforceable; or

          

     

    	

          	(u)	
            Arrest: any of the Vessels is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or
                purported exercise of any possessory lien or other claim or otherwise taken from the possession of its Owner and such Owner shall fail to procure the release of such Vessel within a period of thirty (30) days thereafter; or

          

     

    	

          	(v)	
            Registration:  the registration of any of the Vessels under the laws and flag of the relevant Flag State is cancelled or terminated without the prior written consent of the Lender; if the Vessel is only provisionally registered on the Drawdown Date and is not permanently
                registered under the laws and flag of the Flag State at least fifteen (15) days prior to the deadline for completing such permanent registration; or

          

     

    	

          	(w)	
            Unrest: the Flag State of a Vessel becomes involved in hostilities or civil war or there is a seizure of power in such Flag State by
                unconstitutional means if, in any such case, (a) such event could in the opinion of the Lender reasonably be expected to have a Material Adverse Effect on the security constituted by any of the Finance Documents and (b) the relevant Owner
                has failed within thirty (30) days from receiving notice from the Lender to this effect (which notice shall have been sent following consultation with the Borrowers) to (i) delete the relevant Vessel from its Flag State and (ii) re-register
                the relevant Vessel under another Flag State approved by the Lender in its sole discretion through a relevant Registry, in each case, at the Borrowers’ cost and expense; or

          

     

    	

          	(x)	
            Environment: any Relevant Party and/or any of their respective Environmental Affiliates fails to comply with any Environmental Law
                or any Environmental Approval or any of the Vessels or any Relevant Ship is involved in any incident which gives rise or which may give rise to any Environmental Claim, if in any such case, such noncompliance or incident or the
                consequences thereof could (in the reasonable opinion of the Lender) be expected to have a material adverse change as described hereinbelow under paragraph (u); or

          

     

    
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          	(y)	
            P&I: any Security Party or any other person fails or omits to comply with any requirements of the protection and indemnity
                association or other insurer with which any of the Vessels is entered for insurance or insured against protection and indemnity risks (including oil pollution risks) to the effect that any cover in relation to such Vessel (including without
                limitation, liability for Environmental Claims arising in jurisdictions where such Vessel operates or trades) is or may be liable to cancellation, qualification or exclusion at any time; or

          

     

    	

          	(z)	
            Beneficial Ownership:  there has been a change of control directly or indirectly in the Borrowers (or either of them) or any share
                therein or of either Vessel or of the Corporate Guarantor as a result of which any of the Borrowers and the Corporate Guarantor ceases to remain in the control of the Beneficial Shareholders disclosed to the Lender prior to the date of this
                Agreement or either Vessel ceases to remain 100% owned by the Owner thereof; or

          

     

    	

          	(aa)	
            Change of Management: either Vessel ceases to be managed by any Approved Manager (for any reason other than the reason of a Total
                Loss or sale of such Vessel) without the approval of the Lender and the Owner thereof fails to appoint another Approved Manager prior to the termination of the mandate with the previous Approved Manager; or

          

     

    	

          	(bb)	
            Deviation of Earnings: any Earnings of any of the Vessels are not paid to the relevant Operating Account for any reason whatsoever
                (other than with the Lender’s prior written consent); or

          

     

    	

          	(cc)	
            ISM Code and ISPS Code: (without prejudice to the generality of Clause 9.1(c) (Breach of other
                    obligations)) for any reason whatsoever the provisions of Clause 8.3(t) (Compliance with ISM Code) and Clause 8.3(u) (Compliance with
                    ISPS Code) are not complied with and the relevant Vessel ceases to comply with the ISM Code or, as the case may be, the ISPS Code; or

          

     

    	

          	(dd)	
            Operating Account: any moneys are withdrawn from the Operating Accounts (or any of them) other than in accordance with Clauses
                8.4(b) (Earnings) and 13 (Operating Accounts); or

          

     

    	

          	(ee)	
            Material events: any other event or events (whether related or not) occurs or circumstance arises which constitutes
                a Material Adverse Change, from the position applicable as at the date of this Agreement, in the business, affairs or condition (financial or otherwise) of any Security Party) (including any such material adverse change resulting from an
                Environmental Incident) the effect of which is likely, in the opinion of the Lender, to impair, delay or prevent the due fulfilment by any Security Party of any of its respective obligations or undertakings contained in this Loan Agreement
                or any of the other Finance Documents and/or materially and adversely to affect the security created by any of the Finance Documents; or

          

     

    	

          	(ff)	
            Finance Documents: any other event of default (as howsoever described or defined therein) occurs under the Finance Documents (or any
                of them).

          

     

    
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    	9.2	
            Consequences of Default – Acceleration

          

     

    The Lender may without prejudice to any other rights of the Lender (which will continue to be in force concurrently with the following), at any time after the happening of an Event of Default:

     

    	

          	(a)	
            by notice to the Borrowers declare that the obligation of the Lender to make the Commitment (or any part thereof) available shall be terminated, whereupon the Commitment shall be reduced to zero forthwith; and/or

          

     

    	

          	(b)	
            by notice to the Borrowers declare that the Loan and all interest accrued and all other sums payable under the Finance Documents have become due and payable, whereupon the same shall, immediately or in accordance with the terms of such
              notice, become due and payable without any further diligence, presentment, demand of payment, protest or notice or any other procedure from the Lender which are expressly waived by the Borrowers; and/or

          

     

    	

          	(c)	
            put into force and exercise all or any of the rights, powers and remedies possessed by the Lender under this Agreement and/or under any other Finance Document and/or as mortgagee of each of the Vessels, mortgagee, chargee or assignee or as
              the beneficiary of any other property right or any other security (as the case may be) of the assets charged or assigned to it under the Finance Documents or otherwise (whether at law, by virtue of any of the Finance Documents or otherwise);

          

     

    	9.3	
            Multiple notices; action without notice

          

     

    The Lender may serve notices under sub-Clauses (a) and (b) of Clause 9.2 (Consequences of Default – Acceleration)
      simultaneously or on different dates and it may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after service of both or either of such notices, it being understood and agreed that the
      non-service of a notice in respect of an Event of Default hereunder, or under any of the Finance Documents (whether known to the Lender or not), shall not be construed to mean that the Event of Default shall cease to exist and bring about its lawful
      consequences.

     

    	9.4	
            Demand basis

          

     

    If, pursuant to Clause 9.2(b), the Lender declares the Loan to be due and payable on demand, the Lender may by written notice to the Borrowers (a) call for repayment of the Loan on such date as may
      be specified whereupon the Loan shall become due and payable on the date so specified together with all interest accrued and all other sums payable under this Agreement or (b) withdraw such declaration with effect from the date specified in such
      notice.

     

    	9.5	
            Proof of Default

          

     

    It is agreed that (i) the non-payment of any sum of money in time will be proved conclusively by mere passage of time and (ii) the occurrence of this (non-payment) shall be proved conclusively by a
      mere written statement of the Lender (save for manifest error and in absence of willful misconduct).

     

    	9.6	
            Exclusion of Lender’s liability

          

     

    Neither the Lender nor any receiver or manager appointed by the Lender, 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 an Security Interest created by, a Finance Document or by any failure or delay to exercise such a right or to enforce such an Security Interest; or

          

     

    
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          	(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 an Security Interest or for any reduction (however caused) in the value of such an
              asset,

          

     

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

     

    
      
        	10.	
                INDEMNITIES - EXPENSES – FEES

              

      

      

      

    

    	10.1	
            Miscellaneous indemnities

          

     

    The Borrowers shall on demand (and it is hereby expressly undertaken by the Borrowers to) indemnify the Lender, without prejudice to any of the other rights of the Lender under any of the Finance
      Documents, against any loss (including loss of the applicable Margin and any Break Costs) or expense which the Lender shall certify as sustained or incurred as a consequence of:

     

    	

          	(a)	
            any default in payment by any of the Security Parties of any sum under any of the Finance Documents when due;

          

     

    	

          	(b)	
            the occurrence of any Event of Default which is continuing;

          

     

    	

          	(c)	
            any prepayment of the Loan or part thereof being made under Clauses 4.2 (Voluntary Prepayment) and 4.3 (Compulsory Prepayment in case of Total Loss or
                  sale of a Vessel), 8.5(a) (Security shortfall-Additional Security), Clause 12.1 (Unlawfulness)
              or Clause 12.4 (Option to prepay) or any other repayment of the Loan or part thereof being made otherwise than on an Interest Payment Date relating to the part of the Loan prepaid or repaid;
              or

          

     

    	

          	(d)	
            the Commitment not being advanced for any reason (excluding any default by the Lender and any reason specified in Clauses 3.6 (Market disruption – Non Availability), 4.3(a) (Total Loss of a Mortgaged Vessel) or 12.1 (Unlawfulness) after the Drawdown Notice has been given, including, in any such case, but not limited to,
              any loss or expense sustained or incurred in maintaining or funding the Loan or any part thereof or in liquidating or re-employing deposits from third parties acquired to effect or maintain the Loan or any part thereof.

          

     

    	

          	(e)	
            The Borrowers shall fully indemnify the Lender on its demand, without prejudice to any of its other rights under any of the Finance Documents, in respect of all claims, liabilities, losses or other Expenses which may be made or brought
              against or sustained or incurred by the Lender, in any country, as a result of or in connection with:

          

     

    	

          	(i)	
            any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Lender or by any receiver appointed under a Finance Document;

          

     

    	

          	(ii)	
            investigating any event which the Lender reasonably believes constitutes an Event of Default; or

          

     

    	

          	(iii)	
            acting or relying on any notice, request or instruction which the Lender reasonably believes to be genuine, correct and appropriately authorised,

          

     

    
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    other than claims, liabilities, losses or other Expenses, which are shown to have been directly and mainly caused by the willful misconduct of the officers or employees of the Lender.

     

    Without prejudice to its generality, this Clause 10.1 covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea,
      the ISM Code, the ISPS Code, any Environmental Law and any Sanctions.

     

    	10.2	
            Expenses

          

     

    The Borrowers shall (and it is hereby expressly undertaken by the Borrowers to) pay to the Lender on demand:

     

    	

          	(a)	
            Initial and Amendment expenses:  all expenses (including reasonable legal, printing and out-of-pocket expenses) reasonably incurred
                by the Lender in connection with the negotiation, preparation and execution of this Agreement and the other Finance Documents and of any amendment or extension of or the granting of any waiver or consent under this Agreement and/or any of
                the Finance Documents and/or in connection with any proposal by the Borrowers to constitute additional security pursuant to Clause 8.5(a) (Security shortfall - Additional Security), whether any such security shall in fact be constituted or not;

          

     

    	

          	(b)	
            Enforcement expenses:  all expenses (including reasonable legal and out-of-pocket expenses) incurred by the Lender in contemplation
                of, or otherwise in connection with, the enforcement of, or preservation of any rights under, this Agreement and/or any of the other Finance Documents, or otherwise in respect of the moneys owing under this Agreement and/or any of the other
                Finance Documents or the contemplation or preparation of the above, whether they have been effected or not;

          

     

    	

          	(c)	
            Legal costs:  the legal costs of the Lender’s appointed lawyers, in respect of the preparation of this Agreement and the other
                Finance Documents as well as the legal costs of the foreign lawyers (if these are available) in respect of the registration of the Finance Documents or any search or opinion given to the Lender in respect of the Security Parties or the
                Vessels or the Finance Documents. The said legal costs shall be due and payable on the Drawdown Date; and

          

     

    	

          	(d)	
            Other expenses:  any and all other Expenses.

          

     

    	10.3	
            Value Added Tax

          

     

    All fees and expenses payable pursuant to this Clause 10 shall be paid together 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 shall, on delivery of the value added tax invoice, be paid in addition to any sum agreed to be paid hereunder.

     

    	10.4	
            Stamp duty etc.

          

     

    The Borrowers shall pay any and all stamp, registration and similar taxes or charges (including those payable by the Lender) imposed by governmental authorities in relation to this Agreement and any
      of the other Finance Documents, and shall indemnify the Lender against any and all liabilities with respect to, or resulting from delay or omission on the part of the Borrowers to pay such stamp taxes or charges.

     

    
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    	10.5	
            Environmental Indemnity

          

     

    The Borrowers shall indemnify the Lender on demand and hold the Lender harmless from and against all costs, expenses, payments, charges, losses, demands, liabilities, actions, proceedings (whether
      civil or criminal) penalties, fines, damages, judgements, orders, sanctions or other outgoings of whatever nature which may be suffered, incurred or paid by, or made or asserted against the Lender at any time, whether before or after the repayment in
      full of principal and interest under this Agreement, relating to, or arising directly or indirectly in any manner or for any cause or reason out of an Environmental Claim made or asserted against the Lender if such Environmental Claim would not have
      been, or been capable of being, made or asserted against the Lender if it had not entered into any of the Finance Documents and/or exercised any of its rights, powers and discretions thereby conferred and/or performed any of its obligations
      thereunder and/or been involved in any of the transactions contemplated by the Finance Documents.

     

    	10.6	
            Currency Indemnity

          

     

    If any sum due from the Borrowers under any of the Finance Documents or any order or judgement given or made in relation hereto has to be converted from the currency (the “first currency”) in which the same is payable under the relevant Finance Document or under such order or judgement into another
      currency (the “second currency”) for the purpose of (i) making or filing a claim or proof against the
      Borrowers or any other Security Party, as the case may be or (ii) obtaining an order or judgement in any court or other tribunal or (iii) enforcing any order or judgement given or made in relation to any of the Finance Documents, the Borrowers shall
      (and it is hereby expressly undertaken by the Borrowers to) indemnify and hold harmless the Lender from and against any loss suffered as a result of any difference 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, judgement, claim or proof. 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.

     

    	10.7	
            Central Bank or European Central Bank reserve requirements indemnity

          

     

    The Borrowers shall on demand promptly indemnify the Lender against any cost incurred
        or loss suffered by the Lender as a result of its complying with the minimum reserve requirements of the European Central Bank and/or with respect to maintaining required reserves with the relevant national Central Bank to the extent that such
        compliance relates to the Commitment or deposits obtained by it to fund the whole or part of the Loan and to the extent such cost or loss is not recoverable by such Lender under Clause 12.2 (Increased cost).

     

    	10.8	
            Maintenance of the Indemnities

          

     

    The indemnities contained in this Clause 10 shall apply irrespective of any indulgence granted to the Borrowers or any other party from time to time and shall continue to be in full force and effect
      notwithstanding any payment in favour of the Lender and any sum due from the Borrowers under this Clause 10 will be due as a separate debt and shall not be affected by judgement being obtained for any other sums due under any one or more of this
      Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto.

     

    
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    	10.9	
            MII and MAPI costs

          

     

    The Borrowers shall reimburse the Lender on demand for any and all costs incurred by the Lender (as conclusively certified by the Lender) in effecting and keeping effected (a) a Mortgagee’s Interest Insurance (herein “MII”) and (b) if requested by the Lender, a Mortgagee’s
      Interest Additional Perils (Pollution) insurance policy (herein “MAPI”), each of which the Lender may at any time effect for an amount equal to 120% of the Loan and on such terms and with such insurers as shall from time to time be determined by the
      Lender, provided, however, that the Lender shall in its absolute discretion appoint and instruct in respect of any such MII and MAPI policy the insurance brokers in respect of such Insurance and provided, further, that in the event
      that the Lender effects any such Insurance on the basis of any mortgagee’s open cover, the Borrowers shall pay on demand to the Lender its proportion of premium due in respect of the Vessel(s) for which such insurance cover has been effected by the
      Lender, and any certificate of the Lender in respect of any such premium due by the Borrowers shall (save for manifest error) be conclusive and binding upon the Borrowers.

     

    	10.10	
            Communications Indemnity

          

     

    It is hereby agreed in connection with communications that:

     

    	

          	(a)	
            Express authority is hereby given by the Borrowers to the Lender to accept all tested or untested communications given by facsimile, or electronic mail or otherwise, regarding any or all of the notices, requests, instructions or other
              communications under this Agreement, subject to any restrictions imposed by the Lender relating to such communications including, without limitation (if so required by the Lender), the obligation to confirm such communications by letter.

          

     

    	

          	(b)	
            The Borrowers shall recognise any and all of the said notices, requests, instructions or other communications as legal, valid and binding, when these notices, requests, instructions or communications come from the fax number or electronic
              address mentioned in Clause 17.1 (Notices) or any other fax or electronic address usually used by it or its managing company and are duly signed or in case of emails are duly sent by the
              person appearing to be sending such notice, request, instruction or other communication.

          

     

    	

          	(c)	
            The Borrowers hereby assume full responsibility for the execution of the said notices, requests, instructions or communications and promise and recognise that the Lender shall not be held responsible for any loss, liability or expense that
              may result from such notices, requests, instructions or other communications.  It is hereby undertaken by the Borrowers to indemnify in full the Lender from and against all actions, proceedings, damages, costs, claims, demands, expenses and
              any and all direct and/or indirect losses which the Lender may suffer, incur or sustain by reason of the Lender following such notices, requests, instructions or communications.

          

     

    	

          	(d)	
            With regard to notices, requests, instructions or communications issued by electronic and/or mechanical processes (e.g. by facsimile or electronic mail), the risk of equipment malfunction, including, without limitation, paper shortage,
              transmission errors, omissions and distortions is assumed fully and accepted by the Borrowers, save in case of Lender’s gross misconduct.

          

     

    	

          	(e)	
            The risks of misunderstandings and errors resulting from notices, requests, instructions or communications being given as mentioned above, are for the Borrowers and the Lender will be indemnified in full pursuant to this Clause save in
              case of Lender’s gross misconduct.

          

     

    
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          	(f)	
            The Lender shall have the right to ask the Borrowers to furnish any information the Lender may require to establish the authority of any person purporting to act on behalf of the Borrowers for these notices, requests, instructions or
              communications but it is expressly agreed that there is no obligation for the Lender to do so.  The Lender shall be fully protected in, and the Lender shall incur no liability to the Borrowers for acting upon the said notices, requests,
              instructions or communications which were believed by the Lender in good faith to have been given by the Borrowers or by any of its authorised representative(s).

          

     

    	

          	(g)	
            It is undertaken by the Borrowers to use its best endeavours to safeguard the function and the security of the electronic and mechanical appliance(s) such as fax(es) etc., as well as the code word list, if any, and to take adequate
              precautions to protect such code word list from loss and to prevent its terms becoming known to any persons not directly concerned with its use.  The Borrowers shall hold the Lender harmless and indemnified from all claims, losses, damages
              and expenses which the Lender may incur by reason of the failure of the Borrowers to comply with the obligations under this Clause 10.10.

          

     

    	10.11	
            Electronic communication

          

     

    Any communication from the Lender made by electronic means will be sent unsecured and without electronic signature, however, the Borrowers may request the Lender at any time in writing to change the
      method of electronic communication from unsecured to secured electronic mail communication.

     

    	

          	(a)	
            The Borrowers hereby acknowledge and accept the risks associated with the use of unsecured electronic mail communication including, without limitation, risk of delay, loss of data, confidentiality breach, forgery, falsification and
              malicious software.  The Lender shall not be liable in any way for any loss or damage or any other disadvantage suffered by the Borrowers resulting from such unsecured electronic mail communication.

          

     

    	

          	(b)	
            If the Borrowers (or any of them) or any other Security Party wish to cease all electronic communication, they shall give written notice to the Lender accordingly after receipt of which notice the Parties shall cease all electronic
              communication.

          

     

    	

          	(c)	
            For as long as electronic communication is an accepted form of communication, the Parties shall:

          

     

    	

          	(i)	
            notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

          

     

    	

          	(ii)	
            notify each other of any change to their respective addresses or any other such information supplied to them; and

          

     

    in case electronic communication is sent to recipients with the domain <@pavimarship.com>, the parties shall without undue delay
      inform each other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses.

     

    
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    	10.12	
            FATCA Deduction

          

     

    	

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

          

     

    	

          	(b)	
            Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment.

          

     

    	10.13	
            FATCA status

          

     

    	

          	(a)	
            Subject to Clause 10.13(c) below, each party shall, within ten Banking Days of a reasonable request by another party:

          

     

    	

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

          

     

    	

          	(aa)	
            a FATCA Exempt Party; or

          

     

    	

          	(bb)	
            not a FATCA Exempt Party; and

          

     

    	

          	(ii)	
            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.

          

     

    	

          	(b)	
            If a party confirms to another party pursuant to Clause 10.13(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that party shall notify that other party
              reasonably promptly.

          

     

    	

          	(c)	
            Clause 10.13(a)(i) above shall not oblige the Lenders or the Lender to do anything which would or might in its reasonable opinion constitute a breach of:

          

     

    	

          	(i)	
            any law or regulation;

          

     

    	

          	(ii)	
            any policy of the relevant Lender;

          

     

    	

          	(iii)	
            any fiduciary duty; or

          

     

    	

          	(iv)	
            any duty of confidentiality.

          

     

    	

          	(d)	
            If a party fails to confirm its status or to supply forms, documentation or other information requested in accordance with Clause10.13(a) above (including, for the avoidance of doubt, where Clause 10.13(c) above applies), then:

          

     

    	

          	(i)	
            if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and

          

     

    	

          	(ii)	
            if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,

          

     

    until (in each case) such time as the party in question provides the requested confirmation, forms, documentation or other information.

     

    
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    	10.14	
            Arrangement fee

          

     

    	

          	(a)	
            Arrangement fee: The Borrowers shall pay to the Lender an arrangement fee in an amount equal
                to one per cent (1.00%) of the amount of the Loan as at the Drawdown Date payable on the date hereof.

          

     

    	

          	(b)	
            Non-refundable: The Arrangement Fee shall be payable by the Borrowers to the Lender irrespective of utilisation/cancellation in part
                or in whole of the Commitment and shall be non-refundable.

          

     

    
      
        	11.	
                SECURITY, APPLICATION, SET-OFF

              

      

      

      

    

    	11.1	
            Securities

          

     

    As security for the due and punctual repayment of the Loan and payment of interest thereon as provided in this Agreement and of all other Outstanding Indebtedness, the Borrowers shall ensure and procure that the Security Documents are duly executed and, where required, registered in favour of the Lender in form and substance satisfactory to the Lender at the time specified herein or
      otherwise as required by the Lender and ensure that such security consists, on the Drawdown Date in respect of the Loan, of the Security Documents.

     

    	11.2	
            Maintenance of Securities

          

     

    It is hereby undertaken by the Borrowers that the Finance Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing and/or due under this Agreement and/or
      under the other Finance Documents be valid and binding obligations of the respective Security Parties thereto and rights of the Lender enforceable in accordance with their respective terms and that they will, at the expense of the Borrowers, execute,
      sign, perfect and do any and every such further assurance, document, act, omission or thing as in the opinion of the Lender may be necessary or desirable for perfecting the security contemplated or constituted by the Finance Documents.

     

    	11.3	
            Application of receipts

          

     

    	

          	(a)	
            Order of application:  Except as any Finance Document may otherwise provide, any sums which are received or
                recovered by the Lender under or pursuant to or by virtue of any of the Finance Documents and expressed to be applicable in accordance with this Clause 11.3 shall be applied by the Lender in the
                following manner:

          

     

    	

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

          

     

    	

          	aa)	
            Firstly, in or towards satisfaction of all amounts then due and payable to the Lender under the Finance Documents
                other than those amounts referred to at paragraphs b) and c) below (including, but without limitation, all amounts payable by the Borrower under Clauses 11 (Indemnities- Expenses-Fees), 5.1 (Payments – No set-off or counterclaims) or 5.3 (Gross Up) of this Agreement or by the Borrower or any Security Party under any corresponding or
                similar provision in any other Finance Document);

          

     

    	

          	a)	
            Secondly, in or towards payment of any default interest then due and payable to the Lender;

          

     

    	

          	bb)	
            Thirdly, in or towards payment of any arrears of interest (other than default interest) due and payable in respect
                of the Loan or any part thereof payable to the Lender under the Finance Documents;

          

     

    
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          	cc)	
            Fourthly, in or towards satisfaction of the Loan then due and payable;

          

     

    	

          	(ii)	
            SECOND: in retention of an amount equal to any amount not then due and payable under any Finance Document but which the Lender, by notice to the Borrower and the Security Parties, states in its opinion will
              either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 11.3(a); and

          

     

    	

          	(iii)	
            THIRD: the surplus (if any), after the full and complete payment of the Outstanding Indebtedness, shall be paid to the Borrower or to any other person appearing to be entitled to it.

          

     

    	

          	(b)	
            Notice of variation of order of application:  The Lender may, by notice to the Borrower and the Security Parties,
                provide, at its sole discretion, for a different order of application from that set out in Clause 11.3(a) (Order of application) either as regards a specified sum or sums or as regards sums
                in a specified category or categories, without affecting the obligations of the Borrower to the Lender.

          

     

    	

          	(c)	
            Effect of variation notice:  The Lender may give notices under Clause 11.3(b) (Notice

                    of variation of order of application) 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 Banking Day before the date on which the notice is served.

          

     

    	

          	(d)	
            Insufficient balance: For the avoidance of doubt, in the event that such balance is insufficient to pay in full the
                whole of the Outstanding Indebtedness, the Lender shall be entitled to collect the shortfall from the Borrower or any other person liable therefor.

          

     

    	

          	(e)	
            Appropriation rights overridden:  This Clause 11.3 and any notice which the Lender gives under Clause 11.3(b) (Notice of variation of order of application) shall override any right of
                appropriation possessed, and any appropriation made, by the Borrower or any other Security Party.

          

     

    	11.4	
            Set off

          

     

    	

          	(a)	
            Application of credit balances: Express authority is hereby given by each Borrower to the Lender without prejudice
                to any of the rights of the Lender at law, contractually or otherwise, at any time after an Event of Default has occurred and is continuing, and without prior notice to the Borrowers:

          

     

    	

          	(i)	
            to apply any credit balance standing upon any account of each Borrower with any branch of the Lender (including, without limitation, the Operating Account and in whatever currency in or towards satisfaction of
              any sum due to the Lender from the Borrowers under this Agreement, the General Assignments and/or any of the other Finance Documents;

          

     

    	

          	(ii)	
            in the name of each of the Borrowers and/or the Lender to do all such acts and execute all such documents as may be necessary or expedient to effect such application; and

          

     

    
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          	(iii)	
            to combine and/or consolidate all or any accounts in the name of each Borrower with the Lender; and

          

     

    for that purpose:

     

    	

          	aa)	
            to break, or alter the maturity of, all or any part of a deposit of the Borrowers (or either of them);

          

     

    	

          	bb)	
            to convert or translate all or any part of a deposit or other credit balance into Dollars; and

          

     

    	

          	cc)	
            to enter into any other transaction or make any entry with regard to the credit balance which the Lender considers appropriate.

          

     

    	

          	(b)	
            Existing rights unaffected: The Lender shall not be obliged to exercise any right given by this Clause; 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 the Lender is entitled (whether under the general law or any document). For all or any
                of the above purposes authority is hereby given to the Lender to purchase with the moneys standing to the credit of any such account or accounts such other currencies as may be necessary to effect such application. The Lender shall notify
                the Borrowers forthwith upon the exercise of any right of set‐off giving full details in relation thereto.

          

     

    
      
        	12.	
                UNLAWFULNESS, INCREASED COST, BAIL-IN

              

      

      

      

    

    	12.1	
            Unlawfulness

          

     

    If any change in, or introduction of, any law, regulation or regulatory requirement or any request of any central bank, monetary, regulatory or other authority or any order of any court renders it
      unlawful or contrary to any such regulation, requirement, request or order for the Lender to advance the Commitment or the relevant part thereof (as the case may be) or to maintain or fund the Loan, notice shall be given promptly by the Lender to the
      Borrowers whereupon the Commitment shall be reduced to zero and the Borrowers shall be obliged to prepay the Loan either (i) forthwith or (ii) on a future specified date not being earlier than the latest date permitted by the relevant law or
      regulation, together with accrued interest thereon to the date of prepayment and all other sums payable by the Borrowers under this Agreement.

     

    	12.2	
            Increased Cost

          

     

    If the result of any change in, or in the interpretation, implementation or application of, or the introduction of, any law or any regulation (whether or not having the force of law, but, if not
      having the force of law, with which the Lender or, as the case may be, its holding company habitually complies), including (without limitation) those relating to Taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits and special
      deposits or other banking or monetary controls or requirements which affect the manner in which the Lender allocates capital resources to its obligations hereunder (including, without limitation, those resulting from the implementation or application
      of or compliance with the Basel II Accord or the Basel III Accord or any Basel II Regulation or the Basel III Accord or any Basel III Regulation or any subsequent accord, approach or regulation thereto) (collectively, “Capital Adequacy Law”) or compliance by the Lender with any such Capital Adequacy Law or , is to:

     

    	

          	(a)	
            increase the cost to, or impose an additional cost on, the Lender or its holding company in making or keeping the Commitment available or maintaining or funding all or part of the Loan; and/or

          

     

    
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          	(b)	
            subject the Lender to Taxes or change the basis of Taxation of the Lender with respect to any payment under any of the Finance Documents (other than Taxes or Taxation on the overall net income, profits or gains of the Lender imposed in the
              jurisdiction in which its principal or lending office under this Agreement is located); and/or

          

     

    	

          	(c)	
            reduce the amount payable or the effective return to the Lender under any of the Finance Documents; and/or

          

     

    	

          	(d)	
            reduce the Lender’s or its holding company rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital resources to the Lender’s obligations
              under any of the Finance Document; and/or

          

     

    	

          	(e)	
            require the Lender or its holding company to make a payment or forgo a return on or calculated by references to any amount received or receivable by it under any of the Finance Documents is required;
              and/or

          

     

    	

          	(f)	
            require the Lender or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of the Commitment or the Loan from
              its capital for regulatory purposes,

          

     

    then and in each case (subject to Clause 12.5 (Exception)):

     

    	

          	(a)	
            the Lender shall notify the Borrowers in writing of such event promptly upon its becoming aware of the same; and

          

     

    	

          	(b)	
            the Borrowers shall on demand pay to the Lender the amount which the Lender specifies (in a certificate and supporting documents setting forth and evidencing 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 and/or (as the case may be) its holding company for such liability to Taxes, cost, reduction, payment, foregone return or loss whatsoever.

          

     

    For the purposes of this Clause 12 “holding company”
      means the company or entity (if any) within the consolidated supervision of which the Lender is included.

     

    	12.3	
            Mitigation

          

     

    If circumstances arise which would result in a notification under Clause 12.1 (Unlawfulness) or Clause 12.2 (Increased Cost), then, without in any way limiting the rights of the Lender under this Clause, the Lender shall use reasonable endeavours to transfer all the Lender’s obligations, liabilities and rights under
      this agreement and the Finance Documents to another office or financial institution not affected by the circumstances, but the Lender shall not be under any obligation to take any such action if, in its opinion, to do so would or might: (a) have an
      adverse effect on its business, operations or financial condition; or (b) involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent with, any regulation; or involve it in any expense (unless
      indemnified to its satisfaction) or tax disadvantage.

     

    
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    	12.4	
            Claim for increased cost

          

     

    The Lender will promptly notify the Borrowers of any intention to claim indemnification pursuant to Clause 12.2 (Increased Cost) and such
      notification will be a conclusive and full evidence binding on the Borrowers as to the amount of any increased cost or reduction and the method of calculating the same and the Borrowers shall be allowed to rebut such evidence by any means of evidence
      save for witness.  A claim under Clause 12.2 (Increased Cost) may be made at any time and must be discharged by the Borrowers within seven (7) days of demand.  It shall not be a defence to a claim by
      the Lender under this Clause 12.3 that any increased cost or reduction could have been avoided by the Lender.  Any amount due from the Borrowers under Clause 12.2 (Increased Cost) shall be due as a
      separate debt and shall not be affected by judgement being obtained for any other sums due under or in respect of this Agreement.

     

    	12.5	
            Option to prepay

          

     

    If any additional amounts are required to be paid by the Borrowers to the Lender by virtue of Clause 12.2 (Increased Cost), the Borrowers shall be
      entitled, on giving the Lender not less than fourteen (14) days prior notice in writing, to prepay (without premium or penalty) the Loan and accrued interest thereon, together with all other Outstanding Indebtedness, on the next Repayment Date. Any
      such notice, once given, shall be irrevocable.

     

    	12.6	
            Exception

          

     

    Nothing in Clause 12.2 (Increased Cost) shall entitle the Lender to receive any amount in respect of compensation for any such liability to Taxes,
      increased or additional cost, reduction, payment, foregone return or loss to the extent that the same is subject of an additional payment under Clause 5.3 (Gross Up).

     

    	12.7	
            Contractual recognition of bail-in

          

     

    Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to
      any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

     

    	

          	(a)	
            any Bail-In Action in relation to any such liability, including (without limitation):

          

     

    	

          	(i)	
            a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

          

     

    	

          	(ii)	
            a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

          

     

    	

          	(iii)	
            a cancellation of any such liability; and

          

     

    	

          	(b)	
            a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

          

     

    
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        	13.	
                OPERATING ACCOUNTS

              

      

      

      

    

    	13.1	
            General

          

     

    Each of the Borrowers undertakes with the Lender that it will:

     

    	

          	(a)	
            on or before the Drawdown Date open its Operating Account; and

          

     

    	

          	(b)	
            procure that all moneys payable to such Borrower in respect of the Earnings of its Vessel shall, unless and until the Lender directs to the contrary pursuant to the relevant General Assignment, be paid to its Operating Account, free from
              Security Interests and rights of set off other than those created by or under the Finance Documents and, shall be held there on trust for the Lender and shall be applied as provided in Clause 13.2 (Application

                  of Earnings).

          

     

    	13.2	
            Application of Earnings

          

     

    	

          	(a)	
            Subject to the terms and conditions of the Accounts Pledge Agreement no monies shall be withdrawn from the Operating
                Accounts save as hereinafter provided. Subject to no Event of Default having occurred and being continuing, all monies paid to the Operating Accounts (whether being Earnings or not) after discharging the costs (if any) incurred by the
                Lender, in collecting such monies, shall be applied by the Lender as follows:

          

     

    	

          	(i)	
            First: in payment of any arrears of interest and principal of the Loan due and payable
                and any and all other sums whatsoever which from time to time become due and payable to the Lender hereunder (such sums to be paid in such order as the Lender may in its sole discretion elect);

          

     

    provided, however, that the Lender shall be entitled to withdraw the required
        amounts from the Operating Accounts or any time deposit substitute account under the same or different designation by breaking such time deposit in order to
          effect payment of any amount due under “First” above;

     

    	

          	(ii)	
            Second: in payment of the Operating Expenses; and

          

     

    	

          	(iii)	
            Third: any credit balance shall be, subject to the provisions of this Agreement (including dividends restriction) and the Accounts
                Pledge Agreement,  available to the Borrowers to be used (unless the Lender otherwise direct at its discretion) for any purpose not inconsistent with the
                Borrowers’ other obligations under this Agreement;

          

     

    	13.3	
            Interest

          

     

    Any amounts for the time being standing to the credit of the Operating Account shall
        bear interest at the rate from time to time offered by the Lender to its customers for Dollar deposits of similar amounts and for periods similar to those for which such amounts are likely to remain standing to the credit of the Operating Account.
        Such interest shall, provided that (a) the foregoing provisions of this Clause 13 shall have been complied with and (b) no Event of Default (or event which, with the giving of notice and/or lapse of time or other applicable condition, might
        constitute an Event of Default) shall have occurred and is continuing, be released to the Borrowers.

     

    
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    	13.4	
            Drawings from Operating Accounts

          

     

    Save as provided in Clause 13.2 (Application of Earnings), none of the Borrowers shall be entitled to draw from its Operating Account if an Event of Default has occurred and is continuing.

     

    	13.5	
            Authorisation

          

     

    For the avoidance of doubt, the Lender shall be entitled (but not obliged) at any time, and to this respect the Lender is hereby authorised by each of the
      Borrowers from time to time to debit the Operating Accounts, without notice to the Borrowers, in order to discharge any amount due and payable to the Lender under the terms of this Agreement and the Security
      Documents or otherwise howsoever in connection with the Loan, including, without limitation, any payment of which the Lender has become entitled to demand under Clause 9.2 (Consequences of Default – Acceleration).

     

    	13.6	
            Obligations unaffected

          

     

    Nothing herein contained shall be deemed to affect:

     

    	

          	(a)	
            the liability and absolute obligation of the Borrowers to pay interest on and to repay the Loan as provided in Clauses 3 (Interest) and 4 (Repayment-Prepayment) nor shall they constitute or be construed as constituting a manner of postponement thereof; or

          

     

    	

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

          

     

    	13.7	
            Relocation of Operating Accounts

          

     

    Each of the Borrowers, at its own costs and expenses, undertakes with the Lender to comply with or cause to be complied with any written requirement of the
      Lender from time to time as to the location or re-location of its Operating Account and will from time to time enter into such documentation as the Lender may require in order to create or maintain a security interest in such Operating Account.

     

    	13.8	
            Application on Event of Default

          

     

    Upon the occurrence of an Event of Default or at any time thereafter (whether or not notice of default has been given to the Borrowers) when an Event of Default continues the Lender shall be entitled
      to set off and apply all sums standing to the credit of the Operating Accounts (or any of them) and accrued interest (if any) without notice to the Borrowers in the manner specified in Clause 11.3 (Application of
          funds) (and express and irrevocable authority is hereby given by each of the Borrowers to the Lender so to set off by debiting the Operating Accounts accordingly by the same.

     

    	13.9	
            No Security Interests

          

     

    The Borrowers hereby jointly and severally covenant with the Lender that the Operating Accounts and any moneys therein shall not be charged, assigned, transferred or pledged nor shall there be
      granted by the Borrowers or suffered to arise any third party rights over or against the whole or any part of the Operating Accounts (or any of them) other than in favour of the Lender as promised herein and in the General Assignments.

     

    
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    	13.10	
            Operation of Operating Accounts

          

     

    Each Operating Account shall be operated by the relevant Borrower to the degree permitted by this Agreement and the relevant General Assignment in accordance with the Lender’s usual terms and
      conditions (full knowledge of which the Borrowers hereby acknowledges) and subject to the Lender’s usual charges levied on such accounts and/or transactions conducted on such accounts (as from time to time notified by the Lender to the Borrowers).

     

    	13.11	
            Release

          

     

    Upon payment in full of all principal, interest and all other amounts due to the Lender under the terms of this Agreement and the other Finance Documents, any balance then
      standing to the credit of any of the Operating Accounts shall be released and paid to the relevant Borrower or to whomsoever else may be entitled to receive such balance.

     

    
      
        	14.	
                ASSIGNMENT, TRANSFER, PARTICIPATION, LENDING OFFICE

              

      

      

      

    

    	14.1	
            Binding Effect

          

     

    This Agreement shall be binding upon and inure to the benefit of the Lender and the Borrowers and their respective successors and assigns.

     

    	14.2	
            No Assignment by the Borrowers and other Security Parties

          

     

    Neither the Borrowers nor any other Security Parties may assign or transfer any of its rights and/or obligations under this Agreement or any of the other Finance Documents or any documents executed
      pursuant to this Agreement and/or the other Finance Documents.

     

    	14.3	
            Assignment by the Lender

          

     

    The Lender may at any time without the consent of, or consultation with, the Borrowers and the other Security Parties after giving a 10 days prior written notice
        to the Borrowers and the Corporate Guarantor , cause all or any part of its rights, benefits and/or obligations under this Agreement and the other Finance Documents to be assigned or transferred to (i) another branch, any Subsidiary or
      Affiliate of, or company controlled by, the Lender, (ii) a member of the European Central Bank System, a credit institution, a financial services institution, a financial institution, an insurance company, a social security fund, a pension fund, an
      investment company/trust or a special purpose company established for the purposes of securitization, (iii) a capital investment company, hedge fund, financial intermediary or special purpose vehicle associated to any of them or (iii) a trust
      corporation, fund or other person which regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets of which are managed or serviced by the Lender (in each case an “Assignee” or a “Transferee”), provided that the Assignee or Transferee, shall deliver to the Lender such undertaking as the Lender may approve, whereby it becomes bound by the terms of this Agreement and agrees to perform all or,
      as the case may be, part of the Lender’s obligations under this Agreement and provided further that the liabilities of the Borrowers under this Agreement and any other Finance Document shall not be increased as a result of any such assignment
      or transfer and that in the event that the Borrowers’ liabilities (actual or contingent) are increased, the Borrowers shall not be liable for any such excess.

     

    
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    	14.4	
            Participation

          

     

    The Lender may at any time without the consent of, or consultation with, or notice to the Borrowers sub-participate all or any part of its rights, benefits and/or obligations under this Agreement and
      the other Finance Documents without the consent of, or consultation with or notice to the Borrowers and the other Security Parties, provided that the liabilities of the Borrowers under this Agreement and any other Finance Document shall not
      be increased as a result of any such sub-participation and that in the event that the Borrowers’ liabilities (actual or contingent) are increased, the Borrowers shall not be liable for any such excess.

     

    	14.5	
            Cost

          

     

    Any cost of such assignment or transfer or granting sub-participation shall be for the account of the Lender and/or the Assignee, Transferee or sub-participant unless any such assignment, transfer or
      sub-participation is undertaken at the request of the Borrowers, in which case any cost arising therefrom shall be for the account of the Borrowers.

     

    	14.6	
            Documenting assignments and transfers

          

     

    If the Lender assigns, transfers or in any other manner grants participation in respect of all or any part of its rights or benefits or transfers all or any of its obligations as provided in this
      Clause 14.6 the Borrowers undertake, immediately on being requested to do so by the Lender, to enter at the expense of the Lender into and procure that each Security Party enters into such documents as may be necessary or desirable to transfer to the
      Assignee, Transferee or participant all or the relevant part of the interest of the Lender in the Finance Documents and all relevant references in this Agreement to the Lender shall thereafter be construed as a reference to the Lender and/or
      assignee, transferee or participant of the Lender to the extent of their respective interests and, in the case of a transfer of all or part of the obligations of the Lender, the Borrowers shall thereafter look only to the Assignee, Transferee or
      participant in respect of that proportion of the obligations of the Lender under this Agreement assumed by such assignee, transferee or participant. Subject to the provisions of Clause 14.3 (Assignment by the
          Lender), each of the Borrowers hereby expressly consents to any
      subsequent transfer of the rights and obligations of the Lender and undertakes that it shall join in and execute such supplemental or substitute agreements as may be necessary to enable the Lender to assign and/or transfer and/or grant participation
      in respect of its rights and obligations to another branch or to one or more banks or financial institutions in a syndicate or otherwise. The cost of any such assignment shall be borne by the Lender and/or the relevant Assignee or Transferee.

     

    	14.7	
            Disclosure of information

          

     

    The Lender may disclose to a prospective assignee, substitute or transferee or to any other person who may propose entering into contractual relations with the Lender in relation to this Agreement
      such information about the Borrowers as the Lender shall consider appropriate if the Lender first procures that the relevant prospective assignee, substitute or transferee or other person (such person together with any prospective assignee,
      substitute or transferee being hereinafter described as the “Prospective Assignee”) shall undertake to the
      Lender to keep secret and confidential and shall not, without the consent of the Borrowers, disclose to any third party any of the information, reports or documents supplied by the Lender provided, however, that the Prospective Assignee shall
      be entitled to disclose such information, reports or documents in the following situations:

     

    	

          	(a)	
            in relation to any proceedings arising out of this Agreement or the other Finance Documents to the extent considered necessary by the Prospective Assignee to protect its interest; or

          

     

    	

          	(b)	
            pursuant to a court order relating to discovery or otherwise; or

          

     

    	

          	(c)	
            pursuant to any law or regulation or to any fiscal, monetary, tax, governmental or other competent authority; or

          

     

    
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          	(d)	
            to its auditors, legal or other professional advisers.

          

     

    In addition the Prospective Assignee shall be entitled to disclose or use any such information, reports or documents if the information contained therein shall have emanated in conditions free from
      confidentiality, bona fide from some person other than the Lender or the Borrowers.

     

    	14.8	
            Changes in constitution or reorganisation of the Lender

          

     

    For the avoidance of doubt and without prejudice to the provisions of Clause 14.1 (Binding Effect), this Agreement shall remain binding on the Borrowers and the other Security Parties notwithstanding any change in the constitution of the Lender or its absorption in, or amalgamation with, or the acquisition of all or part of its undertaking or assets
      by, any other person, or any reconstruction or reorganisation of any kind, to the intent that this Agreement shall remain valid and effective in all respects in favour of any Assignee, Transferee or other successor in title of the Lender in the same
      manner as if such Assignee, Transferee or other successor in title had been named in this Agreement as a party instead of, or in addition to, the Lender.

     

    	14.9	
            Securitisation

          

     

    The Lender may include all or any part of the Loan in a securitisation (or similar transaction) pursuant to Law 3156/2003, or any other relevant legislation introduced or enacted
      after the date of this Agreement, without the consent of, or consultation with, but after giving 15-days notice to the Borrowers. The Borrowers will assist the Lender as necessary to achieve a successful securitisation (or similar transaction) provided

        that the Borrowers shall not be required to bear any third party costs related to any such securitisation (or similar transaction) and that such securitisation (or similar transaction) shall not result in an increase of the Borrowers’
      obligations under this Agreement and the other Security Documents and need only provide any such information which any third parties may reasonably require.

     

    	14.10	
            Lending Office

          

     

    The Lender shall lend through its office at the address specified in the preamble of this Agreement or through any other office of the Lender selected from time to time by it through which the Lender
      wishes to lend for the purposes of this Agreement.  If the office through which the Lender is lending is changed pursuant to this Clause 14.10, the Lender shall notify the Borrowers promptly of such change and upon notification of any such transfer,
      the word “Lender” in this Agreement and in the other Finance Documents shall mean the Lender, acting through such branch or branches and the terms and provisions of this Agreement and of the other Finance
      Documents shall be construed accordingly.

     

    
      
        	15.	
                MISCELLANEOUS

              

      

      

      

    

    	15.1	
            Time of essence

          

     

    Time is of the essence as regards every obligation of the Borrowers under this Agreement.

     

    	15.2	
            Cumulative Remedies

          

     

    The rights and remedies of the Lender contained in this Agreement and the other Finance Documents are cumulative and neither exclusive of each other nor of any other rights or remedies conferred by
      law.

     

    
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    	15.3	
            No implied waivers

          

     

    No failure, delay or omission by the Lender to exercise any right, remedy or power vested in the Lender under this Agreement and/or the other Finance Documents or by law shall impair such right or
      power, or be construed as a waiver of, or as an acquiescence in any default by the Borrowers, 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.  In the event of the Lender on any occasion agreeing to waive any such right, remedy or power, or consenting to any departure from the strict application of the provisions of this Agreement or of any other Finance
      Document, such waiver shall not in any way prejudice or affect the powers conferred upon the Lender under this Agreement and the other Finance Documents or the right of the Lender thereafter to act strictly in accordance with the terms of this
      Agreement and the other Finance Documents.  No modification or waiver by the Lender of any provision of this Agreement or of any of the other Finance Documents nor any consent by the Lender to any departure therefrom by any Security Party shall be
      effective unless the same shall be in writing and then shall only be effective in the specific case and for the specific purpose for which given.  No notice to or demand on any such party in any such case shall entitle such party to any other or
      further notice or demand in similar or other circumstances.

     

    	15.4	
            Recourse to other security

          

     

    The Lender shall not be obliged to make any claim or demand or to resort to any Finance Document or other means of payment now or hereafter held by or available to it for enforcing this Agreement or
      any of the other Finance Documents against the Security Parties (or any of them) or any other person liable and no action taken or omitted by the Lender in connection with any such Finance Document or other means of payment will discharge, reduce,
      prejudice or affect the liability of any Security Party under this Agreement and the other Finance Documents to which it is, or is to be, a party.

     

    	15.5	
            Integration of Terms

          

     

    This Agreement contains the entire agreement of the parties and its provisions supersede the provisions of the Commitment Letter (save for the provisions thereof which relate to fees) and any and all
      other prior correspondence and oral negotiation by the parties in respect of the matters regulated by this Agreement.

     

    	15.6	
            Amendments

          

     

    This Agreement and any other Finance Documents shall not be amended or varied in their respective terms by any oral agreement or representation or in any other manner other than by an instrument in
      writing of even date herewith or subsequent hereto executed by or on behalf of the parties hereto or thereto.

     

    	15.7	
            Invalidity of Terms

          

     

    In the event of any provision contained in one or more of this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto being invalid, illegal or
      unenforceable in any respect under any applicable law in any jurisdiction whatsoever, such provision shall be ineffective as to that jurisdiction only without affecting the remaining provisions hereof or thereof.  If, however, this event becomes
      known to the Lender prior to the drawdown of the Commitment or of any part thereof the Lender shall be entitled to refuse drawdown until this discrepancy is remedied. In case that the invalidity of a part results in the invalidity of the whole
      Agreement, it is hereby agreed that there will exist a separate obligation of the Borrowers for the prompt payment to the Lender of all the Outstanding Indebtedness. Where, however, the provisions of any such applicable law may be waived, they are
      hereby waived by the parties hereto to the full extent permitted by the law to the intent that this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto shall be deemed to be valid binding and enforceable
      in accordance with their respective terms.

     

    
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    	15.8	
            Language and genuineness of documents

          

     

    	

          	(a)	
            Language:  All certificates, instruments and other documents to be delivered under or supplied in connection with this Agreement or
                any of the other Finance Documents shall be in the Greek or the English language (or such other language as the Lender shall agree) or shall be accompanied by a certified Greek translation upon which the Lender shall be entitled to rely.

          

     

    	

          	(b)	
            Certification of documents:  Any copies of documents delivered to the Lender shall be duly certified as true, complete and accurate
                copies by appropriate authorities or legal counsel practicing in Greece or otherwise as will be acceptable to the Lender at the sole discretion of the Lender.

          

     

    	

          	(c)	
            Certification of signature:  Signatures on Board or shareholder resolutions, Secretary’s certificates and any other documents are,
                at the discretion of the Lender, to be verified for their genuineness by appropriate Consul or other competent authority.

          

     

    	15.9	
            Further assurances

          

     

    Each of the Borrowers undertakes that the Finance Documents shall both at the date of execution and delivery thereof and so long as any moneys are owing under any of the Finance Documents be valid
      and binding obligations of the respective parties thereto and enforceable in accordance with their respective terms and that it will, at its expense, execute, sign, perfect and do, and will procure the execution, signing, perfecting and doing by each
      of the other Security Parties of, any and every such further assurance, document, act or thing as in the reasonable opinion of the Lender may be necessary or desirable for perfecting the security contemplated or constituted by the Finance Documents.

     

    	15.10	
            Inconsistency of Terms

          

     

    In the event of any inconsistency or conflict between the provisions of this Agreement and the provisions of any other Finance Document the provisions of this Agreement shall prevail.

     

    	15.11	
            Counterparts

          

     

    This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute but one and the same instrument.

     

    	15.12	
            Confidentiality

          

     

    	

          	(a)	
            Each of the parties hereto agree and undertake to keep confidential any documentation and any confidential information concerning the business, affairs, directors or employees of the other which comes into its possession in connection with
              this Agreement and not to use any such documentation, information for any purpose other than for which it was provided.

          

     

    	

          	(b)	
            The parties acknowledge and accept that they may be required by law or that it may be appropriate for them to disclose information and deliver documentation relating to the transactions and matters in relation to this Agreement and/or the
              other Finance Documents to governmental or regulatory agencies and authorities.

          

     

    
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          	(c)	
            The Borrowers acknowledge and accept that in case of occurrence of any of the Events of Default the Lender may disclose information and deliver documentation relating to the Borrowers and the transactions and matters in relation to this
              Agreement and/or the other Finance Documents to third parties to the extent that this is necessary for the enforcement or the contemplation of enforcement of the Lender’s rights or for any other purpose for which in the opinion of the Lender,
              such disclosure would be useful or appropriate for the interests of the Lender or otherwise and the Borrowers expressly authorise any such disclosure and delivery.

          

     

    	

          	(d)	
            The Borrowers acknowledge and accept that the Lender may be prohibited or it may be inappropriate for the Lender to disclose information to the Borrowers by reason of law or duties of confidentiality owed or to be owed to other persons.

          

     

    	

          	(e)	
            This Clause 15.12 shall be: (i) in addition to all other duties of confidentiality imposed on the Lender and its professional advisers under applicable law; and (ii) subject to any other applicable provisions contained in this Agreement
              and the other Finance Documents.

          

     

    	15.13	
            Process of personal data

          

     

    	

          	(a)	
            Process of personal data: The Borrower hereby confirms that it has been informed that its personal data and/or the personal data of
                its director(s), officer(s) and legal representative(s) (together the “personal data”) contained in this Agreement (and any supplemental or amendatory agreement thereof) and the other Finance
                Documents or the personal data that have been or will be lawfully received or obtained by the Lender in relation to this Agreement and the other Finance Documents or the enforcement of all of the rights, powers and remedies possessed by the
                Lender under this Agreement (and any supplemental or amendatory agreement thereof) and/or under any other Finance Document will be included at the personal data database maintained by the Lender as processing agent (Υπεύθυνη Επεξεργασίας) and will be processed by the Lender or by third parties for the purpose of maintaining the security created by this Agreement (and any supplemental or amendatory agreement thereof) and the other
                Finance Documents and preserving of all of the rights, powers and remedies possessed by the Lender thereunder and properly serving, supporting and monitoring their current business relationship as provided in the information brochure “Information for the Processing of Personal Data” (Ενημέρωση για την επεξεργασία δεδομένων προσωπικού χαρακτήρα) which forms an integral part of this Agreement and the Borrower hereby confirms that a
                copy of such information brochure has been received by the Borrower, its director(s), officer(s) and legal representative(s) and has been perused, duly understood and fully agreed by each of them.

          

     

    	

          	(b)	
            Duration of the process: The personal data process shall survive the termination of this Agreement for such
                period as it is required by the applicable law.

          

     

    
      
        	16.	
                JOINT AND SEVERAL LIABILITY OF THE BORROWERS

              

      

      

      

    

    	16.1	
            Joint and several liability

          

     

    All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.

     

    
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    	16.2	
            No impairment of Borrowers’ obligations

          

     

    The liabilities and obligations of a Borrower shall not be impaired by:

     

    	

          	(a)	
            this Agreement being or later becoming void, unenforceable or illegal as regards the other Borrower;

          

     

    	

          	(b)	
            the Lender entering into any rescheduling, refinancing or other arrangement of any kind with the other Borrower;

          

     

    	

          	(c)	
            the Lender releasing the other Borrower or any Security Interest created by a Finance Document; or

          

     

    	

          	(d)	
            any time, waiver or consent granted to, or composition with the other Borrower or other person;

          

     

    	

          	(e)	
            the release of the other Borrower or any other person under the terms of any composition or arrangement with any creditor thereof;

          

     

    	

          	(f)	
            the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the other Borrower or
              other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

          

     

    	

          	(g)	
            any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the other Borrower or any other person;

          

     

    	

          	(h)	
            any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the
              purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;

          

     

    	

          	(i)	
            any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security;

          

     

    	

          	(j)	
            any insolvency or similar proceedings; or

          

     

    	

          	(k)	
            any combination of the foregoing.

          

     

    	16.3	
            Principal debtor

          

     

    Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and none of the Borrowers
      shall in any circumstances be construed to be a surety for the obligations of the other Borrower under this Agreement.

     

    	16.4	
            Subordination

          

     

    Subject to Clause 16.5 (Borrowers’ required action), during the Security Period, none of the Borrowers shall:

     

    
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          	(a)	
            claim any amount which may be due to it from the other Borrower whether in respect of a payment made, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected
              with this Agreement or any Finance Document; or

          

     

    	

          	(b)	
            take or enforce any form of security from the other Borrower for such an amount, or in any other way seek to have recourse in respect of such an amount against any asset of the other Borrower; or

          

     

    	

          	(c)	
            set off such an amount against any sum due from it to the other Borrower; or

          

     

    	

          	(d)	
            prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Borrower or other Security Party; or

          

     

    	

          	(e)	
            exercise or assert any combination of the foregoing.

          

     

    	16.5	
            Borrowers’ required action

          

     

    If during the Security Period, the Lender, by notice to the Borrowers, requires it to take any action referred to in paragraphs (a) to (d) of Clause 16.4 (Subordination),
      in relation to the other Borrower, that Borrower shall take that action as soon as practicable after receiving the Lender’s notice.

     

    	16.6	
            Deferral of Borrowers’ rights

          

     

    Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and unless the Lender otherwise directs, no
      Borrower will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:

     

    	

          	(a)	
            to be indemnified by the other Borrower; or

          

     

    	

          	(b)	
            to claim any contribution from the other Borrower in relation to any payment made by it under the Finance Documents.

          

     

    
      
        	17.	
                NOTICES AND COMMUNICATIONS

              

      

      

      

    

    	17.1	
            Notices

          

     

    Every notice, request, demand or other communication under the Agreement or, unless otherwise provided therein, any of the other Finance Documents shall:

     

    	

          	(a)	
            be in writing delivered personally or by first-class prepaid letter (airmail if available), or shall be served through a process server or subject to Clause 10.10 (Communications Indemnity) and Clause 10.11 (Electronic Communication) by

              fax or electronic mail;

          

     

    	

          	(b)	
            be deemed to have been received, subject as otherwise provided in this Agreement or the relevant Finance Document, in the case of fax or electronic mail, at the time of dispatch as per transmission report (provided, in either case, that
              if the date of despatch is not a business day in the country of the addressee it shall be deemed to have been received at the opening of business on the next such business day), and in the case of a letter when delivered or served personally
              or five (5) days after it has been put into the post; and

          

     

    
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          	(c)	
            be sent:

          

     

    	

          	(i)	
            if to be sent to any Security Party, to:

          

     

    c/o PAVIMAR S.A..

    17 km National Road Athens-Lamia & 25 Foinikos Street,

    Nea Kifissia 145 64, Greece

    Facsimile No: +30 211 888 0299

    Attention: Mrs. Viktoria Poziopoulou

    E-mail: v.poziopoulou@pavimarship.com

     

    and

     

    	

          	(ii)	
            if to be sent to the Lender, to

          

     

    ALPHA BANK S.A.

    93 Akti Miaouli

    185 38 Piraeus, Greece

    Fax No.: +30210 42 90 268

    Attention: The Manager

    E-mail: shipdivision@alpha.gr

     

    or to such other person, address fax number or electronic address as is notified by the relevant Security Party or the Lender (as the case may be) to the other
      parties to this Agreement and, in the case of any such change of address, or fax number or electronic address notified to the Lender, the same shall not become effective until notice of such change is actually
      received by the Lender and a copy of the notice of such change is signed by the Lender.

     

    	17.2	
            Effective date of notices

          

     

    Subject to Clauses 17.3 (Service outside business hours) and 17.4 (Illegible notices):

     

    	

          	(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 or electronic mail shall be deemed to be served, and shall take effect, two hours after its transmission is completed.

          

     

    
      	
              17.3

            	
              Service outside business hours

            

    

     

    However, if under Clause 17.2 (Effective date of notices) a notice would be deemed to be served:

     

    	

          	(a)	
            on a day which is not a Banking Day in the place of receipt; or

          

     

    	

          	(b)	
            on such a Banking Day, but after 5 p.m. local time,

          

     

    the notice shall (subject to Clause 17.4 (Illegible notices)) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such
      a Banking Day.

     

    	17.4	
            Illegible notices

          

     

    Clauses 17.2 (Effective date of notices) and 17.3 (Service outside business hours)
      do not apply if the recipient of a notice notifies the sender within one 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.

     

    
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              17.5

            	
              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.

          

     

    
      	
              17.6

            	
              Effect of electronic communication

            

    

     

    	

          	(a)	
            Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means (including, without limitation, by way of posting
              to a secure website) if those two Parties:

          

     

    	

          	(i)	
            notify each other in writing of their electronic mail address and/or any other information required to enable the transmission of information by that means; and

          

     

    	

          	(ii)	
            notify each other of any change to their address or any other such information supplied by them by not less than five Banking Days’ notice.

          

     

    	

          	(b)	
            Any such electronic communication as specified in paragraph (a) above to be made between a Security Party and the Lender may only be made in that way to the extent that those two Parties agree that, unless and until notified to the
              contrary, this is to be an accepted form of communication.

          

     

    	

          	(c)	
            Any such electronic communication as specified in paragraph (a) above made between any two Parties will be effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a
              Party to the Lender only if it is addressed in such a manner as the Lender shall specify for this purpose.

          

     

    	

          	(d)	
            Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00 p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of
              this Agreement shall be deemed only to become effective on the following Banking Day.

          

     

    	

          	(e)	
            Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in accordance with this Clause 17.6.

          

     

    
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        	18.	
                LAW AND JURISDICTION

              

      

      

      

    

    	18.1	
            Governing Law

          

     

    	

          	(a)	
            This Agreement and any non-contractual obligations connected with it shall be governed by and construed in accordance with English Law.

          

     

    	

          	(b)	
            For the purposes of enforcement in Greece, it is hereby expressly agreed that English law as the governing law of this Agreement will be proved by an affidavit of a solicitor from an English law firm to be appointed by the Lender and the
              said affidavit shall constitute full and conclusive evidence binding on the Borrowers but the Borrowers shall be allowed to rebut such evidence save for witness.

          

     

    	18.2	
            Jurisdiction

          

     

    	

          	(a)	
            The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or
              termination of this Agreement and including claims arising out of tort or delict) (a “Dispute”).
              Each of the Borrowers irrevocably and unconditionally submits to the jurisdiction of such courts.

          

     

    	

          	(b)	
            The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary and waives any objections to the
                inconvenience of England as a forum.

          

     

    	

          	(c)	
            This Clause 18.2 is for the benefit of the Lender only.  As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Lender may take
              concurrent proceedings in any number of jurisdictions.

          

     

    	18.3	
            Process Agent for English Proceedings

          

     

    Without prejudice to any other mode of service allowed under any relevant law each of the Borrowers irrevocably designates, appoints and empowers Messrs. Hill
        Dickinson Services (London) Limited, at present of The Broadgate Tower, 20 Primrose Street, London EC2A 2EW, England (Mr. Anthony
      Paizes, Email: Anthony.Paizes@hilldickinson.com), (hereinafter called the “Process Agent for English Proceedings”), to receive for it and on its behalf, service of process issued
      out of the English courts in relation to any proceedings before the English courts in connection with any Finance Document, provided, however, that:

     

    	

          	(a)	
            each of the Borrowers hereby agrees and undertakes to maintain a Process Agent for English Proceedings throughout the Security Period and hereby agrees that in the event that if any Process Agent for English Proceedings is unable for any
              reason to act as agent for service of process, such Borrower must immediately (and in any event within ten (10) days of such event taking place) appoint another agent on terms acceptable to the Lender. Failing this, the Lender may appoint for
              this purpose a substitute Process Agent for English Proceedings and the Lender is hereby irrevocably authorised to effect such appointment on Borrowers’ behalf. The appointment of such Process Agent for English Proceedings shall be valid and
              binding from the date notice of such appointment is given by the Lender to the Borrowers in accordance with Clause 17.1 (Notices); and

          

     

    
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          	(b)	
            each of the Borrowers hereby agrees that failure by a Process Agent for English Proceedings to notify the Borrowers of

              the process will not invalidate the proceedings concerned.

          

     

    	18.4	
            Proceedings in any other country

          

     

    If it is decided by the Lender that any such proceedings should be commenced in any other country, then any objections as to the jurisdiction or any claim as to the inconvenience of the forum is
      hereby waived by each of the Borrowers and it is agreed and undertaken by each of the Borrowers to instruct lawyers in that country to accept service of legal
      process and not to contest the validity of such proceedings as far as the jurisdiction of the court or courts involved is concerned and each of the Borrowers agrees that any judgment or order obtained in an
      English court shall be conclusive and binding on the Borrowers and shall be enforceable without review in the courts of any other jurisdiction.

     

    	18.5	
            Process Agent (antiklitos) in Greece

          

     

    Mrs. Viktoria Poziopoulou, an Attorney-at-Law, presently of Pavimar S.A., currently of
        17th km National Road Athens-Lamia &  F0inikos Street, Nea Kifissia 145 64, Greece (hereinafter called the “Process Agent for Greek Proceedings”) is hereby appointed by each of the Borrowers as

        agent to accept service, upon whom any judicial process in respect of proceedings in Greece may be served and any process notice, judicial or extra-judicial request, demand for payment, payment order, foreclosure proceedings, notarial announcement
        of claim, notice, request, demand or other communication under this Agreement or any of the Finance Documents. In the event that the Process Agent for Greek Proceedings (or any substitute process agent
        notified to the Lender in accordance with the foregoing) cannot be found at the address specified above (or, as the case may be, notified to the Lender), which will be conclusively proved by a deed of a process server to the effect that the Process
        Agent  for Greek Proceedings was not found at such address, any process notice, judicial or extra-judicial request, demand for payment, payment order, foreclosure proceedings, notarial announcement of
        claim or other communication to be sent to any Security Party may be validly served/notified in accordance with the relevant provisions of the Hellenic Code on Civil Procedure.

     

    	18.6	
            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.

     

    	18.7	
            Meaning of “proceedings”

          

     

    In this Clause 18 “proceedings” means proceedings of any kind, including an application for a provisional or protective measure.

     

    [Remainder of page intentionally left blank]

     

    
      85

      
        

    

    SCHEDULE 1

     

    Form of Drawdown Notice

    (referred to in Clause 2.2)

     

    	
            To:

          	
            ALPHA BANK S.A.

          
	 	
            93 Akti Miaouli

          
	 	
            185 38 Piraeus, Greece

          
	 	 [●] April, 2021

    

    

    
      	Re:	
              US$18,000,000 Loan Agreement (the “Loan Agreement”) dated [●] April, 2021 made between (1) the Lender, as lender and (2) (a) Gamora Shipping Co. of the Marshall Islands and Rocket Shipping Co., of the Marshall Islands (the “Borrowers”), as joint and several borrowers.

            

       

      

    

    	1.	
            We refer to the Loan Agreement (terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice) and hereby give you notice that we wish to draw the Commitment as follows:

          

     

    	

          	(i)	
            Loan: the full amount of the Commitment in the amount of US$18,000,000 (Dollars Eighteen million);

          

     

    	

          	(ii)	
            Drawdown Date: [●] April, 2021;

          

     

    	

          	(iii)	
            duration of first Interest Period: duration of the first Interest Period in respect of the Loan shall be [●] months;
                and

          

     

    	

          	(iv)	
            Payment instructions: [in payment to the Operating Accounts as per our
                  instructions under separate cover for the purposes set out in Clause 1.1 (Amount and purpose) of the Loan Agreement].

          

     

    
      	
              2.

            	
              We confirm, represent and warrant that:

            

    

     

    	

          	(i)	
            no event or circumstance has occurred and is continuing which constitutes a Default or will result from the borrowing of the Loan;

          

     

    	

          	(ii)	
            the representations and warranties contained in Clause 6 (Representations and warranties) of the Loan Agreement and the representations and warranties contained in each of the other Finance
              Documents are true and correct at the date hereof as if made with respect to the facts and circumstances existing at such date;

          

     

    	

          	(iii)	
            the borrowing to be effected by the drawing of the Loan will be within our corporate powers, has been validly authorised by appropriate corporate action and will not cause any limit on our borrowings (whether imposed by statute,
              regulation, agreement or otherwise) to be exceeded;

          

     

    	

          	(iv)	
            we will not use the Loan proceeds or any part thereof for the purpose of acquiring shares in the share capital of the
                Lender or other banks and/or financial institutions or acquiring hybrid capital debentures (τίτλους υβριδικών κεφαλαίων) of the Lender or other banks and/or financial institutions; and

          

     

    	

          	(v)	
            there has been no change in the ownership, management, operations and no Material Adverse Change in our financial position or in the consolidated financial position of ourselves and the other Security
                Parties from that described by us to the Lender in the negotiation of the Loan Agreement.

          

     

    
      86

      
        

    

    	3.	
            This Drawdown Notice cannot be revoked without the prior consent of the Lender.

          

     

    	
            SIGNED by

          	
            )

          	 	 
	
            Mr.

          	
            )

          	 	 
	
            for and on behalf of

          	
            )

          	 	 
	
            GAMORA SHIPPING CO.

          	
            )

          	 	 
	
            of the Marshall Islands,

          	
            )

          	
            

            

          	 
	
            in the presence of:

          	
            )

          	
            Attorney-in-fact

          	 

    

    

    	
            Witness:

          	
            

            

          	 	 
	
            Name:

          	 	
            [●]

          
	
            Title:

          	 	
            Attorney-at-Law

          
	
            Address:

          	 	
            [●],

          
	 	 	
            Piraeus, Greece

          

    

    

    	
            SIGNED by

          	
            )

          	 	 
	
            Mr.

          	
            )

          	 	 
	
            for and on behalf of

          	
            )

          	 	 
	
            ROCKET SHIPPING CO.,

          	
            )

          	 	 
	
            of the Marshall Islands,

          	
            )

          	
            

            

          	 
	
            in the presence of:

          	
            )

          	
            Attorney-in-fact

          	 

    

    

    	
            Witness:

          	

          	

          
	
            Name:

          	 	
            [●]

          	 
	
            Title:

          	 	
            Attorney-at-Law

          	 
	
            Address:

          	

          	
            [●],

          	 
	 	 	
            Piraeus, Greece

          	 

    

    

    
      87

      
        

    

    Schedule 2

    

    

            Form of Insurance Letter

    

    

    	
            To:

          	
            [P&I Club]

          
	 	
            [●]

          
	 	
            [●]

          
	 	 
	
            From:

          	
            [●]

          
	 	
            [●],

          
	 	
            [●]

          
	 	 
	 	
            [●] 20[●]

          

    

      Dear Sirs

     

    m.v. “[●]” (the “Vessel”)

     

    We are obtaining loan finance from ALPHA BANK S.A. (the “Lender”) secured (inter alia) by a first ship mortgage over the Vessel.  The Vessel’s insurances will also be assigned to the Lender.

     

    You are hereby authorised to send a copy of the Certificate of Entry for the Vessel to the Lender, c/o their lawyers, namely, Theo V. Sioufas & Co. Law Offices, of 13
      Defteras Merarchias Street, 185 35 Piraeus, Greece.  Further, you are also irrevocably authorised to provide the Lender from time to time with any other information whatsoever which they may require relating to the entry of the Vessel in the
      association.

     

    This letter is governed by, and shall be construed in accordance with, English law.

     
      

     

    

    For and on behalf of

    [●]

    

    

    
      88

      
        

    

    EXECUTION PAGE

    

    

    IN WITNESS whereof the parties hereto have caused this
        Agreement to be duly executed on the date first above written.

     

    	
            SIGNED by

          	
            )

          	 	 
	
            Mrs. Viktoria Poziopoulou

          	
            )

          	 	 
	
            for and on behalf of

          	
            )

          	 	 
	
            GAMORA SHIPPING CO.,

          	
            )

          	
            

            

          	 
	
            of the Marshall Islands, in the presence of:

          	
            )

          	
            Attorney-in-fact

          	 

    

    

    	
            Witness:

          	

          	 	 
	
            Name:

          	
            Charalampos V. Sioufas

          
	
            Address:  

            

          	
            13 Defteras Merarchias

          
	 	
            Piraeus, Greece

          
	
            Occupation:  Attorney-at-Law

          

    

    

    	
            SIGNED by

          	
            )

          	 	 
	
            Mrs. Viktoria Poziopoulou

          	
            )

          	 	 
	
            for and on behalf of

          	
            )

          	 	 
	
            ROCKET SHIPPING CO.,

          	
            )

          	
            

            

          	 
	
            of the Marshall Islands, in the presence of:

          	
            )

          	
            Attorney-in-fact

          	 

    

    

    	
            Witness:

          	
            

            

          	 	 
	
            Name:

          	
            Charalampos V. Sioufas

          
	
            Address: 

            

          	
            13 Defteras Merarchias

          
	 	
            Piraeus, Greece

          
	
            Occupation:  Attorney-at-Law

          

    

    

    	
            SIGNED by

          	
            )

          	 	 
	
            Mr. Konstantinos Sotiriou and

          	
            )

          	
            

            

          	 
	
            Mrs. Chrysanthi Papathanasopoulou

          	
            )

          	
            Attorney-in-fact

          	 
	
            for and on behalf of

          	
            )

          	 	 
	
            ALPHA BANK S.A.,

          	
            )

          	 	 
	
            of Greece,

          	
            )

          	 	 
	
            in the presence of:

          	
            )

          	
            

            

          	 
	 	 	
            Attorney-in-fact

          	 

    

    

    	
            Witness:

          	

          	 	 
	
            Name:

          	
            Charalampos V. Sioufas

          
	
            Address: 

            

          	
            13 Defteras Merarchias

          
	 	
            Piraeus, Greece

          
	
            Occupation:  Attorney-at-Law

          

    

    

    

    

    89Exhibit 4.18

    

    
       

      Dated _____ July 2021

       

      LIONO SHIPPING CO.

      SNOOPY SHIPPING CO.

      CINDERELLA SHIPPING CO.

      LUFFY SHIPPING CO.

      as joint and several Borrowers

      

      

      THE BANKS AND FINANCIAL INSTITUTIONS

       listed in Schedule 1

      as Lenders

       

      and

       

      HAMBURG COMMERCIAL BANK AG

      as Agent, Mandated Lead Arranger

      and Security Trustee

       

      LOAN AGREEMENT

       

      relating to

      a senior secured term loan facility of up to US$40,750,000

      to provide finance secured on

      four bulk carrier vessels named “MAGIC THUNDER”, “MAGIC NEBULA”,

      “MAGIC ECLIPSE” and “MAGIC TWILIGHT”

      

      

      

       

      
        
          

      

      Index

       

      
        	Clause	 	Page
	 	 	 
	
                1

              	
                Interpretation

              	
                1

              
	
                2

              	
                Facility

              	
                24

              
	
                3

              	
                Position of the Lenders

              	
                24

              
	
                4

              	
                Drawdown

              	
                25

              
	
                5

              	
                Interest

              	
                26

              
	
                6

              	
                Interest Periods

              	
                28

              
	
                7

              	
                Default Interest

              	
                29

              
	
                8

              	
                Repayment and Prepayment

              	
                30

              
	
                9

              	
                Conditions Precedent

              	
                34

              
	
                10

              	
                Representations and Warranties

              	
                35

              
	
                11

              	
                General Undertakings

              	
                39

              
	
                12

              	
                Corporate Undertakings

              	
                46

              
	
                13

              	
                Insurance

              	
                47

              
	
                14

              	
                Ship Covenants

              	
                54

              
	
                15

              	
                Security Cover

              	
                60

              
	
                16

              	
                Payments and Calculations

              	
                62

              
	
                17

              	
                Application of Receipts

              	
                64

              
	
                18

              	
                Application of Earnings

              	
                65

              
	
                19

              	
                Events of Default

              	
                68

              
	
                20

              	
                Fees and Expenses

              	
                73

              
	
                21

              	
                Indemnities

              	
                74

              
	
                22

              	
                No Set-Off or Tax Deduction

              	
                77

              
	
                23

              	
                Illegality, etc.

              	
                80

              
	
                24

              	
                Increased Costs

              	
                80

              
	
                25

              	
                Set-Off

              	
                82

              
	
                26

              	
                Transfers and Changes in Lending Offices

              	
                83

              
	
                27

              	
                Variations and Waivers

              	
                88

              
	
                28

              	
                Notices

              	
                91

              
	
                29

              	
                Joint and Several Liability

              	
                94

              
	
                30

              	
                Supplemental

              	
                95

              
	
                31

              	
                Bail-In

              	
                96

              
	
                32

              	
                Law and Jurisdiction

              	
                96

              

        

        

        	
                Schedules

              	 
	 	 
	
                Schedule 1 Lenders and Commitments

              	
                98

              
	
                Schedule 2 Drawdown Notice

              	
                99

              
	
                Schedule 3 Condition Precedent Documents

              	
                100

              
	

              	
                Part A

              	
                100

              
	

              	
                Part B

              	
                102

              
	
                Schedule 4 Mandatory Cost Formula

              	
                104

              
	
                Schedule 5 Transfer Certificate

              	
                106

              
	
                Schedule 6 Power of Attorney

              	
                110

              
	
                Schedule 7 Form of Compliance Certificate

              	
                111

              
	 	 
	
                Execution

              	 
	 	 
	
                Execution Pages

              	
                112

              

        

        

      

      
        
          

      

      THIS AGREEMENT is made on ______ July 2021

       

      BETWEEN

       

      	(1)	
              LIONO SHIPPING CO., SNOOPY SHIPPING CO., CINDERELLA SHIPPING CO. and LUFFY SHIPPING CO., each a corporation incorporated in the Republic 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 (Lenders and Commitments), as Lenders;

            

       

      	(3)	
              HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, as Agent;

            

       

      	(4)	
              HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, as Mandated Lead Arranger;

            

       

      	(5)	
              HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, as Security Trustee.

            

       

      BACKGROUND

       

      	(A)	
              The Lenders have agreed to make available to the Borrowers a secured term loan facility of up to US$40,750,000 in four advances as follows:

            

       

      	

            	(i)	
              an advance in an amount of up to the lesser of (AA) US$10,750,000 and (BB) 50 per cent. of the Initial Market Value of Ship A;

            

       

      	

            	(ii)	
              an advance in an amount of up to the lesser of (AA) US$10,000,000 and (BB) 50 per cent. of the Initial Market Value of Ship B;

            

       

      	

            	(iii)	
              an advance in an amount of up to the lesser of (AA) US$10,000,000 and (BB) 50 per cent. of the Initial Market Value of Ship C; and

            

       

      	

            	(iv)	
              an advance in an amount of up to the lesser of (AA) US$10,000,000 and (BB) 50 per cent. of the Initial Market Value of Ship D,

            

       

      for the purpose of partly financing the Ships’ Initial Market Value (as defined below).

       

      IT IS AGREED as follows:

       

      	1	
              INTERPRETATION

            

       

      	1.1	
              Definitions

            

       

      Subject to Clause 1.5 (General Interpretation), in this Agreement:

       

      “Account” means each of the Earnings Accounts, the Liquidity Account, the Dry Dock
        Reserve Account and the Retention Account and, in the plural, means all of them.

       

      “Account Bank” means Hamburg Commercial Bank AG, acting
        in such capacity through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, or any successor.

       

      
        
          

      

      
      “Account Pledge” means, in relation to each Account, a pledge agreement creating
        security in respect of that Account in the Agreed Form and, in the plural, means all of them.

       

      “Additional Minimum Liquidity” has the meaning given in Clause 11.19 (Consents).

       

      “Advance” means each of Advance A, Advance B, Advance C and Advance D and, in the plural, means all of them.

       

      “Advance A” means the principal amount of the borrowing by the Borrowers under
        this Agreement in respect of Ship A or, as the context may require, the principal amount outstanding of such Advance in respect of that Ship under this Agreement.

       

      “Advance B” means the principal amount of the borrowing by the Borrowers under
        this Agreement in respect of Ship B or, as the context may require, the principal amount outstanding of such Advance in respect of that Ship under this Agreement.

       

      “Advance C” means the principal amount of the borrowing by the Borrowers under this Agreement in respect of
        Ship C or, as the context may require, the principal amount outstanding of such Advance in respect of that Ship under this Agreement.

       

      “Advance D” means the principal amount of the borrowing by the Borrowers under this Agreement in respect of
        Ship D or, as the context may require, the principal amount outstanding of such Advance in respect of that Ship under this Agreement.

       

      “Affected Lender” has the meaning given in Clause 5.7 (Market disruption).

       

      “Agency and Trust Agreement” means the agency and trust agreement executed or to
        be executed between the Borrowers and the Creditor Parties in the Agreed Form.

       

      “Agent” means Hamburg Commercial Bank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust
        Agreement.

       

      “Aggregate Insurable Amount” has the meaning given to it in Clause 13.16 (Mortgagee’s interest and additional perils insurances).

       

      “Agreed Form” means in relation to any document, that document in the form approved in writing by the Agent
        (acting on the instructions of the Majority Lenders) or as otherwise approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document.

       

      “Applicable Lender” has the meaning given in Clause 5.2 (Normal rate of interest).

       

      “Approved Broker” means each of Arrow, Clarksons, Maersk Brokers and Howe Robinson
        (or any affiliate of such person through which valuations are commonly issued) and, in the plural, means all of them.

       

      “Approved Flag” means, in relation to a Ship, the Republic of the Marshall Islands
        flag or such other flag as the Agent may approve (in its sole and absolute discretion) as the flag on which that Ship is or, as the case may be, shall be registered.

       

      
        2

        
          

      

      “Approved Flag State” means, in relation to a Ship, the Republic of the Marshall
        Islands or any other country in which the Agent may approve that that Ship is or, as the case may be, shall be registered.

       

      “Approved Manager” means, in respect of a Ship:

       

      	

            	(a)	
              Pavimar S.A. a corporation incorporated and existing in the Republic of the Marshall Islands whose registered address is at Trust Company
                Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960;

            

       

      	

            	(b)	
              Castor Ships;

            

       

      	

            	(c)	
              or any other company which the Agent (acting on the instructions of the Majority Lenders) may approve from time to time as the commercial and/or
                  technical manager of that Ship.

            

       

      “Approved Manager’s Undertaking” means, in relation to each Ship, a letter of
        undertaking including, inter alia, an assignment of each Approved Manager’s rights, title and interest in the Insurances of that Ship executed or to be executed by that Approved Manager in favour of the
        Security Trustee in the Agreed Form agreeing certain matters in relation to that Approved Manager serving as manager of that Ship and subordinating its rights against that Ship and the Borrower which is the owner thereof
        to the rights of the Creditor Parties under the Finance Documents and, in the plural, means all of them.

       

      “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.

       

      “Assignable Charter” means, in relation to a Ship, any time charterparty, consecutive voyage charter or
        contract of affreightment in respect of such Ship having a duration (or capable of exceeding a duration) of 12 months or more and any guarantee of the obligations of the charterer under such charter or any bareboat charter in respect of that Ship
        and any guarantee of the obligations of the charterer under such bareboat charter, entered or to be entered into by the Borrower which is the owner thereof and a charterer or, as the context may require, bareboat charterer and, in the plural, means
        all of them.

       

      “Availability Period” means, in relation to each Advance, the period commencing on the date of this Agreement
        and ending on:

       

      	

            	(a)	
              30 August 2021 (or such later date as the Agent may, with the authorisation of the Lenders, 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;

            

       

      
        3

        
          

      

      	

            	(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 in Clause 8.1. (Amount of Instalments).

       

      “Basel III” means, together:

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      “Borrower” means each of Borrower A, Borrower B, Borrower C and Borrower D, and,
        in the plural, means all of them.

       

      “Borrower A” means Liono Shipping Co., a corporation incorporated and existing in
        the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

       

      “Borrower B” means Snoopy Shipping Co., a corporation incorporated and existing in
        the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

       

      “Borrower C” means Cinderella Shipping Co., a corporation incorporated and
        existing in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

       

      “Borrower D” means Luffy Shipping Co., a corporation incorporated and existing in the Republic of the Marshall
        Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

       

      “Break Costs” has the meaning given in Clause 21.2 (Break Costs).

       

      “Business Day” means a day (other than a Saturday or Sunday) on which banks are
        open for general business:

       

      	

            	(a)	
              in Hamburg and London regarding the fixing of any interest rate which is required to be determined under this Agreement or any Finance Document;

            

       

      
        4

        
          

      

      	

            	(b)	
              in Hamburg, Athens and New York in respect of any payment which is required to be made under a Finance Document; and

            

       

      	

            	(c)	
              in Hamburg, Athens and Limassol regarding any other action to be taken under this Agreement or any other Finance Document.

            

       

      “Cancellation Notice” has the meaning given in Clause 8.6 (Optional facility cancellation).

       

      “Cash Shortfall” has the meaning given to it in Clause 11.19 (Minimum
          Liquidity and Additional Minimum Liquidity).

       

      “Castor Ships” means Castor Ships S.A., a corporation incorporated and existing
          in the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960;

       

      “Change of Control” means:

       

      	

            	(a)	
              in relation to a Security Party (other than the Corporate Guarantor and Castor Ships) or a Borrower, a change in:

            

       

      	

            	(i)	
              the ultimate beneficial ownership of any of the shares in that Security Party; or

            

       

      	

            	(ii)	
              the ultimate control of the voting rights attaching to any of those shares; or

            

       

      	

            	(iii)	
              the legal ownership of any of those shares; and

            

       

      	

            	(b)	
              in relation to the Corporate Guarantor, a change which results in any person or group of
                persons acting in concert gaining directly or indirectly control of the Corporate Guarantor other than the Permitted Holder;

            

       

      	

            	(c)	
              For the purpose of sub-paragraphs (b) above “control” means the power (whether by way of ownership of shares, proxy, contract,
                agency or otherwise) to:

            

       

      	

            	(i)	
              cast, or control the casting of, more than 50 per cent. of the maximum number of votes that might be cast at a general meeting of the Corporate Guarantor; or

            

       

      	

            	(ii)	
              appoint or remove all, or the majority, of the directors or other equivalent officers of the Corporate Guarantor; or

            

       

      	

            	(iii)	
              give directions with respect to the operating and financial policies of the Corporate Guarantor with which the directors or other equivalent officers of the Corporate
                Guarantor are obliged to comply; and/or

            

       

      For the purpose of paragraph (b) above “acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Corporate
        Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of the Corporate Guarantor.

       

      “Charterparty Assignment” means, in relation to a Ship, an assignment of the
        rights of the Borrower who is the owner of that Ship under any Assignable Charter relative thereto and any guarantee of such Assignable Charter executed or to be executed by that Borrower in favour of the Security Trustee in the Agreed Form and, in
        the plural, means all of them.

       

      
        5

        
          

      

      “Code” means the US Internal Revenue Code of 1986.

       

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

       

      “Compliance Certificate” means a certificate in the form set out in Schedule 7 (Form of Compliance Certificate ) (or in any other form which the Agent approves or requires) to be provided at the times and in the manner set out in Clause 11.21 (Compliance Certificate).

       

      “Contractual Currency”
        has the meaning given in Clause 21.6 (Currency indemnity).

       

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

       

      “Corporate Guarantee” means a guarantee of the obligations of the Borrowers under
        this Agreement and the other Finance Documents to which each Borrower is a party, in the Agreed Form.

       

      “Corporate Guarantor” means Castor Maritime Inc., a corporation incorporated in
        the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

       

      “Correction Rate” means, at any relevant time in relation to an Applicable Lender,
        the amount (expressed as a rate per annum) by which that Lender’s Cost of Funding exceeds LIBOR.

       

      “Cost of Funding” means, in relation to a Lender, the rate per annum determined by
        that Lender to be the rate at which deposits in Dollars are offered to that Lender by leading banks in the Relevant Interbank Market at that Lender’s request at or about the Specified Time on the Quotation Date for an Interest Period and for a
        period equal to that Interest Period and for delivery on the first Business Day of it, or, if that Lender uses other ways to fund deposits in Dollars, such rate as determined by that Lender to be the Lender’s cost of funding deposits in Dollars for
        that Interest Period, such determination being conclusive and binding in the absence of manifest error.

       

      “Creditor Party” means the Agent, the
        Security Trustee, the Mandated Lead Arranger, any Lender, whether as at the date of this Agreement or at any later time and, in the plural, means all of them.

       

      “Debt Service” means, in relation to a Ship, any sums to be incurred by the Borrower owning that Ship in
        respect of the payment of principal of, and any interest to be accrued on, the Advance to which that Ship relates and any accrued costs and expenses attributable to that Advance pursuant to this Agreement.

       

      “Disruption Event” means either or both of:

       

      	

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

            

       

      
        6

        
          

      

      	

            	(b)	
              the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party or,

                if applicable, any Security Party preventing that, or any other, Party or, if applicable, any Security Party:

            

       

      	

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

            

       

      	

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

            

       

      and which (in either such case) is not caused by, and is beyond the control of, the Party or, if applicable, any Security
        Party whose operations are disrupted.

       

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

       

      “Drawdown Date” means, in respect of each Advance, the date requested by the
        Borrowers for that Advance to be borrowed, or (as the context requires) the date on which that Advance is actually borrowed.

       

      “Drawdown Notice” means a notice in the form set out in Schedule

        2  (Drawdown Notice) (or in any other form which the Agent approves or reasonably requires).

       

      “Dry Dock Reserve Account” means an account in the joint names of the Borrowers
        with the Account Bank designated “Cinderella Shipping Co. et al – Dry Dock 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 Dry Dock Reserve Account
        for the purposes of this Agreement.

       

      “Dry Docking Reserve Amount” has the meaning given to it in Clause
        11.20 (Dry Docking Reserve Amount).

       

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

       

      	

            	(a)	
              except to the extent that they fall within paragraph (b);

            

       

      	

            	(i)	
              all freight, hire and passage moneys;

            

       

      	

            	(ii)	
              compensation payable to that Borrower or the Security Trustee in the event of requisition of a Ship for hire;

            

       

      	

            	(iii)	
              remuneration for salvage and towage services;

            

       

      	

            	(iv)	
              demurrage and detention moneys;

            

       

      	

            	(v)	
              damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship; and

            

       

      
        7

        
          

      

      	

            	(vi)	
              all moneys which are at any time payable under any Insurances in respect of loss of hire; and

            

       

      	

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

            

       

      “Earnings Account” means, in relation to a Ship, an account in the name of the
        Borrower owning that Ship with the Account Bank designated “name of relevant Borrower - Earnings Account”, or any other account (with that or another office of the Account Bank)
        which replaces such account and is designated by the Agent as that Earnings Account 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 each 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 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

            

       

      	

            	(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, regulation, convention and agreement 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.

       

      
        8

        
          

      

      “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 LMA from time to time.

       

      “Event of Default” means any of the events or circumstances described in Clause 19.1 (Events of Default).

       

      “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 a Finance
        Document required by FATCA.

       

      “FATCA Exempt Party” means a Party that is entitled to receive payments free from
        any FATCA Deduction.

       

      “Final Repayment Date” means, in relation to an
        Advance, the date falling on the earlier of (i) the date falling on the fifth anniversary of the Drawdown Date in respect of that Advance and (ii) 30 August 2026.

       

      “Finance Documents” means together:

       

      	

            	(a)	
              this Agreement;

            

       

      	

            	(b)	
              the Agency and Trust Agreement;

            

       

      	

            	(c)	
              the Account Pledges;

            

       

      	

            	(d)	
              the Corporate Guarantee;

            

       

      	

            	(e)	
              any Subordination Agreement;

            

       

      	

            	(f)	
              any Subordinated Debt Security;

            

       

      	

            	(g)	
              the Mortgages;

            

       

      	

            	(h)	
              the General Assignments;

            

       

      	

            	(i)	
              any Charterparty Assignments;

            

       

      	

            	(j)	
              the Approved Manager’s Undertakings;

            

       

      
        9

        
          

      

      	

            	(k)	
              the Side Letter; and

            

       

      	

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

            

       

      “Financial Indebtedness” means, in relation to a person (the “debtor”), any actual or contingent 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 made available to the debtor;

            

       

      	

            	(d)	
              under a financial lease, a deferred purchase consideration arrangement (in each case, other than in respect of assets or services obtained on normal commercial terms in the ordinary
                course of business) 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, exchange 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 receivables sold or discounted (other than any receivables to the extent that they are sold on a non-recourse basis); or

            

       

      	

            	(g)	
              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 (f) if the references to the
                debtor referred to the other person.

            

       

      “Financial Year” means, in relation to each of the Borrowers and the Corporate
        Guarantor, each period of one year commencing on 1 January in respect of which its individual or, as the case may be, consolidated accounts are or ought to be prepared.

       

      “General Assignment” means, in relation to a Ship, a general assignment of (inter alia) the Earnings, the Insurances and any Requisition Compensation relative to that Ship in the Agreed Form and, in the plural, means all of them.

       

      “Group” means the Corporate Guarantor and its direct and indirect subsidiaries
        from time to time, including, without limitation, the Borrowers and “member of the Group” shall be construed accordingly.

       

      “IACS” means the International Association of Classification Societies.

       

      
        10

        
          

      

      “Initial Market Value” means, in relation to each Ship, the Market Value thereof
        calculated in accordance with the valuation relative thereto referred to in paragraph 4 of Schedule 3 (Condition Precedent Documents), Part B.

       

      “Instalment” has the meaning given in Clause 8.1 (Amount of Instalments).

       

      “Insurances” means, in relation to a Ship:

       

      	

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

            

       

      	

            	(b)	
              all rights (including, without limitation, any and all rights or claims which the Borrower owning that Ship may have under or in connection with any cut-through clause relative to any
                reinsurance contract relating to the aforesaid policies or contracts of insurance) 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 each period determined in accordance with Clause 6 (Interest Periods) or selected in accordance with Clause 7 (Default Interest).

       

      “Interpolated Screen Rate”
        means, in relation to an Interest Period, the rate 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 the Specified Time on the Quotation Date for that Interest Period.

       

      “ISM Code” means the International Safety Management Code (including the
        guidelines on its implementation), adopted by the International Maritime Organisation as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code).

       

      “ISPS Code” means the International Ship and Port Facility Security Code as
        adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.

       

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

       

      “Lender” means, subject to Clause 26.6 (Lender
          re-organisation), a bank or financial institution listed in Schedule 1 (Lenders and Commitments) and acting through its branch indicated in Schedule 1 (Lenders and Commitments) (or through another branch notified to the Agent under Clause 26.15 (Change of lending office)) or its transferee,
        successor or assign.

       

      
        11

        
          

      

      “LIBOR” means, for an Interest Period:

       

      	

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

            

       

      	

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

            

       

      	

            	(c)	
              if no Screen Rate is available and it is not possible to calculate an Interpolated Screen Rate for that Interest Period, the rate per annum determined by the Agent to be the
                arithmetic mean (rounded upwards, if necessary, to the nearest fifth decimal point) of the rate(s) per annum notified to the Agent by each, or if there is only one Reference Bank, that Reference Bank as the rate at which deposits in Dollars
                are offered to that Reference Bank by leading banks in the Relevant Interbank Market at that Reference Bank’s request,

            

       

      at or about the Specified Time on the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on the
        first Business Day of it and, if any such rate is below zero, LIBOR will be deemed to be zero.

       

      “Liquidity Account” means, an account in the joint name of the Borrowers with the
        Account Bank designated “Cinderella Shipping Co. et al – Liquidity Account”, or any other account (with that or another office of the Account Bank) which replaces such account and
        is designated by the Agent as that Liquidity Account for the purposes of this Agreement.

       

      “LMA” means the Loan Market Association or any successor organisation.

       

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

       

      “LSW 1189” means the London Standard Wording for marine insurances which
        incorporates the German Direct Mortgage Clause.

       

      “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 an Advance is made, Lenders whose Commitments total 66 2/3 per cent. of the Total Commitments;
                and

            

       

      	

            	(b)	
              after an Advance is made, Lenders whose Contributions total 66 2/3 per cent. of the Loan.

            

       

      “Mandated Lead Arranger” means Hamburg Commercial Bank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor.

       

      “Mandatory Cost” means the percentage rate per annum calculated by the Agent in
        accordance with Schedule 4 (Mandatory Cost Formula).

       

      “Margin” means 3.10 per cent. per annum.

       

      
        12

        
          

      

      “Market Value” means, in relation to each Ship, the market value thereof
        determined in accordance with Clause 15.3 (Valuation of Ships).

       

      “Material Adverse Change” means any event or series of events which, in the
        opinion of the Majority Lenders, is likely to have a Material Adverse Effect.

       

      “Material Adverse Effect” means a material adverse effect on:

       

      	

            	(a)	
              the business, property, assets, liabilities, operations or condition (financial or otherwise) of a Borrower and/or any Security Party taken as a whole;

            

       

      	

            	(b)	
              the ability of a Borrower and/or any Security Party to (i) comply with or perform any of its obligations or (ii) discharge any of its liabilities, under any Finance Document as they
                fall due; or

            

       

      	

            	(c)	
              the validity, legality or enforceability of any Finance Document.

            

       

      “Maximum Advance Amount” means:

       

      	

            	(a)	
              in respect of Advance A, an amount up to the lesser of (i) $10,750,000 and (ii) 50 per cent. of the Initial Market Value of the Ship A;
                and

            

       

      	

            	(b)	
              in respect of each of Advance B, Advance C and Advance D, an amount up to the lesser of (i) $10,000,000 and (ii) 50 per cent. of the Initial Market Value of the Ship
                to which that Advance relates.

            

       

      “Minimum Liquidity” has the meaning given in Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity).

       

      “Mortgage”
        means, in relation to each Ship, the first preferred or, as the case may be, priority ship mortgage on that Ship in the Agreed Form and, in the plural, means all of them.

       

      “Mortgaged Ship” means a Ship which is subject to a Mortgage at the relevant time
        and, in the plural, means all of them.

       

      “Negotiation Period” has the meaning given in Clause 5.10

        (Negotiation of alternative rate of interest).

       

      “Notifying Lender” has the meaning given in Clause 21.2

        (Break Costs), Clause 23.1 (Illegality) or Clause 24.1 ( Increased costs
        ) as the context requires.

       

      “Participating Member State” means any member state of the European Union that has
        the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

       

      “Party” means a party to this Agreement.

       

      “Payment Currency” has the meaning given in Clause 21.6

        (Currency indemnity).

       

      “Permitted Holder” the person disclosed in the Side Letter as being the person having control (as such term is
        defined in paragraph (c) of the definition of “Change of Control”) of the Corporate Guarantor as at the date of this Agreement;

       

      “Permitted Security Interests” means:

       

      
        13

        
          

      

      	

            	(a)	
              Security Interests created by the Finance Documents;

            

       

      	

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

            

       

      	

            	(c)	
              liens for salvage;

            

       

      	

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

            

       

      	

            	(e)	
              liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair
                or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the relevant Borrower in good faith by appropriate steps) and subject, in the case of liens for
                repair or maintenance, to Clause 14.13(d) (Restrictions on chartering, appointment of managers etc);

            

       

      	

            	(f)	
              any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while a Borrower is actively prosecuting or
                defending such proceedings or arbitration in good faith; and

            

       

      	

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

            

       

      “Pertinent Document” means:

       

      	

            	(a)	
              any Finance Document;

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

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

       

      	

            	(a)	
              England and Wales;

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      
        14

        
          

      

      	

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

            

       

      “Pertinent Matter” means:

       

      	

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

            

       

      	

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

            

       

      and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or on
        or at any time after that signing.

       

      “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.

       

      “Prepayment Date” has the meaning given in Clause 15.2 (Prepayment; provision of additional security).

       

      “Prepayment Notice” has the meaning given in Clause 8.5(b) (Conditions for voluntary prepayment).

       

      “Quotation Date” means, in relation to any Interest Period (or any other period
        for which an interest rate is to be determined under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the Relevant Interbank Market for deposits in the currency in relation to which
        such rate is to be determined for delivery on the first day of that Interest Period or other period.

       

      “Reference Banks” means, subject to Clause 26.18 (Replacement of a
          Reference Bank), together, the Hamburg branch of Hamburg Commercial Bank AG, the head office of any other bank which is a Lender at the relevant time (unless such Lender has advised the Agent in writing that it
        does not wish to be a Reference Bank) and any of their respective successors.

       

      “Relevant Interbank Market” means the London interbank market.

       

      “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.

       

      “Relevant Person” has the meaning given in Clause 19.9 (Relevant Persons).

       

      “Repayment Date” means a date on which a repayment is required to be made under
        Clause 8 (Repayment and Prepayment).

       

      “Replacement Benchmark” means a benchmark
        rate which is:

       

      

      
        15

        
          

      

      	

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

            

       

      	

            	(i)	
              the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate); or

            

       

      	

            	(ii)	
              any Relevant Nominating Body,

            

       

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

       

      	

            	(b)	
              in the opinion of the Lenders, 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, an appropriate successor to a Screen Rate.

            

       

      “Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such
        as is referred to in paragraph (b) of the definition of “Total Loss”.

       

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

       

      “Retention Account” means an account in the joint names of the Borrowers with the Account Bank designated”
        Liono Shipping Co., Snoopy Shipping Co., Cinderella Shipping Co. and Luffy Shipping Co. – 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.

       

      “Screen Rate” means the London interbank
        offered rate administered by the ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any
        replacement Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Reuters. If such page or service ceases to be available, the Agent may specify
        another page or service displaying the relevant rate after consultation with the Borrowers.

       

      “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, 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,

            

       

      
        16

        
          

      

      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

            

       

      	

            	(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:

            

       

      	

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

            

       

      	

            	(ii)	
              that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than 15 Business Days; or

            

       

      	

            	(d)	
              in the opinion of the Lenders, 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 in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose, there shall be disregarded any total or partial discharge of these
        liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

       

      “Security Cover Ratio” means, at any relevant time, the aggregate of (i) the
        aggregate of the Market Value of the Mortgaged Ships, (ii) the Dry Docking Reserve Amount standing to the credit of the Dry Dock Reserve Account and (iii) the net realisable value of any additional security provided at that time under Clause 15 (Security Cover), at that time 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;

            

       

      	

            	(b)	
              the rights of a plaintiff under an action in rem; and

            

       

      	

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

            

       

      
        17

        
          

      

      “Security Party” means:

       

      	

            	(a)	
              the Corporate Guarantor;

            

       

      	

            	(b)	
              Castor Ships;

            

       

      	

            	(c)	
              Pavimar S.A.; and

            

       

      	

            	(d)	
              any other person (except a Creditor Party and any other manager which is not a member of the Group) 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)	
              neither a Borrower nor any Security Party has any future or contingent liability under Clauses 20 (Fees and Expenses),

                21 (Indemnities) or 22 (No Set-Off or Tax Deduction) or any other provision of this Agreement or another Finance Document; and

            

       

      	

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

            

       

      “Security Trustee” means Hamburg Commercial Bank AG,
        acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement.

       

      “Servicing Bank” means the Agent or the Security Trustee.

       

      “Side Letter” means a letter dated on or about the date of this Agreement specifying the person having control
        (as such term is defined in paragraph (c) of the definition of “Change of Control”) of the Corporate Guarantor as at the date of this Agreement to be executed by the Agent, the Borrowers and the Corporate Guarantor in the Agreed Form;

       

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

       

      “Ship A” means the Kamsarmax bulk carrier vessel of 83,375 dwt currently registered in the ownership of
        Borrower A with IMO number 9442407 under the Marshall Islands flag in accordance with the laws of the relevant Approved Flag State with the name “MAGIC THUNDER”.

       

      
        18

        
          

      

      “Ship B” means the Kamsarmax bulk carrier vessel of 80,281 dwt currently
        registered in the ownership of Borrower B with IMO number 9471264 under the Marshall Islands flag in accordance with the laws of the relevant Approved Flag State with the name “MAGIC NEBULA”.

       

      “Ship C” means
        the Panamax bulk carrier vessel of 74,940 dwt currently registered in the ownership of Borrower C with IMO number 9597331 under the Marshall Islands flag in accordance with the laws of the relevant Approved Flag State with the name “MAGIC ECLIPSE”.

       

      “Ship D” means the Kamsarmax bulk carrier vessel of 80,283 dwt currently registered in the ownership of
        Borrower D with IMO number 9545285 under the Marshall Islands flag in accordance with the laws of the relevant Approved Flag State with the name “MAGIC TWILIGHT”.

       

      “Specified Time” means 11.00 a.m. London time.

       

      “Subordinated Creditor” means a Borrower, a Security Party or any other person who
        becomes a Subordinated Creditor in accordance with this Agreement.

       

      “Subordinated Debt” in relation to a Subordinated Creditor, has the meaning given
        to it in the Subordination Agreement entered into by that Subordinated Creditor.

       

      “Subordinated Debt
          Security” means a document creating a Security Interest in relation to any Subordinated Debt in the Agreed Form.

       

      “Subordination Agreement” means a subordination agreement entered into or to be
        entered into by a Subordinated Creditor, a Borrower, a Security Party and the Security Trustee in the Agreed Form.

       

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

       

      	

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

            

       

      	

            	(b)	
              any expropriation, confiscation, requisition or acquisition of that Ship, whether for full or part 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 unless it is within one month from the date of such
                occurrence 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 one month redelivered to the full control of the Borrower
                owning that Ship.

            

       

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

       

      	

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

            

       

      
        19

        
          

      

      	

            	(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

            

       

      	

            	(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 the Ship as a
                total loss; and

            

       

      	

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

            

       

      “Transfer Certificate” has the meaning given in Clause 26.2

        (Transfer by a Lender).

       

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

       

      “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).

       

      “Underlying Document” means any Assignable Charter.

       

      “US” means the United States of America.

       

      “US GAAP” means generally accepted accounting principles in the Unites States.

       

      “US Tax Obligor” means:

       

      	

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

            

       

      	

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

            

       

      “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)	
              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:

       

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

       

      “approved” means, for the purposes of Clause 13 (Insurance), approved in writing by the Agent at its discretion;

       

      “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;

       

      “gross negligence” means a form of negligence which is distinct from ordinary
        negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody has
        not been followed;

       

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

       

      
        21

        
          

      

      “legal or administrative action” means any legal proceeding or arbitration and any
        administrative or regulatory action or investigation;

       

      “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
        incurred as principal or surety or otherwise;

       

      “months” shall be construed in accordance with Clause 1.3 (Meaning of “month”);

       

      “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 (Insurance ) or any other provision of this Agreement or another Finance Document;

       

      “parent company” has the meaning given in
        Clause 1.4 (Meaning of “subsidiary”);

       

      “person” includes any individual, any partnership, 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 1 of the Institute Time Clauses (Hulls) (1/10/82) or clause 8 of
        the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;

       

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

       

      “subsidiary” has the meaning given in Clause 1.4 (Meaning of “subsidiary”);

       

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

       

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

       

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

       

      
        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 attaching to the issued shares of S; or

            

       

      	(c)	
              P has the direct or indirect power to appoint or remove a majority of the directors of S; or

            

       

      	(d)	
              P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P,

            

       

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

       

      	1.5	
              General Interpretation

            

       

      In this Agreement:

       

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

            

       

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

            

       

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

            

       

      	(d)	
              Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary
                intention appears.

            

       

      	1.6	
              Headings

            

       

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

       

      
        23

        
          

      

      	2	
              FACILITY

            

       

      	2.1	
              Amount of facility

            

       

      Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrowers a senior secured term loan facility of up to
        $40,750,000, in four Advances, Advance A, Advance B, Advance C and Advance D for the purpose stated in the preamble to this Agreement.

       

      	2.2	
              Lenders’ participations in Advances

            

       

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

       

      	2.3	
              Purpose of Advances

            

       

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

       

      	3	
              POSITION OF THE LENDERS

            

       

      	3.1	
              Interests several

            

       

      The rights of the Lenders under this Agreement are several.

       

      	3.2	
              Individual right of action

            

       

      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
        Agent, the Security Trustee or any other Lender as additional parties in the proceedings.

       

      	3.3	
              Proceedings requiring Majority Lender consent

            

       

      Except as provided in Clause 3.2 (Individual right of action), no Lender may commence proceedings against
        the Borrowers or any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders.

       

      	3.4	
              Obligations 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, any other Lender being discharged (in whole or in part) from its obligations under any Finance Document;

            

       

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

       

      
        24

        
          

      

      	4	
              DRAWDOWN

            

       

      	4.1	
              Request for an Advance

            

       

      Subject to the following conditions, the Borrowers may request an Advance to be borrowed by ensuring that the Agent receives a completed Drawdown
        Notice not later than 11.00 a.m. (Hamburg time) three Business Days prior to the relevant Drawdown Date.

       

      	4.2	
              Availability

            

       

      The conditions referred to in Clause 4.1 (Request for an Advance) are that:

       

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

            

       

      	(b)	
              each Advance shall not exceed the relevant Maximum Advance Amount;

            

       

      	(c)	
              all Advances shall be drawn down on the same Drawdown Date;

            

       

      	(d)	
              any undrawn portion of the Total Commitments in respect of an Advance to occur, upon the determination of the Initial Market Value of the Ship to which that Advance relates, shall be
                automatically cancelled as at the Drawdown Date of that Advance; and

            

       

      	(e)	
              the aggregate amount of the Advances shall not exceed the Total Commitments.

            

       

      	4.3	
              Notification to Lenders of receipt of a Drawdown Notice

            

       

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

       

      	(a)	
              the amount of the Advance to which that Drawdown Notice relates and the relevant Drawdown Date;

            

       

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

            

       

      	(c)	
              the duration of the first Interest Period in respect of that Advance.

            

       

      	4.4	
              Drawdown Notice irrevocable

            

       

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

       

      	4.5	
              Lenders to make available Contributions

            

       

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

       

      	4.6	
              Disbursement of Advance

            

       

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

       

      
        25

        
          

      

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

            

       

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

            

       

      The payment by the Agent under this Clause 4.6 ( Disbursement of Advance )
        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 participation in the Advance.

       

      	5	
              INTEREST

            

       

      	5.1	
              Payment of normal interest

            

       

      Subject to the provisions of this Agreement, interest on each Advance in respect of each Interest Period relative to that Advance 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 relative to that Advance shall be
        the aggregate of (i) the Margin, (ii) the Mandatory Cost (if any), (iii) LIBOR for that Interest Period and (iv) if a Lender (the “Applicable Lender”) notifies the Agent at least 5 Business Days before the
        start of that Interest Period that its Cost of Funding exceeds LIBOR (including the amount of such excess) on the Quotation Date for that Interest Period, additionally in respect of that Applicable Lender’s Contribution in the relevant Advance, the
        Correction Rate applicable to the Applicable Lender for that Interest Period.

       

      	5.3	
              Payment of accrued interest

            

       

      In the case of an Interest Period of longer than three months (subject to the prior agreement of the Agent in accordance with Clause 6.2(b)) (Duration of normal Interest Periods) accrued interest shall be paid every three months during that Interest Period and on the last day of that Interest Period.

       

      	5.4	
              Notification of Interest Periods and rates of normal interest

            

       

      The Agent shall notify the Borrowers and each Lender of:

       

      	(a)	
              each rate of interest; and

            

       

      	(b)	
              the duration of each Interest Period,

            

       

      as soon as reasonably practicable after each is determined.

       

      	5.5	
              Obligation of Reference Banks to quote

            

       

      A Reference Bank which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of
        interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.18 (Replacement of a Reference Bank).

       

      

      
        26

        
          

      

      	5.6	
              Absence of quotations by Reference Banks

            

       

      If any Reference Bank fails to supply a quotation, the Agent shall determine the relevant LIBOR on the basis of the quotations supplied by the other
        Reference Bank(s) but if two or more of the Reference Banks fail (or, if at any time there is only one Reference Bank, that Reference Bank fails) to provide a quotation, the relevant rate of interest shall be set in accordance with the following
        provisions of this Clause 5 (Interest).

       

      	5.7	
              Market disruption

            

       

      The following provisions of this Clause 5 (Interest ) apply if:

       

      	(a)	
              no rate is quoted on the Screen Rate, it is not possible to calculate an Interpolated Screen Rate for that Interest Period and two or more of the Reference Banks do not (or, if at any
                time there is only one Reference Bank, that Reference Bank does not), before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide a quotation to the Agent in order to fix LIBOR; or

            

       

      	(b)	
              at least three Business Days 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 Relevant 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

        (Market disruption) which have caused its notice to be given.

       

      	5.9	
              Suspension of drawdown

            

       

      If the Agent’s notice under Clause 5.8 (Notification of market disruption) is served before an Advance is
        made:

       

      	(a)	
              in a case falling within Clause 5.7(a) (Market disruption), the Lenders’ obligation to advance that Advance; and

            

       

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

            

       

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

       

      	5.10	
              Negotiation of alternative rate of interest

            

       

       

      	(a)	
              If the Agent’s notice under Clause 5.8 (Notification of market disruption ) is served after an Advance is
                borrowed then, subject to Clause 27.4 (Service outside business hours), the Borrowers, the Agent, the Lenders or (as the case may be) the Affected Lender shall use
                reasonable endeavours to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (Notification of market disruption) (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.

            

       

      
        27

        
          

      

      	(b)	
              During the Negotiation Period 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 or (as the case may be) the Affected Lender in Dollars, in each case as determined by the relevant Lender, or in any available currency of their or its Contribution plus the Margin and the Mandatory Cost (if
                any).

            

       

      	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

            

       

      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 procedure provided for in Clause 5.10(b) (Negotiation of alternative rate of interest) shall
        be repeated at the end of the interest period set by the Agent pursuant to that Clause.

       

      	5.13	
              Notice of prepayment

            

       

      If the Borrowers do not agree with an interest rate set by the Agent under Clause 5.12 (Alternative rate of
          interest in absence of agreement), the Borrowers may give the Agent not less than five Business Days’ notice of their intention to prepay the Loan at the end of the interest period set by the Agent.

       

      	5.14	
              Prepayment; termination of Commitments

            

       

      A notice under Clause 5.13 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the
        Lenders of the Borrowers’ notice of intended prepayment; and:

       

      	(a)	
              on the date on which the Agent serves that notice, the Total Commitments 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, together with accrued interest thereon at the
                applicable rate plus the Margin and the Mandatory Cost (if any).

            

       

      	5.15	
              Application of prepayment

            

       

      The provisions of Clause 8 (Repayment and Prepayment )
        shall apply in relation to the prepayment.

       

      	6	
              INTEREST PERIODS

            

       

      	6.1	
              Commencement of Interest Periods

            

       

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

       

      
        28

        
          

      

      	6.2	
              Duration of normal Interest Periods

            

       

      Subject to Clauses 6.3 (Duration of Interest Periods for Instalments ) and 6.4 (Non-availability of matching deposits for Interest Period selected), each Interest Period in respect of each Advance shall be:

       

      	(a)	
              3 months; or

            

       

      	(b)	
              such other period (as proposed by the Borrowers to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business Days before the commencement of the Interest Period in respect of that
                Advance) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowers (failing which the Interest Period shall be three months).

            

       

      	6.3	
              Duration of Interest Periods for Instalments

            

       

      In respect of an amount due to be repaid under Clause 8 (Repayment and Prepayment)
        on a particular Repayment Date, an Interest Period in respect of the Advance to which that Repayment Date relates shall end on that Repayment Date.

       

      	6.4	
              Non-availability of matching deposits for Interest Period selected

            

       

      If, after the Borrowers have proposed and the Lenders have agreed an Interest Period longer than three months, any Lender notifies the Agent by
        11.00 a.m. (Hamburg 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 Relevant Interbank Market
        when the Interest Period commences, the Interest Period shall be of three 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 (Default Interest) on any amount payable by the Borrowers under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is:

       

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

            

       

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

            

       

      	(c)	
              if such amount has become immediately due and payable under Clause 19.4 (Acceleration of Loan), 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 2.50 per cent. above:

       

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

            

       

      
        29

        
          

      

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

            

       

      	7.3	
              Calculation of default rate of interest

            

       

      The rates referred to in Clause 7.2 (Default rate of interest) are:

       

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

            

       

      	(b)	
              the aggregate of the Margin, any Correction Rate and the Mandatory Cost (if any) plus, in respect of successive Interest Periods of any duration (including at call) up to three months
                which the Agent may select from time to time:

            

       

      	

            	(i)	
              LIBOR; or

            

       

      	

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

            

       

      	7.4	
              Notification of interest periods and default rates

            

       

      The Agent shall promptly notify the Lenders and the Borrowers of each interest rate determined by the Agent under Clause 7.3

        (Calculation of default rate of interest) and of each Interest Period selected by the Agent for the purposes of paragraph 7.3(b) (Calculation of default rate of interest)
        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 Interest 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 Interest Period by reference to which it was determined shall thereupon be compounded.

       

      	8	
              REPAYMENT AND PREPAYMENT

            

       

      	8.1	
              Amount of Instalments

            

       

      The Borrowers shall repay:

       

      	(a)	
              Advance A, by:

            

       

      	

            	(i)	
              20 equal consecutive quarterly instalments, each in the amount of $283,000 (each an “Instalment A” and, together, the “Instalments A”); and

            

       

      
        30

        
          

      

      	

            	(ii)	
              a balloon instalment in the amount of $5,090,000 (the “Balloon Instalment A”); and

            

       

      	(b)	
              Advance B, by:

            

       

      	

            	(i)	
              20 equal consecutive quarterly instalments (each an “Instalment B” and, together, the “Instalments B”), each in the amount of $299,000; and

            

       

      	

            	(ii)	
              a balloon instalment (the “Balloon Instalment B”) in the amount of $4,020,000,

            

       

      	(c)	
              Advance C, by:

            

       

      	

            	(i)	
              20 equal consecutive quarterly instalments (each an “Instalment C” and, together, the “Instalments C”), each in the amount of $273,000; and

            

       

      	

            	(ii)	
              a balloon instalment (the “Balloon Instalment C”) in the amount of $4,540,000,

            

       

      	(d)	
              Advance D, by:

            

       

      	

            	(i)	
              20 equal consecutive quarterly instalments (each an “Instalment D” and, together, the “Instalments

                  D” and, together with the Instalments A, the Instalments B and the Instalments C, the “Instalments” and each an “Instalment”), each in the amount of
                $299,000; and

            

       

      	

            	(ii)	
              a balloon instalment (the “Balloon Instalment D” and, together with the Balloon Instalment A, the Balloon Instalment B and the
                Balloon Instalment C the “Balloon Instalments” and each a “Balloon Instalment”) in the amount of $4,020,000,

            

       

      Provided that, if the amount advanced in respect of an Advance is less than the Maximum Advance Amount
        relating to that Advance, the aggregate amount of the Instalments and the Balloon Instalment in respect of that Advance shall be reduced by an amount equal to the undrawn amount on a pro rata basis.

       

      	8.2	
              Repayment Dates

            

       

      The first Instalment in respect of each Advance shall be repaid on the date falling three months after the Drawdown Date in respect of that Advance,
        each subsequent Instalment shall be repaid at three-monthly intervals thereafter and the last Instalment in respect of that Advance, shall be repaid together with the Balloon Instalment in respect of that Advance, latest on the relevant Final
        Repayment Date.

       

      	8.3	
              Final Repayment Date

            

       

      On the Final Repayment Date, in respect of the last Advance to be drawn down pursuant to this Agreement, the Borrowers shall additionally pay to the
        Agent for the account of the Creditor Parties all other sums then accrued or owing under any Finance Document.

       

      	8.4	
              Voluntary prepayment

            

       

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

       

      	8.5	
              Conditions for voluntary prepayment

            

       

      The conditions referred to in Clause 8.4 (Voluntary prepayment) are that:

       

      
        31

        
          

      

      	(a)	
              a partial prepayment shall be in an amount equal to an Instalment or a higher integral multiple thereof;

            

       

      	(b)	
              the Agent has received from the Borrowers at least five Business Days’ prior irrevocable written notice (each, a “Prepayment Notice”)
                specifying the amount to be prepaid and the date on which the prepayment is to be made;

            

       

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

            

       

      	(d)	
              the Borrowers are in compliance with Clause 8.10 (Amounts payable on prepayment) on or prior to the date of prepayment.

            

       

      	8.6	
              Optional facility cancellation

            

       

      The Borrowers shall be entitled, upon giving to the Agent not less than five Business Days’ prior written notice, to cancel, in whole or in part
        (and, if in part, by an amount not less than a multiple integral amount of an Instalment (or such other amount acceptable to the Agent in its sole discretion)), the undrawn balance of the Total Commitments (the “Cancellation

          Notice”) which notice shall be irrevocable and shall, at the option of the Borrowers, specify whether such cancellation will be applied against a specific Advance, in which case the Borrowers will specify the Advance against which that
        cancellation should be applied.  A failure by the Borrowers to make such a designation, in circumstances where all Advances have been made, shall result in the cancellation being applied against all Advances proportionately.  Upon such cancellation
        taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the Total Commitments to which such Cancellation Notice relates shall terminate.

       

      	8.7	
              Cancellation Notice or Prepayment Notice

            

       

      The Agent shall notify the Lenders promptly upon receiving a Cancellation Notice or Prepayment Notice, and shall provide, in the case of a
        Prepayment Notice, any Lender which so requests with a copy of any document delivered by the Borrowers under Clause 8.5(c) (Conditions for voluntary prepayment).

       

      	8.8	
              Mandatory prepayment

            

       

      	(a)	
              The Borrowers shall be obliged to prepay the Relevant Amount if a Ship:

            

       

      	

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

            

       

      	

            	(ii)	
              becomes a Total Loss, on the earlier of the date falling 120 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.

            

       

      	(b)	
              Any surplus, after the prepayment of the Relevant Amount (plus any additional costs due pursuant to Clause 8.10 (Amounts
                  payable on prepayment)), shall be for the account of the Borrowers Provided that no Event of Default has occurred and is continuing at the relevant
                time or will occur as a result of the release of such surplus to the Borrowers.

            

       

      
        32

        
          

      

      In this Clause 8.8 (Mandatory prepayment):

       

      “Relevant Amount” means an amount equal to the greater of:

       

      	

            	(i)	
              the Advance to which the Ship being sold or which has become a Total Loss relates; and

            

       

      	

            	(ii)	
              an amount (if any) which after the application of the prepayment to be made pursuant to Clause 8.11(b) (Application of partial prepayment or
                  cancellation) results in the Security Cover Ratio being the greater of (A) 130 per cent. and (B) the percentage which applied immediately prior to the applicable event described in paragraph (i) or (ii) of this Clause 8.8 (Mandatory prepayment).

            

       

      	8.9	
              Effect of Prepayment Notice and Cancellation Notice

            

       

      Neither a Prepayment Notice nor a Cancellation Notice may be withdrawn or amended without the consent of the Agent, given with the authorisation of
        the Majority Lenders, and:

       

      	(a)	
              in the case of a Prepayment Notice, the amount specified in that Prepayment Notice shall become due and payable by the Borrowers on the date for prepayment specified in that
                Prepayment Notice; and

            

       

      	(b)	
              in the case of a Cancellation Notice, the amount cancelled shall be permanently cancelled and may not be borrowed.

            

       

      	8.10	
              Amounts payable on prepayment

            

       

      A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 (Indemnities) 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 21.2 (Break Costs) but without premium or penalty.

       

      	8.11	
              Application of partial prepayment or cancellation

            

       

      Each partial prepayment shall be applied:

       

      	(a)	
              if made pursuant to Clauses 5.13 (, Notice of prepayment ) 8.4 (Voluntary prepayment), 15.2 (Prepayment; provision of additional security), 19.2 ( Actions
                  following an Event of Default), 23.3 (Prepayment; termination of Commitment) or 24.6 (Prepayment; termination of Commitment) proportionately between
                each Advance and within each Advance pro rata against the Instalments and the Balloon Instalment of each Advance;

            

       

      	(b)	
              if made pursuant to Clause 8.8 ( Mandatory prepayment), first towards full repayment of the Advance related to
                the Ship being sold or which has become a Total Loss, thereafter towards pro-rata reduction of the remaining Advances and within such Advance, pro rata against the Instalments in respect of that Advance which are at the time being
                outstanding and the Balloon Instalment of such Advance.

            

       

      	8.12	
              No reborrowing

            

       

      No amount prepaid or cancelled may be (re)borrowed.

       

      
        33

        
          

      

      	9	
              CONDITIONS PRECEDENT

            

       

      	9.1	
              Documents, fees and no default

            

       

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

       

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

            

       

      	(b)	
              that, on the Drawdown Date but prior to the making of the Advance, the Agent receives;

            

       

      	

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

            

       

      	

            	(ii)	
              in the case of the first Drawdown Notice to be served under this Agreement, the structuring fee payable pursuant to Clause 20.1(a) (Structuring and
                  commitment fees);

            

       

      	

            	(iii)	
              payment of any commitment fee payable pursuant to Clause 20.1(b) (Structuring and commitment fees); and

            

       

      	

            	(iv)	
              payment of any expenses payable pursuant to Clause 20.2 (Costs of negotiation, preparation etc.) which are due and payable on the Drawdown
                Date to which that Drawdown Notice relates;

            

       

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	(d)	
              that, if the Security Cover Ratio were applied immediately following the making of an 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 relevant Drawdown Date.

            

       

      
        34

        
          

      

      	9.2	
              Waiver of conditions precedent

            

       

      If the Majority Lenders, at their discretion, permit an Advance to be borrowed before certain of the conditions referred to in Clause 9.1 (Documents, fees and no default ) are satisfied, the Borrowers shall ensure that those conditions are satisfied within five Business Days after the relevant Drawdown Date (or
        such longer period as the Agent may, with the authorisation of the Majority Lenders, specify).

       

      	10	
              REPRESENTATIONS AND WARRANTIES

            

       

      	10.1	
              General

            

       

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

       

      	10.2	
              Status

            

       

      Each Borrower is duly incorporated, validly existing and in good standing under the laws of the Republic of the Marshall Islands and no Borrower or
        Security Party is a US Tax Obligor.

       

      	10.3	
              Share capital and ownership

            

       

      Each Borrower is authorised to issue 500 registered shares of no par value, all of which shares have been issued, and the legal title and beneficial
        ownership of all those shares is held, free of any Security Interest or other claim, by the Corporate Guarantor.

       

      	10.4	
              Corporate power

            

       

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

       

      	(a)	
              to execute the Underlying Documents to which it is a party and to maintain its Ship in its ownership under the applicable Approved Flag;

            

       

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

            

       

      	(c)	
              to 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 (Corporate power) remain in force
        and nothing has occurred which makes any of them liable to revocation.

       

      	10.6	
              Legal validity; effective Security Interests

            

       

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

       

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

            

       

      
        35

        
          

      

      	(b)	
              create legal, valid and binding Security Interests (having the priority specified in the relevant Finance Document) 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 (Legal validity; effective Security
          Interests), at the time of the execution and delivery of each Finance Document to which each Borrower is a party:

       

      	(a)	
              that 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 each Borrower and each other Security Party of each Finance Document and each Underlying Document to which it is a party, and the
        borrowing by that Borrower (together with the other Borrower) of the Loan (or any part thereof), and its compliance with each Finance Document and each Underlying Document to which it is a party:

       

      	(a)	
              will not involve or lead to a contravention of:

            

       

      	

            	(i)	
              any law or regulation; or

            

       

      	

            	(ii)	
              the constitutional documents of that Borrower or other Security Party; or

            

       

      	

            	(iii)	
              any contractual or other obligation or restriction which is binding on that Borrower or other Security Party or any of its assets, and

            

       

      	(b)	
              will not have a Material Adverse Effect; and

            

       

      	(c)	
              is for the corporate benefit of that Borrower or each other Security Party.

            

       

      	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.

       

      
        36

        
          

      

      	10.11	
              Information

            

       

      All information which has been provided in writing by or on behalf of the Borrowers or any Security Party to any Creditor Party in connection with
        any Finance Document satisfied the requirements of Clause 11.5 (Information provided to be accurate); all audited and unaudited accounts and financial statements which have been so provided satisfied the
        requirements of Clause 11.7 (Form of financial statements) and are true, correct and not misleading and present fairly and accurately the financial position of the Borrowers the
        Corporate Guarantor or the Group (as the case may be); and there has been no change in the financial position or state of affairs of either Borrower, the Corporate Guarantor or the Group (or any member thereof) from that disclosed in the latest of
        those accounts which is likely to have a Material Adverse Effect.

       

      	10.12	
              No litigation

            

       

      No legal or administrative action involving either Borrower or any Security Party (including action relating to any alleged or actual breach of the
        ISM Code or the ISPS Code) has been commenced or taken or, to either Borrower’s knowledge, is likely to be commenced or taken which would, in either case, be likely to have a Material Adverse Effect.

       

      	10.13	
              Validity and completeness of the Underlying Documents

            

       

      Each of the Underlying Documents constitutes valid, binding and enforceable obligations of the
        parties thereto in accordance with its terms and:

       

      	(a)	
              each of the copies of the Underlying Documents delivered to the Agent before the date of this Agreement is a true and complete
                copy; and

            

       

      	(b)	
              no amendments or additions to an Underlying Document have been agreed nor has any party which is the party to an Underlying
                Document waived any of its respective rights thereunder.

            

       

      	10.14	
              Compliance with certain undertakings

            

       

      At the date of this Agreement, the Borrowers are in compliance with Clauses 11.2 (Title

          and negative pledge), 11.4 (No other liabilities or obligations to be incurred), 11.9 (Consents), 11.13 (Principal place of
          business), 13 (Insurance), 14.3   (Repair and classification ) and 14.10 (Compliance with
          laws etc).

       

      	10.15	
              No rebates etc.

            

       

      There is no agreement or understanding to allow or pay any rebate, premium, commission, discount or other benefit or payment (howsoever described)
        to a Borrower or a third party in connection with the purchase by that Borrower of its Ship, other than as disclosed to the Agent in writing on or prior to the date of this Agreement.

       

      	10.16	
              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.

       

      	10.17	
              ISM Code and ISPS Code compliance

            

       

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

       

      
        37

        
          

      

      	10.18	
              No Money laundering

            

       

      	(a)	
              Neither Borrower and, to the extent applicable, no Security Party has, in connection with this Agreement or any of the other Finance Documents, contravened, or permitted any subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directive  2015/849/EC of the European Parliament and of the Council of the European Union of 20 May 2015) and any comparable US federal and
                state laws.

            

       

      	(b)	
              Each Borrower confirms to the Agent that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz über das Aufspüren von
                Gewinnen aus schweren Straftaten (Geldwäschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement (that
                is to say, it acts for its own account and not for or on behalf of anyone else).

            

       

      	10.19	
              No immunity

            

       

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

       

      	10.20	
              Choice of law

            

       

      The choice of the laws of England to govern this Agreement and those other Finance Documents which are expressed to be governed by the laws of
        England, the laws of Germany to govern the Account Pledges and the laws of the applicable Approved Flag State to govern the Mortgages, constitutes a valid choice of law and the submission by the Borrowers or, as the case may be, the relevant
        Security Parties thereunder to the jurisdiction of the Courts of England and, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the applicable Approved Flag State is a valid submission and does not contravene the laws of
        England or, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the applicable Approved Flag State or the laws of any other Pertinent Jurisdiction, will be applied by the courts of any Pertinent Jurisdiction if this
        Agreement or those other Finance Documents or any claim thereunder comes under their jurisdiction upon proof of the relevant provisions of the laws of England or, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the
        applicable Approved Flag State.

       

      	10.21	
              Pari passu ranking

            

       

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

       

      	10.22	
              Repetition

            

       

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

       

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

            

       

      	(b)	
              on each Drawdown Date; and

            

       

      
        38

        
          

      

      	(c)	
              with the exception of Clauses 10.9 (No withholding taxes) and 10.14, (ompliance with certain undertakings)
                on the first day of each Interest Period and on the date of any Compliance Certificate issued pursuant to Clause 11.21 (Compliance Certificate),

            

       

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

       

      	11	
              GENERAL UNDERTAKINGS

            

       

      	11.1	
              General

            

       

      Each Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 (General Undertakings) at all times during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may 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 its Ship, her 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 and except for Permitted Security Interests; and

            

       

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

            

       

      	11.3	
              No disposal of assets

            

       

      Neither 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.

       

      	11.4	
              No other liabilities or obligations to be incurred

            

       

      Neither Borrower will incur any liability or obligation (including, without limitation, any Financial Indebtedness or any obligations under a
        guarantee) except:

       

      	(a)	
              liabilities and obligations under the Finance Documents and the Underlying Documents to which it is or, as the case may be, will be a party; and

            

       

      	(b)	
              liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and chartering, maintaining and repairing the Ship owned by it (including,
                without limitation, any Financial Indebtedness and other indebtedness owing to its shareholders subject to the relevant Borrower ensuring on or prior to the Drawdown Date, that the rights of each creditor thereunder are fully subordinated
                in writing pursuant to a Subordination Agreement).

            

       

      
        39

        
          

      

      	11.5	
              Information provided to be accurate

            

       

      All financial and other information, including but not limited to factual information, exhibits and reports, which is provided in writing by or on
        behalf of a Borrower under or in connection with any Finance Document will be true, correct 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 there 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 that Borrower and the Corporate Guarantor, the individual unaudited annual management
                accounts of that Borrower and the consolidated audited annual financial statements of the Corporate Guarantor (commencing with the financial statements for the Financial Year which ended on 31 December 2021); and

            

       

      	(b)	
              as soon as possible, but in no event later than 90 days after the first 6-month period ending on 30 June in each Financial Year of that Borrower or, as
                  the case may be, the Corporate Guarantor, the semi-annual individual unaudited management accounts in respect of that Borrower or, in the case of the Corporate Guarantor, the semi-annual consolidated unaudited management accounts
                of the Group, in each case, for that 6-month period (commencing with the financial statements for the 6-month period ending on 30 June 2021), duly certified as to their correctness by the chief financial
                  officer of the Corporate Guarantor; and

            

       

      	(c)	
              promptly after each request by the Agent, such further financial or other information in respect of that Borrower, each Ship and the Corporate Guarantor (including, without
                limitation, any information regarding any sale and purchase agreements, investment brochures, shipbuilding contracts, charter agreements and operational expenditures for the Ships) as may be requested by the Agent.

            

       

      	11.7	
              Form of financial statements

            

       

      All accounts delivered under Clause 11.6 (Provision of financial statements)
        will:

       

      	(a)	
              be prepared in accordance with all applicable laws and US GAAP and, in the case of any audited financial statements, be certified by an independent and reputable auditor selected and
                appointed by the relevant Borrower or the Corporate Guarantor;

            

       

      	(b)	
              give a true and fair view of the state of affairs of each Borrower, the Corporate Guarantor and the Group 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 each Borrower, the Corporate Guarantor and the Group and each of its subsidiaries.

            

       

      	11.8	
              Shareholder and creditor notices

            

       

      Each Borrower will send the Agent promptly upon its request copies of all communications which are despatched to that Borrower’s shareholders or
        creditors or any class of them.

       

      
        40

        
          

      

      	11.9	
              Consents

            

       

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

       

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

            

       

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

            

       

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

            

       

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

       

      	11.10	
              Maintenance of Security Interests

            

       

      Each Borrower will:

       

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

            

       

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

            

       

      	11.11	
              Notification of litigation

            

       

      Each Borrower will provide the Agent with details of any legal or administrative action involving that Borrower, the Ship owned by it, the Earnings
        or the Insurances in respect of that Ship, any Security Party or the Approved Managers, 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 have a Material Adverse Effect, and each Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action.

       

      	11.12	
              No amendment to Underlying Documents

            

       

      The Borrowers will not waive or fail to enforce, the Underlying Documents to which it is a party or any of its provisions and promptly notify the
        Agent of any amendment or supplement to any Underlying Document.

       

      	11.13	
              Principal place of business

            

       

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

       

      
        41

        
          

      

      	11.14	
              Confirmation of no default

            

       

      Each Borrower will, within two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by an
        officer of that 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 11.14 (Confirmation of no default)
        from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advances have been made) Commitments exceeding 10 per cent. of the Total Commitments; and this Clause 11.14 (Confirmation of no default) does not affect the Borrowers’ obligations under Clause 11.15 (Notification of
          default).

       

      	11.15	
              Notification of default

            

       

      Each Borrower will notify the Agent as soon as that Borrower becomes aware of:

       

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

            

       

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

            

       

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

       

      	11.16	
              Provision of further information

            

       

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

       

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

            

       

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

            

       

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

       

      	11.17	
              Provision of copies and translation of documents

            

       

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

       

      	11.18	
              “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;

            

       

      
        42

        
          

      

      	(b)	
              any change in the composition of the shareholders of the Borrowers or any Security Party (other than Castor Ships) after the date of this Agreement; or

            

       

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

            

       

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

       

      	11.19	
              Minimum Liquidity and Additional Minimum Liquidity

            

       

      	(a)	
              Subject to paragraph (c) below, the Borrowers shall maintain in the Liquidity Account:

            

       

      	

            	(i)	
              credit balances in an aggregate amount of not less than $350,000 in respect of each Mortgaged Ship ($1,400,000 in aggregate) (“Minimum Liquidity”) commencing from the Drawdown Date and at all times thereafter throughout the remainder of the Security Period;

            

       

      	

            	(ii)	
              in addition to the amount required to be maintained under paragraph (a) of this Clause 11.19 (Minimum Liquidity and Additional
                  Minimum Liquidity), an aggregate amount of not less than $250,000 in respect of each Mortgaged Ship ($1,000,000 in aggregate, the “Additional Minimum Liquidity”) commencing from the Drawdown
                Date and at all times thereafter up to the Repayment Date of the fourth Instalment in relation to each Advance, at which time, the Additional Minimum Liquidity shall be released upon written request to or to the order of the Borrowers
                (following the full repayment of the fourth Instalment in respect of each Advance) subject to the terms of paragraph (c) below.

            

       

      	(b)	
              The Liquidity Account shall be secured under the applicable Account Pledge and remain blocked.

            

       

      	(c)	
              Subject to the Agent’s prior written consent and at the Agent’s absolute discretion, each Borrower may request to utilise the whole or any part of the Additional Minimum Liquidity
                relating to the Ship owned by that Borrower if, at the end of a Relevant Period, there is a Cash Shortfall and provided that:

            

       

      	

            	(A)	
              no Event of Default has occurred at the relevant time; and

            

       

      	

            	(B)	
              that part of the Additional Minimum Liquidity which is released from the Liquidity Account (the “Released Amount”) pursuant to
                this Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity) is utilised by the relevant Borrower only for the purpose of paying the Debt Service; and

            

       

      
        43

        
          

      

      	

            	(C)	
              that Borrower provides the Agent with the most recent quarterly management accounts evidencing such Cash Shortfall.

            

       

      	(d)	
              In this Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity):

            

       

      “Cash Shortfall” means, in relation to a Ship during a Relevant Period, the amount by which the aggregate
        Operating Expenses and the Debt Service of that Ship exceed the aggregate Earnings of that Ship, in each case, during the Relevant Period, as determined by the Majority Lenders, in their sole and absolute discretion;

       

      “Operating Expenses” means, in relation to a Ship, the aggregate expenditure incurred by the Borrower which
        is the owner of that Ship in chartering, operating, crewing, insuring, maintaining, repairing and generally trading that Ship including management fees and commissions as evidenced by the most recent quarterly
        management accounts as provided by the relevant Borrower to the Agent pursuant to paragraph (c) of this Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity);

       

      “Relevant Period” means each 3-month period during the Security Period, the first of which shall commence on
        the Drawdown Date and end 3 months thereafter with each subsequent period commencing at 3-monthly intervals thereafter.

       

      	11.20	
              Dry Docking Reserve Amount

            

       

      	(a)	
              Each Borrower undertakes with each Creditor Party that, from the date falling three months after the Drawdown Date and at quarterly intervals thereafter during the Security Period, in
                respect of each Mortgaged Ship, an amount of $20,000 per Ship ($80,000 in aggregate) (collectively, the “Dry Docking Reserve
                  Amount”) is deposited to the Dry Dock Reserve Account.

            

       

      	(b)	
              The Dry Dock Reserve Account shall be secured under the Account Pledge and, subject to paragraph (d) below, remain blocked thereon.

            

       

      	(c)	
              The Dry Docking Reserve Amount in respect of a Ship shall be released to the Borrower owning that Ship only for the payment of any costs
                incurred in relation to the next dry docking and special survey of that Ship (such costs, together, the “Dry Docking Expenses”)

                and subject to, in each case:

            

       

      	

            	(A)	
              the Borrowers previously delivering to the Agent, in form and substance satisfactory to the Agent, copies of the invoices and/or proforma invoices to be paid
                (partially or in full out of the Dry Docking Reserve Amount) in respect of the Dry Docking Expenses; and

            

       

      	

            	(B)	
              no Event of Default or Potential Event of Default having occurred and being continuing at the relevant time or resulting from the release of the Dry Docking Reserve
                Amount.

            

       

      Upon completion of each of the dry docking and special survey referred to in paragraph (c) above, the
        Borrowers shall promptly deliver to the Agent evidence satisfactory to it that such dry docking and special survey has been completed.

       

      	(d)	
              If a Ship is sold and all amounts payable pursuant to Clause 8.8 (Mandatory prepayment) in connection with such sale have been paid by the
                Borrowers or the Advance relating to that Ship has been fully prepaid before the completion of the dry docking and special survey in respect of that Ship, the relevant portion of the Dry Docking Reserve
                Amount in relation to that dry docking and special survey will be released to the Borrowers Provided that no Event of Default or Potential Event of Default has
                occurred and is continuing at the relevant time or will result from such release.

            

       

      
        44

        
          

      

      	11.21	
              Compliance Certificate

            

       

      	(a)	
              The Borrowers shall supply to the Agent, together with each set of financial statements delivered pursuant to paragraphs (a) and (b) of Clause 11.6 (Provision of financial statements), a Compliance Certificate (commencing with the financial statements to be provided for the 6-month period ending on 30 June 2021).

            

       

      	(b)	
              Each Compliance Certificate shall be duly signed by a senior officer of the Borrowers, evidencing (inter alia) the Borrower’s compliance (or not, as the case may be) with the
                provisions of Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity), 11.20 (Dry Docking Reserve Amount) and Clause
                15.1 (Minimum required security cover).

            

       

      	11.22	
              No Money laundering

            

       

      	(a)	
              Each Borrower:

            

       

      	

            	(i)	
              will not, and will procure that no Security Party, to the extent applicable, will, in connection with this Agreement or any of the other Finance Documents, contravene, or permit any
                subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the Council of
                the European Union of 20 May 2015) and any comparable US federal and state laws; and

            

       

      	

            	(ii)	
              shall further submit any documents and declarations on request, if such documents or declarations are required by any Creditor Party to comply with its domestic money laundering
                and/or legal identification requirements.

            

       

      	(b)	
              Each Borrower:

            

       

      	

            	(i)	
              shall confirm to the Agent that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz über das Aufspüren von Gewinnen aus schweren Straftaten
                (Geldwäschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement (that is to say, it acts for its own account and not for or on
                behalf of anyone else); and

            

       

      	

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

            

       

      	(c)	
              The Agent shall promptly notify the Lenders of any written notice it receives under sub-paragraph (b)(ii) above.

            

       

      
        45

        
          

      

      	12	
              CORPORATE UNDERTAKINGS

            

       

      	12.1	
              General

            

       

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

       

      	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

            

       

      Neither Borrower will:

       

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

            

       

      (b)

       

      	

            	(i)	
              pay any dividend or make any other form of distribution if:

            

       

      	

            	(A)	
              an Event of Default or a Potential Event of Default has occurred and is continuing at the relevant time; or

            

       

      	

            	(B)	
              an Event of Default will result from the payment of a dividend or the making of any other form of distribution,

            

       

      provided that if there is a Cash Shortfall and the Borrowers have utilised a Released Amount pursuant to paragraph (c) of Clause
        11.19 (Minimum Liquidity and Additional Minimum Liquidity), the Borrowers shall only be permitted to declare or pay a dividend or make any other form of distribution if:

       

      	

            	(A)	
              no Event of Default or a Potential Event of Default has occurred and is continuing at the relevant time; or

            

       

      	

            	(B)	
              no Event of Default will result from the payment of a dividend or the making of any other form of distribution; and

            

       

      	

            	(C)	
              and at all times up to the Repayment Date of the fourth Instalment in relation to each Advance, the Additional Minimum Liquidity standing to the credit
                  of the Liquidity Account has been restored, pursuant to paragraph (c) of Clause 11.19 (Minimum Liquidity), to at least an amount equal to the Additional
                Minimum Liquidity at the time of such declaration, payment and/or distribution.

            

       

      	(c)	
              effect any form of redemption, purchase or return of its issued shares;

            

       

      	(d)	
              repay any Subordinated Debt;

            

       

      	(e)	
              provide any form of credit or financial assistance (including any guarantee or indemnity) to:

            

       

      
        46

        
          

      

      	

            	(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;

       

      	(f)	
              enter into any material agreement other than:

            

       

      	

            	(i)	
              the Finance Documents and the Underlying Documents; or

            

       

      	

            	(ii)	
              any other agreement expressly allowed under any other term of this Agreement;

            

       

      	(g)	
              open or maintain any account with any bank or financial institution except accounts with the Agent, the Account Bank and the Security Trustee for the purposes of the Finance
                Documents;

            

       

      	(h)	
              issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued shares and/or number of shares it is authorised to issue;

            

       

      	(i)	
              change its Financial Year;

            

       

      	(j)	
              acquire any shares or other securities other than short term debt obligations or Treasury bills issued by the US, the UK or a Participating Member State and certificates of deposit
                issued by major North American or European banks, or enter into any transaction in a derivative; or

            

       

      	(k)	
              allow a Change of Control; or

            

       

      	(l)	
              enter into any form of amalgamation, merger or de-merger, acquisition, divesture, split-up or any form of reconstruction or reorganisation.

            

       

      	12.4	
              Corporate Guarantor’s subsidiaries

            

       

      The Borrowers shall provide the Agent on or

        before the date of this Agreement with a list of each member of the Group at the date of this Agreement and
        shall promptly advise the Agent in writing of any amendments to such list.

       

      	13	
              INSURANCE

            

       

      	13.1	
              General

            

       

      Each Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 13 (Insurance) at all times during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing.

       

      	13.2	
              Maintenance of obligatory insurances

            

       

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

       

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

            

       

      
        47

        
          

      

      	(b)	
              war risks (including, without limitation, protection and indemnity war risks with a separate limit not less than hull value of the relevant Ship);

            

       

      	(c)	
              protection and indemnity risks (including, without limitation, protection and indemnity war risks in excess of the amount for war risks (hull) and oil pollution liability risks) in
                each case in the highest amount available in the international insurance market; and

            

       

      	(d)	
              any other risks the insurance of which the Security Trustee (acting on the instructions of the Majority Lenders), having regard to practices, recommendations and other circumstances
                prevailing at the relevant time, may from time to time require by notice to that Borrower.

            

       

      	13.3	
              Terms of obligatory insurances

            

       

      Each Borrower shall effect such insurances in such amounts in such currency and upon such terms and conditions
        (including, without limitation, any LSW 1189 or any other, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its sole
        discretion, but in any event as follows:

       

      	(a)	
              in Dollars;

            

       

      	(b)	
              in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at least the higher of:

            

       

      	

            	(i)	
              an amount which is equal to 120 per cent. of the aggregate of:

            

       

      	

            	(A)	
              the Advance relating to the Ship owned by it: and

            

       

      	

            	(B)	
              the aggregate principal amount secured by Permitted Security Interests over that Ship which have a prior ranking to the Security Interests created by the Finance Documents; and

            

       

      	

            	(ii)	
              the Market Value of that Ship;

            

       

      	(c)	
              in the case of oil pollution liability risks, for an 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 for any one accident or occurrence);

            

       

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

            

       

      	(e)	
              in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and usual marine risks insurance;

            

       

      	(f)	
              on approved terms and conditions;

            

       

      	(g)	
              such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by a prudent owner of a vessel similar to that Ship; and

            

       

      	(h)	
              through approved brokers and with approved insurance companies and/or underwriters which have a Standard & Poor’s rating of at least BBB- or a comparable rating by any other
                rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) 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 Clubs.

            

       

      
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      	13.4	
              Further protections for the Creditor Parties

            

       

      In addition to the terms set out in Clause 13.3 (Terms of obligatory insurances),

        each Borrower shall and shall procure that:

       

      	(a)	
              it and any and all third parties who are named assured or co-assured under any obligatory insurance shall assign their interest in any and all obligatory insurances and other
                Insurances if so required by the Agent;

            

       

      	(b)	
              whenever the Security Trustee requires, the obligatory insurances name (or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted
                no operational interest and with full waiver of rights of subrogation they may have under any applicable law 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)	
              the interest of the Security Trustee as assignee and as loss payee shall be duly endorsed on all slips, cover notes, policies, certificates of entry or other instruments of insurance
                in respect of the obligatory insurances;

            

       

      	(d)	
              the obligatory insurances shall name the Security Trustee as sole loss payee with such directions for payment as the Security Trustee may specify;

            

       

      	(e)	
              the obligatory insurances shall 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;

            

       

      	(f)	
              the obligatory insurances shall 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 (f) from making personal claims against persons (other than either Borrower or any Creditor
                Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances;

            

       

      	(g)	
              the obligatory insurances shall provide that the obligatory insurances shall be primary without right of contribution from other insurances effected by the Security Trustee or any
                other Creditor Party;

            

       

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

            

       

      	(i)	
              the obligatory insurances shall 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 only be effective against the Security Trustee 14 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.

            

       

      
        49

        
          

      

      	13.5	
              Renewal of obligatory insurances

            

       

      Each Borrower shall:

       

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

            

       

      	

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

            

       

      	

            	(ii)	
              seek the Security Trustee’s approval to the matters referred to in paragraph (i);

            

       

      	(b)	
              at least 7 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Security Trustee’s approval pursuant to paragraph (a); 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 pro forma copies of all cover notes and policies relating to
        the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that:

       

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

                (Further protections for the Creditor Parties);

            

       

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

            

       

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

            

       

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

            

       

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

            

       

      
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      	13.7	
              Copies of certificates of entry; letters of undertaking

            

       

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

       

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

            

       

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

            

       

      	(c)	
              where required to be issued under the terms of insurance/indemnity provided by 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 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 or, as
                the case may be, protection and indemnity associations in relation to that Ship (if applicable).

            

       

      	13.8	
              Deposit of original policies

            

       

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

       

      	13.9	
              Payment of premiums

            

       

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

       

      	13.10	
              Guarantees

            

       

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

       

      	13.11	
              Compliance with terms of insurances

            

       

      Each Borrower shall not do or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory
        insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular it shall:

       

      	(a)	
              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) (Copies of policies; letters of undertaking)) 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)	
              not make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances;

            

       

      	(c)	
              make (and promptly supply copies to the Agent) of all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which that Ship
                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, if applicable, shall procure that each
                Approved Manager complies with this requirement; and

            

       

      
        51

        
          

      

      	(d)	
              not employ that Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the
                insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.

            

       

      	13.12	
              Alteration to terms of insurances

            

       

      Each Borrower shall neither make nor agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory
        insurance.

       

      	13.13	
              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 and shall do all things necessary to
        ensure such collection or recovery is made.

       

      	13.14	
              Provision of copies of communications

            

       

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

       

      	(a)	
              the approved brokers;

            

       

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

            

       

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

            

       

      	

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

            

       

      	

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

            

       

      	

            	(iii)	
              a claim under any Insurances.

            

       

      	13.15	
              Provision of information and further undertakings

            

       

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

       

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

            

       

      
        52

        
          

      

      	(b)	
              effecting, maintaining or renewing any such insurances as are referred to in Clause 13.16 (Mortgagee’s

                  interest and additional perils insurances ) or dealing with or considering any matters relating to any such insurances,

            

       

      and that Borrower shall:

       

      	

            	(i)	
              do all things necessary and provide the Agent and the Security Trustee with all documents and information to enable the Security Trustee to collect or recover any moneys in respect of
                the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; and

            

       

      	

            	(ii)	
              promptly provide the Agent with full information regarding any Major Casualty in consequence whereof the Ship owned by that Borrower has become or may become a Total Loss and agree to
                any settlement of such casualty or other accident or damage to that Ship only with the Agent’s prior written consent,

            

       

      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).

       

      	13.16	
              Mortgagee’s interest and additional perils insurances

            

       

      The Security Trustee shall be entitled from time to time to 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 Majority Lenders may from time to time consider appropriate:

       

      	

            	(a)	
              a mortgagee’s interest insurance in respect of each Ship 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 such Ship or of the Borrower owning that Ship, such loss or damage being 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,

            

       

      in an amount of up to 120 per cent. of the aggregate of:

       

      	

            	(A)	
              the Advance relating to the Ship owned by it: and

            

       

      	

            	(B)	
              the aggregate principal amount secured by Permitted Security Interests over that Ship which have a prior ranking to the Security Interests created by the Finance Documents,

            

       

      
        53

        
          

      

      (the aggregate of (A) and (B) being the “Aggregate Insurable Amount”);

       

      	

            	(b)	
              a mortgagee’s interest additional perils insurance in respect of each Ship providing for the indemnification of the Creditor Parties against, amongst other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of that 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 in an
                amount of up to 110 per cent. of the Aggregate Insurable Amount;

            

       

      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.

       

      	13.17	
              Review of insurance requirements

            

       

      The Security Trustee shall be entitled to review the requirements of this Clause 13 (Insurance)
        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 Agent (acting on the instructions of the Majority Lenders), significant and capable of affecting the
        Borrowers, each Ship and its Insurances (including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Borrower owning that Ship may be subject) and the Borrowers shall upon demand fully
        indemnify the Agent in respect of all fees and other expenses incurred by or for the account of the Agent in appointing an independent marine insurance broker or adviser to conduct such review.

       

      	13.18	
              Modification of insurance requirements

            

       

      The Security Trustee shall notify the Borrowers of any proposed modification under Clause 13.17 (Review of
          insurance requirements) to the requirements of this Clause 13 (nsurance) which the Security Trustee reasonably considers 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 (Insurance) and shall bind the Borrowers
        accordingly.

       

      	13.19	
              Compliance with mortgagee’s instructions

            

       

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

       

      	14	
              SHIP COVENANTS

            

       

      	14.1	
              General

            

       

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

       

      
        54

        
          

      

      	14.2	
              Ship’s name and registration

            

       

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

       

      	14.3	
              Repair and classification

            

       

      Each Borrower shall, and shall procure that each Approved Manager shall, keep the Ship owned by that Borrower in a good and safe condition and state
        of repair, sea and cargo worthy in all respects:

       

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

            

       

      	(b)	
              so as to maintain the highest class free of overdue recommendations and conditions, with a classification society which is a member of IACS (being one of Lloyd’s Registry, American
                Bureau of Shipping, Det Norske Veritas, Bureau Veritas, Korean Register of Shipping, Nippon Kaiji Kyoykai or Registro Italiano Navale) and acceptable to the Agent; and

            

       

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

            

       

      and the Agent shall be given power of attorney in the form attached as Schedule 6 (Power of Attorney) to
        act on behalf of that Borrower in order to, inspect the class records and any files held by the classification society and to require the classification society to provide the Agent or any of its nominees with any information, document or file, it
        might request and the classification society shall be fully entitled to rely hereon without any further inquiry.

       

      	14.4	
              Classification society undertaking

            

       

      Each Borrower shall instruct the classification society referred to in Clause 14.3 (Repair and classification) (and procure that the classification society undertakes with the Security Trustee) in relation to its Ship:

       

      	(a)	
              to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified true copies of all original class records and any other related records
                held by the classification society in relation to the Ship owned by that Borrower;

            

       

      	(b)	
              to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class and related records of that Ship at the offices of the classification
                society and to take copies of them;

            

       

      	(c)	
              to notify the Security Trustee immediately in writing if the classification society:

            

       

      	

            	(i)	
              receives notification from that Borrower or any person that that Ship’s classification society is to be changed; or

            

       

      	

            	(ii)	
              becomes aware of any facts or matters which may result in or have resulted in a change, suspension, discontinuance, withdrawal or expiry of that Ship’s class under the rules or terms
                and conditions of that Borrower’s or that Ship’s membership of the classification society;

            

       

      
        55

        
          

      

      	(d)	
              following receipt of a written request from the Security Trustee:

            

       

      	

            	(i)	
              to confirm that that Borrower is not in default of any of its contractual obligations or liabilities to the classification society and, without limiting the foregoing, that it has
                paid in full all fees or other charges due and payable to the classification society; or

            

       

      	

            	(ii)	
              if that Borrower is in default of any of its contractual obligations or liabilities to the classification society, to specify to the Security Trustee in reasonable detail the facts
                and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society.

            

       

      	14.5	
              Modification

            

       

      Neither Borrower shall make any modification or repairs to, or replacement of, its Ship or equipment installed on it which would or might materially
        alter the structure, type or performance characteristics of that Ship or materially reduce its value.

       

      	14.6	
              Removal of parts

            

       

      Neither Borrower shall remove any material part of its Ship, 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 that Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that a Borrower may install equipment owned by a third party if the
        equipment can be removed without any risk of damage to the Ship owned by it.

       

      	14.7	
              Surveys

            

       

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

       

      	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 that
        Borrower at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections at the Borrowers’ expense, and if the inspector or surveyor appointed
        by the Security Trustee under this Clause is of the opinion that there are any technical, commercial or operational actions being undertaken or omitted to be undertaken by the Borrower which is the owner of that Ship or the relevant Approved
        Manager which adversely affect the operation or value of that Ship, the Borrowers shall forthwith (at their expense) on the Security Trustee’s demand remedy such action or inaction and provide the Security Trustee with evidence that it has taken
        such remedial action.

       

      	14.9	
              Prevention of and release from arrest

            

       

      Each Borrower shall promptly discharge:

       

      	(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;

            

       

      
        56

        
          

      

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

            

       

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

            

       

      and, forthwith upon receiving notice of the arrest of that Ship, or of its detention in exercise or purported exercise of any lien or claim, that
        Borrower shall procure its 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, the ISPS Code, all Environmental Laws 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

            

       

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

            

       

      	14.11	
              Provision of information

            

       

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

       

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

            

       

      	(b)	
              the Earnings and payments and amounts due to the master and crew of 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; and

            

       

      	(e)	
              its compliance, each Approved Manager’s compliance and the compliance of that Ship with the ISM Code and the ISPS Code,

            

       

      and, upon the Security Trustee’s request, provide copies of any current charter relating to that Ship, of any current charter guarantee and copies
        of that Borrower’s or the relevant Approved Manager’s Document of Compliance, Safety Management Certificate and the ISSC.

       

      	14.12	
              Notification of certain events

            

       

      Each Borrower shall:

       

      
        57

        
          

      

      	(a)	
              before entering into:

            

       

      	

            	(i)	
              any demise charter for any period in respect of its Ship; or

            

       

      	

            	(ii)	
              any other Assignable Charter,

            

       

      notify the Agent and provide copies of any draft charter relating to its Ship and, if applicable, any draft charter guarantee and that Borrower
        shall be entitled to enter into such charter Provided that:

       

      	

            	(A)	
              that Borrower executes in favour of the Security Trustee a specific assignment of all its rights, title and interest in and to such charter and any charter guarantee in the form of a
                Charterparty Assignment;

            

       

      	

            	(B)	
              the charterer and any charter guarantor agree to acknowledge to the Security Trustee (1) the specific assignment of such charter and charter guarantee by executing an acknowledgement
                substantially in the form included in the relevant Charterparty Assignment and (2) that the Mortgage over that Ship has been registered prior to the entry into such charter and the charterer provides to the Security Trustee a letter of
                undertaking pursuant to which the charterer subordinates all its claims against the relevant Borrower and its Ship to the claims of the Creditor Parties under or in connection with the Finance Documents in the Agreed Form;

            

       

      	

            	(C)	
              in the case where such charter is a demise charter the charterer undertakes to the Security Trustee (1) to comply with all of that Borrower’s undertakings with regard to the
                employment, insurances, operation, repairs and maintenance of its Ship contained in this Agreement, the Mortgage and the General Assignment in relation to that Ship and (2) to provide an assignment of its interest
                in the insurances of that Ship in the Agreed Form;

            

       

      	

            	(D)	
              the relevant Borrower provides certified true and complete copies of the charter relating to its Ship and of any current charter guarantee, if any, immediately after its execution;

            

       

      	

            	(E)	
              the Agent’s receipt of a copy of the charter and its failure or neglect to act, delay or acquiescence in connection with the relevant Borrower’s entering into such charter shall not
                in any way constitute an acceptance by the Agent of whether or not the Earnings under the charter are sufficient to meet the debt service requirements under this Agreement nor shall it in any way affect the Agent’s or the Security Trustee’s
                entitlement to exercise its rights under the Finance Documents pursuant to Clause 19 (Events of Default) upon the occurrence of an Event of Default arising as a result
                of an act or omission of the charterer; and

            

       

      	

            	(F)	
              the Borrower delivers to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4, 5, 8, 9 and 10 of Schedule 3 (Condition Precedent Documents), Part A as the Agent may require; and

            

       

      	(b)	
              immediately notify the Security Trustee by letter, of:

            

       

      	

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

            

       

      
        58

        
          

      

      	

            	(ii)	
              its entry 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, six months;

            

       

      	

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

            

       

      	

            	(iv)	
              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;

            

       

      	

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

            

       

      	

            	(vi)	
              any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or its Earnings or any requisition of that Ship for hire;

            

       

      	

            	(vii)	
              any intended dry docking of that Ship;

            

       

      	

            	(viii)	
              any Environmental Claim which exceeds $1,000,000 and made against that Borrower or in connection with that Ship, or any Environmental Incident;

            

       

      	

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

            

       

      	

            	(x)	
              its intention to de-activate or lay up its Ship; or

            

       

      	

            	(xi)	
              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, any 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.

            

       

      Neither Borrower shall, in relation to the Ship owned by it:

       

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

            

       

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

            

       

      	(c)	
              appoint a manager of that Ship other than the Approved Managers or agree to any alteration to the terms of any Approved Manager’s appointment; or

            

       

      	(d)	
              put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other
                currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.

            

       

      	14.14	
              Notice of Mortgage

            

       

      Each Borrower shall keep the Mortgage relative to its Ship registered against that Ship as a valid first preferred or, as the case may be, priority
        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.

       

      
        59

        
          

      

      	14.15	
              Sharing of Earnings

            

       

      Neither Borrower shall enter into any agreement or arrangement for the sharing of any Earnings (other than (i) any profit sharing agreement with a
        charterer which takes effect above an agreed minimum charter hire rate payable to the relevant Borrower under a charter to which that Borrower is a party and (ii) any pool agreement, in either case, on bona fide arm’s length terms).

       

      	14.16	
              ISPS Code

            

       

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

       

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

            

       

      	(b)	
              maintain for that Ship an ISSC; and

            

       

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

            

       

      	15	
              SECURITY COVER

            

       

      	15.1	
              Minimum required security cover

            

       

      Clause 15.2 (Prepayment; provision of additional security) applies if the Agent notifies the Borrowers that
        the Security Cover Ratio is below 130 per cent.

       

      	15.2	
              Prepayment; provision of additional security

            

       

      If the Agent serves a notice on the Borrowers under Clause 15.1 (Minimum required
          security cover), the Borrowers shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 14 Business Days after the date on which the Agent’s notice is served under Clause 15.1 (Minimum required security cover) (the “Prepayment Date”) unless at least five calendar days before the Prepayment Date the Borrowers have provided, or ensured that a third
        party has provided, additional security which, in the opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders,
        approve or require.

       

      	15.3	
              Valuation of Ships

            

       

      	(a)	
              The Market Value of a Mortgaged Ship at any date is that shown by a valuation issued by an Approved Broker selected and appointed by the Agent, such valuation to be addressed to the
                Agent and prepared:

            

       

      	

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

            

       

      	

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

            

       

      
        60

        
          

      

      	

            	(iii)	
              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.

            

       

      	(b)	
              If a Borrower disagrees with the valuation obtained by the Agent in accordance with paragraph (a) above, it shall be entitled to obtain a second valuation from an Approved Broker
                selected by the Borrowers and appointed by the Agent, and prepared in accordance with sub-paragraphs (i) to (iii) of paragraph (a) above. In that case the Market Value of the Mortgaged Ship shall be the arithmetic mean of the two valuations
                issued provided that if the Borrowers do not elect to appoint an Approved Broker within 14 days after the Agent’s request to receive a valuation of a Mortgaged Ship, the Market Value of that
                Mortgaged Ship shall be that shown in the sole valuation obtained by the Agent in accordance with paragraph (a) above.

            

       

      	15.4	
              Value of additional vessel security

            

       

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

       

      	15.5	
              Valuations binding

            

       

      Any valuation under Clause 15.2 (Prepayment; provision of additional security), 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security) shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the Majority
        Lenders make of any additional security which does not consist of or include a Security Interest.

       

      	15.6	
              Provision of information

            

       

      The Borrowers shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.3 (Valuation of Ships) or 15.4 (Value of additional vessel security)with any information which the Agent or that 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 that Approved Broker or the Majority Lenders (or the
        expert appointed by them) consider prudent.

       

      	15.7	
              Payment of valuation expenses

            

       

      Without prejudice to the generality of the Borrowers’ obligations under Clauses 20.2 (Costs

          of negotiation, preparation etc.), 20.3 (Costs of variations, amendments, enforcement etc.) and 21.3 (Other breakage costs), 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 has occurred which is continuing the Borrowers shall not be obliged to pay any such fees and expenses in respect of more than two sets of valuations of each Ship in
        any calendar year (in addition to the set of valuations to determine the Initial Market Value of each Ship obtained prior to the Drawdown Date).

       

      
        61

        
          

      

      	15.8	
              Frequency of valuations

            

       

      The Borrowers acknowledge and agree that the Agent may commission valuation(s) of either Ship at such times as the Agent
        (acting on the instructions of the Lenders) shall deem necessary and, in any event, not less than once during each 6-month period of the Security Period.

       

      	16	
              PAYMENTS AND CALCULATIONS

            

       

      	16.1	
              Currency and method of payments

            

       

      All payments to be made by the Lenders or by either Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the
        case of an amount payable to it:

       

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

            

       

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

            

       

      	(c)	
              in the case of an amount payable by a Lender to the Agent or by either Borrower to the Agent or any Lender, to the account of the Agent at J.P. Morgan Chase Bank (SWIFT Code CHASUS33)
                (Account No. 001 1331 808 in favour of Hamburg Commercial Bank AG, SWIFT Code HSHNDEHH; Reference “Cinderella Shipping Co. et al”) or to such other account with such other bank as the Agent may from time to time
                notify to the Borrowers and the other Creditor Parties; and

            

       

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

            

       

      	16.2	
              Payment on non-Business Day

            

       

      If any payment by either 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 commitment fee and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to
        day and shall be calculated on the basis of the actual number of days elapsed and a 360-day year.

       

      	16.4	
              Distribution of payments to Creditor Parties

            

       

      Subject to Clauses 16.5 (Permitted deductions by Agent), 16.6 (Agent only
          obliged to pay when monies received ) and 16.7 (Refund to Agent of monies not received):

       

      
        62

        
          

      

      	(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 five 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.

       

      	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 either
        Borrower or any Lender any sum which the Agent is expecting to receive for remittance or distribution to that Borrower 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 a Borrower or a Lender without first having received that sum, that Borrower 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 (Refund to Agent of monies not received) 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.

       

      
        63

        
          

      

      	16.11	
              Accounts prima facie evidence

            

       

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

       

      	17	
              APPLICATION OF RECEIPTS

            

       

      	17.1	
              Normal order of application

            

       

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

       

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

            

       

      	

            	(i)	
              firstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents (including, but without limitation, all amounts
                payable by either Borrower under Clauses 20 (Fees and Expenses), 21  (Indemnities) and 22 (No Set-Off or Tax Deduction) of this Agreement or by either Borrower or any Security Party under any corresponding or similar provision in any other Finance Document) other
                than those amounts referred to at paragraphs (ii) and (iii);

            

       

      	

            	(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 either of them), the
                Security Parties and the other Creditor Parties, states in its reasonable opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance
                with the provisions of Clause 17.1(a) (Normal order of application); and

            

       

      	(c)	
              THIRDLY: any surplus shall be paid to the Borrowers or to any other person appearing to be entitled to it.

            

       

      	17.2	
              Application by any covered bond Lender

            

       

      If and to the extent that any Lender includes the Loan and/or a Mortgage in its covered bond register, any enforcement proceeds recovered under the
        Finance Documents and attributable to it under the relevant Finance Document shall, notwithstanding the provisions of Clause 17.1(a) (Normal order of application), be applied by
        it first to the part of the Loan that corresponds to that Lender’s Contribution registered in its covered bond register and thereafter in the following order:

       

      
        64

        
          

      

      	(a)	
              firstly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(i) (Normal order of application);

            

       

      	(b)	
              secondly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(ii) (Normal order of application);

                and

            

       

      	(c)	
              thirdly, in or towards satisfaction of any part of the Loan that corresponds to any unregistered part of that Lender’s contribution.

            

       

      	17.3	
              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 (Normal order of application ) (but not, for the avoidance of doubt, that set out in Clause 17.2 (Application by any covered bond Lender)) either as regards a specified sum or sums or as regards sums in a specified category or categories.

       

      	17.4	
              Notice of variation of order of application

            

       

      The Agent may give notices under Clause 17.3 (Variation of order of application) from time to time; and
        such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served.

       

      	17.5	
              Appropriation rights overridden

            

       

      This Clause 17 (Application of Receipts) and any notice which the Agent gives
        under Clause 17.3 (Variation of order of application ) shall override any right of appropriation possessed, and any appropriation made, by either Borrower or any Security Party.

       

      	18	
              APPLICATION OF EARNINGS

            

       

      	18.1	
              Payment of Earnings

            

       

      Each Borrower undertakes with each Creditor Party that, throughout the Security Period (and subject only to the provisions of the General Assignment
        to which it is a party):

       

      	(a)	
              it shall maintain the Accounts with the Account Bank;

            

       

      	(b)	
              it shall ensure that all Earnings of the Ship owned by it are paid to the Earnings Account for that Ship;

            

       

      	(c)	
              the Minimum Liquidity and the Additional Minimum Liquidity required pursuant to Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity)
                shall be maintained in the Liquidity Account; and

            

       

      	(d)	
              the Dry Docking Reserve Amount required pursuant to Clause 11.20 (Dry Docking Reserve Amount) shall be maintained in the Dry Dock Reserve
                Account.

            

       

      	18.2	
              Monthly retentions to Retention Account

            

       

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

       

      
        65

        
          

      

      	(a)	
              one-third of the amount of the relevant Instalment falling due in respect of that Advance under Clause 8.1 (Amount of
                  Instalments) on the next Repayment Date; and

            

       

      	(b)	
              the relevant fraction of the aggregate amount of interest on that Advance 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 (in its sole discretion and without any obligation) 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 that Advance 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 that Advance or the last due date for payment of interest to the next due date for payment of interest in respect of that Advance under this Agreement).

       

      	18.3	
              Shortfall in Earnings

            

       

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

       

      	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 in respect of an Advance and on each due date for the payment of interest in respect of that Advance under this Agreement distribute to the
        Lenders in accordance with Clause 16.4 (Distribution of payments to Creditor Parties) so much of the then balance on the Retention Account as equals:

       

      	(a)	
              the Instalment in respect of the relevant Advance due on that Repayment Date pursuant to Clause 8.1 (Amount of Instalments); or

            

       

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

            

       

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

       

      	18.5	
              Interest accrued on the Accounts

            

       

      Any credit balance on each Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits of
        similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on that Account.

       

      
        66

        
          

      

      	18.6	
              Release of accrued interest

            

       

      Interest accruing under Clause 18.5 (interest accrued on the Accounts) shall be credited to the relevant
        Account and may be released to a Borrower pursuant to Clause 18.10 (Restriction on withdrawal).

       

      	18.7	
              Location of Accounts

            

       

      Each Borrower shall promptly:

       

      	(a)	
              comply with any requirement of the Agent as to the location or re-location of the Accounts (or any of them); 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.

            

       

      	18.8	
              Debits for fees, expenses etc.

            

       

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

       

      	18.9	
              Borrowers’ obligations unaffected

            

       

      The provisions of this Clause 18  (Application of Earnings) (as distinct from
        a distribution effected under Clause 18.4 (Application of retentions)) 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.

            

       

      	18.10	
              Restriction on withdrawal

            

       

      	(a)	
              During the Security Period no sum may be withdrawn by a Borrower from the Liquidity Account, the Dry Dock Reserve Account or the Retention Account (other than interest
                pursuant to Clause 18.6 (Release of accrued interest) and/or any sums withdrawn in accordance with, and pursuant to, the terms of Clauses 11.19(c) (Minimum Liquidity
                  and Additional Minimum Liquidity) and/or 11.20(d) (Dry Docking Reserve Amount)), provided that no Event of Default or Potential Event of Default has occurred which is continuing, without the
                prior written consent of the Agent.

            

       

      	(b)	
              The Borrowers may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which will become due to the Retention
                Account in such calendar month in accordance with Clause 18.2 (Monthly retentions to Retention Account), withdraw any surplus (a “Surplus”) from the Earnings Accounts as they may think fit for purposes permitted by this Agreement and the other Finance Documents Provided always no Event of
                Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the Earnings Accounts.

            

       

      
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      	19	
              EVENTS OF DEFAULT

            

       

      	19.1	
              Events of Default

            

       

      An Event of Default occurs if:

       

      	(a)	
              any Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable under a Finance Document or under any document relating to a Finance Document
                unless:

            

       

      	

            	(i)	
              its failure to pay is caused by administrative or technical error or a Disruption Event; and

            

       

      	

            	(ii)	
              payment is made within three Business Days; or

            

       

      	(b)	
              any breach occurs of Clause 2.3 (Purpose of Advances), 9.2 (Waiver of conditions
                  precedent), 11.2 (Title and negative pledge), 11.3 (No disposal of assets), 11.18 (“Know

                  your customer” checks), 11.19 (Minimum Liquidity and Additional Minimum Liquidity), 11.21 (Compliance Certificate), 12.2 (Maintenance of status), 12.3 (Negative undertakings) or 15.2 (Prepayment; provision of additional security); or

            

       

      	(c)	
              any breach by any Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b)) which, in the opinion of the
                Majority Lenders, is capable of remedy, and such default continues unremedied 15 Business Days after written notice from the Agent requesting action to remedy the same; or

            

       

      	(d)	
              (subject to any applicable grace period specified in the Finance Documents) any breach by any Borrower or any Security Party occurs of any provision of a Finance Document (other than
                a breach falling within paragraphs (a), (b) or (c)); or

            

       

      	(e)	
              any representation, warranty or statement made or repeated by, or by an officer of, a 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 which, (other than in the case of the Borrowers) exceeds in aggregate $5,000,000 (or its equivalent in any other
                currency) of a Relevant Person:

            

       

      	

            	(i)	
              any Financial Indebtedness of a Relevant Person is not paid when due; or

            

       

      	

            	(ii)	
              any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of
                default; 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

            

       

      
        68

        
          

      

      	

            	(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 opinion of the Majority 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 or any form of freezing order; or

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	

            	(vii)	
              a resolution is passed, an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by (aa) a Relevant Person,
                (bb) the members or directors of a Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government minister or public or regulatory authority of
                a Pertinent Jurisdiction for or with a view to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or another Relevant
                Person ceasing or suspending business operations or payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the Borrowers 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 three 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 30 days of being made or presented, or (bb) within 30 days of the administration notice being given or filed, or the other
                relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue to carry on business in the ordinary way and without being the
                subject of any actual, interim or pending insolvency law procedure; or

            

       

      
        69

        
          

      

      	

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

            

       

      	

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

            

       

      	

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

            

       

      	(h)	
              any Borrower ceases or suspends carrying on its business or a part of its business which, in the opinion of the Majority Lenders, is material in the context of this Agreement; or

            

       

      	(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 consider material of a Finance Document or any Underlying Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition of such a consent is not fulfilled; or

            

       

      	(k)	
              it appears to the Majority Lenders that, without their prior consent, a Change of Control has occurred or probably has occurred after the date of this Agreement in respect of a
                Security Party; 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

            

       

      
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      	(m)	
              a Relevant Person rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a Finance Document;

            

       

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

            

       

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

            

       

      	

            	(i)	
              a change in the financial position, state of affairs or prospects of any Borrower, the Corporate Guarantor or any other Security Party; or

            

       

      	

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

            

       

      	

            	(iii)	
              the threat or commencement of legal or administrative action involving a Borrower, a Ship, any of the Approved Managers or any Security Party; or

            

       

      	

            	(iv)	
              the withdrawal of any material license or governmental or regulatory approval in respect of a Ship, a Borrower, any Approved Manager or any Borrower’s or Approved Manager’s business
                (unless such withdrawal can be contested with the effect of suspension and is in fact so contested in good faith by the Borrowers or any Approved Manager),

            

       

      which constitutes a Material Adverse Change.

       

      	19.2	
              Actions following an Event of Default

            

       

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

       

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

            

       

      	

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

            

       

      	

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

            

       

      	

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

            

       

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

            

       

      
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      	19.3	
              Termination of Commitments

            

       

      On the service of a notice under Clause 19.2(a)(i) (Actions following an Event of
          Default), the Commitments and all other obligations of each Lender to the Borrowers under this Agreement shall be cancelled.

       

      	19.4	
              Acceleration of Loan

            

       

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

       

      	19.5	
              Multiple notices; action without notice

            

       

      The Agent may serve notices under Clauses 19.2(a)(i) (Actions following an Event of Default) or 19.2(a)(ii)
        (Actions following an Event of Default) simultaneously or on different dates and it and/or the Security Trustee may take any action referred to in Clause 19.2 (Actions following an Event of Default) 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 (Actions following an Event of Default); but the notice shall become effective when it is served on the Borrowers, and no failure or delay by the
        Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide any Borrower or any Security Party with any form of claim or defence.

       

      	19.7	
              Creditor Party 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 (Interests several).

       

      	19.8	
              Exclusion of Creditor Party liability

            

       

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

       

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

            

       

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

            

       

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

       

      
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      	19.9	
              Relevant Persons

            

       

      In this Clause 19 (Events of Default), a “Relevant Person” means a Borrower, the Corporate Guarantor, any Security Party and any member of the Group.

       

      	19.10	
              Interpretation

            

       

      In Clause 19.1(f) (Events of Default) 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) (Events of Default) “petition” includes an application.

       

      	20	
              FEES AND EXPENSES

            

       

      	20.1	
              Structuring and commitment fees:

            

       

      The Borrowers shall pay to the Agent:

       

      	(a)	
              on the earlier of (i) the Drawdown Date and (ii) the last day of the Availability Period, a non-refundable structuring fee in the amount equal to $407,500 (representing 1.0 per cent. of the Total Commitments as at the date of this Agreement) for distribution among the Lenders pro rata to their Commitments;

            

       

      	(b)	
              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) 1 July 2021 (being the date of the Borrowers’ acceptance of the firm offer letter in respect of the Loan) to the earlier of
                (i) the last Drawdown Date to occur under this Agreement and (ii) the last day of the Availability Period which is the last to expire.

            

       

      	20.2	
              Costs of negotiation, preparation etc.

            

       

      The Borrowers shall pay to the Agent on its demand the amount of all legal and other 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.

       

      	20.3	
              Costs of variations, amendments, enforcement etc.

            

       

      The Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned, the amount of all legal and other
        expenses incurred by a Creditor Party in connection with:

       

      	(a)	
              the response to, or the evaluation, negotiation or implementation of, any amendment or supplement (or any proposal for such an amendment or supplement):

            

       

      	

            	(i)	
              requested (or, in the case of a proposal, made) by or on behalf of the Borrowers and relating to a Finance Document or any other Pertinent Document; or

            

       

      	

            	(ii)	
              which is contemplated in Clause 27.4 (Replacement of Screen Rate);

            

       

      
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      	(b)	
              any consent, waiver or suspension of rights by the Lenders, the Majority Lenders or the Creditor Party concerned or any proposal for any of the foregoing requested (or, in the case of
                a proposal, made) by or on behalf of the Borrowers under or in connection with a Finance Document or any other Pertinent Document;

            

       

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

            

       

      	(d)	
              any step taken by the Lender concerned with a view to the preservation, protection, exercise or enforcement of any rights or Security Interest created by a Finance Document or for any
                similar purpose including, without limitation, any proceedings to recover or retain proceeds of enforcement or any other proceedings following enforcement proceedings until the date all outstanding indebtedness to the Creditor Parties under
                the Finance Documents and any other Pertinent Document is repaid in full.

            

       

      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.

       

      	20.4	
              Documentary taxes

            

       

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

       

      	20.5	
              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 (Fees and Expenses) 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.

       

      	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)	
              an Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason other than a default by the Lender claiming the indemnity after the relevant
                Drawdown Notice has been served in accordance with the provisions of this Agreement;

            

       

      	(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;

            

       

      
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      	(c)	
              any failure (for whatever reason) by the Borrowers (or any of them) 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 (Default Interest)) including but not limited to any costs and
                expenses of enforcing any Security Interests created by the Finance Documents and any claims, liabilities and losses which may be brought against, or incurred by, a Creditor Party when enforcing any Security Interests created by the Finance
                Documents; and

            

       

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

            

       

      and in respect of any tax (other than tax on its overall net income (and 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	
              Break Costs

            

       

      If a Lender (the “Notifying Lender”) notifies the Agent that as a consequence of receipt or recovery of all
        or any part of the Loan (a “Payment”) on a day other than the last day of an Interest Period applicable to the sum received or recovered the Notifying Lender has or will, with effect from a specified date,
        incur Break Costs:

       

      	(a)	
              the Agent shall promptly notify the Borrowers of a notice it receives from a Notifying Lender under this Clause 21.2 (Break

                  Costs);

            

       

      	(b)	
              the Borrowers shall, within five Business Days of the Agent’s demand, pay to the Agent for the account of the Notifying Lender the amount of such Break Costs; and

            

       

      	(c)	
              the Notifying Lender shall, as soon as reasonably practicable, following a request by the Borrowers, provide a certificate confirming the amount of the Notifying Lender’s Break Costs
                for the Interest Period in which they accrue, such certificate to be, in the absence of manifest error, conclusive and binding on the Borrowers.

            

       

      In this Clause 21.2 (Break Costs), “Break Costs” means, in relation to a Payment the amount (if any) by which:

       

      	

            	(i)	
              the interest which the Notifying Lender, should have received in accordance with Clause 5 (Interest) in respect of
                the sum received or recovered from the date of receipt or recovery of such Payment to the last day of the then current Interest Period applicable to the sum received or recovered had such Payment been made on the last day of such Interest
                Period;

            

       

      exceeds

       

      	

            	(ii)	
              the amount which the Notifying Lender, would be able to obtain by placing an amount equal to such Payment on deposit with a leading bank in the Relevant Interbank Market for a period
                commencing on the Business Day following receipt or recovery of such Payment (as the case may be) and ending on the last day of the then current Interest Period applicable to the sum received or recovered.

            

       

      	21.3	
              Other breakage costs

            

       

      Without limiting its generality, Clause 21.1 (Indemnities regarding borrowing and
          repayment of Loan) covers any claim, expense, liability or loss, including (without limitation) a loss of a prospective profit, incurred by a Lender in borrowing, liquidating or re-employing deposits from third parties acquired, contracted
        for or arranged to fund, effect 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) other than claims, expenses, liabilities and losses which are
        shown to have been directly and mainly caused by the gross negligence or wilful misconduct of the officers or employees of the Creditor Party concerned.

       

      
        75

        
          

      

      	21.4	
              Miscellaneous indemnities

            

       

      The Borrowers shall fully indemnify each Creditor Party severally on their respective demands, without prejudice to any of their other rights under
        any of the Finance Documents, in respect of all claims, expenses, liabilities and losses which may be made or brought against or sustained or incurred by a Creditor Party, in any country, as a result of or in connection with:

       

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

            

       

      	(b)	
              investigating any event which the Creditor Party concerned reasonably believes constitutes an Event of Default or Potential Event of Default;

            

       

      	(c)	
              acting or relying on any notice, request or instruction which the Creditor Party concerned reasonably believes to be genuine, correct and appropriately authorised; or

            

       

      	(d)	
              any other Pertinent Matter,

            

       

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

       

      	21.5	
              Environmental Indemnity

            

       

      Without prejudice to the generality of Clause 21.4 (Miscellaneous indemnities),

        this Clause 21.5 (Environmental Indemnity) covers any claims, demands, proceedings, liabilities, taxes, losses, liabilities or expenses of every kind which arise, or are asserted, under or in connection with
        any law relating to safety at sea, the ISM Code or the ISPS Code, any Environmental Law.

       

      	21.6	
              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, award or judgment relating to
        a Finance Document (a “Sum”) 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, filing 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, judgment or award from any court or other tribunal in relation to any litigation or arbitration proceedings; or

            

       

      	(c)	
              enforcing any such order, judgment or award,

            

       

      
        76

        
          

      

      the Borrowers shall as an independent obligation, within three Business Days of demand, indemnify the Creditor Party to whom that Sum is due against
        any cost, loss or liability arising when the payment actually received by that Creditor Party is converted at the available rate of exchange back into the Contractual Currency including any discrepancy between (A) the rate of exchange actually used
        to convert the Sum from the Payment Currency into the Contractual Currency and (B) the available rate of exchange.

       

      In this Clause 21.6 (Currency

          indemnity), 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 to
        purchase the Contractual Currency with the Payment Currency.

       

      Each Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in which
        it is expressed to be payable.

       

      If any Creditor Party receives any Sum in a currency other than the Contractual Currency, the Borrowers shall indemnify in full the Creditor Party
        concerned against any cost, loss or liability arising directly or indirectly from any conversion of such Sum to the Contractual Currency.

       

      This Clause 21.6 (Currency indemnity) creates a separate liability of that
        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.

       

      	21.7	
              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 21 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.

       

      	21.8	
              Sums deemed due to a Lender

            

       

      For the purposes of this Clause 21 (Indemnities), 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.

       

      	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, counter-claim, 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, at any time, a Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a Finance
        Document:

       

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

            

       

      
        77

        
          

      

      	(b)	
              the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the making of such tax deduction, each Creditor Party receives on the due
                date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such tax deduction been required to be made; and

            

       

      	(c)	
              that Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority promptly in accordance with the relevant law, regulation or regulatory
                requirement, and in any event before any fine or penalty arises.

            

       

      	22.3	
              Indemnity and evidence of payment of taxes

            

       

      The Borrowers shall fully indemnify each Creditor Party on the Agent’s demand in respect of all claims, expenses, liabilities and losses incurred by
        any Creditor Party by reason of any failure of the Borrowers (or either of them) to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 22.2

        (Grossing-up for taxes).  Within 30 days after making any tax deduction, the Borrowers or, as the case may be, the relevant Borrower shall deliver to the Agent any receipts, certificates or other 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 (No Set-Off or Tax Deduction) “tax deduction” means any deduction or withholding from any payment due under a Finance Document for or on account of any present or future tax except:

       

      	(a)	
              tax on a Creditor Party’s overall net income; and

            

       

      	(b)	
              a FATCA Deduction.

            

       

      	22.5	
              FATCA Information

            

       

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

            

       

      	

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

            

       

      	

            	(A)	
              a FATCA Exempt Party; or

            

       

      	

            	(B)	
              not a FATCA Exempt Party; 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 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.

            

       

      
        78

        
          

      

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

            

       

      	

            	(i)	
              any law or regulation;

            

       

      	

            	(ii)	
              any fiduciary duty; or

            

       

      	

            	(iii)	
              any duty of confidentiality.

            

       

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

            

       

      	(e)	
              If a Lender knows or has reason to know that a Borrower is a US Tax Obligor, or where the Agent reasonably believes that its obligations under FATCA require it, each Lender shall,
                within ten Business Days of:

            

       

      	

            	(i)	
              where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender is a Party as at the date of this Agreement, the date of this Agreement;

            

       

      	

            	(ii)	
              where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender became a Party after the date of this Agreement, the date on which the
                relevant Transfer Certificate became effective; or

            

       

      	

            	(iii)	
              the date of a request from the Agent,

            

       

      supply to the Agent:

       

      	

            	(iv)	
              a withholding certificate on US Internal Revenue Service Form W-8 or Form W-9 (or any successor form) (as applicable); or

            

       

      	

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

            

       

      The Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives from a Lender
        pursuant to this paragraph (e) to the Borrowers, to the extent required for compliance with FATCA or any other law or regulation, 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 taken by it under or in connection with this paragraph (e).

       

      	(f)	
              Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers provided to the Agent pursuant to paragraph (e) 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 provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrowers, to the extent required for compliance with FATCA or any other law or regulation.  The Agent
                shall not be liable for any action taken by it under or in connection with this paragraph (f).

            

       

      
        79

        
          

      

      	22.6	
              FATCA Deduction

            

       

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

            

       

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

            

       

      	23	
              ILLEGALITY, ETC.

            

       

      	23.1	
              Illegality

            

       

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

       

      	(a)	
              unlawful or prohibited as a result of the introduction of a new 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 perform, maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
        Agreement or to fund or maintain the Loan.

       

      	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 (Illegality) which the Agent receives from the Notifying Lender.

       

      	23.3	
              Prepayment; termination of Commitment

            

       

      On the Agent notifying the Borrowers under Clause 23.2 (Notification of illegality), the Notifying Lender’s
        Commitment shall be immediately cancelled; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 (Illegality) as the date on which
        the notified event would become effective the Borrowers shall prepay the Notifying Lender’s Contribution on the last day of the then current Interest Period in accordance with Clauses 8.10 (Amounts payable on
          prepayment ) and 8.11(a) (Application of partial prepayment or cancellation).

       

      	24	
              INCREASED COSTS

            

       

      	24.1	
              Increased costs

            

       

      This Clause 24 (Increased Costs) applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a result of:

       

      
        80

        
          

      

      	(a)	
              the introduction or alteration after the date of this Agreement of a law or an alteration after the date of this Agreement in the manner in which a law is interpreted or applied
                (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Lender’s overall net income); or

            

       

      	(b)	
              complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates capital
                resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or

            

       

      	(c)	
              the implementation or application of or compliance with 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 (the “Basel II Accord”) or any other law or regulation implementing the Basel II Accord or any of the
                approaches provided for and allowed to be used by banks under or in connection with the Basel II Accord, in each case when compared to the cost of complying with such regulations as determined by the Agent (or parent company of it) on the
                date of this Agreement (whether such implementation, application or compliance is by a government, regulator, supervisory authority, the Notifying Lender or its holding company); or

            

       

      	(d)	
              the implementation or application of or compliance with Basel III or any law or regulation which implements or applies Basel III (regardless of the date on which it is enacted,
                adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, the Notifying Lender or any of its affiliates),

            

       

      the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”.

       

      	24.2	
              Meaning of “increased cost”

            

       

      In this Clause 24 (Increased Costs), “increased

          cost” means, in relation to a Notifying Lender:

       

      	(a)	
              an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement or a Transfer
                Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or other unpaid sums;

            

       

      	(b)	
              a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective return which such a payment represents to the Notifying Lender or on its
                capital;

            

       

      	(c)	
              an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying Lender’s Contribution or
                (as the case may require) the proportion of that cost attributable to the Contribution; or

            

       

      	(d)	
              a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this Agreement,

            

       

      but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an item
        covered by the indemnity for tax in Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) or by Clause 22
        (No Set-Off or Tax Deduction) or a FATCA Deduction required to be made by a Party.

       

      
        81

        
          

      

      For the purposes of this Clause 24.2 (Meaning of “increased cost”) the
        Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate.

       

      	24.3	
              Notification to Borrowers of claim for increased costs

            

       

      The Agent shall promptly notify the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause
        24.1 (Increased costs).

       

      	24.4	
              Payment of increased costs

            

       

      The Borrowers shall pay to the Agent, within 5 days 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 (Payment of increased costs), the Borrowers may give the Agent not less than 14 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period.

       

      	24.6	
              Prepayment; termination of Commitment

            

       

      A notice under Clause 24.5 (Notice of prepayment) 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 and the Mandatory Cost (if any).

            

       

      	24.7	
              Application of prepayment

            

       

      Clause 8 (Repayment and Prepayment) shall apply in relation to the
        prepayment.

       

      	25	
              SET-OFF

            

       

      	25.1	
              Application of credit balances

            

       

      Each Creditor Party may without prior notice to the Borrowers but with prior notice to the Agent:

       

      	(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;

            

       

      
        82

        
          

      

      	

            	(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 (Application

          of credit balances); and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law
        or any document).

       

      	25.3	
              Sums deemed due to a Lender

            

       

      For the purposes of this Clause 25 (Set-Off), 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 (Set-Off) 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 either Borrower.

       

      	26	
              TRANSFERS AND CHANGES IN LENDING OFFICES

            

       

      	26.1	
              Transfer by Borrowers

            

       

      Neither Borrower may assign or transfer any of its rights, liabilities or obligations under any Finance Document.

       

      	26.2	
              Transfer by a Lender

            

       

      	(a)	
              Subject to this Clause 26 (Transfers and Changes in Lending Offices), a Lender (the “Transferor

                  Lender”) may at any time, with the Borrowers’ prior consent or approval, cause:

            

       

      	

            	(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 (a) and (b); or

            

       

      	

            	(iv)	
              all or part of its credit risk under this Agreement and the other Finance Documents,

            

       

      to be syndicated to or (in the case of its rights) assigned, pledged or transferred to, or (in the case of its obligations) pledged or assumed by,
        any other bank or financial institution or to a trust, fund or other entity, provided such other entity is regularly engaged in, or established for the purpose of, making, purchasing or investing in loans, securities or other financial assets (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 5 (Transfer Certificate) 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 Agreement.

       

      
        83

        
          

      

      	(b)	
              The consent of the Borrowers to an assignment or transfer referred to in paragraph (a) above, shall only be required in the absence of an Event of Default and must not
                be unreasonably withheld or delayed.  The Borrowers will be deemed to have given their consent five Business Days after the Transferor Lender has requested it unless consent is expressly refused by the
                Borrowers within that time.

            

       

      	(c)	
              The consent of a Borrowers to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to any Mandatory Cost.

            

       

      	26.3	
              Transfer Certificate, delivery and notification

            

       

      As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
        Transfer Certificate may be defective):

       

      	(a)	
              sign the Transfer Certificate on behalf of itself, the Borrowers, the Security Parties, the Security Trustee and each of the other Lenders;

            

       

      	(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.

            

       

      	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 (Transfer Certificate, delivery and notification) on or before that date.

       

      	26.5	
              No transfer without Transfer Certificate

            

       

      Except as provided in Clause 26.17 (Security over Lenders’ rights), no
        assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, either Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or
        perfected by a Transfer Certificate.

       

      	26.6	
              Lender re-organisation

            

       

      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 successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender only upon receipt by the Agent of a notice to this effect and
        evidence that all rights and obligations have automatically and by operation of law vested in the successor by virtue of the merger, de-merger or other reorganisation, without the need for the execution and delivery of a Transfer Certificate; the
        Agent shall in that event inform the Borrowers and the Security Trustee accordingly.

       

      	26.7	
              Effect of Transfer Certificate

            

       

      A Transfer Certificate takes effect in accordance with English law as follows:

       

      
        84

        
          

      

      	(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 either Borrower or any Security Party had against the Transferor Lender;

            

       

      	(b)	
              the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate;

            

       

      	(c)	
              the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an amount specified in the Transfer Certificate;

            

       

      	(d)	
              the Transferee Lender becomes bound by all the provisions of the Finance Documents 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 either 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 (Market disruption) and Clause 20 (Fees and Expenses),
                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 either Borrower or any Security Party referred to above include, but are not limited to, any right of set off and any
        other kind of cross-claim.

       

      	26.8	
              Maintenance of register of Lenders

            

       

      During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
        details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4 (Effective Date of Transfer Certificate)) 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 three Business Days’ prior notice.

       

      
        85

        
          

      

      	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, each Lender irrevocably authorises the Agent to sign Transfer Certificates on its behalf.  The Borrower and
        each Security Party irrevocably agree to the transfer procedures set out in this Clause 26 (Transfers and Changes in Lending Offices) and to the
        extent the cooperation of the Borrowers and/or any Security Party shall be required to effect any such transfer, the Borrowers and such Security Party shall take all necessary steps to afford such cooperation Provided

          that this shall not result in any additional costs to the Borrowers or such Security Party.

       

      	26.11	
              Registration fee

            

       

      In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $2,500 from the Transferor Lender or (at the
        Agent’s option) the Transferee Lender.

       

      	26.12	
              Sub-participation; subrogation assignment

            

       

      A Lender may sub-participate or include in a securitisation or similar transaction all or any part of its rights and/or obligations under or in
        connection with the Finance Documents without the Borrowers’ prior consent and without serving a notice thereon; the Lenders may assign without the Borrowers’ prior consent and without serving a notice thereon all or any part of the rights referred
        to in the preceding sentence to an insurer or surety who has become subrogated to them.

       

      	26.13	
              Sub-division, split, modification or re-tranching

            

       

      Any Lender may, in its sole discretion, sub-divide, split, sever, modify or re-tranche its Contribution into one or more parts subject to the
        overall cost of its Contribution to the Borrowers remaining unchanged, if such changes are necessary in order to achieve a successful execution of a securitisation, syndication or any other capital market exit in respect of its Contribution (or any
        applicable part thereof).

       

      	26.14	
              Disclosure of information

            

       

      	(a)	
              A Lender may, without the prior consent of the Borrowers, the Corporate Guarantor or any other Security Party, disclose to a potential Transferee Lender or sub participant as well as,
                where relevant, to rating agencies, trustees and accountants, any financial or other information which that Lender has received in relation to the Loan, the Borrowers (or either of them), the Corporate Guarantor and any other Security Party
                or their affairs and collateral or security provided under or in connection with any Finance Document, their financial circumstances and any other information whatsoever, as that Lender may deem reasonably necessary or appropriate in
                connection with the potential syndication, the assessment of the credit risk and the ongoing monitoring of the Loan by any potential Transferee Lender and that Lender shall be released from its obligation of secrecy and from banking
                confidentiality.

            

       

      
        86

        
          

      

      	(b)	
              In the event any such potential Transferee Lender, sub-participant, rating agency, trustee or accountant is not already bound by any legal obligation of secrecy or banking
                confidentiality, the Lender concerned shall require such other party to sign a confidentiality agreement.  The Borrowers shall, and shall procure that the Corporate Guarantor and any other Security Party shall:

            

       

      	

            	(i)	
              provide the Creditor Parties (or any of them) with all information deemed reasonably necessary by the Creditor Parties (or
                any of them) for the purposes of any transfer, syndication or sub-participation to be effected pursuant to this Clause 26 (Transfers and Changes in Lending Offices); and

            

       

      	

            	(ii)	
              procure that the directors and officers of each Borrower, the Corporate Guarantor or any other Security Party, are available to participate in any meeting with any Transferee Lender, sub-participant, rating agency, trustee or accountant at such times and places as the Creditor Parties may reasonably request following prior notice (to be served on the Borrowers
                reasonably in advance) to that Borrower, the Corporate Guarantor or that Security Party.

            

       

      	(c)	
              The Borrowers shall not, and shall ensure that no Security Party will, publish any details regarding the Loan or any of the Finance
                Documents without the Agent’s prior written consent.

            

       

      	(d)	
              The permission of disclosure set out in this Clause 26.14 (Disclosure of information) is granted for the purposes of providing relief from
                banking secrecy and confidentiality requirements. It is not intended as, and is no declaration of, consent in accordance with the DS GVO (EU Regulation 2016/679, General Data Protection Regulation).

            

       

      	26.15	
              Change of lending office

            

       

      A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of:

       

      	(a)	
              the date on which the Agent receives the notice; and

            

       

      	(b)	
              the date, if any, specified in the notice as the date on which the change will come into effect.

            

       

      	26.16	
              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.

       

      	26.17	
              Security over Lenders’ rights

            

       

      In addition to the other rights provided to Lenders under this Clause 26 (Transfers
          and Changes in Lending Offices), each Lender may without consulting with or obtaining consent from, either 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

            

       

      
        87

        
          

      

      	(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 either Borrower or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant
                Lender under the Finance Documents.

            

       

      	26.18	
              Replacement of a Reference Bank

            

       

      If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 (Interest) then, unless the Borrowers, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrowers, shall appoint another
        bank (whether or not a Lender) to be a replacement Reference Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective.

       

      	26.19	
              Securitisation

            

       

      Each Borrower shall, and the Borrowers shall procure that each Security Party will, assist the Agent and/or any Lender in achieving a successful
        securitisation (or similar transaction) in respect of the Loan and the Finance Documents and such Security Party’s reasonable costs for providing such assistance shall be met by the relevant Lender. The Borrowers, if
          requested by the Agent, shall provide documentation evidencing the purchase price of each Ship when acquired by the relevant Borrower.

       

      	26.20	
              No additional costs

            

       

      If a Transferor Lender assigns or transfers any of its rights or obligations under the Finance Documents and as a result of circumstances existing
        at the date the assignment or transfer occurs, a Borrower or a Security Party would be obliged to make a payment to the Transferee Lender under Clause 26.2 (Transfer by a Lender)
        or under that clause as incorporated by reference or in full in any other Finance Document, then the Transferee Lender is only entitled to receive payment under that clause to the same extent as the Transferor Lender would have been if the
        assignment or transfer had not occurred.

       

      	27	
              VARIATIONS AND WAIVERS

            

       

      	27.1	
              Required consents

            

       

      	(a)	
              Subject to Clause 27.2 (Exceptions) and Clause 27.4 (Replacement

                  of Screen Rate), any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrowers and any such amendment or waiver will be binding on all Creditor Parties and the Borrowers.

            

       

      	(b)	
              Any instructions given by the Majority Lenders will be binding on all the Creditor Parties.

            

       

      
        88

        
          

      

      	(c)	
              The Agent may effect:

            

       

      	

            	(i)	
              on behalf of the Borrowers and any Creditor Party, any amendment or waiver permitted by Clause 27.4 (Replacement of Screen Rate); and

            

       

      	

            	(ii)	
              on behalf of any Creditor Party, any amendment or waiver permitted by any other provision of this Clause 27 (Variations and Waivers).

            

       

      	27.2	
              Exceptions

            

       

      	(a)	
              Subject to Clause 27.4 (Replacement of Screen Rate), an amendment or waiver that has the effect of changing or which relates to:

            

       

      	

            	(i)	
              the definition of “Majority Lenders” or “Finance Documents” or “Screen Rate Replacement Event” or “Replacement Benchmark”
                in Clause 1.1 (Definitions);

            

       

      	

            	(ii)	
              an extension to the date of payment of any amount under the Finance Documents;

            

       

      	

            	(iii)	
              a reduction in the Margin or a reduction in the amount of any payment of principal, interest fees, commission or other amount payable under any of the Finance Documents;

            

       

      	

            	(iv)	
              an increase in or an extension of any Lender’s Commitment;

            

       

      	

            	(v)	
              any provision which expressly requires the consent of all the Lenders;

            

       

      	

            	(vi)	
              Clause 3 (Position of the Lenders), Clause 11.5 (Information provided to be
                  accurate), Clause 11.6 (Provision of financial statements), Clause 11.7 (Form of financial statements), Clause 11.16 (Provision of Further Information), Clause 26 (Transfers and Changes in Lending Offices), this Clause 27.2 (Exceptions) or Clause 27.4 (Replacement of Screen
                  Rate);

            

       

      	

            	(vii)	
              any release of any Security Interest, guarantee, indemnities or subordination arrangement created by any Finance Document;

            

       

      	

            	(viii)	
              any change of the currency in which the Loan is provided or any amount is payable under any of the Finance Documents;

            

       

      	

            	(ix)	
              any change to the Screen Rate pursuant to Clause 27.4 (Replacement of Screen Rate);

            

       

      	

            	(x)	
              an extension of the Availability Period; or

            

       

      	

            	(xi)	
              a change in Clauses 16.4 (Distribution of payment to Creditor Parties) or 22.2 (Grossing-up),

            

       

      may not be effected without the prior written consent of all Lenders.

       

      	(b)	
              An amendment or waiver which relates to the rights or obligations of the Agent, the Mandated Lead Arranger or the Security Trustee may not be effected
                without the consent of the Agent, the Mandated Lead Arranger or the Security Trustee, as the case may be.

            

       

      
        89

        
          

      

      	27.3	
              Exclusion of other or implied variations

            

       

      Except for a document which satisfies the requirements of any of Clauses 27.1 (Required consents), 27.2 (Exceptions) and 27.4 (Replacement of Screen Rate), no document, 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.

       

      	27.4	
              Replacement of Screen Rate

            

       

      	(a)	
              If a Screen Rate Replacement Event has occurred in relation to the Screen Rate the Agent (acting on the instructions of all Lenders) shall be entitled to:

            

       

      	

            	(i)	
              replace the Screen Rate with a Replacement Benchmark;

            

       

      	

            	(ii)	
              adjust the pricing on the Replacement Benchmark by the amendment of the Margin or otherwise, in each case at its discretion, 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); and

            

       

      	

            	(iii)	
              amend this Agreement for the purpose of any of:

            

       

      	

            	(A)	
              providing for the use of a Replacement Benchmark;

            

       

      	

            	(B)	
              aligning any provision to the use of that Replacement Benchmark;

            

       

      	

            	(C)	
              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);

            

       

      	

            	(D)	
              implementing market conventions applicable to that Replacement Benchmark;

            

       

      
        90

        
          

      

      	

            	(E)	
              providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; and

            

       

      	

            	(F)	
              adjusting the pricing in accordance with paragraph (ii) above.

            

       

      	(b)	
              The Agent shall promptly notify the Borrowers and each Creditor Party of any replacement of the Screen Rate, any adjustment of pricing and any amendment of this Agreement made pursuant to paragraph (a) above, which shall take effect immediately as from (and including) the date specified in such notification.

            

       

      	(c)	
              If required by the Agent (acting on the instructions of all Lenders), the Borrowers shall (and shall procure that each other Security Party shall) enter into such supplemental,
                replacement or other agreement in relation to any Finance Document as the Agent may specify to extend the effect of any of the amendments referred to in paragraph (a) above to such Finance Document.

            

       

      	27.5	
              Deemed consent

            

       

      With respect to:

       

      	(a)	
              the replacement of the Screen Rate with a Replacement Benchmark in accordance with sub-paragraph (a)(i) of Clause 27.4 (Replacement
                  of Screen Rate) (and the designation of such benchmark as permitted under sub-paragraphs (b) and (c) of the definition of “Replacement Benchmark”);

            

       

      	(b)	
              the adjustment of pricing in accordance with sub-paragraph (a)(ii) of Clause 27.4 (Replacement of Screen Rate);

            

       

      	(c)	
              any amendment of any Finance Document as contemplated in sub-paragraph (a)(iii) of Clause 27.4 (Replacement of Screen Rate);
                and

            

       

      	(d)	
              any other amendment, variation, waiver, suspension or limit requested by a Borrower or any Security Party which requires the approval of all Lenders or the Majority
                Lenders (as the case may be),

            

       

      the Agent shall provide each Lender with written notice of such request accompanied by such detailed background information as may
        be reasonably necessary (in the opinion of the Agent) to determine whether to approve such action. A Lender shall be deemed to have approved such action if such Lender fails to object to such action by written notice to the Agent within 10 days of
        that Lender’s receipt of the Agent’s notice or such other time as the Agent may state in the relevant notice as being the time available for approval of such action.

       

      	28	
              NOTICES

            

       

      	28.1	
              General

            

       

      Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and references
        in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.

       

      
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      	28.2	
              Addresses for communications

            

       

      A notice by letter or fax shall be sent:

       

      
        
          	(a)

                	to the Borrowers:

                	c/o Castor Ships S.A.
	 	 	
                  25 Foinikos Str. 14564

                
	 	 	
                  Nea Kifissia, Athens, Greece

                
	 	 	
                  Fax No: + 357 25357796

                

        

      

      

      

      
        
          	(b)

                	
                  to a Lender:

                	
                  At the address next to its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer
                    Certificate.

                

        

      

       

      
        
          
            	(c)	
                    to the Agent and Security Trustee:

                  	 

                  
	 	 	 

                  
	 	for general matters: 

                  	
                    Hamburg Commercial Bank AG

                  
	 	 	
                    
                      UB 25 Shipping

                    

                  
	 	 	
                    
                      Shipping Clients Domestic/International

                    

                  
	 	 	
                    Gerhart-Hauptmann-Platz 50

                  
	 	 	
                    20095 Hamburg

                  
	 	 	Germany

            

            

            	 	 	
                    Attention: Minas Peramatzis

                  
	 	 	
                    Fax No: +30 210 4295-323

                  

          

        

        

        

      

      
        
          
            	 	for credit administrative matters: 

                  	
                    Hamburg Commercial Bank AG

                  
	 	 	
                    Gerhart-Hauptmann-Platz 50

                  
	 	 	
                    20095 Hamburg

                  
	 	 	Germany
	 	 	 
	 	 	
                    Fax No: +49 40 3333 34167

                  

          

        

      

       

      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 (Service outside business hours)
        and 28.5 (Illegible notices):

       

      	(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, two hours after its transmission is completed.

            

       

      	28.4	
              Service outside business hours

            

       

      However, if under Clause 28.3 (Effective date of notices) a notice would be
        deemed to be served:

       

      	(a)	
              on a day which is not a business day in the place of receipt; or

            

       

      
        92

        
          

      

      	(b)	
              on such a business day, but after 5 p.m. local time,

            

       

      the notice shall (subject to Clause 28.5 (Illegible notices)) be deemed to be
        served, and shall take effect, at 9 a.m. on the next day which is such a business day.

       

      	28.5	
              Illegible notices

            

       

      Clauses 28.3  (Effective date of notices) and 28.4 (Service outside business hours) do not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to
        be served that the notice has been received in a form which is illegible in a material respect.

       

      	28.6	
              Valid notices

            

       

      A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply
        with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if:

       

      	(a)	
              the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or
                prejudice; or

            

       

      	(b)	
              in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should
                have been.

            

       

      	28.7	
              Electronic communication

            

       

      	(a)	
              Any communication from the Agent or the other Creditor Parties made by electronic means will be sent unsecured and without electronic signature, however, the Borrowers may request the
                Agent and the other Creditor Parties at any time in writing to change the method of electronic communication from unsecured to secured electronic mail communication.

            

       

      	(b)	
              The Borrowers hereby acknowledge and accept the risks associated with the use of unsecured electronic mail communication including, without limitation, risk of delay, loss of data,
                confidentiality breach, forgery, falsification and malicious software.  The Agent and the other Creditor Parties shall not be liable in any way for any loss or damage or any other disadvantage suffered by the Borrowers resulting from such
                unsecured electronic mail communication.

            

       

      	(c)	
              If the Borrowers (or any of them) or any other Security Party wish to cease all electronic communication, they shall give written notice to the Agent and the other Creditor Parties
                accordingly after receipt of which notice the Parties shall cease all electronic communication.

            

       

      	(d)	
              For as long as electronic communication is an accepted form of communication, the Parties shall:

            

       

      	

            	(i)	
              notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

            

       

      	

            	(ii)	
              notify each other of any change to their respective addresses or any other such information supplied to them; and

            

       

      
        93

        
          

      

      in case electronic communication is sent to recipients with the domain <domain with ending>, the parties shall without undue delay inform each
        other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses.

       

      	(e)	
              Each Borrower undertakes and declares that any documents to fulfil the disclosure of the financial circumstances according to Sec. 18 of the German Banking Act (KWG) that were or are
                hereinafter submitted to the Hamburg Commercial Bank AG electronically or on data carriers through the Borrowers or any other Security Party or any of them or a third party are complete and correct. It further agrees and declares that:

            

       

      	

            	(i)	
              it is irrelevant whether such documents were submitted with or without signature;

            

       

      	

            	(ii)	
              documents submitted to Hamburg Commercial Bank AG electronically or on data carriers according to Sec. 18 of the German Banking Act (KWG) have the same legal significance as documents
                with signature in paper form; and

            

       

      	

            	(iii)	
              until written revocation, the declaration under this Clause 28.7 (Electronic communication) shall remain valid.

            

       

      	28.8	
              English language

            

       

      Any notice under or in connection with a Finance Document shall be in English.

       

      	28.9	
              Meaning of “notice”

            

       

      In this Clause 28 (Notices), “notice”
        includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

       

      	29	
              JOINT AND SEVERAL LIABILITY

            

       

      	29.1	
              General

            

       

      All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be several and, if and to the extent
        consistent with Clause 29.2 (No impairment of Borrower’s obligations), joint.

       

      	29.2	
              No impairment of Borrower’s obligations

            

       

      The liabilities and obligations of a Borrower shall not be impaired by:

       

      	(a)	
              this Agreement being or later becoming void, unenforceable or illegal as regards the other Borrower;

            

       

      	(b)	
              any Lender or the Security Trustee entering into any rescheduling, refinancing or other arrangement of any kind with the other Borrower;

            

       

      	(c)	
              any Lender or the Security Trustee releasing the other Borrower or any Security Interest created by a Finance Document; or

            

       

      	(d)	
              any combination of the foregoing.

            

       

      
        94

        
          

      

      	29.3	
              Principal debtors

            

       

      Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and
        the Finance Documents and neither Borrower shall in any circumstances be construed to be a surety for the obligations of the other Borrower under this Agreement.

       

      	29.4	
              Subordination

            

       

      Subject to Clause 29.5 (Borrowers’ required action), during the Security Period, neither Borrower shall:

       

      	(a)	
              claim any amount which may be due to it from the other Borrower whether in respect of a payment made, or matter arising out of, this Agreement or any Finance Document, or any matter
                unconnected with this Agreement or any Finance Document; or

            

       

      	(b)	
              take or enforce any form of security from the other Borrower for such an amount, or in any other way seek to have recourse in respect of such an amount against any asset of the other
                Borrower; or

            

       

      	(c)	
              set off such an amount against any sum due from it to the other Borrower; or

            

       

      	(d)	
              prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Borrower or other Security Party; or

            

       

      	(e)	
              exercise or assert any combination of the foregoing.

            

       

      	29.5	
              Borrowers’ required action

            

       

      If during the Security Period, the Agent, by notice to a Borrower, requires it to take any action referred to in paragraphs (a) to (d) of Clause 29.4 (Subordination), in relation to the other Borrower, that Borrower shall take that action as soon as practicable after receiving the Agent’s notice.

       

      	30	
              SUPPLEMENTAL

            

       

      	30.1	
              Rights cumulative, non-exclusive

            

       

      The rights and remedies which the Finance Documents give to each Creditor Party are:

       

      	(a)	
              cumulative;

            

       

      	(b)	
              may be exercised as often as appears expedient; and

            

       

      	(c)	
              shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law.

            

       

      	30.2	
              Severability of provisions

            

       

      If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability
        or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document.

       

      
        95

        
          

      

      	30.3	
              Counterparts

            

       

      A Finance Document may be executed in any number of counterparts.

       

      	30.4	
              Third party rights

            

       

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

       

      	30.5	
              Benefit and binding effect

            

       

      The terms of this Agreement shall be binding upon, and shall enure to the benefit of, the Parties and their respective (including subsequent)
        successors and permitted assigns and transferees.

       

      	31	
              BAIL-IN

            

       

      Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the
        parties to a Finance Document, each Party acknowledges and accepts that any liability of any party to a Finance Document under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and
        acknowledges and accepts to be bound by the effect of:

       

      	(a)	
              any Bail-In Action in relation to any such liability, including (without limitation):

            

       

      	

            	(i)	
              a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

            

       

      	

            	(ii)	
              a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

            

       

      	

            	(iii)	
              a cancellation of any such liability; and

            

       

      	(b)	
              a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

            

       

      	32	
              LAW AND JURISDICTION

            

       

      	32.1	
              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.

       

      	32.2	
              Exclusive English jurisdiction

            

       

      Subject to Clause 32.3 (Choice of forum for the exclusive
          benefit of the Creditor Parties), the courts of England shall have exclusive jurisdiction to settle any Dispute.

       

      	32.3	
              Choice of forum for the exclusive benefit of the Creditor Parties

            

       

      Clause 32.2 (Exclusive English jurisdiction) is for the exclusive benefit of the
        Creditor Parties, each of which reserves the right:

       

      
        96

        
          

      

      	(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.

            

       

      Neither Borrower shall commence any proceedings in any country other than England in relation to a Dispute.

       

      	32.4	
              Process agent

            

       

      Each Borrower irrevocably appoints Hill Dickinson Services (London) Limited, at its registered 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.

       

      	32.5	
              Creditor Party rights unaffected

            

       

      Nothing in this Clause 32 (Law and Jurisdiction) shall exclude or limit any
        right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar
        or related matter in any jurisdiction.

       

      	32.6	
              Meaning of “proceedings” and “Dispute”

            

       

      In this Clause 32 (Law and Jurisdiction), “proceedings”
        means proceedings of any kind, including an application for a provisional or protective measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute
        relating to the existence, validity or termination of this Agreement) or any non-contractual obligation arising out of or in connection with this Agreement.

       

      THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement.

       

      
        97

        
          

      

      SCHEDULE 1

       

      LENDERS AND COMMITMENTS

       

      
        	 	
                Lender

              	 	
                Lending Office

              	 	
                Commitment

                (US Dollars)

              
	 	 	 	 	 	 
	 	
                Hamburg Commercial Bank AG

              	 	
                Gerhart-Hauptmann-Platz 50

                20095 Hamburg

                Germany

              	 	
                $40,750,000

              
	 	 	 	 	 	 

      

       

      

      
        98

        
          

      

      SCHEDULE 2

       

      DRAWDOWN
        NOTICE

       

      
        	
                To:

              	
                Hamburg Commercial Bank AG

              
	
                 

              	
                Gerhart-Hauptmann-Platz 50

              
	
                 

              	
                20095 Hamburg

              
	
                 

              	
                Germany

              
	
                 

              	
                Attention: Loans Administration

              

      

       

      

      [●] 2021

       

      DRAWDOWN NOTICE

       

      	1	
              We refer to the loan agreement (the “Loan Agreement”) dated [] and made between ourselves, as joint and several Borrowers, the Lenders referred
                to therein, and yourselves as Agent, Mandated Lead Arranger, Security Trustee in connection with a facility of up to US$40,750,000. Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice.

            

       

      	2	
              We request to borrow as follows:

            

       

      	(a)	
              Amount of Advance in relation to Ship [A], [B], [C] or [D]: US$[●];

            

       

      	(b)	
              Drawdown Date: [●];

            

       

      	(c)	
              Duration of the first Interest Period shall be [●] months; and

            

       

      	(d)	
              Payment instructions: account in our name and numbered [●] with [●] of [●].

            

       

      	3	
              We represent and warrant that:

            

       

      	(a)	
              the representations and warranties in Clause 10 (Representations and Warranties) of the Loan Agreement would
                remain true and not misleading if repeated on the date of this Drawdown Notice with reference to the circumstances now existing; and

            

       

      	(b)	
              no Event of Default or Potential Event of Default has occurred or will result from the borrowing of that Advance.

            

       

      	4	
              This Drawdown Notice cannot be revoked without the prior consent of the Majority Lenders.

            

       

      	5	
              We authorise you to deduct the structuring and commitment fees payable pursuant to Clause 20.1(a) and (b) (Structuring and commitment fees:).

            

       

      [Name of Signatory]

      

      

      for and on behalf of

      Liono Shipping Co.

      Snoopy Shipping Co.

      Cinderella Shipping Co. and

      Luffy Shipping Co.

       

      

      
        99

        
          

      

      SCHEDULE 3

       

      

      CONDITION PRECEDENT DOCUMENTS

       

      PART A

       

      The following are the documents referred to in Clause 9.1(a) (Documents, fees
          and no default) required before service of the Drawdown Notice.

       

      	1	
              A duly executed original of:

            

       

      	(a)	
              this Agreement;

            

       

      	(b)	
              the Corporate Guarantee;

            

       

      	(c)	
              the Agency and Trust Agreement;

            

       

      	(d)	
              any Subordination Agreement;

            

       

      	(e)	
              any Subordinated Debt Security;

            

       

      	(f)	
              the Side Letter; and

            

       

      	(g)	
              the Account Pledges.

            

       

      	2	
              Copies of the certificate of incorporation and constitutional documents of each Borrower, the Corporate Guarantor and any other Security Party and any company
                registration documents in respect of either Borrower, the Corporate Guarantor or, any other Security Party (including, without limitation, any corporate register excerpts) required by the Agent and a list of all members of the Group.

            

       

      	3	
              Copies of resolutions of the shareholders and directors of each Borrower, the Corporate Guarantor and any other Security Party authorising the execution of each of the Finance
                Documents to which that Borrower, the Corporate Guarantor or that Security Party is a party and, in the case of each Borrower, authorising named officers to give the Drawdown Notice(s) and other notices under this Agreement.

            

       

      	4	
              The original of any power of attorney under which any Finance Document is executed on behalf of a Borrower, the Corporate Guarantor or any other Security Party.

            

       

      	5	
              Copies of all consents which either Borrower, the Corporate Guarantor or any other Security Party requires to enter into, or make any payment under, any Finance Document.

            

       

      	6	
              The originals of any mandates or other documents required in connection with the opening or operation of the Accounts.

            

       

      	7	
              Documentary evidence that the agent for service of process named in Clause 32 (Law and Jurisdiction) has accepted its appointment.

            

       

      	8	
              Copies of each Underlying Document and of all documents signed or issued by the Borrowers or any party thereto (or any of them) under or in connection with such documents together,
                with such documentary evidence as the Agent and its legal advisers may require in relation to the due authorisation and execution of all such documents by the parties thereto.

            

       

      
        100

        
          

      

      	9	
              Any documents required by the Agent in respect of each Borrower, the Corporate Guarantor and any other Security Party (other than Castor Ships) to satisfy the Lenders’ “know your
                customer” requirements.

            

       

      	10	
              Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the Republic of the Marshall Islands, England and such other relevant
                jurisdictions as the Agent may require.

            

       

      	11	
              Documents establishing that each Ship is managed by the relevant Approved Manager on terms acceptable to the Lenders.

            

       

      	12	
              If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the
                  Agent at the Borrowers’ expense.

            

       

      
        101

        
          

      

      PART B

       

      The following are the documents referred to in Clause 9.1(b) (Documents, fees and no default)
        required before each Drawdown Date.  In Part B of this Schedule 3 (Condition Precedent Documents), the following definitions have the following meanings:

       

      	(a)	
              “Relevant Borrower” means the Borrower which is or is to become the owner of the Relevant Ship; and

            

       

      	(b)	
              “Relevant Ship” means the Ship which is relevant to the Advance being borrowed on the relevant Drawdown Date.

            

       

      	1	
              A duly executed original of the Mortgage, the General Assignment and any Charterparty Assignment relating to any Assignable Charter (and of each document to be delivered by each of
                them) each in respect of the Relevant Ship.

            

       

      	2	
              Documentary evidence that:

            

       

      	(a)	
              the Relevant Ship is definitively and permanently registered in the name of the Relevant Borrower under an Approved Flag in accordance with the laws of the applicable Approved Flag
                State;

            

       

      	(b)	
              the Relevant Ship is in the absolute and unencumbered ownership of the Relevant Borrower save as contemplated by the Finance Documents;

            

       

      	(c)	
              the Relevant Ship maintains the class specified in Clause 14.3(b) (Repair and classification) with a first class classification society which
                is a member of IACS (being one of Lloyd’s Registry, American Bureau of Shipping, Det Norske Veritas, Bureau Veritas, Korean Register of Shipping, Nippon Kaiji Kyoykai or Registro Italiano Navale) as the Agent may approve free of all overdue
                recommendations and conditions of such classification society;

            

       

      	(d)	
              the Mortgage relating to the Relevant Ship has been duly registered or recorded against the Relevant Ship as a valid first preferred or, as the case may be, priority mortgage in
                accordance with the laws of the applicable Approved Flag State;

            

       

      	(e)	
              the Relevant Ship is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with; and

            

       

      	(f)	
              the Relevant Ship has been delivered to the relevant charterer after the registration or recordation of the Relevant Ship’s Mortgage and that any charterer has acknowledged such prior
                registration or recordation or has subordinated in writing all its claims against the Relevant Ship and the Relevant Borrower to the rights of the Creditor Parties.

            

       

      	3	
              In relation to an Approved Manager and the Relevant Ship:

            

       

      	(a)	
              the Approved Manager’s Undertaking relative thereto; and

            

       

      	(b)	
              copies of the Approved Manager’s Document of Compliance and of that Ship’s Safety Management Certificate (together with any other details of the applicable safety management system
                which the Agent requires).

            

       

      
        102

        
          

      

      	4	
              The Initial Market Value of the Relevant Ship as shown by a valuation prepared by an Approved Broker selected and appointed by the Agent and otherwise
                  pursuant to Clause 15.3 (Valuation of Ships), stated to be for the purposes of this Agreement, which shows a value of the Relevant Ship in an
                  amount which will be sufficient to satisfy the Borrowers’ obligations under Clause 15.1 Provided that If the Borrowers do not agree with the
                  amount of such valuation, they may request, within 14 days after the date on which the Agent notifies the Borrowers of such valuation (the “Drawdown Request Period”), a second valuation to be commissioned from any Approved Broker selected by the Borrowers but appointed by the Agent,
                  such second valuation shall be also prepared in accordance with Clause 15.3 (Valuation of Ships), Provided further that:

            

       

      	

            	(i)	
              if the Borrowers request such valuation but fail to select the second Approved Broker within the Drawdown Request Period, then the Initial Market Value
                  of the Relevant Ship shall be that shown in the sole valuation obtained by the Agent; or

            

       

      	

            	(ii)	
              if the Borrowers do select a second Approved Broker within the Drawdown Request Period, the Initial Market Value of the Relevant Ship in such circumstances shall be the arithmetic
                mean of both valuations Provided even further that if the difference between such two valuations is greater than 15 per cent., a third valuation shall
                  be commissioned from a third Approved Broker appointed and selected by the Agent (prepared in accordance with Clause 15.3 (Valuation of Ships))
                  and the Initial Market Value of the Relevant Ship in such circumstances shall be the arithmetic mean of all three valuations.

            

       

      	5	
              Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the relevant Approved Flag State and such other relevant jurisdictions as the
                Agent may require.

            

       

      	6	
              A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Relevant Ship as the Agent may require.

            

       

      	7	
              Evidence satisfactory to the Agent that the Minimum Liquidity and the Additional Minimum Liquidity are each standing to the credit of the Liquidity
                  Account pursuant to Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity).

            

       

      	8	
              If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the
                  Agent at the Borrowers’ expense.

            

       

      	9	
              Evidence satisfactory to the Agent of payment of all fees due and payable in accordance with Clause 9 (Conditions Precedent) of this Agreement.

            

       

      	10	
              A recent survey report (or comparable inspection report satisfactory to the Agent ) in respect of each Relevant Ship.

            

       

      	11	
              Copies of any memorandum of agreement in respect of a Relevant Ship (and any addenda thereto) or, as the case may be, shipbuilding contracts of a Relevant Ship.

            

       

      Each of the documents specified in paragraphs 3 and 4 of Part A shall be notarised or legalised by a competent authority acceptable to the
        Agent and every other copy document delivered under this Schedule shall be certified as a true and up to date copy by the secretary (or equivalent officer) of the relevant Borrower.

       

      
        103

        
          

      

      SCHEDULE 4

       

      MANDATORY
        COST FORMULA

       

      	1	
              The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Financial Services Authority (or any other
                authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank.

            

       

      	2	
              On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional
                  Cost Rate”) for each Lender, in accordance with the paragraphs set out below.  The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage
                participation of each Lender in the relevant Advance) and will be expressed as a percentage rate per annum.

            

       

      	3	
              The Additional Cost Rate for any Lender lending from a lending office in a Participating Member State will be the percentage notified by that Lender to the Agent.  This percentage
                will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Advances made from that lending office) of complying with the
                minimum reserve requirements of the European Central Bank in respect of loans made from that lending office.

            

       

      	4	
              The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated by the Agent as follows:

            

       

      per cent. per annum

       

      Where:

       

      	

            	E	
              is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the
                Reference Banks to the Agent pursuant to paragraph 6 below and expressed in pounds per £1,000,000.

            

       

      	5	
              For the purposes of this Schedule:

            

       

      	(a)	
              “Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under
                or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank of England;

            

       

      	(b)	
              “Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or
                zero rated fee required pursuant to the Fees Rules but taking into account any applicable discount rate);

            

       

      	(c)	
              “Fees Rules”  means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from
                time to time in respect of the payment of fees for the acceptance of deposits;

            

       

      
        104

        
          

      

      	(d)	
              “Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in
                accordance with legislation of the European Union relating to European Monetary Union; and

            

       

      	(e)	
              “Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules.

            

       

      	6	
              If requested by the Agent, the Reference Banks shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by
                the Reference Banks to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by the Reference Banks as being the average of the
                Fee Tariffs applicable to the Reference Banks for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of the Reference Banks.

            

       

      	7	
              Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate.  In particular, but without limitation, each Lender shall
                supply the following information in writing on or prior to the date on which it becomes a Lender:

            

       

      	(a)	
              the jurisdiction of its lending office; and

            

       

      	(b)	
              any other information that the Agent may reasonably require for such purpose.

            

       

      Each Lender shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this paragraph.

       

      	8	
              The rates of charge of the Reference Banks for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraph 6 above and on
                the assumption that, unless a Lender notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a
                lending office in the same jurisdiction as its lending office.

            

       

      	9	
              The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume
                that the information provided by any Lender or the Reference Banks pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects.

            

       

      	10	
              The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the
                information provided by each Lender and the Reference Banks pursuant to paragraphs 3, 6 and 7 above.

            

       

      	11	
              Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence
                of manifest error, be conclusive and binding on all parties.

            

       

      	12	
              The Agent may from time to time, after consultation with the Borrowers and the Lenders, determine and notify to all parties any amendments which are required to be made to this
                Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of
                its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all parties.

            

       

      
        105

        
          

      

      SCHEDULE 5

       

      TRANSFER
        CERTIFICATE

       

      The Transferor and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and
        regulatory requirements applicable to them respectively.

       

      	To:	
              Hamburg Commercial Bank AG for itself and for and on behalf of each Borrower, each Security Party, the Security Trustee, each Lender, as defined in the Loan
                Agreement referred to below.

            

       

      [●]

       

      	1	
              This Certificate relates to a Loan Agreement (the “Loan Agreement”) dated [●] and made
                between (1) Liono Shipping Co., Snoopy Shipping Co., Cinderella Shipping Co. and Luffy Shipping Co. (together, the “Borrowers”) as joint and several Borrowers, (2) the banks and financial institutions
                named therein as Lenders, (3) Hamburg Commercial Bank AG as Agent, (4) Hamburg Commercial Bank AG as Mandated Lead Arranger and (5) Hamburg Commercial Bank AG
                as Security Trustee for a loan facility of up to US$40,750,000.

            

       

      	2	
              In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and:

            

       

      “Relevant Parties” means the Agent, each Borrower, each Security
        Party, the Security Trustee, each Lender;

       

      “Transferor” means [full name] of [lending office]; and

       

      “Transferee” means [full name] of [lending office].

       

      	3	
              The effective date of this Certificate is [●] Provided that this Certificate shall not come
                into effect unless it is signed by the Agent on or before that date.

            

       

      	4	
              [The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan
                Agreement and every other Finance Document in relation to [●] per cent. of its Contribution, which percentage represents $[●].

            

       

      	5	
              [By virtue of this Certificate and Clause 26 (Transfers

                  and Changes in Lending Offices) of the Loan Agreement, the Transferor is discharged [entirely from its Commitment which amounts to $[●]] [from [●] per cent. of its Commitment, which percentage represents $[●]] and, subject to Clause 26.7 (Effect of Transfer Certificate) of the Loan Agreement, from all obligations connected therewith, the Transferee
                  acquires a Commitment of $[●].]

            

       

      	6	
              The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the
                  Finance Documents which Clause 26 (Transfers and Changes in Lending Offices) of the Loan
                  Agreement provides will become binding on it upon this Certificate taking effect.

            

       

      	7	
              The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant
                  Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause 26 (Transfers and Changes in Lending
                  Offices) of the Loan Agreement.

            

       

      
        106

        
          

      

      	8	
              The Transferor:

            

       

      	(a)	
              warrants to the Transferee and each Relevant Party that:

            

       

      	

            	(i)	
              the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are in connection with this transaction; and

            

       

      	

            	(ii)	
              this Certificate is valid and binding as regards the Transferor;

            

       

      	(b)	
              warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4 above; and

            

       

      	(c)	
              undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction
                the Transferee’s title under this Certificate or for a similar purpose.

            

       

      	9	
              The Transferee:

            

       

      	(a)	
              confirms that it has received a copy of the Loan Agreement and each of the other Finance Documents;

            

       

      	(b)	
              agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Mandated Lead Arranger, the Security Trustee, any Lender in the event that:

            

       

      	

            	(i)	
              any of the Finance Documents prove to be invalid or ineffective;

            

       

      	

            	(ii)	
              either Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents;

            

       

      	

            	(iii)	
              it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of
                the Borrowers or any Security Party under the Finance Documents;

            

       

      	(c)	
              agrees that it will have no rights of recourse on any ground against the Agent, the Mandated Lead Arranger, the Security Trustee, any Lender in the event that this Certificate proves
                to be invalid or ineffective;

            

       

      	(d)	
              warrants to the Transferor and each Relevant Party that:

            

       

      	

            	(i)	
              it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction;
                and

            

       

      	

            	(ii)	
              this Certificate is valid and binding as regards the Transferee; and

            

       

      	(e)	
              confirms the accuracy of the administrative details set out below regarding the Transferee.

            

       

      	10	
              The Transferor and the Transferee each undertake with the Agent, the Mandated Lead Arranger and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the
                Security Trustee and/or the Mandated Lead Arranger in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur in connection with this Certificate or any matter arising out
                of it, except such as are shown to have been mainly and directly caused by the gross and culpable negligence or dishonesty of the Agent’s, the Mandated Lead Arranger’s or the Security Trustee’s own officers or employees.

            

       

      
        107

        
          

      

      	11	
              The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by the Agent, the
                Mandated Lead Arranger or the Security Trustee in respect of a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of
                the Transferor and the Transferee to the Agent, the Mandated Lead Arranger or the Security Trustee for the full amount demanded by it.

            

       

      	
              [Name of Transferor]

            	
              [Name of Transferee]

            
	 	 
	
              By:

            	
              By:

            
	 	 
	
              Date:

            	
              Date:

            

      

      

      Agent

       

      Signed for itself and for and on behalf of itself

      as Agent and for every other Relevant Party

      

      

      Hamburg Commercial Bank AG

       

      By:

       

      Date:

       

      
        108

        
          

      

      Administrative Details of Transferee

       

      Name of Transferee:

       

      Lending Office:

       

      Contact Person

       

      (Loan Administration Department):

       

      Telephone:

       

      Fax:

       

      Contact Person

       

      (Credit Administration Department):

       

      Telephone:

       

      Fax:

       

      Account for payments:

       

      Notes:

       

      This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance Documents
        in the Transferor’s or Transferee’s jurisdiction.  It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

       

      Paragraph 4 deals with assignment of rights and can be used together with paragraph 5 if the parties have agreed to a combination of assignment of rights and transfer of
        obligations.

       

      Paragraph 5 deals with transfer of obligations and should be removed if the parties have agreed to an assignment only.

       

      
        109

        
          

      

      SCHEDULE 6

      

      

      POWER OF
        ATTORNEY

       

      Know all men by these presents that [Liono Shipping Co.] [Snoopy Shipping Co.] [Cinderella Shipping Co.] [Luffy Shipping Co.] (the “Company”),

        a corporation incorporated in the Republic of the Marshall Islands and having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 irrevocably and by way of security appoints Hamburg Commercial Bank AG (the “Attorney”) of Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany its attorney, to act in the name of the Company and to exercise any right,
        entitlement or power of the Company in relation to [name of classification society] (the “Classification Society”) and/or to the classification records of any vessel owned, controlled or operated by the
        Company including, without limitation, such powers or entitlement as the Company may have to inspect the class records and any files held by the Classification Society in relation to any such vessel and to require the Classification Society to
        provide to the Attorney or to any of its nominees any information, document or file which the Attorney may request

       

      Ratification of actions of attorney.  For the avoidance of doubt and without limiting the generality of the above, it is confirmed
        that the Company hereby ratifies any action which the Attorney takes or purports to take under this Power of Attorney and the Classification Society shall be entitled to rely hereon without further enquiry.

       

      Delegation.  The Attorney may exercise its powers hereunder through any officer or through any nominee and/or may sub-delegate to
        any person or persons (including a receiver and persons designated by him) all or any of the powers (including the discretions) conferred on the Attorney hereunder, and may do so on terms authorising successive
        sub-delegations.

       

      This Power of Attorney was executed by the Company as a Deed on [date].

       

      	
              EXECUTED as a DEED by

            	
              )

            
	
              [Liono] [Snoopy] [Cinderella] [Luffy] Shipping Co.

            	
              )

            
	
              acting by President or Secretary

            	
              )

            
	

            	
              )

            

       

      

      In the presence of:

       

      
        110

        
          

      

      SCHEDULE 7

       

      FORM OF
        COMPLIANCE CERTIFICATE

       

      	
              To:

            	
              Hamburg Commercial Bank AG

            
	

            	
              Gerhart-Hauptmann-Platz 50

            
	

            	
              D-20095 Hamburg

            
	

            	
              Germany

            

       

      

      [●] 2021

       

      Dear Sirs

       

      We refer to a loan agreement dated [●] (the “Loan Agreement”) made between
        (amongst others) yourselves and ourselves in relation to a term loan facility of up to $40,750,000.

       

      Words and expressions defined in the Loan Agreement shall have the same meaning when used in this compliance certificate.

       

      Each Borrower represents that no Event of Default or Potential Event of Default has occurred as at the date of this certificate [except for the following matter or event
        [set out all material details of matter or event]].  In addition as of [●], each Borrower confirms compliance with the minimum liquidity requirements set out in Clause 11.19 (Minimum Liquidity and Additional Minimum Liquidity) [,] [and] the minimum security cover requirement set out in Clause 15.1 (Minimum required security cover) [and][list
        here any other financial covenants which are applicable to the relevant transaction], of the Loan Agreement for the [6-month] period ending on the date of this certificate.

       

      We now certify that, as at [●]:

       

      	(a)	
              the aggregate of the Minimum Liquidity standing to the credit of the Liquidity Account is $[●];

            

       

      	(b)	
              the Security Cover Ratio is above 130 per cent.; and

            

       

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

       

      	
              

              

            	
              

              

            
	
              Name: [●]

            	
              

              

            
	 	 
	
              Title: [senior officer]

            	

            

      

        LIONO SHIPPING CO.

      SNOOPY SHIPPING CO.

      CINDERELLA SHIPPING CO.

      LUFFY SHIPPING CO.

       

      

      
        111

        
          

      

      EXECUTION PAGES

       

      
        	
                BORROWERS

              	 
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                Its attorney-in-fact

              	
                )

              
	
                for and on behalf of

              	
                )

              
	
                LIONO SHIPPING CO.

              	
                )

              
	
                in the presence of:

              	
                )

              
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                Its attorney-in-fact

              	
                )

              
	
                for and on behalf of

              	
                )

              
	
                SNOOPY SHIPPING CO.

              	
                )

              
	
                in the presence of:

              	
                )

              
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                Its attorney-in-fact

              	
                )

              
	
                for and on behalf of

              	
                )

              
	
                CINDERELLA SHIPPING CO.

              	
                )

              
	
                in the presence of:

              	
                )

              
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                Its attorney-in-fact

              	
                )

              
	
                for and on behalf of

              	
                )

              
	
                LUFFY SHIPPING CO.

              	
                )

              
	
                in the presence of:

              	
                )

              
	 	 
	
                LENDERS

              	 
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                for and on behalf of

              	
                )

              
	
                HAMBURG COMMERCIAL BANK AG

              	
                )

              
	
                in the presence of:

              	
                )

              

        

        

      

      
        112

        
          

      

      
        	
                AGENT

              	 
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                for and on behalf of

              	
                )

              
	
                HAMBURG COMMERCIAL BANK AG

              	
                )

              
	
                in the presence of:

              	
                )

              
	 	 
	
                MANDATED LEAD ARRANGER

              	

              
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                for and on behalf of

              	
                )

              
	
                HAMBURG COMMERCIAL BANK AG

              	
                )

              
	
                in the presence of:

              	
                )

              
	 	 
	
                SECURITY TRUSTEE

              	

              
	 	 
	
                SIGNED by

              	
                )

              
	 	
                )

              
	
                for and on behalf of

              	
                )

              
	
                HAMBURG COMMERCIAL BANK AG

              	
                )

              
	
                in the presence of:

              	
                )

              

        

        

        

        

        113

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