Document:

EX-4.2

 Exhibit 4.2 
  

			
	Confidential	 	Execution Version

 Dated 28 JUNE 2013 
  

 
 MALT
SINGAPORE PTE. LTD. 
 arranged by 

COMMONWEALTH BANK OF AUSTRALIA 

with 
 COMMONWEALTH BANK
OF AUSTRALIA 
 as Hedging Co-ordinator 

COMMONWEALTH BANK OF AUSTRALIA 

as Agent 
 CBA CORPORATE
SERVICES (NSW) PTY LTD 
 as Security Agent 

FACILITY AGREEMENT 
 for
$160,000,000 Loan Facility 
  
 

 

 Contents 
  

							
	Clause	  	Page	 
		
	Section 1 - Interpretation	  	 	1	  
			
	 1
	 	 Definitions and interpretation
	  	 	1	  
		
	 Section 2 - The Facility
	  	 	23	  
			
	 2
	 	 The Facility
	  	 	23	  
			
	 3
	 	 Purpose
	  	 	23	  
			
	 4
	 	 Conditions of Utilisation
	  	 	23	  
		
	 Section 3 - Utilisation
	  	 	25	  
			
	 5
	 	 Utilisation
	  	 	25	  
		
	 Section 4 - Repayment, Prepayment and Cancellation
	  	 	26	  
			
	 6
	 	 Repayment
	  	 	26	  
			
	 7
	 	 Illegality, prepayment and cancellation
	  	 	26	  
		
	 Section 5 - Costs of Utilisation
	  	 	30	  
			
	 8
	 	 Interest
	  	 	30	  
			
	 9
	 	 Interest Periods
	  	 	30	  
			
	 10
	 	 Changes to the calculation of interest
	  	 	31	  
			
	 11
	 	 Fees
	  	 	32	  
		
	 Section 6 - Additional Payment Obligations
	  	 	33	  
			
	 12
	 	 Tax gross-up and indemnities
	  	 	33	  
			
	 13
	 	 Increased Costs
	  	 	36	  
			
	 14
	 	 Other indemnities
	  	 	37	  
			
	 15
	 	 Mitigation by the Lenders
	  	 	40	  
			
	 16
	 	 Costs and expenses
	  	 	40	  
		
	 Section 7 - Representations, Undertakings and Events of Default
	  	 	42	  
			
	 17
	 	 Representations
	  	 	42	  
			
	 18
	 	 Information undertakings
	  	 	47	  
			
	 19
	 	 Financial covenants
	  	 	51	  
			
	 20
	 	 General undertakings
	  	 	52	  

							
	 21
	 	 Dealings with Ship
	  	 	55	  
			
	 22
	 	 Condition and operation of Ship
	  	 	56	  
			
	 23
	 	 Insurance
	  	 	61	  
			
	 24
	 	 Chartering undertakings
	  	 	64	  
			
	 25
	 	 Bank accounts
	  	 	66	  
			
	 26
	 	 Business restrictions
	  	 	70	  
			
	 27
	 	 Hedging Contracts
	  	 	73	  
			
	 28
	 	 Events of Default
	  	 	74	  
			
	 29
	 	 Position of Hedging Providers
	  	 	79	  
		
	 Section 8 - Changes to Parties
	  	 	81	  
			
	 30
	 	 Changes to the Lenders
	  	 	81	  
			
	 31
	 	 Changes to the Obligors
	  	 	84	  
		
	 Section 9 - The Finance Parties
	  	 	85	  
			
	 32
	 	 Roles of Agent, Security Agent, Arranger and Hedging Co-ordinator
	  	 	85	  
			
	 33
	 	 Conduct of business by the Finance Parties
	  	 	102	  
			
	 34
	 	 Sharing among the Finance Parties
	  	 	103	  
		
	 Section 10 - Administration
	  	 	105	  
			
	 35
	 	 Payment mechanics
	  	 	105	  
			
	 36
	 	 Set-off
	  	 	107	  
			
	 37
	 	 Notices
	  	 	108	  
			
	 38
	 	 Calculations and certificates
	  	 	109	  
			
	 39
	 	 Partial invalidity
	  	 	110	  
			
	 40
	 	 Remedies and waivers
	  	 	110	  
			
	 41
	 	 Amendments and waivers
	  	 	110	  
			
	 42
	 	 Confidentiality
	  	 	113	  
			
	 43
	 	 Counterparts
	  	 	115	  
		
	 Section 11 - Governing Law and Enforcement
	  	 	116	  
			
	 44
	 	 Governing law
	  	 	116	  
			
	 45
	 	 Enforcement
	  	 	116	  

					
	 Schedule 1 The original parties
	  	 	117	  
		
	 Schedule 2 Ship information
	  	 	120	  
		
	 Schedule 3 Conditions precedent
	  	 	121	  
		
	 Schedule 4 Utilisation Request
	  	 	127	  
		
	 Schedule 5 Selection Notice
	  	 	128	  
		
	 Schedule 6 Form of Transfer Certificate
	  	 	129	  
		
	 Schedule 7 Form of Compliance Certificate
	  	 	131	  
		
	 Schedule 8 Form of Hedging Provider Accession Letter
	  	 	132	  
		
	 Schedule 9 Account signatories
	  	 	134	  

 THIS AGREEMENT is dated 28 June 2013 and made between: 

 

	(1)	MALT SINGAPORE PTE. LTD. (the Borrower); 

  

	(2)	COMMONWEALTH BANK OF AUSTRALIA as mandated lead arranger (the Arranger); 

  

	(3)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the Original Lenders); 

  

	(4)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as hedging providers (the Original Hedging Providers); 

  

	(5)	COMMONWEALTH BANK OF AUSTRALIA as hedging co-ordinator for the other Finance Parties (the Hedging Co-ordinator); 

  

	(6)	COMMONWEALTH BANK OF AUSTRALIA as agent of the other Finance Parties (the Agent); and 

  

	(7)	CBA CORPORATE SERVICES (NSW) PTY LTD as security agent of the Finance Parties (the Security Agent). 

IT IS AGREED as follows: 

Section 1 - Interpretation 
  

	1	Definitions and interpretation 

 Definitions 

 

	1.1	In this Agreement and (unless otherwise defined in the relevant Finance Document) the other Finance Documents: 

Account means any bank account, deposit or certificate of deposit opened, made or established in accordance with clause 25 (Bank
accounts). 
 Account Bank means, in relation to any Account, Commonwealth Bank of Australia (acting through its Singapore branch)
or another bank or financial institution approved by the Majority Lenders at the request of the Borrower. 
 Account Security means,
in relation to an Account, a deed or other instrument by the Borrower in favour of the Security Agent in an agreed form conferring a Security Interest over that Account. 

Accounting Reference Date means 31 December (in the case of the Borrower, Malt LNG Transport, Malt LNG Holdings and TGP) and
31 March (in the case of MCorp) or such other date as may be approved by the Lenders. 
 Affiliate means, in relation to any
person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company. 
 Agent
includes any person who may be appointed as such under the Finance Documents. 
 APMM means A.P. Møller-Maersk A/S of 50
Esplanaden, DK-1098, Copenhagen, Denmark. 
 APMM Guarantee means the guarantee dated 31 August 2010 (as supplemented and amended
by a deed of amendment to parent company guarantee dated 28 February 2012) executed by APMM in favour of the Charterer in respect of the Borrower’s obligations under the Charter. 

  
 1 

 Auditors means one of PricewaterhouseCoopers, Ernst & Young, KPMG or
Deloitte & Touche or another approved firm. 
 Bareboat Charter has the meaning given to such expression in clause 24.10
(Substitution of Charter by a bareboat charter). 
 Bareboat Charter Documents means the Bareboat Charter, any documents
supplementing it and any guarantee or security given by any person for the Charterer’s obligations under it. 
 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 as updated prior to, and in the form existing on, the date of this
Agreement, excluding any amendment thereto arising out of the Basel III Accord. 
 Basel II Approach means, in relation to any Finance
Party, either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II
Accord. 
 Basel II Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance
with any Basel II Regulation in force as at the date hereof (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

Basel II Regulation means: 
  

	 	(a)	any law or regulation implementing the Basel II Accord; or 

  

	 	(b)	any Basel II Approach adopted by a Finance Party or any of its Affiliates. 

 Basel III
Accord 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”. 

Basel III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any
Basel III Regulation (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

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

 

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

  
 2 

 exceeds: 
  

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

 Business Day
means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Singapore, Sydney, New York, Tokyo and Vancouver. 

Change of Control occurs when: 
  

	 	(a)	prior to the implementation of the Reorganisation: 

  

	 	(i)	the Borrower ceases to be a wholly-owned Subsidiary of Malt LNG Transport; or 

  

	 	(ii)	Malt LNG Transport ceases to be a wholly-owned Subsidiary of Malt LNG Holdings; or 

  

	 	(iii)	Malt LNG Holdings ceases to be a wholly owned Subsidiary of the Sponsors; or 

  

	 	(iv)	without the approval of the Majority Lenders, such approval not to be unreasonably withheld, there is any change/s to: 

  

	 	(A)	the Sponsors’ proportionate legal and beneficial ownership or voting rights in Malt LNG Holdings; or 

  

	 	(B)	the voting mechanism or arrangements between the Sponsors under the Joint Venture Agreement; or 

  

	 	(v)	where all management powers over the business and affairs of TGP are vested exclusively in Teekay GP LLC as general partner of TGP: 

  

	 	(A)	Teekay Corporation ceases to own, directly or indirectly, a minimum of 40 per cent of the voting rights in Teekay GP LLC; and 

  

	 	(B)	Teekay GP LLC ceases to own a minimum of 40 per cent of the general partner interest in TGP; or 

  

	 	(vi)	(and in circumstances where all management powers over the business and affairs of TGP are vested exclusively in a board of directors of TGP), Teekay Corporation ceases to be entitled to appoint 40 per cent or more
of the members of the board of directors of TGP; and 

  

	 	(b)	following the implementation of the Reorganisation: 

  

	 	(i)	the Borrower ceases to be a wholly-owned Subsidiary of Dutch Holdco; or 

  

	 	(ii)	Dutch Holdco ceases to be a wholly owned Subsidiary of the Sponsors; or 

  

	 	(iii)	without the approval of the Majority Lenders, such approval not to be unreasonably withheld, there is any change/s to: 

  

	 	(A)	the Sponsors’ proportionate legal and beneficial ownership or voting rights in Dutch Holdco; or 

  

	 	(B)	the voting mechanism or arrangements between the Sponsors under the Joint Venture Agreement; or 

  
 3 

	 	(iv)	where all management powers over the business and affairs of TGP are vested exclusively in Teekay GP LLC as general partner of TGP: 

  

	 	(A)	Teekay Corporation ceases to own, directly or indirectly, a minimum of 40 per cent of the voting rights in Teekay GP LLC; and 

  

	 	(B)	Teekay GP LLC ceases to own a minimum of 40 per cent of the general partner interest in TGP; or 

  

	 	(v)	(and in circumstances where all management powers over the business and affairs of TGP are vested exclusively in a board of directors of TGP), Teekay Corporation ceases to be entitled to appoint 40 per cent or more
of the members of the board of directors of TGP, 

 provided that, for the avoidance of doubt, the Reorganisation shall not
constitute a Change of Control. 
 Charged Property means all of the assets of the Obligors which from time to time are, or are
expressed or intended to be, the subject of the Security Documents. 
 Charter means the charter commitment details of which are
provided in Schedule 2 (Ship information). 
 Charter Assignment means an assignment by the Borrower of its interest in the
Charter Documents in favour of the Security Agent in the agreed form. 
 Charter Documents means the Charter, any documents
supplementing it and any guarantee or security given by any person for the Charterer’s obligations under it. 
 Charterer means
the charterer named in Schedule 2 (Ship information). 
 Classification means the classification specified in Schedule 2
(Ship information) with the Classification Society or another classification approved by the Majority Lenders as its classification, at the request of the Borrower. 

Classification Society means the classification society specified in Schedule 2 (Ship information) or another classification
society (being a member of the International Association of Classification Societies (IACS) or, if such association no longer exists, any similar association nominated by the Agent) approved by the Majority Lenders as its Classification Society, at
the request of the Borrower. 
 Code means the US Internal Revenue Code of 1986. 

Commitment means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in Schedule 1 (The original parties); and 

 

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

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

Compliance Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Compliance Certificate) or
otherwise approved. 
 Confirmation shall have, in relation to any Hedging Transaction, the meaning given to it in the relevant
Hedging Master Agreement. 

  
 4 

 Confidential Information means all information relating to an Obligor, the Finance
Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the
Finance Documents or the Facility from either: 
  

	 	(a)	the Borrower, Malt LNG Transport, Malt LNG Holdings, the Sponsors any of their advisers; or 

  

	 	(b)	another Finance Party, if the information was obtained by that Finance Party directly or indirectly from the Borrower, Malt LNG Transport, Malt LNG Holdings, the Sponsors any of their advisers, 

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

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 42 (Confidentiality); or 

 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any member of the Borrower, Malt LNG Transport, Malt LNG Holdings or the Sponsors or any of their advisers; or 

 

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source
which is, as far as that Finance Party is aware, unconnected with the Borrower, Malt LNG Transport, Malt LNG Holdings or the Sponsors and which, in any case, as far as that Finance Party is aware, has not been obtained in breach of, and is not
otherwise subject to, any obligation of confidentiality. 

 Constitutional Documents means, in respect of an Obligor,
such Obligor’s memorandum and articles of association, bye-laws or other constitutional documents including as referred to in any certificate relating to an Obligor delivered pursuant to Schedule 3 (Conditions precedent). 

Debt Service Amount has the meaning given to it in clause 19.2 (Financial definitions). 

Debt Service Reserve Account means any Account designated as a “Debt Service Reserve Account” under clause 25 (Bank
accounts). 
 Deed of Covenant means a first deed of covenant by the Borrower in favour of the Security Agent in the agreed form.

 Default means an Event of Default or any event or circumstance specified in clause 28 (Events of Default) which would (with
the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of the foregoing) be an Event of Default. 

Defaulting Lender means any Lender: 
  

	 	(a)	which has failed to make its participation in the Loan available (or has notified the Agent or the Borrower (which has notified the Agent) that it will not make its participation in the Loan available) by the
Utilisation Date in accordance with clause 5.4 (Lenders’ participation); 

  

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; or 

  

	 	(c)	with respect to which an Insolvency Event has occurred and is continuing, 

  
 5 

 unless, in the case of paragraph (a) above: 

 

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Payment Disruption Event; and, 

 payment is made within five Business Days of its due date;
or 
  

	 	(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. 

Dry Dock Reserve Account means any Account designated as a “Dry Dock Reserve Account” under clause 25 (Bank
accounts). 
 Dutch Holdco means Malt LNG Netherlands Holdings B.V. a company with limited liability incorporated under the
laws of The Netherlands which is to acquire, pursuant to the Reorganisation, all of the issued and outstanding shares in the Borrower, or any other such company nominated by the Borrower and approved (such approval not to be unreasonably withheld or
delayed). 
 Earnings means, in relation to the Ship and a person, all money at any time payable to that person for or in relation to
the use or operation of the Ship including freight, hire and passage moneys, money payable to that person for the provision of services by or from the Ship or under any charter commitment, requisition for hire compensation, remuneration for salvage
and towage services, demurrage and detention moneys and damages for breach and payments for termination or variation of any charter commitment. 

Environmental Claims means: 
  

	 	(a)	enforcement, clean-up, removal or other governmental or regulatory action or orders or claims instituted or made pursuant to any Environmental Laws or resulting from a Spill; or 

 

	 	(b)	any claim made by any other person relating to a Spill. 

 Environmental Incident means
any Spill from any vessel in circumstances where: 
  

	 	(a)	the Ship or its owner, operator or manager are or allegedly are at fault for Environmental Claims arising from the Spill (other than Environmental Claims arising and fully satisfied before the date of this Agreement);
and/or 

  

	 	(b)	the Ship is actually or potentially liable to be arrested or attached in connection with any such Environmental Claim. 

Environmental Laws means all laws, regulations and conventions concerning pollution or protection of the environment. 

Event of Default means any event or circumstance specified as such in clause 28 (Events of Default). 

Existing Facility Agreement means together, the facility agreements dated 17 February 2012 provided to Malt LNG Holdings and
arranged by DNB Bank ASA and Mizuho Corporate Bank Ltd respectively. 
 Facility means the term loan facility made available under
this Agreement as described in clause 2 (The Facility). 
 Facility Office means: 

 

	 	(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice)
as the office through which it will perform its obligations under this Agreement; and 

  
 6 

	 	(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. 

Facility Period means the period from and including the date of this Agreement to and including the date on which the Total Commitments
have reduced to zero and all indebtedness of the Obligors under the Finance Documents has been fully paid and discharged. 
 FATCA
means: 
  

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

  

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

  

	 	(c)	any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.

 FATCA Application Date means: 
  

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 January 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement. 
 FATCA Deduction means a deduction or withholding from a payment under a Finance
Document required by FATCA. 
 FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction.

 FATCA FFI means a foreign financial institution as defined in section 1471(d)(4) of the Code which, if any Finance Party is not a
FATCA Exempt Party, could be required to make a FATCA Deduction. 
 Fee Letter means any letter dated on or about the date of this
Agreement between the Arranger and the Borrower (or the Agent and the Borrower) setting out any of the fees referred to in clause 11 (Fees). 

Final Repayment Date means, subject to clauses 35.12 and 35.13 (Business Days), the date falling 96 months after the Utilisation
Date. 
 Finance Documents means this Agreement, any Fee Letter, the Security Documents, any Hedging Contracts, any Hedging Master
Agreement, and any other document designated as such by the Agent and the Borrower. 

  
 7 

 Finance Party means the Agent, the Security Agent, the Arranger, any Hedging Provider or a
Lender. 
 Financial Indebtedness means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed and debit balances at banks or other financial institutions; 

  

	 	(b)	any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent); 

  

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

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury
Transaction, that amount) shall be taken into account); 

  

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

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the Final Repayment Date or are otherwise classified as borrowings under GAAP); 

 

	 	(i)	any amount of any liability under an advance or deferred purchase agreement if (a) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of
the asset or service in question or (b) the agreement is in respect of the supply of assets or services and payment is due more than 180 days after the date of supply; 

 

	 	(j)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back, sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings
under GAAP; and 

  

	 	(k)	without double counting, the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above. 

First Repayment Date means, subject to clauses 35.12 and 35.13 (Business Days) the date falling three months after the
Utilisation Date. 
 Flag State means the country specified in Schedule 2 (Ship information), or such other state or territory
as may be approved by the Lenders, at the request of the Borrower, as being the “Flag State” for the purposes of the Finance Documents. 

GAAP means: 
  

	 	(a)	in the case of the Borrower, generally accepted accounting principles in Singapore; 

  

	 	(b)	in the case of Malt LNG Transport, generally accepted accounting principles in Denmark; 

  

	 	(c)	in the case of Malt LNG Holdings, generally accepted accounting principles in Denmark; 

  
 8 

	 	(d)	in the case of TGP, generally accepted accounting principles in the United States of America; 

  

	 	(e)	in the case of MCorp, generally accepted accounting principles in Japan; and 

  

	 	(f)	following the Reorganisation, in the case of Dutch Holdco, generally accepted accounting principles in The Netherlands. 

Hedging Contract means any Hedging Transaction between the Borrower and any Hedging Provider pursuant to any Hedging Master Agreement
and includes any Hedging Master Agreement and any Confirmations from time to time exchanged under it and governed by its terms relating to that Hedging Transaction and any contract in relation to such a Hedging Transaction constituted and/or
evidenced by them and Hedging Contracts means all of them. 
 Hedging Contract Security means a deed or other instrument by the
Borrower in favour of the Security Agent in the agreed form conferring a Security Interest over any Hedging Contracts. 
 Hedging
Exposure means, as at any relevant date, the aggregate of the amount certified by each of the Hedging Providers to the Agent to be the net amount in dollars; 
  

	 	(a)	in relation to all Hedging Contracts that have been closed out on or prior to the relevant date, that is due and owing by the Borrower to the Hedging Providers in respect of such Hedging Contracts on the relevant date;
and 

  

	 	(b)	in relation to all Hedging Contracts that are continuing on the relevant date, that would be payable by the Borrower to the Hedging Providers under (and calculated in accordance with) the early termination provisions of
the Hedging Contracts as if an Early Termination Date (as defined in the relevant Hedging Master Agreement) had occurred on the relevant date in relation to all such continuing Hedging Contracts. 

Hedging Master Agreement means any agreement made or (as the context may require) to be made between the Borrower and a Hedging Provider
comprising an ISDA Master Agreement and the Schedule thereto in the agreed form. 
 Hedging Provider Accession Letter means an
accession letter executed a relevant bank or financial institution, as accepted by the Agent and the Hedging Co-ordinator, for the accession to this Agreement as a Hedging Provider, substantially in the form as set out in Schedule 8 (Form of
Hedging Provider Accession Letter). 
 Hedging Providers means: 

 

	 	(a)	any Original Hedging Provider; and 

  

	 	(b)	any bank or financial institution which is a Lender or an Affiliate of a Lender who may at any time enter into or provide a Hedging Transaction and who accedes to the terms of this Agreement pursuant to clause 29.1
(Hedging Providers), 

 and includes their respective successors in title and Hedging Provider means any of them.

 Hedging Transaction has, in relation to any Hedging Master Agreement, the meaning given to the term “Transaction” in that
Hedging Master Agreement. 
 Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary.

 Increased Costs has the meaning given to it in clause 13.2 (Increased Costs). 

  
 9 

 Indemnified Person means: 

 

	 	(a)	each Finance Party and each Receiver and any attorney, agent or other person appointed by them under the Finance Documents; 

  

	 	(b)	each Affiliate of those persons; and 

  

	 	(c)	any officers, directors, employees, advisers, representatives or agents of any of the above persons. 

Insolvency Event in relation to a Finance Party means that the Finance Party: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph
(d) above and: 

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation; or 

 

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; 

  

	 	(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009
or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009; 

  

	 	(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than,
for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above); 

 

	 	(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; 

  
 10 

	 	(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

  

	 	(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. 

Insurance Notice means a notice of assignment in the form scheduled to the Deed of Covenant or in another approved form. 

Insurances means, in relation to the Ship: 
  

	 	(a)	all policies and contracts of insurance; and 

  

	 	(b)	all entries in a protection and indemnity or war risks or other mutual insurance association 

in the name of the Ship’s owner or the joint names of its owner and any other person in respect of or in connection with the Ship and/or
its owner’s Earnings from the Ship and includes all benefits thereof (including the right to receive claims and to return of premiums). 

Interbank Market means the London interbank market. 

Interest Period means, in relation to the Loan, each period determined in accordance with clause 9 (Interest Periods) and, in
relation to an Unpaid Sum, each period determined in accordance with clauses 8.3 to 8.5 (Default interest). 
 Joint Venture
Agreement means the joint venture agreement dated 6 February 2012 and made between Teekay Luxembourg S.A.R.L., Scarlet LNG Transport Co., Ltd., Teekay LNG Operating LLC, MCorp and Malt LNG Holdings. 

Last Availability Date means the date which is 30 days following the date of this Agreement (or such later date as may be approved by
the Lenders). 
 Legal Opinion means any legal opinion delivered to the Agent under clause 4 (Conditions of Utilisation). 

Legal Reservations means: 
  

	 	(a)	the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights
of creditors; 

  

	 	(b)	the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984, the possibility that an undertaking to assume liability for, or indemnify a person against, non-payment of UK stamp
duty may be void and defences of set-off or counterclaim; and 

  

	 	(c)	similar principles, rights and defences under the laws of any Relevant Jurisdiction. 

Lender means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with clause 30 (Changes to the Lenders), 

which in each case has not ceased to be a Lender in accordance with the terms of this Agreement. 

  
 11 

 LIBOR means, in relation to the Loan or any part of it or any Unpaid Sum: 

 

	 	(a)	the Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the relevant currency or the relevant Interest Period) the Reference Bank Rate, 

as of 11:00 a.m. on the Quotation Day for a period comparable to the Interest Period of the Loan or relevant part of it or Unpaid Sum and, if
that rate is less than zero, LIBOR shall be deemed to be zero. 
 Loan means the loan made or to be made under the Facility or the
principal amount outstanding for the time being of that loan. 
 Losses means any costs, expenses, payments, charges, losses, demands,
liabilities, claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions but excluding, for the avoidance of doubt, any loss of profits. 

Loss Payable Clauses means the provisions concerning payment of claims under the Ship’s Insurances in the form scheduled to the
Deed of Covenant or in another approved form. 
 Major Casualty means any casualty to a vessel for which the total insurance claim,
inclusive of any deductible, exceeds or is reasonably likely to exceed the Major Casualty Amount. 
 Major Casualty Amount means the
amount specified as such in Schedule 2 (Ship information) or the equivalent in any other currency. 
 Majority Lenders means:

  

	 	(a)	if no part of the Loan is then outstanding, a Lender or Lenders whose Commitments aggregate more than 66 2/3 per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated
more than 66 2/3 per cent of the Total Commitments immediately prior to the reduction); or 

  

	 	(b)	at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66 2/3 per cent of the Loan. 

Malt LNG Holdings means MALT LNG Holdings ApS c/o Plesner Advokatfirma, Amerika Plads 37, DK-2100 Copenhagen, Denmark. 

Malt LNG Transport means MALT LNG Transport ApS of Amager Strandvej 390 2, DK-2770 Kastrup, Denmark. 

Management Agreement means, in relation to the Ship, the management agreement entered into between a manager and the Borrower and any
other approved agreement in respect of the Ship entered into between the Borrower and any manager of the Ship pursuant to clause 21.5 (Manager). 

Manager’s Undertaking means an undertaking by any manager of the Ship to the Security Agent in the agreed form pursuant to clause
21.5 (Manager). 
 Margin means 2.8 per cent per annum. 

Material Adverse Effect means a material adverse effect on: 
  

	 	(a)	the management, business, operations, property, condition (financial or otherwise) or prospects of the Borrower (or, for the purposes of clause 28.36 (Material Adverse Effect) only, the business of either of the
Sponsors); or 

  

	 	(b)	the ability of an Obligor to perform its obligations under the Finance Documents; or 

  

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

  
 12 

 and, provided that in determining whether any event or circumstance which arises has a material
adverse effect for the purposes of paragraph (b) or (c) of this definition, the Finance Parties shall, where the Obligor in question is not the Borrower, consider such event or circumstance in the context of that Obligor and the Borrower
taken as a whole and the nature of the performance obligation undertaken or Security Interest granted by that Obligor. 
 MCorp means
Marubeni Corporation with its registered office at 4-2. Ohtemachi 1-Chome, Chiyoda-ku, Tokyo, Japan. 
 Methane Spirit Indemnity means
the indemnity to be executed by Malt LNG Holdings in accordance with Schedule 3, Part 2, paragraph 13 (Ship and security conditions precedent). 

Mortgage means a first mortgage of the Ship in the agreed form by the Borrower in favour of the Security Agent. 

Mortgage Period means the period from the date the Mortgage is executed and registered until the date such Mortgage is released and
discharged or, if earlier, the Ship’s Total Loss Date. 
 New Lender has the meaning given to that term in clause 30 (Changes
to the Lenders). 
 Obligors means: 
  

	 	(a)	the Borrower; 

  

	 	(b)	Teekay Shipping; 

  

	 	(c)	prior to the Reorganisation Date, Malt LNG Transport; and 

  

	 	(d)	after the Reorganisation Date, Dutch Holdco, 

 and Obligor means any one of them. 

Operating Account means any Account designated as an “Operating Account” under clause 25 (Bank accounts). 

Original Financial Statements means: 
  

	 	(a)	the audited financial statements of the Borrower for its financial year ended 31 December 2012 and its unaudited pro forma balance sheet following the sale of the m.v. METHANE SPIRIT to another subsidiary of MALT
LNG Transport; 

  

	 	(b)	the audited consolidated financial statements of Malt LNG Transport for its financial year ended 31 December 2012; 

  

	 	(c)	the audited consolidated financial statements of Malt LNG Holdings for its financial year ended 31 December 2012; 

  

	 	(d)	the audited consolidated financial statements of TGP for its financial year ended 31 December 2012; and 

  

	 	(e)	the audited consolidated financial statements of MCorp for its financial year ended 31 March 2012. 

Original Jurisdiction means, in relation to an Original Obligor, the jurisdiction under whose laws that Obligor is incorporated as at
the date of this Agreement or, in the case of any other Obligor, as at the date on which that Obligor becomes an Obligor. 

  
 13 

 Original Obligor means each party to this Agreement and the Original Security Documents
(other than a Finance Party and, for the avoidance of doubt, the Charterer). 
 Original Security Documents means: 

 

	 	(a)	the Mortgage; 

  

	 	(b)	the Deed of Covenant; 

  

	 	(c)	the Share Security; 

  

	 	(d)	the Charter Assignment; 

  

	 	(e)	the Account Security; 

  

	 	(f)	the Hedging Contract Security; 

  

	 	(g)	any Manager’s Undertaking if required under clause 21.5 (Manager); and 

  

	 	(h)	the Quiet Enjoyment Agreement. 

 Party means a party to this Agreement. 

Payment Disruption Event means either or both of: 
  

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

 

	 	(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 preventing that, or any other Party: 

 

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

  

	 	(ii)	from communicating with other Parties 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 whose operations are disrupted. 

Permitted Maritime Liens means, in relation to the Ship: 
  

	 	(a)	any ship repairer’s or outfitter’s possessory lien in respect of the Ship for an amount not exceeding the Major Casualty Amount; 

 

	 	(b)	any lien on the Ship for master’s, officer’s or crew’s wages outstanding in accordance with usual maritime practice; and 

 

	 	(c)	any lien on the Ship for salvage. 

 Permitted Security Interests means, in relation to
the Ship, any Security Interest over it which is: 
  

	 	(a)	granted by the Finance Documents; or 

  

	 	(b)	a Permitted Maritime Lien; or 

  

	 	(c)	is approved by the Majority Lenders. 

  
 14 

 Pollutant means and includes crude oil and its products, any other polluting, toxic or
hazardous substance and any other substance which is capable of being or becoming polluting, toxic or hazardous whose release into the environment is regulated or penalised by Environmental Laws. 

Quiet Enjoyment Agreement means, in respect of the Ship, a letter by the Security Agent addressed to, and acknowledged by the Charterer
and the Borrower, in the agreed form. 
 Quotation Day means, in relation to any period for which an interest rate is to be
determined, two Business Days before the first day of that period unless market practice differs in the Interbank Market for a currency, in which case the Quotation Day for that currency shall be determined by the Agent in accordance with market
practice in the Interbank Market (and if quotations would normally be given by leading banks in the Interbank Market on more than one day, the Quotation Day will be the last of those days). 

Receiver means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any
Charged Property under any relevant Security Document. 
 Reference Banks means, in relation to LIBOR, the principal London offices of
Australia and New Zealand Banking Group Limited, Commonwealth Bank of Australia and National Australia Bank Limited or such other banks as may be appointed by the Agent in consultation with the Borrower. 

Reference Bank Rate means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its
request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in the Interbank Market, in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank offers for
deposits in reasonable market size in that currency and for that period. 
 Registry means such registrar, commissioner or
representative of the Flag State who is duly authorised and empowered to register the Ship, the Borrower’s title to the Ship and the Mortgage under the laws of its Flag State. 

Relevant Jurisdiction means, in relation to an Obligor: 
  

	 	(a)	its Original Jurisdiction; 

  

	 	(b)	any jurisdiction where any Charged Property owned by it is situated; 

  

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

  

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

Relevant Period has the meaning given to that term in clause 19.2 (Financial definitions). 

  
 15 

 Reorganisation means the corporate restructuring of the group of companies controlled by
Malt LNG Holdings as separately presented to, and approved by, the Finance Parties to be concluded by no later than 31 October 2013 (or such later date as may be agreed by the Agent in writing), including the establishment of Dutch Holdco as a
wholly owned Subsidiary of the Sponsors which will acquire all the issued share capital of Malt LNG Holdings and the eventual transfer to Dutch Holdco of all the issued share capital of various vessel owning Subsidiaries of Malt LNG Holdings,
including the Borrower. 
 Reorganisation Date means the date when the Reorganisation insofar as it affects the Borrower shall occur.

 Repayment Date means: 
  

	 	(a)	the First Repayment Date; 

  

	 	(b)	each of the dates falling at three monthly intervals thereafter up to but not including the Final Repayment Date; and 

  

	 	(c)	the Final Repayment Date. 

 Repeating Representations means each of the representations
and warranties set out in clauses 17.2 (Status) to 17.22 (Ranking and effectiveness of security) and clause 17.27 (Centre of main interests and establishments). 

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

Requisition Compensation means any compensation paid or payable by a government entity for the requisition for title, confiscation or
compulsory acquisition of the Ship. 
 Screen Rate means the British Bankers Association Interest Settlement Rate (or if the British
Bankers’ Association ceases to act in the role of administering and publishing LIBOR rates, the equivalent rate published by a subsequently appointed administrator of LIBOR) for dollars and the relevant period displayed on the appropriate page
of the Reuters screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate after consultation with the Borrower and the Lenders. 

Security Agent includes any person as may be appointed as such under the Finance Documents. 

Security Documents means: 
  

	 	(a)	the Original Security Documents; 

  

	 	(b)	any other document as may be executed to guarantee and/or secure any amounts owing to the Finance Parties under this Agreement or any other Finance Document. 

Security Interest means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or other security interest of any kind
securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 Selection Notice means a
notice substantially in the form set out in Schedule 5 (Selection Notice) given in accordance with clause 9 (Interest Periods). 

Share Security means the document constituting a first Security Interest by Malt LNG Transport (or, following the Reorganisation, by
Dutch Holdco) in favour of the Security Agent in the agreed form in respect of all of the shares in the Borrower. 
 Ship means the
ship described in Schedule 2 (Ship information). 

  
 16 

 Ship Representations means each of the representations and warranties set out in clauses
17.50 (Ship status) and 17.51 (Ship’s employment). 
 Spill means any actual or threatened spill, release or
discharge of a Pollutant into the environment. 
 Sponsors means the ultimate legal and beneficial owners of the issued share capital
of Malt LNG Holdings (and following the Reorganisation, Dutch Holdco), being: 
  

	 	(a)	TGP (acting through Teekay Luxembourg S.A.R.L., incorporated in Luxembourg with number B100277, whose registered office is at 1a, rue Thomas Edison, L-1445 Strassen, Grand-Duchy of Luxembourg), as to 52 per cent of
the issued share capital in Malt LNG Holdings; and 

  

	 	(b)	MCorp (acting through Scarlet LNG Transport Co., Ltd., a corporation organised and existing under the laws of Japan with its registered office at 4-2, Ohtemachi, 1-Chome, Chiyoda-Ku, Tokyo, Japan), as to 48 per
cent of the issued share capital in Malt LNG Holdings. 

 Subsidiary of a person means any other person: 

 

	 	(a)	directly or indirectly controlled by such person; or 

  

	 	(b)	of whose dividends or distributions on ordinary voting share capital such person is beneficially entitled to receive more than 50 per cent. 

Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in
connection with any failure to pay or any delay in paying any of the same). 
 Teekay Corporation means Teekay Corporation
incorporated in The Republic of the Marshall Islands and having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, The Republic of The Marshall Islands. 

Teekay GP LLC means Teekay GP LLC incorporated in The Republic of the Marshall Islands and having its registered office at Trust Company
Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, The Republic of The Marshall Islands. 
 Teekay Shipping means Teekay
Shipping Limited incorporated in Bermuda and having its registered office at 4th Floor, Belvedere Building, 69 Pitts Bay Road, Hamilton, HM 08 Bermuda. 

TGP means Teekay LNG Partners L.P. organised and existing in The Republic of the Marshall Islands and having its registered office at
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, The Republic of The Marshall Islands. 
 Total Commitments
means the aggregate of the Commitments, being the lesser of (a) $160,000,000 and (b) 80 per cent of the value of the Ship as determined in accordance with the valuations received under Schedule 3, Part 2, paragraph 5. 

Total Loss means, in relation to the Ship, its: 
  

	 	(a)	actual, constructive, compromised or arranged total loss; or 

  

	 	(b)	requisition for title, confiscation or other compulsory acquisition by a government entity; or 

  

	 	(c)	hijacking, theft, condemnation, capture, seizure, arrest or detention for more than 90 days. 

  
 17 

 Total Loss Date means, in relation to the Total Loss of the Ship: 

 

	 	(a)	in the case of an actual total loss, the date it happened or, if such date is not known, the date on which the vessel was last reported; 

 

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

  

	 	(i)	the date notice of abandonment of the vessel is given to its insurers; or 

  

	 	(ii)	if the insurers do not admit such a claim, the date later determined by a competent court of law to have been the date on which the total loss happened; or 

 

	 	(iii)	the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the vessel’s insurers; 

 

	 	(c)	in the case of a requisition for title, confiscation or compulsory acquisition, the date it happened; and 

  

	 	(d)	in the case of hijacking, theft, condemnation, capture, seizure, arrest or detention, the date 90 days after the date upon which it happened. 

Total Loss Repayment Date means, where the Ship has become a Total Loss, the earlier of: 

 

	 	(a)	the date 180 days after its Total Loss Date; and 

  

	 	(b)	the date upon which insurance proceeds or Requisition Compensation for such Total Loss are paid by insurers or the relevant government entity. 

Transfer Certificate means a certificate substantially in the form set out in Schedule 6 (Form of Transfer Certificate) or any
other form agreed between the Agent and the Borrower. 
 Transfer Date means, in relation to an assignment, the later of: 

 

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the Transfer Certificate. 

 Treasury Transaction
means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price. 

Trust Property means, collectively: 
  

	 	(a)	all moneys duly received by the Security Agent under or in respect of the Finance Documents; 

  

	 	(b)	any portion of the balance on any Account held by or charged to the Security Agent at any time; 

  

	 	(c)	the Security Interests, guarantees, security, powers and rights given to the Security Agent under and pursuant to the Finance Documents including, without limitation, the covenants given to the Security Agent in respect
of all obligations of any Obligor; 

  

	 	(d)	all assets paid or transferred to or vested in the Security Agent or its agent or received or recovered by the Security Agent or its agent in connection with any of the Finance Documents whether from any Obligor or any
other person; and 

  

	 	(e)	all or any part of any rights, benefits, interests and other assets at any time representing or deriving from any of the above, including all income and other sums at any time received or receivable by the Security
Agent or its agent in respect of the same (or any part thereof). 

  
 18 

 Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance
Documents. 
 US Tax Obligor means: 
  

	 	(a)	the Borrower if it is resident for tax purposes in the United States of America; or 

  

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

Utilisation means the making of the Loan. 

Utilisation Date means the date on which the Utilisation is made. 

Utilisation Request means a notice substantially in the form set out in Schedule 4 (Utilisation Request). 

VAT means: 
  

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

 

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

 Construction 

 

	1.2	Unless a contrary indication appears, any reference in any of the Finance Documents to: 

  

	 	(a)	Sections, clauses and Schedules are to be construed as references to the Sections and clauses of, and the Schedules to, the relevant Finance Document and references to a Finance Document include its Schedules;

  

	 	(b)	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; 

  

	 	(c)	words importing the plural shall include the singular and vice versa; 

  

	 	(d)	a time of day are to London time; 

  

	 	(e)	any person includes its successors in title, permitted assignees or transferees; 

  

	 	(f)	the knowledge, awareness and/or beliefs (and similar expressions) of any Obligor shall be construed so as to mean the knowledge, awareness and beliefs of the director and officers of such Obligor, having made due and
careful enquiry; 

  

	 	(g)	agreed form means: 

  

	 	(i)	where a Finance Document has already been executed by ail of the relevant parties, such Finance Document in its executed form; 

  

	 	(ii)	prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing between the Agent and the Borrower as the form in which that Finance Document is to be executed or another
form approved at the request of the Borrower or, if not so agreed or approved, is in the form specified by the Agent; 

  
 19 

	 	(h)	approved by the Majority Lenders or approved by the Lenders means approved in writing by the Agent acting on the instructions of the Majority Lenders or, as the case may be, all of the Lenders (on such
conditions as they may respectively impose) and otherwise approved means approved in writing by the Agent (on such conditions as the Agent may impose) and approval and approve shall be construed accordingly; 

 

	 	(i)	assets includes present and future properties, revenues and rights of every description; 

  

	 	(j)	an authorisation means any authorisation, consent, concession, approval, resolution, licence, exemption, filing, notarisation or registration; 

 

	 	(k)	charter commitment means, in relation to a vessel, any charter or contract for the use, employment or operation of that vessel or the carriage of people and/or cargo or the provision of services by or from it and
includes any agreement for pooling or sharing income derived from any such charter or contract; 

  

	 	(l)	control of an entity means: 

  

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

  

	 	(A)	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 

 

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

  

	 	(C)	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 

 

	 	(ii)	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 share capital shall be disregarded in determining the beneficial ownership of such share capital); 

and controlled shall be construed accordingly; 
  

	 	(m)	the term disposal or dispose means a sale, transfer or other disposal (including by way of lease or loan but not including by way of loan of money) by a person of all or part of its assets, whether by one
transaction or a series of transactions and whether at the same time or over a period of time, but not the creation of a Security Interest; 

  

	 	(n)	$, USD and dollars denote the lawful currency of the United States of America; 

  

	 	(o)	the equivalent of an amount specified in a particular currency (the specified currency amount) shall be construed as a reference to the amount of the other relevant currency which can be purchased with the
specified currency amount in the London foreign exchange market at or about 11 a.m. on the date the calculation falls to be made for spot delivery, as conclusively determined by the Agent (with the relevant exchange rate of any such purchase being
the Agent’s spot rate of exchange); 

  

	 	(p)	a government entity means any government, state or agency of a state; 

  

	 	(q)	a group of Lenders includes all the Lenders; 

  

	 	(r)	a 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; 

  
 20 

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

 

	 	(t)	month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that: 

 

	 	(i)	if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that month (if there is one) or on the immediately preceding Business Day (if there is not); and

  

	 	(ii)	if there is no numerically corresponding day in that month, that period shall end on the last Business Day in that month 

and the above rules in paragraphs (i) to (ii) will only apply to the last month of any period; 

 

	 	(u)	an obligation means any duty, obligation or liability of any kind; 

  

	 	(v)	something being in the ordinary course of business of a person means something that is in the ordinary course of that person’s current day-to-day operational business (and not merely anything which that
person is entitled to do under its Constitutional Documents); 

  

	 	(w)	pay or repay in clause 25.19 (Business restrictions) includes by way of set-off, combination of accounts or otherwise; 

 

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

  

	 	(y)	a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or
regulatory, self-regulatory or other authority or organisation and includes (without limitation) any Basel II Regulation or Basel III Regulation; 

  

	 	(z)	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; 

  

	 	(aa)	trustee, fiduciary and fiduciary duty has in each case the meaning given to such term under applicable law; 

  

	 	(bb)	(i) the liquidation, winding up, dissolution, or administration of person or (ii) 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; 

  

	 	(cc)	an entity is a “wholly-owned Subsidiary” of another entity if it has no members except that other and that other’s wholly-owned Subsidiaries or persons acting on behalf of that other or its
wholly-owned Subsidiaries; and 

  

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

  
 21 

	1.3	Where in this Agreement a provision includes a monetary reference level in one currency, unless a contrary indication appears, such reference level is intended to apply equally to its equivalent in other currencies as
of the relevant time for the purposes of applying such reference level to any other currencies. 

  

	1.4	Section, clause and Schedule headings are for ease of reference only. 

  

	1.5	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	A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of Default is continuing if it has not been remedied or waived. 

 

	1.7	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, the terms of
this Agreement shall prevail. 

 Third party rights 

 

	1.8	Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another Indemnified Person, a person who is not a party to a Finance Document has no right under the Contracts
(Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or enjoy the benefit of any term of the relevant Finance Document. 

  

	1.9	Any Finance Document may be rescinded or varied by the parties to it without the consent of any person who is not a party to it (unless otherwise provided by this Agreement). 

 

	1.10	An Indemnified Person who is not a party to a Finance Document may only enforce its rights under that Finance Document through a Finance Party and if and to the extent and in such manner as the Finance Party may
determine. 

 Finance Documents 
  

	1.11	Where any other Finance Document provides that this clause 1.11 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 Obligor shall apply to that Finance Document as if set out in it but with all necessary changes. 

 Conflict of
documents 
  

	1.12	The terms of the Finance Documents (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. 

  
 22 

 Section 2 - The Facility 

 

	2	The Facility 

 The Facility 

 

	2.1	Subject to the terms of this Agreement, the Lenders make available to the Borrower a term loan facility in an aggregate amount equal to the Total Commitments. 

Finance Parties’ rights and obligations 
  

	2.2	The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under
the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

  

	2.3	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a
separate and independent debt. 

  

	2.4	A Finance Party may, except as otherwise stated in the Finance Documents (including clauses 32.84 and 32.85 (All enforcement action through the Security Agent)) and clauses 33.2 and 33.3 (Finance
Parties acting together), separately enforce its rights under the Finance Documents. 

  

	3	Purpose 

 Purpose 

 

	3.1	The Borrower shall apply all amounts borrowed under the Facility in accordance with this clause 3. 

Refinancing 
  

	3.2	The Commitments shall initially be made available solely for the purpose of assisting the Borrower to make funds available to Malt LNG Transport and Malt LNG Holdings in order to refinance the relevant portion relating
to the Ship of the amounts owing under the Existing Facility Agreement, to fund amounts which are to be paid to the credit of the Debt Service Reserve Account and the Dry Dock Reserve Account in accordance with clause 25 (Bank accounts) and
to provide working capital to the Borrower. 

 Monitoring 

 

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

  

	4	Conditions of Utilisation 

 Initial conditions precedent 

 

	4.1	The Lenders will only be obliged to comply with clauses 5.4 to 5.7 (Lenders’ participation) in relation to the Utilisation if on or before the Utilisation Date, the Agent, or its duly authorised
representative, has received all of the documents and other evidence listed in Part 1 of Schedule 3 (Conditions precedent to any Utilisation) in form and substance satisfactory to the Agent. 

  
 23 

 Ship and security conditions precedent 

 

	4.2	The Total Commitments shall only become available for borrowing under this Agreement if the Agent, or its duly authorised representative, has received all of the documents and evidence listed in Part 2 of Schedule 3
(Ship and security conditions precedent) in form and substance reasonably satisfactory to the Agent. 

 Notice to
Lenders 
  

	4.3	The Agent shall notify the Lenders and the Borrower promptly after receipt by it of the documents and evidence referred to in this clause 4 in form and substance reasonably satisfactory to it. Other than to the extent
that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives any such notification, the Lenders authorise (but do not require) the Agent to give that notification. The Agent shall not be liable for any damages, costs
or losses whatsoever as a result of giving any such notification. 

 Further conditions precedent 

 

	4.4	The Lenders will only be obliged to comply with clauses 5.4 to 5.7 (Lenders’ participation) if: 

  

	 	(a)	on the date of the Utilisation Request and on the proposed Utilisation Date, no Default is continuing or would result from the proposed Utilisation; and 

 

	 	(b)	on the date of the Utilisation Request and on the proposed Utilisation Date, the Repeating Representations are true in all material respects and, in relation to the first Utilisation, all of the other representations
set out in clause 17 (Representations) (except the Ship Representations) are true; and 

  

	 	(c)	where the proposed Utilisation Date is to be the first day of the Mortgage Period, the Ship Representations are true in all material respects on the proposed Utilisation Date. 

Conditions subsequent 
  

	4.5	The Borrower shall deliver evidence to the Agent not later than 30 days after the Utilisation Date that each Hedging Contract (other that any Hedging Master Agreement required to be delivered to the Agent in terms of
paragraph 5 (Hedging Master Agreements and Hedging Contract Security) of Part 1 to Schedule 3 (Conditions Precedent)) has been executed by the Borrower and each Hedging Provider. 

Waiver of conditions precedent and conditions subsequent 
  

	4.6	The conditions in this clause 4 are inserted solely for the benefit of the Finance Parties and may be waived on their behalf in whole or in part and with or without conditions by the Agent acting on the instructions of
the Majority Lenders. 

  

	4.7	If the Majority Lenders permit the Utilisation to be made before any of the conditions precedent referred to in clauses 4.1 (Initial conditions precedent) to 4.3 (Notice to Lenders) above are satisfied,
the Borrower shall ensure that the relevant condition is satisfied within five Business Days after the Utilisation Date or such later date as the Agent, acting on the instructions of the Majority Lenders, may agree with the Borrower in writing.

  
 24 

 Section 3 - Utilisation 

 

	5	Utilisation 

 Delivery of a Utilisation Request 

 

	5.1	The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than 11:00 a.m. three Business Days before the proposed Utilisation Date. 

Completion of a Utilisation Request 
  

	5.2	A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless: 

  

	 	(a)	the proposed Utilisation Date is a Business Day falling on or before the Last Availability Date; 

  

	 	(b)	the currency and amount of the Utilisation comply with clause 5.3(a) (Currency and amount); 

  

	 	(c)	the proposed Interest Period complies with clause 9 (Interest Periods); and 

  

	 	(d)	it identifies the purpose for the Utilisation and that purpose complies with clause 3 (Purpose). 

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be dollars; 

  

	 	(b)	A Utilisation shall not be permitted which would cause the Loan to exceed 80 per cent of the value of the Ship as determined in accordance with this Agreement; 

 

	 	(c)	Only one Utilisation may be made. 

 Lenders’ participation 

 

	5.4	If the conditions set out in this Agreement have been met each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office. 

 

	5.5	The amount of each Lender’s participation in the Loan will be equal to the proportion borne by its undrawn Commitment to the undrawn Total Commitments immediately prior to making the Loan. 

 

	5.6	The Agent shall promptly notify each Lender of the amount of the Loan and the amount of its participation in the Loan and, if different, the amount of that participation to be made available in accordance with clauses
35.1 and 35.2 (Payments to the Agent), in each case by 9:00 a.m. (Singapore local time) on the day following the Quotation Day. 

  

	5.7	The Agent shall pay all amounts received by it in respect of the Loan (and its own participation in it, if any) to the Borrower or for its account in accordance with the instructions contained in the Utilisation
Request. 

  
 25 

 Section 4 - Repayment, Prepayment and Cancellation 

 

	6	Repayment 

 Repayment 

 

	6.1	The Borrower shall on each Repayment Date repay such part of the Loan as is required to be repaid by clause 6.2 (Scheduled repayment of Facility). 

Scheduled repayment of Facility 
  

	6.2	To the extent not previously reduced, the Loan shall be repaid by instalments on each Repayment Date by the amount specified below (as revised by clause 6.3): 

 

			
	Repayment Date	  	Amount $
	 First to Thirty first
	  	2,890,625
		
	 Thirty second and Final Repayment Date
	  	70,390,625 (comprising an instalment payment of $2,890,625 and a balloon payment of $67,500,000)
		
	 TOTAL
	  	160,000,000

 On the Final Repayment Date (without prejudice to any other provision of this Agreement), the Loan shall be
repaid in full. 
 Adjustment of scheduled repayments 
  

	6.3	If the Total Commitments have been partially reduced under this Agreement and/or any part of the Loan is prepaid (other than under clause 6.2) before any Repayment Date, the amount of the instalment by which the Loan
shall be repaid under clause 6.2 (Scheduled repayment of Facility) on any such Repayment Date (as reduced by any earlier operation of this clause 6.3) shall be reduced pro rata to such reduction in the Total Commitments (except in the case of
a prepayment under clause 7.4 (Voluntary prepayment) where the reduction shall be treated as reducing the instalments in inverse chronological order by its aggregate amount). 

 

	7	Illegality, prepayment and cancellation 

 Illegality 

 

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

  

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

  

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

  

	 	(c)	to the extent that the Lender’s participation has not been assigned pursuant to clauses 41.14 to 41.16 (Replacement of a Defaulting Lender), the Borrower shall repay that Lender’s participation
in the Loan on the last day of the Interest Period occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace
period permitted by law). 

  
 26 

 Change of control 

 

	7.2	The Borrower shall promptly notify the Agent upon any Obligor becoming aware of a Change of Control. 

  

	7.3	If a Change of Control occurs, the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower, cancel the Total Commitments with effect from a date specified in that notice which is at least
ten Business Days after the giving of the notice and declare that all or part of the Loan be payable on demand after such date, on which date it shall become payable on demand by the Agent on the instructions of the Majority Lenders.

 Voluntary prepayment 
  

	7.4	The Borrower may, if it gives the Agent not less than five Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, prepay the whole or any part of the Loan (but if in part,
being an amount that reduces the amount of the Loan by a minimum amount of $5,000,000 and is a multiple of $5,000,000), on the last day of an Interest Period in respect of the amount to be prepaid. 

Right of replacement or cancellation and prepayment in relation to a single Lender 

 

	7.5	If: 

  

	 	(a)	any sum payable to any Lender by an Obligor is required to be increased under clause 12.5 (Tax gross-up); or 

  

	 	(b)	any Lender claims indemnification from the Borrower under clause 12.9 (Tax indemnity) or clause 13.1 (Increased Costs), 

the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice
of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of its intention to replace that Lender in accordance with clause 7.8. 

 

	7.6	On receipt of a notice referred to in clause 7.5 above, the Commitment of that Lender shall immediately be reduced to zero. 

  

	7.7	On the last day of each Interest Period which ends after the Borrower has given notice under clause 7.5 above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower
shall repay that Lender’s participation in the Loan. 

  

	7.8	The Borrower may, in the circumstances set out in clause 7.5, on ten Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to assign (and, to the extent permitted by
law, that Lender shall assign) pursuant to clause 30 (Changes to the Lenders) all (and not part only) of its rights under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower
which confirms its willingness to undertake and does undertake all the obligations of the assigning Lender in accordance with clause 30 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the
assignment equal to the aggregate of: 

  

	 	(a)	the outstanding principal amount of such Lender’s participation in the Loan; 

  

	 	(b)	all accrued interest owing to such Lender; 

  

	 	(c)	the Break Costs which would have been payable to such Lender pursuant to clause 10.7 (Break Costs) had the Borrower prepaid in full that Lender’s participation in the Loan on the date of the assignment; and

  

	 	(d)	all other amounts payable to that Lender under the Finance Documents on the date of the assignment. 

  
 27 

	7.9	The replacement of a Lender pursuant to clause 7.8 shall be subject to the following conditions: 

  

	 	(a)	the Borrower shall have no right to replace the Agent; 

  

	 	(b)	neither the Agent nor any Lender shall have any obligation to find a replacement Lender; 

  

	 	(c)	in no event shall the Lender replaced under clause 7.8 be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(d)	the Lender shall only be obliged to assign its rights pursuant to clause 7.8 above once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable
laws and regulations in relation to that assignment. 

  

	7.10	A Lender shall perform the checks described in clause 7.9(d) above as soon as reasonably practicable following delivery of a notice referred to in clause 7.8 above and shall notify the Agent and the Borrower when it is
satisfied that it has complied with those checks. 

  

	7.11	If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender give the Agent three Business Days’ notice of cancellation of the undrawn Commitment of
that Lender. 

  

	7.12	On such notice becoming effective, the undrawn Commitment of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.

 Mandatory prepayment 
  

	7.13	If the Ship becomes a Total Loss before the Total Commitments have become available for borrowing under this Agreement, the Total Commitments shall immediately be reduced to zero. 

 

	7.14	On the Total Loss Repayment Date: 

  

	 	(a)	the Total Commitments will be reduced to zero; and 

  

	 	(b)	the Borrower shall prepay the Loan. 

  

	7.15	If the Charter is terminated for whatever reason and the Ship is not delivered under a replacement charter commitment approved by the Lenders (acting reasonably) within 120 days after such termination or the Charterer
(save as permitted under clause 29.2 of the Charter and provided that the Borrower and/or the Charterer shall have notified the Lenders not less than five Business Days prior to any such assignment or novation of the Charter in accordance with
clause 29.2 of the Charter) assigns or novates the Charter, in either case, without approval, the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower (Prepayment Notice), cancel the Total Commitments and
declare that all or part of the Loan be payable within five Business Days of the date of the Prepayment Notice, on which date it shall become payable within five Business Days of the date of the Prepayment Notice. 

 

	7.16	If the Ship is to be sold to the Charterer in accordance with clause 65 of the Charter, the purchase price shall be applied in prepayment of the Loan immediately upon completion of such sale. 

Automatic cancellation 
  

	7.17	Any part of the Total Commitments which has not become available by, or which is undrawn on, the Last Availability Date shall be automatically cancelled at close of business in Singapore on the Last Availability Date.

  
 28 

 Restrictions 
  

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

  

	7.19	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 

 

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

  

	7.21	The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement. 

 

	7.22	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	7.23	If the Agent receives a notice under this clause 7 it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate. 

 

	7.24	If the Total Commitments are partially reduced and/or the Loan partially prepaid under this Agreement (other than under clause 7.1 (Illegality) and clauses 7.5 to 7.12 (Right of cancellation and prepayment in
relation to a single Lender)), the Commitments of the Lenders shall be reduced rateably. Any prepayment shall be applied pro rata to each Lender’s participation in the Loan. 

 

	7.25	Any prepayment under this Agreement shall be made together with payment to any Hedging Provider of any amount falling due to the relevant Hedging Provider under a Hedging Contract as a result of the termination or close
out of that Hedging Contract or any Hedging Transaction under it in accordance with clause 27.11 (Unwinding of Hedging Contracts) in relation to that prepayment. 

  
 29 

 Section 5 - Costs of Utilisation 

 

	8	Interest 

 Calculation of interest 

 

	8.1	The rate of interest on the Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 

 

	 	(a)	Margin; and 

  

	 	(b)	LIBOR. 

 Payment of interest 

 

	8.2	The Borrower shall pay accrued interest on the Loan on the last day of each Interest Period (and, if the Interest Period is longer than three months, on the dates falling at three monthly intervals after the first day
of the Interest Period). 

 Default interest 
  

	8.3	If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Contract) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate which, subject to clause 8.4 below, is two per cent per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted the Loan for
successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this clause 8.3 shall be immediately payable by the Obligor on demand by the Agent. 

 

	8.4	If any overdue amount consists of all or part of the Loan which became due on a day which was not the last day of an Interest Period relating to the Loan or the relevant part of it: 

 

	 	(a)	the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan; and 

 

	 	(b)	the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent per annum higher than the rate which would have applied if the overdue amount had not become due.

  

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

 Notification of rates of interest 
  

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

  

	9	Interest Periods 

 Selection of Interest Periods 

 

	9.1	The Interest Period for the Loan shall be three months unless otherwise indicated by the Borrower in the Utilisation Request or (if the Loan has already been borrowed) in a Selection Notice and agreed by the Agent
(acting on the instructions of all of the Lenders). 

  

	9.2	Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than 11:00 a.m. three Business Days before the last day of the then current Interest Period. 

  
 30 

	9.3	No Interest Period shall extend beyond the Final Repayment Date. 

  

	9.4	The first Interest Period for the Loan shall start on the Utilisation Date and each subsequent Interest Period for the Loan shall start on the last day of its preceding Interest Period. 

Interest Periods overrunning Repayment Dates 
  

	9.5	If the Borrower (with the approval of the Lenders) selects an Interest Period which would overrun any later Repayment Date, the Loan shall be divided into parts corresponding to the amounts by which the Loan is
scheduled to be repaid under clause 6.2 (Scheduled repayment of Facility) on each of the Repayment Dates falling during such Interest Period (each of which shall have a separate Interest Period ending on the relevant Repayment Date) and to
the balance of the Loan (which shall have the Interest Period selected by the Borrower). 

 Non-Business Days 

 

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

  

	10	Changes to the calculation of interest 

 Absence of quotations 

 

	10.1	Subject to clause 10.2 (Market Disruption Event), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11:00 a.m. on the Quotation Day, the
applicable LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

 Market Disruption
Event 
  

	10.2	If a Market Disruption Event occurs in relation to the Loan for any Interest Period, then the rate of interest on each Lender’s share of the Loan for the Interest Period shall be the percentage rate per annum which
is the sum of: 

  

	 	(a)	the Margin; and 

  

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

  

	10.3	If a Market Disruption Event occurs the Agent shall, as soon as is practicable, notify the Borrower. 

  

	10.4	In this Agreement Market Disruption Event means: 

  

	 	(a)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for the relevant
Interest Period; or 

  

	 	(b)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in the Loan exceed 51 per cent of the Loan)
(each a Notified Lender) that the cost to it of funding its participation in the Loan from whatever source it may reasonably select would be in excess of LIBOR. 

  
 31 

 Alternative basis of interest or funding 

 

	10.5	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis
for determining the rate of interest. 

  

	10.6	Any alternative basis agreed pursuant to clause 10.5 above shall (in the case of a Market Disruption Event specified in clause 10.4(a)), with the prior consent of all the Lenders or (in the case of a Market Disruption
Event specified in clause 10.4(b)), with the prior consent of the Notified Lenders, be binding on all Parties. 

 Break
Costs 
  

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

  

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

 

	11	Fees 

 Commitment fee 

 

	11.1	The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of 1.12 per cent per annum on the undrawn portion of that Lender’s Commitment calculated from the date
of this Agreement (the start date). 

  

	11.2	The Borrower shall pay the accrued commitment fee on the last day of the period of three months commencing on the start date, on the last day of each successive period of three months, on the Utilisation Date and on the
Last Availability Date and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	11.3	No commitment fee is payable to the Agent (for the account of a Lender) on any undrawn Commitment of that Lender for any day on which that Lender is a Defaulting Lender. 

Arrangement fee 
  

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

Agency fee 
  

	11.5	The Borrower shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 

  
 32 

 Section 6 - Additional Payment Obligations 

 

	12	Tax gross-up and indemnities 

 Definitions 

 

	12.1	In this Agreement: 

 Protected Party means a Finance Party or, in relation to clauses
14.5 to 14.6 (Indemnity concerning security) and clause 14.9 (Interest) insofar as it relates to interest on any amount demanded by that Indemnified Person under clauses 14.5 to 14.6 (Indemnity concerning security), any
Indemnified Person, which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a
Finance Document. 
 Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document
(other than a Hedging Contract), other than a FATCA Deduction. 
 Tax Payment means either the increase in a payment made by an
Obligor to a Finance Party under clause 12.3 (Tax gross-up) or a payment under clause 12.9 (Tax indemnity). 
  

	12.2	Unless a contrary indication appears, in this clause 12 a reference to determines or determined means a determination made in the absolute discretion of the person making the determination.

 Tax gross-up 
  

	12.3	Each Obligor shall make all payments to be made by it under any Finance Document without any Tax Deduction, unless a Tax Deduction is required by law. 

 

	12.4	The Borrower shall, promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction), notify the Agent accordingly. Similarly, a Lender
shall notify the Agent on becoming so aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the Borrower and that Obligor. 

 

	12.5	If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor under the relevant Finance Document shall be increased to an amount which (after making any Tax Deduction)
leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

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

  

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

 

	12.8	Clauses 12.3 to 12.7 shall not apply in respect of any payments under any Hedging Contract, where the gross-up provisions of the relevant Hedging Master Agreement itself shall apply. 

Tax indemnity 
  

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

  
 33 

	12.10	Clause 12.9 above shall not apply: 

  

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

  

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

  

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

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

	 	(b)	to the extent a loss, liability or cost is compensated for by an increased payment under clause 12.5 (Tax gross-up); or 

  

	 	(c)	to the extent a loss, liability or cost relates to a FATCA Deduction required to be made by a party. 

  

	12.11	A Protected Party making, or intending to make a claim under clause 12.9 above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the
Borrower. 

  

	12.12	A Protected Party shall, on receiving a payment from an Obligor under clause 12.9, notify the Agent. 

FATCA Information 
  

	12.13	Subject to clause 12.15 below, each Party shall, within ten Business Days of a reasonable request by another Party: 

  

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

  

	 	(i)	a FATCA Exempt Party; or 

  

	 	(ii)	not a FATCA Exempt Party; and 

  

	 	(b)	supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required under the US
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. 

 

	12.14	If a Party confirms to another Party pursuant to clause 12.13(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. 

  

	12.15	Clause 12.13 above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(a)	any law or regulation; 

  

	 	(b)	any fiduciary duty; or 

  

	 	(c)	any duty of confidentiality. 

  
 34 

	12.16	If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with clause 12.13 above (including, for the avoidance of doubt, where clause 12.15 above applies),
then: 

  

	 	(a)	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 

 

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

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

 

	12.17	Each Party may make any FATCA Deduction it is required by FATCA to make, 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. 

  

	12.18	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 the Borrower, the Agent and the other Finance Parties. 

 Indemnities on after Tax basis 

 

	12.19	If and to the extent that any sum payable to any Protected Party by the Borrower under any Finance Document by way of indemnity or reimbursement proves to be insufficient, by reason of any Tax suffered thereon, for that
Protected Party to discharge the corresponding liability to a third party, or to reimburse that Protected Party for the cost incurred by it in discharging the corresponding liability to a third party, the Borrower shall pay that Protected Party such
additional sum as (after taking into account any Tax suffered by that Protected Party on such additional sum) shall be required to make up the relevant deficit. 

  

	12.20	If and to the extent that any sum (the Indemnity Sum) constituting (directly or indirectly) an indemnity to any Protected Party but paid by the Borrower to any person other than that Protected Party, shall be
treated as taxable in the hands of the Protected Party, the Borrower shall pay to that Protected Party such sum (the Compensating Sum) as (after taking into account any Tax suffered by that Protected Party on the Compensating Sum) shall
reimburse that Protected Party for any Tax suffered by it in respect of the Indemnity Sum. 

  

	12.21	For the purposes of clauses 12.19 to 12.20 a sum shall be deemed to be taxable in the hands of a Protected Party if it falls to be taken into account in computing the profits or gains of that Protected Party for the
purposes of Tax and, if so, that Protected Party shall be deemed to have suffered Tax on the relevant sum at the rate of Tax applicable to that Protected Party’s profits or gains for the period in which the payment of the relevant sum falls to
be taken into account for the purposes of such Tax. 

 Stamp taxes 

 

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

  
 35 

 Value added tax 
  

	12.23	All amounts expressed in a Finance Document to be payable by any party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT
which is chargeable on that supply, and accordingly, subject to clause 12.25 below, if VAT is or becomes chargeable on any supply made by any Finance Party to any party under a Finance Document, and such Finance Party is required to account to the
relevant tax authority for the VAT, that party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly
provide an appropriate VAT invoice to that party). 

  

	12.24	If VAT is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) under a Finance Document, and any party to a Finance Document other than
the Recipient (the Subject Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of
that consideration): 

  

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

  

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

 

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

  

	12.26	Any reference in clauses 12.23 to 12.27 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a
reference to the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

 

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

 

	13	Increased Costs 

 Increased Costs 

 

	13.1	Subject to clause 13.5 (Exceptions), the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Cost incurred by that Finance Party
or any of its Affiliates which: 

  

	 	(a)	arises as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the
date of this Agreement; and/or 

  

	 	(b)	is a Basel III Increased Cost. 

  
 36 

	13.2	In this Agreement Increased Costs means: 

  

	 	(a)	a material reduction (in the reasonable opinion of the Lenders) in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital; 

 

	 	(b)	an additional or increased cost; or 

  

	 	(c)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

Increased Cost claims 
  

	13.3	A Finance Party intending to make a claim pursuant to clause 13.1 (Increased Costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower.

  

	13.4	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

Exceptions 
  

	13.5	Clause 13.1 (Increased Costs) does not apply to the extent any Increased Cost is: 

  

	 	(a)	a Basel II Increased Cost or is attributable to the implementation or application or compliance with any other law or regulation which implements the Basel II Accord (whether such implementation, application or
compliance is by a government, regulator, Finance Party or any of its Affiliates); 

  

	 	(b)	attributable to a Tax Deduction required by law to be made by an Obligor; 

  

	 	(c)	compensated for by clause 12.9 (Tax indemnity) (or would have been compensated for under clause 12.9 (Tax indemnity) but was not so compensated solely because any of the exclusions in clause 12.10
applied); 

  

	 	(d)	attributable to a FATCA Deduction required to be made by a Party; or 

  

	 	(e)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation. 

  

	13.6	In clause 13.5, a reference to a Tax Deduction has the same meaning given to the term in clause 12.1 (Definitions). 

  

	14	Other indemnities 

 Currency indemnity 

 

	14.1	If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the First Currency) in which
that Sum is payable into another currency (the Second Currency) for the purpose of: 

  

	 	(a)	making or filing a claim or proof against that Obligor; and/or 

  

	 	(b)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

  
 37 

 that Obligor shall, as an independent obligation, within three Business Days of demand by a
Finance Party, indemnify each Finance Party to whom that Sum is due against any Losses arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum from the First Currency
into the Second Currency and (ii) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 
  

	14.2	Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable. 

Other indemnities 
  

	14.3	The Borrower shall (or shall procure that another Obligor will), within three Business Days of demand by a Finance Party, indemnify each Finance Party against any and all Losses incurred by that Finance Party as a
result of: 

  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any and all Losses arising as a result of clause 34 (Sharing among the Finance Parties);

  

	 	(c)	funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement
(other than by reason of default or negligence by that Finance Party alone); or 

  

	 	(d)	the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower. 

Indemnity to the Agent and the Security Agent 
  

	14.4	The Borrower shall promptly indemnify the Agent and the Security Agent against: 

  

	 	(a)	any and all Losses incurred by the Agent or the Security Agent, (acting reasonably) as a result of: 

  

	 	(i)	investigating any event which it reasonably believes is a Default; 

  

	 	(ii)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

 

	 	(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; or 

 

	 	(iv)	any action taken by the Agent or the Security Agent, or any of its or their representatives, agents or contractors in connection with any powers conferred by any Security Document to remedy any breach of any
Obligor’s obligations under the Finance Documents, and 

  

	 	(b)	any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent or the Security Agent, (otherwise than by reason of the Agent’s or the
Security Agent’s gross negligence) (or, in the case of any cost, loss or liability pursuant to clause 35.20 (Disruption to payment systems etc.) notwithstanding the Agent’s or the Security Agent’s negligence, gross negligence
or any other category of liability whatsoever but not including any claim based on the fraud of the Agent in acting as Agent or the Security Agent, under the Finance Documents. 

  
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 Indemnity concerning security 

 

	14.5	The Borrower shall (or shall procure that another Obligor will) promptly indemnify each Indemnified Person against any and all Losses incurred by it in connection with: 

 

	 	(a)	any failure by the Borrower to comply with clause 16 (Costs and expenses); 

  

	 	(b)	acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; 

 

	 	(c)	the taking, holding, protection or enforcement of the Security Documents; 

  

	 	(d)	the exercise or purported exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver by the Finance Documents or by law unless and to the extent that it
was caused by its gross negligence or wilful misconduct; 

  

	 	(e)	any claim (whether relating to the environment or otherwise) made or asserted against the Indemnified Person which would not have arisen but for the execution or enforcement of one or more Finance Documents (unless and
to the extent it is caused by the gross negligence or wilful misconduct of that Indemnified Person); or 

  

	 	(f)	any breach by any Obligor of the Finance Documents. 

  

	14.6	The Security Agent may, in priority to any payment to the other Finance Parties, indemnify itself out of the Trust Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in clause
14.5 and shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to it. 

Continuation of indemnities 
  

	14.7	The indemnities by the Borrower in favour of the Indemnified Persons contained in this Agreement shall continue in full force and effect notwithstanding any breach by any Finance Party or the Borrower of the terms of
this Agreement, the repayment or prepayment of the Loan, the cancellation of the Total Commitments or the repudiation by the Agent or the Borrower of this Agreement. 

Third Parties Act 
  

	14.8	Each Indemnified Person may rely on the terms of clauses 14.5 and 14.6 (Indemnity concerning security) and clauses 12 (Tax gross-up and indemnities) and 14.9 (Interest) insofar as it relates to
interest on any amount demanded by that Indemnified Person under clauses 14.5 and 14.6 (Indemnity concerning security), subject to clauses 1.8 to 1.10 (Third party rights) and the provisions of the Third Parties Act. 

Interest 
  

	14.9	Moneys becoming due by the Borrower to any Indemnified Person under the indemnities contained in this clause 14 (Other indemnities) or elsewhere in this Agreement shall be paid on demand made by such Indemnified
Person and shall be paid together with interest on the sum demanded from the date of demand therefor to the date of reimbursement by the Borrower to such Indemnified Person (both before and after judgment) at the rate referred to in clauses 8.3 to
8.5 (Default interest). 

 Exclusion of liability 

 

	14.10	No Indemnified Person will be in any way liable or responsible to any Obligor (whether as mortgagee in possession or otherwise) who is a Party or is a party to a Finance Document to which this clause applies for any
loss or liability arising from any act, default, omission or misconduct of that Indemnified Person, except to the extent caused by its own gross negligence or wilful misconduct. Any Indemnified Person may rely on this clause 14.10 subject to clauses
1.8 to 1.10 (Third party rights) and the provisions of the Third Parties Act. 

  
 39 

 Fax and email indemnity 

 

	14.11	The Borrower shall indemnify each Finance Party against any and all Losses together with any VAT thereon which any of the Finance Parties may sustain or incur as a consequence of any fax or email communication
purporting to originate from the Borrower to the Agent or the Security Agent, being made or delivered fraudulently or without proper authorisation (unless such Losses are the direct result of the gross negligence or wilful misconduct of the relevant
Finance Party or the Agent or the Security Agent,). 

  

	15	Mitigation by the Lenders 

 Mitigation 

 

	15.1	Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of clause 7.1 (Illegality), clause 12 (Tax gross-up and indemnities) or clause 13 (Increased Costs) including (but not limited to) assigning its rights and obligations under the Finance Documents to another
Affiliate or Facility Office. 

  

	15.2	Clause 15.1 does not in any way limit the obligations of any Obligor under the Finance Documents. 

Limitation of liability 
  

	15.3	The Borrower shall promptly indemnify each Finance Party for all reasonable costs and expenses incurred by that Finance Party as a result of steps taken by it under clause 15.1 (Mitigation). 

 

	15.4	A Finance Party is not obliged to take any steps under clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it. 

 

	16	Costs and expenses 

 Transaction expenses 

 

	16.1	The Borrower shall promptly within ten Business Days of demand pay the Agent, the Arranger, the Hedging Providers and the Security Agent the amount of all costs and expenses (including fees, costs and expenses of legal
advisers and insurance and other consultants and advisers) reasonably incurred by any of them (and by any Receiver) in connection with the negotiation, preparation, printing, execution, syndication, registration and perfection and any release,
discharge or reassignment of: 

  

	 	(a)	this Agreement, the Hedging Master Agreements and any other documents referred to in this Agreement and the Original Security Documents; 

 

	 	(b)	any other Finance Documents executed or proposed to be executed after the date of this Agreement; or 

  

	 	(c)	any Security Interest expressed or intended to be granted by a Finance Document. 

 Amendment
costs 
  

	16.2	If an Obligor requests an amendment, waiver or consent, the Borrower shall, within ten Business Days of demand by the Agent, reimburse the Agent for the amount of all costs and expenses (including fees, costs and
expenses of legal advisers and insurance and other consultants and advisers) reasonably incurred by the Agent and the Security Agent (and by any Receiver) in responding to, evaluating, negotiating or complying with that request or requirement.

  
 40 

 Enforcement, preservation and other costs 

 

	16.3	The Borrower shall, on demand by a Finance Party, pay to each Finance Party the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants, brokers,
surveyors and advisers) incurred by that Finance Party (in respect of clause 16.3(b) only, acting reasonably) in connection with; 

  

	 	(a)	the enforcement of, or the preservation of any rights under, any Finance Document and any proceedings initiated by or against any Indemnified Person and as a consequence of holding the Charged Property or enforcing
those rights and any proceedings instituted by or against any Indemnified Person as a consequence of taking or holding the Security Documents or enforcing those rights; 

 

	 	(b)	any inspection carried out under clause 22.9 (Inspection and notice of dry-docking). 

  
 41 

 Section 7 - Representations, Undertakings and Events of Default 

 

	17	Representations 

  

	17.1	The Borrower makes and repeats the representations and warranties set out in this clause 17 to each Finance Party at the times specified in clauses 17.53 to 17.56 (Times when representations are made).

 Status 
  

	17.2	Each Obligor is a limited liability corporation, duly incorporated and validly existing under the law of its Original Jurisdiction. 

  

	17.3	Each Obligor has power and authority to carry on its business as it is now being conducted and to own its property and other assets. 

 

	17.4	No Obligor is a FATCA FFI or a US Tax Obligor. 

 Binding obligations 

 

	17.5	Subject to the Legal Reservations, the obligations expressed to be assumed by each Obligor in each Finance Document and each Charter Document to which it is, or is to be, a party are or, when entered into by it, will be
legal, valid, binding and enforceable obligations and each Security Document to which an Obligor is, or will be, a party, creates or will create the Security Interests which that Security Document purports to create and those Security Interests are
or will be valid and effective. 

 Power and authority 

 

	17.6	Each Obligor has power to enter into, perform and deliver and comply with its obligations under, and has taken all necessary action to authorise its entry into, each Finance Document and each Charter Document to which
it is, or is to be, a party and each of the transactions contemplated by those documents. 

  

	17.7	No limitation on any Obligor’s powers to borrow, create security or give guarantees will be exceeded as a result of any transaction under, or the entry into of, any Finance Document or any Charter Document to which
such Obligor is, or is to be, a party. 

 Non-conflict 

 

	17.8	The entry into and performance by each Obligor of, and the transactions contemplated by the Finance Documents and the Charter Documents and the granting of the Security Interests purported to be created by the Security
Documents do not and will not conflict with: 

  

	 	(a)	any law or regulation applicable to any Obligor; 

  

	 	(b)	the Constitutional Documents of any Obligor; or 

  

	 	(c)	any agreement or other instrument binding upon any Obligor assets, 

 or constitute a default or
termination event (however described) under any such agreement or instrument or result in the creation of any Security Interest (save for a Permitted Maritime Lien or under a Security Document) on any Obligor’s assets, rights or revenues. 

  
 42 

 Validity and admissibility in evidence 

 

	17.9	All authorisations required or desirable: 

  

	 	(a)	to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations under each Finance Document and each Charter Document to which it is a party; 

 

	 	(b)	to make each Finance Document and each Charter Document to which it is a party admissible in evidence in its Relevant Jurisdiction; and 

 

	 	(c)	to ensure that each of the Security Interests created under the Security Documents has the priority and ranking contemplated by them, 

have been obtained or effected and are in full force and effect except any authorisation or filing referred to in clause 17.24 (No filing or
stamp taxes), which authorisation or filing will be promptly obtained or effected within any applicable period. 
  

	17.10	All authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor have been obtained or effected and are in full force and effect if failure to obtain or effect those
authorisations might have a Material Adverse Effect. 

 Governing law and enforcement 

 

	17.11	The choice of English law or any other applicable law as the governing law of any Finance Document and any Charter Document will be recognised and enforced in each Obligor’s Relevant Jurisdictions.

  

	17.12	Any judgment obtained in England in relation to an Obligor will be recognised and enforced in each Obligor’s Relevant Jurisdictions. 

Information 
  

	17.13	Any Information is true and accurate in all material respects at the time it was given or made. 

  

	17.14	There are no facts or circumstances or any other information which could make the Information incomplete, untrue, inaccurate or misleading in any material respect. 

 

	17.15	The Information does not omit anything which could make the Information incomplete, untrue, inaccurate or misleading in any material respect. 

 

	17.16	All opinions, projections, forecasts or expressions of intention contained in the Information and the assumptions on which they are based have been arrived at after due and careful enquiry and consideration and were
believed to be reasonable by the person who provided that Information as at the date it was given or made. 

  

	17.17	For the purposes of clauses 17.13 to 17.17, Information means: any information provided by any Obligor, Malt LNG Holdings, MALT LNG Transport or any Sponsor to any of the Finance Parties in connection with the
Finance Documents and the Charter Documents or the transactions referred to in them. 

 Original Financial Statements

  

	17.18	The Original Financial Statements were prepared in accordance with GAAP consistently applied. 

  

	17.19	The audited Original Financial Statements give a true and fair view of the financial condition and results of operations of the relevant Obligors and the Sponsors (consolidated in the case of the Sponsors) during the
relevant financial year. 

  

	17.20	There has been no material adverse change in its assets, business or financial condition (or the business of the Sponsors) since the date of the Original Financial Statements. 

  
 43 

 Pari passu ranking 

 

	17.21	Each Obligor’s payment obligations under the Finance Documents to which it is, or is to be, a party rank at least pari passu with all its other present and future unsecured and unsubordinated payment obligations,
except for obligations mandatorily preferred by law applying to companies generally. 

 Ranking and effectiveness of
security 
  

	17.22	Subject to the Legal Reservations and any filing, registration or notice requirements which is referred to in any legal opinion delivered to the Agent under clause 4.1 (Initial conditions precedent), the security
created by the Security Documents has (or will have when the Security Documents have been executed) the priority which it is expressed to have in the Security Documents, the Charged Property is not subject to any Security Interest other than
Permitted Security Interests and such security will constitute perfected security on the assets described in the Security Documents. 

No insolvency 
  

	17.23	No corporate action, legal proceeding or other procedure or step described in clauses 28.23 and 28.24 (Insolvency proceedings) or creditors’ process described in clauses 28.25 and 28.26 (Creditors’
process) has been taken or, to the knowledge of any Obligor, threatened in relation to an Obligor and none of the circumstances described in clauses 28.20 to 28.22 (Insolvency) applies to any Obligor. 

No filing or stamp taxes 
  

	17.24	Under the laws of each Obligor’s Relevant Jurisdictions it is not necessary that any Finance Document or any Charter Document to which it is, or is to be, party be filed, recorded or enrolled with any court or
other authority in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to any such Finance Document or such Charter Document or the transactions contemplated by the Finance Documents or the
Charter Documents except any filing, recording or enrolling or any tax or fee payable in relation to any Finance Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant Finance
Document or Charter Document. 

 Tax 
  

	17.25	No Obligor is required to make any deduction for or on account of Tax from any payment it may make under any Finance Document to which it is, or is to be, a party and no other party is required to make any such
deduction from any payment it may make under any Charter Document. 

  

	17.26	The execution or delivery or performance by any Party of the Finance Documents will not result in any Finance Party: 

  

	 	(a)	having any liability in respect of Tax in any Flag State; 

  

	 	(b)	having or being deemed to have a place of business in any Flag State or any Relevant Jurisdiction of any Obligor. 

Centre of main interests and establishments 
  

	17.27	For the purposes of The Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the Regulation), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is
situated in its Original Jurisdiction and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction. 

  
 44 

 No Default 
  

	17.28	No Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Finance Document or any Charter
Document. 

  

	17.29	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute)
a default or termination event (however described) under any other agreement or instrument which is binding on any Obligor or to which any Obligor’s assets are subject which may reasonably be expected to have a Material Adverse Effect.

 No proceedings pending or threatened 
  

	17.30	No litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect
have (to the best of any Obligor’s knowledge and belief (having made due and careful enquiry)) been started or threatened against any Obligor. 

No breach of laws 
  

	17.31	No Obligor has breached any law or regulation which breach may reasonably be expected to have a Material Adverse Effect. 

  

	17.32	No labour dispute is current or, to the best of any Obligor’s knowledge and belief (having made due and careful enquiry), threatened against any Obligor which may reasonably be expected to have a Material Adverse
Effect. 

 Environmental matters 
  

	17.33	No Environmental Law applicable to the Ship and/or any Obligor has been violated in a manner or circumstances which might have, a Material Adverse Effect. 

 

	17.34	All consents, licences and approvals required under such Environmental Laws have been obtained and are currently in force. 

  

	17.35	No Environmental Claim has been made or, to the best of any Obligor’s knowledge and belief (having made due and careful enquiry), is threatened or pending against any Obligor or the Ship where that claim may have a
Material Adverse Effect and there has been no Environmental Incident which has given, or is reasonably likely to give, rise to such a claim. 

Tax compliance 
  

	17.36	No Obligor is materially overdue in the filing of any Tax returns or overdue in the payment of any amount in respect of Tax. 

  

	17.37	No claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor with respect to Taxes such that a liability of, or claim against, any Obligor is reasonably likely to arise
for an amount for which adequate reserves have not been provided in the Original Financial Statements and which might have a Material Adverse Effect. 

  

	17.38	Each Obligor is resident for Tax purposes only in its Original Jurisdiction. 

Anti-corruption law 
  

	17.39	Each Obligor has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.

  
 45 

 Security and Financial Indebtedness 

 

	17.40	No Security Interest exists over all or any of the present or future assets of any Obligor in breach of this Agreement. 

  

	17.41	No Obligor has any Financial Indebtedness outstanding in breach of this Agreement. 

 Legal
and beneficial ownership 
  

	17.42	Each Obligor is the sole legal and beneficial owner of the respective assets over which it purports to grant a Security Interest under the Security Documents. 

Shares 
  

	17.43	The shares of the Borrower are fully paid and not subject to any option to purchase or similar rights. The Constitutional Documents of the Borrower do not and could not restrict or inhibit any transfer of those shares
on creation or enforcement of the Security Documents. There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of the Borrower
(including any option or right of pre-emption or conversion). 

 Accounting Reference Date 

 

	17.44	The financial year-end of each Obligor and each Sponsor is the Accounting Reference Date. 

No adverse consequences 
  

	17.45	It is not necessary under the laws of the Relevant Jurisdictions of any Obligor: 

  

	 	(a)	in order to enable any Finance Party to enforce its rights under any Finance Document to which it is, or is to be, a party; or 

  

	 	(b)	by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under any Finance Document, 

that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of such Relevant Jurisdictions. 

 

	17.46	No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any Relevant Jurisdiction by reason only of the execution, performance and/or enforcement of any Finance Document.

 Copies of documents 
  

	17.47	The copies of the Charter Documents and the Constitutional Documents of the Obligors delivered to the Agent under clause 4 (Conditions of Utilisation) will be true, complete and accurate copies of such documents and
include all amendments and supplements to them as at the time of such delivery and no other agreements or arrangements exist between any of the parties to the Charter Documents which would materially affect the transactions or arrangements
contemplated by them or modify or release the obligations of any party under them. 

 No breach of any Charter Document

  

	17.48	No Obligor nor (so far as the Obligors are aware) any other person is in breach of any Charter Document to which it is a party nor has anything occurred which entitles or may entitle any party to rescind or terminate it
or decline to perform their obligations under it. 

 No immunity 

 

	17.49	No Obligor or any of its assets is immune to any legal action or proceeding. 

  
 46 

 Ship status 
  

	17.50	The Ship will on the first day of the Mortgage Period be: 

  

	 	(a)	registered in the name of the Borrower through the Registry as a ship under the laws and flag of the Flag State; 

  

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

  

	 	(c)	classed with the Classification free of all overdue requirements and recommendations of the Classification Society; and 

  

	 	(d)	insured in the manner required by the Finance Documents. 

 Ship’s employment 

 

	17.51	The Ship shall on the first day of the Mortgage Period: 

  

	 	(a)	have been delivered, and accepted for service, under the Charter; and 

  

	 	(b)	be free of any other charter commitment which, if entered into after that date, would require approval under the Finance Documents. 

Address commission 
  

	17.52	There are no rebates, commissions or other payments in connection with the Charter other than those referred to in it. 

Times when representations are made 
  

	17.53	All of the representations and warranties set out in this clause 17 (other than Ship Representations) are deemed to be made on the dates of: 

 

	 	(a)	this Agreement; 

  

	 	(b)	the Utilisation Request; and 

  

	 	(c)	the Utilisation. 

  

	17.54	The Repeating Representations are deemed to be made on the first day of each Interest Period. 

  

	17.55	All of the Ship Representations are deemed to be made on the first day of the Mortgage Period. 

  

	17.56	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances then existing at the date the representation or warranty is
deemed to be made. 

  

	18	Information undertakings 

  

	18.1	The Borrower undertakes that this clause 18 will be complied with throughout the Facility Period. 

  

	18.2	In this clause 18: 

 Annual Financial Statements means the financial statements for a
financial year of the Borrower, the Sponsors, with effect from the financial year commencing on the Reorganisation Date, Dutch Holdco and, prior to the Reorganisation Date (if the Reorganisation Date has not occurred by 31 October 2013), Malt
LNG Transport and Malt LNG Holdings delivered pursuant to clause 18.3. 

  
 47 

 Half-Yearly Financial Statements means the financial statements for a financial half-year
of the Borrower, the Sponsors, with effect from the financial half-year commencing on the Reorganisation Date, Dutch Holdco and, prior to the Reorganisation Date (if the Reorganisation Date has not occurred by 31 October 2013), Malt LNG
Transport and Malt LNG Holdings delivered pursuant to clause 18.4. 
 Financial statements 

 

	18.3	The Borrower shall supply to the Agent as soon as the same become available, but in any event within 180 days after the end of each financial year the audited (consolidated, in the case of Malt LNG Transport, Malt LNG
Holdings and the Sponsors) financial statements of the Borrower, the Sponsors and, prior to the Reorganisation Date (if the Reorganisation Date has not occurred by 31 October 2013), Malt LNG Transport and Malt LNG Holdings for that financial
year. With effect from the financial year commencing on the Reorganisation Date, the Borrower shall supply to the Agent as soon as the same become available, but in any event within 180 days after the end of each financial year the audited
consolidated financial statements of Dutch Holdco for that financial year. 

  

	18.4	The Borrower shall supply to the Agent as soon as the same become available, but in any event within 120 days after the end of each financial half year of each of its financial years the (consolidated, in the case of
Malt LNG Transport, Malt LNG Holdings and the Sponsors) financial statements of the Borrower, the Sponsors and, prior to the Reorganisation Date (if the Reorganisation Date has not occurred by 31 October 2013), Malt LNG Transport and Malt LNG
Holdings. With effect from the financial half-year commencing six months after the Reorganisation Date, the Borrower shall supply to the Agent as soon as the same become available, but in any event within 120 days after the end of each financial
half year of each of its financial years the consolidated financial statements of Dutch Holdco. 

  

	18.5	The Borrower shall supply to the Agent as soon as the same becomes available, but in any event within 60 days after the Reorganisation Date, the unaudited consolidated pro forma balance sheet (prepared using generally
accepted accounting principles in the United States of America) of Dutch Holdco. 

  

	18.6	The Borrower shall supply no later than 30 November of each year, an annual operations budget and cashflow forecast for the Ship in an approved form. The operations budget and cashflow forecast shall include
reasonable estimates of the next scheduled dry dock expenses which the Borrower has forecast will be incurred. 

 Provision
and contents of Compliance Certificate 
  

	18.7	The Borrower shall supply a Compliance Certificate to the Agent, with each set of audited consolidated Annual Financial Statements and each set of Half-Yearly Financial Statements. 

 

	18.8	Each Compliance Certificate shall, amongst other things, set out (in reasonable detail) computations as to compliance with clause 19 (Financial covenants). 

 

	18.9	Each Compliance Certificate shall be signed by an authorised signatory of the Borrower or, in his or her absence, by two directors of the Borrower. 

Requirements as to financial statements 
  

	18.10	The Borrower shall procure that each set of Annual Financial Statements and Half-Yearly Financial Statements includes a profit and loss account, a balance sheet and a cashflow statement and that, in addition each set of
Annual Financial Statements shall be audited by the Auditors. 

  

	18.11	Each set of financial statements delivered pursuant to clauses 18.3 and 18.4 (Financial statements) shall: 

  

	 	(a)	be prepared in accordance with GAAP; 

  
 48 

	 	(b)	give a true and fair view of (in the case of Annual Financial Statements for any financial year), or fairly represent (in other cases), the financial condition and operations of the Borrower, Malt LNG Transport, Malt
LNG Holdings and the Sponsors as at the date as at which those financial statements were drawn up; and 

  

	 	(c)	in the case of annual audited financial statements, not be the subject of any qualification in the Auditors’ opinion. 

  

	18.12	The Borrower shall procure that each set of financial statements delivered pursuant to clauses 18.3 and 18.4 (Financial statements) shall be prepared using GAAP, accounting practices and financial reference
periods consistent with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of financial statements, the Borrower notifies the Agent that there has been a change in GAAP or the accounting practices
and the Auditors deliver to the Agent: 

  

	 	(a)	a description of any change necessary for those financial statements to reflect the GAAP or accounting practices and reference periods upon which corresponding Original Financial Statements were prepared; and

  

	 	(b)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to make an accurate comparison between the financial position indicated in those financial statements and
the Original Financial Statements. 

 Any reference in this Agreement to any financial statements shall be construed as a
reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 

Year-end 
  

	18.13	The Borrower shall procure that each financial year-end of each Obligor, Malt LNG Holdings and each Sponsor falls on the relevant Accounting Reference Date. 

Information: miscellaneous 
  

	18.14	The Borrower shall deliver to the Agent: 

  

	 	(a)	at the same time as they are dispatched, copies of all documents dispatched by each of the Obligors (other than Teekay Shipping) or the Sponsors to its shareholders generally (or any class of them) or dispatched by each
of the Obligors (other than Teekay Shipping) or the Sponsors to its creditors generally (or any class of them), provided that the Sponsors shall only be required to deliver such copies to the Agent in accordance with this clause 18.14(a) if at any
time a Sponsor ceases to be listed on an internationally recognised stock exchange; 

  

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against the Obligors (other than Teekay Shipping) and, prior to the
Reorganisation Date, Malt LNG Holdings, and which, if adversely determined, might have a Material Adverse Effect; 

  

	 	(c)	promptly, such information as the Agent may reasonably require about the Charged Property and compliance of the Obligors (other than Teekay Shipping) with the terms of any Security Documents; and 

 

	 	(d)	promptly on request, such further information regarding the financial condition, assets and operations of the Obligors (other than Teekay Shipping) and, prior to the Reorganisation Date, Malt LNG Holdings or any Sponsor
(if at any time a Sponsor ceases to be listed on an internationally recognised stock exchange) as any Finance Party through the Agent may reasonably request. 

  
 49 

 Notification of Default 

 

	18.15	The Borrower shall notify the Agent of any Event of Default (and the steps, if any, being taken to remedy it) promptly upon any Obligor becoming aware of its occurrence (unless that Obligor is aware that a notification
has already been provided by another Obligor). 

  

	18.16	Promptly upon a request by the Agent, the Borrower shall supply to the Agent a certificate signed by two directors or senior officers of the Borrower on its behalf certifying that no Default is continuing (or if a
Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

 Sufficient copies

  

	18.17	The Borrower, if so requested by the Agent, shall deliver sufficient copies of each document to be supplied under the Finance Documents to the Agent to distribute to each of the Lenders and the Hedging Providers.

 Use of websites 
  

	18.18	The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those Lenders (the Website Lenders) who accept this method of communication by posting this information onto
an electronic website designated by the Borrower and the Agent (the Designated Website) if: 

  

	 	(a)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method; 

 

	 	(b)	both the Borrower and the Agent are aware of the address of and any relevant password specifications for the Designated Website; and 

 

	 	(c)	the information is in a format previously agreed between the Borrower and the Agent. 

 If any
Lender (a Paper Form Lender) does not agree to the delivery of information electronically then the Agent shall notify the Borrower accordingly and the Borrower shall supply the information to the Agent (in sufficient copies for each Paper
Form Lender) in paper form. In any event the Borrower shall supply the Agent with at least one copy in paper form of any information required to be provided by it. 
  

	18.19	The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Borrower and the Agent. 

 

	18.20	The Borrower shall promptly upon becoming aware of its occurrence notify the Agent if: 

  

	 	(a)	the Designated Website cannot be accessed due to technical failure; 

  

	 	(b)	the password specifications for the Designated Website change; 

  

	 	(c)	any new information which is required to be provided under this Agreement is posted onto the Designated Website; 

  

	 	(d)	any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or 

  

	 	(e)	the Borrower becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software. 

If the Borrower notifies the Agent under paragraphs (a) or (e) above, all information to be provided by the Borrower under this
Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. 

  
 50 

	18.21	Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Borrower shall comply with any such
request within ten Business Days. 

 “Know your customer” checks 

 

	18.22	If: 

  

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

 

	 	(b)	any change in the status of an Obligor or the composition of the shareholders of an Obligor after the date of this Agreement; or 

  

	 	(c)	a proposed assignment by a Lender or a Hedging Provider of any of its rights under this Agreement or any Hedging Contract to a party that is not already a Lender or a Hedging Provider prior to such assignment,

 obliges the Agent, the relevant Hedging Provider or any Lender (or, in the case of paragraph (c) above, any prospective
new Lender or Hedging Provider) to comply with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the
Agent or any Lender or any Hedging Provider 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 any Hedging Provider) or any Lender or any Hedging
Provider (for itself or, in the case of the event described in paragraph (c) above, on behalf of any prospective new Lender or Hedging Provider) in order for the Agent, such Lender or any Hedging Provider or, in the case of the event described
in paragraph (c) above, any prospective new Lender or Hedging Provider 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. 
  

	18.23	Each Finance Party shall, promptly upon the request of the Agent or the Security Agent, supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security
Agent (for itself) in order for it 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. 

  

	19	Financial covenants 

  

	19.1	The Borrower undertakes that this clause 19 will be complied with throughout the Facility Period. 

Financial definitions 
  

	19.2	In this clause 19 and clause 25.19 (Business restrictions): 

 Charter Earnings
means all moneys during any Relevant Period payable to the Borrower under or pursuant to the Charter Documents, damages for breach of any of them and payments for termination or variation of any of them. 

Debt Service Amount means in respect of a Relevant Period all interest, principal, fees (but not including the arrangement fee referred
to at clause 11.4 (Arrangement fee) above) and/or net amounts under any Hedging Contract payable by the Borrower during that period under or pursuant to the Finance Documents. 

DSCR means in relation to a Relevant Period, the ratio which the Charter Earnings less the Operating Costs bears to the Debt Service
Amount paid or payable during that Relevant Period, 

  
 51 

 
provided that where any part of a dry docking of the Ship falls within a Relevant Period the DSCR shall be calculated to exclude the Charter Earnings, Operating Costs and the Debt Service Amount
for the relevant number of the days during the Relevant Period the Ship has been dry docked provided that immediately prior to commencement of that dry docking period sufficient moneys have been accumulated: 

 

	 	(a)	in the Operating Account to fully cover the Operating Costs and the Debt Service Amount during the expected dry docking period; and 

  

	 	(b)	in the Dry Dock Reserve Account to fully cover the dry dock expenses to be incurred during the expected dry docking period. 

Operating Costs means in relation to any Relevant Period, the Borrower’s proper costs and expenses of insuring, operating,
repairing and maintaining during that Relevant Period. 
 Relevant Period means a period of six months ending on either 30 June
or 31 December of a given year. 
 Financial condition 
  

	19.3	The Borrower shall ensure that the DSCR in respect of any Relevant Period shall not be less than or equal to 1:1 for the period of 3 years after the Utilisation Date and shall not be less than or equal to 1.05:1
thereafter. 

 Financial testing 
  

	19.4	The financial covenants set out in clause 19.3 (Financial condition) shall be tested by reference to each Compliance Certificate delivered following the expiry of such Relevant Period pursuant to clause 18.7
(Provision and contents of Compliance Certificate). 

  

	20	General undertakings 

  

	20.1	The Borrower undertakes that this clause 20 will be complied with by and in respect of each Obligor throughout the Facility Period. 

Use of proceeds 
  

	20.2	The proceeds of Utilisations will be used exclusively for the purposes specified in clause 3 (Purpose). 

Authorisations 
  

	20.3	Each Obligor will promptly: 

  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

	 	(b)	supply certified copies to the Agent of, 

 any authorisation required under any law or
regulation of a Relevant Jurisdiction to: 
  

	 	(i)	enable it to perform its obligations under the Finance Documents and any Charter Documents; 

  

	 	(ii)	ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document or Charter Document; and 

  

	 	(iii)	carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect. 

  
 52 

 Compliance with laws 

 

	20.4	Each Obligor will, comply in all respects with all laws and regulations (including Environmental Laws) to which it may be subject. 

Anti-corruption law 
  

	20.5	No Obligor will directly or indirectly use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar applicable
legislation in other jurisdictions. 

  

	20.6	Each Obligor shall (and the Borrower shall ensure that each other Obligor will): 

  

	 	(a)	conduct its businesses in compliance with applicable anti-corruption laws; and 

  

	 	(b)	maintain policies and procedures designed to promote and achieve compliance with such laws. 

Tax compliance 
  

	20.7	Each Obligor shall pay and discharge all Taxes imposed upon it or its assets within the time allowed by law without incurring penalties unless and only to the extent that: 

 

	 	(a)	such payment is being contested in good faith; 

  

	 	(b)	adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Agent under clauses 18.3 and 18.4 (Financial
statements); and 

  

	 	(c)	such payment can be lawfully withheld. 

  

	20.8	Except as approved by the Majority Lenders, each Obligor (other than Teekay Shipping) shall maintain its residence for Tax purposes in the jurisdiction in which it is incorporated and ensure that it is not resident for
Tax purposes in any other jurisdiction. If requested by the Agent, the Borrower will confirm the jurisdiction in which each Obligor (other than Teekay Shipping) is resident for Tax purposes. 

Change of business 
  

	20.9	Except (a) as approved by the Majority Lenders or (b) in accordance with the implementation of the Reorganisation, no substantial change will be made to the general nature of the business of the Obligors from
that carried on at the date of this Agreement. 

 Merger 

 

	20.10	Except (a) as approved by the Majority Lenders or (b) in accordance with the implementation of the Reorganisation, the Borrower will not enter into any amalgamation, demerger, merger, consolidation,
redomiciliation, legal migration or corporate reconstruction. 

 Other Restrictions 

 

	20.11	Except as approved by the Majority Lenders, the Borrower shall not change its name, jurisdiction of incorporation or legal form. 

Further assurance 
  

	20.12	Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the
Agent may reasonably require): 

  

	 	(a)	to perfect the Security Interests created or intended to be created by that Obligor under or evidenced by the Security Documents (which may include the execution of a mortgage, charge, assignment or other security over
all or any of the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Security Agent provided by or pursuant to the Finance Documents or by law;

  
 53 

	 	(b)	to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the
Security Documents; 

  

	 	(c)	to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents; and/or 

  

	 	(d)	to facilitate the accession by a New Lender to any Security Document following an assignment in accordance with clause 30.1 (Assignments by the Lenders). 

 

	20.13	Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security
Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents. 

  

	20.14	Without prejudice to the generality of the foregoing, the Borrower shall procure, as a condition of the Finance Parties’ approval of the Reorganisation (such approval being expressly on the basis that the
Reorganisation shall be completed by no later than 31 October 2013 (or such later date as may be agreed by the Agent in writing)), that Dutch Holdco shall provide to the Security Agent on the Reorganisation Date: 

 

	 	(a)	a replaced Share Security (and all instruments required by the Security Agent thereunder); 

  

	 	(b)	such documents of the nature described in Schedule 3 (Conditions precedent), Part 1, paragraphs 1, 2(b) and 3(b) in respect of the Dutch Holdco as the Agent or the Security Agent may require; and

  

	 	(c)	a revised indemnity from Dutch Holdco in the form of the Methane Spirit Indemnity is provided to the Security Agent in respect of any actual or contingent liability owing by the Borrower in respect of the m.v.
“METHANE SPIRIT”. 

 Negative pledge in respect of Charged Property 

 

	20.15	Except as approved by the Majority Lenders and for Permitted Maritime Liens, no Obligor will grant or allow to exist any Security Interest over any Charged Property. 

Environmental matters 
  

	20.16	The Agent will be notified as soon as reasonably practicable of any Environmental Claim being made against the Borrower or the Ship which, if successful to any extent, might have a Material Adverse Effect and of any
Environmental Incident which is reasonably likely to give rise to such a claim and will be kept regularly and promptly informed in reasonable detail of the nature of, and response to, any such Environmental Incident and the defence to any such
claim. 

  

	20.17	Environmental Laws (and any consents, licences or approvals obtained under them) applicable to the Ship will not be violated in a way which might reasonably be expected to have a Material Adverse Effect.

  
 54 

 Change of ownership 

 

	20.18	Subject only to the provisions of clause 28.36, except as approved by the Majority Lenders and notified to the Agent, there shall be no change in the legal and beneficial ownership of the issued share capital of:

  

	 	(a)	prior to the Reorganisation Date, the Borrower, Malt LNG Transport or Malt LNG Holdings; and 

  

	 	(b)	with effect from the Reorganisation Date, the Borrower or Dutch Holdco. 

 Reorganisation
Date 
  

	20.19	Except as approved by the Majority Lenders and for Permitted Maritime Liens, no Obligor will grant or allow to exist any Security Interest over any Charged Property. 

 

	21	Dealings with Ship 

  

	21.1	The Borrower undertakes that this clause 0 will be complied with in relation to the Ship throughout the Mortgage Period. 

Ship’s name and registration 
  

	21.2	The Ship shall be registered with the Registry under the laws of its Flag State. Except with approval, the Ship shall not be registered under any other flag or at any other port or fly any other flag (other than that of
its Flag State). If that registration is for a limited period, it shall be renewed at least 45 days before the date it is due to expire and the Agent shall be notified of that renewal at least 30 days before that date. 

 

	21.3	Nothing will be done and no action will be omitted if that might result in such registration being forfeited or imperilled or the Ship being required to be registered under the laws of another state of registry.

 Sale or other disposal of Ship 
  

	21.4	Except: 

  

	 	(a)	as may be required pursuant to clause 65 of the Charter (and only then upon payment by the Charterer of an amount, after deduction of all costs relating to the sale, in excess of the Loan); or 

 

	 	(b)	in any other circumstance, where the sale proceeds (after deduction of all costs relating to the sale) shall be in excess of the Loan and such sale proceeds are applied in prepayment of the Loan, 

the Borrower will not sell, or agree to, transfer, abandon or otherwise dispose of the Ship or any share or interest in it. 

Manager 
  

	21.5	A manager of the Ship shall not be appointed unless that manager (which shall, unless approved, be Teekay Shipping, TGP or Teekay Corporation or an Affiliate thereof) and the terms of its appointment are approved and a
duly executed Manager’s Undertaking has been delivered to the Security Agent. There shall be no change to the terms of appointment of a manager whose appointment has been approved unless such change is either immaterial or approved by the
Majority Lenders (and any change to the fees payable under any management agreement shall always be regarded as material). 

  
 55 

 Copy of Mortgage on board 

 

	21.6	A properly certified copy of the Mortgage shall be kept on board the Ship and a framed printed notice of the Mortgage (in customary form) shall be prominently displayed in the navigation room and in the Master’s
cabin of the Ship. 

 Conveyance on default 
  

	21.7	Where the Ship is (or is to be) sold in exercise of any power conferred by the Security Documents, the Borrower shall, upon the Agent’s request, immediately execute such form of transfer of title to the Ship as the
Agent may require. 

 Chartering 
  

	21.8	Except with approval (which approval shall not be unreasonably withheld or delayed), the Borrower shall not enter into any charter commitment for the Ship (except for the Charter), which is: 

 

	 	(a)	a bareboat or demise charter or passes possession and operational control of the Ship to another person (other than as expressly permitted by clause 24.10 (Substitution of Charter by a bareboat charter);

  

	 	(b)	capable of lasting more than 13 calendar months; 

  

	 	(c)	on terms as to payment or amount of hire which are materially less beneficial to it than the terms which at that time could reasonably be expected to be obtained on the open market for vessels of the same age and type
as the Ship under charter commitments of a similar type and period; or 

  

	 	(d)	to Malt LNG Transport, Malt LNG Holdings, a Sponsor or any of their Affiliates. 

 Lay up and
abandonment 
  

	21.9	Except with approval (which approval shall not be unreasonably withheld or delayed), the Ship shall not be laid up (other than in accordance with the provisions of clause 43 of the Charter, but following consultation
with the Agent), deactivated or abandoned. 

 Sharing of Earnings 

 

	21.10	Except with approval, the Borrower shall not enter into any arrangement under which its Earnings from the Ship may be shared with anyone else. 

Payment of Earnings 
  

	21.11	The Borrower’s Earnings from the Ship shall be paid in the way required by the Deed of Covenant. If any Earnings are held by brokers or other agents, they shall be paid to the Security Agent, if it requires this
after the Earnings have become payable to it under the Deed of Covenant. 

  

	22	Condition and operation of Ship 

  

	22.1	The Borrower undertakes that this clause 22 will be complied with in relation to the Ship throughout the Mortgage Period. 

  
 56 

 Defined terms 
  

	22.2	In this clause 22 and in Schedule 3 (Conditions precedent): 

 applicable code
means any code or prescribed procedures required to be observed by the Ship or the persons responsible for its operation under any applicable law (including but not limited to those currently known as the ISM Code and the ISPS Code). 

applicable law means all laws and regulations applicable to vessels registered in the Ship’s Flag State or which for any other
reason apply to the Ship or to its condition or operation at any relevant time. 
 applicable operating certificate means any
certificates or other document relating to the Ship or its condition or operation required to be in force under any applicable law or any applicable code. 

Repair 
  

	22.3	The Ship shall be kept in a good, safe and efficient state of repair. The quality of workmanship and materials used to repair the Ship or replace any damaged, worn or lost parts or equipment shall be sufficient to
ensure that the Ship’s value is not materially reduced. 

 Modification 

 

	22.4	Except with approval or if required under the Charter Documents, the structure, type or performance characteristics of the Ship shall not be modified in a way which could or might materially alter the Ship or materially
reduce its value. 

 Removal of parts 
  

	22.5	Except with approval (which approval shall not be unreasonably withheld or delayed), no material part of the Ship or any equipment shall be removed from the Ship if to do so would materially reduce its value (unless at
the same time it is replaced with equivalent parts or equipment owned by the Borrower free of any Security Interest except under the Security Documents). 

Third party owned equipment 
  

	22.6	Except with approval (which approval shall not be unreasonably withheld or delayed), equipment owned by a third party shall not be installed on the Ship if it cannot be removed without risk of causing damage to the
structure or fabric of the Ship or incurring significant expense. 

 Maintenance of class; compliance with laws and codes

  

	22.7	The Ship’s class shall be the Classification and such classification shall be maintained throughout the Facility Period with no overdue recommendations or requirements. The Ship and every person who owns, operates
or manages the Ship shall comply with all applicable laws and the requirements of all applicable codes. There shall be kept in force and on board the Ship or in such person’s custody any applicable operating certificates which are required by
applicable laws or applicable codes to be carried on board the Ship or to be in such person’s custody. 

 Surveys

  

	22.8	The Ship shall be submitted to continuous surveys and any other surveys which are required for it to maintain the Classification as its class. Copies of reports of those surveys shall be provided promptly to the Agent
if it so requests. 

 Inspection and notice of dry-docking 

 

	22.9	The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed to board the Ship at all reasonable times (but not more than once every 12 months) to inspect it and given all proper
facilities needed for that purpose. The Agent shall be given reasonable advance notice of any intended dry-docking of the Ship (whatever the purpose of that dry-docking). 

  
 57 

 Prevention of arrest 

 

	22.10	All debts, damages, liabilities and outgoings which have given, or may give, rise to maritime, statutory or possessory liens on, or claims enforceable against, the Ship, its Earnings or Insurances shall be promptly paid
and discharged, but taking into account any credit terms permitted by this Agreement as may have been agreed from time to time between the Borrower and/or the Manager and the suppliers to the Ship. 

Release from arrest 
  

	22.11	The Ship, its Earnings and Insurances shall promptly be released from any arrest, detention, attachment or levy, and any legal process against the Ship shall be promptly discharged, by whatever action is required to
achieve that release or discharge. 

 Information about Ship 

 

	22.12	The Agent shall promptly be given any information which it may reasonably require about the Ship or its employment, position, use or operation, including details of towages and salvages, and copies of all its charter
commitments entered into by or on behalf of the Borrower and copies of any applicable operating certificates. 

Notification of certain events 
  

	22.13	The Agent shall promptly be notified of: 

  

	 	(a)	any damage to the Ship where the cost of the resulting repairs may exceed the Major Casualty Amount; 

  

	 	(b)	any occurrence which may result in the Ship becoming a Total Loss; 

  

	 	(c)	any requisition of the Ship for hire; 

  

	 	(d)	any Environmental Incident involving the Ship and Environmental Claim being made in relation to such an incident which has, or is reasonably likely to have, a Material Adverse Effect; 

 

	 	(e)	any withdrawal of any applicable operating certificate; 

  

	 	(f)	the receipt of notification that any application for such a certificate has been refused and this situation has not been remedied within seven Business Days; 

 

	 	(g)	any requirement or recommendation made in relation to the Ship by any insurer or the Classification Society or by any competent authority which is not, or cannot be, complied with in the manner or time required or
recommended; and 

  

	 	(h)	any arrest or detention of the Ship or any exercise or purported exercise of a lien or other claim on the Ship or its Earnings or Insurances. 

Payment of outgoings 
  

	22.14	All tolls, dues and other outgoings whatsoever in respect of the Ship and its Earnings and Insurances shall be paid promptly, but taking into account any credit terms permitted by this Agreement as may have been agreed
from time to time between the Borrower and/or the Manager and the suppliers to the Ship. Proper accounting records shall be kept of the Ship and its Earnings. 

Evidence of payments 
  

	22.15	The Agent shall be allowed proper and reasonable access to those accounting records when it requests it (acting reasonably) and, when it requires it, shall be given satisfactory evidence that: 

 

	 	(a)	the wages and allotments and the insurance and pension contributions of the Ship’s crew are being promptly and regularly paid; 

  
 58 

	 	(b)	all deductions from its crew’s wages in respect of any applicable Tax liability are being properly accounted for; and 

  

	 	(c)	the Ship’s master has no claim for disbursements other than those incurred by him in the ordinary course of trading on the voyage then in progress, 

provided that such requests do not interfere with the normal operation of the Ship and, unless a Default is continuing, may only be made once
per year. 
 Repairers’ liens 
  

	22.16	Except with approval, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed the Major Casualty Amount unless that
person gives the Security Agent a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work. 

Lawful use 
  

	22.17	The Ship shall not be employed: 

  

	 	(a)	in any way or in any activity which is unlawful under international law or the domestic laws of any relevant country; 

  

	 	(b)	in carrying illicit or prohibited goods; or 

  

	 	(c)	in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated, 

and the persons responsible for the operation of the Ship shall take all necessary and proper precautions to ensure that this does not happen.

 War zones 
  

	22.18	The Borrower shall not during hostilities (whether or not a state of war shall formally have been declared and including, without limitation, civil war) permit the Ship to be employed in carrying any goods which may be
declared to be contraband of war or which may render the Ship liable to confiscation, seizure, detention or destruction, nor at any time to permit the Ship to enter any area which is declared a war zone by any government authority or by the
Ship’s insurers unless the Borrower has effected, at its own expense, such additional insurances as shall be necessary or customary for first class shipowners. The Borrower shall promptly notify the Agent thereof, and if required by the Agent
(at the Borrower’s cost), specifically assign those insurances to the Security Agent by such documents as the Agent may require. 

Valuation 
  

	22.19	The Borrower shall provide to the Agent together with each Compliance Certificate delivered with each set of audited consolidated Annual Financial Statements in accordance with clause 18.7 (Provision and contents of
Compliance Certificate) above a valuation of the Ship on the basis set out in clause 22.23 (Basis of valuation). 

Expenses of valuation 
  

	22.20	The Borrower shall bear, and reimburse to the Agent where incurred by the Agent, all costs and expenses of providing one annual valuation in accordance with clause 22.19 (Valuation) above. All costs and expenses
incurred by the Agent in respect of any additional valuations shall be borne by the Agent. 

  
 59 

 Valuations procedure 

 

	22.21	The value of the Ship shall be determined in accordance with, and by valuers approved and appointed in accordance with, clause 22.25 (Approval of valuers). 

Currency of valuation 
  

	22.22	Valuations shall be provided by valuers in dollars or, if a valuer is of the view that the relevant type of vessel is generally bought and sold in another currency, in that other currency. If a valuation is provided in
another currency, for the purposes of this Agreement it shall be converted into dollars at the Agent’s spot rate of exchange for the purchase of dollars with that other currency as at the date to which the valuation relates. 

Basis of valuation 
  

	22.23	Each valuation will be addressed to the Agent in its capacity as such and made: 

  

	 	(a)	without physical inspection (unless required by the Agent); 

  

	 	(b)	on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm’s length on normal commercial terms between a willing buyer and a willing seller; and 

 

	 	(c)	without taking into account the benefit of any charter commitment. 

 Information required
for valuation 
  

	22.24	The Borrower shall promptly provide to the Agent and any such valuer any information which they reasonably require for the purposes of providing such a valuation. 

Approval of valuers 
  

	22.25	All valuers must have been approved by the Agent (the approved valuers as at the date of this Agreement are R.S. Platou, Clarkson plc, Poten & Partners, Fearnleys and Mallory Jones Lynch Flynn &
Associates). The Agent may from time to time notify the Borrower of approval of one or more independent ship brokers as valuers for the purposes of clause 22.19 (Valuation). The Agent shall respond promptly to any request by the Borrower for
approval of a broker nominated by the Borrower. The Agent may at any time by notice to the Borrower withdraw any previous approval of a valuer for the purposes of future valuations. That valuer may not then be appointed to provide valuations unless
it is once more approved. If the Agent has not approved at least three brokers as valuers at a time when a valuation is required under clause 22.19 (Valuation), the Agent shall promptly notify the Borrower of the names of at least three
valuers which are approved. 

 Appointment of valuers 

 

	22.26	When a valuation is required for the purposes of clause 22.19 (Valuation), the Borrower shall promptly appoint valuers approved by the Agent in accordance with clause 22.25 (Approval of valuers) to provide
such a valuation. If the Borrower is approved to appoint valuers but fails to do so promptly, the Agent may appoint approved valuers to provide that valuation. 

Number of valuers 
  

	22.27	Each valuation shall be carried out by two approved valuers nominated by the Borrower. 

Differences in valuations 
  

	22.28	 If valuations provided by individual valuers differ, the value of the Ship for the purposes of the Finance Documents will be the mean average of those
valuations. If the higher of the two valuations obtained pursuant to clause 22.19 (Valuation) is more than 110 per cent of the lower 

  
 60 

	 	
of the two valuations, then a third valuation shall be obtained from an approved valuer and the value of the Ship for the purposes of the Finance Documents will be the mean average of those three
valuations. 

  

	23	Insurance 

  

	23.1	The Borrower undertakes that this clause 23 shall be complied with in relation to the Ship and its Insurances throughout the Mortgage Period. 

Insurance terms 
  

	23.2	In this clause 23: 

 excess risks means the proportion (if any) of claims for general
average, salvage and salvage charges not recoverable under the hull and machinery insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its insured value. 

excess war risk P&I cover means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but
not limited to) hull and machinery, crew and protection and indemnity risks. 
 hull cover means insurance cover against the risks
identified in clause 23.3(a). 
 minimum hull cover means an amount equal at the relevant time to 110 per cent of the Loan
at the relevant time. 
 P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover)
covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other
leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover). 

Coverage required 
  

	23.3	The Ship shall at all times be insured: 

  

	 	(a)	against fire and usual marine risks (including excess risks) and war risks (including war protection and indemnity risks and terrorism risks) on an agreed value basis, for at least its minimum hull cover and no less
than its market value; 

  

	 	(b)	against P&I risks for the highest amount then available in the insurance market for vessels of similar age, size and type as the Ship (but, in relation to liability for oil pollution, for an amount of not less than
$1,000,000,000); 

  

	 	(c)	against such other risks and matters which the Agent notifies it that it considers reasonable for a prudent shipowner or operator to insure against in accordance with first class international maritime practice at the
time of that notice; and 

  

	 	(d)	on terms which comply with the other provisions of this clause 23. 

 Placing of cover

  

	23.4	The insurance coverage required by clause 23.3 (Coverage required) shall be: 

  

	 	(a)	 in the name of the Borrower or the Manager and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required
by it) (unless such other person is approved and, if so required by the Agent, has duly executed and delivered a first priority 

  
 61 

	 	
assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent
requires); 

  

	 	(b)	if the Agent so requests, in the joint names of the Borrower and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums or
calls); 

  

	 	(c)	in dollars or another approved currency; 

  

	 	(d)	arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and 

  

	 	(e)	on approved terms and with approved insurers or associations. 

 Deductibles 

 

	23.5	The aggregate amount of any excess or deductible under the Ship’s hull cover shall not exceed an approved amount. 

Mortgagee’s insurance 
  

	23.6	The Borrower shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of the Ship on approved terms, or in considering or making claims under:

  

	 	(a)	a mortgagee’s interest insurance and a mortgagee’s additional perils (all P&I risks) cover) for the benefit of the Finance Parties for an amount up to 110 per cent of the Loan; and 

 

	 	(b)	any other insurance cover which the Agent reasonably requires in respect of any Finance Party’s interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).

 Fleet liens, set off and cancellations 
  

	23.7	If the Ship’s hull cover also insures other vessels, the Security Agent shall either be given an undertaking in approved terms by the brokers or (if such cover is not placed through brokers or the brokers do not,
under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not: 

 

	 	(a)	set off against any claims in respect of the Ship any premiums due in respect of any of such other vessels insured; or 

  

	 	(b)	cancel that cover because of non-payment of premiums in respect of such other vessels, 

 or the
Borrower shall ensure that hull cover for the Ship is provided under a separate policy from any other vessels. 
 Payment of premiums

  

	23.8	All premiums, calls, contributions or other sums payable in respect of the Insurances shall be paid punctually and the Agent shall be provided with all relevant receipts or other evidence of payment upon request.

 Details of proposed renewal of Insurances 
  

	23.9	At least seven days before any of the Insurances are due to expire, the Agent shall be notified of any material changes to the Insurances and the names of the brokers, insurers and associations proposed to be used for
the renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances are proposed to be renewed. 

  
 62 

 Instructions for renewal 

 

	23.10	At least seven days before any of the Insurances are due to expire, instructions shall be given to brokers, insurers and associations for them to be renewed or replaced on or before their expiry. 

Confirmation of renewal 
  

	23.11	The Insurances shall be renewed upon their expiry in a manner and on terms which comply with this clause 23 and confirmation of such renewal will be given by the Borrower to the Agent at least one Business Day before
such expiry. 

 P&I guarantees 
  

	23.12	Any guarantee or undertaking required by any protection and indemnity or war risks association in relation to the Ship shall be provided when required by the association. 

Insurance documents 
  

	23.13	The Agent shall be provided upon request with pro forma copies of all insurance policies and other documentation issued by brokers, insurers and associations in connection with the Insurances as soon as they are
available after they have been placed or renewed and all insurance policies and other documents relating to the Insurances shall be deposited with any approved brokers or (if not deposited with approved brokers) the Agent or some other approved
person. 

 Letters of undertaking 
  

	23.14	Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person,
on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from
the relevant brokers, insurers and associations. 

 Insurance Notices and Loss Payable Clauses 

 

	23.15	The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance policies and other documents by the incorporation of a Loss Payable Clause and an Insurance Notice in respect of the
Ship and its Insurances signed by the Borrower and, unless otherwise approved, each other person assured under the relevant cover (other than the Security Agent if it is itself an assured). 

Insurance correspondence 
  

	23.16	If so required by the Agent (acting reasonably), the Agent shall promptly be provided with copies of all material written communications between the assureds and brokers, insurers and associations relating to any of the
Insurances as soon as they are available. 

 Qualifications and exclusions 

 

	23.17	All requirements applicable to the Insurances shall be complied with and the Insurances shall only be subject to approved exclusions or qualifications. 

Independent report 
  

	23.18	If the Agent asks the Borrower for a detailed report from an approved independent firm of marine insurance brokers giving their opinion on the adequacy of the Insurances then if the Borrower so agrees (which agreement
shall not be unreasonably withheld or delayed) or, in the absence of such agreement where in the reasonable opinion of the Agent a material change to the Insurance Cover of the Ship has occurred the Agent shall be provided promptly with such a
report at no cost to the Agent or (if the Agent obtains such a report itself) the Borrower shall reimburse the Agent for the cost of obtaining that report. 

  
 63 

 Collection of claims 

 

	23.19	All documents and other information and all assistance required by the Agent (acting reasonably) to assist it and/or the Security Agent in trying to collect or recover any claims under the Insurances shall be provided
promptly. 

 Employment of Ship 
  

	23.20	The Ship shall only be employed or operated in conformity with the terms of the Insurances (including any express or implied warranties) and not in any other way (unless the insurers have consented and any additional
requirements of the insurers have been satisfied). 

 Declarations and returns 

 

	23.21	If any of the Insurances are on terms that require a declaration, certificate or other document to be made or filed before the Ship sails to, or operates within, an area, those terms shall be complied with within the
time and in the manner required by those Insurances. 

 Application of recoveries 

 

	23.22	All sums paid under the Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that
the repairs have already been paid for and/or the liability already discharged. 

 Settlement of claims 

 

	23.23	Any claim under the Insurances for a Total Loss or Major Casualty shall only be settled, compromised or abandoned with prior approval by the Security Agent. 

Change in insurance requirements 
  

	23.24	If the Agent (acting reasonably) gives notice to the Borrower to change the terms and requirements of this clause 23 (which the Agent may only do, in such manner as it considers appropriate, as a result in changes of
circumstances or practice after the date of this Agreement), this clause 23 shall be modified in the manner so notified by the Agent on the date 14 days after such notice from the Agent is received. 

 

	24	Chartering undertakings 

  

	24.1	The Borrower undertakes that this clause 24 will be complied with in relation to the Ship and its Charter Documents throughout the Mortgage Period. 

Variations 
  

	24.2	Except with approval of the Majority Lenders (which approval shall not be unreasonably withheld or delayed), the Charter Documents shall not be varied (except for amendments of a minor operational nature which shall be
promptly copied to the Agent upon execution and which do not affect, amend or vary any terms of the Charter relating to the calculation or payment of hire or any other amounts, the period of hire of the Ship or pursuant to which any party is
entitled to terminate the chartering of the Ship). 

 Releases and waivers 

 

	24.3	 Except with approval (which approval shall not be unreasonably withheld or delayed), there shall be no release by the Borrower of any material
obligation of any other person under the Charter 

  
 64 

	 	
Documents, no waiver of any breach of any such obligation and no consent to anything which would otherwise be such a breach. The Borrower shall not consent to the assignment or novation of the
Charter by the Charterer, without approval, where the consent of the Borrower is expressly required in order to effect such assignment or novation. 

Termination of Charter 
  

	24.4	Except with approval (which approval shall not be unreasonably withheld or delayed), the Borrower shall not terminate or rescind any Charter Document or withdraw the Ship from service under the Charter or take any
similar action. 

  

	24.5	The Borrower shall immediately notify the Agent of any termination or rescission of a Charter Document. 

Charter performance 
  

	24.6	The Borrower shall perform its obligations under the Charter Documents and use its reasonable endeavours to ensure that each other party to them (which shall include the Pluto Joint Venture Participants (as described in
Schedule 2 (Ship Information)) performs their obligations under the Charter Documents. 

 Notice of assignment

  

	24.7	The Borrower shall give notice of assignment of the Charter Documents to the other parties to them in the form specified by the Charter Assignment and shall ensure that the Agent receives a copy of that notice
acknowledged by each addressee in the form specified therein on or promptly after the date of the Mortgage. 

 Payment of
Charter Earnings 
  

	24.8	All Earnings which the Borrower is entitled to receive under the Charter Documents shall be paid in the manner required by the Security Documents. The Borrower will immediately notify the Agent if the Charterer has
reduced, or becomes entitled to reduce, or otherwise set-off the Earnings under the terms of the Charter for a period exceeding 30 days. 

Force majeure 
  

	24.9	The Borrower shall, within three Business Days, notify the Agent following receipt of any notice under clause 40.7 of the Charter. 

Substitution of Charter by a bareboat charter 
  

	24.10	If pursuant to clause 64 of the Charter, the Charterer elects to substitute the Charter with a bareboat charter between the Charterer and the Borrower (for the purposes of this clause 24.10 the Bareboat Charter),
then the Borrower shall, at its own cost and expense: 

  

	 	(a)	enter into such Bareboat Charter only after its terms have been approved in writing by the Agent (acting on the instructions of the Majority Lenders); 

 

	 	(b)	assign in favour of the Security Agent all its rights under the executed Bareboat Charter and any other Bareboat Charter Documents, such assignment to be in such form as the Agent may in its sole discretion require; and

  

	 	(c)	 execute, or procure the execution by itself, the Charterer and/or any other Obligor of, any agreements (supplemental or otherwise), documents or
instruments that the Agent may require in connection with the Bareboat Charter, any other Bareboat Charter Documents, this Agreement or any of the other Security Documents including, without limitation, a tripartite agreement (including an
assignment of the Bareboat Charter and any other Bareboat Charter Documents) in favour of the Security Agent, 

  
 65 

	 	
and the Owner of such Ship shall not deliver the Ship to the Charterer or any other person under the Bareboat Charter unless it has first complied with all its obligations under this clause
24.10. 

 Off-hire 
  

	24.11	The Borrower shall promptly notify the Agent if the Ship is off-hire under the Charter (including under clause 11.3 of the Charter) for more than two days in any calendar year. 

Breach of Charter 
  

	24.12	The Borrower shall promptly notify the Agent if the Charterer or the Borrower breaches any provisions of the Charter which would entitle the Charterer or the Borrower (as the case may be) to terminate the Charter or, in
the case of the Borrower, withdraw the Ship from service under the Charter, including (without limitation) pursuant to clause 19.4 of the Charter. 

APMM 
  

	24.13	The Agent shall be promptly notified: 

  

	 	(a)	of any breach by APMM of its obligations under the APMM Guarantee; 

  

	 	(b)	of any termination or amendment (without approval) of the APMM Guarantee; 

  

	 	(c)	of any claim made by the Charterer against APMM under the APMM Guarantee; or 

  

	 	(d)	if (without approval) the amount secured by the APMM Guarantee is reduced below $45,000,000 and is not immediately reinstated. 

Pluto Joint Venture Participants 
  

	24.14	The Borrower shall promptly deliver to the Agent any notice received from the Charterer under clauses 72.4 or 72.5 of the Charter. 

  

	25	Bank accounts 

  

	25.1	The Borrower undertakes that this clause 25 will be complied with throughout the Facility Period. 

Operating Account 
  

	25.2	The Borrower shall be the holder of one or more Accounts denominated in dollars with an Account Bank which is designated as an “Operating Account” for the purposes of the Finance Documents.

  

	25.3	The Earnings of the Ship and all moneys payable to the Borrower under the Insurances and any net amount payable to the Borrower under any Hedging Contract shall be paid by the persons from whom they are due to an
Operating Account unless required to be paid to the Security Agent under the Finance Documents. 

  

	25.4	The Borrower shall not withdraw amounts standing to the credit of an Operating Account except as permitted by clause 25.5. 

  

	25.5	Subject to clause 25.17, if there is no continuing Event of Default, the Borrower shall withdraw the following amounts from an Operating Account in the following order of priority during each quarterly period in an
approved manner: 

  

	 	(a)	payments of the proper costs and expenses of insuring and operating the Ship (including payments to an approved manager), such payments to be in the amounts reflected in the budget provided in accordance with clause
18.6 (Financial statements) unless otherwise approved; 

  
 66 

	 	(b)	any payments of a capital nature required for the purpose of repairing and maintaining the Ship; 

  

	 	(c)	payments then due to Finance Parties under the Finance Documents (other than payments due in respect of a prepayment); 

  

	 	(d)	any payments required under clause 7 (Illegality, prepayment and cancellation); 

  

	 	(e)	payments of any corporate administration expenses relating to the Borrower; 

  

	 	(f)	payments to a Debt Service Reserve Account required to comply with clause 25.7 (DSRA Account); 

  

	 	(g)	payments to a Dry Dock Reserve Account required to comply with clause 25.10 (Dry Dock Reserve Account); and 

  

	 	(h)	any payments to Malt LNG Transport or, following the implementation of the Reorganisation, Dutch Holdco permitted under clause 26.14 (Distributions and other payments). 

DSRA Account 
  

	25.6	The Borrower shall be the holder of one or more Account denominated in dollars with an Account Bank which is designated as a “Debt Service Reserve Account” for the purposes of the Finance Documents.

  

	25.7	The Borrower shall on or before the Utilisation Date pay to the credit of a Debt Service Reserve Account an amount of $4,700,000. 

  

	25.8	Subject to clause 25.17, the Borrower shall not, without approval, withdraw amounts standing to the credit of a Debt Service Reserve Account, provided always that the amount required to be held on the Debt Service
Reserve Accounts shall be reduced on each second Repayment Date by the surplus amount specified below and the Borrower shall be entitled to withdraw the surplus amount: 

 

									
	 Repayment Date
	  	Debt Service Reserve Account
balance	 	  	Debt Service Reserve Account
surplus amount	 
	 0
	  	 	4,700,000	  	  			
	 2
	  	 	4,638,351	  	  	 	61,649	  
	 4
	  	 	4,599,817	  	  	 	38,534	  
	 6
	  	 	4,506,097	  	  	 	93,720	  
	 8
	  	 	4,465,371	  	  	 	40,726	  
	 10
	  	 	4,381,945	  	  	 	83,426	  
	 12
	  	 	4,330,925	  	  	 	51,020	  
	 14
	  	 	4,241,589	  	  	 	89,336	  
	 16
	  	 	4,196,479	  	  	 	45,110	  
	 18
	  	 	4,109,335	  	  	 	87,144	  
	 20
	  	 	4,062,033	  	  	 	47,302	  
	 22
	  	 	3,977,081	  	  	 	84,952	  
	 24
	  	 	3,927,587	  	  	 	49,494	  
	 26
	  	 	3,850,006	  	  	 	77,581	  
	 28
	  	 	3,793,140	  	  	 	56,866	  
	 30
	  	 	3,712,572	  	  	 	80,568	  
	 32
	  	 	3,712,572	  	  	 	0	  

  
 67 

 Dry Dock Reserve Account 

 

	25.9	The Borrower shall be the holder of one or more Accounts denominated in dollars with an Account Bank which is designated as a “Dry Dock Reserve Account” for the purposes of the Finance Documents.

  

	25.10	The Borrower shall on or before the Utilisation Date pay to the credit of a Dry Dock Reserve Account an amount of $4,700,000. Following each dry docking of the Ship (the first such dry docking is expected to take place
in October 2014) the Borrower shall on a quarterly basis thereafter transfer funds from an Operating Account in approximately equal instalments to a Dry Dock Reserve Account in order to ensure that not later than 12 months prior to the Ship’s
next scheduled dry docking an amount projected by the Borrower to be sufficient to meet the costs of such dry docking shall be maintained on a Dry Dock Reserve Account. 

 

	25.11	Subject to clause 25.17, unless otherwise agreed, the Borrower shall not withdraw amounts standing to the credit of a Dry Dock Reserve Account except on account of the costs and expenses of each dry docking and any
other scheduled major maintenance repairs of the Ship. 

  

	25.12	The Borrower shall promptly notify the Agent if it anticipates that the amounts required on account of a scheduled dry docking of the Ship will exceed the amounts it has projected, pursuant to clause 25.10, will stand
to the credit of the Dry Dock Reserve Account 12 months prior to the next scheduled dry docking. The Borrower will be required to reserve additional funds at the request of the Agent if the Agent determines that the balance standing to the credit of
the Dry Dock Reserve Account is not sufficient to cover the expected costs of the next scheduled dry docking. 

 Other
provisions 
  

	25.13	An Account may only be designated for the purposes described in this clause 25 if: 

  

	 	(a)	such designation is made in writing by the Agent and acknowledged by the Borrower and specifies the name and address of the Account Bank and the number and any designation or other reference attributed to the Account;

  

	 	(b)	an Account Security has been duly executed and delivered by the Borrower in favour of the Security Agent; 

  

	 	(c)	any notice required by the Account Security to be given to an Account Bank has been given to, and acknowledged by, the Account Bank in the form required by the relevant Account Security; and 

 

	 	(d)	the Agent, or its duly authorised representative, has received such documents and evidence it may require in relation to the Account and the Account Security including documents and evidence of the type referred to in
Schedule 3 in relation to the Account and the relevant Account Security. 

  

	25.14	The Borrower shall not close any Account or alter the terms of any Account from those in force at the time it is designated for the purposes of this clause 25 or waive any of its rights in relation to an Account except
with approval. 

  

	25.15	The Borrower shall deposit with the Security Agent all certificates of deposit, receipts or other instruments or securities relating to any Account, notify the Security Agent of any claim or notice relating to an
Account from any other party and provide the Agent with any other information it may request concerning any Account. 

  
 68 

	25.16	Each of the Agent and the Security Agent agrees that if it is an Account Bank in respect of an Account then there will be no restrictions on creating a Security Interest over that Account as contemplated by this
Agreement and it shall not (except with the approval of the Majority Lenders) exercise any right of combination, consolidation or set-off which it may have in respect of that Account in a manner adverse to the rights of the other Finance Parties.

 Withdrawal Requests 
  

	25.17	The Borrower may withdraw an amount from an Account in accordance with clauses 25.5, 25.8 or 25.11 (Withdrawal) by delivery to the Agent and the Account Bank of a written request signed by any authorised
signatory set out in Schedule 9 (Account signatories) (Withdrawal Request) not later than 11:00 a.m. (Sydney time) three Business Days before the proposed Withdrawal (or any other period as may be agreed by the Lenders and the
Borrower). 

  

	25.18	Each Withdrawal Request shall be addressed to the Account Bank at the below address: 

 Finance
and Operations 
 Commonwealth Bank of Australia 

One Temasek Avenue #17-01 

Millenia Tower 
 Singapore 039 192

 Fax: +65 62 245812 

Attention: The Manager 
 With a
copy to: 
 Post Deal Management 

Commonwealth Bank of Australia 

Level 22. 201 Sussex Street 

Sydney NSW 2000 
 Australia 

Fax: +61 2 9118 1006 
 Email:
Kathleen.mcmahon@cba.com.au 
 Attention: The Manager 
  

	25.19	The amount of any Withdrawal shall be paid into the account below (or such other account in the name of the Borrower as the Borrower may notify to the Agent and the Account Bank in writing from time to time):

  

			
	Malt Singapore Pte. Ltd.
		
	Intermediary Bank Name:	  	Bank of New York
		
	Bank Address:	  	New York, New York
		
	Swift Code:	  	IRVTUS3N
		
	Credit to:	  	
		
	Beneficiary Bank Name:	  	DNB Bank ASA
		
	Bank Address:	  	200 Park Avenue, New York, NY
		
	Swift:	  	DNBAUS33
		
	Further Credit to:	  	
		
	Account Name:	  	Malt Singapore Pte. Ltd.
		
	Account Number:	  	26112001
		
	Currency:	  	USD

  
 69 

	26	Business restrictions 

  

	26.1	Except as otherwise approved by the Majority Lenders the Borrower undertakes that this clause 26 will be complied with by and in respect of each Obligor throughout the Facility Period. 

Business restrictions 
  

	26.2	Except as otherwise approved, the Borrower undertakes that this clause 26 will be complied with by and in respect of each Obligor throughout the Facility Period. 

General negative pledge 
  

	26.3	The Borrower shall not permit any Security Interest to exist, arise or be created or extended over all or any part of its assets except for Permitted Security Interests, 

Transactions similar to security 
  

	26.4	(Without prejudice to clauses 26.5 (Financial Indebtedness) and 26.8 (Disposals)), the Borrower shall not: 

  

	 	(a)	sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or re-acquired by, any Affiliate other than pursuant to disposals permitted under clause 26.8
(Disposals); 

  

	 	(b)	sell, transfer, factor or otherwise dispose of any of its receivables; 

  

	 	(c)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

	 	(d)	enter into any other preferential arrangement having a similar effect. 

 Financial
Indebtedness 
  

	26.5	The Borrower shall not incur or permit to exist, any Financial Indebtedness owed by it to anyone else except: 

  

	 	(a)	Financial Indebtedness incurred under the Existing Facility Agreement; 

  

	 	(b)	Financial Indebtedness incurred under the Finance Documents and Hedging Contracts for Hedging Transactions entered into pursuant to clause 27.2 (Hedging); and 

 

	 	(c)	Financial Indebtedness permitted under clause 26.6 (Guarantees). 

 Guarantees 

 

	26.6	The Borrower shall not give or permit to exist, any guarantee by it in respect of indebtedness of any person or allow any of its indebtedness to be guaranteed by anyone else except: 

 

	 	(a)	guarantees in favour of trade creditors of the Borrower given in the ordinary course of its business or in order to avoid the creation of, or to release, a Permitted Maritime Lien; and 

 

	 	(b)	guarantees which are Financial Indebtedness permitted under clause 26.5 (Financial Indebtedness). 

  
 70 

 Bank accounts and other financial transactions 

 

	26.7	The Borrower shall not: 

  

	 	(a)	maintain any bank accounts with a bank or financial institution except for the Accounts; 

  

	 	(b)	hold cash in any account (other than in an Account); and 

  

	 	(c)	be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly permitted under this clause 26 (Business restrictions). 

Disposals 
  

	26.8	The Borrower shall not enter into a single transaction or a series of transactions, whether related or not and whether voluntarily or involuntarily, to dispose of any asset except for any of the following disposals so
long as they are not prohibited by any other provision of the Finance Documents: 

  

	 	(a)	disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing entity; 

  

	 	(b)	disposals of obsolete assets, or assets which are no longer required for the purpose of the business of the Borrower, in each case for cash on normal commercial terms and on an arm’s length basis; and

  

	 	(c)	the application of cash or cash equivalents in the acquisition of assets or services in the ordinary course of its business. 

Contracts and arrangements with Affiliates 
  

	26.9	No Obligor shall be a party to any arrangement or contract with any of its Affiliates unless such arrangement or contract is on an arm’s length basis, provided that, in the case of Teekay Shipping, this clause
shall only apply to any such arrangements or contracts relating to the Ship. 

 Subsidiaries 

 

	26.10	The Borrower shall not establish or acquire a company or other entity. 

 Acquisitions and
investments 
  

	26.11	The Borrower shall not, without approval, acquire any person, business, assets or liabilities or make any investment in any person or business or enter into any joint-venture arrangement except: 

 

	 	(a)	acquisitions of assets in the ordinary course of business (not being new businesses or vessels); 

  

	 	(b)	the incurrence of liabilities in the ordinary course of its business; or 

  

	 	(c)	pursuant to any Finance Document or any Charter Document to which it is a party. 

 Reduction
of capital 
  

	26.12	Save as part of implementation of the Reorganisation, the Borrower shall not redeem or purchase or otherwise reduce any of its equity or any other share capital or any warrants or any uncalled or unpaid liability in
respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other undistributable reserve in any manner. 

  
 71 

 Increase in capital 

 

	26.13	The Borrower shall not (and it is hereby undertaken by the Borrower that (a) prior to the implementation of the Reorganisation, neither Malt LNG Transport, nor Malt LNG Holdings nor the Sponsors and
(b) following the Reorganisation Date neither Dutch Holdco nor the Sponsors nor any other person with an indirect shareholding in the Borrower shall) issue shares or other equity interests to anyone in a manner that results in a Change of
Control. 

 Distributions and other payments 
  

	26.14	Subject to clause 26.15 below, the Borrower shall not: 

  

	 	(a)	declare or pay (including by way of set-off, combination of accounts or otherwise) any dividend or redeem or make any other distribution or payment (whether in cash or in specie), including any interest and/or unpaid
dividends, in respect of its equity or any other share capital or any warrants for the time being in issue; or 

  

	 	(b)	make any payment (including by way of set-off, combination of accounts or otherwise) by way of interest, or repayment, redemption, purchase or other payment, in respect of any shareholder loan, loan stock or similar
instrument; 

 other than where: 
  

	 	(i)	no Event of Default is continuing or will occur as a result of the proposed declaration or payment; and 

  

	 	(ii)	any such declaration or payment is made, prior to the implementation of the Reorganisation, to Malt LNG Transport and thereafter to Dutch Holdco; and 

 

	 	(iii)	any such declaration or payment is permitted in accordance with clause 25.5 (Operating Account); and 

  

	 	(iv)	the Borrower has provided to the Agent prior to such declaration or payment a Compliance Certificate in respect of the immediately preceding Relevant Period demonstrating a DSCR of not less than or equal to 1.1: 1
together with the most recent financial statements required under clauses 18.3 and 18.4 (Financial Statements); and 

  

	 	(v)	any such declaration or payment is made more than six months prior to the next scheduled dry docking of the Ship; and 

  

	 	(vi)	where no more than one such declaration or payment has been made within the previous six month period. 

  

	26.15	The Borrower shall not make any declaration or payment in accordance with clause 26.14(a) or 26.14(b) above: 

  

	 	(a)	without the approval of the Lenders (such approval not to be unreasonably withheld or delayed) if Force Majeure (as defined in the Charter) has occurred and is continuing; or 

 

	 	(b)	if the Charter has been terminated (unless within 120 days after such termination the Ship is delivered under a replacement charter commitment approved by the Lenders in accordance with clause 7.15 (Mandatory
prepayment)). 

  
 72 

 Application of FATCA 

 

	26.16	The Borrower shall promptly notify the Agent if any Obligor (other than Teekay Shipping) becomes or ceases to be a FATCA FFI or a US Tax Obligor. 

 

	27	Hedging Contracts 

  

	27.1	The Borrower undertakes that this clause 27 will be complied with throughout the Facility Period. 

Hedging 
  

	27.2	The Borrower shall not later than the date falling 30 days after the Utilisation Date (a) enter into a Hedging Master Agreement with the Hedging Co-ordinator and the Hedging Contract Security as required under
Schedule 3, Part 1, paragraph 5 (Conditions precedent to any Utilisation), (b) enter into with the Hedging Co-ordinator (as Hedging Provider) and, thereafter, maintain at all times Hedging Transactions which provide for protection
against adverse movements in interest rates for an aggregate notional principal amount that is equal to at least 80 per cent of the Loan as then scheduled to be repaid pursuant to clause 6.2 (Scheduled repayment of Facility).

  

	27.3	The Hedging Co-ordinator may at any time after the Utilisation Date enter into novation agreements with other Hedging Providers for the pro rata novation of the initial Hedging Contracts entered into under clause 27.2.

  

	27.4	The interest rate swaps contemplated by clause 27.2 shall collectively: 

  

	 	(a)	provide for the Borrower to pay a fixed or capped rate of interest in respect of the relevant notional principal amount; and 

  

	 	(b)	match the repayment profile and term of the Loan. 

  

	27.5	The Borrower shall ensure that each due date for value in respect of each Hedging Transaction shall coincide with the expiry of each Interest Period or instalments of interest payable under clause 8.2 (Payment of
Interest). 

  

	27.6	The Borrower shall, promptly upon entry into of any Confirmation under a Hedging Contract, deliver to the Agent an original or certified copy of such Confirmation. 

 

	27.7	Other than Hedging Transactions which meet the requirements of clauses 27.2 to 27.6, the Borrower shall not enter into Treasury Transactions, except with approval. 

 

	27.8	If, at any time during the Facility Period, the Borrower wishes to enter into any Treasury Transaction so as to hedge all or any part of its exposure under this Agreement to interest rate fluctuations, it shall advise
the Agent and the Hedging Co-ordinator in writing. 

  

	27.9	Any such Treasury Transaction shall be arranged through the Hedging Co-ordinator and be concluded with a Hedging Provider on the terms of the Hedging Master Agreement with that Hedging Provider but (except with the
approval of the Majority Lenders) no such Treasury Transaction shall be concluded unless: 

  

	 	(a)	its purpose is to hedge the Borrower’s interest rate risk in relation to borrowings under this Agreement for a period expiring no later than the Final Repayment Date; 

 

	 	(b)	its notional principal amount, when aggregated with the notional principal amount of any other continuing Hedging Contracts, does not and will not exceed the Loan as then scheduled to be repaid pursuant to clause 6.2
(Scheduled repayment of Facility); and 

  

	 	(c)	it is approved. 

  
 73 

	27.10	If and when any such Treasury Transaction has been concluded, it shall constitute a Hedging Contract for the purposes of the Finance Documents. 

Unwinding of Hedging Contracts 
  

	27.11	If, at any time, and whether as a result of any prepayment (in whole or in part) of the Loan or any cancellation (in whole or in part) of any Commitment or otherwise, the aggregate notional principal amount under all
Hedging Transactions in respect of the Loan entered into by the Borrower exceeds or will exceed the amount of Loan outstanding at that time after such prepayment or cancellation, then (unless otherwise approved by the Majority Lenders) the Borrower
shall immediately close out and terminate sufficient Hedging Transactions as are necessary to ensure that the aggregate notional principal amount under the remaining continuing Hedging Transactions equals, and will in the future be equal to, the
amount of the Loan at that time and as scheduled to be repaid from time to time thereafter pursuant to clause 6.2 (Scheduled repayment of Facility). 

Variations 
  

	27.12	Except with approval or as required by clause 27.11 (Unwinding of Hedging Contracts), any Hedging Master Agreement and the Hedging Contracts shall not be varied. 

Releases and waivers 
  

	27.13	Except with approval, there shall be no release by the Borrower of any obligation of any other person under the Hedging Contracts (including by way of novation), no waiver of any breach of any such obligation and no
consent to anything which would otherwise be such a breach. 

 Assignment of Hedging Contracts by Borrower 

 

	27.14	Except with approval or by the Hedging Contract Security, the Borrower shall not assign or otherwise dispose of its rights under any Hedging Contract. 

Termination of Hedging Contracts by Borrower 
  

	27.15	Except with approval, the Borrower shall not terminate or rescind any Hedging Contract or close out or unwind any Hedging Transaction except in accordance with clause 27.11 (Unwinding of Hedging Contracts) for
any reason whatsoever. 

 Performance of Hedging Contracts by Borrower 

 

	27.16	The Borrower shall perform its obligations under the Hedging Contracts and use its best endeavours to procure that each Hedging Provider shall perform its obligations under the Hedging Contracts to which it is party.

 Information concerning Hedging Contracts 
  

	27.17	The Borrower shall provide the Agent with any information it may request concerning any Hedging Contract, including all reasonable information, accounts and records that may be necessary or of assistance to enable the
Agent to verify the amounts of all payments and any other amounts payable under the Hedging Contracts. 

  

	28	Events of Default 

  

	28.1	Each of the events or circumstances set out in clauses 28.2 to 28.41 is an Event of Default. 

Non-payment 
  

	28.2	An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable. 

  
 74 

	28.3	For the purposes of clause 28.2 and subject to the Agent’s right to demand interest under clauses 8.3 to 8.5 (Default interest), if the relevant Obligor can demonstrate to the reasonable satisfaction of the
of the Agent that all necessary instructions were given to effect such payment and non-receipt thereof is attributable solely to an error in the banking system, such payment shall instead be deemed to be due within three Business Days of the date on
which it actually fell due under the relevant Finance Document (if a payment of principal), five Business Days (if a payment of interest) or ten Business Days (if a sum payable on demand). 

Hedging Contracts 
  

	28.4	An Event of Default (as defined in any Hedging Master Agreement) has occurred and is continuing under any Hedging Contract. 

  

	28.5	An Early Termination Date (as defined in any Hedging Master Agreement) has occurred or been designated under any Hedging Contract. 

  

	28.6	A person entitled to do so gives notice of such an Early Termination Date under any Hedging Contract except with approval or as may be required by clause 27.11 (Unwinding of Hedging Contracts). 

 

	28.7	Any Hedging Contract is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases to remain in full force and effect for any reason except with approval or as may be required by clause 27.11
(Unwinding of Hedging Contracts). 

 Financial Covenants 

 

	28.8	The Borrower does not comply with clause 19 (Financial covenants) and such non-compliance continues for a period of 30 days of the earlier of (A) the Agent giving notice to the Borrower and (B) the
Borrower becoming aware of the failure to comply. 

 Insurance 

 

	28.9	The Insurances of the Ship are not placed and kept in force in the manner required by clause 23 (Insurance). 

  

	28.10	Any insurer either: 

  

	 	(a)	cancels any such Insurances; or 

  

	 	(b)	disclaims liability under them by reason of any mis-statement or failure or default by any person. 

Other obligations 
  

	28.11	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clause 28.2 (Non-payment), clauses 28.4 to 28.7 (Hedging Contracts), clause 28.8 (Financial
covenants), clauses 28.9 to 28.10 (Insurance) and clause 28.38 (Arrest of Ship)). 

  

	28.12	No Event of Default under clause 28.11 above will occur if the failure to comply is capable of remedy and the failure is remedied within 30 days of the earlier of (A) the Agent giving notice to the Borrower and
(B) the Borrower becoming aware of the failure to comply. 

 Misrepresentation 

 

	28.13	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or
proves to have been incorrect or misleading to a material extent when made or deemed to be made. 

  
 75 

 Cross default 
  

	28.14	Any Financial Indebtedness of the Borrower or TGP is not paid when due nor within any originally applicable grace period. 

  

	28.15	Any Financial Indebtedness of the Borrower or TGP is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described). 

 

	28.16	Any commitment for any Financial Indebtedness of the Borrower or TGP is cancelled or suspended by a creditor of the Borrower or TGP as a result of an event of default (however described). 

 

	28.17	The counterparty to a Treasury Transaction entered into by the Borrower or TGP becomes entitled to terminate that Treasury Transaction early by reason of an event of default (however described). 

 

	28.18	Any creditor of the Borrower or TGP becomes entitled to declare any Financial Indebtedness of the Borrower or TGP due and payable prior to its specified maturity as a result of an event of default (however described).

  

	28.19	No Event of Default will occur under clauses 28.14 to 28.18 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within clauses 28.14 to 28.18 above is less than $2,000,000
(in the case of the Borrower) or $100,000,000 (in the case of TGP) (or its equivalent in any other currency or currencies). 

Insolvency 
  

	28.20	An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to, or is declared to, be unable to pay its debts under applicable law, suspends making payments on any of its debts or, by reason of
actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness. 

 

	28.21	The value of the assets of an Obligor is less than its liabilities (taking into account contingent and prospective liabilities). 

  

	28.22	A moratorium is declared in respect of any indebtedness of an Obligor (other than Teekay Shipping). 

Insolvency proceedings 
  

	28.23	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of an Obligor (other than
Teekay Shipping); 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor of an Obligor (other than Teekay Shipping); 

  

	 	(c)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of an Obligor (other than Teekay Shipping) or any of its assets (including the
directors of an Obligor (other than Teekay Shipping) requesting a person to appoint any such officer in relation to it or any of its assets); or 

  

	 	(d)	enforcement of any Security Interest over any assets of an Obligor (other than Teekay Shipping), 

or any analogous procedure or step is taken in any jurisdiction. 

  
 76 

	28.24	Clause 28.23 shall not apply to any winding-up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or dismissed within seven days of commencement or, if earlier, the date
on which it is advertised. 

 Creditors’ process 

 

	28.25	Any expropriation, attachment, sequestration, distress, execution or analogous process affects any asset or assets of an Obligor in an amount exceeding $1,000,000 in any one case and $2,000,000 in aggregate (or its
equivalent in any other currency or currencies) and is not discharged within seven days. 

  

	28.26	Any judgment or order for an amount in exceeding $1,000,000 in any one case and $2,000,000 in aggregate (or its equivalent in any other currency or currencies) is made against an Obligor and is not stayed or complied
with within seven days. 

 Unlawfulness and invalidity 

 

	28.27	It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be
effective. 

  

	28.28	Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively
materially and adversely affects the interests of the Lenders under the Finance Documents. 

  

	28.29	Any Finance Document or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be in full force and effect or is alleged by a party to it (other than a Finance Party)
to be ineffective for any reason. 

  

	28.30	Any Security Document does not create legal, valid, binding and enforceable security over the assets charged under that Security Document or the ranking or priority of such security is adversely affected.

  

	28.31	Subject always to the Obligors’ continued compliance with the provisions of the relevant Security Documents, no Event of Default will occur under clauses 28.27 to 28.30 if the failure to comply is capable of remedy
and the failure is remedied within seven days (or such longer period as may be agreed in writing by the Agent). 

Cessation of business 
  

	28.32	Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business. 

Expropriation 
  

	28.33	The authority or ability of any Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf
of any governmental, regulatory or other authority or other person in relation to any Obligor or any of its assets. 

Repudiation and rescission of Finance Documents 
  

	28.34	An Obligor 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. 

  
 77 

 Litigation 
  

	28.35	Any litigation, alternative dispute resolution, arbitration or administrative proceeding is taking place, or threatened against any Obligor (other than Teekay Shipping) or any of its assets, rights or revenues which, if
adversely determined, might have a Material Adverse Effect. 

 Material Adverse Effect 

 

	28.36	Any Environmental Incident or other event or circumstance or series of events (including any change of law) occurs which the Majority Lenders reasonably believe has, or is reasonably likely to have, a Material Adverse
Effect, provided that if such event or circumstance or series of events involves a Sponsor pursuant to paragraph (a) of the definition of Material Adverse Effect in clause 1.1 (Definitions and interpretation) and the Agent considers
(acting reasonably) that such event or circumstance or series of events may be remedied by a transfer of shares in the Borrower or Malt LNG Transport (prior to the Reorganisation Date) or Dutch Holdco (after the Reorganisation Date) as between the
Sponsors, the Sponsors shall be entitled to effect such remedy (absent any other Event of Default having occurred and being continuing) within a period of 30 days. 

Security enforceable 
  

	28.37	Any Security Interest (other than a Permitted Maritime Lien) in respect of Charged Property becomes enforceable. 

Arrest of Ship 
  

	28.38	The Ship is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim and the Borrower fails to procure the release of the
Ship within a period of 14 days thereafter (or such longer period as may be approved). 

 Ship registration 

 

	28.39	Except with approval, the registration of the Ship under the laws and flag of its Flag State is cancelled or terminated. 

Political risk 
  

	28.40	The Flag State or any Relevant Jurisdiction of an Obligor becomes involved in hostilities or civil war or there is a seizure of power in the Flag State or any such Relevant Jurisdiction by unconstitutional means if, in
any such case, such event or circumstance, in the reasonable opinion of the Agent, has or is reasonably likely to have, a Material Adverse Effect and, within 30 days of notice from the Agent to do so, such action as the Agent may require to ensure
that such event or circumstance will not have such an effect has not been taken by the Borrower. 

 APMM Guarantee 

 

	28.41	Unless the Charterer has consented, the APMM Guarantee is terminated for any reason without the approval of the Agent and is not novated to the Sponsors or replaced by a replacement guarantee provided by the Sponsors
(or either of them) and approved by the Charterer within 30 days of such termination. 

 Acceleration 

 

	28.42	On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower: 

 

	 	(a)	cancel the Total Commitments at which time they shall immediately be cancelled; and/or 

  
 78 

	 	(b)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately
due and payable; and/or 

  

	 	(c)	declare that all or part of the Loan be payable on demand, at which time it shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or 

 

	 	(d)	declare that no withdrawals be made from any Account; and/or 

  

	 	(e)	exercise or direct the Security Agent and/or any other beneficiary of the Security Documents to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 

 

	29	Position of Hedging Providers 

 Hedging Providers 

 

	29.1	It is acknowledged that as at the date hereof the Hedging Providers comprise only the Original Hedging Providers but that at the time any Hedging Contract is entered into after the date hereof, any Hedging Provider who
is party to such Hedging Contract (and who is not an Original Hedging Provider) shall accede to, and become a party to, this Agreement by entering into a Hedging Provider Accession Letter and upon the execution of such Hedging Provider Accession
Letter the relevant Hedging Provider shall have the rights and obligations on the part of the Hedging Providers contained in this Agreement and the other Finance Documents. 

Rights of Hedging Providers 
  

	29.2	Each Hedging Provider is a Finance Party and as such, will be entitled to share in the security constituted by the Security Documents in respect of any liabilities of the Borrower under the Hedging Contracts with such
Hedging Provider in the manner and to the extent contemplated by the Finance Documents. 

 No voting rights 

 

	29.3	No Hedging Provider shall be entitled to vote on any matter where a decision of the Lenders alone is required under this Agreement, whether before or after the termination or close out of the Hedging Contracts with such
Hedging Provider, provided that each Hedging Provider shall be entitled to vote on any matter where a decision of all the Finance Parties is expressly required. 

Acceleration and enforcement of security 
  

	29.4	Neither the Agent nor the Security Agent or any other beneficiary of the Security Documents shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to clause 28 (Events of
Default) or pursuant to the other Finance Documents, to have any regard to the requirements of the Hedging Provider except to the extent that the Hedging Provider is also a Lender. 

Close out of Hedging Contracts 
  

	29.5	The Parties agree that at any time on and after any Event of Default the Agent (acting on the instructions of the Majority Lenders) shall be entitled, by notice in writing to a Hedging Provider, to instruct such Hedging
Provider to terminate and close out any Hedging Transactions (or part thereof) with the relevant Hedging Provider. The relevant Hedging Provider will terminate and close out the relevant Hedging Transactions (or parts thereof) and/or the relevant
Hedging Contracts in accordance with such notice immediately upon receipt of such notice. 

  

	29.6	No Hedging Provider shall be entitled to terminate or close out any Hedging Contract or any Hedging Transaction under it prior to its stated maturity except: 

 

	 	(a)	in accordance with a notice served by the Agent under clause 29.5; or 

  
 79 

	 	(b)	if the Borrower has not paid amounts due under the Hedging Contract and such amounts remain unpaid for a period of 30 days after the due date for payment and the Agent (acting on the instructions of the Majority
Lenders) consents to such termination or close out; or 

  

	 	(c)	if the Agent takes any action under clause 28.42 (Acceleration); or 

  

	 	(d)	if the Loan and other amounts outstanding under the Finance Documents (other than amounts outstanding under the Hedging Contracts) have been repaid by the Borrower in full. 

 

	29.7	If there is a net amount payable to the Borrower under a Hedging Transaction or a Hedging Contract upon its termination and close out, the relevant Hedging Provider shall forthwith pay that net amount (together with
interest earned on such amount) to the Security Agent for application in accordance with clause 32.79 (Order of application). 

  

	29.8	No Hedging Provider (in any capacity) shall set-off any such net amount against or exercise any right of combination in respect of any other claim it has against the Borrower. 

  
 80 

 Section 8 - Changes to Parties 

 

	30	Changes to the Lenders 

 Assignments by the Lenders 

 

	30.1	Subject to this clause 30, a Lender (the Existing Lender) may assign any of its rights under this Agreement to another bank or financial institution or to a trust, fund or other entity which is regularly engaged
in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender). 

Conditions of assignment 
  

	30.2	The consent of the Borrower is required for an assignment by a Lender, unless the assignment is to another Lender or an Affiliate of a Lender or to any government entity under whose supervision any of the Lenders is
subject or an Event of Default is continuing. The Agent will immediately advise the Borrower of the assignment. 

  

	30.3	The Borrower’s consent to an assignment may not be unreasonably withheld or delayed. 

  

	30.4	An assignment will only be effective: 

  

	 	(a)	on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the Borrower and the other Finance Parties as
it would have been under if it was an Original Lender; 

  

	 	(b)	on the New Lender entering into any documentation required for it to accede as a party to any Security Document to which the Original Lender is a party in its capacity as a Lender and, in relation to such Security
Documents, completing any filing, registration or notice requirements; 

  

	 	(c)	on the performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations relating to any person that it is required to carry out in relation to
such assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and 

  

	 	(d)	if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan. 

  

	30.5	Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf
of the requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the assignment becomes effective in accordance with the Finance Documents and that it is bound by that decision to the same extent as the
Existing Lender would have been had it remained a Lender. 

 Fee 

 

	30.6	The New Lender shall, on the date upon which an assignment takes effect, pay to the Agent (for its own account) a fee of $3,500. 

Limitation of responsibility of Existing Lenders 
  

	30.7	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  
 81 

	 	(b)	the financial condition of any Obligor; 

  

	 	(c)	the performance and observance by any Obligor or any other person of its obligations under the Finance Documents or any other documents; 

 

	 	(d)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; or 

  

	 	(e)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	30.8	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of: 

  

	 	(i)	the financial condition and affairs of the Obligors and their related entities in connection with its participation in this Agreement; and 

 

	 	(ii)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents, 

and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any
Finance Document; 
  

	 	(b)	will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; and 

 

	 	(c)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	30.9	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(a)	accept a re-assignment from a New Lender of any of the rights assigned under this clause 30 (Changes to the Lenders); or 

  

	 	(b)	support any losses directly or indirectly incurred by the New Lender by reason of the nonperformance by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II
Regulation to the transactions contemplated by the Finance Documents or otherwise. 

 Procedure for assignment 

 

	30.10	Subject to the conditions set out in clauses 30.2 to 30.5 (Conditions of assignment) an assignment may be effected in accordance with clause 30.13 below when (a) the Agent executes an otherwise duly
completed Transfer Certificate and (b) the Agent executes any document required under clause 30.4 which it may be necessary for it to execute in each case delivered to it by the Existing Lender and the New Lender duly executed by them and, in
the case of any such other document, any other relevant person. The Agent shall, subject to clause 30.11, as soon as reasonably practicable after receipt by it of a Transfer Certificate and any such other document each duly completed, appearing on
its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and such other document. 

 

	30.11	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once: 

  

	 	(a)	it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender; and

  

	 	(b)	it has received the transfer fee payable in terms of clause 30.6 (Fee). 

  
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	30.12	The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate on their behalf without any consultations with them. 

 

	30.13	On the Transfer Date: 

  

	 	(a)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Transfer Certificate; 

 

	 	(b)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the Relevant Obligations) and expressed to be the subject of the release in the Transfer
Certificate (but the obligations owed by the Obligors under the Finance Documents shall not be released); and 

  

	 	(c)	the New Lender shall become a Party to the Finance Documents as a “Lender” for the purposes of all the Finance Documents and will be bound by obligations equivalent to the Relevant Obligations.

  

	30.14	Lenders may utilise procedures other than those set out in clauses 30.10 to 30.13 (Procedure for assignment) to assign their rights under the Finance Documents (but not, without the consent of the relevant
Obligor or unless in accordance with clauses 30.10 to 30.13 (Procedure for assignment) to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender)
provided that they comply with the conditions set out in clauses 30.2 to 30.5 (Conditions of assignment). 

 Copy of
Transfer Certificate to Borrower 
  

	30.15	The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate and any other document required under clause 30.4, send a copy of that Transfer Certificate and such other documents to the
Borrower. 

 Security over Lenders’ rights 

 

	30.16	In addition to the other rights provided to Lenders under this clause 30, each Lender may without consulting with or obtaining consent from an Obligor, at any time charge, assign or otherwise create a Security Interest
in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	 	(a)	any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as
security for those obligations or securities, except that no such charge, assignment or Security Interest shall: 

  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents;
or 

  

	 	(ii)	require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

  
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	31	Changes to the Obligors 

  

	31.1	No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

  
 84 

 Section 9 - The Finance Parties 

 

	32	Roles of Agent, Security Agent, Arranger and Hedging Co-ordinator 

 Appointment of the
Agent 
  

	32.1	Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent under and in connection with the Finance Documents. 

 

	32.2	Each such other Finance Party authorises the Agent: 

  

	 	(a)	to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any
other incidental rights, powers, authorities and discretions; and 

  

	 	(b)	to execute each of the Security Documents and all other documents that may be approved by the Majority Lenders for execution by it. 

Instructions to Agent 
  

	32.3	The Agent shall: 

  

	 	(a)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

  

	 	(i)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and 

  

	 	(ii)	in all other cases, the Majority Lenders; and 

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (a) above. 

  

	32.4	The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group
of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives those
instructions or that clarification. 

  

	32.5	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given
to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent. 

 

	32.6	The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be
greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

 

	32.7	In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. 

 

	32.8	 The Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender’s or any Hedging
Provider’s consent) in any legal or arbitration proceedings 

  
 85 

	 	
relating to any Finance Document. This clause 32.8 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security
Documents or enforcement of the Security Documents. 

 Duties of the Agent 

 

	32.9	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	32.10	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	32.11	Without prejudice to clause 30.15 (Copy of Transfer Certificate to Borrower), clause 32.10 shall not apply to any Transfer Certificate. 

 

	32.12	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

 

	32.13	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

  

	32.14	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or the Arranger or the Security Agent, for their own account) under this
Agreement it shall promptly notify the other Finance Parties. 

  

	32.15	The Agent shall provide to the Borrower within five Business Days of a request by the Borrower (but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the
Lenders as at the date of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document
to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender
to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

  

	32.16	The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied). 

Role of the Arranger and the Hedging Co-ordinator 
  

	32.17	Except as specifically provided in the Finance Documents, the Arranger and the Hedging Co-ordinator have no obligations of any kind to any other Party under or in connection with any Finance Document or the transactions
contemplated by the Finance Documents. 

 No fiduciary duties 

 

	32.18	Nothing in this Agreement constitutes the Agent, the Arranger and the Hedging Co-ordinator as a trustee or fiduciary of any other person. 

 

	32.19	None of the Agent, the Security Agent, the Arranger or the Hedging Co-ordinator shall be bound to account to any Lender or any Hedging Provider for any sum or the profit element of any sum received by it for its own
account or have any obligations to the other Finance Parties beyond those expressly stated in the Finance Documents. 

  
 86 

 Business with the Obligors and Sponsors 

 

	32.20	The Agent, the Security Agent, the Arranger and the Hedging Co-ordinator may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Obligor or either Sponsor or their
Affiliates. 

 Rights and discretions of the Agent 

 

	32.21	The Agent may 

  

	 	(a)	rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised; 

  

	 	(b)	assume that: 

  

	 	(i)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and 

 

	 	(ii)	unless it has received notice of revocation, that those instructions have not been revoked; and 

  

	 	(c)	rely on a certificate from any person: 

  

	 	(i)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or 

  

	 	(ii)	to the effect that such person approves of any particular dealing, transaction, step, action or thing, 

as sufficient evidence that that is the case and, in the case of paragraph (i) above, may assume the truth and accuracy of that
certificate. 
  

	32.22	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other Finance Parties) that: 

  

	 	(a)	no Default has occurred (unless it has actual knowledge of a Default arising under clauses 28.2 and 28.3 (Non-payment)); 

 

	 	(b)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised; and 

  

	 	(c)	any notice or request made by the Borrower (other than a Utilisation Request) is made on behalf of and with the. consent and knowledge of all the Obligors. 

 

	32.23	The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts in the conduct of its obligations and responsibilities under the
Finance Documents. 

  

	32.24	Without prejudice to the generality of clause 32.23 or clause 32.25, the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers
instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable. 

  

	32.25	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable
for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying. 

  
 87 

	32.26	The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not: 

  

	 	(a)	be liable for any error of judgment made by any such person; or 

  

	 	(b)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person, 

unless such error or such loss was directly caused by the Agent’s gross negligence or wilful misconduct. 

 

	32.27	Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

 

	32.28	Without prejudice to the generality of clause 32.27 above, the Agent: 

  

	 	(a)	may disclose; and 

  

	 	(b)	upon the written request of the Borrower or the Majority Lenders shall, as soon as reasonably practicable, disclose, 

the identity of a Defaulting Lender to the other Finance Parties and the Borrower. 

 

	32.29	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. The Agent and the Arranger may do anything which in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction.

  

	32.30	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or
responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it.

  

	32.31	Neither the Agent nor the Arranger shall be obliged to request any certificate, opinion or other information under clause 18 (Information undertakings) unless so required in writing by a Lender or any Hedging
Provider, in which case the Agent shall promptly make the appropriate request of the Borrower if such request would be in accordance with the terms of this Agreement. 

Responsibility for documentation and other matters 
  

	32.32	Neither the Agent nor the Arranger is responsible or liable for: 

  

	 	(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person given in or in connection with any Finance Document or the
transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or of any representations in any Finance Document
or of any copy of any document delivered under any Finance Document; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document or any Charter Document; 

  

	 	(c)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; 

  
 88 

	 	(d)	any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any Charged Property or any investments made or retained in good faith or by reason of any other matter or thing;

  

	 	(e)	accounting to any person for any sum or the profit element of any sum received by it for its own account; 

  

	 	(f)	the failure of any Obligor or any other party to perform its obligations under any Finance Document or any Charter Document or the financial condition of any such person; 

 

	 	(g)	ascertaining whether all deeds and documents which should have been deposited with it (or the Security Agent) under or pursuant to any of the Security Documents have been so deposited; 

 

	 	(h)	investigating or making any enquiry into the title of any Obligor to any of the Charged Property or any of its other property or assets; 

 

	 	(i)	failing to register any of the Security Documents with the Registrar of Companies or any other public office; 

  

	 	(j)	failing to register any of the Security Documents in accordance with the provisions of the documents of title of any Obligor to any of the Charged Property; 

 

	 	(k)	failing to take or require any Obligor to take any steps to render any of the Security Documents effective as regards property or assets outside England or Wales or to secure the creation of any ancillary charge under
the laws of the jurisdiction concerned; 

  

	 	(l)	(unless it is the same entity as the Security Agent) the Security Agent and/or any other beneficiary of a Security Document failing to perform or discharge any of its duties or obligations under the Security Documents;
or 

  

	 	(m)	any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by any applicable law or regulation relating to
insider dealing or otherwise. 

 No duty to monitor 

 

	32.33	The Agent shall not be bound to enquire: 

  

	 	(a)	whether or not any Default has occurred; 

  

	 	(b)	as to the performance, default or any breach by any Party of its obligations under any Finance Document; or 

  

	 	(c)	whether any other event specified in any Finance Document has occurred. 

 Exclusion of
liability 
  

	32.34	Without limiting clause 32.35 (and without prejudice to any other provision of the Finance Documents excluding or limiting the liability of the Agent) the Agent will not be liable (including, without limitation, for
negligence or any other category of liability whatsoever) for: 

  

	 	(a)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Charged
Property, unless directly caused by its gross negligence or wilful misconduct; 

  

	 	(b)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Charged Property or any other agreement, arrangement or document entered into,
made or executed in anticipation of, under or in connection with, any Finance Document or the Charged Property; or 

  
 89 

	 	(c)	without prejudice to the generality of paragraphs (a) and (b) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of: 

 

	 	(i)	any act, event or circumstance not reasonably within its control; or 

  

	 	(ii)	the general risks of investment in, or the holding of assets in, any jurisdiction, 

 including
(in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or
fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Payment Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer
services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 
  

	32.35	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by
that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this clause subject to clauses 1.8 to 1.10 (Third party rights) and the provisions of the Third Parties Act.

  

	32.36	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	32.37	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out 

  

	 	(a)	any “know your customer” or other checks in relation to any person; or 

  

	 	(b)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender, 

on behalf of any Lender or any Hedging Provider and each Lender any Hedging Provider confirms to the Agent and the Arranger that it is solely
responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger. 
  

	32.38	Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability, any liability of the Agent arising under or in connection with any Finance Document or the Charged Property
shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such
default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business
opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages. 

Lenders’ indemnity to the Agent 
  

	32.39	Each Lender shall (in proportion (if no part of the Loan is then outstanding) to its share of the Total Commitments or (at any other time) to its participation in the Loan) indemnify the Agent, within three Business
Days of demand, against: 

  

	 	(a)	any Losses for negligence or any other category of liability whatsoever incurred by such Lenders’ Representative in the circumstances contemplated pursuant to clause 35.20 (Disruption to payment systems etc)
notwithstanding the Agent’s negligence, gross negligence, or any other category of liability whatsoever but not including any claim based on the fraud of the Agent); and 

  
 90 

	 	(b)	any other Losses (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) including the costs of any person engaged in accordance with clause 32.23 (Rights and discretions of the
Agent) and any Receiver in acting as its agent under the Finance Documents, 

 in each case incurred by the Agent in acting
as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document or out of the Trust Property). 
  

	32.40	Subject to clause 32.41, the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to clause 32.39. 

 

	32.41	Clause 32.40 shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent to an Obligor. 

Resignation of the Agent 
  

	32.42	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders, each Hedging Provider, the Security Agent and the Borrower. 

 

	32.43	Alternatively the Agent may resign by giving 30 days notice to the other Finance Parties and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Agent.

  

	32.44	If the Majority Lenders have not appointed a successor Agent in accordance with clause 32.43 above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrower) may
appoint a successor Agent. 

  

	32.45	If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under clause 32.44, the Agent
may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this clause 32 and any other
term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the agency fee payable under
this Agreement which are consistent with the successor Agent’s normal fee rates and those amendments will bind the Parties. 

  

	32.46	The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent
under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and
records and providing such assistance. 

  

	32.47	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	32.48	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under clause 32.46) but shall remain entitled to the benefit of clause 14.4 (Indemnity to the Agent and the Security Agent) and this clause 32 (and any agency fees for
the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
been an original Party. 

  
 91 

 Replacement of the Agent 

 

	32.49	After consultation with the Borrower, the Majority Lenders may, by giving 30 days’ notice to the Agent replace the Agent by appointing a successor Agent. 

 

	32.50	The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent
under the Finance Documents. 

  

	32.51	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under clause 32.50) but shall remain entitled to the benefit of clause 14.4 (Indemnity to the Agent and the Security Agent) and this clause 32 (and any agency fees for
the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date). 

  

	32.52	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

Replacement of the Agent for FATCA withholding 
  

	32.53	The Agent shall resign and the Majority Lenders (after consultation with the Borrower) shall appoint a successor Agent in accordance with clause 32.43 (Resignation of the Agent) if on or after the date which is
three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(a)	the Agent fails to respond to a request under clause 12.13 (FATCA Information) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date; 

  

	 	(b)	the information supplied by the Agent pursuant to clause 12.13 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(c)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent
were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign. 
 Confidentiality 

 

	32.54	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department, division or team directly responsible for the management of the Finance Documents which shall be treated as a
separate entity from any other of its divisions, departments or teams. 

  

	32.55	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 

 

	32.56	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to disclose to any other person (a) any confidential information or (b) any other
information if the disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty. 

  
 92 

 Relationship with the Lenders and Hedging Providers 

 

	32.57	The Agent may treat the person shown in its records as Lender or as each Hedging Provider at the opening of business (in the place of the Agent’s principal office as notified to the Finance Parties from time to
time) as the Lender or (as the case may be) as a Hedging Provider acting through its Facility Office: 

  

	 	(a)	entitled to or liable for any payment due under any Finance Document on that day; and 

  

	 	(b)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, 

unless it has received not less than five Business Days prior notice from that Lender or (as the case may be) a Hedging Provider to the
contrary in accordance with the terms of this Agreement. 
  

	32.58	Each Lender and each Hedging Provider shall supply the Agent with any information that the Agent may reasonably specify as being necessary or desirable to enable the Agent or the Security Agent, to perform its functions
as Agent or Security Agent. 

  

	32.59	Each Lender and each Hedging Provider shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent. 

Credit appraisal by the Lenders and Hedging Providers 
  

	32.60	Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and each Hedging Provider confirms to each other Finance Party
that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 

 

	 	(a)	the financial condition, status and nature of each Obligor; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document or any Charter Document; 

  

	 	(c)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; 

  

	 	(d)	whether any Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by
the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; 

 

	 	(e)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document or any Charter Document, the transactions
contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Document; and 

 

	 	(f)	the right or title of any person in or to, or the value or sufficiency of, any part of the Charged Property, the priority of the Security Documents or the existence of any Security Interest affecting the Charged
Property. 

  
 93 

 Reference Banks 
  

	32.61	If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrower) appoint another Lender or an Affiliate of
a Lender to replace that Reference Bank. 

 Agent’s management time and additional remuneration 

 

	32.62	Any amount payable to the Agent under clause 14.4 (Indemnity to the Agent and the Security Agent), clause 16 (Costs and expenses) and clause 32.39 (Lenders’ indemnity to the Agent) shall
include the cost of utilising the Agent’s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrower and the Lenders, and is in addition to any fee
paid or payable to the Agent under clause 11 (Fees). 

  

	32.63	Without prejudice to clause 32.62, in the event of: 

  

	 	(a)	a Default; 

  

	 	(b)	(the Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Agent and the Borrower agree to be of non-minor nature or outside the scope of the normal duties of the Agent under the
Finance Documents; or 

  

	 	(c)	the Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances, 

 the
Borrower shall pay to the Agent any additional remuneration that may be agreed between them or determined pursuant to clause 32.64. 
  

	32.64	If the Agent and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration referred to in clause 32.63 or whether additional remuneration is appropriate in the circumstances, any
dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Agent and approved by the Borrower or, failing approval, nominated (on the application of the Security Agent) by the President for the
time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding upon the Parties. 

Deduction from amounts payable by the Agent 
  

	32.65	If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would
otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

 Common parties 
  

	32.66	Although the Agent and the Security Agent may from time to time be the same entity, that entity will have entered into the Finance Documents (to which it is party) in its separate capacities as agent for the Finance
Parties and (as appropriate) security agent and trustee for the Finance Parties. Where any Finance Document provides for the Agent or Security Agent to communicate with or provide instructions to the other, while they are the same entity, such
communication or instructions will not be necessary. 

 Security Agent 

 

	32.67	Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under any applicable law) trustee under and in connection with the Security Documents and confirms that the Security
Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to the beneficiaries of those Security Documents. 

  
 94 

	32.68	Each other Finance Party authorises the Security Agent: 

  

	 	(a)	to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Finance Documents together
with any other incidental rights, powers, authorities and discretions; and 

  

	 	(b)	to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the Majority Lenders for execution by it. 

 

	32.69	The Security Agent accepts its appointment under clause 32.67 (Security Agent) as trustee of the Trust Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust
for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in clauses 32.67 - 32.106 (inclusive) and the Security Documents to which it is a party. 

Application of certain clauses to Security Agent 
  

	32.70	Clause 32.16 (Duties of the Agent), clauses 32.21 to 32.31 (Rights and discretions of the Agent), clause 32.32 (Responsibility for documentation and other matters), clause 32.33 (No duty to
monitor), clauses 32.34 to 32.38 (Exclusion of liability), clauses 32.39 to 32.41 (Lenders’ indemnity to the Agent), clauses 32.42 to 32.48 (Resignation of the Agent), clauses 32.54 to 32.56 (Confidentiality),
clauses 32.57 to 32.59 (Relationship with the Lenders and Hedging Providers), clause 32.60 (Credit appraisal by the Lenders and Hedging Providers), clauses 32.62 to 32.64 (Agent’s management time and additional
remuneration) and clause 32.65 (Deduction from amounts payable by the Agent) shall each extend so as to apply to the Security Agent in its capacity as such and for that purpose each reference to the “Agent” in these clauses
shall extend to include in addition a reference to the “Security Agent” in its capacity as such and, in clauses 32.21 to 32.31 (Rights and discretions of the Agent), references to the Lenders and a group of Lenders shall refer to
the Agent. 

  

	32.71	In addition, clauses 32.42 to 32.48 (Resignation of the Agent) shall, for the purposes of its application to the Security Agent pursuant to clause 32.70, have the following additional clause: 

 

	32.72	At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably required by its successor to transfer to it (or its nominee, as it may direct)
any property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not have vested in its successor by operation of law. All such acts, deeds and documents shall be done or, as the
case may be, executed at the cost of the retiring Security Agent (except for any external costs (including, but not limited to, legal fees and stamp duties) of the retiring Security Agent and where the Security Agent is retiring under clause 32.49
as extended to it by clause 32.70, the costs of which shall be borne by the Lenders (in proportion (if no part of the Loan is then outstanding) to their shares of the Total Commitments or (at any other time) to their participations in the Loan).

 Instructions to Security Agent 
  

	32.73	The Security Agent shall: 

  

	 	(a)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by
the Agent; and 

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (a) above. 

  
 95 

	32.74	The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any right, power,
authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or that clarification. 

  

	32.75	Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the Agent shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties. 

  

	32.76	The Security Agent may refrain from acting in accordance with any instructions of the Agent until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent
than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

 

	32.77	In the absence of instructions, the Security Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. 

 

	32.78	The Security Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender’s or the relevant Hedging Provider’s consent) in any legal or arbitration
proceedings relating to any Finance Document. This clause 32.78 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Security
Documents. 

 Order of application 
  

	32.79	The Security Agent agrees to apply the Trust Property and each other beneficiary of the Security Documents agrees to apply all moneys received by it in the exercise of its rights under the Security Documents in
accordance with the following respective claims: 

  

	 	(a)	first, as to a sum equivalent to the amounts payable to the Security Agent under the Finance Documents (excluding any amounts received by the Security Agent pursuant to clauses 32.39 to 32.41 (Lenders’
indemnity to the Agent) as extended to the Security Agent pursuant to clause 32.70 (Application of certain clauses to Security Agent)), for the Security Agent absolutely; 

 

	 	(b)	secondly, as to a sum equivalent to the aggregate amount then due and owing to the other Finance Parties under the Finance Documents, for those Finance Parties absolutely for application between them in
accordance with clauses 35.8 to 35.10 (Partial payments); 

  

	 	(c)	thirdly, until such time as the Security Agent is satisfied that all obligations owed to the Finance Parties have been irrevocably and unconditionally discharged in full, held by the Security Agent on a suspense
account for payment of any further amounts owing to the Finance Parties under the Finance Documents and further application in accordance with this clause 32.79 as and when any such amounts later fall due; 

 

	 	(d)	fourthly, to such other persons (if any) as are legally entitled thereto in priority to the Obligors; and 

  

	 	(e)	fifthly, as to the balance (if any), for the Obligors by or from whom or from whose assets the relevant amounts were paid, received or recovered or other person entitled to them. 

 

	32.80	The Security Agent and each other beneficiary of the Security Documents shall make each application as soon as is practicable after the relevant moneys are received by, or otherwise become available to, it save that
(without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent) any other beneficiary of the Security Documents or any receiver or administrator may credit any moneys
received by it to a suspense account for so long and in such manner as the Security Agent), any other beneficiary of the Security Documents or such receiver or administrator may from time to time determine with a view to preserving the rights of the
Finance Parties or any of them to prove for the whole of their respective claims against the Borrower or any other person liable. 

  
 96 

	32.81	The Security Agent and/or any other beneficiary of the Security Documents shall obtain a good discharge in respect of the amounts expressed to be due to the other Finance Parties as referred to in clauses 32.79 and
32.80 by paying such amounts to the Agent for distribution in accordance with clause 35 (Payment mechanics). 

Powers and duties of the Security Agent as trustee of the security 

 

	32.82	In its capacity as trustee in relation to the Trust Property, the Security Agent: 

  

	 	(a)	shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of this Agreement or any of the Security Documents), have
all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise
such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement; 

  

	 	(b)	shall (subject to clause 32.79 (Order of application)) be entitled (in its own name or in the names of nominees) to invest moneys from time to time forming part of the Trust Property or otherwise held by it as a
consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion of the Security Agent, it would not be practicable to distribute immediately, by placing the same on deposit in the name or under the
control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the same and the Security Agent shall not be responsible for any loss due to interest rate or exchange rate fluctuations except for any loss
arising from the Security Agent’s gross negligence or wilful misconduct; 

  

	 	(c)	may, in the conduct of its obligations under and in respect of the Security Documents (otherwise than in relation to its right to make any declaration, determination or decision), instead of acting personally, employ
and pay any agent (whether being a lawyer or any other person) to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Security Agent (including the receipt and payment of money) and on the
basis that (i) any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted and acts done by him or any partner or employee of his or her in connection with
such employment and (ii) the Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such agent if the Security Agent shall have exercised reasonable care in the selection
of such agent; and 

  

	 	(d)	may place all deeds and other documents relating to the Trust Property which are from time to time deposited with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security
Agent exercising reasonable care or with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security Agent exercising reasonable care and may make any such arrangements as it thinks
fit for allowing Obligors access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security Agent shall not be responsible for any loss incurred in connection with any such deposit, access or
possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company (save that it shall take reasonable steps to pursue any person who may be liable to it in connection with such
loss). 

 No challenge by Obligor 
  

	32.83	No Obligor may: 

  

	 	(a)	in any way challenge the ability or authority of the Security Agent to act for the Finance Parties; or 

  

	 	(b)	otherwise inquire into the authority or power of the Security Agent. 

  
 97 

 All enforcement action through the Security Agent 

 

	32.84	None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in favour of the Security Agent only or to exercise any rights, discretions or powers or
to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent. 

 

	32.85	None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents
or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent. If any Finance Party (other than the Security
Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other sufficient authority to the Security Agent to enable the Security Agent to exercise any rights, discretions or
powers or to grant any consents or releases under such Security Document. 

 Force majeure 

 

	32.86	Despite any other provision of this Agreement, the Security Agent need not act (whether or not on instructions from the Agent or any other Finance Party) if it is impossible to act or to act lawfully due to any cause
beyond its control (including, without limitation, war, riot, natural disaster, labour dispute or law taking effect after the date of this deed). 

Co-operation to achieve agreed priorities of application 
  

	32.87	The other Finance Parties shall co-operate with each other and with the Security Agent and any receiver or administrator under the Security Documents in realising the property and assets subject to the Security
Documents and in ensuring that the net proceeds realised under the Security Documents after deduction of the expenses of realisation are applied in accordance with clause 32.79 (Order of application). 

Indemnity from Trust Property 
  

	32.88	In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the Security Agent and each Affiliate of the Security Agent and each officer or employee of the Security Agent or
its Affiliate (each a Relevant Person) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages, costs, claims, charges or expenses whatsoever properly incurred or suffered by such Relevant Person:

  

	 	(a)	in the execution or exercise or bona fide purported execution or exercise of the trusts, rights, powers, authorities, discretions and duties created or conferred by or pursuant to the Finance Documents;

  

	 	(b)	as a result of any breach by an Obligor of any of its obligations under any Finance Document; 

  

	 	(c)	in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen if the Finance Documents had not been executed; and 

 

	 	(d)	in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance Documents relating to the Trust Property or the provisions of any of the Finance Documents. 

  
 98 

	32.89	The rights conferred by clause 32.88 are without prejudice to any right to indemnity by law given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to
an indemnity in respect of, and/or reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any of the Finance Documents or the performance of any duties under any of the Finance Documents. Nothing contained
in clause 32.88 shall entitle the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims, charges or expenses to the extent that the same arise from such person’s own gross negligence or
wilful misconduct. 

 Finance Parties to provide information 

 

	32.90	The other Finance Parties shall provide the Security Agent with such written information as it may reasonably require for the purposes of carrying out its duties and obligations under the Security Documents and, in
particular, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by clause 32.79 (Order of application) above and to apply amounts received under, and the proceeds
of realisation of, the Security Documents as contemplated by the Security Documents, clauses 35.8 to 35.10 (Partial payments) and clause 32.79 (Order of application). 

Release to facilitate enforcement and realisation 
  

	32.91	Each Finance Party acknowledges that pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on the instructions of the Agent it may be desirable for the purpose of such enforcement and/or
maximising the realisation of the Charged Property being enforced against, that any rights or claims of or by the Security Agent (for the benefit of the Finance Parties) and/or any Finance Parties against any Obligor and/or any Security Interest
over any assets of any Obligor (in each case) as contained in or created by any Finance Document, other than such rights or claims or security being enforced, be released in order to facilitate such enforcement action and/or realisation and,
notwithstanding any other provision of the Finance Documents, each Finance Party hereby irrevocably authorises the Security Agent (acting on the instructions of the Agent) to grant any such releases to the extent necessary to fully effect such
enforcement action and realisation including, without limitation, to the extent necessary for such purposes to execute release documents in the name of and on behalf of the Finance Parties. Where the relevant enforcement is by way of disposal of
shares in the Borrower, the requisite release shall include releases of all claims (including under guarantees) of the Finance Parties and/or the Security Agent against the Borrower and of all Security Interests over the assets of the Borrower.

 Undertaking to pay 
  

	32.92	Each Obligor which is a Party undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by the Security Agent, pay to the Security Agent all money from time to time owing, and discharge
all other obligations from time to time incurred, by it under or in connection with the Finance Documents. 

 Additional
trustees 
  

	32.93	The Security Agent shall have power by notice in writing to the other Finance Parties and the Borrower to appoint any person approved by the Borrower (such approval not to be unreasonably withheld or delayed) either to
act as separate trustee or as co-trustee jointly with the Security Agent: 

  

	 	(a)	if the Security Agent reasonably considers such appointment to be in the best interests of the Finance Parties; 

  

	 	(b)	for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be performed; or 

 

	 	(c)	 for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any person of a judgment already obtained,

  
 99 

 and any person so appointed shall (subject to the provisions of this Agreement) have such rights
(including as to reasonable remuneration), powers, duties and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove any person so appointed. At the request of the Security Agent,
the other parties to this Agreement shall forthwith execute all such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the Security Agent in its name and on its
behalf to do the same. Such a person shall accede to this Agreement as a Security Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the provisions of this Agreement) have such
trusts, powers, authorities, liabilities and discretions (not exceeding those conferred on the Security Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be conferred or imposed by the instrument of
appointment (being no less onerous than would have applied to the Security Agent but for the appointment). The Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such
person if the Security Agent shall have exercised reasonable care in the selection of such person. 
 Non-recognition of trust 

 

	32.94	It is agreed by all the parties to this Agreement that: 

  

	 	(a)	in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed to be constituted by this clause 32, the relationship of the Security Agent and the other Finance Parties
shall be construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions of this Agreement shall have full force and effect between the parties to this Agreement; and

  

	 	(b)	the provisions of this clause 32 insofar as they relate to the Security Agent in its capacity as trustee for the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be
amended by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to effect the alteration of the relationship between the Security Agent and the other Finance Parties and each such
other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such amendments. 

Anti-money laundering 
  

	32.95	Each Party agrees that the Security Agent (and each other Finance Party) may delay, block or refuse to process any payment or transaction in connection with the Finance Documents without incurring any liability if it
suspects that: 

  

	 	(a)	the transaction may breach any laws or regulations within Australia or any other applicable jurisdiction; 

  

	 	(b)	the transaction involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by
Australia, the United States of America, the European Union or any other applicable jurisdiction; or 

  

	 	(c)	the transaction may directly or indirectly involve the proceeds of, or be applied for the purposes of, conduct which is unlawful within Australia or any other applicable jurisdiction. 

 

	32.96	Each Party shall provide all information and documents to the Security Agent (and each other Finance Party) which it reasonably requires in order to manage its anti-money laundering, counter-terrorism-financing or
economic and trade sanctions risk or to comply with any laws or regulations in Australia or any other applicable jurisdiction. 

  

	32.97	Each Party agrees that, notwithstanding the provisions of clause 42 (Confidentiality), the Security Agent may disclose any information concerning it to: 

 

	 	(a)	any law enforcement, regulatory agency or court where required by any such law or regulation in Australia or any other applicable jurisdiction; and 

 

	 	(b)	any correspondent which the Security Agent (and each other Finance Party) uses to make the payment for the purpose of compliance with any such law or regulation. 

  
 100 

	32.98	If, in the opinion of the Security Agent, it is required to disclose information obtained under the Finance Documents to any person in order to comply with its obligations under any applicable anti-money laundering or
counter-terrorism-financing laws, each of the Parties to this Agreement hereby acknowledges and agrees that such disclosure will not be a breach of any duty owed by the Security Agent to any Party to this Agreement and the Parties to this Agreement
release the Security Agent from any claims that they would otherwise have in respect of such disclosure. 

 Security Agent
limitation of liability and indemnity 
  

	32.99	The Security Agent enters into this Agreement and each other Finance Document to which it is a party solely in its capacity as agent and as trustee for the Finance Parties and in no other capacity. 

 

	32.100	The Security Agent will have no liability under or in connection with this Agreement or any other Finance Document (whether to the Finance Parties, the Obligors or any other person) other than to the extent to which the
liability is able to be satisfied out of the Trust Property from which the Security Agent is actually indemnified for the liability. Subject to clause 32.103, this limitation of the Security Agent’s liability applies despite any other provision
of this Agreement or any other Finance Document and extends to all liabilities and obligations of the Security Agent in relation to any representation, warranty, conduct, omission, agreement or transaction related to this Agreement or any other
Finance Document. 

  

	32.101	Subject to clauses 32.102 and 32.103, no Party to a Finance Document may sue the Security agent personally, seek the appointment of a liquidator, administrator, receiver or similar person to the Security Agent or prove
in any liquidation, administration or arrangement of, or affecting, the Security Agent. 

  

	32.102	Nothing in clauses 32.99 to 32.106 (Security Agent limitation of liability and indemnity) or any similar provision in any other Finance Document limits or adversely affects the powers of the Security Agent or any
Receiver in respect of any Trust Property. 

  

	32.103	Clauses 32.99 to 32.104 will not apply to a liability of the Security Agent to the extent that it is not satisfied because, under this Agreement or any other Finance Document or by operation by law, there is a reduction
in the extent of the Security Agent’s indemnification as a result of the Security Agent’s fraud, gross negligence or wilful default. 

  

	32.104	The Security Agent does not have any obligations to any party under or in connection with this Agreement or any other Finance Document, except as expressly provided in this Agreement and each other Finance Document to
which it is a party. 

  

	32.105	The Security Agent is not obliged to do or not do anything in connection with this Agreement or any other Finance Document (including enter into any transaction or incur any liability) unless: 

 

	 	(a)	the Security Agent’s liability is limited in a manner which is consistent with clauses 32.99 to 32.104 above; 

  

	 	(b)	the Security Agent is indemnified (or otherwise put in funds) to its reasonable satisfaction against any liability or loss arising from, and any costs, charges and expenses (including those incurred in connection with
advisers) properly incurred in connection with, doing or not doing that thing; and 

  

	 	(c)	it has received the relevant instructions from the Agent. 

  
 101 

	32.106	For the purposes of clause 32.103 above, wilful default in relation to the Security Agent means any wilful failure to comply with, or wilful breach by, the Security Agent of any of its obligations under any
Finance Document other than a failure or breach which: 

  

	 	(a)	arises as a result of a breach of a Finance Document by a person other than the Security Agent and (subject to any provisions of the Finance Documents which limit its liability in respect of the acts and omissions
thereof) its directors, officers, employees, agents, delegates or attorneys; 

  

	 	(b)	is in accordance with a lawful court order or direction or is required by law; 

  

	 	(c)	is in accordance with a proper instruction or direction of the Agent; or 

  

	 	(d)	arises in circumstances where the Security Agent has not taken action under a Finance Document because it has not been indemnified to its satisfaction in respect to any actions, proceedings, claims and demands to which
it may render itself liable, and all costs, charges, damages and expenses which may arise from the Security Agent taking that action. 

  

	33	Conduct of business by the Finance Parties 

 Finance Parties tax affairs 

 

	33.1	No provision of this Agreement will: 

  

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax. 

Finance Parties acting together 
  

	33.2	Notwithstanding clauses 2.2 to 2.4 (Finance Parties’ rights and obligations), if the Agent makes a declaration under clause 28.42 (Acceleration) the Agent shall, in the names of all the Finance
Parties, take such action on behalf of the Finance Parties and conduct such negotiations with the Obligors and generally administer the Facility in accordance with the wishes of the Majority Lenders. All the Finance Parties shall be bound by the
provisions of this clause and no Finance Party shall be entitled to take action independently against any Obligor or any of its assets without the prior consent of the Majority Lenders. 

 

	33.3	Clause 33.2 shall not override clause 32 (Roles of Agent, Security Agent, Arranger and Hedging Co-ordinator) as it applies to the Security Agent. 

Majority Lenders 
  

	33.4	Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be subject to the consent, approval or request of, the Majority Lenders or for any action to be taken on the
instructions of the Majority Lenders (a majority decision), such majority decision shall (as between the Lenders) only be regarded as having been validly given or issued by the Majority Lenders if all the Lenders shall have received prior
notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued such majority decision. However (as between any Obligor and the Finance Parties) the relevant Obligor shall be entitled
(and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have been obtained to constitute Majority Lenders when notified to this effect by the Agent whether or not this is the case.

  
 102 

	33.5	If, within ten Business Days of the Agent despatching to each Lender a notice requesting instructions (or confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification,
waiver, variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the Agent has not received a reply specifically giving or confirming or refusing to give or confirm the relevant instructions or, as the
case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of performance, then (irrespective of whether such Lender responds at a later date) the Agent shall treat any Lender which has not so
responded as having indicated a desire to be bound by the wishes of 662/3 per cent of those Lenders (measured in terms of the total
Commitments of those Lenders) which have so responded. 

  

	33.6	For the purposes of clause 33.5, any Lender which notifies the Agent of a wish or intention to abstain on any particular issue shall be treated as if it had not responded. 

 

	33.7	Clauses 33.5 and 33.6 shall not apply in relation to those matters referred to in, or the subject of, clauses 34.5 and 34.6 (Exceptions). 

Conflicts 
  

	33.8	The Borrower acknowledges that the Arranger and its parent undertaking, subsidiary undertakings and fellow subsidiary undertakings (together the Arranger Group) may be providing debt finance, equity capital or
other services (including financial advisory services) to other persons with which the Borrower may have conflicting interests in respect of the Facility or otherwise. 

 

	33.9	No member of the Arranger Group shall use confidential information gained from any Obligor by virtue of the Facility or its relationships with any Obligor in connection with their performance of services for other
persons. This shall not, however, affect any obligations that any member of the Arranger Group has as Agent in respect of the Finance Documents. The Borrower also acknowledges that no member of the Arranger Group has any obligation to use or furnish
to any Obligor information obtained from other persons for their benefit. 

  

	33.10	The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking when used in this clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006.

  

	34	Sharing among the Finance Parties 

 Payments to Finance Parties 

 

	34.1	If a Finance Party (a Recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with clause 35 (Payment mechanics) (a Recovered Amount) and applies that
amount to a payment due under the Finance Documents then: 

  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with clause 35 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount which the Agent determines
may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clauses 35.8 to 35.10 (Partial payments). 

  
 103 

 Redistribution of payments 

 

	34.2	The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the Sharing Finance
Parties) in accordance with clauses 35.8 to 35.10 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

Recovering Finance Party’s rights 
  

	34.3	On a distribution by the Agent under clause 34.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party,
an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor. 

Reversal of redistribution 
  

	34.4	If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 

 

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the Redistributed Amount); and 

 

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

Exceptions 
  

	34.5	This clause 34 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

  

	34.6	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

  

	 	(a)	it notified that other Finance Party of the legal or arbitration proceedings; 

  

	 	(b)	the taking legal or arbitration proceedings was in accordance with the terms of this Agreement; and 

  

	 	(c)	that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or
arbitration proceedings. 

  
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 Section 10 - Administration 

 

	35	Payment mechanics 

 Payments to the Agent 

 

	35.1	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document (other than a Hedging Contract), that Obligor or Lender shall make the same available to the Agent (unless a contrary
indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  

	35.2	Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Agent, in each case, specifies. 

Distributions by the Agent 
  

	35.3	Each payment received by the Agent under the Finance Documents for another Party shall, subject to clause 35.4 (Distributions to an Obligor) and clauses 35.5 to 35.7 (Clawback and prefunding) be made
available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the
Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal financial centre of the country of that currency. 

Distributions to an Obligor 
  

	35.4	The Agent may (with the consent of the Obligor or in accordance with clause 36 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of
receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 

Clawback and pre-funding 
  

	35.5	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has
been able to establish to its satisfaction that it has actually received that sum. 

  

	35.6	Unless clause 35.7 applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any
related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

  

	35.7	If the Agent is willing to make available amounts for the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not
then receive funds from a Lender in respect of a sum which it paid to a Borrower: 

  

	 	(a)	the Borrower shall on demand refund it to the Agent; and 

  

	 	(b)	the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower, shall on demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent
against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender. 

  
 105 

 Partial payments 
  

	35.8	If the Agent receives a payment for application against amounts in respect of any Finance Documents that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the
Agent shall apply that payment towards the obligations of that Obligor under those Finance Documents in the following order: 

  

	 	(a)	first, in or towards payment pro rata of any unpaid amount owing to the Agent, the Security Agent or the Arranger under those Finance Documents; 

 

	 	(b)	secondly, in or towards payment to the Lenders pro rata of any amount owing to the Lenders under clause 32.39 (Lenders’ indemnity to the Agent) including any amount owing to the Lenders under clause
32.39 as a result of clauses 32.39 to 32.41 being extended to the Security Agent by clause 32.70 (Application of certain clauses to Security Agent); 

  

	 	(c)	thirdly, in or towards payment pro rata (i) to the Lenders pro rata of any accrued interest, fee or commission due to them but unpaid under those Finance Documents and (ii) to the Hedging Providers pro
rata of any accrued interest, fee or commission due to them but unpaid under the Hedging Contracts; 

  

	 	(d)	fourthly, in or towards payment pro rata (i) to the Lenders pro rata of any principal and (ii) to the Hedging Providers pro rata of any net amounts due to them but unpaid under the Hedging Contracts
which is due but unpaid under those Finance Documents; and 

  

	 	(e)	fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	35.9	The Agent shall, if so directed by all the Lenders and each Hedging Provider, vary the order set out in paragraphs (b) to (e) of clause 35.8. 

 

	35.10	Clauses 35.8 and 35.9 above will override any appropriation made by an Obligor. 

 No set-off
by Obligors 
  

	35.11	All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 

Business Days 
  

	35.12	Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if
there is not). 

  

	35.13	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

Currency of account 
  

	35.14	Subject to clauses 35.15 to 35.16, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	35.15	A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars on its due date. 

  

	35.16	Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents
shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred. 

  
 106 

	35.17	All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency other than dollars may be sold for dollars and the Obligor which executed that Security Document shall indemnify
the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability to that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the sale.

 Change of currency 
  

	35.18	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(a)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Borrower); and 

  

	 	(b)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  

	35.19	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any
generally accepted conventions and market practice in the Interbank Market and otherwise to reflect the change in currency. 

Disruption to payment systems etc. 
  

	35.20	If either the Agent determines (in its discretion) that a Payment Disruption Event has occurred or the Agent is notified by the Borrower that a Payment Disruption Event has occurred: 

 

	 	(a)	the Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Agent may deem
necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined that a Payment Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may
be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 41 (Amendments and waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of
liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 35.20; and 

 

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	36	Set-off 

 A Finance Party may set off any matured obligation due from an Obligor under
the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured 

  
 107 

 
obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the
Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	37	Notices 

 Communications in writing 

 

	37.1	Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 

Addresses 
  

	37.2	The address, and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Obligor or Finance Party for any communication or document to be made or delivered under
or in connection with the Finance Documents is: 

  

	 	(a)	in the case of any Obligor which is a Party, that identified with its name in Schedule 1 (The original parties); 

  

	 	(b)	in the case of any Obligor which is not a Party, that identified in any Finance Document to which it is a party; 

  

	 	(c)	in the case of the Security Agent, the Agent and any other original Finance Party that identified with its name in Schedule 1 (The original parties); and 

 

	 	(d)	in the case of each Lender or other Finance Party, that notified in writing to the Agent on or prior to the date on which it becomes a Party in the relevant capacity, 

or, in each case, any substitute address, fax number, or department or officer as an Obligor or Finance Party may notify to the Agent (or the
Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 
 Delivery

  

	37.3	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(a)	if by way of fax, when received in legible form; or 

  

	 	(b)	if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, 

and, if a particular department or officer is specified as part of its address details provided under clause 37.2 (Addresses), if
addressed to that department or officer. 
  

	37.4	Any communication or document to be made or delivered to the Agent or the Security Agent, will be effective only when actually received by the Agent or the Security Agent, and then only if it is expressly marked for the
attention of the department or officer identified in Schedule 1 (The original parties) (or any substitute department or officer as the Agent or the Security Agent, shall specify for this purpose). 

 

	37.5	All notices from or to an Obligor shall be sent through the Agent. 

  

	37.6	Any communication or document made or delivered to the Borrower in accordance with this clause will be deemed to have been made or delivered to each of the Obligors. 

  
 108 

	37.7	Any communication or document which becomes effective, in accordance with clauses 37.3 to 37.6 above, after 5:00pm in the place of receipt shall be deemed only to become effective on the following day.

 Notification of address and fax number 
  

	37.8	Promptly upon receipt of notification of an address or fax number or change of address or fax number pursuant to clause 37.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other
Parties. 

 Electronic communication 
  

	37.9	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 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 and if those two Parties: 

  

	 	(a)	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 

 

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

 

	37.10	Any electronic communication made between those two Parties will be effective only when actually received in readable form and, in the case of any electronic communication made by a Party to the Agent or the Security
Agent, only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose. 

  

	37.11	Any electronic communication which becomes effective, in accordance with clause 37.10 above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 

English language 
  

	37.12	Any notice given under or in connection with any Finance Document shall be in English. 

  

	37.13	All other documents provided under or in connection with any Finance Document shall be: 

  

	 	(a)	in English; or 

  

	 	(b)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	38	Calculations and certificates 

 Accounts 

 

	38.1	In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they
relate. 

 Certificates and determinations 
  

	38.2	Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 

  
 109 

 Day count convention 

 

	38.3	Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice
in the Interbank Market differs, in accordance with that market practice. 

  

	39	Partial invalidity 

  

	39.1	If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining
provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

  

	40	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance Documents on the part
of any Finance Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in the
Finance Documents are cumulative and not exclusive of any rights or remedies provided by law. 
  

	41	Amendments and waivers 

 Required consents 

 

	41.1	Subject to clause 41.5 (All Lender matters) and clauses 41.6 to 41.9 (Other exceptions), any term of the Finance Documents may be amended or waived with the consent of the Agent (acting on the instructions
of the Majority Lenders and, if it affects the rights and obligations of the Agent or the Security Agent,, the consent of the Agent or the Security Agent,) and any such amendment or waiver agreed or given by the Agent will be binding on all the
Finance Parties. 

  

	41.2	The Agent may (or, in the case of the Security Documents, instruct the Security Agent to) effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause 41. 

 

	41.3	Without prejudice to the generality of clauses 32.23, 32.24 and 32.25 (Rights and discretions of the Agent), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level
required for and effecting any amendment, waiver or consent under this Agreement. 

  

	41.4	Each Obligor agrees to any such amendment or waiver permitted by this clause 41 which is agreed to by the Borrower. 

All Lender matters 
  

	41.5	An amendment, waiver or discharge or release or a consent of, or in relation to, the terms of any Finance Document that has the effect of changing or which relates to: 

 

	 	(a)	the definition of “Majority Lenders” in clause 1.1 (Definitions); 

  

	 	(b)	the definition of “Last Availability Date” in clause 1.1 (Definitions); 

  

	 	(c)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(d)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable or the rate at which they are calculated; 

  
 110 

	 	(e)	an increase in, or an extension of, any Commitment or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility; 

 

	 	(f)	a change to the Borrower or any other Obligor; 

  

	 	(g)	any provision which expressly requires the consent or approval of all the Lenders; 

  

	 	(h)	clauses 2.2 to 2.4 (Finance Parties’ rights and obligations), clause 30 (Changes to the Lenders), clause 34.1 (Payments to Finance Parties), this clause 41, clause 44 (Governing law) or
clauses 45.1 to 45.3 (Jurisdiction of English courts); 

  

	 	(i)	the order of distribution under clauses 35.8 to 35.10 (Partial payments); 

  

	 	(j)	the order of distribution under clause 32.79 (Order of application); 

  

	 	(k)	the currency in which any amount is payable under any Finance Document; 

  

	 	(l)	an increase in any Commitment or the Total Commitments, an extension of any period within which the Facility is available for Utilisation or any requirement that a cancellation of Commitments reduces the Commitments
rateably; 

  

	 	(m)	the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Security Documents are distributed; and 

 

	 	(n)	the circumstances in which the security constituted by the Security Documents are permitted or required to be released under any of the Finance Documents, 

shall not be made, or given, without the prior consent of all the Lenders. 

Other exceptions 
  

	41.6	Amendments to or waivers in respect of the Hedging Contracts may only be agreed by the relevant Hedging Provider. 

  

	41.7	If, notwithstanding any other term of this Agreement, the Agent or a Lender (a Relevant Party) reasonably believes that (a) any amendment or waiver to any term of this Agreement or (b) the operation of
any provision of this Agreement, may constitute a “material modification” for the purposes of FATCA that may result (directly or indirectly) in a Party being required to make a FATCA Deduction (a Material Modification) and the Agent
or that Lender (as the case may be) notifies the other Parties in accordance with the terms of this Agreement accordingly, then that Material Modification may not be made unless: 

 

	 	(a)	the Parties to this Agreement enter into good faith negotiations (for not longer than 30 days) with a view to agreeing the Material Modification (and any amendments to this Agreement appropriate, desirable or required
to take account of FATCA at that time and for the purpose of the Material Modification); and 

  

	 	(b)	the Relevant Party consents to that Material Modification and any other amendments agreed under clause 41.7(a) above. 

  

	41.8	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arranger in their respective capacities as such (and not just as a Lender) may not be effected without the
consent of the Agent, Security Agent or the Arranger (as the case may be). 

  

	41.9	Notwithstanding clauses 41.1 to 41.7 (inclusive), the Agent may make technical amendments to the Finance Documents arising out of manifest errors on the face of the Finance Documents, where such amendments would not
prejudice or otherwise be adverse to the interests of any Finance Party without any reference or consent of the Finance Parties. 

  
 111 

 Releases 
  

	41.10	Except with the approval of the Lenders or for a release which is expressly permitted or required by the Finance Documents, the Agent shall not have authority to authorise the Security Agent to release:

  

	 	(a)	any Charged Property from the security constituted by any Security Document; or 

  

	 	(b)	any Obligor from any of its guarantee or other obligations under any Finance Document. 

Disenfranchisement of Defaulting Lenders 
  

	41.11	For so long as a Defaulting Lender has any undrawn Commitment, in ascertaining: 

  

	 	(a)	the Majority Lenders; or 

  

	 	(b)	whether: 

  

	 	(i)	any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the Facility; or 

  

	 	(ii)	the agreement of any specified group of Lenders, 

 has been obtained to approve any request for
a consent, waiver, amendment or other vote under the Finance Documents, 
 that Defaulting Lender’s Commitment will be reduced by the
amount of its undrawn Commitment and, to the extent that the reduction results in that Defaulting Lender’s Commitment being zero and it has no participation in the Loan, that Defaulting Lender shall be deemed not to be a Lender for the purposes
paragraphs (a) and (b) above. 
  

	41.12	For the purposes of clause 41.11, the Agent may assume that the following Lenders are Defaulting Lenders: 

  

	 	(a)	any Lender which has notified the Agent that it has become a Defaulting Lender; and 

  

	 	(b)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of Defaulting Lender has occurred, 

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the
Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
 Excluded Commitments 

 

	41.13	If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within ten
Business Days of that request being made (unless the Borrower and the Agent agree to a longer time period in relation to any request): 

  

	 	(a)	its Commitment or its participation in the Loan shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan when ascertaining whether any relevant percentage (including, for the
avoidance of doubt, unanimity) of Total Commitments or the amount of the Loan has been obtained to approve that request; and 

  

	 	(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. 

  
 112 

 Replacement of a Defaulting Lender 

 

	41.14	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 15 Business Days’ prior written notice to the Agent and such Lender replace such Lender by requiring such Lender
to (and to the extent permitted by law such Lender shall) assign pursuant to clause 30 (Changes to the Lenders) all (and not part only) of its rights under this Agreement to a Lender or other bank, financial institution, trust, fund or other
entity (a Replacement Lender) selected by the Borrower, and which confirms its willingness to undertake and does undertake all the obligations or all the relevant obligations of the transferring Lender in accordance with clause 30 (Changes
to the Lenders) for a purchase price in cash payable at the time of transfer which is either: 

  

	 	(a)	in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance
Documents; or 

  

	 	(b)	in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrower and which does not exceed the amount described in paragraph (a) above. 

 

	41.15	Any assignment by a Defaulting Lender pursuant to this clause shall be subject to the following conditions: 

  

	 	(a)	the Borrower shall have no right to replace the Agent; 

  

	 	(b)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(c)	the assignment must take place no later than 15 days after the notice referred to in clause 41.14 above; 

  

	 	(d)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and 

 

	 	(e)	the Defaulting Lender shall only be obliged to assign its rights pursuant to clause 41.14 above once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations in relation to that assignment to the Replacement Lender. 

  

	41.16	The Defaulting Lender shall perform the checks described in clause 41.15(e) above as soon as reasonably practicable following delivery of a notice referred to in clause 41.14 and shall notify the Agent and the Borrower
when it is satisfied that it has complied with those checks. 

  

	42	Confidentiality 

 Confidential Information 

 

	42.1	Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by clause 42.2 (Disclosure of Confidential Information), and to ensure
that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 

Disclosure of Confidential Information 
  

	42.2	Any Finance Party may disclose to any of its Affiliates and any other person: 

  

	 	(a)	in the case of a Lender, to (or through) whom that Lender assigns (or may potentially assign) all or any of its rights and obligations under the Finance Documents; 

  
 113 

	 	(b)	in the case of a Lender, to its head office, shareholder, any Affiliate and any other branch any Confidential Information, provided that such recipient is obliged not to disclose any such Confidential Information;

  

	 	(c)	in the case of a Lender, to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to clause 30.16 (Security over Lenders’ rights);

  

	 	(d)	in the case of a Lender, with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to,
the Finance Documents or any Obligor, provided that such recipient is obliged not to disclose any such Confidential Information; 

  

	 	(e)	in the case of a Lender, if required to do so by any fiscal, monetary, Tax, regulatory, governmental or other competent authority or any stock exchange on which its shares may be listed; or 

 

	 	(f)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

and any Finance Party may disclose to a rating agency or its professional advisers or (with the consent of the Borrower) any other person, any
information about any Obligor, the Sponsors and the Finance Documents as that Finance Party shall consider appropriate. 
 Entire
agreement 
  

	42.3	This clause 42 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and
supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 Inside information

  

	42.4	Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable
legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose. 

Notification of disclosure 
  

	42.5	Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrower: 

  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to clause 42.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in
that clause during the ordinary course of its supervisory or regulatory function; and 

  

	 	(b)	upon becoming aware that Confidential Information has been disclosed in breach of this clause 42 (Confidentiality). 

Continuing obligations 
  

	42.6	The obligations in this clause 42 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of: 

 

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

  

	 	(b)	the date on which such Finance Party otherwise ceases to be a Finance Party. 

  
 114 

	43	Counterparts 

  

	43.1	Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 

  
 115 

 Section 11 - Governing Law and Enforcement 

 

	44	Governing law 

 This Agreement and any non-contractual obligations connected with it are
governed by English law. 
  

	45	Enforcement 

 Jurisdiction of English courts 

 

	45.1	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) (a Dispute). 

  

	45.2	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. 

 

	45.3	Clauses 45.1 and 45.2 are for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

 Service of process

  

	45.4	Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party: 

  

	 	(a)	irrevocably appoints the person named in Schedule 1 (The original parties) as that Obligor’s English process agent as its agent for service of process in relation to any proceedings before the English courts
in connection with any Finance Document; 

  

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and 

 

	 	(c)	if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must immediately (and in any event within ten days of such event taking place)
appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose. 

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

  
 116 

 Schedule 1 

The original parties 

Borrower 
  

			
	Name:	  	MALT Singapore Pte. Ltd..
		
	Original Jurisdiction	  	Singapore.
		
	Registration number (or equivalent, if any)	  	UEN No. 201009647E.
		
	English process agent (if not incorporated in England)	  	Teekay Shipping (UK) Ltd. of 2nd Floor, 86 Jermyn Street, London SW1Y 6JD, England.
		
	Registered office	  	8 Shenton Way, #41-01 AXA Tower, Singapore 068811.
		
	Address for service of notices	  	 Teekay Shipping (Canada) ltd
  

Suite 2000, Bentall 5, 550 Burrard Street
  

Vancouver B.C. V6C 2K2
  

Canada
  

Fax: +1 604 681 3011
  

Attention Director, Finance.

 The Original Lenders 
  

			
	Name	  	Commonwealth Bank of Australia, Singapore Branch.
		
	Facility Office, address, fax number and attention details for notices	  	 1 Temasek Avenue
 #17-01 Millenia Tower

Singapore 039192
  

For credit matters:
 Susan Whiting, Head of Credit Risk

Fax: +65 6224 5812
  

For loan administration matters:
 Judy Pang/ Alicia Yap

Fax: +65 6224 5812
  

With a copy to:
 Post Deal Management

Commonwealth Bank of Australia
 Level 22, Darling Park Tower 1

201 Sussex Street
 Sydney NSW 2000

Australia
 Fax: +612 9118 4201

		
	Total Commitment ($)	  	160,000,000

  
 117 

 The Agent 
  

			
	Name	  	Commonwealth Bank of Australia.
		
	Facility Office, address, fax number and attention details for notices	  	 Level 22, Darling Park Tower 1
 201 Sussex
Street
 Sydney NSW 2000
 Australia

Fax: +61 2 9118 4001
 Email: agencygroup@cba.com.au

Attention: Steven Furlong, Vice President – Agency
  

With a copy to:
 Post Deal Management

Commonwealth Bank of Australia
 Level 22, Darling Park Tower 1

201 Sussex Street
 Sydney NSW 2000

Australia
 Fax: +612 9118 4201

 The Security Agent 
  

			
	Name	  	CBA Corporate Services (NSW) Pty Ltd.
		
	Facility Office, address, fax number and attention details for notices	  	 Level 22, Darling Park Tower 1
 201 Sussex
Street
 Sydney NSW 2000
 Australia

Fax: +61 2 9118 4001
 Email: agencygroup@cba.com.au

Attention: Steven Furlong, Vice President – Agency
  

With a copy to:
 Post Deal Management

Commonwealth Bank of Australia
 Level 22, Darling Park Tower 1

201 Sussex Street
 Sydney NSW 2000

Fax: +612 9118 4201

  
 118 

 The Original Hedging Providers 

 

			
	Name	  	Commonwealth Bank of Australia, Singapore Branch.
		
	Facility Office, address, fax number and attention details for notices	  	 1 Temasek Avenue
 #17-01 Millenia Tower

Singapore 039192

		
		  	 For credit matters:
 Susan Whiting, Head of
Credit Risk
 Fax: +65 6224 5812
  

For loan administration matters:
 Judy Pang/ Alicia Yap

Fax: +65 6224 5812
  

With a copy to:
 Post Deal Management

Commonwealth Bank of Australia
 Level 22, Darling Park Tower 1

201 Sussex Street
 Sydney NSW 2000

Australia
 Fax: +612 9118 4201

  
 119 

 Schedule 2 

Ship information 
  

			
	Name of Ship:	  	“WOODSIDE DONALDSON”.
		
	Flag State:	  	Singapore.
		
	Port of Registry:	  	Singapore.
		
	Official Number:	  	395529.
		
	IMO Number:	  	9369899.
		
	Charter description:	  	Time charter dated 10 September 2007 as novated to the Borrower pursuant to a novation agreement dated 31 August 2010 and as amended by Amendments No.1 each dated 10 September 2007 and 23 December 2008 and a charter consent and
amendment deed dated 7 February 2012.
		
	Charterer:	  	Pluto LNG Pty. Ltd. as agent for the Pluto Joint Venture Participants (as defined in the Charter), currently being Woodside Burrup Ltd. (90%), Tokyo Gas Pluto LNG Pty Ltd (5%) and Kansai Electric Power Australia Pty Ltd
(5%).
		
	Charter rate:	  	Daily capital hire of $60,538 plus an operating cost and management fee element of $14,627.
		
	Classification:	  	 I

 HULL

 MACH
  
 Liquefied gas carrier

 
 Unrestricted navigation

 
 

 VeriSTAR-HULL DFL 40 years,

 AUT-UMS,

 SYS-NEQ-1, MON-HULL MON-SHAF, ERS-S, INWATERSURVEY

		
	Classification Society:	  	Bureau Veritas
		
	Major Casualty Amount:	  	$10,000,000

  
 120 

 Schedule 3 

Conditions precedent 

Part 1 
 Conditions
precedent to the Utilisation 
  

	1	Original Obligors’ corporate documents 

  

	 	(a)	A copy of the Constitutional Documents of each Original Obligor. 

  

	 	(b)	A copy of a resolution of the board of directors of each Original Obligor (or, if applicable, any committee of such board empowered to approve and authorise the following matters): 

 

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party (Relevant Documents) and resolving that it execute the Relevant Documents to which it is a party;

  

	 	(ii)	authorising a specified person or persons to execute the Relevant Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request and any Selection Notice) to be signed and/or despatched by it
under or in connection with the Relevant Documents to which it is a party. 

  

	 	(c)	If applicable, a copy of a resolution of the board of directors of the relevant company, establishing any committee referred to in paragraph (b) above and conferring authority on that committee. 

 

	 	(d)	If required by the relevant legal counsel for the purposes of their legal opinions, a copy of a resolution signed by all the holders of the issued shares in each Original Obligor, approving the terms of, and the
transactions contemplated by, the Relevant Documents to which such Obligor is a party. 

  

	 	(e)	A certificate of the Borrower (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit
binding on any Original Obligor to be exceeded. 

  

	 	(f)	A copy of any power of attorney under which any person is to execute any of the Relevant Documents on behalf of any Original Obligor. 

 

	 	(g)	A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part of this Schedule is correct, complete and in full force and effect and
has not been amended or superseded as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked. 

 

	 	(h)	Copies of the Constitutional Documents or other evidence of singing authority of Malt LNG Holdings as may be required by the legal advisors to the Security Agent and the Agent in the Kingdom of Denmark for purposes of
providing a legal opinion referred to at paragraph 2(b) below. 

  

	2	Legal opinions 

 The following legal opinions, each addressed to the Agent, the Security
Agent and the Original Lenders: 
  

	 	(a)	A legal opinion of Norton Rose Fulbright LLP, London addressed to the Security Agent and the Agent on matters of English law, substantially in the form distributed to the Original Lenders and approved by the Agent prior
to signing this Agreement. 

  
 121 

	 	(b)	A legal opinion of the legal advisers to the Security Agent and the Agent in England and also each jurisdiction in which an Obligor and Malt LNG Holdings is incorporated and/or which is or is to be the Flag State of the
Ship, or in which an Account opened at the relevant time is established substantially in the form distributed to the Original Lenders and approved by the Agent prior to signing this Agreement. 

 

	3	Other documents and evidence 

  

	 	(a)	Evidence that any process agent referred to in clause 45.4 (Service of process) or any equivalent provision of any other Finance Document entered into on or before the Utilisation Date, if not an Original
Obligor, has accepted its appointment. 

  

	 	(b)	A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and
performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

  

	 	(c)	The Original Financial Statements. 

  

	 	(d)	Each Fee Letter duly executed by the parties thereto. 

  

	 	(e)	Evidence that the fees, commissions, costs and expenses then due from the Borrower pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been paid or will be paid by the Utilisation Date.

  

	4	Bank Accounts 

 Evidence that any Account required to be established under clause 25
(Bank accounts) has been opened and established, that any Account Security in respect of each such Account has been executed and delivered by the Borrower in favour of the Security Agent and that any notice required to be given to an Account
Bank under that Account Security has been given to it and acknowledged by it in the manner required by that Account Security and that each amount required by clauses 25.7 (DSRA Account) and 25.10 (Dry Dock Reserve Account) has been
credited to it. 
  

	5	Hedging Master Agreements and Hedging Contract Security 

 Evidence that: 

 

	 	(a)	each of the Hedging Master Agreements has been executed by the Borrower and each Hedging Provider; 

  

	 	(b)	the Borrower has executed the Hedging Contract Security in favour of the Security Agent; and 

  

	 	(c)	any notice required to be given to each Hedging Provider under the Hedging Contract Security has been given to it and acknowledged by it in the manner required by the Hedging Contract Security. 

 

	6	Share Security 

 The Share Security duly executed by Malt LNG Transport together with all
letters, transfers, certificates and other documents required to be delivered under the Share Security. 

  
 122 

	7	Charter Documents, Management Agreement and Joint Venture Agreement 

  

	 	(a)	A copy, certified by an approved person to be a true and complete copy, of each of the Charter Documents and Joint Venture Agreement; and 

 

	 	(b)	Where a manager of the Ship has been approved in accordance with clause 21.5 (Manager), a copy, certified by an approved person to be a true and complete copy, of the agreement between the Borrower and the
manager relating to the appointment of the manager. 

  

	8	“Know your customer” information 

 Such documentation and information as any
Finance Party may reasonably request through the Agent to comply with “know your customer” or similar identification procedures under all laws and regulations applicable to that Finance Party. 

 

	9	Existing Facility Agreement 

 Evidence that: 

 

	 	(a)	the relevant portion attributable to the Ship of the amount outstanding under the Existing Facility Agreement have been or, pursuant to the Utilisation of the Facility, will be fully, finally and irrevocably discharged
in full; 

  

	 	(b)	the relevant portion attributable to the Ship of the commitments under the Existing Facility Agreement have been or, pursuant to the Utilisation of the Facility, will be fully, finally and irrevocably cancelled in full;
and 

  

	 	(c)	the relevant Security Interests and guarantees created pursuant to or in respect of the Existing Facility Agreement attributable to the Ship have been released. 

  
 123 

 Part 2 

Ship and security conditions precedent 
  

	1	Corporate documents 

  

	 	(a)	A certificate of an authorised signatory of the Borrower certifying that each copy document relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no
earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation to it have not been revoked or amended. 

 

	 	(b)	A certificate of an authorised signatory of each other Obligor which is party to any of the Original Security Documents required to be executed at or before the Utilisation Date certifying that each copy document
relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this
Schedule in relation to it have not been revoked or amended. 

  

	2	Security 

  

	 	(a)	The Mortgage and the Deed of Covenant duly executed by the Borrower. 

  

	 	(b)	The Charter Assignment duly executed by the Borrower and the Quiet Enjoyment Agreement duly executed by the Borrower, the Charterer and the Security Agent. 

 

	 	(c)	Any Manager’s Undertaking then required pursuant to the Finance Documents duly executed by the relevant manager. 

  

	 	(d)	Duly executed notices of assignment and acknowledgements of those notices as required by any of the above Security Documents, provided that if, in the case of the Charter Assignment, the Charterer has agreed the form of
the acknowledgement of notice of assignment required thereunder (in an approved form) prior to Utilisation, such acknowledgement shall be delivered to the Agent promptly following the Utilisation Date. 

 

	3	Delivery and registration of Ship 

 Evidence that the Ship: 

 

	 	(a)	is legally and beneficially owned by the Borrower and registered in the name of the Borrower through the relevant Registry as a ship under the laws and flag of the relevant Flag State; 

 

	 	(b)	is classed with the relevant Classification free of all overdue requirements and recommendations of the relevant Classification Society; 

 

	 	(c)	is insured in the manner required by the Finance Documents; 

  

	 	(d)	remains in service under the Charter; 

  

	 	(e)	is free of any other charter commitment which would require approval under the Finance Documents; and 

  

	 	(f)	any prior registration (other than through the relevant Registry in the relevant Flag State) of the Ship has been or will (within such period as may be approved) be cancelled. 

 

	4	Mortgage registration 

 Evidence that the Mortgage has been registered against the Ship
through the relevant Registry under the laws and flag of the relevant Flag State. 

  
 124 

	5	Value of Ship 

 Valuations (in accordance with the provisions of clauses 22.19
(Valuation) to 22.28 (Differences in valuations) obtained (not more than 14 days before the Utilisation Date) from two brokers out of a panel of R.S. Platou, Clarkson plc and Poten & Partners appointed by the Agent and to be
provided on a charter-free willing buyer/willing seller basis. 
  

	6	Legal opinions 

 If required by the Agent, the following further legal opinions, each
addressed to the Agent, the Security Agent and the Original Lenders: 
  

	 	(a)	A legal opinion of Norton Rose Fulbright LLP, London addressed to the Security Agent and the Agent on matters of English law, substantially in the form distributed to the Original Lenders and approved by the Agent prior
to signing this Agreement in relation to Security Documents. 

  

	 	(b)	A legal opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction in which an Obligor is incorporated and/or which is or is to be the Flag State of the Ship, or in which an Account opened at
the relevant time is established substantially in the form distributed to the Original Lenders and approved by the Agent prior to signing this Agreement. 

  

	7	Insurance 

 In relation to the Ship’s Insurances: 

 

	 	(a)	an opinion from insurance consultants appointed by the Agent on such Insurances; 

  

	 	(b)	evidence that such Insurances have been placed in accordance with clause 23 (Insurance); and 

  

	 	(c)	evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved form in relation to the Insurances. 

 

	8	ISM and ISPS Code 

 Copies of: 

 

	 	(a)	the document of compliance issued in accordance with the ISM Code to the person who is the operator of the Ship for the purposes of that code; 

 

	 	(b)	the safety management certificate in respect of the Ship issued in accordance with the ISM Code; and 

  

	 	(c)	the international ship security certificate in respect of the Ship issued under the ISPS Code. 

  

	9	Fees and expenses 

 Evidence that the fees, commissions, costs and expenses that are due
from the Borrower pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been paid or will be paid by the Utilisation Date. 
  

	10	Environmental matters 

 If relevant, copies of the Ship’s certificate of financial
responsibility and vessel response plan required under United States law and evidence of their approval by the appropriate United States government entity and (if requested by the Agent) an environmental report in respect of the Ship from an
approved person. 

  
 125 

	11	No Material Adverse Effect 

 Evidence satisfactory to the Agent that no default has
occurred under the Charter Documents or any management agreement or that any event has occurred in respect of the Borrower, Malt LNG Transport, Malt LNG Holdings or any Sponsor which has, or may have, a Material Adverse Effect. 

 

	12	Methane Spirit 

 Evidence satisfactory to the Agent that the Borrower has sold
“METHANE SPIRIT” to another Subsidiary of Malt LNG Transport and that the Borrower has no actual or contingent liability in respect of m.v. “METHANE SPIRIT” and Malt LNG Holdings has provided an indemnity in an approved form to
the Security Agent covering such liability. 

  
 126 

 Schedule 4 

Utilisation Request 
  

			
	From:	  	MALT Singapore Pte. Ltd.
		
	To:	  	Commonwealth Bank of Australia
		
	Dated:	  	[—] 2013

 Dear Sirs 

$160,000,000 
 Facility
Agreement dated [—] 2013 (the Agreement) 
  

	1	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

 

	2	We wish to borrow the Loan on the following terms: 

  

			
	Proposed Utilisation Date:	  	[—] (or, if that is not a Business Day, the next Business Day)
		
	Amount:	  	$160,000,000.

  

	3	We confirm that each condition specified in clause 4.4 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	4	The purpose of the Loan is to refinance amounts owing under the Existing Facility Agreement and to provide working capital to the Borrower and its proceeds should be credited to
[—] [specify account] in respect of an amount of $[—], with an amount equal to $[—]
being paid to each of the Debt Service Reserve Account and the Dry Dock Reserve Account. 

  

	5	This Utilisation Request is irrevocable. 

  

					
		  	Yours faithfully	  	
			
		  	  
	  	
		  	authorised signatory for	  	
		  	MALT Singapore Pte. Ltd.	  	

  
 127 

 Schedule 5 

Selection Notice 
  

			
	From:	  	MALT Singapore Pte. Ltd.
		
	To:	  	Commonwealth Bank of Australia
		
	Dated:	  	[—] 2013

 Dear Sirs 

$160,000,000 
 Facility
Agreement dated [—] 2013 (the Agreement) 
  

	1	We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice. 

 

	2	We request that the next Interest Period for the Loan be [—] months. 

  

	3	This Selection Notice is irrevocable. 

  

					
		  	Yours faithfully	 	
			
		  	  
	 	
		  	authorised signatory for	 	
		  	MALT Singapore Pte. Ltd.	 	

  
 128 

 Schedule 6 

Form of Transfer Certificate 
  

			
	To:	  	[—] as Agent
		
	From:	  	[The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)
		
	Dated:	  	

 $160,000,000 

Facility Agreement dated [—] 2013 (the Agreement) 

 

	1	We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

  

	2	We refer to clauses 30.10 to 30.14 (Procedure for assignment): 

  

	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitment(s)
and participations in the Loan under the Agreement as specified in the Schedule. 

  

	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement specified
in the Schedule. 

  

	 	(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above. 

 

	 	(d)	The proposed Transfer Date is [—]. 

  

	 	(e)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of clause 37.2 (Addresses) are set out in the Schedule. 

 

	3	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in clauses 30.7 to 30.9 (Limitation of responsibility of Existing Lenders).] 

 

	4	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate. 

 

	5	This Transfer Certificate and any non-contractual obligations connected with it are governed by English law. 

  

	6	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate. 

  
 129 

 The Schedule 

Rights to be assigned and obligations to be released and undertaken 

[insert relevant details] 
 [Facility
Office address, fax number and attention details for notices and account details for payments.] 
  

					
	[Existing Lender]	 		 	[New Lender]
			
	By:	 		 	By:

 This is accepted by the Agent as a Transfer Certificate and the Transfer Date is confirmed as [    ]. 

Signature of this Transfer Certificate by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which
notice the Agent receives on behalf of each Finance Party. 
 [Agent] 

By: 

  
 130 

 Schedule 7 

Form of Compliance Certificate 
  

			
	To:	  	Commonwealth Bank of Australia as Agent
		
	From:	  	MALT Singapore Pte. Ltd.
		
	Dated:	  	[—] 2013

 Dear Sirs 

$160,000,000 
 Facility
Agreement dated [—] 2013 (the Agreement) 
  

	1	I/We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance
Certificate. 

  

	2	I/We confirm that the DSCR is [—] [Requirement: not less than 1:1] and this is calculated as follows: 

Earnings for the Relevant Period [1 January [—] to 30 June [—]] [1 July [—] to 31 December [—]]: 

 

			
		  	$[—]
		
	Operating Costs for the Relevant Period:	  	$[—]
		
	Debt Service Amount for the Relevant Period:	  	$[—]

  

	3	[I/We confirm that no Default is continuing.] [If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.] 

 

					
		 	Signed by:	 	
			
		 	  
	 	
		 	 authorised signatory

MALT Singapore Pte. Ltd.
	 	

  
 131 

 Schedule 8 

Form of Hedging Provider Accession Letter 
  

			
	To:	  	Commonwealth Bank of Australia (as Agent and Hedging Co-ordinator)
		
	From:	  	[Acceding Hedging Provider]
		
	Dated:	  	[—]

 Dear Sirs 

$160,000,000 
 Facility
Agreement dated [—] 2013 (the Agreement) 
  

	1	We refer to the Agreement. This is a Hedging Provider Accession Letter. Terms defined in the Agreement have the same meaning in this Hedging Provider Accession Letter unless given a different meaning in this Hedging
Provider Accession Letter. 

  

	2	[—] agrees to become a Hedging Provider and to be bound by the terms of the Agreement as a Hedging Provider, including (without limitation) clause 29 (Position of
Hedging Providers), and undertakes and agrees and hereby appoints: 

  

	 	(a)	the Agent as its agent under and in connection with the Finance Documents in accordance with the provisions of clause 32.1 (Appointment of Agent); and 

 

	 	(b)	the Security Agent to act as its agent and (to the extent permitted under any applicable law) trustee under and in connection with the Security Documents in accordance with the provisions of clauses 32.67 to 32.68
(Security Agent). 

  

	3	[—] administrative details are as follows: 

  

			
	Address:	  	[—]
		
	Fax No:	  	[—]
		
	Attention:	  	[—]

  

	4	This Hedging Provider Accession Letter and any non-contractual obligations connected with it are governed by English law. 

  

	5	This Hedging Provider Accession Letter shall be considered a Finance Document. 

  

	6	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Hedging Provider Accession Letter or any non-contractual obligations connected with it (including a
dispute regarding the existence, validity or termination of this Hedging Provider Accession Letter) (a Dispute). 

  

	7	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. 

 

	8	Clause 7 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by
law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

[—] 
  

 

  
 132 

			
	By:	 	
		
	Date:	 	

 This Accession Letter is accepted by the Agent on behalf of itself and the other Finance Parties (other than the Hedging
Co-ordinator). 
  

									
	COMMONWEALTH BANK OF AUSTRALIA
			
	  
	 		 	  

					
	By:	 		 		 	By:	 	
					
	Date:	 		 		 	Date:	 	

 This Accession Letter is accepted by the Hedging Co-ordinator. 

 

									
	COMMONWEALTH BANK OF AUSTRALIA
			
	  
	 		 	  

					
	By:	 		 		 	By:	 	
					
	Date:	 		 		 	Date:	 	

  
 133 

 Schedule 9 

Account signatories 
 [To
be provided by Teekay] 

  
 134 

 SIGNATURES 
  

									
	THE BORROWER	 		 		 		 	
					
	SIGNED by GEORGE MACHERAS	 		 	)	 		 	
					
	for and on behalf of	 		 	)	 		 	
					
	MALT SINGAPORE PTE. LTD.	 		 	)	 		 	 /s/ George Macheras

					
		 		 		 		 	Authorised Signatory
					
	THE ARRANGER	 		 		 		 	
			
	COMMONWEALTH BANK OF AUSTRALIA	 		 	
					
	By:	 		 		 		 	
					
	THE HEADING CO-ORDINATOR	 		 		 		 	
					
	COMMONWEALTH BANK OF AUSTRALIA	 		 		 		 	
					
	By:	 		 		 		 	
					
	THE AGENT	 		 		 		 	
					
	COMMONWEALTH BANK OF AUSTRALIA	 		 		 		 	
					
	By:	 		 		 		 	
					
	THE SECURITY AGENT	 		 		 		 	
			
	CBA CORPORATE SERVICES (NSW) PTY LTD	 		 	
					
	By:	 		 		 		 	
					
	THE ORIGINAL LENDERS	 		 		 		 	
			
	COMMONWEALTH BANK OF AUSTRALIA	 		 	
					
	By:	 		 		 		 	

  
 135 

 SIGNATURES 
  

											
	THE BORROWER	 		 		 		 	
					
	SIGNED by	 		 	)	 		 	
					
	for and on behalf of	 		 	)	 		 	
					
	MALT SINGAPORE PTE. LTD.	 		 	)	 		 	  

						
		 		 		 		 		 	Authorised Signatory
					
	THE ARRANGER	 		 		 		 	
					
	COMMONWEALTH BANK OF AUSTRALIA	 		 		 		 	
						
	By:	 	Greg Williams	 		 		 		 	/s/ Greg Williams
		 	Country Head	 		 		 		 	
					
	THE HEADING CO-ORDINATOR	 		 		 		 	
					
	COMMONWEALTH BANK OF AUSTRALIA	 		 		 		 	
						
	By:	 	Greg Williams	 		 		 		 	/s/ Greg Williams
		 	Country Head	 		 		 		 	
					
	THE AGENT	 		 		 		 	
					
	COMMONWEALTH BANK OF AUSTRALIA	 		 		 		 	
						
	By:	 	Greg Williams	 		 		 		 	/s/ Greg Williams
		 	Country Head	 		 		 		 	
					
	THE SECURITY AGENT	 		 		 		 	
					
	CBA CORPORATE SERVICES (NSW) PTY LTD	 		 		 		 	
						
	By:	 	Greg Williams	 		 		 		 	/s/ Greg Williams
		 	Country Head	 		 		 		 	
					
	THE ORIGINAL LENDERS	 		 		 		 	
					
	COMMONWEALTH BANK OF AUSTRALIA	 		 		 		 	
						
	By:	 	Greg Williams	 		 		 		 	/s/ Greg Williams
		 	Country Head	 		 		 		 	

  
 135 

							
	THE ORIGINAL HEDGING PROVIDERS	 		 	
			
	COMMONWEALTH BANK OF AUSTRALIA	 		 	
				
	By:	 	Greg Williams	 		 	/s/ Greg Williams
		 	Country Head	 		 	

  
 136EX-4.3

 Exhibit 4.3 

US$608,000,000 Loan Agreement 
 Dated 30 July
2013 
  

	(1)	Malt LNG Netherlands Holdings B.V. 

 (as Borrower) 

 

	(2)	The Various Lenders 

 (as Lenders) 

 

	(3)	DNB Bank ASA, New York Branch 

 ABN AMRO Capital USA LLC 

ING Bank N.V., London Branch 

DVB Bank America N.V. 

Citibank, N.A., London Branch 

Danish Ship Finance A/S 

SGBT Asset Based Funding S.A. 

Development Bank of Japan Inc. 

(as Tranche A Mandated Lead Arrangers) 
  

	(4)	Mizuho Bank, Ltd 

 (as Tranche B Mandated Lead Arranger) 

 

	(5)	DNB Markets Inc. 

 ABN AMRO Capital USA LLC 

ING Bank N.V., London Branch 

(as Tranche A Bookrunners) 
  

	(6)	Mizuho Bank, Ltd 

 (as Tranche B Bookrunner) 

 

	(7)	DNB Markets Inc. 

 ABN AMRO Capital USA LLC 

ING Bank N.V., London Branch 

(as Structuring Banks) 
  

	(8)	DNB Bank ASA, New York Branch 

 (as Agent) 

 

	(9)	ABN AMRO Capital USA LLC 

 (as Documentation Agent) 

 

					
	 Stephenson Harwood LLP

1 Finsbury Circus
 London EC2M 7SH

Tel +44 20 7329 4422
 Fax +44 20 7329
7100
 DX No. 64 Chancery Lane

www.shlegal.com
	    	

	 	 

 Contents 
  

							
	 	  	 	  	Page	 
			
	 1
	  	 Definitions and Interpretation
	  	 	2	  
			
	 2
	  	 The Loan and its Purpose
	  	 	22	  
			
	 3
	  	 Conditions of Utilisation
	  	 	22	  
			
	 4
	  	 Advance
	  	 	23	  
			
	 5
	  	 Repayment
	  	 	24	  
			
	 6
	  	 Prepayment
	  	 	24	  
			
	 7
	  	 Interest
	  	 	27	  
			
	 8
	  	 Indemnities
	  	 	29	  
			
	 9
	  	 Fees
	  	 	34	  
			
	 10
	  	 Security and Application of Moneys
	  	 	34	  
			
	 11
	  	 Representations and Warranties
	  	 	36	  
			
	 12
	  	 Undertakings and Covenants
	  	 	41	  
			
	 13
	  	 Events of Default
	  	 	50	  
			
	 14
	  	 Assignment and Sub-Participation
	  	 	54	  
			
	 15
	  	 The Agent and the Lenders
	  	 	56	  
			
	 16
	  	 Set-Off
	  	 	70	  
			
	 17
	  	 Payments
	  	 	70	  
			
	 18
	  	 Notices
	  	 	72	  
			
	 19
	  	 Partial Invalidity
	  	 	74	  
			
	 20
	  	 Remedies and Waivers
	  	 	74	  
			
	 21
	  	 Miscellaneous
	  	 	74	  
			
	 22
	  	 Confidentiality
	  	 	75	  
			
	 23
	  	 Law and Jurisdiction
	  	 	78	  
			
	 Schedule 1
	  	 The Lenders and the Commitments
	  	 	80	  
			
	 Schedule 2
	  	 Conditions Precedent and Subsequent
	  	 	84	  
		  	 Part I:
	  	 	84	  
		  	 Conditions precedent to service of Drawdown Notice
	  	 	84	  
		  	 Part II A:
	  	 	87	  
		  	 Conditions precedent to the Drawdown Date
	  	 	87	  

							
		  	 Part II B:
	  	 	89	  
		  	 Conditions precedent to the Drawdown Date
	  	 	89	  
		  	 Part III:
	  	 	90	  
		  	 Conditions subsequent to the Drawdown Date
	  	 	90	  
			
	 Schedule 3
	  	 The Vessels
	  	 	91	  
			
	 Schedule 4
	  	 Form of Drawdown Notice
	  	 	92	  
			
	 Schedule 5
	  	 Form of Transfer Certificate
	  	 	93	  
			
	 Schedule 6
	  	 Form of DSCR Compliance Certificate
	  	 	96	  
			
	 Schedule 7
	  	 Repayment Schedules
	  	 	97	  
			
	 Schedule 8
	  	 Letter of Quiet Enjoyment
	  	 	99	  

 Loan Agreement 

Dated 30 July 2013 
 Between: 

 

	(1)	Malt LNG Netherlands Holdings B.V., a limited liability company formed and existing under the laws of The Netherlands having its corporate seat in Amsterdam, the Netherlands and its registered office at Singel
540 Unit 2.02, D. 1017AZ Amsterdam, the Netherlands and registered in the commercial register (handelsregister) under number 58366016 (the “Borrower”); and 

 

	(2)	the banks listed in Schedule 1, each acting through its office at the address indicated against its name in Schedule 1 (together the “Lenders” and each a “Lender”); and

  

	(3)	DNB Bank ASA, New York Branch acting through its office at 200 Park Avenue, New York, NY 10166-0396, United States of America, ABN AMRO Capital USA LLC acting through its office at 17th Floor, 100 Park Avenue, NY 10017, New York, United States of America, ING Bank N.V., London Branch acting through its office at 60 London Wall, London EC2M 5TQ, England, DVB Bank
America N.V. acting through its office at Zeelandia Office Park, Kaya W.F.G Mensing 14, Willemstad, Curacao, Citibank, N.A., London Branch acting through its office at Citigroup Centre, Canada Square, Canary Wharf, London E14 5LB, United
Kingdom, Danish Ship Finance A/S acting through its office at Sankt Annae Plads 3, DK-1250 Copenhagen K, Denmark, SGBT Asset Based Funding S.A. acting through its office at 15, Boulevard Prince Henri, L-1724 Luxembourg and
Development Bank of Japan Inc. acting through its office at Otemachi Financial City South Tower 9-6, Otemachi 1-chome, Chiyoda-ku, Tokyo, Japan acting as mandated lead arrangers in respect of Tranche A (in that capacity each a
“Tranche A MLA” and together the (“Tranche A MLAs”); and 

  

	(4)	Mizuho Bank, Ltd acting through its office at 2-5-1 Marunouchi, Chiyoda-ku, Tokyo, 100-8333, Japan acting as mandated lead arranger in respect of Tranche B (in that capacity the “Tranche B MLA”
and together with the Tranche A MLAs, the “MLAs” and each an “MLA”); and 

  

	(5)	DNB Markets Inc. acting through its office at 200 Park Avenue, New York, NY 10166-0396, United States of America, ABN AMRO Capital USA LLC, acting through its office at 17th Floor, 100 Park Avenue, NY 10017, New York, United States of America and ING Bank N.V., London Branch acting through its office at 60 London Wall, London EC2M 5TG, England, acting as
bookrunners in respect of Tranche A (in that capacity each a “Tranche A Bookrunner” and together the “Tranche A Bookrunners”); and 

 

	(6)	Mizuho Bank, Ltd acting through its office at 2-5-1 Marunouchi, Chiyoda-ku, Tokyo, 100-8333, Japan, acting as bookrunners in respect of Tranche B (in that capacity the “Tranche B Bookrunner” and
together with the Tranche A Bookrunners the “Bookrunners” and each a “Bookrunner”); and 

  

	(7)	 DNB Markets Inc. acting through its office at 200 Park Avenue, New York, NY 10166-0396, United States of America, ABN AMRO Capital USA
LLC acting through its office at 17th Floor, 100 Park Avenue, NY 10017, New York, United States of 

  
 Page 1 

	 	
America and ING Bank N.V., London Branch acting through its office at 60 London Wall, London EC2M 5TG, England, acting as structuring banks (in that capacity each a
“Structuring Bank” and together the “Structuring Banks”); and 

  

	(8)	DNB Bank ASA, New York Branch, acting through its office at 200 Park Avenue, New York, NY 10166-0396, U.S.A., acting as agent and security trustee (in that capacity the “Agent”);

 Whereas: 
 Each of the Lenders has
agreed to advance to the Borrower its Commitment (aggregating, with all the other Commitments, an amount not exceeding the Maximum Amount) to assist the Borrower to refinance the Existing Loans. 

It is agreed as follows: 
  

	1	Definitions and Interpretation 

  

	1.1	In this Agreement: 

 “Acceptable Bank” means a bank or financial institution
which has a rating for its long-term unsecured and non credit-enhanced debt originations of A+ or higher by Standard & Poor’s Ranking Services or Fitch Ratings Ltd or A1 or higher by Moody’s Investors Services Limited or a
comparable rating from an internationally recognised credit rating agency. 
 “Account Holder” means DNB Bank ASA, New York
Branch in its capacity as account bank. 
 “Accounts” means the Earnings Account and the Vessel Earnings Accounts. 

“Affiliate” means, in relation to any entity, a Subsidiary of that entity, a Holding Company of that entity or any other
Subsidiary of that Holding Company. 
 “Anticipated Fixed Cash Flow” means the anticipated aggregate free cash flow from
operations of a Vessel, for the relevant period, after anticipated Operating Expenses, available to service principal and interest under the Loan, expected to be generated from the employment of the relevant Vessel on the spot market. 

“Antisocial Forces” means: 
  

	 	(a)	an organized crime group (boryokudan) (as defined under Article 2, item 1 of the Japanese Act on Prevention of Unjust Acts by Organized Crime Group Members); 

 

	 	(b)	a member of an organized crime group (boryokudan in); 

  

	 	(c)	an individual who was a member of an organized crime group within the preceding five years; 

  

	 	(d)	a quasi-member of an organized crime group (boryokudan junkoseiin) including individuals who are not members of an organized crime group but who maintain relationships with an organized crime group and who may
(i) imply its influence to engage in violent and unlawful activity, or (ii) cooperate in the maintenance and operation of an organized crime group; 

  
 Page 2 

	 	(e)	a company (boryokudan kankei kigyo) or association (boryokudan kanren gaisha) that is (i) related to an organized crime group, (ii) managed by present or former members or quasi-members of an
organized crime group, or (iii) which actively cooperates with or provides benefits to an organized crime group; 

  

	 	(f)	a corporate extortionist and any other advocator of social activism (shakaiundoutou hyoubou goro) or a racketeer or blackmailer (sokaiya) adopting social special intellectual violence group (tokushu
chinou boryoku shudan); or 

  

	 	(g)	any persons similar to those listed in the foregoing. 

 “Approved Brokers”
means Clarksons, Fearnleys, RS Platou, MJLF Associates or such other reputable and independent consultancy or ship broker firm approved by the Agent (acting reasonably). 

“Approved Charterers” means (i) each entity that is currently a charterer under a Charter and (ii) any other entity
reasonably approved by the Majority Lenders. 
 “Approved Manager” means (i) TGP, (ii) Teekay Corporation,
(iii) an Affiliate of TGP or Teekay Corporation or (iv) any other entity reasonably approved by the Majority Lenders. 

“Assignments” means the deeds of assignment of the Insurances, Earnings, Requisition Compensation and Charter Rights in
respect of the Vessels referred to in Clause 10.1.5. 
 “Attributable Amount”, in relation to any Vessel and at any time,
means the amount which is obtained by dividing the Fair Market Value of that Vessel by the sum of the Fair Market Values of the Vessels then owned by the Vessel Owners, and multiplying the result by the amount of the Loan outstanding at that time.
For the purpose of this definition, the Fair Market Value shall be the Fair Market Value of the Vessels immediately prior to the relevant Vessel sale or Total Loss or Charter cancellation (as applicable) on the basis of valuations of the Vessels
certifying the Fair Market Value of the Vessels as at a date falling no earlier than thirty (30) days prior to the date of the relevant Vessel sale, Total Loss or Charter cancellation (as applicable). 

“Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or
registration. 
 “Balloon Amount” means two hundred and six million and fifty thousand Dollars ($206,050,000) in respect of
Tranche A and one hundred and ninety million two hundred thousand Dollars ($190,200,000) in respect of Tranche B. 
 “Break
Costs” means all sums payable by the Borrower from time to time under Clause 8.3. 

  
 Page 3 

 “Business Day” means a day on which banks are open for business of a nature
contemplated by this Agreement (and not authorised by law to close) in New York, London, Copenhagen, Amsterdam, Vancouver, Curacao, Tokyo and any other financial centre which the Agent may reasonably consider appropriate for the operation of the
provisions of this Agreement, 
 “Charged Property” means all of the assets of the Security Parties which from time to time
are, or are expressed to be, the subject of the Security Documents. 
 “Charter Rights” means all rights and benefits
accruing to a Vessel Owner under or pursuant to (i) a Charter (save for the Charter in relation to m.v. “MAGELLAN SPIRIT” referred to at (c), (i) in the definition of Charters) and (ii) any other charter relating to a
Vessel, or other contract of employment relating to a Vessel, whether or not already in existence, which is for a period (inclusive of any extension option) in excess of or capable of exceeding 3 years. 

“Charters” means: 
  

	 	(a)	for m.v. “ARWA SPIRIT”, a charterparty dated 20 January 2006 made originally between A. P. Møller – Mærsk A/S (as owner) and Yemen LNG Company Limited (as charterer) as novated pursuant
to a novation agreement dated 29 October 2007 made between A. P. Møller – Mærsk A/S (as original owner), the relevant Vessel Owner (as new owner) and Yemen LNG Company Limited (as charterer) and as further amended by addendum
no. 1 dated 25 April 2009 and addendum no 2 dated 7 October 2009; 

  

	 	(b)	for m.v. “MARIB SPIRIT”, a charterparty dated 10 January 2006 made originally between A. P. Møller – Mærsk A/S (as owner) and Yemen LNG Company Limited (as charterer) as novated pursuant
to a novation agreement dated 12 July 2007 made between A. P. Møller – Mærsk A/S (as original owner), the relevant Vessel Owner (as new owner) and Yemen LNG Company Limited (as charterer); 

 

	 	(c)	for m.v. “MAGELLAN SPIRIT”, both (i) a charterparty dated 20 January 2011 made between the relevant Vessel Owner and Qatar Gas Transport Company Limited (Nakilat) (Q.S.C.) and (ii) a
charterparty dated 1 July 2012 between the relevant Vessel Owner and Mansel Ltd.; 

  

	 	(d)	for m.v. “METHANE SPIRIT”, a charterparty dated 16 December 2011 made between the relevant Vessel Owner and BP Shipping Ltd as agents to BP Gas Marketing Ltd 

(and each a “Charter”). 

“Code” means the US Internal Revenue Code of 1986. 

“Commitment” means, in relation to each Lender and a Tranche, the aggregate amount of that Tranche which that Lender agrees to
advance to the Borrower as its several liability as Indicated against the name of that Lender in Schedule 1 and/or, where the context permits, the amount of that Tranche advanced by that Lender and remaining outstanding and
“Commitments” means more than one of them. 

  
 Page 4 

 “Confidential Information” means all information relating to any Security Party,
any other member of either Group, the Finance Documents or the Loan of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party which is received by a Finance Party in relation to, or for the purpose of
becoming a Finance Party under, the Finance Documents or the Loan from either: 
  

	 	(a)	any Security Party, any other member of either Group or any of its advisers; or 

  

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

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

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 22; or 

  

	 	(ii)	is identified in writing at the time of delivery as non-confidential by any Security Party, any other member of either Group or any of its advisers; or 

 

	 	(iii)	is known by that Finance Party before the date the information is disclosed to it in accordance with (a) or (b) or is lawfully obtained by that Finance Party after that date, from a source which is, as far as
that Finance Party is aware, unconnected with any Security Party or any other member of either Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any
obligation of confidentiality. 

 “Confidentiality Undertaking” means a confidentiality undertaking
substantially in a recommended form of the Loan Market Association at the relevant time. 
 “Contracted Fixed Cash Flow”
means the projected aggregate free cash flow from operations, for the relevant period, after projected Operating Expenses, available to service principal and interest under the Loan, expected to be generated from the relevant Charter. 

“Corporate Guarantees” means together the Marubeni Corporate Guarantee and the TGP Corporate Guarantee and “Corporate
Guarantee” means any one of them. 
 “Currency of Account” means, in relation to any payment to be made to a
Finance Party under a Finance Document, the currency in which that payment is required to be made by the terms of that Finance Document. 

“Danish Security Documents” means any Security Documents governed by Danish law and any Security Document where the security
provider is a Danish entity. 
 “Debt Service” means, in relation to any period, the aggregate of all amounts payable by the
Borrower in respect of: 
  

	 	(a)	Financing Costs; and 

  

	 	(b)	Repayment of principal in respect of the Loan, excluding any Balloon Amount. 

  
 Page 5 

 “Deed of Coordination” means the deed dated on or about the date hereof and made
between (1) the Borrower, (2) the Agent and (3) the Lenders. 
 “Deeds of Covenants” means the deeds of
covenants referred to in Clause 10.1.4. 
 “Default” means an Event of Default or any event or circumstance specified in
Clause 13.1 which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Default Rate” means interest paid at the rate set out in Clause 7.8. 

“Defaulting Lender” means any Lender: 
  

	 	(a)	which has failed to make its participation in the relevant Tranche available (or has notified the Agent or the Borrower (which has notified the Agent) that it will not make its participation in the relevant Tranche
available) by the Drawdown Date in accordance with Clause 3.1; or 

  

	 	(b)	which has otherwise rescinded or repudiated a Finance Document; or 

  

	 	(c)	with respect to which an Insolvency Event has occurred and is continuing, 

 unless, in the case
of (a): 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within three Business Days of its due date; or 

 

	 	(ii)	the Lender is disputing in good faith whether it is contractually obliged to make the payment in question. 

“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 

 

	 	(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 preventing that, or any other Party: 

 

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

  

	 	(ii)	from communicating with other Parties in accordance with the terms of the Finance Documents, 

  
 Page 6 

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose
operations are disrupted. 
 “Documentation Agent” means ABN AMRO Capital USA LLC, acting through its office at 17th Floor, 100 Park Avenue, NY 10017, New York, United States of America, acting as documentation agent. 

“Dollars”, “US$” and “$” each means available and freely transferable and convertible funds
in lawful currency of the United States of America. 
 “Drawdown Date” means the date on which the Loan is advanced under
Clause 4. 
 “Drawdown Notice” means a notice substantially in the form set out in Schedule 4. 

“DSCR” means, for the 12 months following a DSCR Computation Date, the ratio which Forward looking EBITDA bears to Debt
Service. 
 “DSCR Compliance Certificate” means a DSCR compliance certificate for the following twelve (12) month
period delivered to the Agent pursuant to Clause 12.2.2, substantially in the form set out in Schedule 6 or otherwise in a form approved by the Agent. 

“DSCR Computation Date” means 30 June and 31 December of each year during the Facility Period. 

“Earnings” means all hires, freights, pool income and other sums payable to or for the account of the Vessel Owners in respect
of the Vessels including (without limitation) all remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, compensation in respect of any requisition for hire, and damages and other payments
(whether awarded by any court or arbitral tribunal or by agreement or otherwise) for breach, termination or variation of any contract for the operation, employment or use of the Vessels. 

“Earnings Account” means the account held by the Borrower with the Account Holder. 

“Encumbrance” means a mortgage, charge, assignment, pledge, lien, or other security interest securing any obligation of any
person or any other agreement or arrangement having a similar effect. 
 “Environmental Affiliate” means an agent or
employee of a Vessel Owner or a person in a contractual relationship with a Vessel Owner in respect of its Vessel (including without limitation, the operation of or the carriage of cargo of the Vessel). 

“Environmental Approvals” means any present or future permit, licence, approval, ruling, variance, exemption or other
authorisation required under the applicable Environmental Laws. 
 “Environmental Claim” means any and all enforcement,
clean-up, removal, administrative, governmental, regulatory or judicial actions, orders, demands or investigations instituted or completed pursuant to any Environmental Laws or Environmental Approvals together with any claims made by any third
person relating to damage, contribution, loss or injury resulting from any Environmental Incident. 

  
 Page 7 

 “Environmental Incident” means: 

 

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

  

	 	(b)	any incident in which Environmentally Sensitive Material is released from a vessel other than a Vessel and which involves a collision between a Vessel and such other vessel or some other incident of navigation or
operation, in either case, in connection with which a Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or where any guarantor, any manager (or any sub-manager of a Vessel) or any of its officers, employees
or other persons retained or instructed by it (or such sub-manager) are 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 a Vessel and in connection with which a Vessel is actually or potentially liable to be arrested and/or where any guarantor,
any manager (or any sub-manager of a Vessel) or any of its officers, employees or other persons retained or instructed by it (or such sub-manager) are at fault or allegedly at fault or otherwise liable to any legal or administrative action.

 “Environmental Laws” means all present and future laws, regulations, treaties and conventions of any
applicable jurisdiction which: 
  

	 	(a)	have as a purpose or effect the protection of, and/or prevention of harm or damage to, the environment; 

  

	 	(b)	relate to the carriage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material; 

 

	 	(c)	provide remedies or compensation for harm or damage to the environment; or 

  

	 	(d)	relate to Environmentally Sensitive Materials or health or safety matters. 

“Environmentally Sensitive Material” means (i) oil and oil products and (ii) any other waste, pollutant, contaminant
or other substance (including any liquid, solid, gas, ion, living organism or noise) that may be harmful to human health or other life or the environment or a nuisance to any person or that may make the enjoyment, ownership or other territorial
control of any affected land, property or waters more costly for such person to a material degree. 
 “Event of Default”
means any of the events or circumstances set out in Clause 13.1. 
 “Execution Date” means the date on which this Agreement
is executed by each of the parties hereto. 

  
 Page 8 

 “Existing Loan Agreements” means (i) the USD553,280,000 loan agreement
dated 17 February 2012 and made between (1) Malt LNG Holdings ApS as borrower, (2) the banks referred to therein as lenders, (3) DNB Bank ASA, ABN AMRO Bank N.V. and Citigroup Global Markets Limited as mandated lead arrangers,
(4) DNB Bank ASA, ABN AMRO Bank N.V. and Citigroup Global Markets Limited as bookrunners, (5) Development Bank of Japan Inc. as arranger and (6) DNB Bank ASA as agent and security trustee and (ii) the USD510,720,000 loan
agreement dated 17 February 2012 and made between (1) Malt LNG Holdings ApS as borrower, (2) the banks referred to therein as lenders, (3) Mizuho as mandated lead arranger and (6) Mizuho as agent and security trustee. 

“Existing Loans” means the aggregate amount advanced to Malt LNG Holdings ApS and outstanding under the Existing Loan
Agreements. 
 “Facility” means the credit facility made available by the Lenders to the Borrower pursuant to this
Agreement. 
 “Facility Office” means: 
  

	 	(a)	in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five (5) Business Days’
written notice) as the office or offices through which it will perform its obligations under this Agreement; or 

  

	 	(b)	in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes. 

“Facility Period” means the period beginning on the date of this Agreement and ending on the date when the whole of the
Indebtedness has been repaid in full and the Security Parties have ceased to be under any further actual or contingent liability to the Finance Parties under or in connection with the Finance Documents. 

“Fair Market Value” means the average of two (2) Valuations of the free market value of a Vessel obtained from two
(2) Approved Brokers, each addressed to the Agent, and given on the basis of a charter free sale of prompt delivery for cash at arm’s length on normal commercial terms as between a willing seller and a willing buyer. If such Valuations
differ by a margin of more than ten per cent (10%) then a further Valuation shall be obtained from a third Approved Broker on the same basis and the fair market value of that Vessel shall be the average of all three (3) Valuations. 

“FATCA” means: 
  

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

  
 Page 9 

 “FATCA Application Date” means: 

 

	 	(a)	in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;

  

	 	(b)	in relation to a “withholdable payment” described in section 1473(l)(A)(ii) of the Code (which relates to “gross proceeds” from the disposition of property of a type that can produce interest from
sources within the US), 1 January 2017; or 

  

	 	(c)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1 January 2017, 

or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any
change in FATCA after the date of this Agreement. 
 “FATCA Deduction” means a deduction or withholding from a payment under
a Finance Document required by FATCA. 
 “FATCA Exempt Party” means a Party that is entitled to receive payments free from
any FATCA Deduction. 
 “FATCA FFI” means a foreign financial institution as defined in section 1471(d)(4) of the Code
which, if any Finance Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction. 
 “FATCA Protected
Lender” means any Lender irrevocably designated as a “FATCA Protected Lender” by the Borrower by notice to that Lender and the Agent at least six months prior to the earliest FATCA Application Date for a payment by a Security
Party to that Lender (or to the Agent for the account of that Lender). 
 “Fee Letter” means any letter or letters between
the Borrower and the Agent or between the Borrower and the MLAs setting out any of the fees referred to in Clause 9. 
 “Final
Availability Date” means the date falling ten (10) days after the Execution Date or such later date as the Agent (acting on the instructions of all Lenders) may approve. 

“Finance Documents” means this Agreement, the Security Documents, the Deed of Coordination, any Fee Letter and any other
document designated as such by the Agent and the Borrower and “Finance Document” means any one of them. 
 “Finance
Parties” means the Agent, the MLAs, the Bookrunners, the Structuring Banks, the Documentation Agent and the Lenders and “Finance Party” means any one of them. 

  
 Page 10 

 “Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	moneys borrowed; 

  

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

  

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

 

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease; 

 

	 	(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis); 

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

 

	 	(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market
value shall be taken into account); 

  

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

 

	 	(i)	any amount raised by the issue of shares which are redeemable (other than at the option of the Borrower) prior to the Maturity Date; 

 

	 	(j)	any amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind the entry into the agreement is to raise finance; and 

 

	 	(k)	(without double counting) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above. 

“Financing Costs” means, for any period, the interest, including default interest, payable by the Borrower under the Finance
Documents. 
 “Forward looking EBITDA” means the aggregate of (i) for any Vessels on fixed employment, their Contracted
Fixed Cash Flow and (ii) for any Vessels not on fixed employment, their Anticipated Fixed Cash Flow, each as provided by the Borrower to the Agent (on a reasonable basis and by reference to then current market verifiable rates) and approved by
the Agent (such approval not to be unreasonably withheld). 
 “GAAP” means generally accepted accounting principles in the
United States of America. 
 “Group” means, in relation to each Guarantor, that Guarantor and each of its Subsidiaries. 

  
 Page 11 

 “Guarantees” means together the Corporate Guarantees and the Vessel Owners’
Guarantees and each a “Guarantee”. 
 “Guarantors” means TGP and Marubeni (each a
“Guarantor”). 
 “Guarantor’s Accounts” means the consolidated financial accounts of each Guarantor to
be provided to the Agent pursuant to clause 3.1 of each Corporate Guarantee. 
 “Holding Company” means, in relation to any
entity, any other entity in respect of which it is a Subsidiary. 
 “Impaired Agent” means the Agent at any time when: 

 

	 	(a)	it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance Documents by the due date for payment; 

 

	 	(b)	the Agent otherwise rescinds or repudiates a Finance Document; 

  

	 	(c)	(if the Agent is also a Lender) it is a Defaulting Lender under (a) or (b) of the definition of “Defaulting Lender”; or 

 

	 	(d)	an Insolvency Event has occurred and is continuing with respect to the Agent; 

 unless, in the
case of (a): 
  

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; and 

 payment is made within three (3) Business Days of its due date;
or 
  

	 	(ii)	the Agent is disputing in good faith whether it is contractually obliged to make the payment in question. 

“Indebtedness” means the aggregate from time to time of: the amount of the Loan outstanding; all accrued and unpaid interest
on the Loan; and all other sums of any nature (together with all accrued and unpaid interest on any of those sums) which from time to time may be payable by the Borrower to any of the Finance Parties under all or any of the Finance Documents. 

“Insolvency Event” in relation to an entity means that the entity: 

 

	 	(a)	is dissolved (other than pursuant to a consolidation, amalgamation or merger); 

  

	 	(b)	becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; 

 

	 	(c)	makes a general assignment, arrangement or composition with or for the benefit of its creditors; 

  
 Page 12 

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or
organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition
is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official; 

  

	 	(e)	has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is
presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in (d) and:

  

	 	(i)	results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or 

 

	 	(ii)	is not dismissed, discharged, stayed or restrained in each case within thirty (30) days of the institution or presentation thereof; 

 

	 	(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009
or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009; 

  

	 	(g)	has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); 

 

	 	(h)	seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than,
for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in (d)); 

 

	 	(i)	has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all
its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; 

 

	 	(j)	causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in (a) to (i); or 

 

	 	(k)	takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts. 

  
 Page 13 

 “Insurances” means all policies and contracts of insurance (including all
entries in protection and indemnity or war risks associations) which are from time to time taken out or entered into in respect of or in connection with the Vessels or their increased value and (where the context permits) all benefits under such
contracts and policies, including all claims of any nature and returns of premium. 
 “Interest Payment Date” means each
date for the payment of interest in accordance with Clause 7.7. 
 “Interest Period” means each period for the payment of
interest selected by the Borrower or agreed by the Agent pursuant to Clause 7. 
 “Interpolated Screen Rate” means, in
relation to LIBOR, 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 the Interest Period; and 

 

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

each as of 11.00 a.m. London time on the Quotation Day. 

“ISM Code” means the International Management Code for the Safe Operation of Ships and for Pollution Prevention. 

“ISPS Code” means the International Ship and Port Facility Security Code. 

“ISPS Company” means, at any given time, the company responsible for a Vessel’s compliance with the ISPS Code. 

“ISSC” means a valid international ship security certificate for a Vessel issued under the ISPS Code. 

“law” or “Law” means any law, statute, treaty, convention, regulation, instrument or other subordinate
legislation or other legislative or quasi-legislative rule or measure, or any order or decree of any government, judicial or public or other body or authority, or any directive, code of practice, circular, guidance note or other direction issued by
any competent authority or agency (whether or not having the force of law). 
 “LIBOR” means: 

 

	 	(a)	the applicable Screen Rate; or 

  

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

  

	 	(c)	If: 

  

	 	(i)	no Screen Rate is available; or 

  

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

  
 Page 14 

 the Reference Bank Rate, 

as of, in case of paragraphs (a) and (b) above, 11.00 a.m. London time on the Quotation Day for the offering of deposits in Dollars
and for a period equal in length to the relevant Interest Period, provided that if any such rate is below zero, LIBOR will be deemed to be zero. 

“Loan” means the aggregate amount advanced or to be advanced by the Lenders to the Borrower under Clause 4 (being the
aggregate of Tranche A and Tranche B) or, where the context permits, the amount advanced and for the time being outstanding. 

“Majority Lenders” means a Lender or Lenders whose Commitments aggregate more than sixty six and two thirds per cent (66 2/3%)
of the aggregate of all the Commitments. 
 “Malt LNG” means Malt LNG Holdings ApS, a limited liability company formed and
existing under the laws of Denmark whose registered office is at c/o Plesner Advokatfirma, Amerika Plads 37, 2100 København Ø, Denmark. 

“Malt Transport” means Malt LNG Transport ApS, a limited liability company formed and existing under the laws of Denmark whose
registered office is at Amager Strandvej 390, 2, 2770 Kastrup, Denmark. 
 “Management Agreement” means any agreement(s) for
the commercial and/or technical management of the Vessels entered into between the Borrower and any Approved Manager. 

“Manager’s Confirmation” means a written confirmation from an Approved Manager of the Vessels (which is not a company
controlled by either TGP or Teekay Corporation) that throughout the Facility Period and unless otherwise agreed by the Agent, they will remain the commercial and/or technical managers of the Vessels and that they will not, without the prior written
consent of the Agent, sub-contract or delegate the commercial and/or technical management of the Vessels to any third party. 

“Margin” means: 
  

	 	(a)	in relation to Tranche A, three point one five per cent (3.15%) per annum; and 

  

	 	(b)	in relation to Tranche B, zero point five per cent (0.5%) per annum. 

“Marubeni” means Marubeni Corporation of 4-2. Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100 – 8088, Japan. 

“Marubeni Corporate Guarantee” means the guarantee and indemnity referred to in Clause 10.1.2 to be granted by Marubeni. 

“Material Adverse Effect” means a material adverse change in, or a material adverse effect on: 

 

	 	(a)	the financial condition, assets or business of any Security Party or on the consolidated financial condition, assets or business of a Group; 

  
 Page 15 

	 	(b)	the ability of any Security Party to perform and comply with its obligations under any Relevant Document or to avoid any Event of Default; 

 

	 	(c)	the validity, legality or enforceability of any Security Document; or 

  

	 	(d)	the validity, legality or enforceability of any security expressed to be created pursuant to any Security Document or the priority and ranking of any such security, 

provided that, in determining whether any of the forgoing circumstances shall constitute such a material adverse change or material adverse
effect for the purposes of this definition, the Finance Parties shall consider such circumstance in the context of (x) the relevant Group taken as a whole and (y) the ability of the Security Parties to perform each of their obligations
under the Security Documents. 
 “Maturity Date” means 31 March 2017 or, in the event that this day is not a Business
Day, the last Business Day preceding 31 March 2017. 
 “Maximum Amount” shall mean six hundred and eight million
Dollars ($608,000,000). 
 “Mizuho” means Mizuho Bank, Ltd of 2-5-1 Marunouchi, Chiyoda-ku, Tokyo, 100-8333, Japan. 

“Mortgages” means the mortgages referred to in Clause 10.1.4 together with the Deeds of Covenants (where applicable) and
“Mortgage” means any one of them. 
 “Necessary Authorisations” means all Authorisations of any person
including any government or other regulatory authority required by applicable Law to enable it to: 
  

	 	(a)	lawfully enter into and perform its obligations under the Security Documents to which it is party; 

  

	 	(b)	ensure the legality, validity, enforceability or admissibility in evidence in England and, if different, its jurisdiction of incorporation, of such Security Documents to which it is party; and 

 

	 	(c)	carry on its business from time to time. 

 “Negative Pledges” means the
negative pledges from Teekay Lux and Scarlet LNG referred to in Clause 10.1.6. 
 “Operating Expenses” for any Vessel in any
period shall be the costs and expenses of operating and insuring that Vessel (including payments to an Approved Manager) projected by the relevant Vessel Owner to be incurred during that period including any corporate administration expenses during
that period of that Vessel Owner. 
 “Party” means a party to this Agreement. 

“Permitted Encumbrance” means (i) any Encumbrance which has the prior written approval of the Agent acting on the
instructions of all the Lenders or (ii) any liens for current crews’ wages and salvage and liens incurred in the ordinary course of trading a Vessel up to an aggregate amount at any time not exceeding ten million Dollars ($10,000,000).

  
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 “Pre-Approved Classification Society” means any of Det norske Veritas, Lloyds
Register, American Bureau of Shipping (ABS), Germanischer Lloyd or Bureau Veritas or such other classification society acceptable to the Majority Lenders. 

“Pre-Approved Flag” means Danish International Ship Registry, Marshall Islands, Norwegian International Ship Registry,
Liberia, Panama, Isle of Man, Bermuda, Bahamas or Singapore. 
 “Proportionate Share” means, in relation to a Tranche, at
any time, the proportion which a Lender’s Commitment for that Tranche (whether or not advanced) then bears to the aggregate Commitments of all the Lenders for that Tranche (whether or not advanced) being on the Execution Date the percentage
indicated against the name of that Lender in Schedule 1. 
 “Protected Party” means a Finance Party which is or will be
subject to any liability or required to make any payment for or on account of Tax in relation to a sum required or receivable (or any sum deemed for the purpose of Tax to be received or receivable) under a Finance Document. 

“Quiet Enjoyment Agreements” means together the letters of quiet enjoyment in respect of each of m.v. “ARWA SPIRIT”
and m.v. “MARIB SPIRIT” made or to be made between the Agent, the relevant Vessel Owner and the relevant Approved Charterer substantially in the form set out in Schedule 8 and each a “Quiet Enjoyment Agreement”. 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined two (2) Business Days
before the first day of that period, unless market practice differs in the relevant interbank market, in which case the Quotation Day will be determined by the Agent in accordance with market practice in that interbank market. 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks as the rate at which each of the relevant Reference Banks would borrow funds in the London interbank market in the relevant currency and for the relevant period, were it to do so by asking for and then accepting
interbank offers for deposits in reasonable market size in that currency and for that period. 
 “Reference Banks” means
each of the MLAs (save for Development Bank of Japan Inc.) or such other banks as may be appointed by the Agent in consultation with the Borrower. 

“Related Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same
investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment
adviser of the first fund. 
 “Relevant Documents” means the Finance Documents, the Charters, the Quiet Enjoyment
Agreements, any Management Agreements and any Managers’ Confirmation specified in Part II of Schedule 2. 

  
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 “Repayment Date” means the date for payment of any Repayment Instalment in
accordance with Clause 5.1. 
 “Repayment Instalment” means, in respect of each Tranche, any instalment to be repaid by the
Borrower under Clause 5.1. 
 “Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee
or custodian. 
 “Requisition Compensation” means all compensation or other money which may from time to time be payable to
a Vessel Owner as a result of a Vessel being requisitioned for title or in any other way compulsorily acquired (other than by way of requisition for hire). 

“Restricted Party” means a person that (i) is listed on any Sanctions List, (ii) is located in or incorporated under
the laws of a country or territory that is the target of country-wide or territory-wide Sanctions, (iii) is directly or indirectly owned or controlled by, or acting on behalf of, a person referred to in (i) and/or (ii) above or (iv)
with whom a subject of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities. 

“Sanctions” means the economic sanctions laws, regulations, embargoes or restrictive measures administered, enacted or
enforced by (i) the Norwegian Government, (ii) the United States Government, (iii) the United Nations, (iv) the European Union; (v) the United Kingdom and (vi) the Japanese Government, and with regard to (i) -
(vi) above, the respective governmental institutions and agencies of any of the foregoing, including, without limitation, the Office of Foreign Assets Control of the US Department of Treasury (“OFAC”), the United States
Department of State and Her Majesty’s Treasury (“HMT”); (together “the Sanctions Authorities”). 

“Sanctions List” means the “Specially Designated Nationals and Blocked Persons” list maintained by OFAC, the
“Consolidated List of Financial Sanctions Targets” maintained by HMT or any similar list maintained by, or public announcement of Sanctions designation made by, any of the Sanctions Authorities, including, but not limited to, the Norwegian
Government, the European Union, the United Nations and/or the Japanese Government. 
 “Scarlet LNG” means Scarlet LNG
Transport Co. Ltd., a company incorporated under the laws of Japan with registered office at 4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8088, Japan. 

“Screen Rate” means in relation to LIBOR, the London interbank offered rate administered by the British Bankers Association
(or any other person which takes over the administration of that rate) for the relevant currency and 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 the service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation
with the Borrower and the Lenders. 

  
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 “Security Documents” means the Assignments, the Corporate Guarantees, the Vessel
Owners’ Guarantees, the Share Pledges, the Mortgages, the Deeds of Covenants, the Negative Pledges or (where the context permits) any one or more of them and any other agreement or document which may at any time be executed by any person as
security for the payment of all or any part of the Indebtedness and “Security Document” means any one of them. 

“Security Parties” means at any relevant time, the Borrower, the Guarantors, Malt Transport (but only for any period which it
is a pledgor under a Share Pledge) the Vessel Owners, Teekay Lux, Scarlet LNG and any other person who may at any time during the Facility Period be liable for, or provide security for, all or any part of the Indebtedness, and “Security
Party” means any one of them. 
 “Share Pledges” means the pledges of shares granted or to be granted by the
Borrower or Malt Transport (as the case may be) in favour of the Finance Parties over the one hundred per cent (100%) shareholding in each of the Vessel Owners, referred to in Clause 10.1.3. 

“Shareholders Agreement” means the shareholders agreement between Teekay Lux and Scarlet LNG regulating the operations of the
Borrower. 
 “SMC” means a valid safety management certificate issued for a Vessel by or on behalf of the Administration
under paragraph 13.7 of the ISM Code. 
 “Structure Chart” means a structure chart relating to the Security Parties, Teekay
Lux, Scarlet LNG and Malt LNG. 
 “Subsidiary” means a subsidiary undertaking, as defined in section 1162 Companies Act 2006
or any analogous definition under any other relevant system of law. 
 “Tax” means any tax, levy, impost, duty or other
charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same) and “Taxation” shall be interpreted accordingly. 

“Teekay Lux” means Teekay Luxembourg S.a.r.l, a company incorporated under the laws of Luxembourg with registered office at
la, rue Thomas Edison, L-1445 Strassen, Grand Duchy of Luxembourg. 
 “TGP” means Teekay LNG Partners L.P., a limited
partnership formed and existing under the laws of the Republic of the Marshall Islands whose registered office is at The Trust Company Complex, Ajeltake Road, Ajeltake Island, PO Box 1405 Majuro, The Marshall Islands, MH96960. 

“TGP Corporate Guarantee” means the guarantee and indemnity referred to in Clause 10.1.2 to be granted by TGP. 

“Total Loss” means: 
  

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

  
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	 	(b)	the requisition for title or compulsory acquisition of a Vessel by any government or other competent authority (other than by way of requisition for hire); or 

 

	 	(c)	the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture of a Vessel (not falling within (b) above), unless that Vessel is released and returned to the possession
of the relevant Vessel Owner within ninety (90) days after the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture in question. 

“Tranche” means either of Tranche A or Tranche B and “Tranches” means both of them. 

“Tranche A” means an amount equal to fifty two per cent (52%) of the Loan, being three hundred and sixteen million one
hundred and sixty thousand Dollars ($316,160,000) or, where the context permits, the amount of that Tranche advanced and for the time being outstanding and at all times during the Facility Period guaranteed by the TGP Corporate Guarantee. 

“Tranche B” means an amount equal to forty eight per cent (48%) of the Loan being two hundred and ninety one million
eight hundred and forty thousand Dollars ($291,840,000) or, where the context permits, the amount of that Tranche advanced and for the time being outstanding and at all times during the Facility period guaranteed by the Marubeni Corporate Guarantee.

 “Transfer Certificate” means a certificate substantially in the form set out in Schedule 5 or any other form agreed
between the Agent and the Borrower. 
 “Transfer Date” means, in relation to any Transfer Certificate, the date for the
making of the transfer specified in the schedule to such Transfer Certificate. 
 “Trust Property” means: 

 

	 	(a)	all benefits derived by the Agent from Clause 10; and 

  

	 	(b)	all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents, 

with the exception of any benefits arising solely for the benefit of the Agent. 

“US Tax Obligor” means: 
  

	 	(a)	the Borrower, if it is a resident for tax purposes in the United States of America; 

  

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

“Valuation” means in relation to a Vessel, the written valuation of that Vessel expressed in Dollars prepared by one of the
Approved Brokers to be nominated by the Borrower. Such valuations shall be prepared at the Borrower’s expense, without a physical inspection, on the basis of a sale for prompt delivery for cash at arm’s length between a willing buyer and a
willing seller without the benefit of any charterparty or other engagement. 

  
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 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and
any other tax of a similar nature. 
 “Vessel Earnings Accounts” means the accounts opened by the Vessel Owners with the
Account Holder in respect of the Vessels. 
 “Vessel Owners” means those companies shown as owners of the Vessels in
Schedule 3. 
 “Vessel Owners’ Guarantees” means the guarantees and indemnities referred to at Clause 10.1.1 and
“Vessel Owner’s Guarantee” means any one of them. 
 “Vessels” means each of the Vessels specified in
Schedule 3. 
  

	1.2	In this Agreement: 

  

	 	1.2.1	words denoting the plural number include the singular and vice versa; 

  

	 	1.2.2	words denoting persons include corporations, partnerships, associations of persons (whether incorporated or not) or governmental or quasi-governmental bodies or authorities and vice versa; 

 

	 	1.2.3	references to Recitals, Clauses and Schedules are references to recitals, clauses and schedules to or of this Agreement; 

  

	 	1.2.4	references to this Agreement include the Recitals and the Schedules; 

  

	 	1.2.5	the headings and contents page(s) are for the purpose of reference only, have no legal or other significance, and shall be ignored in the interpretation of this Agreement; 

 

	 	1.2.6	references to any document (including, without limitation, to all or any of the Relevant Documents) are, unless the context otherwise requires, references to that document as amended, supplemented, novated or replaced
from time to time; 

  

	 	1.2.7	references to statutes or provisions of statutes are references to those statutes, or those provisions, as from time to time amended, replaced or re-enacted; 

 

	 	1.2.8	references to any Finance Party include its successors, transferees and assignees; 

  

	 	1.2.9	a time of day (unless otherwise specified) is a reference to New York time; 

  

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

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

  

	 	1.2.12	a “director”, in relation to the Borrower, means a managing director (bestuurder) and “board of directors” means its managing board (bestuur) unless a contrary indication appears; and

  

	 	1.2.13	a “moratorium” includes surseance van betaling and “a moratorium is declared” or “occurs” includes surseance verleend; 

 

	 	1.2.14	an “administrator” includes a bewindvoerder; and 

  

	 	1.2.15	an “attachment” includes a beslag. 

  

	1.3	Offer letter 

 This Agreement supersedes the terms and conditions contained in any
correspondence relating to the subject matter of this Agreement exchanged between any Finance Party and the Borrower or their representatives prior to the date of this Agreement. 

 

	2	The Loan and its Purpose 

  

	2.1	Amount Subject to the terms of this Agreement, each of the Lenders agrees to make available to the Borrower its Commitment in the relevant Tranche in an aggregate amount not exceeding the Maximum Amount.

  

	2.2	Finance Parties’ obligations The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect
the obligations of any other party to the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents. 

 

	2.3	Purpose The Borrower shall apply the Loan solely for the purpose referred to in the Recital, namely assisting the Borrower to make funds available to Malt LNG in order to refinance the Existing Loans.

  

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

  

	3	Conditions of Utilisation 

  

	3.1	Conditions precedent to service of Drawdown Notice Before any Lender shall have any obligation to accept a Drawdown Notice under the Facility the Borrower shall deliver or cause to be delivered to or to the order
of the Agent all of the documents and other evidence listed in Part I of Schedule 2. 

  

	3.2	Further conditions precedent to service of Drawdown Notice The Lenders will only be obliged to accept any Drawdown Notice if on the date of the Drawdown Notice: 

 

	 	3.2.1	no Default is continuing or would result from the advance of the Loan; and 

  

	 	3.2.2	the representations made by the Borrower under Clause 11 (other than those at Clause 11.2 and 11.21) are true in all material respects. 

  
 Page 22 

	3.3	Conditions precedent to Drawdown Date The Borrower is not entitled to have any Tranche advanced unless the Agent has received all of the documents and other evidence listed in Part II A of Schedule 2 not less
than three (3) Business Days before the Drawdown Date and the documents and evidence listed in Part II B of Schedule 2 on the Drawdown Date. 

  

	3.4	Further conditions precedent to Drawdown Date Each Lender will only be obliged to advance its Proportionate Share of the relevant Tranche if on the proposed Drawdown Date: 

 

	 	3.4.1	no Default is continuing or would result from the advance of that Tranche; and 

  

	 	3.4.2	the representations made by the Borrower under Clause 11 (other than those at Clauses 11.2 and 11.21) are true in all material respects. 

 

	3.5	Conditions subsequent to Drawdown Date The Borrower undertakes to deliver or to cause to be delivered to the Agent within thirty (30) days after the Drawdown Date the additional documents and other evidence
listed in Part III of Schedule 2. 

  

	3.6	No Waiver If the Lenders in their sole discretion agree to advance a Tranche to the Borrower before all of the documents and evidence required by Clause 3.3 have been delivered to or to the order of the Agent,
the Borrower undertakes to deliver all outstanding documents and evidence to or to the order of the Agent no later than thirty (30) days after the Drawdown Date or such other date specified by the Agent (acting on the instructions of the
Lenders. 

 The advance of all or any part of the Loan under this Clause 3.6 shall not be taken as a waiver of the
Lenders’ right to require production of all the documents and evidence required by Clause 3.3. 
  

	3.7	Form and content All documents and evidence delivered to the Agent under this Clause 3 shall: 

  

	 	3.7.1	be in form and substance reasonably acceptable to the Agent (acting on the instructions of the Lenders); and 

  

	 	3.7.2	if reasonably required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent (acting on the instructions of the Lenders). 

 

	4	Advance 

  

	4.1	Drawdown Request The Borrower may only request that each Tranche be advanced simultaneously in one amount on any Business Day prior to the Final Availability Date by delivering to the Agent a duly completed
Drawdown Notice not more than ten (10) and not fewer than five (5) Business Days before the proposed Drawdown Date. 

  
 Page 23 

	4.2	Completion of Drawdown Request A Drawdown Request is irrevocable and will not be regarded as having been duly completed unless: 

 

	 	4.2.1	it is signed by an authorised signatory of the Borrower; and 

  

	 	4.2.2	the proposed Drawdown Date is a Business Day falling on or before the Final Availability Date. 

  

	4.3	Lenders’ participation Subject to Clauses 2 and 3, the Agent shall promptly notify each Lender of the receipt of the Drawdown Notice, following which each Lender shall advance its Proportionate Share of the
relevant Tranche to the Borrower through the Agent on the Drawdown Date. 

  

	5	Repayment 

  

	5.1	Repayment of Loan The Borrower agrees to repay each Tranche to the Agent for the account of the Lenders by fifteen (15) consecutive quarterly instalments in the amounts set out in the repayment schedules at
Schedule 7 together with the relevant Balloon Amount in each case. The first such instalment for each Tranche shall fall due on 30 September 2013 and subsequent instalments shall fall due at consecutive intervals of three calendar months
thereafter. The Balloon Amount for each Tranche and any other amounts then outstanding shall be payable on the Maturity Date. 

  

	5.2	Reduction of Repayment Instalments If the aggregate amount advanced to the Borrower is less than the Maximum Loan Amount, the amount of each Repayment Instalment for each Tranche and the relevant Balloon Amount
for such Tranche shall be reduced pro rata to the amount actually advanced. 

  

	5.3	Reborrowing The Borrower may not reborrow any part of the Loan which is repaid or prepaid. 

  

	6	Prepayment 

  

	6.1	Illegality If it becomes unlawful in any jurisdiction for a Lender to fund or maintain its Commitment in a Tranche as contemplated by this Agreement or to fund or maintain a Tranche: 

 

	 	6.1.1	that Lender shall promptly notify the Agent of that event; 

  

	 	6.1.2	upon the Agent notifying the Borrower, the Commitment of that Lender (to the extent not already advanced) will be immediately cancelled; and 

 

	 	6.1.3	the Borrower shall repay that Lender’s Proportionate Share of such Tranche on the last day of its current Interest Period or, if earlier, the date specified by that Lender in the notice delivered to the Agent and
notified by the Agent to the Borrower (being no earlier than the last day of any applicable grace period permitted by law) and the remaining Repayment Instalments for such Tranche shall be reduced pro rata. Prior to the date on which repayment is
required to be made under this Clause 6.1.3, the affected Lender shall negotiate in good faith with the Borrower to find an alternative method or lending base in order to maintain its Commitment in the relevant Tranche. 

  
 Page 24 

	6.2	Voluntary prepayment or cancellation of Loan Subject to applicable mandatory law, the Borrower may prepay or cancel the whole or any part of the Loan (but, if in part, being an amount that reduces the Loan by a
minimum amount of one million Dollars ($1,000,000)) provided that it gives the Agent not less than ten (10) Business Days’ prior notice. Any amount prepaid or cancelled shall not be available for further borrowing. 

 

	6.3	Right of cancellation in relation to a Defaulting Lender If any Lender becomes a Defaulting Lender, the Borrower may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent thirty
(30) Business Days’ notice of cancellation of the Commitment in the relevant Tranche of that Lender. On that notice becoming effective, the Commitment in the relevant Tranche of the Defaulting Lender shall immediately be reduced to zero.
The Agent shall as soon as practicable after receipt of that notice notify all the Lenders under the relevant Tranche. 

  

	6.4	Restrictions Any notice of prepayment or cancellation given under this Clause 6 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the
relevant prepayment or cancellation is to be made and the amount of that prepayment or cancellation. 

 Any prepayment under
this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. 

If the Agent receives a notice under this Clause 6 it shall promptly forward a copy of that notice to the Borrower or the Lenders, as
appropriate. 
  

	6.5	Mandatory Prepayment 

  

	 	6.5.1	In the event of a sale or disposal of a Vessel (or of the shares in a Vessel Owner owning a Vessel) or the Agent having received not less than 5 Business Days’ notice from the Borrower requesting that the Security
Documents relating to a Vessel and its Vessel Owner be released and discharged (a “Released Vessel”), a mandatory prepayment shall be made in an amount equal to the higher of (i) an amount which is obtained by dividing the
amount of the Loan then outstanding by the number of Vessels currently providing first priority security for the Indebtedness and (ii) the Attributable Amount applicable to that Vessel. Such prepayment shall be made on the date of a sale or
disposal of such Vessel and in the case of a Released Vessel on the date proposed by the Borrower for release and discharge of the Security Documents relating to that Vessel and its Vessel Owner. Any such prepayment shall oblige the Borrower to make
payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any Break Costs in respect of such prepayment if the date of such prepayment is not the final day of an Interest Period.

  

	 	6.5.2	 In the event that any Vessel becomes a Total Loss, on the earlier to occur of (a) the date of receipt of the proceeds of the Total Loss and
(b) the date falling one hundred and eighty (180) days after the occurrence of the Total Loss, a mandatory prepayment shall be made in an amount equal to the higher of (i) an amount which is obtained by dividing the amount of the Loan
then outstanding by the number of Vessels currently providing first priority security for the Indebtedness and (ii) the Attributable Amount in 

  
 Page 25 

	 	
respect of such Vessel. Any such prepayment shall oblige the Borrower to make payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any
Break Costs in respect of such prepayment if the date of such prepayment is not the final day of an Interest Period. 

  

	 	6.5.3	In the event that 

  

	 	(a)	the Charter of any of the Vessels is cancelled prior to its expiry date; and 

  

	 	(b)	within one hundred and eighty (180) days of such cancellation, the relevant Vessel Owner has not entered into a replacement charter for such Vessel with an Approved Charterer on terms reasonably acceptable to the
Majority Lenders, 

 a mandatory prepayment shall, subject to applicable mandatory law, be made of an amount equal to the
higher of (i) an amount which is obtained by dividing the amount of the Loan then outstanding by the number of Vessels currently providing first priority security for the Indebtedness and (ii) the Attributable Amount in respect of such Vessel.
Any such prepayment shall oblige the Borrower to make prompt payment of all interest accrued on the amount so prepaid up to and including the date of prepayment together with any Break Costs in respect of such prepayment if the date of such
prepayment is not the final day of an Interest Period. 
  

	 	6.5.4	In the event that: 

  

	 	(a)	TGP or Marubeni ceases to own directly or indirectly fifty two per cent (52%) and forty eight per cent (48%), respectively, of the Borrower; or 

 

	 	(b)	the Borrower (or Malt Transport) ceases to own directly or indirectly one hundred per cent (100%) of each of the Vessel Owners, 

then the Agent (acting on the instructions of the Majority Lenders) may by not less than ten (10) Business Days’ notice to the
Borrower cancel any part of the Loan not then advanced and declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are immediately due and payable, whereupon they shall become
immediately due and payable. 
  

	 	6.5.5	For the avoidance of doubt, if a mandatory prepayment is triggered under any of Clauses 6.5.1, 6.5.2, 6.5.3 or 6.5.4 and mandatory applicable law prevents payment being effected in the manner therein set forth, the
relevant mandatory prepayment is still payable by the Borrower from other sources on the same dates and in the same amounts. 

  

	 	6.5.6	Simultaneously with each prepayment in accordance with Clause 6.5.1, Clause 6.5.2, Clause 6.5.3 or Clause 6.5.4 (as the case may be), the Commitment of each Lender will reduce so that the Commitments of the Lenders
remain in accordance with their respective Proportionate Shares. 

  
 Page 26 

	6.6	Any prepayment or cancellation made in accordance with Clauses 6.1, 6.2, 6.3 or 6.5 shall be applied pro rata against the remaining Repayment Instalments for each Tranche and each Balloon Amount. 

 

	7	Interest 

  

	7.1	Interest Periods The period during which each Tranche shall be outstanding under this Agreement shall be divided into consecutive Interest Periods of three months’ duration (save for the first Interest
Period which shall end on 30 September 2013) or such other duration as may be agreed by the Agent (acting on the instructions of all the Lenders). 

  

	7.2	Beginning and end of Interest Periods The first Interest Period in respect of each Tranche shall begin on the Drawdown Date and shall end on 30 September 2013. Any subsequent Interest Period in respect of
each Tranche shall commence on the day following the last day of its previous Interest Period and shall end on the last day of its current Interest Period selected in accordance with Clause 7.1. 

 

	7.3	Interest Periods to meet Repayment Date If an Interest Period for a Tranche will expire after the next Repayment Date in respect of that Tranche, there shall be a separate Interest Period for a part of that
Tranche equal to the Repayment Instalment due on that next Repayment Date and that separate Interest Period shall expire on that next Repayment Date. 

  

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

  

	7.5	Interest rate During each Interest Period interest shall accrue on each Tranche at the rate determined by the Agent to be the aggregate of (a) the Margin and (b) LIBOR. 

 

	7.6	Failure to select Interest Period If the Borrower at any time fails to select or agree an Interest Period in accordance with Clause 7.1, the interest period applicable shall be three (3) months or such other
duration as the Agent may select (acting on the instructions of all the Lenders). 

  

	7.7	Accrual and payment of interest Interest shall accrue from day to day, shall be calculated on the basis of a 360 day year and the actual number of days elapsed (or, in any circumstance where market practice
differs, in accordance with the prevailing market practice) and shall be paid by the Borrower to the Agent for the account of the Lenders on the last day of each Interest Period and, if the Interest Period is longer than three months, on the dates
falling at three monthly intervals after the first day of that Interest Period. 

  

	7.8	 Default interest If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the
overdue amount from the due date, subject to any applicable grace period, up to the date of actual payment (both before and after judgment) at a rate which is one point five per cent

  
 Page 27 

	 	
(1.5%) higher than the rate which would have been payable. Any interest accruing under this Clause 7.8 shall be immediately payable by the Borrower on demand by the Agent. If unpaid, any such
interest will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable. 

 

	7.9	Absence of quotations Subject to Clause 7.10, if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by 11.00 am on the Quotation Day, the applicable
LIBOR shall be determined on the basis of the quotations of the remaining Reference Banks. 

  

	7.10	Market disruption If a Market Disruption Event occurs for any Interest Period, then the rate of interest on each Lender’s Commitment in the relevant Tranche for that Interest Period shall be the percentage
rate per annum which is the sum of: 

  

	 	7.10.1	the Margin; and 

  

	 	7.10.2	the rate notified to the Agent by that Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the
cost to that Lender of funding its Commitment in that Tranche from whatever source it may reasonably select. 

 In this
Agreement “Market Disruption Event” means: 
  

	 	(a)	at or about noon on the Quotation Day for the relevant Interest Period LIBOR is to be determined by reference to the Reference Banks and none or only one of the Reference Banks supplies a rate to the Agent to determine
LIBOR for dollars and the relevant Interest Period; or 

  

	 	(b)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Tranche exceed 50% per cent of that
Tranche) that the cost to it of funding its participation in that Tranche from whatever source it may reasonably select would be in excess of LIBOR. 

  

	7.11	Alternative basis of interest or funding 

  

	 	7.11.1	If a Market Disruption Event occurs and the Agent or the Borrower so requires, the Agent and the Borrower shall enter into negotiations (for a period of not more than thirty (30) days) with a view to agreeing a
substitute basis for determining the rate of interest. 

  

	 	7.11.2	Any alternative basis agreed pursuant to Clause 7.11.1 shall, with the prior consent of all the Lenders under the relevant Tranche and the Borrower, be binding on all Parties. 

 

	 	7.11.3	If an alternative basis is not agreed pursuant to Clause 7.11.1, the Borrower will immediately, but with three (3) Business Days’ prior notice to the Agent and the Lenders under the relevant Tranche, prepay
the relevant Commitment in that Tranche together with Break Costs and the remaining Repayment Instalments and the Balloon Amount in respect of that Tranche shall be reduced pro rata. 

  
 Page 28 

	7.12	Determinations conclusive The Agent shall promptly notify the Borrower and the Lenders under the relevant Tranche of the determination of a rate of interest under this Clause 7 and each such determination shall
(save in the case of manifest error) be final and conclusive. 

  

	8	Indemnities 

  

	8.1	Transaction expenses The Borrower will, within fourteen (14) days of the Agent’s written demand, pay the Agent (for the account of the Finance Parties) the amount of all reasonable out of pocket costs
and expenses (including legal fees, insurance report costs and Value Added Tax or any similar or replacement tax if applicable) reasonably incurred by the Finance Parties or any of them in connection with: 

 

	 	8.1.1	the negotiation, preparation, printing, execution and registration of the Finance Documents (whether or not any Finance Document is actually executed or registered and whether or not any part of the Loan is advanced);

  

	 	8.1.2	any amendment, addendum or supplement to any Finance Document (whether or not completed); and 

  

	 	8.1.3	any other document which may at any time be reasonably required by a Finance Party to give effect to any Finance Document or which a Finance Party is entitled to call for or obtain under any Finance Document.

  

	8.2	Funding costs The Borrower shall indemnify each Finance Party within three (3) Business Days, by payment to the Agent (for the account of that Finance Party) on the Agent’s written demand, against all
losses and costs incurred or sustained by that Finance Party if, for any reason due to a default or other action by the Borrower, the Loan is not advanced to the Borrower after the Drawdown Notice has been given to the Agent, or is advanced on a
date other than that requested in the Drawdown Notice. 

  

	8.3	Break Costs The Borrower shall indemnify each Finance Party within three (3) Business Days, by payment to the Agent (for the account of that Finance Party) on the Agent’s written demand, against all
documented costs, losses, premiums or penalties incurred by that Finance Party as a result of its receiving any prepayment of all or any part of the Loan (whether pursuant to Clause 6 or otherwise) on a day other than the last day of an Interest
Period in respect of the same, or any other payment under or in relation to the Finance Documents on a day other than the due date for payment of the sum in question, including (without limitation) any losses or costs incurred in liquidating or
re-employing deposits from third parties acquired to effect or maintain all or any part of the Loan. 

  

	8.4	Currency indemnity In the event of a Finance Party receiving or recovering any amount payable under a Finance Document in a currency other than the Currency of Account, and if the amount received or recovered is
insufficient when converted into the Currency of Account at the date of receipt to satisfy in full the amount due, the Borrower shall, on the Agent’s written demand, pay to the Agent for the account of the relevant Finance Party such further
amount in the Currency of Account as is sufficient to satisfy in full the amount due and that further amount shall be due to the Agent on behalf of the relevant Finance Party as a separate debt under this Agreement. 

  
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	8.5	Other Indemnities 

  

	 	8.5.1	The Borrower shall (or shall procure that a Security Party will), within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by it as a result of: 

 

	 	(a)	a failure by a Security Party to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 15.22; 

 

	 	(b)	any Tranche (or part of any Tranche) not being prepaid in accordance with a notice of prepayment given by the Borrower. 

  

	8.6	Increased costs 

  

	 	8.6.1	Subject to Clause 8.8 the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its
Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement
(including the implementation or application of or compliance with Basel III (whether such implementation, application or compliance is by any central or any fiscal, monetary or other authority, a Finance Party or the holding company of a Finance
Party)). 

  

	 	8.6.2	In this Agreement “Increased Costs” means: 

  

	 	(i)	a reduction in the rate of return from a Tranche or on a Finance Party’s (or its Affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

 which is incurred or
suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document. 

 

	8.7	Increased cost claims 

  

	 	8.7.1	A Finance Party intending to make a claim pursuant to Clause 8.6 shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrower. 

 

	 	8.7.2	Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs. 

  
 Page 30 

 For the purposes of Clause 8.6: 

“Basel III” means (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in
“Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities
operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated and (b) any further guidance or standards published by the Basel Committee on
Banking Supervision relating to “Basel III”; and 
 “holding company” means, in respect of a Finance Party, the
company or entity (if any) within the consolidated supervision of which that Finance Party is included. 
  

	8.8	Exceptions to increased costs Clause 8.6 does not apply to the extent any Increased Costs is: 

  

	 	8.8.1	compensated for by a payment made under Clause 8.11; or 

  

	 	8.8.2	compensated for by a payment made under Clause 17.3; or 

  

	 	8.8.3	attributable to a FATCA Deduction required to be made by a Party; or 

  

	 	8.8.4	attributable to the wilful breach by the relevant Finance Party (or the holding company of that Finance Party) of any law or regulation; or 

 

	 	8.8.5	attributable to 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 (but excluding any amendment arising out of Basel III) (“Basel II”) or any other law or regulation which implements Basel II (whether such
implementation, application or compliance is by a government, regulator, the relevant Finance Party or any holding company of the relevant Finance Party). 

  

	8.9	Events of Default The Borrower shall indemnify each Finance Party from time to time, by payment to the Agent (for the account of that Finance Party) on the Agent’s written demand, against all losses and
costs incurred or sustained by that Finance Party as a consequence of any Event of Default. 

  

	8.10	Enforcement costs The Borrower shall pay to the Agent (for the account of each Finance Party) on the Agent’s written demand the amount of all costs and expenses (including legal fees) incurred by a Finance
Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document including (without limitation) any losses, costs and expenses which that Finance Party may from time to time sustain, incur or become liable
for by reason of that Finance Party being a lender to the Borrower. No such indemnity will be given where any such loss or cost has occurred due to gross negligence or wilful misconduct on the part of that Finance Party; however, this shall not
affect the right of any other Finance Party to receive such indemnity. 

  
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	8.11	Taxes 

  

	 	8.11.1	The Borrower shall (within three (3) Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly
or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 

  

	 	8.11.2	Clause 8.11.1 above shall not apply: 

  

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

  

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

  

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

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

	 	(b)	to the extent a loss, liability or cost is compensated for by an increased payment under Clause 17.3; or 

  

	 	(c)	to the extent a loss, liability or cost relates to a FATCA Deduction required to be made by a Party. 

  

	 	8.11.3	A Protected Party making, or intending to make a claim under paragraph 8.11.1 above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify
the Borrower. 

  

	 	8.11.4	A Protected Party shall, on receiving a payment from a Security Party under this Clause 8.11, notify the Agent. 

  

	8.12	VAT 

  

	 	8.12.1	All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party which (in whole or in part) constitute the consideration for a supply or supplies for VAT purposes shall be deemed to
be exclusive of any VAT which is chargeable on such supply or supplies, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party
shall pay to the Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of such VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such
Party). 

  

	 	8.12.2	 If VAT is or becomes chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the
“Recipient”) under a Finance Document, and any Party other than the Recipient (the “Subject 

  
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Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the
Recipient in respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Subject Party an
amount equal to any credit or repayment obtained by the Recipient from the relevant tax authority which the Recipient reasonably determines is in respect of such VAT. 

 

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

 

	 	8.12.4	Any reference in this Clause 8.12 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

  

	8.13	FATCA Information 

 The provisions in this clause 8.13 shall apply after the FATCA
Application Date. 
  

	 	8.13.1	Subject to clause 8.13.3 below, each Party shall, within ten (10) Business Days of a reasonable request by another Party: 

  

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

  

	 	(i)	a FATCA Exempt Party; or 

  

	 	(ii)	not a FATCA Exempt Party; and 

  

	 	(b)	supply to that other Party such forms, documentation and other information relating to its status under FATCA (including its applicable “passthru payment percentage” or other information required under the US
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. 

 

	 	8.13.2	If a Party confirms to another Party pursuant to clause 8.13.1(a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  
 Page 33 

	 	8.13.3	Clause 8.13.1 above shall not oblige any Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(a)	any law or regulation; 

  

	 	(b)	any fiduciary duty; or 

  

	 	(c)	any duty of confidentiality. 

  

	 	8.13.4	If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with clause 8.13.1 above (including, for the avoidance of doubt, where clause 8.13.3 above applies),
then: 

  

	 	(a)	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 

 

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

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

	8.14	FATCA Deduction 

  

	 	8.14.1	Each Party may make any FATCA Deduction it is required by FATCA to make, 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. 

  

	 	8.14.2	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 the Borrower, the Agent and the other Finance Parties. 

  

	9	Fees 

 The Borrower shall pay to the Agent the fees in the amounts and at the times
agreed in any Fee Letter. 
  

	10	Security and Application of Moneys 

  

	 	10.1	Security Documents As security for the payment of the Indebtedness, the Borrower shall execute and deliver to the Agent or cause to be executed and delivered to the Agent the following documents in such forms and
containing such terms and conditions as the Agent shall require: 

  

	 	10.1.1	an unconditional and irrevocable on demand guarantee and indemnity from each of the Vessel Owners each in respect of 100% of the Indebtedness; 

  
 Page 34 

	 	10.1.2	an unconditional and irrevocable on demand guarantee and indemnity from each of TGP (in respect of Tranche A) and Marubeni (in respect of Tranche B); 

 

	 	10.1.3	first priority pledges or charges of all the issued shares of the Vessel Owners; 

  

	 	10.1.4	first priority statutory mortgages together with collateral deeds of covenants or first preferred mortgages (as the case may be) over each of the Vessels; 

 

	 	10.1.5	first priority assignments of the Insurances, Earnings, Charter Rights and Requisition Compensation relating to the Vessels; and 

  

	 	10.1.6	a negative pledge by each of Teekay Lux and Scarlet LNG in respect of its respective shareholding in the Borrower. 

  

	10.2	General application of moneys (save for Corporate Guarantees) To the extent permitted by applicable law, whilst an Event of Default is continuing unremedied or unwaived the Borrower irrevocably authorises the
Agent and the Agent agrees to apply all sums which it may receive under or in connection with any Security Document (save for the Corporate Guarantees), in or towards satisfaction, or by way of retention on account, of the Indebtedness, as follows:

  

	 	10.2.1	first in payment of all outstanding fees and expenses of the Agent; 

  

	 	10.2.2	secondly in or towards payment of all outstanding interest hereunder; 

  

	 	10.2.3	thirdly in or towards payment of all outstanding principal hereunder; 

  

	 	10.2.4	fourthly in or towards payment of all other Indebtedness hereunder; 

  

	 	10.2.5	fifthly the balance, if any, shall be remitted to the Borrower or whoever may be entitled thereto. 

  

	10.3	General application of moneys (Corporate Guarantees) To the extent permitted by applicable law, whilst an Event of Default is continuing unremedied or unwaived the Borrower irrevocably authorises the Agent and
the Agent agrees to apply all sums which it may receive under or in connection with either Corporate Guarantee, in or towards satisfaction, or by way of retention on account, of the Indebtedness, as follows: 

 

	 	10.3.1	first in payment of all outstanding fees and expenses of the Agent; 

  

	 	10.3.2	secondly in or towards payment of all outstanding interest under the relevant Tranche; 

  

	 	10.3.3	thirdly in or towards payment of all outstanding principal under the relevant Tranche; 

  

	 	10.3.4	fourthly the balance, if any, shall be remitted to the relevant Guarantor or whoever may be entitled thereto. 

  
 Page 35 

	10.4	Additional security 

 If at any time the aggregate of the Fair Market Value of the
Vessels and the value of any additional security (such value to be the face amount of the deposit (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by
the Agent, acting reasonably (in all other cases)) for the time being provided to the Agent under this Clause 10.4 is less than one hundred and twenty five per cent (125%) of the amount of the Loan then outstanding the Borrower shall, within
thirty (30) days of the Agent’s request, at the Borrower’s option: 
  

	 	10.4.1	pay to the Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Agent as additional security for the payment of the Indebtedness; or 

 

	 	10.4.2	give to the Agent other additional security in amount and form acceptable to the Agent in its discretion; or 

  

	 	10.4.3	prepay the Loan in the amount of the shortfall. 

 Clauses 5.3, 6.2 and 6.4 shall apply,
mutatis mutandis, to any prepayment made under this Clause 10.4 and the value of any additional security provided shall be determined as stated above. 
  

	11	Representations and Warranties 

 The Borrower represents and warrants to each of the
Finance Parties at the Execution Date and (by reference to the facts and circumstances then pertaining) at the date of the Drawdown Notice, at the Drawdown Date and at each Interest Payment Date as follows (except that the representation and
warranty contained at Clause 11.7 shall only be made on the Execution Date and the Drawdown Date and that the representations and warranties contained at Clause 11.2 and 11.22 shall only be made on the Execution Date): 

 

	11.1	Status and Due Authorisation Each of the Security Parties is a corporation, partnership or limited liability company duly incorporated or formed under the laws of its jurisdiction of incorporation, organisation
or formation (as the case may be) with power to enter into the Finance Documents and to exercise its rights and perform its obligations under the Finance Documents and all corporate and other action required to authorise its execution of the Finance
Documents and its performance of its obligations thereunder has been duly taken. 

  

	11.2	No Deductions or Withholding Under the laws of the Security Parties’ respective jurisdictions of incorporation or formation in force at the date hereof, none of the Security Parties will be required to make
any deduction or withholding from any payment it may make under any of the Finance Documents. 

  

	11.3	Claims Pari Passu Under the laws of the Security Parties’ respective jurisdictions of incorporation or formation in force at the date hereof, the Indebtedness will, to the extent that it exceeds the realised
value of any security granted in respect of the Indebtedness, rank at least pari passu with all the Security Parties’ other unsecured indebtedness save that which is preferred solely by any bankruptcy, insolvency or other similar laws of
general application. 

  
 Page 36 

	11.4	No Immunity In any proceedings taken in any of the Security Parties’ respective jurisdictions of incorporation or formation in relation to any of the Finance Documents, none of the Security Parties will be
entitled to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process. 

  

	11.5	Governing Law and Judgments In any proceedings taken in any of the Security Parties’ jurisdiction of incorporation or formation in relation to any of the Finance Documents in which there is an express choice
of the law of a particular country as the governing law thereof, that choice of law and any judgment or (if applicable) arbitral award obtained in that country will be recognised and enforced. 

 

	11.6	Validity and Admissibility in Evidence As at the date hereof, all acts, conditions and things required to be done, fulfilled and performed in order (a) to enable each of the Security Parties lawfully to
enter into, exercise its rights under and perform and comply with the obligations expressed to be assumed by it in the Finance Documents, (b) to ensure that the obligations expressed to be assumed by each of the Security Parties in the Finance
Documents are legal, valid and binding and (c) to make the Finance Documents admissible in evidence in the jurisdictions of incorporation or formation of each of the Security Parties, have been done, fulfilled and performed. 

 

	11.7	No Filing or Stamp Taxes Under the laws of the Security Parties’ respective jurisdictions of incorporation or formation in force at the date hereof, it is not necessary that any of the Finance Documents be
filed, recorded or enrolled with any court or other authority in its jurisdiction of incorporation or formation (other than the Registrar of Companies for England and Wales, the Danish Register for Persons or the relevant maritime registry, to the
extent applicable) or that any stamp, registration or similar tax be paid on or in relation to any of the Finance Documents. 

  

	11.8	Binding Obligations The obligations expressed to be assumed by each of the Security Parties in the Finance Documents are legal and valid obligations, binding on each of them in accordance with the terms of the
Finance Documents and no limit on any of their powers will be exceeded as a result of the borrowings, granting of security or giving of guarantees contemplated by the Finance Documents or the performance by any of them of any of their obligations
thereunder. 

  

	11.9	No misleading information To the best of its knowledge, any factual information provided by any Security Party to any Finance Party in connection with the Loan was true and accurate in all material respects as at
the date it was provided and is not misleading in any respect. 

  

	11.10	No Winding-up None of the Security Parties has taken any corporate, limited liability company or limited partnership action nor have any other steps been taken or legal proceedings been started or (to the best of
the Borrower’s knowledge and belief) threatened against any Security Party for its winding-up, dissolution, administration, formal restructuring or reorganisation or for the appointment of a receiver, administrator, administrative receiver,
trustee or similar officer of it or of any or all of its assets or revenues which might have a material adverse effect on the business or financial condition of a Group taken as a whole. 

  
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	11.11	Solvency 

  

	 	11.11.1	None of the Security Parties nor either Group taken as a whole is unable, or admits or has admitted its inability, to pay its debts or has suspended making payments in respect of any of its debts. 

 

	 	11.11.2	None of the Security Parties by reason of actual or anticipated financial difficulties, has commenced, or intends to commence, negotiations with one or more of its creditors with a view to rescheduling any of its
indebtedness. 

  

	 	11.11.3	The value of the assets of each Security Party and either Group taken as a whole is not less than the liabilities of such entity or Group taken as a whole (as the case may be) (taking into account contingent and
prospective liabilities). 

  

	 	11.11.4	No moratorium has been, or may, in the reasonably foreseeable future be, declared in respect of any indebtedness of any Security Party. 

 

	11.12	No Material Defaults 

  

	 	11.12.1	Without prejudice to Clause 11.12.2, none of the Security Parties is in breach of or in default under any agreement to which it is a party or which is binding on it or any of its assets to an extent or in a manner which
might have a material adverse effect on the business or financial condition of either Group taken as a whole. 

  

	 	11.12.2	No Event of Default is continuing or might reasonably be expected to result from the advance of a Tranche. 

  

	11.13	No Material Proceedings No action or administrative proceeding of or before any court, arbitral body or agency which is not covered by adequate insurance or which might have a material adverse effect on the
business or financial condition of either Group taken as a whole has been started or is reasonably likely to be started. 

  

	11.14	Borrower’s Accounts All financial statements relating to the Borrower required to be delivered under Clause 12.1, were each prepared in accordance with GAAP, give (in conjunction with the notes thereto) a
true and fair view of (in the case of annual financial statements) or fairly represent (in the case of semi-annual accounts) the financial condition of the Borrower and its Subsidiaries at the date as of which they were prepared and the results of
their operations during the financial period then ended. 

  

	11.15	No Undisclosed Liabilities As at the date to which each Guarantor’s Accounts were prepared none of the Security Parties had any material liabilities (contingent or otherwise) which were not disclosed thereby
(or by the notes thereto) or reserved against therein nor any unrealised or anticipated losses arising from commitments entered into by it which were not so disclosed or reserved against therein. 

 

	11.16	No Obligation to Create Security The execution of the Finance Documents by the Security Parties and their exercise of their rights and performance of their obligations thereunder will not result in the existence
of nor oblige any Security Party to create any Encumbrance over all or any of their present or future revenues or assets, other than pursuant to the Security Documents. 

  
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	11.17	No Breach The execution of the Finance Documents by each of the Security Parties and their exercise of their rights and performance of their obligations under any of the Finance Documents do not constitute and
will not result in any breach of any agreement or treaty to which any of them is a party. 

  

	11.18	Security Each of the Security Parties is the legal and beneficial owner of all assets and other property which it purports to charge, mortgage, pledge, assign or otherwise secure pursuant to each Security
Document and those Security Documents to which it is a party create and give rise to valid and effective security having the ranking expressed in those Security Documents. 

 

	11.19	Necessary Authorisations The Necessary Authorisations required by each Security Party are in full force and effect, and each Security Party is in compliance with the material provisions of each such Necessary
Authorisation relating to it and, to the best of its knowledge, none of the Necessary Authorisations relating to it are the subject of any pending or threatened proceedings or revocation. 

 

	11.20	Money Laundering Any amount borrowed hereunder, and the performance of the obligations of the Security Parties under the Security Documents, will be for the account of members of a Group and will not involve any
breach by any of them of any law or regulatory measure relating to “money laundering” as defined in Article 1 of the Directive (2005/60/EEC) of the Council of the European Communities. 

 

	11.21	Disclosure of material facts The Borrower is not aware of any material facts or circumstances which have not been disclosed to the Agent and which might, if disclosed, have reasonably been expected to adversely
affect the decision of a person considering whether or not to make loan facilities of the nature contemplated by this Agreement available to the Borrower. 

  

	11.22	No breach of laws 

  

	 	11.22.1	None of the Security Parties has breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect. 

 

	 	11.22.2	No labour disputes are current or (to the best of the Borrower’s knowledge and belief) threatened against any member of a Group which have or are reasonably likely to have a Material Adverse Effect.

  

	11.23	Environmental laws 

  

	 	11.23.1	Each member of a Group is in compliance with Clause 12.3.5 and (to the best of its knowledge and belief) no circumstances have occurred which would prevent such compliance in a manner or to an extent which has or is
reasonably likely to have a Material Adverse Effect. 

  

	 	11.23.2	No Environmental Claim has been commenced or (to the best of the Borrower’s knowledge and belief) is threatened against any member of a Group where that claim has or is reasonably likely, if determined against that
member of that Group, to have a Material Adverse Effect. 

  

	11.24	Use of Facility The Facility will be used for the purposes specified in Clause 2.3. 

  
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	11.25	Taxation 

  

	 	11.25.1	The Borrower is not materially overdue in the filing of any Tax returns and it is not overdue in the payment of any amount in respect of Tax of $5,000,000 (or its equivalent in any other currency) or more, save in the
case of Taxes which are being contested on bona fide grounds. 

  

	 	11.25.2	No claims or investigations are being made or conducted against the Borrower with respect to Taxes such that a liability of, or claim against, the Borrower of $5,000,000 (or its equivalent in any other currency) or more
is reasonably likely to arise. 

  

	 	11.25.3	As far as the Borrower is aware, each of the Security Parties (other than the Guarantors and Membrane Shipping Limited) is resident for Tax purposes only in the jurisdiction of its incorporation. 

 

	11.26	Shares 

 The shares of each Vessel Owner are fully paid and not subject to any option to
purchase or similar rights. The constitutional documents of companies whose shares are subject to the Security Documents do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Security Documents.
There are no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of any member of a Group or the Vessel Owners (including any option or right
of pre-emption or conversion). 
  

	11.27	Structure Chart 

  

	 	11.27.1	the Structure Chart delivered or to be delivered to the Agent pursuant to Part I of Schedule 2 is, so far as the Borrower is aware, true, complete and accurate in all material respects and shows the following
information: 

  

	 	(a)	each relevant member of either Group, including current name and company registration number, its jurisdiction of incorporation and/or establishment and (other than in the case of the Guarantors) a list of shareholders;
and 

  

	 	(b)	all minority interests in any member of the Borrower and any person in which the Borrower holds shares in its issued share capital or equivalent ownership interest of such person. 

 

	 	11.27.2	All necessary loans, transfers, share exchanges and other material steps resulting in the final structure as set out in the Structure Chart have been or will be taken in compliance with all relevant laws and regulations
and all requirements of relevant regulatory authorities. 

  

	11.28	Centre of main interests and establishments 

 For the purposes of The Council of the
European Union Regulation No. 1346/2000 on Insolvency Proceedings (the “Regulation”), the Borrower’s centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of
incorporation and it has no “establishment” (as that term is used in Article 2(h) of the Regulations) in any other jurisdiction. 

  
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	11.29	Antisocial Forces The Borrower hereby represents and warrants that, 

  

	 	(i)	none of the directors, managers or other employees or consultants who control or have the ability to control the Borrower (a) belong to, or have a direct or indirect relationship with, any Antisocial Forces,
(b) have received any commission from or have delegated any responsibilities to any Antisocial Forces, or (c) have provided, offered to fund, support or otherwise provide benefits to any Antisocial Forces. 

 

	 	(ii)	no member of any Antisocial Forces and no person under the control of any Antisocial Forces (a) has any relationship with, (b) owns any shares in, or (c) is in a position to affect the business of, the
Borrower. 

  

	11.30	FATCA None of the Security Parties is a FATCA FFI or US Tax Obligor. 

  

	11.31	Sanctions 

 No Security Party, nor any Affiliate of any Security Party, nor any of their
joint ventures, nor any of their respective directors, officers, employees, agents or representatives or any other persons acting on any of their behalf: 
  

	 	11.31.1	is a Restricted Party; or 

  

	 	11.31.2	has received notice of or is aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions by an Sanctions Authority. 

 

	11.32	Representations Limited The representation and warranties of the Borrower in this Clause 11 are subject to: 

  

	 	11.32.1	the principle that equitable remedies are remedies which may be granted or refused at the discretion of the court; 

  

	 	11.32.2	the limitation of enforcement by laws relating to bankruptcy, insolvency, liquidation, reorganisation, formal restructuring, court schemes, moratoria, administration and other laws generally affecting or limiting the
rights of creditors; 

  

	 	11.32.3	the time barring of claims under any applicable limitation acts; 

  

	 	11.32.4	the possibility that a court may strike out provisions for a contract as being invalid for reasons of oppression, undue influence or similar; and 

 

	 	11.32.5	any other reservations or qualifications of law expressed in any legal opinions obtained by the Agent in connection with the Facility. 

 

	12	Undertakings and Covenants 

 The undertakings and covenants in this Clause 12 remain in
force for the duration of the Facility Period. 

  
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	12.1	Information Undertakings 

  

	 	12.1.1	Financial statements The Borrower shall supply to the Agent as soon as the same become available, but in any event within one hundred and eighty (180) days after the end of each of its financial years, its
audited consolidated financial statements for that financial year, together with a certificate, signed by a duly authorised officer of the Borrower, evidencing that the Fair Market Value of the Vessels is not less than the relevant percentage
referred to in Clause 10.4. 

  

	 	12.1.2	Requirements as to financial statements Each set of financial statements delivered by the Borrower under Clause 12.1.1: 

  

	 	(a)	shall be certified by an authorised signatory of the Borrower as fairly representing its financial condition as at the date as at which those financial statements were drawn up; and 

 

	 	(b)	shall be prepared in accordance with GAAP. 

  

	 	12.1.3	Interim financial statements The Borrower shall supply to the Agent as soon as the same become available, but in any event within one hundred and twenty (120) days after the end of the first semi-annual
period of each of its financial years, its unaudited consolidated financial statements for that period, together with a certificate, signed by a duly authorised officer of the Borrower, evidencing that the Fair Market Value of the Vessels is not
less than the relevant percentage referred to in Clause 10.4 and as soon as they become available but in any event within one hundred and twenty (120) days after the end of the first three quarters of each of its financial years, its unaudited
consolidated financial statements for that period, which shall not include notes. 

  

	 	12.1.4	Information: miscellaneous The Borrower shall, and shall procure that each of the other Security Parties shall, supply to the Agent: 

 

	 	(a)	promptly upon becoming aware of them, details of any material litigation, arbitration or administrative proceedings which are current, threatened or pending against any Security Party, and which, if adversely
determined, are reasonably likely to have a Material Adverse Effect; 

  

	 	(b)	promptly upon becoming aware of them, details of (i) any casualty or other accident or damage to any of the Vessels the cost of repair of which is likely to exceed fifteen million Dollars ($15,000,000) and
(ii) a Total Loss of any of the Vessels; 

  

	 	(c)	promptly, details of any material Environmental Claim or any other material incident, event or circumstance which may give rise to any such material Environmental Claim which is reasonably likely to have a Material
Adverse Effect; 

  

	 	(d)	promptly, details of any capture, seizure, arrest, confiscation or detention of any Vessel which remains in existence five (5) Business Days after the initial capture, seizure, arrest, confiscation or detention (as
the case may be); 

  
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	 	(e)	promptly, such further information regarding the financial condition, business and operations of any Security Party as the Agent may reasonably request including, without limitation, cash flow analyses and details of
the operating costs of any Vessel; 

  

	 	(f)	promptly upon becoming aware of them, details of the exercise or any purported exercise of any lien on the Insurances or the Earnings which is reasonably likely to have a Material Adverse Effect; 

 

	 	(g)	as soon as they become available, but in any event prior to the end of each of the financial years of TGP and each Vessel Owner, the budget and cash flow projections for TGP and each Vessel Owner; and 

 

	 	(h)	promptly, upon becoming aware of the same, notification in writing should (i) the Approved Charterer of a Vessel declare an intention to terminate the relevant Charter, (ii) two (2) consecutive payments
of charter hire not be paid as scheduled under a Charter, (iii) any charter hire under a Charter be paid in a materially reduced amount on three (3) consecutive occasions or (iv) a Vessel be off-hire for thirty (30), consecutive or
cumulative, days in any six (6) month period. 

  

	 	12.1.5	Notification of Default The Borrower shall promptly, and shall procure that each of the other Security Parties shall promptly, upon becoming aware of the same, inform the Agent in writing of the occurrence of any
Event of Default and, upon receipt of a written request to that effect from the Agent, confirm to the Agent that save as previously notified to the Agent or as notified in such confirmation, no Event of Default has occurred. 

 

	 	12.1.6	“Know your customer” checks If: 

  

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

 

	 	(b)	any change in the status of any of the Security Parties 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 (c) above, any prospective new Lender) to comply with “know your customer”
or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrower shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender for itself (or, in the case of (c) above, on behalf of any prospective new Lender) in order for the

  
 Page 43 

 
Agent or that Lender (or, in the case of (c) above, 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. 
  

	12.2	Financial covenants 

  

	 	12.2.1	Throughout the Facility Period, the Borrower shall maintain a DSCR of not less than 1.20:1. 

  

	 	12.2.2	The Borrower shall evidence compliance with its obligations under Clause 12.2.1 on each DSCR Computation Date by delivering to the Agent a DSCR Compliance Certificate. 

 

	12.3	General undertakings 

  

	 	12.3.1	Maintenance of Legal Validity The Borrower shall, and shall procure that each of the other Security Parties (save for the Guarantors) shall obtain, comply with the terms of and do all that is necessary to
maintain in full force and effect all authorisations, approvals, licenses and consents required in or by the laws and regulations of its jurisdiction of formation and all other applicable jurisdictions, to enable it lawfully to enter into and
perform its obligations under the Security Documents and to ensure the legality, validity, enforceability or admissibility in evidence of the Security Documents in its jurisdiction of incorporation or organisation and all other applicable
jurisdictions. 

  

	 	12.3.2	Claims Pari Passu The Borrower shall, and shall procure that each of the Security Parties (save for the Guarantors) shall, ensure that at all times the claims of the Finance Parties against it under the Security
Documents rank at least pari passu with the claims of all its other unsecured creditors save those whose claims are preferred by any bankruptcy, insolvency, liquidation, winding-up or other similar laws of general application. 

 

	 	12.3.3	Negative Pledge The Borrower shall not, and shall procure that no Security Party (save for the Guarantors, Malt Transport and Scarlet LNG) shall, create or permit to subsist, any Encumbrance (other than a
Permitted Encumbrance) over all or any part of its present or future assets or undertaking nor dispose of any of those assets or of all or part of that undertaking. 

 

	 	12.3.4	Necessary Authorisations Without prejudice to any other specific provision of the Security Documents relating to an Authorisation, the Borrower shall, and shall procure that each of the Security Parties (save for
the Guarantors) shall (i) obtain, comply with and do all that is necessary to maintain in full force and effect all Necessary Authorisations if a failure to do the same may cause a Material Adverse Effect; and (ii) promptly upon request,
supply certified copies to the Agent of all Necessary Authorisations. 

  

	 	12.3.5	 Compliance with Applicable Laws The Borrower shall, and shall procure that each of the Security Parties (save for the Guarantors) shall, comply

  
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with all applicable laws to which it may be subject (except as regards Sanctions, to which Clause 12.3.6 applies, and anti-corruption laws to which Clause 12.3.7 applies) if a failure to do the
same may have a Material Adverse Effect. 

  

	 	12.3.6	Sanctions 

  

	 	(a)	Each Security Party shall ensure that no part of the proceeds of the Loan or other transaction(s) contemplated by any Finance Document shall, directly or indirectly, be used or otherwise make available:

  

	 	(i)	to fund any trade, business or other activity involving any Restricted Party: 

  

	 	(ii)	for the direct or indirect benefit of any Restricted Party; or 

  

	 	(iii)	in any other manner that would reasonably be expected to result in (i) the occurrence of an Event of Default under Clause 13.1.25, or (ii) any Party (other than the Security Parties) or any Affiliate of such
party or any other person being party to or which benefits from any Finance Document being in breach of any Sanction (if and to the extent applicable to either of them) or becoming a Restricted Party. 

 

	 	(b)	Each Security Party shall ensure that its assets, the assets subject to Security Documents or the Vessels shall not be used directly or indirectly: 

 

	 	(i)	by or for the direct or indirect benefit of any Restricted Party; or 

  

	 	(ii)	in any trade which is prohibited under applicable Sanctions or which could expose any Security Party, its assets, any asset subject to Security Documents, the Vessels, any Finance Party or any other person being party
to or which benefits from any Finance Document, the Charterers, any Approved Manager or insurers to enforcement proceedings or any other consequences whatsoever arising from Sanctions. 

 

	 	(c)	Each Security Party shall ensure that the Vessels shall not be trading to Iranian ports or carrying or storing/warehousing crude oil, petroleum products or petrochemical products or other products subject to Sanctions
if they originate in Iran, or are being exported from Iran to any other country. 

  

	 	12.3.7	Anti-corruption laws The Borrower shall, and shall procure that each of the Security Parties (save for the Guarantors) shall, conduct its business in compliance with applicable anti-corruption laws and maintain
policies and procedures designed to prove and achieve compliance with such laws. 

  
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	 	12.3.8	Environmental compliance 

 The Borrower shall, and shall procure that each of the
Security Parties (save for the Guarantors) will: 
  

	 	(a)	comply with all Environmental Laws; 

  

	 	(b)	obtain, maintain and ensure compliance with all requisite Environmental Approvals; 

  

	 	(c)	implement procedures to monitor compliance with and to prevent liability under any Environmental Law; 

  

	 	(d)	ensure that any Vessel controlled by it with the intention of being scrapped by its Vessel Owner, is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible
manner. 

 where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	 	12.3.9	Environmental claims 

 The Borrower shall, and shall procure that each of the Security
Parties (save for the Guarantors) will, promptly upon becoming aware of the same, inform the Agent in writing of: 
  

	 	(a)	any Environmental Claim against any member of a Group which is current, pending or threatened; and 

  

	 	(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of a Group, 

where the claim, if determined against that member of that Group, has or is reasonably likely to have a Material Adverse Effect. 

 

	 	12.3.10	Taxation 

  

	 	(a)	The Borrower shall, and shall procure that each Security Party (save for the Guarantors) will, pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless
and only to the extent that: 

  

	 	(i)	such payment is being contested in good faith; 

  

	 	(ii)	adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Agent under Clause 12.1.1 and 12.1.3; and

  

	 	(iii)	such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect. 

 

	 	(b)	No member of a Group may change its residence for Tax purposes. 

  
 Page 46 

	 	12.3.11	Loans and Guarantees The Borrower shall not, and shall procure that no Vessel Owner shall, borrow any money (except for the Loan, unsecured Financial Indebtedness subordinated to the Loan and, in the case of a
Vessel Owner, loans and guarantees made in the ordinary course of business in connection with the chartering, operations or repair of its Vessel). 

  

	 	12.3.12	Further Assurance The Borrower shall, and shall procure that each of the Security Parties (save for the Guarantors) shall, at its own expense, promptly take all such action as the Agent may reasonably require for
the purpose of perfecting or protecting any Finance Party’s rights with respect to the security created or evidenced (or intended to be created or evidenced) by the Security Documents. 

 

	 	12.3.13	Other information The Borrower will, and will procure that each of the Security Parties (save for the Guarantors) will, promptly supply to the Agent such information and explanations as any of the Lenders may
from time to time reasonably require in connection with the Security Parties (other than the Guarantors). 

  

	 	12.3.14	Inspection of records The Borrower will, and will procure that each Security Party (save for the Guarantors) will, following an Event of Default which is continuing, unremedied or unwaived, permit the inspection
of its financial records and accounts during business hours by the Agent or its nominee. 

  

	 	12.3.15	Change of Control The Borrower shall procure that throughout the Facility Period: 

  

	 	(a)	in relation to TGP: 

  

	 	(i)	(where all management powers over the business and affairs of TGP are vested exclusively in its general partner), 

  

	 	(A)	Teekay GP LLC remains the general partner of TGP; and 

  

	 	(B)	Teekay Corporation remains the owner, directly or indirectly, of a minimum of 50 per cent (50%) of the voting rights in Teekay GP LLC; or 

 

	 	(ii)	(where all management powers over the business and affairs of TGP become vested exclusively in the board of directors of TGP), Teekay Corporation remains the owner, directly or indirectly, of a minimum of fifty per cent
(50%) of the voting rights to elect the members of that board of directors; and 

  

	 	(b)	in relation to the Borrower, Malt LNG, Malt Transport, or any Vessel Owner, there is no change in the legal or beneficial ownership of any such company from that advised to the Agent at the date of this Agreement
without the Agent’s prior written consent (acting on the instructions of the Majority Lenders). 

  
 Page 47 

	 	12.3.16	Change of business The Borrower shall not, and shall procure that none of the other Security Parties (save for the Guarantors) shall, without the prior written consent of all Lenders, make any substantial change
to the general nature of its business from that carried on at the date of this Agreement. 

  

	 	12.3.17	No loans or other financial commitments The Borrower shall not, and shall procure that no Vessel Owner shall, make any loan nor enter into any guarantee and indemnify or otherwise voluntarily assume any actual or
contingent liability in respect of any obligation of any other person except for the Loan, unsecured Financial Indebtedness subordinated to the Loan and, in the case of the Vessel Owners, loans or guarantees made in the ordinary course of business
in connection with the charterparty, operation or repair of its Vessel. 

  

	 	12.3.18	Dividends The Borrower shall not (and will procure that the Vessel Owners shall not) pay any dividends or make other distributions to its shareholders at any time after the occurrence of an Event of Default which
remains unremedied and unwaived. 

  

	 	12.3.19	Transfer of assets The Borrower shall not, and shall procure that no other Security Parties (other than the Corporate Guarantors and Scarlet LNG) shall, sell or transfer any of its material assets other than:

  

	 	(a)	on arm’s length terms to third parties where the net proceeds of sale are used as a prepayment hereunder; or 

  

	 	(b)	on arm’s length terms to its Affiliates, which are and remain members of a Group. 

  

	 	12.3.20	Accounts The Borrower shall, and shall procure that the Vessel Owners shall, throughout the Facility Period, maintain, in the case of the Borrower, the Earnings Account and, in the case of the Vessel Owners, the
Vessel Earnings Accounts with the Account Holder free of Encumbrances and rights of set off other than those created by or under the Finance Documents. The Borrower shall procure that all Earnings and any Requisition Compensation are credited to the
Vessel Earnings Accounts. 

  

	 	12.3.21	Mergers The Borrower shall not, and shall procure that no Vessel Owner shall, enter into any amalgamation, demerger, merger or corporate restructuring. 

 

	 	12.3.22	Acquisitions The Borrower shall not, and shall procure that no Vessel Owner shall, make any acquisitions or investments. 

  

	 	12.3.23	Antisocial Forces The Borrower shall not engage, directly or indirectly, in any of the following activities: 

  

	 	(a)	any demand or claim under the threat of or with violence; 

  
 Page 48 

	 	(b)	any unreasonable demand or claim under the threat of actions that are not legally permissible; or 

  

	 	(c)	any blackmail or assault, physical or oral; or 

  

	 	(d)	any obstructive activities, including but not limited to disseminating false information or fraudulent activities for the purpose of harming the creditworthiness of the Finance Parties or impeding business of the
Finance Parties; or 

  

	 	(e)	any activities that are similar to those described above. 

 Upon receiving information which
provides reasonable certainty that any violation of this covenant has occurred, the Borrower shall immediately: (i) advise the Agent of the occurrence; and (ii) take all actions reasonably necessary to mitigate, correct and report such
occurrence, under law or otherwise (such steps may include termination of employment or severance of employment of the individual(s) involved). 
  

	 	12.3.24	Listings The Borrower shall procure that throughout the Facility Period TGP maintains its listing as a publically-traded master limited partnership on the New York Stock Exchange and Marubeni maintains its
listing as a corporation on the Tokyo Stock Exchange or, in each case, such other recognised stock exchange reasonably acceptable to the Agent (acting on the instructions of the Majority Lenders). 

 

	 	12.3.25	Application of FATCA The Borrower shall promptly notify the Agent if any Security Party becomes or ceases to be a FATCA FFI or a US Tax Obligor. 

 

	12.4	Vessel undertakings 

  

	 	12.4.1	Management of Vessels The Borrower shall ensure that (a) each Vessel is at all times technically and commercially managed by an Approved Manager and (b) at any time that the Approved Manager of the
Vessels is not a company controlled by either TGP or Teekay Corp., such Approved Manager provides a written confirmation confirming that, among other things, following the occurrence of an Event of Default which is continuing unremedied and
unwaived, all claims of the Approved Manager against a Vessel Owner shall be subordinated to the claims of the Finance Parties under the Finance Documents. 

  

	 	12.4.2	Classification The Borrower shall ensure that each of the Vessels maintains the highest classification required for the purpose of the relevant trade of such Vessel which shall be with a Pre-Approved
Classification Society, in each case, free from any overdue recommendations and adverse notations affecting that Vessel’s class. 

  

	 	12.4.3	Certificate of Financial Responsibility The Borrower shall procure that each Vessel Owner shall, if required, obtain and maintain a certificate of financial responsibility in relation to any Vessel which is to
call at the United States of America. 

  
 Page 49 

	 	12.4.4	Registration The Borrower shall not change or permit a change to the flag of the Vessels during the Facility Period other than to a Pre-Approved Flag or under such other flag as may be approved by the Agent
acting on the instructions of the Majority Lenders, such approval not to be unreasonably withheld or delayed. 

  

	 	12.4.5	ISM and ISPS Compliance The Borrower shall ensure that the relevant Company complies in all material respects with the ISM Code and the ISPS Code or any replacements thereof and in particular (without prejudice
to the generality of the foregoing) shall ensure that the Company holds (i) a valid and current Document of Compliance issued pursuant to the ISM Code, (ii) a valid and current SMC issued in respect of each Vessel pursuant to the ISM Code,
and (iii) an ISSC in respect of each Vessel, and the Borrower shall promptly, upon request, supply the Agent with copies of the same. 

  

	 	12.4.6	Valuations The Borrower will deliver to the Agent (at its own cost) a Valuation of each Vessel (i) at least once in every six (6) month period throughout the Facility Period and (ii) following the
occurrence of an Event of Default which is continuing unremedied and unwaived, on such other occasions as the Agent may request (acting on the instructions of the Majority Lenders). 

 

	 	12.4.7	Chartering The Borrower shall procure that during the Facility Period no Vessel Owner shall, without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), take any vessel on
charter or other contract of employment (nor agree to do so). 

  

	 	12.4.8	Amendments to Charters Except for non-material amendments or amendments in the ordinary course of day to day operations, the Borrower will procure that none of the Charters are amended or varied without the prior
written consent of the Agent (acting on the reasonable instructions of the Majority Lenders). 

  

	 	12.4.9	Insurance The Borrower shall ensure that each of the Vessels is insured in accordance with the provisions set out in the Assignments. 

 

	 	12.4.10	Maintenance The Borrower shall ensure that each of the Vessels shall be maintained in good and safe condition and with all registered surveys carried out when due. 

 

	13	Events of Default 

  

	13.1	Events of Default Each of the events or circumstances set out in this Clause 13.1 is an Event of Default. 

  

	 	13.1.1	 Borrower’s Failure to Pay under this Agreement The Borrower fails to pay any amount due from it under this Agreement at the time, in the
currency and otherwise in the manner specified herein provided that, if the Borrower can demonstrate to the reasonable satisfaction of the Agent that all necessary instructions were given to effect such payment and the non-receipt thereof is
attributable solely to an administrative or technical error by the Agent or an error in the banking system or a Disruption Event, such 

  
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payment shall instead be deemed to be due, solely for the purposes of this paragraph, within three (3) Business Days of the date on which it actually fell due under this Agreement; or

  

	 	13.1.2	Misrepresentation any representation or statement made by any Security Party in any Finance Document to which it is a party or in any notice or other document, certificate or statement delivered by it pursuant
thereto or in connection therewith is or proves to have been incorrect or misleading in any material respect, where the circumstances causing the same would be reasonably likely to give rise to a Material Adverse Effect; or 

 

	 	13.1.3	Specific Covenants a Security Party fails duly to perform or comply with any of the obligations expressed to be assumed by or procured by the Borrower under Clauses 10.4, 12.3.1, 12.3.3, 12.3.4 or 12.3.15; or

  

	 	13.1.4	Financial Covenants The Borrower is in breach of the Borrower’s financial covenants set out in Clause 12.2 of this Agreement at any time or TGP is in breach of its financial covenants set out in Clause 3.2
of the TGP Guarantee at any time; or 

  

	 	13.1.5	Other Obligations a Security Party fails duly to perform or comply with any of the obligations expressed to be assumed by it in any Finance Document (other than those referred to in Clause 13.1.3 or Clause
13.1.4) and such failure is not remedied within 30 days after the Agent has given notice thereof to the Borrower; or 

  

	 	13.1.6	Cross Default any indebtedness of any Security Party is not paid when due (or within any applicable grace period) or any indebtedness of any Security Party is declared to be or otherwise becomes due and payable
prior to its specified maturity where (in either case) the aggregate of all such unpaid or accelerated indebtedness (i) of either Guarantor is equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other
currency; or (ii) of the Borrower is equal to or greater than fifteen million Dollars ($15,000,000) or its equivalent in any other currency; or (iii) of any other Security Party is equal to or greater than ten million Dollars ($10,000,000)
or its equivalent in any other currency; or 

  

	 	13.1.7	[This Clause is left intentionally blank.] 

  

	 	13.1.8	Insolvency and Rescheduling a Security Party is unable to pay its debts as they fall due, commences negotiations with any one or more of its creditors with a view to the general readjustment or rescheduling of
its indebtedness or makes a general assignment for the benefit of its creditors or a composition with its creditors; or 

  

	 	13.1.9	Winding-up a Security Party files for initiation of formal restructuring proceedings, is wound up or declared bankrupt or takes any corporate action or other steps are taken or legal proceedings are started for
its winding-up, dissolution, administration or re-organisation or for the appointment of a liquidator, receiver, administrator, administrative receiver, conservator, custodian, trustee or similar officer of it or of any or all of its revenues or
assets or any moratorium is declared or sought in respect of any of its indebtedness; or 

  
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	 	13.1.10	Execution or Distress 

  

	 	(a)	any Security Party fails to comply with or pay any sum due from it (within 30 days of such amount falling due) under any final judgment or any final order made or given by any court or other official body of a competent
jurisdiction in an aggregate (i) in respect of either Guarantor equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency; or (ii) in respect of the Borrower equal to or greater than
fifteen million Dollars ($15,000,000) or its equivalent in any other currency; or (iii) in respect of any other Security Party, ten million Dollars ($10,000,000) or its equivalent in any other currency, being a judgment or order against which
there is no right of appeal or if a right of appeal exists, where the time limit for making such appeal has expired. 

  

	 	(b)	any execution, distress, expropriation, attachment or sequestration affects, or an encumbrancer takes possession of, the whole or any part of, the property, undertaking or assets of a Security Party in an aggregate
amount (i) in respect of either Guarantor equal to or greater than one hundred million Dollars ($100,000,000) or its equivalent in any other currency; or (ii) in respect of the Borrower equal to or greater than fifteen million Dollars
($15,000,000) or its equivalent in any other currency; or (iii) in respect of any other Security Party, ten million Dollars ($10,000,000) or its equivalent in any other currency other than any execution, distress, expropriation, attachment or
sequestration which is being contested in good faith and which is either discharged within 30 days or in respect of which adequate security has been provided within 30 days to the relevant court or other authority to enable the relevant execution,
distress, expropriation, attachment or sequestration to be lifted or released; or 

  

	 	13.1.11	Similar Event any event occurs which, under the laws of any jurisdiction, has a similar or analogous effect to any of those events mentioned in Clauses 13.1.8, 13.1.9 and 13.1.10, or 

 

	 	13.1.12	Repudiation any Security Party repudiates any Finance Document to which it is a party or does or causes to be done any act or thing evidencing an intention to repudiate any such Finance Document; or

  

	 	13.1.13	Validity and Admissibility at any time any act, condition or thing required to be done, fulfilled or performed in order: 

  

	 	(a)	to enable any Security Party lawfully to enter into, exercise its rights under and perform the respective obligations expressed to be assumed by it in the Finance Documents; 

  
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	 	(b)	to ensure that the obligations expressed to be assumed by each of the Security Parties in the Finance Documents are legal, valid and binding; or 

 

	 	(c)	to make the Finance Documents admissible in evidence in any applicable jurisdiction 

 is not
done, fulfilled or performed within 30 days after notification from the Agent to the relevant Security Party requiring the same to be done, fulfilled or performed; or 
  

	 	13.1.14	Illegality at any time it is or becomes unlawful for any Security Party to perform or comply with any or all of its obligations under the Security Documents to which it is a party or under a Quiet Enjoyment
Agreement or any of the obligations of the Borrower hereunder are not or cease to be legal, valid and binding and such illegality is not remedied or mitigated to the satisfaction of the Agent within thirty (30) days after it has given notice
thereof to the relevant Security Party; or 

  

	 	13.1.15	Qualifications of Financial Statements the auditors of the Borrower, a Guarantor or a Vessel Owner qualify their report on any audited consolidated financial statements of the Borrower, a Guarantor or a Vessel
Owner in any regard which, in the reasonable opinion of the Agent, has a Material Adverse Effect; or 

  

	 	13.1.16	Conditions Subsequent if any of the conditions referred to in Clause 3.5 is not satisfied within ten (10) days or such other time period specified by the Agent in its discretion; or 

 

	 	13.1.17	Revocation or Modification of consents etc. if any Necessary Authorisation which is now or which at any time during the Facility Period becomes necessary to enable any of the Security Parties to comply with any
of their obligations in or pursuant to any of the Security Documents is revoked, withdrawn or withheld, or modified in a manner which the Agent reasonably considers is, or may be, prejudicial to the interests of a Finance Party in a material manner,
or if such Necessary Authorisation ceases to remain in full force and effect; or 

  

	 	13.1.18	Curtailment of Business if the business of any of the Security Parties is wholly or materially curtailed by any intervention by or under authority of any government, or if all or a substantial part of the
undertaking, property or assets of any of the Security Parties is seized, nationalised, expropriated or compulsorily acquired by or under authority of any government or any Security Party suspends or ceases to carry on or disposes (or threatens to
suspend or cease to carry on or dispose) of all or a substantial part of its business or assets; or 

  

	 	13.1.19	Reduction of Capital if the Borrower reduces its committed or subscribed capital; or 

  

	 	13.1.20	Notice of termination if either Guarantor or a Vessel Owner gives notice to the Agent to determine its obligations under the relevant Guarantee; or 

  
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	 	13.1.21	Environmental Matters 

  

	 	(a)	any Environmental Claim is pending or made against a Vessel Owner or any of a Vessel Owner’s Environmental Affiliates or in connection with a Vessel, where such Environmental Claim has a Material Adverse Effect.

  

	 	(b)	any actual Environmental Incident occurs in connection with a Vessel, where such Environmental Incident has a Material Adverse Effect; or 

 

	 	13.1.22	Material Adverse Change any event or circumstance occurs that has a Material Adverse Effect; or 

  

	 	13.1.23	Arrest of Vessel any capture, arrest, seizure, confiscation, detention or similar proceeding is commenced against any Vessel in any jurisdiction; or 

 

	 	13.1.24	Loss of Property all or a substantial part of the business or assets of any Security Party is destroyed, abandoned, seized, appropriated or forfeited for any reason, and such occurrence in the reasonable opinion
of the Agent (acting on the instructions of the Majority Lenders) has or could reasonably be expected to have a Material Adverse Effect. 

  

	 	13.1.25	Sanctions Any Security Party, any Affiliate of any Security Party, any of their joint ventures or any of their respective directors, officers, employees, agents or representatives or any other persons acting on
any of their behalf, becomes a Restricted Party. 

  

	13.2	Acceleration If an Event of Default is continuing unremedied or unwaived the Agent may (with the consent of the Majority Lenders) and shall (at the request of the Majority Lenders) (as the case may be, as set out
in the Deed of Coordination) by notice to the Borrower cancel any part of the Loan not then advanced and: 

  

	 	13.2.1	declare that the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents are immediately due and payable, whereupon they shall become immediately due and payable;
and/or 

  

	 	13.2.2	declare that the Loan is payable on demand, whereupon it shall immediately become payable on demand by the Agent; and/or 

  

	 	13.2.3	declare the Commitments terminated and the Maximum Amount reduced to zero. 

  

	14	Assignment and Sub-Participation 

  

	14.1	 Lenders’ rights A Lender may assign any of its rights under this Agreement or transfer by novation any of its rights and obligations under
this Agreement to any other branch or Affiliate of that Lender or to any other Lender (or an Affiliate of another Lender) or (subject to the prior written consent of the Guarantors, such consent not to be unreasonably withheld but not to be required
at any time after an Event of Default which is continuing unremedied or unwaived) to any other bank or financial institution, or any trust, fund or other entity which is regularly engaged in,

  
 Page 54 

	 	
or established for the purpose of, making, purchasing or investing in loans, securities or other financial assets, and may grant sub-participations in all or any part of its Commitment in a
Tranche. Where the consent of the Guarantors is required, the Guarantors shall be deemed to have given their consent if no express refusal is given within five (5) Business Days. 

 

	14.2	Borrower’s co-operation The Borrower will co-operate fully with a Lender in connection with any assignment, transfer or sub-participation by that Lender; will execute and procure the execution of such
documents as that Lender may require in that connection including, but not limited to, re-executing any Security Documents (if required); and irrevocably authorises any Finance Party to disclose to any proposed assignee, transferee or
sub-participant (whether before or after any assignment, transfer or sub-participation and whether or not any assignment, transfer or sub- participation shall take place) all information relating to the Security Parties, the Loan and the Relevant
Documents which any Finance Party may in its discretion consider necessary or desirable (subject to any duties of confidentiality applicable to the Lenders generally). 

 

	14.3	Rights of assignee Any assignee of a Lender shall (unless limited by the express terms of the assignment) take the full benefit of every provision of the Finance Documents benefiting that Lender provided
that an assignment will only be effective on notification by the Agent to that Lender and the assignee that the Agent is satisfied it has complied with all necessary “Know your customer” or other similar checks under all applicable
laws and regulations in relation to the assignment to the assignee. 

  

	14.4	Transfer Certificates If a Lender wishes to transfer any of its rights and obligations under or pursuant to this Agreement, it may do so by delivering to the Agent a duly completed Transfer Certificate, in which
event on the Transfer Date: 

  

	 	14.4.1	to the extent that that Lender seeks to transfer its rights and obligations, the Borrower (on the one hand) and that Lender (on the other) shall be released from all further obligations towards the other;

  

	 	14.4.2	the Borrower (on the one hand) and the transferee (on the other) shall assume obligations towards the other identical to those released pursuant to Clause 14.4.1; and 

 

	 	14.4.3	the Agent, each of the Lenders and the transferee shall have the same rights and obligations between themselves as they would have had if the transferee had been an original party to this Agreement as a Lender

 provided that the Agent shall only be obliged to execute a Transfer Certificate once: 

 

	 	(a)	it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the transfer to the transferee; and 

 

	 	(b)	the transferee has paid to the Agent for its own account a transfer fee of five thousand Dollars. 

  
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 The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate,
send to the Borrower and the Lenders a copy of that Transfer Certificate. 
  

	14.5	Finance Documents Unless otherwise expressly provided in any Finance Document or otherwise expressly agreed between a Lender and any proposed transferee and notified by that Lender to the Agent on or before the
relevant Transfer Date, there shall automatically be assigned to the transferee with any transfer of a Lender’s rights and obligations under or pursuant to this Agreement the rights of that Lender under or pursuant to the Finance Documents
(other than this Agreement) which relate to the portion of that Lender’s rights and obligations transferred by the relevant Transfer Certificate. 

  

	14.6	No assignment or transfer by the Borrower The Borrower may not assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 

 

	14.7	Security over Lenders’ rights In addition to the other rights provided to Lenders under this Clause 14, each Lender may without consulting with or obtaining consent from any Security Party, at any time
charge, assign or otherwise create an Encumbrance 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: 

 

	 	14.7.1	any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and 

  

	 	14.7.2	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
for those obligations or securities, 

 except that no such charge, assignment or Security shall: 

 

	 	(a)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Encumbrance for the Lender as a party to any of the Finance Documents;
or 

  

	 	(b)	require any payments to be made by 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. 

 

	15	The Agent and the Lenders 

  

	15.1	Appointment 

  

	 	15.1.1	Each Lender appoints the Agent to act as its agent and/or security trustee under and in connection with the Finance Documents. 

  

	 	15.1.2	Each Lender authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental rights,
powers, authorities and discretions. 

  
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	15.2	Authority Each Lender irrevocably authorises the Agent and the Agent hereby agrees (subject to Clauses 15.5.1, 15.24 and this Clause 15.2): 

 

	 	15.2.1	to execute any Finance Document (other than this Agreement and the Deed of Coordination) on its behalf; 

  

	 	15.2.2	to collect, receive, release or pay any money on its behalf; 

  

	 	15.2.3	acting on the instructions from time to time of the Majority Lenders (save where the terms of any Finance Document expressly provide otherwise) to give or withhold any waivers, consents or approvals under or pursuant to
any Finance Document; 

  

	 	15.2.4	acting on the instructions from time to time of the Majority Lenders (save where the terms of any Finance Document expressly provide otherwise) to exercise, or refrain from exercising, any rights, powers, authorities or
discretions under or pursuant to any Finance Document; and 

  

	 	15.2.5	to act as its agent under and in connection with each of the Danish Security Documents and authorises the Agent on behalf of the Lenders: 

 

	 	(a)	to enter into each of the Danish Security Documents; 

  

	 	(b)	to make and accept, on its behalf, all notices, declarations and documents of any kind and to take any and all actions provided for in the Danish Security Documents or howsoever related thereto, as the Agent may
consider necessary or desirable in connection with any of the Danish Security Documents, including (without limitation) to give or receive notice of any transfer or assignment by or to such Lender of rights and/or obligations under the Danish
Security Documents and this Agreement, in order to perfect or protect the rights of the transferee or assignee pursuant to the Danish Security Documents and its interest in the security created thereunder; 

 

	 	(c)	to amend each of the Danish Security Documents; 

  

	 	(d)	to enforce and/or release (in whole or in part) the security created under each of the Danish Security Documents in its own name and/or on behalf of one or more named Lender (as per agreement with such Security Party)
if legally required; 

  

	 	(e)	to exercise all such rights, remedies, powers and discretions (explicitly or implicitly) delegated to or conferred upon the Agent or the Lenders pursuant to the Danish Security Documents (including to receive and hold
payments on behalf of the Lenders), together with such powers and discretions as are reasonably incidental thereto; and 

  

	 	(f)	to take such action, as may from time to time be authorised under or in accordance with the Danish Security Documents. 

  
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 The Agent shall have no duties or responsibilities as agent or as security trustee other than
those expressly conferred on it by the Finance Documents and shall not be obliged to act on any instructions from the Lenders or the Majority Lenders if to do so would, in the reasonable opinion of the Agent, be contrary to any provision of the
Finance Documents or to any law, or would expose the Agent to any actual or potential liability to any third party. 
  

	15.3	Trust The Agent agrees and declares, and each of the other Finance Parties acknowledges, that, subject to the terms and conditions of this Clause 15.3, the Agent holds the Trust Property on trust for the Finance
Parties absolutely (except from Trust Property pursuant to the Danish Security Documents, which is granted directly in favour of the Finance Parties). Each of the other Finance Parties agrees that the obligations, rights and benefits vested in the
Agent shall be performed and exercised in accordance with this Clause 15.3. The Agent shall have the benefit of all of the provisions of this Agreement benefiting it in its capacity as Agent for the Finance Parties, and all the powers and
discretions conferred on trustees by the Trustee Act 1925 (to the extent not inconsistent with this Agreement). In addition: 

  

	 	15.3.1	the Agent and any attorney, agent or delegate of the Agent may indemnify itself or himself out of the Trust Property against all liabilities, costs, fees, damages, charges, losses and expenses sustained or incurred by
it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested in the Agent or any other such person by or pursuant to the
Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents other than as a result of its gross negligence or wilful misconduct; 

 

	 	15.3.2	the other Finance Parties acknowledge that the Agent shall be under no obligation to insure any property nor to require any other person to insure any property and shall not be responsible for any loss which may be
suffered by any person as a result of the lack or insufficiency of any insurance; and 

  

	 	15.3.3	the Finance Parties agree that the perpetuity period applicable to the trusts declared by this Agreement shall be the period of 125 years from the date of this Agreement. 

 

	15.4	Required consents 

  

	 	15.4.1	Subject to Clause 15.5 any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Borrower and any such amendment or waiver will be binding on all Parties,

  

	 	15.4.2	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 15. 

  

	 	15.4.3	Without prejudice to the generality of Clause 15.14.4, the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under
this Agreement. 

  
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	 	15.4.4	No amendment or waiver may be made before the date falling ten (10) Business Days after the terms of that amendment or waiver have been notified by the Agent to the Lenders, unless each Lender is a “FATCA
Protected Lender”. The Agent shall notify the Lenders reasonably promptly of any amendments or waivers proposed by the Borrower. 

  

	15.5	Exceptions 

  

	 	15.5.1	An amendment, waiver or (in the case of a Security Document) a consent of, or in relation to, any term of any Finance Document that has the effect of changing or which relates to: 

 

	 	(a)	the definitions of “Majority Lenders” and “Proportionate Share” in Clause 1.1; 

  

	 	(b)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(c)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(d)	a change in currency of payment of any amount under the Finance Documents; 

  

	 	(e)	an increase in any Commitment under a Tranche, an extension of the Final Availability Date or any requirement that a cancellation of Commitments under a Tranche reduces the Commitments of the Lenders under that Tranche
rateably; 

  

	 	(f)	any provision which expressly requires the consent of all the Lenders; 

  

	 	(g)	Clause 2.2, Clause 10.4, Clause 14, this Clause 15 or Clause 23; 

  

	 	(h)	(other than as expressly permitted by the provisions of any Finance Document) the nature or scope of: 

  

	 	(i)	any Guarantee or Corporate Guarantee; 

  

	 	(ii)	the Charged Property; or 

  

	 	(iii)	the manner in which the proceeds of enforcement of the Security Documents are distributed; or 

  

	 	(i)	the release of any Guarantee, Corporate Guarantee or of any Encumbrance created or expressed to be created or evidenced by the Security Documents unless permitted under this Agreement or any other Finance Document or
relating to a sale or disposal of an asset which is the subject of any Encumbrance created or expressed to be created or evidenced by the Security Documents where such sale or disposal is expressly permitted under this Agreement or any other Finance
Document; 

  
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 shall not be made, or given, without the prior consent of all the Lenders. 

 

	 	15.5.2	An amendment or waiver which relates to the rights or obligations of the Agent or the MLAs (each in their capacity as such) may not be effected without the consent of the Agent or, as the case may be, the MLAs.

  

	 	15.5.3	If the Agent or a Lender reasonably believes that an amendment or waiver may constitute a “material modification” for the purposes of FATCA that may result (directly or indirectly) in a Party being required to
make a FATCA Deduction and the Agent or that Lender (as the case may be) notifies the Borrower and the Agent accordingly, that amendment or waiver may not be effected without the consent of the Agent or that Lender (as the case may be) provided
that no such consent shall be required from that Lender if it is a FATCA Protected Lender. 

  

	15.6	Excluded Commitments 

 If: 

 

	 	15.6.1	any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote of Lenders under the terms of this Agreement within twenty
(20) Business Days of that request being made; or 

  

	 	15.6.2	any Lender which is not a Defaulting Lender fails to respond to such a request (other than an amendment, waiver or consent referred to in Clauses 15.5.1(b), 15.5.1(c) and 15.5.1(e) or other or such a vote within twenty
(20) Business Days of that request being made, 

 (unless, in either case, the Borrower and the Agent agree to a longer
time period in relation to any request): 
  

	 	(a)	its Commitment(s) under the relevant Tranche shall not be included for the purpose of calculating the aggregate of the Commitments when ascertaining whether any relevant percentage (including, for the avoidance of
doubt, unanimity) of aggregate of the Commitments has been obtained to approve that request; and 

  

	 	(b)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request. 

 

	15.7	Replacement of Lender 

  

	 	15.7.1	If: 

  

	 	(a)	any Lender becomes a Non-Consenting Lender (as defined in Clause 15.7.4); 

  
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	 	(b)	the Borrower or any other Security Party becomes obliged to repay any amount in accordance with Clause 6.1 or to pay additional amounts pursuant to Clause 17.3, Clause 8.11.1 or Clause 8.6 to any Lender; or

  

	 	(c)	any FATCA Protected Lender notifies the Agent of a FATCA Event (as defined in Clause 15.8) pursuant to Clause 15.8 (Mandatory repayment and cancellation of FATCA Protected Lender), 

then the Borrower may, on ten (10) Business Days’ prior written notice to the Agent and such Lender, replace such Lender by
requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 14 all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund
or other entity (a “Replacement Lender”) selected by the Borrower, which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 14 for a purchase price in cash
payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender’s participation in the relevant Tranche and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance
Documents. 
  

	 	15.7.2	The replacement of a Lender pursuant to this Clause 15.7 shall be subject to the following conditions: 

  

	 	(a)	the Borrower shall have no right to replace the Agent; 

  

	 	(b)	neither the Agent nor the Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(c)	in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than thirty (30) Business Days after the date on which that Lender is deemed a Non- Consenting Lender;

  

	 	(d)	in no event shall the Lender replaced under this Clause 15.7 be required to pay or surrender to such Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents; and 

 

	 	(e)	the Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 15.7.1 once it is satisfied that it has complied with all necessary “know your customer” or other similar checks under
all applicable laws and regulations in relation to that transfer. 

  

	 	15.7.3	A Lender shall perform the checks described in Clause 15.7.2(e) as soon as reasonably practicable following delivery of a notice referred to in Clause 

 

	 	15.7.1	and shall notify the Agent and the Borrower when it is satisfied that it has complied with those checks. 

  

	 	15.7.4	In the event that: 

  

	 	(a)	the Borrower or the Agent (at the request of the Borrower) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents; 

  
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	 	(b)	the consent, waiver or amendment in question requires the approval of all the Lenders; and 

  

	 	(c)	Lenders whose Commitments under the relevant Tranche aggregate more than ninety per cent. (90%) of the aggregate of the Commitments under that Tranche (or, if the aggregate of the Commitments under that Tranche
have been reduced to zero, aggregated more than ninety per cent. (90%) of the aggregate of the Commitments under that Tranche prior to that reduction) have consented or agreed to such waiver or amendment, 

then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a “Non-Consenting
Lender”. 
  

	15.8	Mandatory repayment and cancellation of FATCA Protected Lenders 

  

	 	15.8.1	If on the date falling six (6) months before the earliest FATCA Application Date for any payment by a Security Party to a FATCA Protected Lender (or to the Agent for the account of that Lender), that Lender is not
a FATCA Exempt Party and, in the opinion of that Lender (acting reasonably), that Security Party will, as a consequence, be required to make a FATCA Deduction from a payment to that Lender (or to the Agent for the account of that Lender) on or after
that FATCA Application Date (a “FATCA Event”): 

  

	 	(a)	that Lender shall, reasonably promptly after that date, notify the Agent of that FATCA Event and the relevant FATCA Application Date; 

 

	 	(b)	if, on the date falling one month before such FATCA Application Date, that FATCA Event is continuing and that Lender has not been repaid or replaced pursuant to Clause 15.7 (Replacement of a Lender) (other than
by reason of that Lender’s failure to comply with its obligations pursuant to Clause 15.7 (Replacement of a Lender)): 

  

	 	(A)	that Lender may, at any time between one month and two weeks before such FATCA Application Date, notify the Agent; 

  

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

  

	 	(C)	the Borrower shall repay that Lender’s participation in the Loan on the last day of the Interest Period for the Loan occurring after the Agent has notified the Borrower or, if earlier, the last Business Day before
the relevant FATCA Application Date. 

  
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	15.9	Disenfranchisement of Defaulting Lenders 

  

	 	15.9.1	For so long as a Defaulting Lender has any Commitment under the relevant Tranche, in ascertaining: 

  

	 	(a)	the Majority Lenders; or 

  

	 	(b)	whether: 

  

	 	(i)	any given percentage (including, for the avoidance of doubt, unanimity) of the aggregate of the Commitments under that Tranche; or 

  

	 	(ii)	the agreement of any specified group of Lenders, 

 has been obtained to approve any request for
a consent, waiver, amendment or other vote of Lenders under the Finance Documents, that Defaulting Lender’s Commitment under the relevant Tranche will be reduced by the amount of its participation in that Tranche it has failed to make available
and, to the extent that that reduction results in that Defaulting Lender’s Commitment in the relevant Tranche being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of (i) and (ii). 

 

	 	15.9.2	For the purposes of this Clause 15.9, the Agent may assume that the following Lenders are Defaulting Lenders: 

  

	 	(a)	any Lender which has notified the Agent that it has become a Defaulting Lender; 

  

	 	(b)	any Lender in relation to which it is aware that any of the events or circumstances referred to in (a), (b) or (c) of the definition of “Defaulting Lender” has occurred, 

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the
Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	15.10	Replacement of a Defaulting Lender 

  

	 	15.10.1	The Borrower may, at any time a Lender has become and continues to be a Defaulting Lender, by giving ten (10) Business Days’ prior written notice to the Agent and such Lender, replace such Lender by requiring
such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 14 all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other
entity (a “Replacement Lender”) selected by the Borrower which confirms its willingness to assume and does assume all the obligations, or all the relevant obligations, of the transferring Lender in accordance with Clause 14 for a
purchase price in cash payable at the time of transfer which is either: 

  

	 	(a)	in an amount equal to the outstanding principal amount of such Lender’s participation in the relevant Tranche and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance
Documents; or 

  

	 	(b)	in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrower and which does not exceed the amount described in (a). 

  
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	 	15.10.2	Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 15.10 shall be subject to the following conditions: 

 

	 	(a)	the Borrower shall have no right to replace the Agent; 

  

	 	(b)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(c)	the transfer must take place no later than thirty (30) Business Days after the notice referred to in Clause 15.10.1; 

  

	 	(d)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents; and 

 

	 	(e)	the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to 15.10.1 once it is satisfied that it has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to that transfer to the Replacement Lender. 

  

	 	15.10.3	The Defaulting Lender shall perform the checks described in Clause 15.10.2 as soon as reasonably practicable following delivery of a notice referred to in Clause 15.10.1 and shall notify the Agent and the Borrower when
it is satisfied that it has complied with those checks. 

  

	15.11	Liability Neither the Agent nor any of its directors, officers, employees or agents shall be liable to the Lenders for anything done or omitted to be done by the Agent under or in connection with any of the
Relevant Documents unless as a result of the Agent’s gross negligence or wilful misconduct. 

  

	15.12	Acknowledgement Each Lender acknowledges that: 

  

	 	15.12.1	it has not relied on any representation made by the Agent or any of the Agent’s directors, officers, employees or agents or by any other person acting or purporting to act on behalf of the Agent to induce it to
enter into any Finance Document; 

  

	 	15.12.2	it has made and will continue to make without reliance on the Agent, and based on such documents and other evidence as it considers appropriate, its own independent investigation of the financial condition and affairs
of the Security Parties in connection with the making and continuation of the Loan; 

  
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	 	15.12.3	it has made its own appraisal of the creditworthiness of the Security Parties; and 

  

	 	15.12.4	the Agent shall not have any duty or responsibility at any time to provide it with any credit or other information relating to any Security Party unless that information is received by the Agent pursuant to the express
terms of a Finance Document. 

 Each Lender agrees that it will not assert nor seek to assert against any director, officer,
employee or agent of the Agent or against any other person acting or purporting to act on behalf of the Agent any claim which it might have against them in respect of any of the matters referred to in this Clause 15.12. 

 

	15.13	Limitations on responsibility The Agent shall have no responsibility to any Security Party or to any Lender on account of: 

  

	 	15.13.1	the failure of a Lender or of any Security Party to perform any of its obligations under a Finance Document; nor 

  

	 	15.13.2	the financial condition of any Security Party; nor 

  

	 	15.13.3	the completeness or accuracy of any statements, representations or warranties made in or pursuant to any Finance Document, or in or pursuant to any document delivered pursuant to or in connection with any Finance
Document; nor 

  

	 	15.13.4	the negotiation, execution, effectiveness, genuineness, validity, enforceability, admissibility in evidence or sufficiency of any Finance Document or of any document executed or delivered pursuant to or in connection
with any Finance Document. 

  

	15.14	The Agent’s rights The Agent may: 

  

	 	15.14.1	assume that all representations or warranties made or deemed repeated by any Security Party in or pursuant to any Finance Document are true and complete, unless, in its capacity as the Agent, it has acquired actual
knowledge to the contrary; 

  

	 	15.14.2	assume that no Default has occurred unless, in its capacity as the Agent, it has acquired actual knowledge to the contrary; 

  

	 	15.14.3	rely on any document or notice believed by it to be genuine; 

  

	 	15.14.4	rely as to legal or other professional matters on opinions and statements of any legal or other professional advisers selected or approved by it; 

 

	 	15.14.5	rely as to any factual matters which might reasonably be expected to be within the knowledge of any Security Party on a certificate signed by or on behalf of that Security Party; and 

 

	 	15.14.6	 refrain from exercising any right, power, discretion or remedy unless and until instructed to exercise that right, power, discretion or remedy and as
to the manner of its exercise by the Lenders (or, where applicable, by the Majority Lenders) and unless and until the Agent has received from the 

  
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Lenders any payment which the Agent may require on account of, or any security which the Agent may require for, any costs, claims, expenses (including legal and other professional fees) and
liabilities which it considers it may incur or sustain in complying with those instructions. 

  

	15.15	The Agent’s duties The Agent shall: 

  

	 	15.15.1	if requested in writing to do so by a Lender, make enquiry and advise the Lenders as to the performance or observance of any of the provisions of any Finance Document by any Security Party or as to the existence of an
Event of Default; and 

  

	 	15.15.2	inform the Lenders promptly of any Event of Default of which the Agent has actual knowledge. 

  

	15.16	No deemed knowledge The Agent shall not be deemed to have actual knowledge of the falsehood or incompleteness of any representation or warranty made or deemed repeated by any Security Party or actual knowledge of
the occurrence of any Default unless a Lender or a Security Party shall have given written notice thereof to the Agent in its capacity as the Agent. Any information acquired by the Agent other than specifically in its capacity as the Agent shall not
be deemed to be information acquired by the Agent in its capacity as the Agent. 

  

	15.17	Other business The Agent may, without any liability to account to the Lenders, generally engage in any kind of banking or trust business with a Security Party or with a Security Party’s subsidiaries or
associated companies or with a Lender as if it were not the Agent. 

  

	15.18	Indemnity The Lenders shall, promptly on the Agent’s request, reimburse the Agent in their respective Proportionate Share of the relevant Tranche, for, and keep the Agent fully indemnified in respect of all
liabilities, damages, costs and claims sustained or incurred by the Agent in connection with the Finance Documents, or the performance of its duties and obligations, or the exercise of its rights, powers, discretions or remedies under or pursuant to
any Finance Document, to the extent not paid by the Security Parties and not arising from the Agent’s gross negligence or wilful misconduct. 

  

	15.19	Employment of agents In performing its duties and exercising its rights, powers, discretions and remedies under or pursuant to the Finance Documents, the Agent shall be entitled to employ and pay agents to do
anything which the Agent is empowered to do under or pursuant to the Finance Documents (including the receipt of money and documents and the payment of money) and to act or refrain from taking action in reliance on the opinion of, or advice or
information obtained from, any lawyer, banker, broker, accountant, valuer or any other person believed by the Agent in good faith to be competent to give such opinion, advice or information. 

 

	15.20	Distribution of payments The Agent shall pay promptly to the order of each Lender that Lender’s Proportionate Share of every sum of money received by the Agent pursuant to the Finance Documents (with the
exception of any amounts payable pursuant to Clause 9 and/or any Fee Letter and any amounts which, by the terms of the Finance Documents, are paid to the Agent for the account of the Agent alone or specifically for the account of one or more
Lenders) and until so paid such amount shall be held by the Agent on trust absolutely for that Lender. 

  
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	15.21	Reimbursement The Agent shall have no liability to pay any sum to a Lender until it has itself received payment of that sum. If, however, the Agent does pay any sum to a Lender on account of any amount
prospectively due to that Lender pursuant to Clause 15.20 before it has itself received payment of that amount, and the Agent does not in fact receive payment within five (5) Business Days after the date on which that payment was required to be
made by the terms of the Finance Documents, that Lender will, on demand by the Agent, refund to the Agent an amount equal to the amount received by it, together with an amount sufficient to reimburse the Agent for any amount which the Agent may
certify that it has been required to pay by way of interest on money borrowed to fund the amount in question during the period beginning on the date on which that amount was required to be paid by the terms of the Finance Documents and ending on the
date on which the Agent receives reimbursement. 

  

	15.22	Redistribution of payments Unless otherwise agreed between the Lenders and the Agent, if at any time a Lender receives or recovers by way of set-off, the exercise of any lien or otherwise from any Security Party,
an amount greater than that Lender’s Proportionate Share of any sum due from that Security Party to the Lenders under the Finance Documents (the amount of the excess being referred to in this Clause 15.22 and in Clause 15.23 as the
“Excess Amount”) then: 

  

	 	15.22.1	that Lender shall promptly notify the Agent (which shall promptly notify each other Lender); 

  

	 	15.22.2	that Lender shall pay to the Agent an amount equal to the Excess Amount within ten (10) days of its receipt or recovery of the Excess Amount; and 

 

	 	15.22.3	the Agent shall treat that payment as if it were a payment by the Security Party in question on account of the sum due from that Security Party to the Lenders and shall account to the Lenders in respect of the Excess
Amount in accordance with the provisions of this Clause 15.22. 

 However, if a Lender has commenced any legal proceedings to
recover sums owing to it under the Finance Documents and, as a result of, or in connection with, those proceedings has received an Excess Amount, the Agent shall not distribute any of that Excess Amount to any other Lender which had been notified of
the proceedings and had the legal right to, but did not, join those proceedings or commence and diligently prosecute separate proceedings to enforce its rights in the same or another court. 

 

	15.23	Rescission of Excess Amount If all or any part of any Excess Amount is rescinded or must otherwise be restored to any Security Party or to any other third party, the Lenders which have received any part of that
Excess Amount by way of distribution from the Agent pursuant to Clause 15.22 shall repay to the Agent for the account of the Lender which originally received or recovered the Excess Amount, the amount which shall be necessary to ensure that the
Lenders share rateably in accordance with their Proportionate Shares in the amount of the receipt or payment retained, together with interest on that amount at a rate equivalent to that (if any) paid by the Lender receiving or recovering the Excess
Amount to the person to whom that Lender is liable to make payment in respect of such amount, and Clause 15.22.3 shall apply only to the retained amount. 

  
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	15.24	Instructions Where the Agent is authorised or directed to act or refrain from acting in accordance with the instructions of the Lenders or of the Majority Lenders each of the Lenders shall provide the Agent with
instructions within five (5) Business Days of the Agent’s request (which request must be in writing). If a Lender does not provide the Agent with instructions within that period, that Lender shall be bound by the decision of the Agent.
Nothing in this Clause 15.24 shall limit the right of the Agent to take, or refrain from taking, any action without obtaining the instructions of the Lenders or the Majority Lenders if the Agent in its discretion considers it necessary or
appropriate to take, or refrain from taking, such action in order to preserve the rights of the Lenders under or in connection with the Finance Documents. In that event, the Agent will notify the Lenders of the action taken by it as soon as
reasonably practicable, and the Lenders agree to ratify any action taken by the Agent pursuant to this Clause 15.24. 

  

	15.25	Payments All amounts payable to a Lender under this Clause 15 shall be paid to such account at such bank as that Lender may from time to time direct in writing to the Agent. 

 

	15.26	“Know your customer” checks Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for
itself) in order for the Agent 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. 

  

	15.27	Resignation 

  

	 	15.27.1	Subject to a successor being appointed in accordance with this Clause 15.27, the Agent may resign at any time without assigning any reason by giving to the Borrower and the Lenders notice of its intention to do so, in
which event the following shall apply: 

  

	 	(a)	with the consent of the Borrower not to be unreasonably withheld (but such consent not to be required at any time after an Event of Default which is continuing unremedied or unwaived) the Lenders may within thirty
(30) days after the date of the notice from the Agent appoint a successor to act as agent or, if they fail to do so with the consent of the Borrower, not to be unreasonably withheld (but such consent not to be required at any time after an
Event of Default which is continuing unremedied or unwaived), the Agent may appoint any other bank or financial institution as its successor; 

  

	 	(b)	the resignation of the Agent shall take effect simultaneously with the appointment of its successor on written notice of that appointment being given to the Borrower and the Lenders; 

 

	 	(c)	the Agent shall thereupon be discharged from all further obligations as agent but shall remain entitled to the benefit of the provisions of this Clause 15; 

  
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	 	(d)	the successor of the Agent and each of the other parties to this Agreement shall have the same rights and obligations amongst themselves as they would have had if that successor had been a party to this Agreement; and

  

	 	(e)	the successor of the Agent shall sign a deed of accession to adhere to the terms of the Deed of Coordination. 

  

	 	15.27.2	The Agent shall resign and the Majority Lenders (after consultation with the Borrower) shall appoint a successor Agent in accordance with clause 15.27 if on or after the date which is three months before the earliest
FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(a)	the Agent fails to respond to a request under clause 8.13 and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

  

	 	(b)	the information supplied by the Agent pursuant to clause 8.13 indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

 

	 	(c)	the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the
Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign. 
  

	15.28	Replacement of the Agent 

  

	 	15.28.1	After consultation with the Borrower, the Majority Lenders may, by giving thirty (30) days’ notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the
Majority Lenders) replace the Agent by appointing a successor Agent. 

  

	 	15.28.2	The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the
successor Agent may reasonably request for the purposes of performing its function as Agent under the Finance Documents. 

  

	 	15.28.3	The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under Clause 15.28.2 but shall remain entitled to the benefit of this Clause 15 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and
shall be payable on) that date). 

  
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	 	15.28.4	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

 

	15.29	No fiduciary relationship Except as provided in Clauses 15.3 and 15.20, the Agent shall not have any fiduciary relationship with or be deemed to be a trustee of or for any other person and nothing contained in
any Finance Document shall constitute a partnership between any two or more Lenders or between the Agent and any other person. 

  

	15.30	No other Duties Notwithstanding anything to the contrary hereunder, neither the Bookrunners nor the MLAs nor the Documentation Agent shall have any powers, duties or responsibilities under any of the Finance
Documents, except in their respective capacities, as applicable, as the Agent or a Lender. 

  

	16	Set-Off 

 A Finance Party may set off any matured obligation due from the Borrower under
any Finance Document (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to the Borrower, regardless of the place of payment, booking branch or currency of either obligation. If the
obligations are in different currencies, that Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	17	Payments 

  

	17.1	Payments Subject always to the terms of the Deed of Coordination, each amount payable by the Borrower under a Finance Document shall be paid to such account at such bank as the Agent may from time to time direct
to the Borrower in the Currency of Account and in such funds as are customary at the time for settlement of transactions in the relevant currency in the place of payment. Payment shall be deemed to have been received by the Agent on the date on
which the Agent receives authenticated advice of receipt, unless that advice is received by the Agent on a day other than a Business Day or at a time of day (whether on a Business Day or not) when the Agent in its reasonable discretion considers
that it is impossible or impracticable for the Agent to utilise the amount received for value that same day, in which event the payment in question shall be deemed to have been received by the Agent on the Business Day next following the date of
receipt of advice by the Agent. 

  

	17.2	No deductions or withholdings Each payment (whether of principal or interest or otherwise) to be made by the Borrower under a Finance Document shall, subject only to Clause 17.3, be made free and clear of and
without deduction for or on account of any Taxes or other deductions, withholdings, restrictions, conditions or counterclaims of any nature. 

  

	17.3	 Grossing-up If at any time any law requires (or is interpreted to require) the Borrower to make any deduction or withholding from any payment,
or to change the rate or manner in which any required deduction or withholding is made under a Finance Documents, the Borrower will promptly notify the Agent and, simultaneously with making that payment, will pay to the Agent whatever additional
amount (after taking into account any additional Taxes on, or deductions or withholdings from, or restrictions or conditions on, that additional amount) is necessary to ensure that,

  
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after making the deduction or withholding, the relevant Finance Parties receive a net sum equal to the sum which they would have received had no deduction or withholding been made.

  

	17.4	Evidence of deductions If at any time the Borrower is required by law to make any deduction or withholding from any payment to be made by it under a Finance Document, the Borrower will pay the amount required to
be deducted or withheld to the relevant authority within the time allowed under the applicable law and will, no later than thirty (30) days after making that payment, deliver to the Agent an original receipt issued by the relevant authority, or
other evidence reasonably acceptable to the Agent, evidencing the payment to that authority of all amounts required to be deducted or withheld. 

  

	17.5	Rebate If the Borrower pays any additional amount under Clause 8.11 or Clause 17.3, and a Finance Party subsequently receives a refund or allowance from any tax authority which that Finance Party identifies as
being referable to that increased amount so paid by the Borrower, that Finance Party shall, as soon as reasonably practicable, pay to the Borrower an amount equal to the amount of the refund or allowance received, if and to the extent that it may do
so without prejudicing its right to retain that refund or allowance and without putting itself in any worse financial position than that in which it would have been had the relevant deduction or withholding not been required to have been made.
Nothing in this Clause 17.5 shall be interpreted as imposing any obligation on any Finance Party to apply for any refund or allowance nor as restricting in any way the manner in which any Finance Party organises its tax affairs, nor as imposing on
any Finance Party any obligation to disclose to the Borrower any information regarding its tax affairs or tax computations. 

  

	17.6	Adjustment of due dates If any payment or transfer of funds to be made under a Finance Document, other than a payment of interest on the Loan, shall be due on a day which is not a Business Day, that payment shall
be made on the next succeeding Business Day (unless the next succeeding Business Day falls in the next calendar month in which event the payment shall be made on the next preceding Business Day). Any such variation of time shall be taken into
account in computing any interest in respect of that payment. 

  

	17.7	Control Account The Agent shall open and maintain on its books a control account in the name of the Borrower showing the advance of the Loan and the computation and payment of interest and all other sums due
under this Agreement. The Borrower’s obligations to repay the Loan and to pay interest and all other sums due under this Agreement shall be evidenced by the entries from time to time made in the control account opened and maintained under this
Clause 17.7 and those entries will, in the absence of manifest error, be conclusive and binding. 

  

	17.8	Impaired Agent 

  

	 	17.8.1	If, at any time, the Agent becomes an Impaired Agent, a Security Party or a Lender which is required to make a payment under the Finance Documents to the Agent in accordance with Clause 17.1 may instead either:

  

	 	(a)	pay that amount direct to the required recipient(s); or 

  
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	 	(b)	if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required recipient(s), pay that amount or the relevant part of that amount to an interest- bearing
account held with an Acceptable Bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Security Party or the Lender making the payment (the “Paying Party”) and designated as a trust account
for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). 

In each case such payments must be made on the due date for payment under the Finance Documents. 

 

	 	17.8.2	All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the Recipient Parties pro rata to their respective entitlements.

  

	 	17.8.3	A Party which has made a payment in accordance with this Clause 17.8 shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect to the amounts
standing to the credit of the trust account. 

  

	 	17.8.4	Promptly upon the appointment of a successor Agent in accordance with Clause 15.28, each Paying Party shall (other than to the extent that that Party has given an instruction pursuant to Clause 17.8.5) give all
requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any accrued interest) to the successor Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause
15.20. 

  

	 	17.8.5	A Paying Party shall, promptly upon request by a Recipient Party and to the extent: 

  

	 	(a)	it has not given an instruction pursuant to Clause 17.8.4; and 

  

	 	(b)	that it has been provided with the necessary information by that Recipient Party, 

 give all
requisite instructions to the bank with whom the trust account is held to transfer the relevant amount (together with any accrued interest) to that Recipient Party. 
  

	18	Notices 

  

	18.1	Communications in writing Any communication to be made under or in connection with this Agreement shall be made in writing and, unless otherwise stated, may be made by fax or letter or (subject to Clause 18.6)
electronic mail. 

  

	18.2	Addresses The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each party to this Agreement for any communication or document to be made or
delivered under or in connection with this Agreement are: 

  

	 	18.2.1	in the case of the Borrower, c/o Teekay Shipping (Canada) Ltd Suite 2000, Bentall 5, 550 Burrard Street, Vancouver, B.C., Canada V6C 2K2 (fax no: + 1 604 681 3011) marked for the attention of Renee Eng, Manager Treasury
with a copy to Marubeni, Ship Dept. II, LNG Carrier Sec., 4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8088, Japan (fax no.: +81 332 827 048) marked for the attention of the General Manager; 

  
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	 	18.2.2	in the case of each Lender, those appearing opposite its name in Schedule 1; and 

  

	 	18.2.3	in the case of the Agent at 200 Park Avenue, New York, NY 10166-0396, U.S.A. (fax no: +1 212 681 3900) marked for the attention of Evan Uhlick; 

or any substitute address, fax number, department or officer as any party may notify to the Agent (or the Agent may notify to the other
parties, if a change is made by the Agent) by not less than five (5) Business Days’ notice. 
  

	18.3	Delivery Any communication or document made or delivered by one party to this Agreement to another under or in connection this Agreement will only be effective: 

 

	 	18.3.1	if by way of fax, when received in legible form; or 

  

	 	18.3.2	if by way of letter, when it has been left at the relevant address or five (5) Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address; or 

 

	 	18.3.3	if by way of electronic mail, in accordance with Clause 18.6; 

 and, if a particular department
or officer is specified as part of its address details provided under Clause 18.2, if addressed to that department or officer. 
 Any
communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent. 
 All notices
from or to the Borrower shall be sent through the Agent. 
  

	18.4	Notification of address and fax number Promptly upon receipt of notification of an address, fax number or change of address, pursuant to Clause 18.2 or changing its own address or fax number, the Agent shall
notify the other parties to this Agreement. 

  

	18.5	English language Any notice given under or in connection with this Agreement must be in English. All other documents provided under or in connection with this Agreement must be: 

 

	 	18.5.1	in English; or 

  

	 	18.5.2	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  
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	18.6	Electronic communication 

  

	 	18.6.1	Any communication to be made in connection with this Agreement may be made by electronic mail or other electronic means, if the Borrower and the relevant Finance Party: 

 

	 	(a)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(b)	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 

 

	 	(c)	notify each other of any change to their address or any other such information supplied by them. 

  

	 	18.6.2	Any electronic communication made between the Borrower and the relevant Finance Party will be effective only when actually received in readable form and acknowledged by the recipient (it being understood that any system
generated responses do not constitute an acknowledgement) and in the case of any electronic communication made by the Borrower to a Finance Party only if it is addressed in such a manner as the Finance Party shall specify for this purpose.

  

	19	Partial Invalidity 

 If, at any time, any provision of a Finance Document is or becomes
illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired. 
  

	20	Remedies and Waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other right or remedy. The
rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	21	Miscellaneous 

  

	21.1	Further Assurance If any provision of a Finance Document shall be invalid or unenforceable in whole or in part by reason of any present or future law or any decision of any court, or if the documents at any time
held by or on behalf of the Finance Parties or any of them are considered by the Lenders for any reason insufficient to carry out the terms of this Agreement, then from time to time the Borrower will promptly, on demand by the Agent, execute or
procure the execution of such further documents as in the opinion of the Lenders are necessary to provide adequate security for the repayment of the Indebtedness. 

 

	21.2	 Rescission of payments etc. Any discharge, release or reassignment by a Finance Party of any of the security constituted by, or any of the
obligations of a Security Party contained in, a Finance Document shall be (and be deemed always to have 

  
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been) void if any act (including, without limitation, any payment) as a result of which such discharge, release or reassignment was given or made is subsequently wholly or partially rescinded or
avoided by operation of any law, 

  

	21.3	Certificates Any certificate or statement signed by an authorised signatory of the Agent purporting to show the amount of the Indebtedness (or any part of the Indebtedness) or any other amount referred to in any
Finance Document shall, save for manifest error or on any question of law, be conclusive evidence as against the Borrower of that amount. 

  

	21.4	Counterparts This Agreement may be executed in any number of counterparts each of which shall be original but which shall together constitute the same instrument. 

 

	21.5	Contracts (Rights of Third Parties) Act 1999 A person who is not a party to this Agreement (other than those parties benefitting from the indemnities in Clause 8.5) 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. 

  

	22	Confidentiality 

  

	22.1	Confidential Information Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 22.2 and Clause 22.3, and to ensure
that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. 

  

	22.2	Disclosure of Confidential Information Any Finance Party may disclose: 

  

	 	22.2.1	to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Finance Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 22.2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive
information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information; 

  

	 	22.2.2	to any person: 

  

	 	(a)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed)
it as agent or security trustee and, in each case, to any of that person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(b)	 with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in

  
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relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Security Parties and to any of that
person’s Affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(c)	appointed by any Finance Party or by a person to whom Clause 22.2.2(a) or 22.2.2(b) applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

  

	 	(d)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause 22.2.2(a) or 22.2.2(b); 

 

	 	(e)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(f)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(g)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 14.7; 

 

	 	(h)	who is a Party; or 

  

	 	(i)	with the consent of the Borrower; 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate if: 
  

	 	(i)	in relation to Clauses 22.2.2(a), 22.2.2(b) and 22.2.2(c), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(ii)	in relation to Clause 22.2.2(d), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the
Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(iii)	 in relation to Clauses 22.2.2(e), 22.2.2(f) and 22.2.2(g), the person to whom the Confidential Information is to be given is informed of its
confidential nature and that some or all of such 

  
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Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the
circumstances; and 

  

	 	22.2.3	to any person appointed by that Finance Party or by a person to whom Clause 22.2.2(a) or 22.2.2(b) applies to provide administration or settlement services in respect of one or more of the Finance Documents including
without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this
Clause 22.2.3 if the service provider to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking. 

  

	22.3	Disclosure to numbering service providers 

  

	 	22.3.1	Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Loan and/or one
or more Security Parties the following information: 

  

	 	(a)	names of Security Parties; 

  

	 	(b)	country of domicile of Security Parties; 

  

	 	(c)	place of incorporation of Security Parties; 

  

	 	(d)	date of this Agreement; 

  

	 	(e)	Clause 23; 

  

	 	(f)	the names of the Agent and the MLAs; 

  

	 	(g)	date of each amendment and restatement of this Agreement; 

  

	 	(h)	amount of the Loan; 

  

	 	(i)	currencies of the Loan; 

  

	 	(j)	type of Loan; 

  

	 	(k)	ranking of the Loan; 

  

	 	(l)	Final Availability Date for the Loan; 

  

	 	(m)	changes to any of the information previously supplied pursuant to (a) to (I); and 

  

	 	(n)	such other information agreed between such Finance Party and that Security Party, 

 to enable
such numbering service provider to provide its usual syndicated loan numbering identification services. 

  
 Page 77 

	 	22.3.2	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or one or more Security Parties by a numbering service provider and the information associated with each such
number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider. 

  

	 	22.3.3	The Borrower represents that none of the information set out in Clauses 22.3.1(a) to 22.3.1(n) is, nor will at any time be, unpublished price- sensitive information. 

 

	 	22.3.4	The Agent shall notify the Borrower and the other Finance Parties of: 

  

	 	(a)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or one or more Security Parties; and 

 

	 	(b)	the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or one or more Security Parties by such numbering service provider. 

 

	23	Law and Jurisdiction 

  

	23.1	Governing law This Agreement and any non-contractual obligations arising from or in connection with it shall in all respects be governed by and interpreted in accordance with English law. 

 

	23.2	Jurisdiction For the exclusive benefit of the Finance Parties, the parties to this Agreement irrevocably agree that the courts of England are to have jurisdiction to settle any dispute (a) arising from or in
connection with this Agreement or (b) relating to any non-contractual obligations arising from or in connection with this Agreement and that any proceedings may be brought in those courts. 

 

	23.3	Alternative jurisdictions Nothing contained in this Clause 23 shall limit the right of the Finance Parties to commence any proceedings against the Borrower in any other court of competent jurisdiction nor shall
the commencement of any proceedings against the Borrower in one or more jurisdictions preclude the commencement of any proceedings in any other jurisdiction, whether concurrently or not. 

 

	23.4	Waiver of objections The Borrower irrevocably waives any objection which it may now or in the future have to the laying of the venue of any proceedings in any court referred to in this Clause 23, and any claim
that those proceedings have been brought in an inconvenient or inappropriate forum, and irrevocably agrees that a judgment in any proceedings commenced in any such court shall be conclusive and binding on it and may be enforced in the courts of any
other jurisdiction. 

  

	23.5	Waiver of punitive damages To the fullest extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Finance Party, on any theory of liability, for special,
indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of or in connection with, or as contemplated hereby, the transactions contemplated hereby, the Loan or the use of the proceeds thereof.

  
 Page 78 

	23.6	Waiver of Jury Trial EACH PARTY TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MIGHT HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR
INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE FINANCE DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER FINANCE DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS CLAUSE 23. 

  

	23.7	Service of process Without prejudice to any other mode of service allowed under any relevant law, the Borrower: 

  

	 	23.7.1	irrevocably appoints Teekay Shipping (UK) Ltd of 2nd Floor, 86 Jermyn Street, London SW1Y 6JD England as its agent for service of process in relation to any
proceedings before the English courts in connection with this Agreement; and 

  

	 	23.7.2	agrees that failure by a process agent to notify the Borrower of the process will not invalidate the proceedings concerned. 

  
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	Schedule 1	The Lenders and the Commitments 

 Part I - Tranche A 

 

									
	The Lenders	  	 The

Commitments

(US$)
	 	  	The Proportionate Share	 
			
	 DNB Bank ASA, Grand Cayman Branch
	  	 	44,032,000	  	  	 	13.9	% 
	 200 Park Avenue,
	  				  			
	 New York,
	  				  			
	 NY 10166-0396,
	  				  			
	 U.S.A.
	  				  			
	  
 Attn: Evan Uhlick
	  				  			
	  
 Fax: +1 212 681 3900
	  				  			
			
	 ABN AMRO Capital USA LLC
	  	 	44,032,000	  	  	 	13.9	% 
	 17th Floor
	  				  			
	 100 Park Avenue
	  				  			
	 NY 10017
	  				  			
	 New York
	  				  			
	 United States of America
	  				  			
	  
 Attn: Lilia
Engelsbel-Sporysheva
	  				  			
	  
 Fax: +1 917 284 6697
	  				  			
			
	 Citibank, N.A., London Branch
	  	 	35,500,000	  	  	 	11.2	% 
	 Citigroup Centre
	  				  			
	 Canada Square
	  				  			
	 Canary Wharf
	  				  			
	 London E14 5LB
	  				  			
	 United Kingdom
	  				  			
	  
 Attn: Paul Gibbs
	  				  			
	  
 Fax: +44 207 942 7512
	  				  			
			
	 ING Bank N.V., London Branch
	  	 	44,032,000	  	  	 	13.9	% 
	 60 London Wall
	  				  			
	 London EC2M 5TQ
	  				  			
	 England
	  				  			
	  
 Attn: Bernadette
Smailes
	  				  			
	  
 Email:
Bernadette.Smailes@uk.ing.com
	  				  			
	  
 Tel: +44 20 7767 6654
	  				  			
	  
 Fax: +44 20 7767 7324
	  				  			

  
 Page 80 

									
	 DVB Bank America N.V.
	  	 	44,032,000	  	  	 	13.9	% 
	 Zeelandia Office Park
	  				  			
	 Kaya W.F.S. Mensing 14
	  				  			
	 Willemstad
	  				  			
	 Curacao
	  				  			
	  
 Attn: Execution Team
	  				  			
	  
 Fax: +599 9 465 2366
	  				  			
	  
 Email:
d-execution-curacao@dvbbank.com
	  				  			
	  
 Telephone: +599 9 431
8736
	  				  			
	  
 with a copy to:
	  				  			
	  
 DVB Bank SE
	  				  			
	 c/o DVB Transport (US) LLC
	  				  			
	 609 Fifth Avenue, 5th Floor
	  				  			
	 New York,
	  				  			
	 New York 10017
	  				  			
	  
 Attn: Jurek Bochner
	  				  			
	  
 Fax: +212-588-0424
	  				  			
	  
 Email:
iurek.bochner@dvbbank.com
	  				  			
	  
 Telephone:
+212-858-2609
	  				  			
			
	 Danish Ship Finance A/S
	  				  			
	 Sankt Annae Plads 3
	  	 	35,500,000	  	  	 	11.2	% 
	 DK-1250 Copenhagen K
	  				  			
	 Denmark
	  				  			
	  
 Attn: Christian Behnke / Loan
Administration
	  				  			
	  
 Fax: +45 33 33 96 66
	  				  			
			
	 SGBT Asset Based Funding S.A.
	  				  			
	 15, Boulevard Prince Henri,
	  	 	25,000,000	  	  	 	7.9	% 
	 L-1724 Luxembourg
	  				  			
	  
 Attn: Yves Cacclin
	  				  			
	  
 Fax: (352) 27 20 43
19
	  				  			
	  
 Email:
yves.cacclin@sgbtabf.lv
	  				  			

  
 Page 81 

									
	 Development Bank of Japan Inc.
	  	 	44,032,000	  	  	 	13.9	% 
	 Otemachi Financial City
	  				  			
	 South Tower
	  				  			
	 9-6, Otemachi 1-chome,
	  				  			
	 Chiyoda-ku
	  				  			
	 Tokyo 100-8178
	  				  			
	 Japan
	  				  			
	  
 Attn: Corporate Finance
Department,
	  				  			
	 Division 4
	  				  			
	  
 Fax: +81-3-3720-2475
	  				  			
		  	  
	  
	 	  	  
	  
	 
		  	 	316,160,000	  	  	 	100	% 

 Part II - Tranche B 

 

									
	The Lenders	  	 The

Commitments

(US$)
	 	  	The Proportionate Share	 
			
	 Mizuho Bank, Ltd.
	  	 	97,280,000	  	  	 	33.33	% 
	 Bracken House
	  				  			
	 One Friday Street
	  				  			
	 London
	  				  			
	 EC4M 9JA
	  				  			
	 United Kingdom
	  				  			
	  
 Attn: Akihiro Okajima
	  				  			
	  
 Fax no: +44 207 012
4910
	  				  			
			
	 Bank of Tokyo-Mitsubishi UFJ (Holland) N.V.
	  	 	97,280,000	  	  	 	33.33	% 
	 World Trade Centre
	  				  			
	 Tower D,
	  				  			
	 Strawinskylaan 565
	  				  			
	 1077 XX Amsterdam
	  				  			
	 The Netherlands
	  				  			
	  
 Attn: Mr. Taro Machida /
Ms. Sumie Sato
	  				  			
	  
 Fax no:
+31-(0)20-679-3066
	  				  			

  
 Page 82 

									
	 Sumitomo Mitsui Trust Bank, Limited
	  	 	48,640,000	  	  	 	16.66	% 
	 155 Bishopsgate
	  				  			
	 London
	  				  			
	 EC2M 3XU
	  				  			
	 United Kingdom
	  				  			
	  
 Attn: Mr. Daisuke
Fukawa/Mr. Masahiro
	  				  			
	 Suzuki
	  				  			
	  
 Fax no: +44 207 945
7177
	  				  			
			
	 Mitsubishi UFJ Trust and Banking Corporation
	  	 	48,640,000	  	  	 	16.66	% 
	 24 Lombard Street
	  				  			
	 London
	  				  			
	 EC3V 9AJ
	  				  			
	 United Kingdom
	  				  			
	  
 Attn: Mr. Shinsuke
Matsuoka
	  				  			
	  
 Fax no: +44 207 621
1276
	  				  			
		  	  
	  
	 	  	  
	  
	 
		  	 	291,840,000	  	  	 	100	% 

  
 Page 83 

	Schedule 2	Conditions Precedent and Subsequent 

 Part I: 

Conditions precedent to service of Drawdown Notice 
  

	1	Security Parties 

  

	 	(a)	Constitutional Documents Copies of the constitutional documents of each of the Borrower, TGP, Teekay Lux and Scarlet LNG together with such other evidence as the Agent may reasonably require that each of the
Borrower, TGP, Teekay Lux and Scarlet LNG is duly formed or incorporated in its country of formation or incorporation and remains in existence with power to enter into, and perform its obligations under, the Relevant Documents to which it is or is
to become a party and in respect of Marubeni, a copy of the Articles of Incorporation (Teikan) (certified by Marubeni as being a true copy of the original). 

  

	 	(b)	Certificates of good standing A certificate of good standing in respect of each of the Borrower, TGP, Teekay Lux and Scarlet LNG (if available). 

 

	 	(c)	Board resolutions A copy (or extract) of a resolution of the board of directors of the Borrower, TGP, Teekay Lux and Scarlet LNG (or its sole member or general partner) and, in the case of Marubeni, a certificate
signed by a general manager of its legal department: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and ratifying or resolving that it execute those Relevant Documents; and 

 

	 	(ii)	if required authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or despatched under those documents) on its behalf. 

 

	 	(d)	Shareholder resolutions If required by any legal advisor to the Agent, a copy of a resolution signed by all the holders of the issued shares in each of the Borrower, TGP, Teekay Lux and Scarlet, approving the
terms of, and the transactions contemplated by, the Relevant Documents to which it is a party. 

  

	 	(e)	Officer’s certificates A certificate of a duly authorised officer or representative of each of the Borrower, TGP, Teekay Lux and Scarlet LNG certifying that each copy document relating to it specified in
this Part I of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement, setting out the names of its directors and officers (or its sole member), setting out the proportion of shares held
by each shareholder, and confirming that its borrowing and guaranteeing limits will not be exceeded. In respect of Marubeni, a certified copy of the commercial register (Shogyo Tokibo Tohon) or a certificate of full particulars of company
registration (Rirekijiko (Genzaijiko) Zenbushomeisho) (issued within three months of the date of this Loan Agreement) and a seal certificate of the Representative Director (Inkan Shomeisho) issued within three months of the date of this Loan
Agreement. 

  
 Page 84 

	 	(f)	Powers of attorney The notarially attested and legalised (where necessary for registration purposes) power of attorney of each of the Borrower, TGP, Teekay Lux and Scarlet LNG under which any documents are to be
executed or transactions undertaken by the Borrower, the Guarantors, Teekay Lux and Scarlet LNG and in respect of Marubeni if the Marubeni Corporate Guarantee is to be executed by an attorney in fact, the relevant original power of attorney signed
by the Representative Director (Ininjo). 

  

	 	(g)	Shareholders Agreement A copy of the Shareholders Agreement. 

  

	2	Security and related documents 

  

	 	(a)	Finance Documents This Agreement, the Corporate Guarantees, the Deed of Coordination, the Negative Pledges and any Fee Letter, together with all other documents required by any of them. 

 

	 	(b)	Structure Chart A certified copy of the Structure Chart. 

  

	3	Legal opinions 

  

	 	(a)	Legal opinions of the legal advisers to the Lenders in each relevant jurisdiction in relation to those documents listed in paragraph 2(a) of this Schedule 2 Part 1, namely 

 

	 	(i)	an opinion on matters of English law from Stephenson Harwood LLP; 

  

	 	(ii)	an opinion on matters of Marshall Island law from Watson, Farley & Williams LLP, New York; 

  

	 	(iii)	an opinion on matters of Luxembourg law from Arendt & Medernach; and 

  

	 	(iv)	an opinion on matters of Dutch law from De Brauw Blackstone Westbroek; and 

  

	 	(v)	an opinion on matters of Japanese law from The Tokyo-Marunouchi Law Office. 

  

	 	(b)	In relation to the other Finance Documents, confirmation satisfactory to the Agent that legal opinions substantially in the form provided to the Agent prior to the acceptance of the Drawdown Notice will be given
promptly following disbursement of the Loan, namely. 

  

	 	(i)	an opinion on matters of English law from Stephenson Harwood LLP; 

  

	 	(ii)	an opinion on matters of Marshall Islands law from Watson, Farley & Williams LLP, New York; 

  

	 	(iii)	an opinion on matters of Danish law from Kromann Reumert; and 

  

	 	(iv)	an opinion on matters of Bahamas law firm Lennox Patton. 

  
 Page 85 

	4	Other documents and evidence 

  

	 	(a)	Drawdown Notice A duly completed Drawdown Notice. 

  

	 	(b)	Process agent Evidence that any process agent referred to in Clause 23.7 and any process agent appointed under any Finance Document executed pursuant to paragraph 2(a) above has accepted its appointment.

  

	 	(c)	Other authorisations A copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower
accordingly) in connection with the entry into and performance of the transactions contemplated by any of the Relevant Documents or for the validity and enforceability of any of the Relevant Documents. 

 

	 	(d)	Fees Evidence that the fees, costs and expenses then due from the Borrower under Clause 8 and Clause 9 have been paid or will be paid by the Drawdown Date. 

 

	 	(e)	“Know your customer” documents Such documentation and other evidence as is reasonably requested by the Agent in order for the Lenders to comply with all necessary “know your customer” or
similar identification procedures in relation to the transactions contemplated in the Finance Documents. 

  

	 	(f)	Ownership of Borrower Evidence that the Borrower is owned as to 52% by TGP and as to 48% by Marubeni. 

  

	 	(g)	Other Such other documents, authorisations, opinions and assurances as the Agent may specify. 

  

	 	(h)	Financial Statements Certified true copies of the most recent audited consolidated financial statements of TGP and each Vessel Owner (unless such Vessel Owner has only recently been incorporated).

  
 Page 86 

 Part II A: 

Conditions precedent to the Drawdown Date 
  

	1	Security Parties 

  

	 	(a)	Constitutional Documents Copies of the constitutional documents of each Vessel Owner and Malt Transport together with such other evidence as the Agent may reasonably require that each Vessel Owner and Malt
Transport is duly formed or incorporated in its country of formation or incorporation and remains in existence with power to enter into, and perform its obligations under, the Relevant Documents to which it is or is to become a party.

  

	 	(b)	Certificate of good standing A certificate of good standing in respect of each Vessel Owner and Malt Transport (if such a certificate can be obtained). 

 

	 	(c)	Board resolutions A copy (or extract) of a resolution of the board of directors of each Vessel Owner and Malt Transport: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and ratifying or resolving that it execute those Relevant Documents; and 

 

	 	(ii)	if required authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or despatched under those documents) on its behalf. 

 

	 	(d)	Shareholder resolutions If required by any legal advisor to the Agent, a copy of a resolution signed by all the holders of the issued shares in each Vessel Owner and Malt Transport, approving the terms of, and
the transactions contemplated by, the Relevant Documents to which it is a party. 

  

	 	(e)	Officer’s certificate A certificate of a duly authorised officer or representative of each Vessel Owner and Malt Transport certifying that each copy document relating to it specified in this Part II of
Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of the Drawdown Date, setting out the names of its directors and officers, setting out the proportion of shares held by each shareholder, and
confirming that its borrowing and guaranteeing limits will not be exceeded. 

  

	 	(f)	Powers of attorney The notarially attested and legalised (where necessary for registration purposes) power of attorney of each Vessel Owner and Malt Transport under which any documents are to be executed or
transactions undertaken by each Vessel Owner and the Pledgor. 

  

	2	Security and related documents 

  

	 	(a)	Vessel Documents In respect of each Vessel photocopies, certified as true, accurate and complete by a duly authorised representative of the relevant Vessel Owner, of any Charter and Management Agreement (in each
case with all addenda, amendments and supplements). 

  
 Page 87 

	 	(b)	Evidence of Vessel Owners’ title Evidence that on the Drawdown Date (i) each Vessel is at least provisionally registered under the flag stated in Schedule 3 in the ownership of the relevant Vessel Owner
and (ii) each Mortgage will be capable of being immediately registered against the relevant Vessel with first priority. 

  

	 	(c)	Evidence of insurance Evidence that each Vessel is Insured in the manner required by the Security Documents and that letters of undertaking will be issued in the manner required by the Security Documents,
together with the written approval of the Insurances by an insurance adviser appointed by the Agent. 

  

	 	(d)	Confirmation of class Certificates of Confirmation of Class for hull and machinery confirming that each Vessel is classed with the highest class applicable to vessels of her type with a Pre-Approved
Classification Society. 

  

	 	(e)	Managers’ confirmation The written confirmation of the Approved Manager that, throughout the Facility Period unless otherwise agreed by the Agent, it will remain the commercial and technical managers of the
Vessels and that it will not, without the prior written consent of the Agent, subcontract or delegate the commercial or technical management of the Vessels to any third party and confirming that, following the occurrence of an Event of Default, all
claims of the Approved Manager against a Vessel Owner shall be subordinated to the claims of the Finance Parties under the Finance Documents. 

  

	3	Other documents and evidence 

  

	 	(a)	Existing Loan Agreements Evidence satisfactory to the Agent that on or prior to the Drawdown Date the Existing Loan Agreements will be repaid in full and that any Security Documents (as defined in either of the
Existing Loan Agreements) will have been released and discharged. 

  

	 	(b)	Other authorisations A copy of any other consent, licence, approval, authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower
accordingly) in connection with the entry into and performance of the transactions contemplated by any of the Relevant Documents or for the validity and enforceability of any of the Relevant Documents. 

 

	 	(c)	Fees Evidence that the fees, costs and expenses then due from the Borrower under Clause 8 and Clause 9 have been paid by, or will have been paid on, the Drawdown Date. 

  
 Page 88 

 Part II B: 

Conditions precedent to the Drawdown Date 
  

	1	Security Parties 

  

	 	(a)	Ratification a ratification by the Borrower (in its capacity as shareholder of Methane Spirit LLC and Membrane Shipping Limited) of the conditions provided by Malt Transport under Part II A of this Schedule 2.

  

	 	(b)	Officer’s certificate a certificate of a duly authorised officer or representative of Methane Spirit LLC and Membrane Shipping Limited certifying that the Borrower is its new shareholder. 

 

	2	Security documents 

  

	 	(a)	Finance Documents The Share Pledges, the Vessel Owner Guarantees, the Mortgages, the Deeds of Covenants and the Assignments, together with all other documents required by any of them, including, without
limitation, all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients. 

  

	 	(b)	Charterers’ consent The written consent of Yemen LNG Company Limited to the assignment of the Charter in respect of each of m.v. “ARWA SPIRIT” and m.v. “MARIB SPIRIT”. 

 

	3	Legal opinions 

 Legal opinions of the legal advisers to the Lenders in each relevant
jurisdiction in relation to those documents listed in paragraph 2(a) of this Schedule 2 Part II B, namely 
  

	 	(a)	an opinion on matters of English law from Stephenson Harwood LLP; 

  

	 	(b)	an opinion on matters of Marshall Island law from Watson, Farley & Williams LLP, New York; 

  

	 	(c)	an opinion on matters of Danish law from Kromann Reumert; 

  

	 	(d)	an opinion on matters of Bahamas law from Lennox Patton. 

  

	4	Process agent 

 Evidence that any process agent appointed under any Finance Document
executed pursuant to paragraph 2 (a) above has accepted its appointment. 

  
 Page 89 

 Part III: 

Conditions subsequent to the Drawdown Date 
  

	1	Evidence of Vessel Owners’ title Certificate of ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the flag of each Vessel stated in Schedule 3 confirming
that each Vessel is permanently registered under that flag in the ownership of the relevant Vessel Owner. 

  

	2	Letters of undertaking Letters of undertaking in respect of the Insurances as required by the Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed
with the interest of the Finance Parties. 

  

	3	Acknowledgements of notices Acknowledgements of all notices of assignment and/or charge given pursuant to the relevant Security Documents. 

 

	4	Legal Opinions Such of the legal opinions specified in Part II of Schedule 2 as have not already been provided to the Agent. 

  

	5	Companies Act registrations Evidence that the prescribed particulars of the relevant Security Documents have been delivered to the Registrar of Companies of England and Wales and/or (as appropriate) the Danish
Register for Persons within the statutory time limit. 

  

	6	Quiet Enjoyment Agreements The original of each Quiet Enjoyment Agreement duly signed by the relevant counterparty together with such evidence of authority of the signatory of each Charterer to sign the relevant
Quiet Enjoyment Agreement as the Agent may require. 

  
 Page 90 

	Schedule 3	The Vessels 

  

							
	 Vessel Name
	 	 Flag
	 	 Registered Owner on
 closing
[where
 incorporated]
	 	 Shareholder on

closing

				
	“MAGELLAN SPIRIT”	 	Denmark (DIS)	 	Magellan Spirit ApS [Danish]	 	100% Malt LNG Transport ApS
				
	“MARIB SPIRIT”	 	Marshall Islands	 	Membrane Shipping Limited [Marshall Islands]	 	100% Borrower
				
	“ARWA SPIRIT”	 	Marshall Islands	 	Membrane Shipping Limited [Marshall Islands]	 	100% Borrower
				
	“METHANE SPIRIT”	 	Bahamas	 	Methane Spirit LLC [Marshall Islands]	 	100% Borrower

  
 Page 91 

	Schedule 4	Form of Drawdown Notice 

 To: DNB Bank ASA, New York Branch 

From: Malt LNG Netherlands Holdings B.V. 

[Date] 
 Dear Sirs, 

Drawdown Notice 
 We refer to the Loan Agreement dated
             2013 made between, amongst others, ourselves and yourselves (the “Agreement”), 

Words and phrases defined in the Agreement have the same meaning when used in this Drawdown Notice. 

Pursuant to Clause 4.1 of the Agreement, we irrevocably request that you advance the Loan in the sum of
[                                        ] on
             2013, which is a Business Day, by paying the amount of the advance to [specify account details]. 

We warrant that the representations and warranties contained in Clause 11 of the Agreement are true and correct at the date of this Drawdown Notice and (save
those contained in Clauses 11.2 and 11.21) will be true and correct on              2013, that no Default has occurred and is continuing, and that no Default will result from the advance of
the sum requested in this Drawdown Notice. 
  

	
	Yours faithfully
	
	  

	For and on behalf of
	[                    ]

  
 Page 92 

	Schedule 5	Form of Transfer Certificate 

 To: DNB Bank ASA, New York Branch 

[date] 
 Transfer Certificate 

This transfer certificate relates to a secured loan facility agreement (as from time to time amended, varied, supplemented or novated the “Loan
Agreement”) dated [            ] 2013, on the terms and subject to the conditions of which a secured loan facility was made available to
[                    ], by a syndicate of banks on whose behalf you act as agent and security trustee. 

 

	1	Terms defined in the Loan Agreement shall, unless otherwise expressly indicated, have the same meaning when used in this certificate. The terms “Transferor” and “Transferee” are defined
in the schedule to this certificate. 

  

	2	The Transferor: 

  

	 	2.1	confirms that the details in the Schedule under the heading “Transferor’s Commitment” accurately summarise its Commitment; and 

 

	 	2.2	requests the Transferee to accept by way of novation the transfer to the Transferee of the amount of the Transferor’s Commitment specified in the Schedule by counter-signing and delivering this certificate to the
Agent at its address for communications specified in the Loan Agreement. 

  

	3	The Transferee requests the Agent to accept this certificate as being delivered to the Agent pursuant to and for the purposes of clause 14.4 of the Loan Agreement so as to take effect in accordance with the terms of
that clause on the Transfer Date specified in the Schedule. 

  

	4	The Agent confirms its acceptance of this certificate for the purposes of clause 14.4 of the Loan Agreement. 

  

	5	The Transferee confirms that: 

  

	 	5.1	it has received a copy of the Loan Agreement together with all other information which it has required in connection with this transaction; 

 

	 	5.2	it has not relied and will not in the future rely on the Transferor or any other party to the Loan Agreement to check or enquire on its behalf into the legality, validity, effectiveness, adequacy, accuracy or
completeness of any such information; and 

  

	 	5.3	it has not relied and will not in the future rely on the Transferor or any other party to the Loan Agreement to keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or
nature of any Security Party. 

  

	6	 Execution of this certificate by the Transferee constitutes its representation and warranty to the Transferor and to all other parties to the Loan
Agreement that it has 

  
 Page 93 

	 	
the power to become a party to the Loan Agreement as a Lender on the terms of the Loan Agreement and has taken all steps to authorise execution and delivery of this certificate.

  

	7	The Transferee undertakes with the Transferor and each of the other parties to the Loan Agreement that it will perform in accordance with their terms all those obligations which by the terms of the Loan Agreement will
be assumed by it after delivery of this certificate to the Agent and the satisfaction of any conditions subject to which this certificate is expressed to take effect. 

 

	8	The Transferor makes no representation or warranty and assumes no responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any document relating to any
Finance Document, and assumes no responsibility for the financial condition of any Finance Party or for the performance and observance by any Security Party of any of its obligations under any Finance Document or any document relating to any Finance
Document and any conditions and warranties implied by law are expressly excluded. 

  

	9	The Transferee acknowledges that nothing in this certificate or in the Loan Agreement shall oblige the Transferor to: 

  

	 	9.1	accept a re-transfer from the Transferee of the whole or any part of the rights, benefits and/or obligations transferred pursuant to this certificate; or 

 

	 	9.2	support any losses directly or indirectly sustained or incurred by the Transferee for any reason including, without limitation, the non-performance by any party to any Finance Document of any obligations under any
Finance Document. 

  

	10	The address and fax number of the Transferee for the purposes of clause 18 of the Loan Agreement are set out in the Schedule. 

  

	11	This certificate may be executed in any number of counterparts each of which shall be original but which shall together constitute the same instrument. 

 

	12	This certificate shall be governed by and interpreted in accordance with English law. 

 The Schedule

  

	1	Transferor: 

  

	2	Transferee: 

  

	3	Transfer Date (not earlier that the fifth Business Day after the date of delivery of the Transfer Certificate to the Agent): 

 

	4	Transferor’s Commitment: 

  

	5	Amount transferred: 

  

	6	Transferee’s address and fax number for the purposes of clause 18 of the Loan Agreement: 

  
 Page 94 

									
	[name of Transferor]	 		 	[name of Transferee]
					
	By:	 		 		 	By:	 	
					
	Date:	 		 		 	Date:	 	
				
	DNB Bank ASA, New York Branch as Agent	 		 		 	
					
	By:	 		 		 		 	
					
	Date:	 		 		 		 	

  
 Page 95 

	Schedule 6	Form of DSCR Compliance Certificate 

  

			
	To:	  	DNB Bank ASA, New York Branch
		
	From:	  	[                                      
  ]
		
	Dated:	  	

 Dear Sirs 
 US$608,000,000
secured loan facility agreement dated [            ] 2013 (“Agreement”) 
 I am an
authorised officer of the Borrower with due authority to provide this DSCR Compliance Certificate. 
  

	1	I refer to Clause 12.2 (Financial Covenants) of the Agreement. This is a DSCR Compliance Certificate. 

  

	2	This DSCR Compliance Certificate is given in respect of the following DSCR Computation Date [            ]. 

 

	3	I confirm that the following calculations relating to the DSCR in respect of [insert date] are: 

  

					
	 Particulars
	  	 	 
		
	 Forward looking EBITDA
	  			
		
	 (i) Contracted Fixed Cash Flow for Vessels on fixed employment
	  	 	[        	] 
		
	 [list Vessels]
	  			
		
	 (ii) Anticipated Fixed Cash Flow for Vessels not on fixed employment
	  	 	[        	] 
		
	 [list Vessels]
	  	 	[        	] 
		
	 Total
	  			
		  	  
	  
	 
		
	 Debt Service
	  	 	[        	] 
		  	  
	  
	 

 Therefore the condition contained in Clause 12.2.1 of the Agreement [has/has not] been complied with in respect of the
Relevant Period. 
  

	
	Signed:
	
	  

	Director

  
 Page 96 

	Schedule 7	Repayment Schedules 

 Tranche A 

 

									
	 Repayment No.
	  	Scheduled Instalments
(US$)	 	  	Outstanding Amount
(US$)	 
		  				  	 	316,160,000	  
	 1
	  	 	8,320,000	  	  	 	307,840,000	  
	 2
	  	 	8,320,000	  	  	 	299,520,000	  
	 3
	  	 	8,320,000	  	  	 	291,200,000	  
	 4
	  	 	8,320,000	  	  	 	282,880,000	  
	 5
	  	 	8,320,000	  	  	 	274,560,000	  
	 6
	  	 	8,320,000	  	  	 	266,240,000	  
	 7
	  	 	8,320,000	  	  	 	257,920,000	  
	 8
	  	 	8,320,000	  	  	 	249,600,000	  
	 9
	  	 	6,500,000	  	  	 	243,100,000	  
	 10
	  	 	6,500,000	  	  	 	236,600,000	  
	 11
	  	 	6,500,000	  	  	 	230,100,000	  
	 12
	  	 	6,500,000	  	  	 	223,600,000	  
	 13
	  	 	5,850,000	  	  	 	217,750,000	  
	 14
	  	 	5,850,000	  	  	 	211,900,000	  
	 15
	  	 	5,850,000	  	  	 	206,050,000	  
	 Balloon
	  	 	206,050,000	  	  			

  
 Page 97 

 Tranche B 
  

									
	 Repayment No.
	  	Scheduled Instalments
(US$)	 	  	Outstanding Amount
(US$)	 
		  				  	 	291,840,000	  
	 1
	  	 	7,680,000	  	  	 	284,160,000	  
	 2
	  	 	7,680,000	  	  	 	276,480,000	  
	 3
	  	 	7,680,000	  	  	 	268,800,000	  
	 4
	  	 	7,680,000	  	  	 	261,120,000	  
	 5
	  	 	7,680,000	  	  	 	253,440,000	  
	 6
	  	 	7,680,000	  	  	 	245,760,000	  
	 7
	  	 	7,680,000	  	  	 	238,080,000	  
	 8
	  	 	7,680,000	  	  	 	230,400,000	  
	 9
	  	 	6,000,000	  	  	 	224,400,000	  
	 10
	  	 	6,000,000	  	  	 	218,400,000	  
	 11
	  	 	6,000,000	  	  	 	212,400,000	  
	 12
	  	 	6,000,000	  	  	 	206,400,000	  
	 13
	  	 	5,400,000	  	  	 	201,000,000	  
	 14
	  	 	5,400,000	  	  	 	195,600,000	  
	 15
	  	 	5,400,000	  	  	 	190,200,000	  
	 Balloon
	  	 	190,200,000	  	  			

  
 Page 98 

	Schedule 8	Letter of Quiet Enjoyment 

 To: [—] 

[—] 2013 

Dear Sirs, 
  

									
		 		 	
Re: [—] (the 
“Vessel”)
	 		 	

 We refer to: 
  

	 	(A)	the time charter dated [                    ] (as amended, supplemented or otherwise modified from time to time, the
“Charter”) made between [—] (the “Owner”) and
[                                        ] (the
“Charterer”) in respect of the Vessel; 

  

	 	(B)	a facility agreement dated [—] 2013 (the “Facility Agreement”) made between, inter alios, (i) Malt LNG Netherlands Holdings B.V. as borrower (the
“Borrower”), (ii) us as facility agent and as security trustee (in such capacity as, the “Security Trustee”) and (iii) the banks and financial institutions listed in the schedule therein as lenders (the
“Lenders”); 

  

	 	(C)	as security for the Borrower’s obligations under the Facility Agreement, a first priority mortgage over the Vessel executed by
[                    ] (the “Owner”) in favour of the Security Trustee (the “Mortgage”); and; 

 

	 	(D)	as security for the Borrower’s obligations under the Facility Agreement, a security agreement which contains the first priority assignment of Owner’s rights under the Charter, in favour of the Security Trustee
(the “Security Agreement”). 

  

	5	References in this Letter to the Charter, or to the Facility Agreement, the Mortgage and the Security Agreement (together the “Finance Documents”), shall include such documents as amended, supplemented
or varied from time to time. References to paragraphs are to paragraphs of this Letter. 

  

	6	The Security Trustee confirms that it has received a copy of the Charter. 

  

	7	Charterer hereby consents to the creation of the Mortgage and the Security Agreement in favour of the Security Trustee for the purposes of Clauses [        ] and
[        ] of the Charter. 

  

	8	The Security Trustee undertakes for itself and on behalf of the Lenders not, without Charterer’s prior written consent, but subject as provided in this Letter and subject to this undertaking expiring on the expiry
of the charter period, to: 

  

	 	(a)	issue any arrest, detention or similar proceedings against the Vessel in any jurisdiction; or 

  

	 	(b)	 exercise any power of sale or other disposal of the Vessel or of foreclosure of the Vessel to which the Security Trustee may be entitled or make any
application for the sale of the Vessel or any share therein in any part of the world whether by public auction or private treaty or otherwise (excluding, 

  
 Page 99 

	 	
for the avoidance of doubt, any other steps taken (i) pursuant to the Finance Documents which do not amount to any of the foregoing in relation to the Vessel and which are not otherwise
prohibited by this paragraph 4 or (ii) solely to protect, but not enforce, the Lenders’ rights in any arrest proceedings or applications for sale made against the Vessel by any third parties, but only insofar as any such proceedings or
applications are continuing and not permanently stayed, and subject to the condition that the Security Trustee shall cease any such action upon the relevant proceedings or application being permanently stayed (and release any arrest, or caveat
against release, upon the relevant third party arrest being released) and the Security Trustee shall notify Charterer in writing promptly upon taking or ceasing any such action referred to in clause (i) or (ii) above); or

  

	 	(c)	take possession of the Vessel; or 

  

	 	(d)	appoint a receiver in respect of the Vessel; or 

  

	 	(e)	exercise against the Vessel any right or remedy which would diminish, prejudice or interfere with Charterer’s rights, options, benefits or privileges under the Charter or otherwise interfere with the quiet use and
enjoyment of the Vessel by Charterer under the Charter; or 

  

	 	(f)	take any step to wind up, liquidate, or place in administration or receivership Owner nor commence or continue any analogous proceedings in any jurisdiction (excluding, for the avoidance of doubt, proving in a
liquidation commenced by any third party, but only insofar as any such proceedings are continuing and not permanently stayed, and subject to the condition that the Security Trustee shall cease any such action upon the relevant proceedings being
permanently stayed and the Security Trustee shall notify Charterer in writing promptly upon taking or ceasing any such action); 

SUBJECT ALWAYS: 
  

	 	(i)	to there having occurred no event under the Charter (a “Charterer’s Termination Event”) in consequence of which Owner is entitled to terminate the Charter in accordance with its terms including,
without limitation, withdrawal of the Vessel from the Charter by Owner for non-payment of hire; 

  

	 	(ii)	to the Vessel not having become an actual, agreed, arranged or constructive total loss and being no longer available to Owner; 

  

	9	The Security Trustee agrees that, unless Charterer is no longer entitled to the use and quiet enjoyment of the Vessel under paragraph 4 above, if the Security Trustee enforces or exercises its rights pursuant to the
Finance Documents in accordance with the terms thereof, the Security Trustee may only sell or transfer the Vessel (a “Permitted Transfer”) in accordance with the following: 

 

	 	(a)	The rights of Charterer under the Charter shall be unaffected by such Permitted Transfer; and 

  
 Page 100 

	 	(i)	before the Permitted Transfer, if Owner’s rights as “Owner” under the Charter are to be assigned or transferred to a third party, such third party (the “Substitute”) has assumed the
rights and obligations of Owner under the Charter; and 

  

	 	(ii)	the Substitute, and any replacement shareholder or technical manager consequent on such Permitted Transfer is acceptable to Charterer acting reasonably. 

 

	 	(b)	Charterer shall give its consent to the proposed Substitute if Charterer is satisfied, acting reasonably, that the validity and enforceability of the Charter will not in any way be prejudiced, and if that Substitute
[(not being a competitor of the Charterer)] has such (i) legal capacity, (ii) technical competence, (iii) experience and proven track record in the operation of LNG carriers, and (iv) financial capability, as are reasonably
required to become a party to, and to perform the obligations of the Owner under, the Charter, and, provided that (but without prejudice to such Substitute’s ability to meet the foregoing criteria in other circumstances):

  

	 	(i)	arrangements concluded with third parties by the proposed Substitute shall be taken into account in evaluating its technical competence, experience and proven track record and financial capability; and

  

	 	(ii)	in the case of any proposed Substitute which is an affiliate of the Security Trustee, evidence that it is controlled by the Security Trustee shall be sufficient evidence of legal capacity and financial capability for
the purposes of this paragraph 5(b). 

  

	 	(c)	Owner undertakes not to make any claim against the Vessel and/or Substitute and/or Charterer arising directly from a Permitted Transfer made under this Letter. 

 

	 	(d)	Charterer shall use all reasonable endeavours to co-operate with the Security Trustee in order to effect a Permitted Transfer subject to Charterer not being obliged for this purpose to incur any liability or expense not
indemnifiable where reasonably incurred by the Security Trustee or another Finance Party or by another person reasonably acceptable to Charterer. 

  

	10	Charterer undertakes that: 

  

	 	(a)	 without prejudice to any other rights Charterer may have in respect of any default by Owner of any of its obligations under the Charter, Charterer
will not take any enforcement action in respect of or otherwise terminate the Charter without first notifying the Security Trustee in writing and giving the Security Trustee the opportunity to remedy (or procure the remedy of) any default by Owner
of any of its obligations under or in connection with the Charter within the relevant period referred to below. Unless the Security Trustee notifies Charterer in writing that it does not wish to exercise any remedy rights, Charterer will not
terminate the Charter if the Security Trustee does so remedy (or procure the remedy of) the default within [thirty (30)] days of Charterer giving notice to Owner (copied to the Security

  
 Page 101 

	 	
Trustee) of the default by Owner to perform its obligations under the Charter (which cure period shall be extended to [sixty (60)] days if it is demonstrated to the Charterer (acting reasonably)
that the Security Trustee is continuing to diligently remedy (or procure the remedy of) the default; 

  

	 	(b)	if the Security Trustee, pursuant to a Permitted Transfer, exercises the power of sale under the Mortgage and/or assigns or transfers the rights of “Owner” under the Charter to the Substitute, Charterer will
not terminate the Charter by reason solely of such transfer (without prejudice to any accrued rights). In such circumstances, Charterer agrees that the Substitute shall, with effect from the date of the Permitted Transfer and notwithstanding any
other provisions thereof, become a party to the Charter in place of Owner and shall be treated for all purposes as if the Substitute had originally been named a party in place of Owner (without prejudice to any accrued rights); 

 

	 	(c)	upon the Security Trustee’s request, Charterer will enter into such novation agreement as may be necessary to effect the novation of Owner’s rights and obligations under the Charter to the Substitute or a
replacement charter with the Substitute on the same terms as the Charter with logical amendments. 

  

	11	Notwithstanding anything in the Charter to the contrary, all payments to be made by the Charterer to the Owner under the Charter shall be made in lawful money of the United States, directly to the Security Trustee, for
deposit into [(Account No. [?]), at the office of [?] or to such other Person (as defined in the Facility Agreement) and/or at such other address as the Security Trustee may from time to time specify in writing. The Owner hereby authorizes and
directs the Charterer to make such payments as aforesaid, and agrees that such payment shall satisfy the Charterer’s obligation to pay such amounts to the Owner under the Charter. 

 

	12	The Security Trustee acknowledges that Charterer is not a party to and is not bound by the provisions of any of the Finance Documents. 

 

	13	Notwithstanding the above provisions, Owner shall remain liable to perform and discharge all its obligations and liabilities under the Charter and neither the Security Trustee nor any of the Lenders shall be liable to
assume or be under any obligation of any kind whatsoever in relation thereto or be under any liability whatsoever in the event of any failure by Owner to perform or discharge any of its obligations and liabilities under the Charter.

  

	14	Owner and Charterer agree that the Vessel will not be used by Owner or Charterer for any trade to or from any country that currently or in the future is the subject of any Sanctions (as defined in the Facility
Agreement) or any country that currently or in the future is the subject any sanctions or restrictive measures imposed by the European Union. 

  

	15	Each of the parties acknowledges that the terms of this Letter shall (subject to such beneficiary similarly confirming and consenting to the terms of this Letter) be binding upon and enure to the benefit of:

  

	 	(a)	the successors and assigns of the Charterer under the Charter; and 

  

	 	(b)	the successors and assigns of the Security Trustee and the Lenders. 

  
 Page 102 

	16	The Security Trustee confirms that it has been duly authorised to issue this Letter on behalf of the Lenders and that its issuance conforms with the Facility Agreement and, without limitation, the agency provisions
described therein. 

  

	17	The terms of this Letter shall be governed by and construed in accordance with English law and any dispute arising under this Letter shall be decided in the courts of England, to whose jurisdiction the parties agree.

 Please acknowledge your receipt of and your agreement to the terms of this Letter by signing the attached copy where indicated and
returning it to us. 
 Each of the parties signing this Letter intends that the agreement constituted by this Letter shall take effect as a deed
notwithstanding the fact that a party may only sign this Letter under hand. This deed has been delivered on the date appearing at the top of this Letter. 
  

	
	Yours faithfully,
	
	  

 Executed as a deed for and on behalf of DNB Bank ASA (as Security Trustee on behalf of the Lenders) by [name of
signatory]. 
 Address for notices: 
 [—] 
 We, Yemen LNG Company Limited as Charterer, hereby confirm our agreement to the provisions of this
Letter. 
  

	
	  

 Executed as a deed for and on behalf of Yemen LNG Company Limited (as Charterer under the Charter) by [name of
signatory]. 
 We, [—] as the Owner, for the consideration aforesaid, hereby confirm our agreement
to the provisions of this Letter. 
  

	
	  

 Executed as a deed for and on behalf of [—] (as Owner) by [name of
signatory]. 

  
 Page 103 

 In witness of which the parties to this Agreement have executed this Agreement the day and year first
before written. 
  

					
	Signed by Nigel Thomas	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of	  	)	  	/s/ Nigel Thomas
	MALT LNG NETHERLANDS HOLDINGS B.V.	  	)	  	Attorney in fact
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by Mark Russell	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ Mark Russell
	DNB BANK ASA, GRAND CAYMAN BRANCH	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ABN AMRO CAPITAL USA LLC	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	CITIBANK, N.A., LONDON BRANCH	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ING BANK N.V., LONDON BRANCH	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	DVB BANK AMERICA N.V.	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	

  
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	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	DANISH SHIP FINANCE A/S	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	SGBT ASSET BASED FUNDING S.A.	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	DEVELOPMENT BANK OF JAPAN INC.	  	)	  	
	(as a Tranche A Lender)	  	)	  	
	in the presence of: /s/ David Metzger	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by Yasutaka Iyama	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of	  	)	  	/s/ Yasutaka Iyama
	MIZUHO BANK LIMITED	  	)	  	
	(as a Tranche B Lender)	  	)	  	
	in the presence of: /s/ Akihiro Okujima	  	)	  	
	Akihiro Okujima	  		  	
	One Friday Street, London	  		  	
			
	Signed by T. Ichikawa & T. Machida	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of	  	)	  	/s/ T.
Ichikawa                                        

	BANK OF TOKYO MITSUBISHI UFJ	  	)	  	Managing Director &
	(HOLLAND) N.V.	  	)	  	Deputy General Manager
	(as a Tranche B Lender)	  	)	  	
	in the presence of: /s/ M. Sawaya	  	)	  	/s/ Taro
Machida                                    
	M. Sawaya, Senior Manager	  		  	T. Machida, Senior Manager
	Strawinskylaan 565,	  		  	
	1077 XX Amsterdam	  		  	
			
	Signed by Totsuji Nishioka	  	)	  	
	as duly authorized	  	)	  	/s/ Totsuji Nishioka
	for and on behalf of	  	)	  	
	SUMITOMO MITSUI TRUST BANK, LIMITED	  	)	  	
	(as a Tranche B Lender)	  	)	  	
	in the presence of: /s/ Yasuyuki Ebiko	  	)	  	
	Yasuyuki Ebiko	  		  	
	155 Bishopsgate, London, UK	  		  	

  
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	Signed by Susumu Onoe	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of	  	)	  	/s/ Susumu Onoe
	MITSUBISHI UFJ TRUST AND	  	)	  	
	BANKING CORPORATION	  	)	  	
	(as a Tranche B Lender)	  	)	  	
	in the presence of: /s/ Yasuko Morley	  	)	  	
	Yasuko Morley	  		  	
	 24 LOMBARD STREET
 LONDON EC3V 9AJ
	  		  	
			
	Signed by Mark Russell	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	
	DNB BANK ASA, NEW YORK BRANCH	  	)	  	/s/ Mark Russell
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ABN AMRO BANK CAPITAL USA LLC	  	)	  	
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ING BANK N.V., LONDON BRANCH	  	)	  	
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	DVB BANK AMERICA N.V.	  	)	  	
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	CITIBANK, N.A., LONDON BRANCH	  	)	  	
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	

  
 Page 106 

					
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	
	DANISH SHIP FINANCE A/S	  	)	  	/s/ David Metzger
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	SGBT ASSET BASED FUNDING S.A.	  	)	  	
	(as a Tranche A MLA)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by Tomohiro Takagi	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of	  	)	  	/s/ Tomohiro Takagi
	MIZUHO BANK, LTD	  	)	  	
	(as a Tranche B MLA)	  	)	  	
	in the presence of: /s/ Akihiro Okojima	  	)	  	
	Akihiro Okojima	  		  	
	One Friday Street, London	  		  	
			
	Signed by Mark Russell	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ Mark Russell
	DNB MARKETS INC.	  	)	  	
	(as a Tranche A Bookrunner)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ABN AMRO CAPITAL USA LLC	  	)	  	
	(as a Tranche A Bookrunner)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ING BANK N.V., LONDON BRANCH	  	)	  	
	(as a Tranche A Bookrunner)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	

  
 Page 107 

					
	Signed by Tomohiro Takagi	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of	  	)	  	/s/ Tomohiro Takagi
	MIZUHO BANK, LTD	  	)	  	
	(each as a Tranche B Bookrunner)	  	)	  	
	in the presence of: /s/ Akihiro Okojima	  	)	  	
	Akihiro Okojima	  		  	
	One Friday Street, London	  		  	
			
	Signed by Mark Russell	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ Mark Russell
	DNB MARKETS INC.	  	)	  	
	(as a Structuring Bank)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ABN AMRO CAPITAL USA LLC	  	)	  	
	(as a Structuring Bank)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by David Metzger	  	)	  	
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	/s/ David Metzger
	ING BANK N.V., LONDON BRANCH	  	)	  	
	(as a Structuring Bank)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	
			
	Signed by Mark Russel	  	)	  	/s/ Mark Russell
	as duly authorized	  	)	  	
	for and on behalf of Attorney-in-fact	  	)	  	
	DNB BANK ASA, NEW YORK BRANCH	  	)	  	
	(as Agent)	  	)	  	
	in the presence of: /s/ Lucas Griffith Wilkin	  	)	  	
	Lucas Griffith Wilkin	  		  	
	Stephenson Harwood LLP	  		  	
	1 Finsbury Circus, London, EC2M 7SH	  		  	

  
 Page 108

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