Document:

EX-10.2

 EXHIBIT 10.2 

DATED 22 JUNE 2011 

EURONAV NV 
 as Borrower

 NORDEA BANK NORGE ASA 

DnB NOR BANK ASA 
 ABN
AMRO BANK N.V. 
 FORTIS BANK SA/NV 

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

DANISH SHIP FINANCE (DANMARKS SKIBSKREDIT A/S) 

FOKUS BANK (NORWEGIAN BRANCH OF DANSKE BANK A/S) 

ING BELGIUM SA/NV 

SKANDINAVISKA ENSKILDA BANKEN AB (publ) 

as Lenders and Lead Arrangers 

ITF INTERNATIONAL TRANSPORT FINANCE SUISSE AG 

SCOTIABANK (IRELAND) LIMITED 

as Lenders and Co-Arrangers 

BANQUE LBLUX S.A. 
 KBC
BANK NV 
 DEXIA BANK BELGIUM SA/NV 

as Lenders 
 THE BANKS AND
FINANCIAL INSTITUTIONS 
 listed in Schedule 2 as Swap Providers 

NORDEA BANK NORGE ASA 

DnB NOR BANK ASA 
 as
Bookrunners 
 NORDEA BANK NORGE ASA 

as Agent and Security Trustee 
  

 
 LOAN
AGREEMENT 
 relating to a loan facility of $750,000,000 

comprising a term loan facility of $500,000,000 

and a revolving credit facility of $250,000,000 
  

 
  

 

 INDEX 
  

							
	1.	 	 DEFINITIONS AND INTERPRETATION
	  	 	2	  
			
	2.	 	 POSITION OF THE BANKS
	  	 	20	  
			
	3.	 	 THE FACILITIES
	  	 	21	  
			
	4.	 	 DRAWDOWN
	  	 	23	  
			
	5.	 	 REPAYMENT
	  	 	25	  
			
	6.	 	 PREPAYMENT AND CANCELLATION
	  	 	26	  
			
	7.	 	 INTEREST
	  	 	30	  
			
	8.	 	 PAYMENTS
	  	 	33	  
			
	9.	 	 NO SET-OFF, COUNTERCLAIM OR TAX DEDUCTION
	  	 	35	  
			
	10.	 	 REPRESENTATIONS AND WARRANTIES
	  	 	37	  
			
	11.	 	 GENERAL UNDERTAKINGS
	  	 	40	  
			
	12.	 	 INFORMATION UNDERTAKINGS
	  	 	43	  
			
	13.	 	 FINANCIAL COVENANTS
	  	 	44	  
			
	14.	 	 VESSEL UNDERTAKINGS - INSURANCE
	  	 	46	  
			
	15.	 	 VESSEL UNDERTAKINGS - OPERATION AND MAINTENANCE
	  	 	49	  
			
	16.	 	 VALUATIONS AND ASSET PROTECTION
	  	 	55	  
			
	17.	 	 EVENTS OF DEFAULT
	  	 	57	  
			
	18.	 	 FEES, EXPENSES AND INDEMNITIES
	  	 	60	  
			
	19.	 	 THE AGENT
	  	 	64	  
			
	20.	 	 THE SECURITY TRUSTEE
	  	 	68	  
			
	21.	 	 RETIREMENT OR REPLACEMENT OF A SERVICE BANK
	  	 	72	  
			
	22.	 	 LIMITS OF THE SERVICE BANKS’ OBLIGATIONS
	  	 	73	  
			
	23.	 	 SHARING OF PAYMENTS
	  	 	75	  
			
	24.	 	 CHANGES TO THE LENDERS
	  	 	77	  
			
	25.	 	 CHANGES TO THE SWAP PROVIDERS
	  	 	80	  
			
	26.	 	 SET-OFF
	  	 	81	  
			
	27.	 	 MISCELLANEOUS
	  	 	81	  
			
	28.	 	 NOTICES
	  	 	82	  
			
	29.	 	 BANKS’ DUTIES OF CONFIDENTIALITY
	  	 	84	  
			
	30.	 	 APPLICABLE LAW AND JURISDICTION
	  	 	87	  

							
	SCHEDULE 1	 	 - LENDERS AND COMMITMENTS
	  	 	89	  
			
	SCHEDULE 2	 	 - SWAP PROVIDERS
	  	 	94	  
			
	SCHEDULE 3	 	 - THE VESSELS
	  	 	97	  
			
	SCHEDULE 4	 	 - FORMS OF NOTICE OF DRAWDOWN
	  	 	98	  
			
	Part 1	 	 - Notice of Drawdown for Initial Borrowing Date
	  	 	98	  
			
	Part 2	 	 - Notice of Drawdown for Revolving Advances
	  	 	100	  
			
	SCHEDULE 5	 	 - CONDITIONS PRECEDENT
	  	 	101	  
			
	SCHEDULE 6	 	 - FORM OF TRANSFER CERTIFICATE
	  	 	104	  
			
	SCHEDULE 7	 	 - FORM OF COMPLIANCE CERTIFICATE
	  	 	108	  
			
	SCHEDULE 8	 	 - MANDATORY COSTS FORMULA
	  	 	110	  
			
	SCHEDULE 9	 	 - DESIGNATION NOTICE
	  	 	113	  

 THIS AGREEMENT is made on 22 June 2011 

BETWEEN 
  

	(1)	EURONAV NV, as Borrower; 

  

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

  

	(3)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Schedule 2, as Original Swap Providers; 

  

	(4)	NORDEA BANK NORGE ASA, DNB NOR BANK ASA, ABN AMRO BANK N.V., FORTIS BANK SA/NV, CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, DANISH SHIP FINANCE (DANMARKS SKIBSKREDIT A/S), FOKUS BANK (NORWEGIAN BRANCH OF DANSKE
BANK A/S), ING BELGIUM SA/NV and SKANDINAVISKA ENSKILDA BANKEN AB (publ), as Lead Arrangers; 

  

	(5)	ITF INTERNATIONAL TRANSPORT FINANCE SUISSE AG and SCOTIABANK (IRELAND) LIMITED, as Co-Arrangers; 

  

	(6)	NORDEA BANK NORGE ASA and DnB NOR BANK ASA, as Bookrunners; 

  

	(7)	NORDEA BANK NORGE ASA, as Agent; and 

  

	(8)	NORDEA BANK NORGE ASA, as Security Trustee. 

 WHEREAS 

 

	(A)	The Bookrunners and the Arrangers have arranged, and the Lenders have agreed to make available to the Borrower, a secured loan facility in the amount of $750,000,000 comprising of: 

 

	 	(i)	a term loan facility in the amount of $500,000,000; and 

  

	 	(ii)	a revolving credit facility in the amount of $250,000,000, 

 to be applied for the purpose of
refinancing the Existing Indebtedness and providing the Borrower and its subsidiaries with funds for general corporate and working capital purposes. 
  

	(B)	One or more of the Swap Providers may enter into swap transactions with the Borrower from time to time to hedge the Borrower’s floating interest rate exposure in relation to the Term Loan and the Revolving
Advances. 

  

	(C)	The Lenders and the Borrower have agreed with the Swap Providers that the Swap Providers on a subordinated basis will share in the security to be granted to the Security Trustee pursuant to this Agreement as set out in
this Agreement. 

 IT IS AGREED as follows: 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, including the Recitals, the following expressions shall
have the following meanings: 
 “Account Security Deed” means the first priority Norwegian law instrument of pledge in
respect of the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the agreed form; 

“Advances” means the Term Advance and each Revolving Advance; 

“Affected Lender” and “Affected Lenders” each has the meaning given to it in the definition of “Market
Disruption Event” in this Clause 1.1; 
 “Agent” means Nordea Bank Norge ASA, a bank incorporated in Norway acting
through its office at Middelthunsgate 17, P.O. Box 1166 Sentrum, N0-0107 Oslo, Norway (or any successor to it appointed under Clause 21); 

“Agreed Form Certificate” means the certificate dated on or about the date of this Agreement executed by the Borrower and the
Agent attaching the agreed forms of the Finance Documents to be executed after the date of this Agreement and any other relevant documents referred to in this Agreement; 

“Applicable Margin” means 2.25% per annum; 

“Approved Flag State” means, in relation to a Vessel, the flag state specified in Schedule 3 or such other jurisdiction as the
Security Trustee (as directed by the Majority Lenders) may approve in accordance with Clause 15.2; 
 “Approved Shipbrokers”
means ACM Shipping, Arrow Sale & Purchase (UK) Ltd., Bræmar Seascope Limited, Fearnleys, Galbraith, H. Clarkson & Co. Ltd., Maersk Broker, and R.S. Platou Shipbrokers A.S. or such other list of shipbrokers as may from time to
time be agreed in writing between the Borrower and the Majority Lenders for the purposes of Clause 16.1.2; 
 “Arrangers”
means the Lead Arrangers and the Co-Arrangers together; 
 “Available Revolving Commitment” means, in relation to a Lender
at any time, its Revolving Commitment minus its Revolving Contribution at that time, and “Total Available Revolving Commitments” means the aggregate of the Available Revolving Commitments of all the Lenders; 

  
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 “Availability Period” means: 

 

	 	(a)	in relation to the Term Loan Facility, the period commencing on 15 March 2012 and ending on the earlier of: 

  

	 	(i)	30 April 2012 (or such later date as the Lenders may in their discretion agree); and 

  

	 	(ii)	the date on which the Total Term Commitments are reduced to zero by being fully cancelled and/or terminated; 

  

	 	(b)	in relation to the Revolving Credit Facility, the period commencing on 15 March 2012 and ending on the earlier of: 

  

	 	(i)	the Maturity Date (or such later date as the Lenders may in their discretion agree); and 

  

	 	(ii)	the date on which the Total Revolving Commitments are reduced to zero by being fully cancelled and/or terminated; 

“Bank” means any of the Lenders, the Swap Providers, the Arrangers, the Bookrunners, the Agent and the Security Trustee; 

“Banking Day” means a day (excluding Saturdays and Sundays) on which banks are open in London, Oslo and Brussels and, in
respect of a day on which a payment is required to be made in Dollars under a Finance Document, also in New York City; 

“Bookrunners” means Nordea Bank Norge ASA and DnB NOR Bank ASA; 

“Borrower” means Euronav NV, a company incorporated in Belgium with enterprise number 0860.402.767 whose registered office is
at de Gerlachekaai 20, 2000 Antwerpen, Belgium; 
 “Break Costs” means the amount (if any) by which: 

 

	 	(a)	the interest (excluding the Applicable Margin) which a Lender should have received for the period from the date of receipt of all or any part of the Term Loan or any Revolving Advance to the last day of the current
Interest Period in respect of the Term Loan or that Revolving Advance or the relevant part thereof (as the case may be), had the principal amount received been paid on the last day of that current Interest Period; 

exceeds: 
  

	 	(b)	the amount which that Lender would be able to obtain by placing an amount equal to the principal amount received by it on deposit with a leading bank in the London interbank market for a period starting on the Banking
Day of receipt or recovery and ending on the last day of that current Interest Period; 

 “Change of Control”
means, in relation to the Borrower, if two or more persons acting in concert or any individual person other than Saverco or Tanklog: 
  

	 	(a)	acquires legally and/or beneficially, and either directly or indirectly, in excess of 50% of the issued share capital of the Borrower; or 

 

	 	(b)	has the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of the Borrower; 

  
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 “Charged Property” means any real or personal property, assets or rights
belonging to the Borrower, whether present or future, over which an Encumbrance has been or is intended to be created pursuant to any of the Finance Documents; 

“Charter Assignment” means, in relation to a Vessel which is subject to a Long Term Charter, the first priority deed of
assignment of that Long Term Charter and any related Charter Guarantee to be executed by the Borrower in favour of the Security Trustee in accordance with Clause 11.8 in the agreed form; 

“Charter Guarantee” means, in relation to a Vessel, any guarantee, bond, letter of credit or other instrument provided as
security for the obligations of the charterer under any Long Term Charter of that Vessel; 
 “Classification Society” means,
in relation to a Vessel, American Bureau of Shipping, Bureau Veritas, Det Norske Veritas, Germanischer Lloyd, Lloyds Register of Shipping, Nippon Kaiji Kyokai or such other classification society which is a member of the International Association of
Classification Societies as may be approved in writing by the Security Trustee (acting on the instructions of the Majority Lenders); 

“Co-Arrangers” means ITF International Transport Finance Suisse AG and Scotiabank (Ireland) Limited; 

“Commitment” means, in relation to a Lender, the aggregate of its Term Commitment and its Revolving Commitment, and
“Total Commitments” means the aggregate of the Commitments of all the Lenders; 
 “Compliance Certificate”
means a certificate signed by the chief financial officer of the Borrower substantially in the form of Schedule 7; 
 “Compulsory
Acquisition” means, in relation to a Vessel, requisition for title or other compulsory acquisition of that Vessel by any government or other competent authority, otherwise than by requisition for hire; 

“Confidential Information” means all information relating to the Borrower, the Group, the Finance Documents or the Facilities
of which a Bank becomes aware in its capacity as, or for the purpose of becoming, a Bank or which is received by a Bank in relation to, or for the purpose of becoming a Bank under, the Finance Documents or the Facilities from either: 

 

	 	(a)	the Borrower or any of its advisers; or 

  

	 	(b)	another Bank, if the information was obtained by that Bank directly or indirectly from the Borrower 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 Bank of Clause 29.1; or 

  
 4 

	 	(ii)	is identified in writing at the time of delivery as non-confidential by the Borrower or any of its advisers; or 

  

	 	(iii)	is known by that Bank before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Bank after that date, from a source which is, as far as
that Bank is aware, unconnected with the Group and which, in either case, as far as that Bank 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 the recommended form published from time to
time by the Loan Market Association or in any other form agreed between the Borrower and the Agent; 
 “Confirmation”, in
relation to any continuing Designated Transaction, has the meaning given to it in the relevant Master Agreement; 

“Contribution” means, in relation to a Lender, the aggregate of its Term Contribution and its Revolving Contribution, and
“Total Contributions” means the aggregate of the Contributions of all the Lenders; 
 “Default Rate” means
the annual rate of interest determined in accordance with Clause 7.3; 
 “Defaulting Lender” means any Lender: 

 

	 	(a)	which has failed to make available the relevant proportion of its Commitment in respect of any Advance or has given notice to the Agent that it will not make such amount available by the relevant Drawdown Date in
accordance with Clause 4.3; or 

  

	 	(b)	which has rescinded or repudiated this Agreement; or 

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Disruption Event; 

 and payment is made within 5 Banking Days of its due date; or 

 

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

  
 5 

 “Designated Transaction” means a transaction: 

 

	 	(a)	which is entered into by the Borrower with a Swap Provider pursuant to a Master Agreement; 

  

	 	(b)	whose purpose is the hedging of all or a part of the Borrower’s exposure under this Agreement to fluctuations in LIBOR arising from the funding of the Term Loan and the Revolving Advances (or any part thereof);

  

	 	(c)	which is for a period expiring no later than the Maturity Date; and 

  

	 	(d)	which is designated as a Designated Transaction at any time by notice in writing in the form set out in Schedule 9 from the Borrower and the relevant Swap Provider to the Agent; 

“Disruption Event” means: 
  

	 	(a)	a material disruption to the payment or communications systems or to the financial markets which are required to operate in order for payments to be made (or other transactions to be carried out) in connection with the
transactions contemplated by the Finance Documents, which 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 it, or any other Party from: 

 

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

  

	 	(ii)	communicating with other Parties under the Finance Documents, 

 and which is not caused by, and
is beyond the control of, the Party whose operations are disrupted; 
 “Dollars” and “$” mean the lawful
currency for the time being of the United States of America; 
 “Drawdown Date” means, in relation to an Advance, the
Banking Day on which the Borrower specifies that it wishes that Advance to be made or (as the context requires) the date on which that Advance is actually made to the Borrower; 

“Earnings” means, in relation to a Vessel: 
  

	 	(a)	 all moneys whatsoever (and all claims for such moneys), present and future, which are earned or recoverable by, or become payable to or for the
account of, the Borrower arising (whether in contract, tort or otherwise howsoever), directly or indirectly, out of the ownership, use or operation of that Vessel, including (but not limited to) all freight, hire and passage moneys, compensation
payable in the event of requisition of that Vessel for hire, remuneration for salvage and towage services, demurrage and detention moneys, contributions in general average, damages for breach (or payments for variation or termination) of any
charterparty or other contract for employment of that Vessel, and all moneys (other than in respect of Insurances or 

  
 6 

	 	
Requisition Compensation) arising from a Total Loss of that Vessel, together with the benefit of any guarantee, indemnity or other security which may at any time be given as security for the
payment of such moneys; 

  

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

  

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

 “Earnings Account” means the Dollar
denominated account with account number NO3960170441527 held by the Borrower with the Agent; 
 “Encumbrance” means any
mortgage, charge (whether fixed or floating), pledge, lien, hypothecation, assignment, trust arrangement or security interest or other encumbrance of any kind securing any obligation of any person or having the effect of conferring security or any
type of preferential arrangement (including, without limitation, title transfer and/or retention arrangements having a similar effect); 

“Environmental Approval” means any permit, licence, approval, ruling, exemption or other authorisation required under
applicable Environmental Laws; 
 “Environmental Claim” means: 

 

	 	(a)	any claim by, or directive from, any applicable governmental, judicial or other regulatory authority alleging breach of, or non-compliance with, any Environmental Laws or Environmental Approvals or otherwise howsoever
relating to or arising out of an Environmental Incident; or 

  

	 	(b)	any claim by any other person howsoever relating to or arising out of an Environmental Incident, 

(and, in each such case, “claim” shall mean a claim for damages, clean-up costs, compliance, remedial action or otherwise);

 “Environmental Incident” means: 
  

	 	(a)	any release, discharge, disposal or emission of Material of Environmental Concern from a Relevant Ship; or 

  

	 	(b)	any incident in which Material of Environmental Concern is released, discharged, disposed of, or emitted by or from a ship other than a Relevant Ship and which involves collision between a Relevant Ship and such other
ship, or some other incident of navigation or operation, in either case where a Relevant Ship or the Borrower is actually or potentially at fault or otherwise liable (in whole or in part); or 

 

	 	(c)	 any incident in which Material of Environmental Concern is released, discharged, disposed of, or emitted by or from a ship other than a Relevant Ship
and where the 

  
 7 

	 	
Relevant Ship is actually or potentially liable to be arrested or attached as a result and/or where any of the Borrower is actually or potentially at fault or otherwise liable; 

“Environmental Laws” means all national and international laws, ordinances, rules, regulations, rules of common law,
conventions and agreements applicable to any Relevant Ship and pertaining to pollution or protection of human health or the environment; 

“Event of Default” means any of the events or circumstances listed in Clause 17.1; 

“Existing Indebtedness” means, at any particular date, the aggregate principal amount of the Borrower’s indebtedness
outstanding on that date under the Existing Loan Agreement; 
 “Existing Loan Agreement” means the loan facility agreement
dated 13 April 2005, as amended, made between the Borrower and certain banks and financial institutions as lenders (for whom Nordea Bank Norge ASA acts as agent and security trustee) in relation to a loan facility originally in the amount of
$1,600,000,000; 
 “Facilities” means the Revolving Credit Facility and the Term Loan Facility; 

“Fair Market Value” means, in relation to a Vessel, the value of that Vessel as most recently determined in accordance with
Clause 16; 
 “Fee Letters” means the fee letters made or to be made between the Agent and the Borrower as referred to in
Clause 18.1; 
 “Finance Documents” means this Agreement, the Fee Letters, the Mortgages, the General Assignments, the
Charter Assignments, the Account Security Deed and any and every other document (other than a Manager’s Undertaking) from time to time executed as security for, or to establish a subordination or priorities arrangement in relation to, all or
any of the obligations of any person to the Banks (or any of them) under this Agreement or any of the other documents referred to in this definition; 

“Financial Indebtedness” means any indebtedness 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, 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 International Accounting Standard 17 issued by the International Accounting Standards Committee as in force
and applied on the date of this Agreement, 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); 

  
 8 

	 	(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; and 

 

	 	(i)	the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (h) above; 

“General Assignment” means, in relation to a Vessel, the first priority deed of assignment of the Insurances, Earnings and
Requisition Compensation of that Vessel to be executed by the Borrower in favour of the Security Trustee in the agreed form; 

“Group” means the Borrower and its subsidiaries for the time being and “member of the Group” means the
Borrower or any of its subsidiaries; 
 “IFRS” means international accounting standards within the meaning of the IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements; 
 “Increased Cost” means, in respect of
a Bank; 
  

	 	(a)	a reduction in the rate of return from the Term Loan and the Revolving Advances or on that Bank’s (or its affiliate’s) overall capital; 

 

	 	(b)	an additional or increased cost (including any loss, liability or cost suffered for or on account of tax); or 

  

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

 which is incurred or
suffered by that Bank or any of its affiliates to the extent that it is attributable to that Bank having entered into its Commitment or funding or performing its obligations under this Agreement or any Finance Document; 

“Initial Borrowing Date” means the Drawdown Date of the Term Advance; 

“Insolvency Event” in relation to a Bank means that the Bank: 

 

	 	(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; 

  
 9 

	 	(d)	institutes or has instituted against it, by a regulator, supervisor or 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 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 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 presented against it, that proceeding or petition is instituted or presented by a person or an 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 a resolution passed for its winding-up, official management or liquidation (other than as a result of a consolidation, amalgamation or merger); 

 

	 	(g)	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;

  

	 	(h)	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 that secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; 

 

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

 

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

“Insurances” means, in relation to a Vessel, all policies and contracts of insurance (including all entries of that Vessel in
a protection and indemnity association and a war risks association) which are from time to time taken out or entered into in respect of that Vessel or her Earnings or otherwise howsoever (as specified in greater detail in Clause 14) and all benefits
of such policies and contracts, including all claims of whatsoever nature and return of premiums; 
 “Interest Period” means
a Term Interest Period or a Revolving Interest Period; 

  
 10 

 “Interest Rate” means, in relation to the Term Loan and the Revolving Advances
(or any relevant part thereof, as the case may be), the annual rate of interest which is determined by the Agent in accordance with Clause 7.2; 

“Interest Tranche” means, in relation to the Term Loan, each part of the Term Loan for which the Borrower has selected a
separate Interest Period pursuant to Clause 7.4.1; 
 “ISM Code” means The International Management Code for the Safe
Operation of Ships and for Pollution Prevention as adopted by the International Maritime Organisation as Resolutions A.741(18) and A.913(22) (as amended, supplemented or replaced from time to time); 

“ISPS Code” means The International Ship and Port Facility Security Code as adopted by the International Maritime Organisation
(as amended, supplemented or replaced from time to time); 
 “Lead Arrangers” means Nordea Bank Norge ASA, DnB NOR Bank ASA,
ABN AMRO Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and Investment Bank, Danish Ship Finance (Danmarks Skibskredit A/S), Fokus Bank (Norwegian Branch of Danske Bank A/S), ING Belgium SA/NV and Skandinaviska Enskilda Banken AB (publ);

 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank, financial institution or other entity which has become a Party as Lender in accordance with Clause 24.1, 

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

“Lending Office” means, in respect of a Lender, the office through which it will perform its obligations under this Agreement
being, in the case of an Original Lender, the office set out against its name in Schedule 1 and, in the case of each other Lender, the office specified in the relevant Transfer Certificate by which it becomes a Party (or such other office in respect
of any Lender as may be selected by it in accordance with Clause 24.11); 
 “LIBOR” means, in relation to an Interest Period
or any other relevant period: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for that period) the arithmetic mean of the rates (rounded upwards to four decimal places) quoted to the Reference Banks by leading banks in the London interbank market,

 at or about 11:00 a.m. London time on the Quotation Day for the offering of deposits in Dollars and for a period comparable
to that period; 

  
 11 

 “Loan Indebtedness” means the aggregate of: 

 

	 	(a)	the Term Loan and interest accrued on the Term Loan; 

  

	 	(b)	all Revolving Advances and interest accrued on the Revolving Advances; and 

  

	 	(c)	all other sums of money whatsoever (other than in respect of the Master Agreement Liabilities) from time to time due or owing actually or contingently to the Banks (or any of them) under or pursuant to the Finance
Documents; 

 “Long Term Charter” means, in relation to a Vessel, any charter or other contract of employment
for that Vessel which is entered into by the Borrower for a term which exceeds, or which by virtue of any optional extensions might exceed, 24 months’ duration; 

“Major Casualty” means, in relation to a Vessel, any casualty to that Vessel or incident (other than a Total Loss) in respect
of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	before an Advance has been made, Lenders the aggregate of whose Commitments at any relevant time exceeds 66 2/3% of the Total Commitments at that time; and 

 

	 	(b)	after the first Advance has been made, Lenders the aggregate of whose Contributions at any relevant time exceeds 66 2/3% of the Total Contributions at that time; 

“Management Agreement” means, in relation to a Vessel, the agreement for the time being in force between the Borrower and the
Manager with respect to the technical management of that Vessel by the Manager; 
 “Manager” means, in relation to a Vessel,
any company belonging to the Group that may be appointed as the technical manager of that Vessel or such other company as the Borrower may from time to time appoint as the technical manager of that Vessel with the prior consent of the Agent, such
consent not to be unreasonably withheld; 
 “Manager’s Undertaking” means, in relation to a Vessel, the undertaking to
be executed by the relevant Manager with respect to its management of that Vessel and the rights of the Banks under the Finance Documents in the agreed form; 

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 8; 

“Market Disruption Event” means, in relation to an Interest Period, if: 

 

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

  

	 	(b)	 before close of business in London on the Quotation Day for that Interest Period, the Agent receives notification in the form required by Clause 7.12
from a Lender or Lenders whose Contributions aggregate more than 50% of the Total Contributions 

  
 12 

	 	
(or, before the Initial Borrowing Date, whose Commitments aggregate more than 50% of the Total Commitments) that the cost to it or them of obtaining matching deposits in the London interbank
market for that Interest Period would be in excess of LIBOR (such Lender or Lenders being an “Affected Lender” or the “Affected Lenders”, as the case may be); 

“Master Agreement” means, in respect of a Swap Provider, the master agreement on the 1992 ISDA (Multicurrency Crossborder)
form or the 2002 ISDA (Multicurrency Crossborder) form (as the case may be) made or to be made by it with the Borrower and including, in each case, all Designated Transactions from time to time entered into by it, and all Confirmations from time to
time exchanged or deemed exchanged, under such master agreement; 
 “Master Agreement Liabilities” means, as at any relevant
date, the aggregate of all liabilities of the Borrower to the Swap Providers under or pursuant to the Master Agreements, whether actual or contingent, present or future; 

“Material Adverse Change” or “Material Adverse Effect” means any occurrence, condition or circumstance
(i) subsequent to 31 December 2010 and (ii) not previously known to the Lenders or the Agent, which the Lenders determine has had, or could reasonably be expected to have, a material adverse change in or a material adverse effect on:

  

	 	(a)	the rights or remedies available to the Banks under any Finance Document; 

  

	 	(b)	the ability of the Borrower or any other Obligor to perform and comply with its obligations under any Finance Document; 

  

	 	(c)	the validity, legality or enforceability of any Finance Document; 

  

	 	(d)	the validity, legality or enforceability of any Encumbrance expressed to be created pursuant to any Finance Document or the priority or ranking of that Encumbrance; or 

 

	 	(e)	the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or any other member of the Group; 

“Material of Environmental Concern” means and includes chemicals, pollutants, contaminants, waste, toxic or hazardous
substances, oil, petroleum and oil and petroleum products and any other polluting substances, the release, discharge, disposal or emission of which into the environment is regulated, prohibited or penalised by or pursuant to any Environmental Law;

 “Maturity Date” means the date falling on the 6th anniversary of the
date of this Agreement; 
 “Mortgage” means: 
  

	 	(a)	in relation to the Vessels whose Approved Flag State is Belgium, the first priority cross-collateralised Belgian law fleet mortgage over those Vessels to be executed by the Borrower in favour of the Security Trustee and
the Swap Providers in the agreed form for an amount equal to 125% of the aggregate Fair Market Value of those Vessels as assessed on or about the Initial Borrowing Date; 

  
 13 

	 	(b)	in relation to a Vessel whose Approved Flag State is France, the first priority cross-collateralised French law ship mortgage over that Vessel to be executed by the Borrower in favour of the Banks in the agreed form for
an amount equal to 125% of the Fair Market Value of that Vessel as assessed on or about the Initial Borrowing Date; and 

  

	 	(c)	in relation to a Vessel whose Approved Flag State is Greece, the first priority cross-collateralised Greek law ship mortgage over that Vessel to be executed by the Borrower in favour of the Banks in the agreed form;

 “Non-Consenting Lender” means any Lender who does not consent to the terms of a waiver or amendment
requested by the Borrower which pursuant to Clause 19.14 or any other provision of the Finance Documents requires the consent of all the Lenders where other Lenders whose Contributions aggregate more than 66 2/3% of the Total Contributions (or,
before the Initial Borrowing Date, Lenders whose Commitments aggregate more than 66 2/3% of the Total Commitments) have consented to such waiver or amendment request; 

“Notice of Drawdown” means a notice substantially in the form set out in part 1 of Schedule 4 (in respect of the Advances to
be drawn on the Initial Borrowing Date) or part 2 of Schedule 4 (in respect of any Revolving Advance to be drawn after the Initial Borrowing Date); 

“Obligor” means the Borrower and any other member of the Group which is a party from time to time to any of the Finance
Documents; 
 “Original Lenders” means the banks and financial institutions listed in Schedule 1 acting through their
respective Lending Offices; 
 “Original Swap Providers” means the banks and financial institutions listed in Schedule 2
acting through their respective offices stated in Schedule 2; 
 “Outstanding Indebtedness” means the aggregate of the Loan
Indebtedness and the Master Agreement Liabilities; 
 “Party” means a party to this Agreement; 

“Permitted Encumbrance” means: 
  

	 	(a)	any Encumbrance created by or pursuant to the Finance Documents; 

  

	 	(b)	any Encumbrance securing the Existing Indebtedness (but only up to the Initial Borrowing Date); 

  

	 	(c)	liens for unpaid master’s and crew’s wages; 

  

	 	(d)	liens for salvage; 

  

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

  
 14 

	 	(f)	liens for master’s disbursements in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Vessel, provided
such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps); 

  

	 	(g)	any Encumbrance created in favour of a plaintiff or defendant in any action of the course or tribunal before whom such action is brought as security for costs and expenses where the Borrower is prosecuting or defending
such proceedings or arbitration in good faith by appropriate steps provided such Encumbrance does not (and is not likely to) result in any sale, forfeiture or loss of a Vessel; and 

 

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

 “Potential Event of Default” means any event or circumstance specified in Clause 17 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; 

“Quotation Day” means, in relation to any period for which an interest rate is to be determined, the day falling 2 Banking
Days before the first day of that period; 
 “Reference Banks” means, subject to Clause 7.11, Nordea Bank Norge ASA, DnB NOR
Bank ASA and Fortis Bank SA/NV or such other banks as may be appointed by the Agent in consultation with the Borrower; 
 “Relevant
Ship” means a Vessel and any other ship from time to time (whether before or after the date of this Agreement) owned by, or demise chartered to, the Borrower; 

“Repayment Date” means a Term Repayment Date or a Revolving Repayment Date; 

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

“Requisition Compensation” means, in relation to a Vessel, all moneys or other compensation payable by reason of a Compulsory
Acquisition of that Vessel; 
 “Revolving Advance” means the principal amount of each portion of the Total Revolving
Commitments drawn by the Borrower under this Agreement or (as the context requires) the principal amount of any proposed drawing under the Revolving Credit Facility as specified by the Borrower in a Notice of Drawdown; 

“Revolving Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name in the fourth column of Schedule 1 and the amount of any other Revolving Commitment transferred to it under this Agreement; and 

 

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

  
 15 

 to the extent not cancelled, reduced or transferred by it under this Agreement, and
“Total Revolving Commitments” means the aggregate of the Revolving Commitments of all the Lenders; 
 “Revolving
Contribution” means, in relation to a Lender, the part of the aggregate Revolving Advances which is owing to that Lender at any relevant time, and “Total Revolving Contributions” means the aggregate of the Revolving
Contributions of all the Lenders; 
 “Revolving Credit Facility” means the revolving credit facility in the sum of
$250,000,000 made available to the Borrower under this Agreement; 
 “Revolving Interest Period” means, in relation to a
Revolving Advance, the period determined in accordance with Clause 7.5; 
 “Revolving Repayment Date” means, in
relation to a Revolving Advance, the date on which that Revolving Advance is required to be repaid under Clause 5.2; 

“Saverco” means Saverco NV, a company incorporated in Belgium with enterprise number 0427685965 whose registered office is at
de Gerlachekaai 20, 2000 Antwerpen, Belgium; 
 “Screen Rate” means, in respect of LIBOR for any period, the British
Bankers’ Association Interest Settlement Rate for Dollars for 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; 
 “Security Period” means the period from the
date of this Agreement until the discharge of the security created by the Finance Documents by final and irrevocable repayment or payment in full of the Outstanding Indebtedness; 

“Security Trustee” means Nordea Bank Norge ASA, a bank incorporated in Norway acting through its office at Middelthunsgate 17,
P.O. Box 1166 Sentrum, NO-0107 Oslo, Norway (or any successor to it appointed under Clause 21); 
 “Service Bank” means the
Agent or the Security Trustee; 
 “Signing Date” has the meaning given to it in Clause 3.2; 

“Swap Provider” means: 
  

	 	(a)	any Original Swap Provider; and 

  

	 	(b)	any bank, financial institution or other entity which has become a Party as Swap Provider in accordance with Clause 25, 

  
 16 

 which in each case has not ceased to be a Party as Swap Provider in accordance with the terms of
this Agreement; 
 “Tanklog” means Tanklog Holdings Limited, a company incorporated in Cyprus with company number HE 161603
whose registered office is at 1 C. Pantelides Avenue, Nicosia 1010, Cyprus; 
 “Term Advance” means the principal amount of
the Total Term Commitments drawn by the Borrower under this Agreement or (as the context requires) the principal amount of any proposed drawing under the Term Loan Facility as specified by the Borrower in a Notice of Drawdown; 

“Term Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount set opposite its name in the third column of Schedule 1 and the amount of any other Term Commitment transferred to it under this Agreement; and 

 

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

to the extent not cancelled, reduced or transferred by it under this Agreement, and “Total Term Commitments” means the
aggregate of the Term Commitments of all the Lenders; 
 “Term Contribution” means, in relation to a Lender, the part of the
Term Loan which is owing to that Lender at any relevant time, and “Total Term Contributions” means the aggregate of the Term Contributions of all the Lenders; 

“Term Interest Period” means, in relation to the Term Loan or an Interest Tranche of it, the period determined in accordance
with Clause 7.4; 
 “Term Loan” means the principal aggregate amount of the Total Term Commitments advanced to the Borrower
and which is from time to time outstanding under this Agreement; 
 “Term Loan Facility” means the term loan facility in the
sum of $500,000,000 made available to the Borrower under this Agreement; 
 “Term Repayment Date” means a date on which a
repayment of the Term Loan is required to be made under Clause 5.1; 
 “Total Loss” means, in relation to a Vessel: 

 

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

  

	 	(b)	Compulsory Acquisition of that Vessel; or 

  

	 	(c)	capture, seizure, hijacking, theft, arrest, detention or confiscation of that Vessel by any person (not amounting to Compulsory Acquisition), unless that Vessel is released and restored to the Borrower or any relevant
charterer within 180 days after such capture, seizure, hijacking, theft, arrest, detention or confiscation; 

  
 17 

 “Total Loss Date” means, in relation to a Vessel, the date upon which a Total
Loss of that Vessel is deemed for the purposes of the Finance Documents to have occurred, being: 
  

	 	(a)	if it consists of an actual total loss, the actual date of loss or, if that is not known, the date when the Vessel was last heard of; 

 

	 	(b)	if it consists of a constructive total loss, the date notice of abandonment of the Vessel is given to her insurers (provided a claim for total loss is admitted by the insurers) or, if the insurers do not forthwith admit
such a claim, the date on which the total loss is subsequently admitted by the insurers to have occurred or (as the case may be) is subsequently adjudged by a competent court of law or arbitration panel to have occurred or, if earlier, the date
falling 180 days after notice of abandonment of the Vessel was given to the insurers; 

  

	 	(c)	if it consists of a compromised, agreed or arranged total loss, the date on which a binding agreement as to such compromised, agreed or arranged total is entered into by or on behalf of the Borrower with the
Vessel’s insurers; 

  

	 	(d)	if it consists of a Compulsory Acquisition of the Vessel, the date on which the requisition of title or other compulsory acquisition of the Vessel occurs; and 

 

	 	(e)	if it consists of capture, seizure, hijacking, theft, arrest, detention or confiscation of the Vessel by any person (not amounting to Compulsory Acquisition) and the Vessel is not released and restored to the Borrower
or any relevant charterer within 180 days, the date falling 180 days after the date on which the relevant capture, seizure, hijacking, theft, arrest, detention or confiscation occurred; 

“Total Loss Event” means any event which constitutes a Total Loss or which, with the expiry of any relevant grace period,
would constitute a Total Loss; 
 “Transfer Certificate” means a transfer certificate in the form set out in Schedule 6 with
any modifications or amendments approved or required by the Agent; 
 “Trust Property” has the meaning given to it in Clause
20; 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994 and any other tax of a similar nature;

 “Vessels” means the vessels specified in Schedule 3 (but, unless the context otherwise requires, shall not include any
such vessel which has been sold in accordance with this Agreement or which has become a Total Loss). 
  

	1.2	Construction of certain expressions 

 The following expressions shall be construed in the
following manner: 
 “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; 

  
 18 

 “certified copy” means, in respect of any document, a copy of it certified as a
true and complete and up to date copy of the original by a director or officer of the Borrower or by its lawyers or by another person acceptable to the Agent; 

a “guarantee” includes an indemnity and a performance bond in each case relating to the obligations of another person and any
other obligation of any person to pay, purchase, provide funds for the payment of, indemnify against the consequences of default in the payment of, or otherwise be responsible for, any indebtedness of any other person; 

“person” includes a corporate entity and any body of persons (including a partnership) whether corporate or unincorporate;

 “subsidiary” and “holding company” have the meanings given to them by Section 1159 of the Companies
Act 2006 provided that a company shall be treated, for the purposes only of the membership requirement contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of
(a) another person (or its nominee), whether by way of security or in connection with the taking of security, or (b) its nominee; 

“taxes” includes all present and future income, corporation and value-added taxes and all stamp and other taxes, duties,
levies, imposts, deductions, charges and withholdings whatsoever, together with interest on them and penalties with respect to them, if any, and any payments of principal, interest, charges, fees or other amounts made on or in respect of them, and
references to “tax” and “taxation” shall be construed accordingly. 
  

	1.3	General interpretation 

 In this Agreement: 

 

	 	1.3.1	unless the context otherwise requires, words in the singular include the plural and vice versa; 

  

	 	1.3.2	references to any document include that document as varied, supplemented or replaced from time to time; 

  

	 	1.3.3	references to any enactment include re-enactments, amendments and extensions of that enactment; 

  

	 	1.3.4	references to any person include that person’s successors and permitted assigns; 

  

	 	1.3.5	clause headings are for convenience of reference only and are not to be taken into account in construction; 

  

	 	1.3.6	unless otherwise specified, references to Clauses, Recitals and Schedules are respectively to Clauses of and Recitals and Schedules to this Agreement; 

 

	 	1.3.7	any words following the terms “including”, “include”, “in particular” or any similar expression shall be construed as illustrative and shall not limit the sense of the
words, description, definition, phrase or term preceding those terms; 

  
 19 

	 	1.3.8	references to a document being “in the agreed form” are to a document in the form attached to the Agreed Form Certificate (or, where that document is to be executed in a language other than English, in
the form of the English text attached to the Agreed Form Certificate as translated into that language) and include references to that form with such modifications as the Majority Lenders may approve or require; 

 

	 	1.3.9	references to a period of one or more “months” shall mean a period beginning in one calendar month and ending in the relevant calendar month on the day numerically corresponding to the day of the
calendar month in which that period started, provided that (a) if that period started on the last day in a calendar month, or if there is no such numerically corresponding day, that period shall end on the last Banking Day in the relevant
calendar month and (b) if such numerically corresponding day is not a Banking Day, that period shall end on the next following Banking Day in the same calendar month, or if there is no such Banking Day, that period shall end on the preceding
Banking Day (and “month” and “monthly” shall be construed accordingly). 

  

	1.4	Third party rights 

 A person who is not a Party may not enforce, or otherwise have the
benefit of, any provision of this Agreement under the Contracts (Rights of Third Parties) Act 1999. 
  

	2.	POSITION OF THE BANKS 

  

	2.1	Obligations of Banks several 

 The obligations of the Banks under the Finance Documents
and the Master Agreements are several and, accordingly: 
  

	 	2.1.1	no Bank shall be liable for the failure of any other Bank to perform its obligations under any Finance Document or Master Agreement; and 

 

	 	2.1.2	the failure of a Bank to perform any of its obligations under any Finance Document or Master Agreement shall not relieve any other Bank or the Borrower from any of their respective obligations under those documents.

  

	2.2	Rights of Banks several 

 The rights and interests of each Bank under the Finance
Documents and the Master Agreements are several and, accordingly, notwithstanding any provision to the contrary in any Finance Document or Master Agreement: 
  

	 	2.2.1	the aggregate of the amounts outstanding at any time under the Finance Documents and/or the Master Agreements to each Bank shall be due as a separate and independent debt; and 

 

	 	2.2.2	each Bank shall have the right to sue for any amount due and payable to it from the Borrower or any other Obligor under the Finance Documents or any Master Agreement and it shall not be necessary for any other Bank to
be joined as an additional party in any proceedings to that end. 

  
 20 

	2.3	Restrictions on other proceedings by individual Banks 

 Except as provided in Clause
2.2.2, no Bank shall, except with the prior written consent of the Majority Lenders, bring any proceedings against the Borrower or any other Obligor in respect of any other claim (whether in contract, tort or otherwise) which that Bank may have
under or in connection with the Finance Documents and/or the Master Agreements. For the avoidance of doubt, this Clause 2.3 applies to any proceedings against the Borrower or any other Obligor to enforce any Encumbrance created in favour of the
Security Trustee by any Finance Document. 
  

	2.4	Swap Providers as mortgagees 

 If and to the extent that any Bank is a party to any of
the Mortgages in its capacity as Swap Provider in order to secure more effectively the Master Agreement Liabilities owing to it, it undertakes to act under that Mortgage in all respects in accordance with the instructions of the Security Trustee (as
directed by the Majority Lenders). 
  

	3.	THE FACILITIES 

  

	3.1	Agreement to advance 

 Subject to the provisions of this Agreement, the Lenders agree, on
and with effect from the Signing Date, to make the Total Commitment available to the Borrower. 
  

	3.2	Signing Date 

 For the purposes of this Agreement, the “Signing Date”
means the date of this Agreement or, if later, the date on which the Agent has received (a) payment of the fees and expenses specified in Clause 18 to the extent due and payable on or before the Signing Date and (b) the documents and
evidence described in part 1 of Schedule 5, in form and substance satisfactory to it, provided that on such date the Agent is satisfied that: 
  

	 	3.2.1	since 31 December 2010 no Material Adverse Change has occurred which is continuing; 

  

	 	3.2.2	the representations and warranties set out in Clause 10 would be true and not misleading if repeated on that date with reference to the circumstances then existing; and 

 

	 	3.2.3	no Event of Default or Potential Event of Default has occurred or will arise by reason of the granting of the Facilities to the Borrower or the performance by it of its obligations under this Agreement and the other
Finance Documents. 

 The Agent shall confirm to the other Parties in writing once the above conditions have been satisfied.

  

	3.3	Amount 

 If and to the extent that the Total Commitments on the Signing Date exceed 65%
of the aggregate Fair Market Values of the Vessels on that date, the Total Commitments shall be cancelled pro rata on the Signing Date so that they then equal 65% of those aggregate Fair Market Values. 

  
 21 

	3.4	Availability 

 Subject to the provisions of this Agreement: 

 

	 	3.4.1	the Term Commitments will be available in one single drawing (being the “Term Advance”) on any Banking Day falling during the Availability Period for the Term Loan Facility; 

 

	 	3.4.2	the Revolving Commitments will be available for drawing in one or more separate amounts (each being a “Revolving Advance”) on any Banking Day falling during the Availability Period for the Revolving
Credit Facility provided that: 

  

	 	(a)	each Revolving Advance shall be not less than $5,000,000 and an integral multiple of $1,000,000; 

  

	 	(b)	no Revolving Advance shall exceed the Total Available Revolving Commitments on its Drawdown Date taking into account for this purpose any Revolving Advance to be repaid on such day and any other Revolving Advance which
is to be made which is the subject of a current Notice of Drawdown; 

  

	 	(c)	the number of Revolving Advances drawn and outstanding at any one time, when aggregated with the number of Interest Tranches for the Term Loan at that time, shall not exceed 10; and 

 

	 	(d)	no Revolving Advance may be drawn before the Initial Borrowing Date; 

  

	 	3.4.3	the Term Advance must be drawn on a Banking Day (being the “Initial Borrowing Date”) falling during the period from 15 March 2012 to 30 April 2012 (both dates inclusive) and applied in or
towards repayment in full on that date of the Existing Indebtedness; 

  

	 	3.4.4	if the Total Term Commitments are not drawn in full on the Initial Borrowing Date, the undrawn portion shall be automatically cancelled on that date; 

 

	 	3.4.5	if the Term Advance is insufficient to repay the Existing Indebtedness in full on the Initial Borrowing Date then, unless the Borrower repays the balance of that amount on that date in full from its other funds, it
shall draw one or more Revolving Advances on the Initial Borrowing Date and apply the proceeds in or towards repayment in full on that date of the balance of the Existing Indebtedness; and 

 

	 	3.4.6	if the Initial Borrowing Date does not occur on or before 30 April 2012 the Total Commitments shall be automatically cancelled. 

  
 22 

	3.5	Purpose 

 The Borrower undertakes to apply the Advances exclusively for the purposes
referred to in Recital (A), provided that none of the Banks shall be bound to monitor or verify the application of the proceeds of any Advance. 
  

	3.6	Lenders’ participations 

 Subject to the provisions of this Agreement, each Lender
will: 
  

	 	3.6.1	participate in the Term Advance up to a principal amount not exceeding its Term Commitment in the proportion which its Term Commitment bears to the Total Term Commitments; and 

 

	 	3.6.2	participate in each Revolving Advance up to a principal amount not exceeding its Available Revolving Commitment in the proportion which its Available Revolving Commitment bears to the Total Available Revolving
Commitments. 

  

	3.7	No advance after expiry of Availability Period 

 No Lender will have any liability
whatsoever to make available the relevant proportion of its Commitment in relation to a Facility after the expiry date of the Availability Period relating to that Facility and any part of a Lender’s Commitment in respect of a Facility which has
not been advanced to the Borrower at close of business on that relevant expiry date shall be cancelled. 
  

	4.	DRAWDOWN 

  

	4.1	Notice of Drawdown 

 The Borrower may draw an Advance under a Facility subject to giving
the Agent a duly completed Notice of Drawdown not later than 10:00 a.m. London time 3 Banking Days before the proposed Drawdown Date of the Advance, which notice shall be irrevocable and will not be regarded as having been duly completed unless
(a) the proposed Drawdown Date is a Banking Day within the Availability Period of the Facility under which the Advance is to be drawn and (b) the proposed Interest Period for the Advance complies with Clause 7.4 or Clause 7.5 (as the case
may be). 
  

	4.2	Agent’s notification to Lenders 

 Upon receipt of a Notice of Drawdown given in
accordance with Clause 4.1, the Agent shall promptly notify each Lender of (a) the contents thereof and (b) the relevant proportion of the Advance or Advances to be funded by that Lender. 

 

	4.3	Availability of Lenders’ Commitments 

 Each Lender shall, subject to the provisions
of this Agreement, make available to the Agent on the Drawdown Date of an Advance the relevant proportion of its Commitment in respect of that Advance. 

  
 23 

	4.4	Conditions precedent – Advances drawn on Initial Borrowing Date 

 Notwithstanding
the giving of a Notice of Drawdown pursuant to Clause 4.1 in relation to the Term Advance and any Revolving Advance or Revolving Advances to be drawn on the Initial Borrowing Date, neither the Lenders nor the Agent shall be obliged to disburse any
funds in respect of those Advances, and the Borrower shall not be entitled to draw down those Advances, unless the following conditions precedent are satisfied: 
  

	 	4.4.1	the Agent has received payment of the fees and expenses specified in Clause 18 to the extent due and payable on or before the Initial Borrowing Date; 

 

	 	4.4.2	the Agent has received the documents and evidence described in parts 1 and 2 of Schedule 5, in form and substance satisfactory to it; 

 

	 	4.4.3	the Agent is satisfied that both at the date of the relevant Notice of Drawdown and at the Initial Borrowing Date: 

  

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

  

	 	(b)	none of the circumstances specified in Clauses 6.3, 6.5, 6.6, 7.13 or 18.7 has occurred and is continuing; 

  

	 	(c)	if the ratio set out in Clause 16.2 were tested immediately following the making of the relevant Advance or Advances by reference to the most recent valuations obtained in accordance with Clause 16.1, the Borrower would
not be obliged to provide additional security or prepay part of the Term Loan and/or the Revolving Advances under that Clause; and 

  

	 	(d)	no Event of Default or Potential Event of Default has occurred or will arise following the making of that Advance. 

  

	4.5	Conditions precedent – Advances drawn after Initial Borrowing Date 

 Notwithstanding
the giving of a Notice of Drawdown pursuant to Clause 4.1 in relation to a Revolving Advance to be drawn after the Initial Borrowing Date, neither the Lenders nor the Agent shall be obliged to disburse any funds in respect of that Advance, and the
Borrower shall not be entitled to draw down that Advance, unless the Agent is satisfied that both at the date of the relevant Notice of Drawdown and at the relevant Drawdown Date: 

 

	 	4.5.1	the representations and warranties set out in Clause 10 and those of the Borrower or any other Obligor which are set out in any other Finance Document would be true and not misleading if repeated on each of those dates
with reference to the circumstances then existing; 

  

	 	4.5.2	none of the circumstances specified in Clauses 6.3, 6.5, 6.6, 7.13 or 18.7 has occurred and is continuing; 

  
 24 

	 	4.5.3	if the ratio set out in Clause 16.2 were tested immediately following the making of the relevant Advance, the Borrower would not be obliged to provide additional security or prepay part of the Term Loan and/or the
Revolving Advances under that Clause; and 

  

	 	4.5.4	no Event of Default or Potential Event of Default has occurred or will arise following the making of that Advance. 

  

	4.6	Waiver of conditions precedent 

 If the Lenders in their absolute discretion make an
Advance notwithstanding that one or more of the conditions precedent specified above in relation to it remains unsatisfied on its Drawdown Date, the Borrower shall procure the satisfaction of such condition or conditions precedent within such period
as the Majority Lenders may in their absolute discretion agree in writing. 
  

	4.7	Application of proceeds of Advances 

 Subject to the provisions of this Agreement, the
Agent will pay to the Borrower on the Drawdown Date of an Advance the amounts which the Agent receives from the Lenders under Clause 4.3 in like funds as are received by the Agent from the Lenders by paying the same in accordance with the Notice of
Drawdown given by the Borrower. Such payment shall constitute the making of the relevant Advance and the Borrower shall at that time become indebted, as principal and direct obligor, to each Lender accordingly, in an amount equal to that
Lender’s proportion of that Advance. 
  

	5.	REPAYMENT 

  

	5.1	Repayment of Term Loan 

 Subject to the provisions of this Agreement, the Borrower shall
repay the Term Loan as follows: 
  

	 	5.1.1	the Term Loan shall be repaid in 11 repayment instalments of which the first 10 shall each be in the amount of $45,000,000 and the last of which shall be in the amount of $50,000,000 (provided that, if the Total Term
Commitments are not drawn in full, the amount of each such instalment shall be reduced pro rata to the amount actually advanced); 

  

	 	5.1.2	the first 10 repayment instalments shall be paid on the Banking Days falling at successive 6 monthly intervals from the Initial Borrowing Date and the final repayment instalment shall be paid on the Maturity Date.

  

	5.2	Repayment of Revolving Advances 

 Subject to the provisions of this Agreement, the
Borrower shall repay each Revolving Advance as follows: 
  

	 	5.2.1	each Revolving Advance shall be repaid in full on the last day of its Interest Period; and 

  
 25 

	 	5.2.2	unless the Borrower notifies the Agent to the contrary not later than 11:00 a.m. London time 3 Banking Days prior to the Revolving Repayment Date applicable to a Revolving Advance, then, notwithstanding Clause 5.2.1,
where that Revolving Repayment Date is also a Drawdown Date in respect of another Revolving Advance, the Agent shall, on behalf of the Borrower, apply the Revolving Advance which would otherwise have been paid to the Borrower on that Revolving
Drawdown Date in or towards the discharge of the amount payable by the Borrower on that Revolving Repayment Date pursuant to Clause 5.2.1 (but without prejudice to the obligation of the Borrower to pay any balance due after application of such
amount). 

  

	5.3	Final repayment 

 On the Maturity Date the Borrower shall additionally pay to the Agent
all sums which are then accrued or owing to the Banks (or any of them) under this Agreement and the other Finance Documents. 
  

	6.	PREPAYMENT AND CANCELLATION 

  

	6.1	Voluntary prepayment and/or cancellation 

 The Borrower shall have the right upon giving
the Agent not less than 3 Banking Days’ prior written notice: 
  

	 	6.1.1	to prepay the Term Loan or any Revolving Advance, in whole or in part, on any Banking Day provided that any partial prepayment of the Term Loan or a Revolving Advance must be in the amount of $1,000,000 or a higher
integral multiple of $1,000,000; 

  

	 	6.1.2	to cancel the Total Term Commitments, in whole or in part, on any Banking Day provided that any cancellation of part of the Total Term Commitments must be in the amount of $1,000,000 or a higher integral multiple of
$1,000,000; and/or 

  

	 	6.1.3	to cancel the Total Revolving Commitments, in whole or in part, on any Banking Day in an amount not exceeding the amount of the Total Available Revolving Commitments on the date of cancellation, provided that any
cancellation of part of the Total Revolving Commitments must be in the amount of $1,000,000 or a higher integral multiple of $1,000,000. 

The Agent shall promptly notify the Lenders of any notice which is received from the Borrower under this Clause 6.1. 

 

	6.2	Mandatory cancellation if conditions precedent to Signing Date not satisfied 

 If the
Signing Date does not occur on or before 29 July 2011 (or such later date as the Lenders may agree) the Commitments shall be cancelled upon the demand of the Agent (as directed by the Majority Lenders). 

  
 26 

	6.3	Mandatory prepayment and cancellation upon illegality 

 If by reason of the introduction,
imposition, variation or change of any law, regulation or regulatory requirement or by reason of any judgment, order or direction of any relevant court, tribunal or authority it becomes unlawful in any applicable jurisdiction for a Lender to perform
any of its obligations as contemplated by this Agreement or to fund or maintain its Commitment and/or Contribution (as the case may be) that Lender shall promptly notify the Agent upon becoming aware of that event, whereupon: 

 

	 	6.3.1	the Agent shall immediately notify the Borrower thereof; 

  

	 	6.3.2	the relevant Lender shall, following consultation with the Borrower, use all reasonable efforts to avoid the effects of such event and in particular shall consider, subject to obtaining any necessary consents,
transferring at par its rights and obligations under this Agreement to another legal entity approved by the Borrower not affected by such law, regulation, regulatory requirement, judgment, order or direction; 

 

	 	6.3.3	if the relevant Lender is unable, within 90 days following the date upon which it became aware of such event, or such shorter period permitted thereby, to avoid the effect thereof, or the Borrower fails to agree to any
proposal put forward by the relevant Lender to avoid the effects of such event, then the Agent shall, at the request and on behalf of the relevant Lender, give notice to the Borrower that on such date or on a future specified date, in either case
not being earlier than the last day of any applicable grace period permitted by law, the Commitment of that Lender (to the extent still undrawn) shall be cancelled and the Borrower shall be obliged to prepay that Lender’s Contribution (if any)
in full. 

  

	6.4	Mandatory prepayment and cancellation upon sale or Total Loss 

 The following provisions
shall apply if at any time on or after the date of this Agreement a Vessel is sold in accordance with Clause 15.2.4 or becomes a Total Loss: 
  

	 	6.4.1	if the sale or Total Loss occurs before an Advance has been made, the Relevant Portion of each of the Term Commitments and the Revolving Commitments shall be automatically cancelled on the date on which the sale of such
Vessel is completed or (as the case may be) on the Total Loss Date; 

  

	 	6.4.2	if the sale or Total Loss occurs after an Advance has been made: 

  

	 	(a)	the Borrower shall prepay the Relevant Portion of the Term Loan in respect of that Vessel on or before the Relevant Prepayment Date; 

 

	 	(b)	the Relevant Portion of each of the Revolving Commitments shall be automatically cancelled on the Relevant Prepayment Date; and 

  

	 	(c)	the Borrower shall prepay such part of the Revolving Advances on or before the Relevant Prepayment Date as shall ensure that, following the reduction of the Total Revolving Commitments under Clause 6.4.2(b), the
aggregate of the Revolving Advances does not exceed the amount of the Total Revolving Commitments as so reduced. 

  
 27 

 For the purposes of this Clause 6.4: 

“Relevant Prepayment Date” means: 
  

	 	(a)	in relation to a Vessel which is sold, the date on which the sale of such Vessel is completed; and 

  

	 	(b)	in relation to a Vessel which becomes a Total Loss, the date which is the earlier of: 

  

	 	(i)	the date falling 90 days after the Total Loss Date; and 

  

	 	(ii)	the date upon which the insurance proceeds or Requisition Compensation in respect of the relevant Vessel are received by the Security Trustee pursuant to the relevant Finance Documents, 

unless the Vessel was not insured at the time of the Total Loss in accordance with the Finance Documents or an insurer has refused to meet or
has disputed the claim for the Total Loss, in which case the Relevant Prepayment Date shall be the date falling 10 Banking Days after the date on which the Borrower receives a demand from the Agent (as directed by the Majority Lenders) for
prepayment of the relevant amount; 
 “Relevant Portion” means, as at any relevant date in respect of a Vessel which is sold
or lost, an amount calculated in accordance with the formula: 
  

									
		 	Relevant Portion	 	=	 	 A    x    B
	  	
		 		 		 	C	  	

 where: 
  

					
	A	 	=	    	the aggregate amount of the Term Loan (if drawn) or the Total Term Commitments (if undrawn), the Revolving Advances and the Total Available Revolving Commitments immediately prior to that date;
			
	 B
  

C
	 	 =
  

=
	    	 the Fair Market Value of the Vessel sold or lost immediately prior to that date; and

 
 the aggregate Fair Market Values of all the Vessels (including the Vessel sold or lost)
immediately prior to that date.

  

	6.5	Mandatory prepayment and cancellation upon a Change of Control 

 If a Change of Control
occurs without the prior consent of the Majority Lenders (such consent not to be unreasonably withheld or delayed), the Borrower shall prepay the Term Loan and the Revolving Advances in full on or before the date falling 60 days after the date of
the Change of Control and any undrawn Commitments shall be cancelled on the earlier of (a) the date on which such prepayment is made, (b) the date falling 60 days after the date of the Change of Control and (c) such other date as the
Borrower and the Majority Lenders may agree. 

  
 28 

	6.6	Mandatory prepayment and cancellation upon breach of financial covenants 

 If there is a
breach of the financial covenants set out in Clause 13.1, the Borrower shall prepay the Term Loan and the Revolving Advances in full (and any undrawn Commitments shall be cancelled) within 5 days after receipt of a written demand from the Agent (as
directed by the Majority Lenders) requiring it to do so. 
  

	6.7	Conditions of prepayment and cancellation 

 The following shall apply to any prepayment
under this Agreement: 
  

	 	6.7.1	each prepayment must be made together with all accrued interest on the amount prepaid and all other sums payable in respect of that amount under the provisions of this Agreement and, in the case of prepayment in full of
both the Term Loan and the Revolving Advances, shall be accompanied by payment of all other Outstanding Indebtedness; 

  

	 	6.7.2	unless otherwise specifically stated in this Agreement, any partial prepayment of the Term Loan shall be applied pro rata against the remaining repayment instalments specified in Clause 5.1; 

 

	 	6.7.3	where the Borrower is required to make a partial prepayment of the Revolving Advances and two or more Revolving Advances are then outstanding, the Borrower may specify to the Agent the Revolving Advance or Revolving
Advances against which it wishes the prepaid sum to be applied (but, in the absence of any such instruction from the Borrower before the relevant prepayment date, the Agent may select the Revolving Advance or Revolving Advances to be prepaid);

  

	 	6.7.4	if the Total Revolving Commitments are reduced for any reason under this Agreement and the aggregate amount of the Revolving Advances would otherwise exceed the amount of the Total Revolving Commitments as so reduced,
the Borrower shall prepay such part of the Revolving Advances on or before the relevant reduction date as shall ensure that, following the reduction of the Total Revolving Commitments under this Agreement, the aggregate of the Revolving Advances
does not exceed the amount of the Total Revolving Commitments as so reduced; 

  

	 	6.7.5	any partial cancellation of the Total Term Commitments shall reduce those amounts pro rata; 

  

	 	6.7.6	any partial cancellation of the Total Revolving Commitments shall reduce those amounts pro rata; 

  

	 	6.7.7	any notice of prepayment or cancellation given by the Borrower shall be effective on receipt by the Agent and, once given, may not be withdrawn or amended without the consent of the Majority Lenders and, in the case of
a notice of prepayment, the Borrower shall be bound to make the relevant prepayment in accordance with it; 

  
 29 

	 	6.7.8	except as specifically provided in this Agreement, in the absence of an Event of Default and demand for repayment by the Agent, the Lenders shall not be obliged to accept any other prepayment of the whole or any part of
the Term Loan or a Revolving Advance; 

  

	 	6.7.9	any part of the Term Loan which is repaid or prepaid by the Borrower may not be reborrowed; 

  

	 	6.7.10	subject to the terms of this Agreement, any Revolving Advance (or part thereof) which is repaid or prepaid by the Borrower may be reborrowed; 

 

	 	6.7.11	no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated; and 

  

	 	6.7.12	any prepayment made on a day other than the last day of an Interest Period applicable to the whole amount prepaid shall be made together with any Break Costs. 

 

	7.	INTEREST 

  

	7.1	Payment of interest 

 Subject to the provisions of this Agreement, the Borrower shall pay
interest at the applicable Interest Rate on each Interest Tranche and each Revolving Advance in arrears on the last day of each Interest Period applicable to it, except in the case of an Interest Period longer than 3 months where interest shall be
paid every 3 months during that Interest Period and on the last day of that Interest Period. 
  

	7.2	Interest Rate 

 Subject to Clauses 7.3 and 7.13, the Interest Rate applicable to each
Interest Tranche and each Revolving Advance for each Interest Period applicable to it will be the annual rate of interest determined by the Agent to be the aggregate of: 
  

	 	7.2.1	the Applicable Margin; 

  

	 	7.2.2	LIBOR for that Interest Period; and 

  

	 	7.2.3	the Mandatory Cost (if any) for that Interest Period. 

  

	7.3	Default Rate 

 If the Borrower fails to pay any amount payable by it under this Agreement
or any other Finance Document 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 is 2% higher than the rate which would have been payable
if the overdue amount had, during the period of non-payment, constituted an Interest Tranche in that amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 7.3
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. 

  
 30 

	7.4	Term Interest Periods 

 The Borrower may, by giving notice in writing to the Agent not
later than 11:00 a.m. London time 3 Banking Days before the first day of each Term Interest Period, select the duration of that Term Interest Period (being a period of 1, 2, 3 or 6 months or such other period for which a Screen Rate is published as
the Borrower may select and all the Lenders may agree). 
 The following shall apply in determining the number and duration of the Term
Interest Periods: 
  

	 	7.4.1	subject to Clause 7.4.2, the Borrower may in its notice to the Agent: 

  

	 	(a)	elect to divide the Term Loan into two or more principal amounts (each being an “Interest Tranche”) each with a separate Interest Period for its relevant amount; or 

 

	 	(b)	in respect of any existing Interest Tranches whose Interest Periods expire on the same date, consolidate those Interest Tranches or otherwise select new Interest Tranches in the same aggregate amount but in different
proportions; 

  

	 	7.4.2	the number of Interest Tranches at any one time, when aggregated with the number of Revolving Advances drawn and outstanding at that time, shall not exceed 10; 

 

	 	7.4.3	for the purposes of Clause 3.4.2(c) and Clause 7.4.2 and any other relevant provisions of this Agreement, if the Borrower does not elect to divide the Term Loan into two or more Interest Tranches, there shall be deemed
to be a single Interest Tranche in the amount of the Term Loan; 

  

	 	7.4.4	the first Term Interest Period (or Term Interest Periods, if the Term Loan has been divided into two or more Interest Tranches on that date) shall commence on the Initial Borrowing Date and each subsequent Term Interest
Period for the Term Loan or any Interest Tranche shall commence on the last day of the immediately preceding Interest Period for it; 

  

	 	7.4.5	the Borrower shall make each selection under this Clause 7.4 in such manner as to ensure that, in the event that any Term Repayment Date falls within the Term Interest Period so selected, a separate Term Interest Period
is selected in respect of the part of the Term Loan due to be repaid under Clause 5 on that Term Repayment Date, the expiry of which period coincides with the relevant Term Repayment Date; 

 

	 	7.4.6	no Term Interest Period shall extend beyond the Maturity Date. 

  

	7.5	Revolving Interest Periods 

 There shall be a single Revolving Interest Period for each
Revolving Advance which shall be selected by the Borrower and notified to the Agent in the Notice of Drawdown for that Revolving Advance. Subject to Clause 7.6, each Revolving Interest Period shall commence

  
 31 

 
on the Drawdown Date of the relevant Revolving Advance and be for a period of 1, 2, 3 or 6 months (as selected by the Borrower) or such ether period for which a Screen Rate is published as the
Borrower may select and all the Lenders may agree, provided that no Revolving Interest Period shall extend beyond the Maturity Date. 
  

	7.6	Borrower’s failure to select Interest Period 

 In the absence of any selection by
the Borrower of the duration of an Interest Period, or if the Agent shall certify to the Borrower that matching funds are not available for an Interest Period of the duration selected by the Borrower, the duration of that Interest Period shall
(subject as provided in Clauses 7.4 and 7.7) be 3 months. 
  

	7.7	Adjustment for non-Banking Days 

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

 

	7.8	Agent’s notification 

 The Agent shall promptly notify the Borrower and the Lenders
of each determination under this Agreement of (a) the duration of an Interest Period and/or (b) a rate of interest. 
  

	7.9	Obligation of Reference Banks to quote 

 In circumstances where a quotation is required
from the Reference Banks, a Bank which is a Reference Bank shall use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of interest under this Agreement. 

 

	7.10	Absence of quotations from Reference Banks 

 Subject to Clause 7.13, 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. London time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the quotations provided to the remaining
Reference Bank or Reference Banks. 
  

	7.11	Replacement of Reference Bank 

 If any Reference Bank which is a Lender ceases to be a
Lender or has become an Affected Lender or, in the opinion of the Agent, is substantially unable to provide the Agent from time to time when required with the necessary quotations for the purpose of fixing a rate of interest under this Agreement,
then the Agent shall (after consultation with the Borrower) appoint another bank to be a Reference Bank in replacement of that Reference Bank. 
  

	7.12	Notice of Market Disruption Event by Affected Lenders 

 Any notification to the Agent by
an Affected Lender of a Market Disruption Event occurring under paragraph (b) of the definition of that term shall be in writing and accompanied by a certificate signed by an officer of that Affected Lender certifying the cost to that Affected
Lender of obtaining matching deposits in the London interbank market on the date of that certificate. 

  
 32 

 The Agent shall pass to the Borrower a copy of each certificate provided to it under this Clause
7.12 (and each Affected Lender consents to such disclosure). 
  

	7.13	Market disruption 

 If a Market Disruption Event occurs in relation to a Lender in
respect of any Interest Tranche or Revolving Advance for any Interest Period applicable to it, the rate of interest on that Lender’s share of that Interest Tranche or Revolving Advance for that Interest Period shall be the percentage rate per
annum which is the sum of: 
  

	 	7.13.1	the Margin; 

  

	 	7.13.2	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 participation in that Interest Tranche or Revolving Advance from whatever source it may reasonably select; and 

  

	 	7.13.3	the Mandatory Cost, if any, applicable to that Lender’s participation in that Interest Tranche or Revolving Advance. 

  

	7.14	Alternative basis of interest or funding 

 If a Market Disruption Event occurs, and the
Agent or the Borrower so requires, the Agent, the Lenders or (as the case may be) the Affected Lender and the Borrower shall enter into negotiations (for a period of not more than 15 days) with a view to agreeing an alternative basis for determining
the rate of interest for the Term Loan and the Revolving Advances or, as the case may be, the Affected Lender’s Contribution. Any alternative basis so agreed shall, with the prior consent of the Borrower and the Lenders or (as the case may be)
the Affected Lender, be binding on those parties. In the absence of such agreement, the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, select the Interest Periods for the Term Loan and the Revolving
Advances and set a rate of interest for each such Interest Period in accordance with Clause 7.13 provided that the Borrower shall have the right, upon giving 3 Banking Days notice to the Agent, to: 

 

	 	7.14.1	prepay the whole of the Term Loan and the Revolving Advances; or 

  

	 	7.14.2	prepay the Contribution of any Affected Lender; or 

  

	 	7.14.3	exercise its rights under Clause 24.14 in respect of any Affected Lender. 

  

	8.	PAYMENTS 

  

	8.1	Place, time and manner of payment 

 Unless otherwise specified by the Agent, all moneys
to be paid by the Lenders to the Agent or by the Borrower to any Bank under this Agreement and the other Finance Documents shall be 

  
 33 

 
paid to the Agent in Dollars by not later than 10:00 a.m. London time on the due date and in same day funds to such account as the Agent may from time to time notify the Borrower. The Borrower
waives any right it may have in any jurisdiction to pay any such amount in a currency other than that in which it is expressed to be payable. 
  

	8.2	Order of application 

 Except as otherwise specifically provided in this Agreement or any
other Finance Document, all moneys received or recovered by any Bank under the Finance Documents will, after discharging the cost (if any) incurred in collecting those moneys, be applied as follows: 

 

	 	8.2.1	first, in or towards payment of any unpaid fees, costs and expenses of the Banks under this Agreement; 

  

	 	8.2.2	secondly, in or towards payment of any accrued interest or fees due but unpaid under this Agreement; 

  

	 	8.2.3	thirdly, in or towards payment of any principal due but unpaid under this Agreement; 

  

	 	8.2.4	fourthly, in or towards payment of any other sum due but unpaid under this Agreement; 

  

	 	8.2.1	fifthly, in or towards payment pro rata between the Swap Providers of any Master Agreement Liabilities due but unpaid under the Master Agreements; 

 

	 	8.2.2	lastly, the surplus (if any) shall be paid to the Borrower or whomsoever else shall be entitled to it. 

The provisions of this Clause 8.2 will override any appropriation made by the Borrower. 

 

	8.3	Availability of funds conditional upon receipt by Agent 

 The Agent shall not be obliged
to make available to any other Party any amount which it is due to receive for the account of that Party unless it is satisfied that it has unconditionally received the funds concerned. 

 

	8.4	Refunds by Borrower 

 Without prejudice to Clause 8.3, if the Agent makes an amount
available to the Borrower which has not (but should have) been made unconditionally available to the Agent by a Lender, the Borrower shall on demand refund that amount to the Agent. 

 

	8.5	Refunds by Banks 

 Without prejudice to Clause 8.3, if the Agent makes an amount
available to a Bank which has not (but should have) been paid to the Agent by the Borrower, that Bank shall: 
  

	 	8.5.1	on demand refund that amount to the Agent; and 

  

	 	8.5.2	pay to the Agent on demand such further amount (as conclusively certified by the Agent) as shall indemnify the Agent against any cost, loss, liability or expense suffered or incurred by the Agent as a result of its
having made available such amount to that Bank before receiving it from the Borrower. 

  
 34 

	8.6	Non-Banking Days 

 Any payment which is due to be made on a day that is not a Banking Day
shall be made on the next Banking Day in the same calendar month (if there is one) or the preceding Banking Day (if there is not). 
  

	8.7	Accrual of interest and periodic payments 

 All payments of interest and other payments
of an annual or periodic nature to be made by the Borrower shall accrue from day to day and be calculated on the basis of the actual number of days elapsed and a 360 day year. 
  

	8.8	Control account 

 The Agent and each other Bank will open and maintain on its books a
control account showing the amounts owing to the Banks (in the case of the Agent) or that Bank (in the case of each other Bank) from the Borrower and the amounts of all payments of principal, interest and other moneys falling due and received by
them or it, as the case may be. The Borrower’s obligation to repay the Term Loan and the Revolving Advances, to pay interest thereon and to pay all other sums due under this Agreement and the other Finance Documents shall be conclusively
evidenced (in the absence of manifest error) by the entries from time to time made in the control accounts opened and maintained under this Clause 8.8. 
  

	9.	NO SET-OFF, COUNTERCLAIM OR TAX DEDUCTION 

  

	9.1	No set-off or counterclaim 

 All payments to be made by the Borrower under this Agreement
and the other Finance Documents shall be made without set-off or counterclaim free and clear of, and without deduction for or on account of, any present or future taxes, unless the Borrower is compelled by law to make payment subject to any such
tax. 
  

	9.2	Gross up 

 If the Borrower is compelled by law to make any tax deduction from any payment
due under this Agreement or any other Finance Document, the Borrower will (subject to Clause 24.12): 
  

	 	9.2.1	promptly notify the Agent upon becoming aware of that requirement; 

  

	 	9.2.2	pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises; 

  

	 	9.2.3	pay the Bank to which that payment is made such additional amount as is necessary to ensure that such Bank receives a net amount equal to the full amount which it would have received had that tax deduction not been
required to be made; and 

  

	 	9.2.4	as soon as reasonably practicable after making the relevant tax deduction, deliver to the Agent a copy of the receipt from the relevant taxation authority evidencing that the tax had been paid to that authority.

  
 35 

	9.3	Tax credit 

 If, following any tax deduction as is referred to in Clause 9.2 from any
payment by the Borrower, the recipient of that payment shall receive or be granted a credit against or remission for any taxes payable by it, such recipient shall, subject to the Borrower having made any increased payment in accordance with Clause
9.2.3 and to the extent that such recipient can do so without prejudicing the retention of the amount of such credit or remission and without prejudice to the right of such recipient to obtain any other relief or allowance which may be available to
it, reimburse the Borrower with such amount as such recipient shall in its absolute discretion certify to be the proportion of such credit or remission as will leave it (after such reimbursement) in no worse position than it would have been in had
there been no such deduction or withholding from the payment to such recipient as aforesaid. Such reimbursement shall be made forthwith upon the recipient certifying that the amount of such credit or remission has been received by it. Nothing
contained in this Agreement shall oblige any Bank to rearrange its tax affairs or to disclose any information regarding its tax affairs and computations. Without prejudice to the generality of the foregoing, the Borrower shall not by virtue of this
Clause 9.3 be entitled to enquire about the tax affairs of any Bank. 
  

	9.4	Double tax treaties 

 Where the Borrower is or may be obliged to withhold tax from any
payment to a Bank under this Agreement or any other Finance Document and its obligation to withhold such tax may be eliminated or reduced under any applicable double taxation agreement or treaty, the relevant Bank will promptly comply with all
appropriate formalities required to be performed by it under such double taxation agreement or treaty (save as may depend on action being taken by a third party which has not been taken) so that it can receive the relevant payments from the Borrower
without deduction of such tax or with deduction at the reduced level permitted by such double taxation agreement or treaty. 
  

	9.5	VAT 

 All amounts expressed to be payable under a Finance Document by any party to a Bank
shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Bank to any party in connection with a Finance Document, that party shall pay to the Bank (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. 
 Where a Finance Document requires any party to reimburse a Bank
for any costs or expenses, that party shall also at the same time pay and indemnify such Bank against all VAT incurred by the Bank in respect of those costs or expenses to the extent that the Bank reasonably determines that it is not entitled to
credit or repayment of the VAT. 

  
 36 

	10.	REPRESENTATIONS AND WARRANTIES 

  

	10.1	Date of representations and warranties 

 The Borrower represents and warrants that the
following matters are true at the date of this Agreement. 
  

	10.2	Existence, listing, powers, compliance and solvency 

 The Borrower: 

 

	 	10.2.1	is a limited liability company duly incorporated and validly existing in goodstanding under the laws of, and has the centre of its main interests in, Belgium; 

 

	 	10.2.2	is listed on the First Market of Euronext Brussels; 

  

	 	10.2.3	has full power to own its property and assets and to carry on its business as it is now being conducted; 

  

	 	10.2.4	has complied with all statutory and other requirements relative to its business; 

  

	 	10.2.5	is solvent and not in liquidation or administration or subject to any other insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in
respect of it or all or any part of its assets. 

  

	10.3	Capacity and authorisation 

 The entry into and performance by the Borrower of this
Agreement, the Master Agreements and the other Finance Documents to which it is (or is to become) a party are within the corporate powers of the Borrower and have been duly authorised by all necessary corporate actions and approvals and no
limitation on its powers will be exceeded as a result of the borrowings made or other liabilities incurred under this Agreement. In entering into this Agreement, the Master Agreements and the other relevant Finance Documents the Borrower is acting
on its own account and not as agent or nominee of any person. 
  

	10.4	No contravention of laws or contractual restrictions 

 The entry into and performance by
the Borrower of this Agreement, the Master Agreements and the other Finance Documents to which it is (or is to become) a party do not and will not: 
  

	 	10.4.1	contravene in any respect the constitutional documents of the Borrower or any law, regulation or contractual restriction binding on the Borrower or any of its assets; or 

 

	 	10.4.2	result in the creation or imposition of any Encumbrance (other than a Permitted Encumbrance) on any of its assets in favour of any party. 

 

	10.5	Licences and approvals in force 

 All licences, authorisations, approvals and consents
necessary for the entry into, performance, validity, enforceability or admissibility in evidence of this Agreement, the Master Agreements and the other Finance Documents have been obtained and are in full force and effect and there has been no
breach of any condition or restriction imposed in this respect. 

  
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	10.6	Validity and enforceability 

 When duly executed and delivered, and where applicable
registered, each of the Finance Documents and the Master Agreements will: 
  

	 	10.6.1	constitute the legal, valid and binding obligations of each Obligor which is a party thereto enforceable against such Obligor in accordance with its terms; and 

 

	 	10.6.2	(to the extent that by its terms it purports to do so) create a legal, valid and binding first priority Encumbrance in accordance with its terms over all the assets to which by its terms it relates, 

except insofar as enforcement may be limited by any applicable laws relating to bankruptcy, insolvency, administration and similar laws
affecting creditors’ rights generally and by principles of equity. 
  

	10.7	No third party Encumbrances; title 

 At the time of execution of each Finance Document,
no third party will have any Encumbrance (other than a Permitted Encumbrance) on any asset over which an Encumbrance is to be created pursuant to that Finance Document and the Obligor entering into that Finance Document will be the sole and absolute
legal and beneficial owner of that asset. 
  

	10.8	No litigation current or pending 

 No litigation, arbitration, tax claim or
administrative proceeding involving the Borrower is current or pending or (to the knowledge of the Borrower) threatened or likely to commence or be taken, which would potentially have a Material Adverse Effect. 

 

	10.9	No defaults 

  

	 	10.9.1	No Event of Default or Potential Event of Default is continuing or might reasonably be expected to result from the advance of the Total Commitments or any part thereof. 

 

	 	10.9.2	The Borrower is not in default under any other agreement where such default would have a Material Adverse Effect. 

  

	10.10	Truth of financial and other information 

 All factual information furnished in writing
to any Bank by or on behalf of the Borrower in connection with the negotiation and preparation of this Agreement and the other Finance Documents was (when given) true and correct in all material respects and there are no other facts or
considerations the omission of which would render any such information materially misleading. 

  
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	10.11	No liability to deduction or withholding; no registration taxes 

 All payments to be made
by the Borrower under this Agreement, the Master Agreements and the other Finance Documents may be made free and clear of and without deduction or withholding for or on account of any taxes, and neither this Agreement nor any other Finance Document
is liable to any registration charge or any stamp, documentary or similar taxes imposed by any authority, including without limitation, in connection with its admissibility in evidence. 

 

	10.12	Tax compliance 

 The Borrower has complied in all material respects with all relevant tax
laws and regulations applicable to it and its business. 
  

	10.13	Pari passu obligations 

 The payment obligations of the Borrower under this Agreement,
the Master Agreements and the other Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	10.14	Environmental matters 

 Except as may have been disclosed by the Borrower in writing to,
and acknowledged in writing by, the Agent: 
  

	 	10.14.1	the Borrower has complied with the provisions of all Environmental Laws; 

  

	 	10.14.2	the Borrower has obtained all Environmental Approvals and is in compliance with all Environmental Approvals; 

  

	 	10.14.3	the Borrower has not received notice of any Environmental Claim that alleges that it is not in compliance with any Environmental Law or any Environmental Approval; 

 

	 	10.14.4	there is no Environmental Claim pending or, to the best of the Borrower’s knowledge and belief (having made due enquiry), threatened against the Borrower or any Relevant Ship; and 

 

	 	10.14.5	no Environmental Incident which could or might give rise to any Environmental Claim has occurred. 

  

	10.15	No money laundering 

 In relation to the utilisation by the Borrower of the facility
granted to it under this Agreement, the performance and discharge of its obligations and liabilities under the Finance Documents to which it is a party, and the transactions and other arrangements effected or contemplated by the Finance Documents to
which it is a party, the Borrower confirms that it is acting for its own account and that the foregoing will not involve or lead to contravention of any law, official requirement or other regulatory measure or procedure implemented to combat
“money laundering” (as defined in Article 1 of the Directive 2005/60/EC of the European Parliament and of the Council of the European Union of 26 October 2005). 

  
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	11.	GENERAL UNDERTAKINGS 

  

	11.1	Duration of undertakings 

 The undertakings in this Clause 11 shall remain in force from
the date of this Agreement to the end of the Security Period. 
  

	11.2	Maintenance of status; listing 

 The Borrower: 

 

	 	11.2.1	shall maintain its separate corporate existence as a limited liability company under the laws of Belgium; 

  

	 	11.2.2	shall not, without the prior consent of the Agent, change its name; 

  

	 	11.2.3	shall maintain its listing on the First Market of Euronext Brussels or another reputable international stock exchange; 

  

	 	11.2.4	shall not, without the prior consent of the Majority Lenders, change its place of incorporation or domicile or alter its legal status as a limited liability company. 

 

	11.3	Consents 

 The Borrower shall obtain and maintain in force, and promptly upon the
Agent’s request furnish certified copies to the Agent of, all licences, authorisations, approvals and consents, and do all other acts and things, which may from time to time be necessary or desirable for the continued due performance of its
obligations under the Finance Documents and the Master Agreements or which may be required for the validity, enforceability or admissibility in evidence of the Finance Documents and the Master Agreements. 

 

	11.4	Pari passu obligations 

 The Borrower shall ensure that its obligations under the Finance
Documents and the Master Agreements rank at least pari passu with all its other present, future and/or contingent unsecured and unsubordinated obligations. 
  

	11.5	Conduct of business 

 The Borrower shall conduct its business in a proper and efficient
manner in compliance with its constitutional documents and all relevant applicable laws and regulations (including, without limitation, all relevant Environmental Laws) and notify the Agent immediately upon becoming aware of any breach of any such
law or regulation. 

  
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	11.6	Payment of taxes 

 The Borrower shall pay all taxes, assessments and other governmental
charges as they fall due, except to the extent that it is contesting them in good faith by appropriate proceedings and has set aside adequate reserves for their payment if those proceedings fail. 

 

	11.7	Books of account 

 The Borrower shall keep proper books of account in respect of its
business in accordance with IFRS consistently applied and, whenever so requested by the Agent, make them available for inspection by or on behalf of the Agent. 
  

	11.8	Execution of Charter Assignments 

 The Borrower undertakes to procure that, promptly
after the execution of a Long Term Charter, it will: 
  

	 	11.8.1	execute a Charter Assignment in favour of the Security Trustee in respect of that Long Term Charter (unless, despite the commercially reasonable efforts of the Borrower, that Long Term Charter can only be assigned with
the consent of the relevant charterer and the Borrower is unable to obtain the charterer’s consent to the assignment); and 

  

	 	11.8.2	subject to Clause 11.8.1, give notice of the Charter Assignment to the relevant charterer in the form required by the Charter Assignment and use its commercially reasonable efforts to obtain the charterer’s
acknowledgment thereto in the form required by the Charter Assignment). 

  

	11.9	Earnings Account 

 The Borrower undertakes to procure that, with effect from the Initial
Borrowing Date and throughout the remainder of the Security Period, unless and until the Security Trustee shall otherwise direct in accordance with the Account Security Deed, all Earnings due to the Borrower in respect of the Vessels shall be paid
and credited to the Earnings Account. 
 Unless and until an Event of Default has occurred and is continuing (in which case such moneys shall
be applied in accordance with the Account Security Deed), the Borrower shall be entitled to withdraw any and all moneys from time to time credited to the Earnings Account. 
  

	11.10	Restriction on disposals 

 Except as contemplated by Clause 15.2.4 and any other relevant
provision of this Agreement, the Borrower shall not, without the prior consent of the Majority Lenders transfer, lease or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether
related or not except in the usual course of its business and for fair market value. 

  
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	11.11	Incurrence of Financial Indebtedness 

 The Borrower shall not, without the prior consent
of the Majority Lenders, incur any Financial Indebtedness or grant any guarantee in respect of Financial Indebtedness if, as a result of incurring that Financial Indebtedness or incurring the contingent liability under that guarantee (as assessed in
accordance with IFRS), an Event of Default would occur, or one or more of the financial covenants in respect of the Group set out in Clause 13.1 would be breached, on the date of such incurrence. 

 

	11.12	Negative pledge 

 The Borrower shall not, without the prior consent of the Majority
Lenders, create or permit to exist any Encumbrance (other than a Permitted Encumbrance) over any Charged Property, whether present or future (provided that where any such Encumbrance arises in the ordinary course of business, the Borrower shall as
soon as practicably possible discharge it). 
  

	11.13	Restriction on dividends 

 The Borrower shall not declare or pay any dividend, or make
any distribution of any kind or character (whether in cash, property or securities), in respect of any class of the Borrower’s share capital to the holders thereof, or purchase or otherwise acquire any share capital of the Borrower, except as
follows: 
  

	 	11.13.1	payments of aggregate dividends on a semi-annual basis of up to 50% of its semiannual net income; or 

  

	 	11.13.2	payments of aggregate dividends exceeding 50% of its annual net income where such payments have been approved by the Majority Lenders 

provided always that no dividend may be paid if: 
  

	 	(a)	an Event of Default or Potential Event of Default has occurred or will occur as a result of the payment of that dividend; or 

  

	 	(b)	one or more of the financial covenants in respect of the Group set out in Clause 13.1 has been breached or will be breached as a result of the payment of that dividend. 

 

	11.14	No mergers or demergers 

 The Borrower shall not, without the prior consent of the
Majority Lenders, consolidate, amalgamate or merge with any other entity or demerge or enter into any form of reconstruction or reorganisation or do anything analogous thereto which has or could reasonably be expected to have a Material Adverse
Effect. 
  

	11.15	No change to financial year 

 The Borrower shall not, without the prior consent of the
Majority Lenders, alter or extend its financial year for the purposes of the preparation of its accounts. 

  
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	11.16	No change of business 

 The Borrower shall not, without the prior consent of the Majority
Lenders, make or permit to be made any substantial change to the general nature of its business from that permitted to be carried out under its articles of association as in force at the date of this Agreement. 

 

	11.17	Restriction on undertakings with affiliates 

 The Borrower shall not, without the prior
consent of the Majority Lenders, undertake any transaction with any person, company or other entity which is an affiliate of the Borrower (other than another member of the Group) unless such transaction is conducted at arm’s length on normal
commercial terms. 
  

	12.	INFORMATION UNDERTAKINGS 

  

	12.1	Duration of undertakings 

 The undertakings in this Clause 12 shall remain in force from
the date of this Agreement to the end of the Security Period. 
  

	12.2	Financial information 

 The Borrower shall, to the extent that the Agent is unable to
obtain copies from the Borrower’s website, provide to the Agent: 
  

	 	12.2.1	as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower, the audited consolidated accounts of the Group for that financial year, prepared in accordance with IFRS;

  

	 	12.2.2	as soon as possible, but in no event later than 75 days after the end of each financial half-year of the Borrower, the consolidated accounts of the Group for that financial half-year, prepared in accordance with IFRS,
subjected to a limited audit and certified to their correctness by the chief financial officer of the Borrower; 

  

	 	12.2.3	as soon as possible, but in no event later than 60 days after the end of each quarter in each financial year of the Borrower, the Borrower’s press release which shall include its unaudited quarterly income
statement for that relevant quarter certified as to their correctness by the chief financial officer of the Borrower; 

  

	 	12.2.4	together with the audited consolidated accounts referred to in Clauses 12.2.1 and 12.2.2: 

  

	 	(a)	a Compliance Certificate evidencing that as at that date the Borrower is in compliance with all of the financial covenants in respect of the Group as set out in Clause 13.1 and that there is no security shortfall under
Clause 16.2 (or, if not, showing in either case the amount of any shortfall); and 

  

	 	(b)	copies of the valuations of the Vessels obtained by the Borrower in accordance with Clause 16.1 from any two Approved Shipbrokers not earlier than 30 days before the date of such Compliance Certificate;

  
 43 

	 	12.2.5	as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower, a financial projection for the Borrower and the Group for the next 3 years in a format which is acceptable
to the Borrower; 

  

	 	12.2.6	promptly, such further information in the possession or control of the Borrower regarding the financial condition and operations of the Group as the Agent may reasonably request. 

 

	12.3	Notification of material litigation 

 The Borrower shall inform the Agent promptly of any
litigation, arbitration, tax claim or administrative proceeding instituted or (to its knowledge) threatened and of any other occurrence of which it becomes aware which has or could reasonably be expected to have a Material Adverse Effect. 

 

	12.4	Notification of default 

 The Borrower shall promptly after the happening of any Event of
Default or a Potential Event of Default, notify the Agent of that event and of the steps (if any) which are being taken to remedy it. 
  

	12.5	Inspection of books and records 

 The Borrower shall permit one or more representatives
of the Agent, at the request of the Agent, to have reasonable access to its books and records and to inspect the same during normal business hours at its offices upon reasonable prior written notice. 

 

	12.6	“Know your customer” checks 

 The Borrower shall provide the Agent with any
information requested by any Bank in order for that Bank to comply with any anti-money laundering or “know your customer” legislation, regulation or procedures applicable to it from time to time. 

 

	12.7	Provision of further information 

 The Borrower shall promptly provide the Agent with
such other financial and other information concerning itself and its affairs as the Agent may from time to time reasonably require. 
  

	13.	FINANCIAL COVENANTS 

  

	13.1	Covenants 

 The Borrower shall ensure that at all times during the Security Period: 

 

	 	13.1.1	Current Assets exceed Current Liabilities; 

  

	 	13.1.2	Free Liquid Assets are not less than the higher of: 

  

	 	(a)	$50,000,000; and 

  

	 	(b)	5% of the Total Indebtedness; 

  
 44 

	 	13.1.3	the aggregate amount of cash is not less than $30,000,000; and 

  

	 	13.1.4	the ratio of Stockholders’ Equity to Total Assets is not less than 30%. 

  

	13.2	Notice of breach 

 The Borrower shall notify the Agent in writing immediately upon
becoming aware of a breach of any of the financial covenants set out in Clause 13.1. 
  

	13.3	Definitions of financial terms 

 For the purposes of this Clause 13: 

“Available Facilities” means, at any date of determination under this Agreement, the aggregate undrawn amount of any committed
loan or overdraft facilities available to the Borrower or any other member of the Group having a maturity of at least 6 months from that date of determination (including the Facilities provided under this Agreement); 

“Current Assets” means, at any date of determination under this Agreement, the amount of the current assets of the Group
determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in the Latest Balance Sheet and including any amounts available under committed credit lines having maturities of more than 12 months;

 “Current Liabilities” means, at any date of determination under this Agreement, the amount of the current liabilities of
the Group determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in the Latest Balance Sheet; 

“Free Liquid Assets” means, at any date of determination under this Agreement, the aggregate amount of cash (which, for the
avoidance of doubt, shall include cash on debt reserve accounts or other accounts having the same effect), cash equivalents and Available Facilities of the Group determined on a consolidated basis in accordance with IFRS as in effect on date of this
Agreement and as shown in the Latest Balance Sheet but excluding any of those assets subject to an Encumbrance (other than an Encumbrance in favour of the Security Trustee pursuant to this Agreement) at any time; 

“Latest Balance Sheet” means, at any date, the consolidated balance sheet of the Group most recently delivered to the Agent
pursuant to Clause 12.2 and/or most recently publicly available; 
 “Stockholders’ Equity” means, at any date of
determination under this Agreement, the amount of the capital and reserves of the Group determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in the Latest Balance Sheet; 

“Total Assets” means, at any date of determination under this Agreement, the amount of the total assets of the Group
determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in the Latest Balance Sheet; and 

  
 45 

 “Total Indebtedness” means, at any date of determination under this Agreement,
the amount of long-term loans (including finance leases, bank loans and other long-term loans) and short-term loans of the Group determined on a consolidated basis in accordance with IFRS as in effect on the date of this Agreement and as shown in
the Latest Balance Sheet. 
  

	14.	VESSEL UNDERTAKINGS - INSURANCE 

  

	14.1	Duration of undertakings 

 The Borrower undertakes to the Security Trustee to comply with
the undertakings contained in this Clause 14 at all times from the Initial Borrowing Date until the end of the Security Period. 
  

	14.2	Obligatory Insurances 

 The Borrower undertakes in respect of the Vessels: 

 

	 	14.2.1	to effect and maintain sufficient insurances on and over each Vessel in respect of (a) hull and machinery, (ii) hull interest, (iii) freight interest, (iv) protection and indemnity (including oil
pollution risks for each Vessel) and (v) war risks (including piracy, terrorism and confiscation); 

  

	 	14.2.2	to effect such insurances on each Vessel in Dollars and upon such terms as shall from time to time be reviewed by the Security Trustee, but in any event for not less than: 

 

	 	(a)	in the case of hull, machinery and equipment, marine and war risks, on an agreed value basis for whichever is the greater of (i) the market value of the relevant Vessel and (ii) such amount which, when
aggregated with the corresponding insurances on the other Vessels, equals at least 125% of the aggregate amount of the Term Loan and the Revolving Advances, provided however that the amount of hull and machinery cover other than total loss only
cover shall be equal to at least 70% of the market value of the Vessel; and 

  

	 	(b)	in the case of protection and indemnity risks (including pollution risks) for the full value and tonnage of the relevant Vessel, for an aggregate amount equal to the highest level of cover from time to time available
under basic protection and indemnity club entry with a protection and indemnity association belonging to the International Group of Protection and Indemnity Associations; 

 

	 	14.2.3	to effect the Insurances through such brokers (the “approved insurance brokers”) and with such insurance companies, underwriters, war risks associations and/or protection and indemnity associations as
shall from time to time be approved in writing by the Security Trustee (which approval shall not be unreasonably withheld); 

  

	 	14.2.4	to notify the Security Trustee, at least 10 days before the relevant policies or contracts expire, of the relevant brokers and/or insurance companies, underwriters, war risks association and/or protection and indemnity
association through and with whom the Insurances for each Vessel are expected to be renewed; 

  
 46 

	 	14.2.5	to renew the Insurances before the relevant policies or contracts expire, and to procure that the approved insurance brokers or insurers with which the Insurances for a Vessel are effected shall promptly confirm such
renewal in writing to the Security Trustee and inform the Security Trustee of the terms and conditions thereof, as and when the same occurs; 

  

	 	14.2.6	punctually to pay all premiums, calls, contributions or other sums in respect of the Insurances and to produce all relevant receipts when so reasonably required by the Security Trustee; 

 

	 	14.2.7	to arrange for the execution of such guarantees as may from time to time be required by any protection and indemnity or war risks association (if applicable) for or for the continuance of a Vessel’s entry;

  

	 	14.2.8	to procure that notice of assignment to the Security Trustee in respect of each Vessel signed by the Borrower is duly endorsed upon all slips, cover notes, policies, certificates of entry or other instruments of
insurance issued or to be issued in connection with the Insurances for that Vessel, together with a loss payable clause, in each case in such form as may be required by the Security Trustee, all in accordance with usual industry practice;

  

	 	14.2.9	to procure that all such instruments of insurance referred to in Clause 14.2.8 as are effected through the approved insurance brokers shall be deposited with the approved insurance brokers, and that such brokers shall
furnish the Security Trustee with pro forma copies and a letter or letters of undertaking in such form as the Security Trustee may reasonably require having regard to the then current market practice; 

 

	 	14.2.10	to procure that the protection and indemnity association and/or war risks association (if applicable) in which each Vessel is entered shall furnish the Security Trustee with a certified copy of the certificate of entry
for the relevant Vessel and a letter or letters of undertaking in such form as may be required by the Security Trustee together with a certified copy of each certificate of financial responsibility for pollution by oil or other substances in
relation to the Vessel; 

  

	 	14.2.11	without prejudice to the generality of Clauses 14.2.9 and 14.2.10, if any of the Insurances form part of a fleet cover, to use its reasonable endeavours (having regard to then current market practice including the
practice prescribed by the Lloyds Insurance Brokers’ Committee and/or any other professional association of which the approved insurance brokers are members) to procure that the approved insurance brokers shall undertake to the Security Trustee
that they shall neither set off against any claim in respect of any Vessel any premiums or calls due in respect of any other vessel or in respect of other insurances nor cancel any of the Insurances by reason of non payment of premiums or calls due
in respect of any other vessel or in respect of other insurances; 

  
 47 

	 	14.2.12	to comply with all the requirements from time to time applicable to the Insurances, and not to make, do, consent or agree to any act or omission which would or might render any such instrument of insurance invalid,
void, voidable or unenforceable or subject to any material exclusion or qualification or which would render any sum payable under them repayable in whole or in part; 

 

	 	14.2.13	not to employ any Vessel, or suffer any Vessel to be employed, otherwise than in conformity with the terms of the said instruments of insurance (including any express or implied warranties they contain), without first
obtaining the insurers’ consent to such other employment and complying with such requirements as to extra premium or otherwise as the insurers may prescribe, or arranging for additional insurances; 

 

	 	14.2.14	to apply all sums received in respect of the Insurances in accordance with the Finance Documents for the purpose of making good the loss and repairing the damage in respect of which those sums have been received;

  

	 	14.2.15	not to alter any of the terms of any of the instruments of insurance referred to in Clause 14.2.8 if, as a result of such alteration, the position of the Banks would be materially adversely affected; 

 

	 	14.2.16	not without the prior written consent of the Security Trustee (such consent not to be unreasonably withheld) to settle, compromise or abandon any claim under the Insurances in respect of any Vessel for a Total Loss or a
Major Casualty; 

  

	 	14.2.17	to do all things necessary and provide the Security Trustee with all relevant documents, evidence and information as the Security Trustee may require to enable the Security Trustee to collect or recover any moneys in
respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; 

  

	 	14.2.18	to provide the Security Trustee, upon its reasonable request, with copies of all communications of a material nature between the Borrower and the approved insurance brokers or (as the case may be) approved associations
relating to the Insurances of the Vessels in relation to: 

  

	 	(a)	any material condition, qualification or exclusion applicable to those Insurances; 

  

	 	(b)	any actual or potential suspension of any of those Insurances; 

  

	 	(c)	payment of premiums and calls and performance by the Borrower of its other material obligations in respect of those Insurances; 

  

	 	14.2.19	to make or procure that the managers of each Vessel shall make such quarterly voyage declarations as may be required from time to time in accordance with the Insurances, especially in order to maintain cover for trading
in and to the United States of America and the Exclusive Economic Zone (as defined in the United States of America Oil Pollution Act 1990) and shall on request supply the Security Trustee with copies thereof. 

  
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	14.3	MII and MAP Cover 

 The Borrower undertakes to pay to the Security Trustee on demand all
reasonable premiums and other amounts reasonably payable by the Security Trustee in effecting and maintaining on behalf of the Security Trustee a mortgagee’s interest insurance policy and a mortgagee’s interest additional perils
(pollution) policy in respect of the Vessels in such amount and on such terms and conditions as the Security Trustee shall deem appropriate after consulting with the Borrower. 

Notwithstanding the above, if at any time before the date on which the Security Trustee requires any insurances of the nature referred to in
this Clause 14.3 to be effected, the Borrower can demonstrate that a firm of approved insurance brokers is able to arrange those insurances upon the same terms, before that date, for a price lower than that for which any firm of insurance brokers
nominated by the Security Trustee is prepared to arrange those insurances, with a scope of coverage and with underwriters acceptable to the Security Trustee, the Security Trustee shall not unreasonably refuse to effect those insurances through that
firm of insurance brokers so nominated by the Borrower, but only if that firm of insurance brokers will enter into such agreements with the Security Trustee as it may require taking into account the identity of that firm of insurance brokers. 

 

	15.	VESSEL UNDERTAKINGS - OPERATION AND MAINTENANCE 

  

	15.1	Duration of undertakings 

 The Borrower undertakes to the Security Trustee to comply with
the undertakings contained in this Clause 15 at all times from the Initial Borrowing Date until the end of the Security Period, provided that at any time after a Total Loss Event has occurred and is continuing in relation to a Vessel the Borrower
shall not be obliged to perform any of its undertakings under this Clause 15 in respect of that Vessel to the extent that it would be impossible or impractical for it to do so. 

 

	15.2	Ownership and registration 

 The Borrower undertakes: 

 

	 	15.2.1	to keep each Vessel registered under the laws and flag of its Approved Flag State and not to do or suffer to be done anything by which that registration may be forfeited or imperilled; 

 

	 	15.2.2	not to change the port of registration of any Vessel without the prior written consent of the Security Trustee (such consent not to be unreasonably withheld); 

 

	 	15.2.3	to inform the Security Trustee in advance of any change to the name of any Vessel; 

  

	 	15.2.4	unless the Relevant Portion of the Term Loan and the Revolving Advances is prepaid in accordance with Clause 6.4 upon the completion of that sale, not to sell or agree to sell a Vessel or any share in a Vessel without
the prior written consent of the Security Trustee. 

  
 49 

	15.3	Classification, repair and surveys 

 The Borrower undertakes: 

 

	 	15.3.1	to procure that each Vessel is kept in a good and seaworthy state of repair, so as to maintain the highest class with its Classification Society free of overdue recommendations and conditions, and so as to comply with
the provisions of all laws and all other regulations and requirements (statutory or otherwise) from time to time applicable to vessels registered at ports in its Approved Flag State; 

 

	 	15.3.2	to procure that each Vessel is submitted regularly to such periodical or other surveys as may be required for classification and regulatory purposes and, if so required by the Security Trustee, to procure that the
Security Trustee is supplied with copies of all survey reports and class and other certificates issued in this respect; 

  

	 	15.3.3	to procure that all repairs to or replacement of any damaged, worn or lost parts or equipment shall be effected in accordance with the rules and requirements of the Classification Society in such manner (both as regards
workmanship and quality of materials) as not to diminish the value of any Vessel; 

  

	 	15.3.4	not to remove any material part of any Vessel, or any item of equipment installed on it, unless the part or item so removed is promptly replaced by a suitable part or item which (a) is in the same condition as or
better condition than the part or item removed, (b) is free from any Encumbrance (other than a Permitted Encumbrance) or right in favour of any person other than the Security Trustee and (c) becomes on installation on the relevant Vessel
the property of the Borrower and subject to the security constituted by the relevant Mortgage in respect of that Vessel, provided that the Borrower may install and remove equipment owned by a third party if the equipment can be removed without any
risk of damage to the relevant Vessel; 

  

	 	15.3.5	except as required by law or by the Classification Society, not without the prior written consent of the Security Trustee, to cause or permit to be made any substantial change in the structure, type or performance
characteristics of any Vessel which would materially and adversely affect the value of that Vessel. 

  

	15.4	Management 

 The Borrower undertakes: 

 

	 	15.4.1	to procure that at all times each Vessel is managed only by its Manager on the terms of the relevant Management Agreement; 

  

	 	15.4.2	not, without the prior written consent of the Security Trustee (which shall not be unreasonably withheld or delayed), to amend the Management Agreement in respect of any Vessel in any material respect or to terminate or
suffer the termination of any such appointment or to appoint or suffer the appointment of any other managers for that Vessel; and 

  

	 	15.4.3	to procure that on or before the Initial Borrowing Date (or, if later, the date of its appointment) the relevant Manager executes and delivers to the Security Trustee a Manager’s Undertaking in respect of each
Vessel managed by it. 

  
 50 

	15.5	Employment 

 The Borrower undertakes: 

 

	 	15.5.1	not to employ any Vessel, or suffer any Vessel to be employed: 

  

	 	(a)	in any trade or business which is forbidden by the law of its Approved Flag State or of any country to which that Vessel may sail, or which is otherwise illicit; 

 

	 	(b)	in carrying illicit or prohibited goods, or in any manner whatsoever which may render her liable to condemnation in a Prize Court or to destruction, seizure or confiscation; 

 

	 	(c)	in the event of hostilities in any part of the world (whether war be declared or not), in carrying any contraband goods, nor to enter or trade to any zone which is declared a war zone by that Vessel’s war risks
insurers unless the Borrower has effected, at its own expense, special insurance cover for the Vessel in relation thereto; 

  

	 	15.5.2	fully to perform its own obligations under each Long Term Charter in respect of each Vessel; 

  

	 	15.5.3	not, without the prior written consent of the Security Trustee, to let or employ any Vessel on demise charter; 

  

	 	15.5.4	not to employ or permit any member of a Vessel’s crew to be employed in breach of the International Transport Worker’s Federation (ITF) rules and regulations. 

 

	15.6	Inspection; access to records 

 The Borrower undertakes to procure that the Security
Trustee or any representative of the Security Trustee is permitted: 
  

	 	15.6.1	without affecting the relevant Vessel’s daily operations, to board each Vessel at all reasonable times for the purpose of inspecting her condition or satisfying itself as to proposed or executed repairs, and to
afford all proper facilities for such inspections (which inspections shall be at the cost of the Borrower up to a maximum of one inspection per Vessel per calendar year, provided that following the occurrence of an Event of Default which is
continuing, all inspections shall be at the cost of the Borrower); and 

  

	 	15.6.2	at any time after the Borrower has failed to supply such information in accordance with Clause 15.7, with prior notice to the Borrower, to obtain information about each Vessel and her condition from her Classification
Society and the relevant regulatory authorities, to have access to the records of each Vessel maintained by her Classification Society and such authorities and otherwise to communicate direct with each of them as if the Security Trustee were the
owner of the relevant Vessel. 

  
 51 

	15.7	Information 

 The Borrower undertakes: 

 

	 	15.7.1	as soon as practically possible to furnish the Security Trustee, when so reasonably required by it in writing, with a copy of the classification certificate issued by the relevant Classification Society for any Vessel,
all such reasonable information regarding any Vessel, her employment, position and engagements, particulars of all towages and salvages and copies of all charters and other contracts for her employment or otherwise howsoever concerning her and all
such material information as shall be or ought to be supplied to the insurers of any Vessel; 

  

	 	15.7.2	to notify the Security Trustee immediately upon its becoming aware of: 

  

	 	(a)	any accident to a Vessel or incident which is or is likely to be a Major Casualty; 

  

	 	(b)	any occurrence resulting in a Vessel becoming or being likely to become a Total Loss; 

  

	 	(c)	any requirement or recommendation made by any insurer or the relevant Classification Society, or by any competent authority, in respect of a Vessel which is not complied with within any time limit imposed by that
insurer, Classification Society or authority; 

  

	 	(d)	any arrest of a Vessel, or the exercise or purported exercise of any lien on a Vessel or her Earnings or any requisition of a Vessel for hire; 

 

	 	(e)	any hijacking or theft (or attempted hijacking or theft) of a Vessel; 

  

	 	(f)	any other matter, event or incident, actual or threatened, the effect of which will or may lead to the ISM Code or the ISPS Code not being complied with by the Borrower or the relevant Manager or otherwise in connection
with a Vessel. 

  

	15.8	Discharge of debts; avoidance of liens 

 The Borrower undertakes: 

 

	 	15.8.1	unless the same is being contested in good faith by the Borrower, as soon as practically possible to pay and discharge or secure all debts, damages and liabilities whatsoever which the Borrower shall have been called
upon to pay, discharge or secure and which have given, or may give, rise to maritime or possessory liens on or claims enforceable against any Vessel; 

  

	 	15.8.2	 unless the same is being contested in good faith by the Borrower, in the event of arrest of a Vessel pursuant to legal process, or in the event of her
detention in 

  
 52 

	 	
exercise or purported exercise of any such lien, to procure the release of the Vessel from such arrest or detention within 30 days (or such longer period as may be agreed by the Lenders) of
receiving notice of the same by providing bail or otherwise as the circumstances may require; 

  

	 	15.8.3	not without the previous consent in writing of the Security Trustee (as directed by the Majority Lenders) to create or suffer the creation of an Encumbrance (other than a Permitted Encumbrance) over or in respect of any
Vessel or any share in any Vessel; 

  

	 	15.8.4	not without the previous consent in writing of the Security Trustee (as directed by the Majority Lenders) to put or suffer any Vessel to be put into the possession of any person for the purpose of work being done upon
her in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either: 

  

	 	(a)	the cost of that work is fully recoverable under the Insurances of the relevant Vessel; or 

  

	 	(b)	that person has first given to the Security Trustee in terms satisfactory to the Security Trustee a written undertaking not to exercise any lien on the Vessel or her Earnings for the cost of that work or otherwise; or

  

	 	(c)	the Borrower has established to the reasonable satisfaction of the Security Trustee that it has sufficient funds to pay for the cost of that work. 

 

	15.9	Perfection of Mortgage 

 The Borrower undertakes in respect of each Vessel: 

 

	 	15.9.1	to place, and at all times and places to retain, a properly certified copy of the relevant Mortgage on board the Vessel with her papers, and to cause such certified copy and such papers to be exhibited to any and all
persons having business with the Vessel which might give rise to any lien on it other than liens for crew’s wages and salvage and to any representative of the Security Trustee and keep prominently displayed in the chart room and in the
Master’s cabin of the Vessel a framed notice in plain type, reading as follows (or in such other form as the Security Trustee may reasonably require having regard to the laws of the relevant Approved Flag State): 

                       
 “NOTICE OF MORTGAGE 
 This Vessel is subject to a First Priority Mortgage in favour of Nordea Bank Norge ASA as agent and
trustee for and on behalf of itself and certain other banks and financial institutions. Under the terms of the said Mortgage neither the Borrower, any charterer, the Master of this Vessel nor any other person has any right, power or authority to
create, incur or permit to be imposed upon this Vessel any lien whatsoever other than for crew’s wages and salvage”; 
  

	 	15.9.2	to comply with and satisfy all pertinent requirements and formalities to perfect and maintain the relevant Mortgage as a legal, valid and enforceable first priority mortgage over the Vessel. 

  
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	15.10	Environmental undertakings 

 The Borrower undertakes: 

 

	 	15.10.1	to notify the Security Trustee immediately upon its becoming aware of the occurrence of: 

  

	 	(a)	any Environmental Claim against the Borrower or any Relevant Ship; or 

  

	 	(b)	any Environmental Incident which would potentially give rise to any Environmental Claim; 

which, in either case, has affected or could affect the interests of the Banks in a materially adverse way, and to keep the Security Trustee
advised in writing on such regular basis and in such detail as the Security Trustee shall reasonably require of the nature of that Environmental Claim or Environmental Incident and the Borrower’s proposed and actual response thereto; 

 

	 	15.10.2	to comply with and procure that its affiliates comply with all Environmental Laws including, without limitation, requirements relating to manning and establishment of financial responsibility, and to obtain and comply
with, and procure that all such affiliates obtain and comply with, all Environmental Approvals; 

  

	 	15.10.3	to ensure that each Vessel is, at all times, equipped and accredited with any required trading documentation and/or authorisations necessary to legitimise the entry of the Vessel into the waters of any relevant
jurisdiction. Such trading documentation and authorisations shall include, amongst other things, valid certification under the International Convention on Civil Liability for Oil Pollution Damage (as amended) and the International Convention on
Civil Liability for Bunker Oil Pollution Damage, a valid US Coast Guard certificate of financial responsibility (water pollution), a valid certificate from any US state that requires a state equivalent of a certificate of financial responsibility, a
vessel classification certificate and any other credentials as might be, or may come to be, required. Copies of such trading documentation and/or authorisations shall be made available to the Security Trustee as and when requested.

  

	15.11	ISM Code and ISPS Code 

 The Borrower undertakes to comply, and procure compliance by the
relevant Manager and any other operator of each Vessel, with: 
  

	 	15.11.1	all provisions of the ISM Code including, without limitation, obtaining and maintaining in force at all times a valid Document of Compliance in relation to the company responsible for the Vessel’s compliance with
the ISM Code under paragraph 1.1.2 of the ISM Code and a valid Safety Management Certificate in respect of the Vessel as required by the ISM Code; and 

  

	 	15.11.2	 all provisions of the ISPS Code including, without limitation, obtaining and maintaining in force a valid International Ship Security Certificate in
respect of the Vessel as required by the ISPS Code, and ensuring that the Vessel’s security system 

  
 54 

	 	
and its associated security equipment comply with the applicable requirements of Part A of the ISPS Code and of Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS), and that an approved
ship security plan is in place, 

 and to procure that certified copies of all such certificates and other documents are
provided promptly on demand to the Security Trustee. 
  

	16.	VALUATIONS AND ASSET PROTECTION 

  

	16.1	Valuations 

 The Borrower shall arrange at its own expense for valuations of each Vessel
to be carried out on or about each date on which the Borrower is required to provide a Compliance Certificate to the Agent under Clause 12.2.4(a) (and at any other time that the Borrower deems appropriate) in order to determine her market value as
at each such date. Such valuations shall be prepared: 
  

	 	16.1.1	without a physical inspection of the Vessel (at the discretion of the Agent) in Dollars on the basis of a sale for prompt delivery, charter-free, at arm’s length between a willing seller and a willing buyer;

  

	 	16.1.2	by any two Approved Shipbrokers as the Borrower may from time to time select; 

 and the Fair
Market Value of a Vessel shall be the mean average of those valuations, except that: 
  

	 	(a)	where a Vessel is subject to a Mortgage under which the amount recoverable is restricted to a registered maximum mortgage amount, the Fair Market Value of that Vessel shall be restricted to that mortgage amount if the
valuation otherwise determined under this Clause 16.1 would be higher; and 

  

	 	(b)	where a Vessel becomes a Total Loss but the proceeds of the Insurances in respect of that Total Loss have not yet been applied in accordance with Clause 6.4, that Vessel shall be deemed to have a Fair Market Value equal
to its insured value or, if lower, such amount as the Agent determines is reasonably expected to be received from the Vessel’s insurers in respect of the Total Loss. 

Each such valuation shall be conclusive and binding on the Borrower and the Banks save in the case of manifest error. 

 

	16.2	Consequences of security shortfall 

 If the aggregate of (a) the Fair Market Values
of the Vessels determined pursuant to Clause 16.1 and (b) the market value of any additional security previously provided under this Clause 16 is at any time less than 125% of the aggregate of the Term Loan and the Revolving Advances, the
Borrower shall at its own discretion, as soon as possible but in any event not later than 30 days after a written demand by the Agent to make good that shortfall (as directed by the Majority Lenders), either: 

 

	 	16.2.1	provide additional security over cash deposits and/or such other assets and in such form as is acceptable to the Majority Lenders where such cash deposits and/or other assets have an aggregate market value (after
deducting the amount secured by any prior Encumbrances over such assets) at least equal to the shortfall; or 

  
 55 

	 	16.2.2	prepay such part of the Term Loan and/or the Revolving Advances (in the Borrower’s option) as will eliminate the shortfall in accordance with the relevant provisions of Clause 6.7; or 

 

	 	16.2.3	make good the shortfall by combining the provision of additional security under Clause 16.2.1 with a partial prepayment of the Term Loan and/or the Revolving Advances under Clause 16.2.2. 

For the avoidance of doubt, any part of a Revolving Advance prepaid under this Clause 16.2 may be redrawn as long as the conditions precedents
to drawdown set out in Clause 4.5 are satisfied. 
  

	16.3	Valuation of additional security 

 The market value of any additional security provided
or to be provided under this Clause 16 shall be determined at the cost of the Borrower on such basis and by such independent valuers as the Borrower and the Agent may agree (or, in the absence of such agreement, on such basis and by such independent
valuers as shall reasonably be selected by the Agent), subject to the following: 
  

	 	16.3.1	the value of any cash collateral in Dollars will be valued at its principal amount; and 

  

	 	16.3.2	any additional vessel will be valued in accordance with Clause 16.1. 

  

	16.4	Agent’s right to obtain valuations after Event of Default 

 If an Event of Default
has occurred and is continuing, the Agent shall be entitled from time to time to obtain its own valuations of: 
  

	 	16.4.1	the Vessels or any additional vessel in accordance with Clause 16.1 from any two Approved Shipbrokers selected by the Agent; and/or 

  

	 	16.4.2	any other additional security in accordance with Clause 16.3 from such independent valuers as the Agent shall select, 

and the Borrower shall reimburse the Agent on demand for the costs of each such valuation. The Borrower undertakes to provide, and shall
procure that the Borrower provides, such assistance as the Agent shall require in connection with all valuations obtained by the Agent in accordance with this Clause 16.4. 

  
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	17.	EVENTS OF DEFAULT 

  

	17.1	Defaults 

 Each of the following events or circumstances is an Event of Default: 

 

	 	17.1.1	Non-payment An Obligor does not pay on the due date any amount payable pursuant to the Finance Documents at the place and in the currency in which it is expressed to be payable or, in respect of moneys payable on
demand, (unless otherwise specifically provided) within 3 Banking Days from the date of demand, unless the non-payment: 

  

	 	(a)	is caused by technical or administrative error and is remedied within 3 Banking Days of the due date; or 

  

	 	(b)	is caused by a Disruption Event and is remedied within 3 Banking Days of the due date. 

  

	 	17.1.2	Insurances Any Vessel is not, or ceases to be, insured in the relevant amount and on the relevant terms specified in Clause 14 or the Owner fails to comply with any of its other material (in the Agent’s
reasonable opinion) obligations in respect of the Insurances. 

  

	 	17.1.3	Other obligations An Obligor does not comply with any provision of the Finance Documents other than those referred to in Clauses 17.1.1 and 17.1.2 provided that no Event of Default will occur under this Clause
17.1.3 if: 

  

	 	(a)	such failure to comply relates to a breach of the financial covenants set out in Clause 13.1 (in which case the mandatory prepayment provisions of Clause 6.6 shall apply but the breach shall not constitute an Event of
Default); or 

  

	 	(b)	such failure to comply is capable of remedy (in the Agent’s reasonable opinion) and is remedied within 30 days of the Agent giving notice to the Borrower or the Borrower becoming aware of the failure to comply,
whichever date occurs earlier. 

  

	 	17.1.4	Misrepresentation 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 an Obligor under or in connection with any
Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	17.1.5	Cross default 

  

	 	(a)	Any repayment of principal in respect of, or any payment of interest on, any Financial Indebtedness of an Obligor is not paid when due nor within any originally applicable grace period (unless the due date for payment
thereof is rescheduled with the agreement of the relevant creditor before the expiry of any such grace period); or 

  

	 	(b)	any Financial Indebtedness of an Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described); or 

  
 57 

	 	(c)	any commitment to an Obligor for any Financial Indebtedness is cancelled by a creditor of that Obligor by reason of an event of default (however described); or 

 

	 	(d)	any Financial Indebtedness of an Obligor becomes capable of being declared due and payable prior to its specified maturity or any commitment to an Obligor for any Financial Indebtedness becomes capable of being
cancelled in either case as a result of an event of default (however described) and the event giving rise to that event of default is not waived or remedied to the satisfaction of the relevant creditor within 30 days of its occurrence;

 provided that no Event of Default will occur under this Clause 17.1.5 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than $10,000,000 (or its equivalent in any other currency or currencies). 
  

	 	17.1.6	Insolvency 

  

	 	(a)	An Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with its
creditors generally or any class of creditors with a view to rescheduling any of its indebtedness; or 

  

	 	(b)	the value of the assets of an Obligor is less than its liabilities (taking into account contingent and prospective liabilities); or 

  

	 	(c)	a moratorium is declared in respect of any indebtedness of an Obligor. 

  

	 	17.1.7	Insolvency proceedings 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 a
solvent liquidation or reorganisation of an Obligor other than the Borrower; or 

  

	 	(b)	a composition, compromise, assignment or arrangement with any class of creditors of an Obligor; or 

  

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of an Obligor other than the Borrower), receiver, administrative receiver, administrator, compulsory manager or other similar officer in
respect of an Obligor or any of its assets; or 

  

	 	(d)	enforcement of any Encumbrance over any assets of an Obligor, 

 or any analogous procedure or
step is taken in any jurisdiction. 

  
 58 

	 	17.1.8	Creditors’ process Any expropriation, attachment, sequestration, distress or execution by a creditor affects any asset or assets of an Obligor having an aggregate value of at least $10,000,000 and is not
discharged within 30 days (unless the same is capable of appeal and is being contested in good faith by the relevant Obligor, in which case, as long as the Obligor continues its appeal in good faith, it shall only be an Event of Default if such
appeal fails and such expropriation, attachment, sequestration, distress or execution is not discharged within 30 days of the date on which the Obligor’s final appeal is dismissed). 

 

	 	17.1.9	Security imperilled Anything is done, suffered or omitted to be done or occurs which, in the reasonable opinion of the Majority Lenders, would in any way imperil the security created by the Finance Documents.

  

	 	17.1.10	Change or cessation of business The Borrower ceases, or threatens to cease, to carry on its business, or a material part of its properties or assets is seized or nationalised, appropriated or compulsorily
purchased by or under the authority of any government, and such cessation, disposal, seizure, nationalisation, appropriation or compulsory purchase, in the reasonable opinion of the Majority Lenders, does or would have a Material Adverse Effect.

  

	 	17.1.11	Unlawfulness, impossibility or repudiation It becomes impossible or unlawful for an Obligor to fulfil any of its obligations under the Finance Documents, or for any Bank to exercise any of the rights vested in it
by, or to enforce the security constituted by, the Finance Documents, or any of the Finance Documents for any reason becomes invalid or unenforceable or ceases to be in full force and effect or (save to the extent that it ranks behind a Permitted
Encumbrance arising by operation of law) loses its first priority ranking or an Obligor repudiates any of the Finance Documents. 

  

	 	17.1.12	Revocation or modification of authorisations Any licence, approval, consent, authorisation or registration at any time necessary or desirable for the validity, enforceability or admissibility in evidence of the
Finance Documents, or for an Obligor to comply with its obligations under them, or in connection with the ownership or operation of any Vessel, is revoked, withheld or expires, or is modified in what the Majority Lenders reasonably consider a
material respect. 

  

	 	17.1.13	Breach of Environmental Law The Borrower fails to comply with any Environmental Law or any Environmental Approval or any Relevant Ship is involved in any incident which gives rise to an Environmental Claim if, in
any such case, that non-compliance or incident or the consequences of it would, in the reasonable opinion of the Majority Lenders, have a Material Adverse Effect. 

 

	 	17.1.14	Material Adverse Change There is any Material Adverse Change. 

  
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	17.2	Banks’ remedies 

 Upon the occurrence of an Event of Default and at any time whilst
it is still continuing, without prejudice to any of the rights and remedies of the Agent and/or the other Banks under any of the other Finance Documents or otherwise: 
  

	 	17.2.1	the Agent may, and shall if so requested by the Majority Lenders, take any one or more of the following actions: 

  

	 	(a)	by written notice to the Borrower declare the Total Commitments of the Lenders cancelled, whereupon they shall be cancelled; 

  

	 	(b)	by written notice to the Borrower demand the immediate repayment of the Term Loan and Revolving Advances, all interest accrued thereon and all other Outstanding Indebtedness, whereupon such amount shall become
immediately due and payable; 

  

	 	(c)	take steps to exercise the rights and remedies conferred upon the Agent and/or the other Banks by this Agreement and the other Finance Documents and exercisable on or after the occurrence of an Event of Default; and

  

	 	17.2.2	the Security Trustee may, and shall if so requested by the Majority Lenders, take steps to enforce the security created by the Finance Documents and/or otherwise exercise the rights and remedies conferred on the
Security Trustee by this Agreement and the other Finance Documents or otherwise under any applicable law and exercisable on or after the occurrence of an Event of Default. 

 

	18.	FEES, EXPENSES AND INDEMNITIES 

  

	18.1	Fees 

 The Borrower shall pay to the Agent: 

 

	 	18.1.1	quarterly in arrears on 31 March, 30 June, 30 September and 31 December and on the Initial Borrowing Date (or, if earlier, the date on which the Total Commitments are cancelled in full) during the
period from the date of this Agreement until the Initial Borrowing Date (or such earlier date on which the Total Commitments are cancelled in full), for the account of the Lenders, a ticking fee computed at an annual rate equal to 35% of the
Applicable Margin on the aggregate of the Total Term Commitments and the Total Revolving Commitments, for distribution to the Lenders pro rata in accordance with their Commitments; 

 

	 	18.1.2	quarterly in arrears on 31 March, 30 June, 30 September and 31 December and on the Maturity Date (or, if earlier, the date on which the Total Commitments are cancelled in full) during the period from
the Initial Borrowing Date until the Maturity Date (or such earlier date on which the Total Commitments are cancelled in full), for the account of the Lenders, a commitment fee computed at an annual rate equal to 40% of the Applicable Margin on the
Total Available Revolving Commitments, for distribution to the Lenders pro rata in accordance with their Revolving Commitments; and 

  

	 	18.1.3	on the date of this Agreement or as otherwise agreed, such other fees in such amounts as has been agreed in writing between the Agent and the Borrower in one or more fee letters dated on or before the date of this
Agreement (each such fee to be for the account of the relevant Banks as specified in the fee letter applicable to it). 

  
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	18.2	Indemnity against costs 

 The Borrower shall pay to the Agent on demand, and the Borrower
shall indemnify and keep each Bank indemnified against, all costs, charges, expenses, claims, liabilities, losses, duties and fees (including, but not limited to, legal fees and expenses on a full indemnity basis) and taxes thereon suffered or
reasonably incurred by that Bank: 
  

	 	18.2.1	in the negotiation, preparation, printing, execution and registration of this Agreement and the other Finance Documents; 

  

	 	18.2.2	in collating, monitoring and otherwise attending to the relevant conditions precedent to the Signing Date and to the Advances to be drawn on the Initial Borrowing Date; 

 

	 	18.2.3	in the enforcement or preservation or the attempted enforcement or preservation of any of the rights and powers of the Banks (or any of them) under this Agreement and the other Finance Documents or of the security
constituted by the Finance Documents; 

  

	 	18.2.4	in connection with any actual or proposed amendment of or supplement to this Agreement or any other Finance Document, or with any request to the Banks (or any of them) to grant any consent or waiver in respect of any
provision of this Agreement or any other Finance Document, whether or not it is given, 

 provided that the Borrower shall not
be liable to reimburse the costs of any legal advisers in respect of the matters referred to in Clauses 18.2.1 and 18.2.2 except the legal fees and disbursements of Holman Fenwick Willan LLP as counsel to the Agent and the fees and disbursements of
the legal counsel who are to render opinions in respect of any of the Finance Documents or to deal with the preparation and/or registration of any of the Mortgages or other Finance Documents on behalf of the Agent. 

 

	18.3	Documentary taxes 

 The Borrower shall promptly pay all stamp duty, registration and
other similar taxes payable on or by reference to any Finance Document and shall indemnify the Banks on the Agent’s written demand against any and all claims, expenses, liabilities and losses resulting from any failure or delay by the Borrower
to pay any such duty or tax. 
  

	18.4	Tax indemnity 

 The Borrower shall indemnify each Bank on the Agent’s written demand
against any loss, liability or cost suffered for or on account of tax by that Bank in respect of a Finance Document under any laws in effect (and as interpreted, administered and applied) at the date of this Agreement, except that the indemnity
under this Clause 18.4 shall not apply: 
  

	 	18.4.1	with respect to any tax assessed on a Bank: 

  

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

 

	 	(b)	under the law of the jurisdiction in which that Bank’s Lending Office is located in respect of amounts received or receivable in that jurisdiction, 

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

	 	18.4.2	to the extent a loss, liability or cost is compensated for by a payment under Clause 9.2; or 

  

	 	18.4.3	to the extent that Clause 24.12 applies. 

 For the avoidance of doubt, any loss, liability or
cost suffered for or on account of tax by a Bank in respect of a Finance Document as a result of the introduction of, or any change in (or in the interpretation, administration or application of), any law or regulation after the date of this
Agreement, or the compliance with any law or regulation made after the date of this Agreement, shall be indemnified in accordance with the provisions of Clause 18.7 which shall apply thereto. 

 

	18.5	Break costs and other general indemnities 

 The Borrower shall pay to the Agent on
demand, and the Borrower shall indemnify each Bank against all Break Costs and any other actual losses, expenses or liabilities (as to the amount of which the Agent’s certificate shall be conclusive and binding upon the Borrower, except in case
of manifest error) suffered or reasonably incurred by that Bank in connection with or as a result of: 
  

	 	18.5.1	an Advance not being drawn for any reason in full on the Drawdown Date specified in the relevant Notice of Drawdown, other than as a result of a default by that Bank; 

 

	 	18.5.2	any repayment or prepayment of the whole or any part of the Term Loan or any Revolving Advance being made on any date other than the last day of an Interest Period applicable to it; 

 

	 	18.5.3	any default in payment by the Borrower of any sum due under this Agreement and/or the other Finance Documents on its due date; or 

  

	 	18.5.4	the occurrence or continuance of an Event of Default and/or a Potential Event of Default. 

  

	18.6	Currency indemnity 

 If any sum due from the Borrower under this Agreement or any other
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 making or filing a claim or proof against the Borrower or obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, the Borrower shall as an
independent obligation, within 3 Banking Days of demand, indemnify each Bank to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (a) the rate of exchange
used to convert that Sum from the First Currency into the Second Currency and (b) the rate or rates of exchange available to that Bank at the time of its receipt of that Sum. 

  
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	18.7	Increased costs 

 If, as result of the introduction of or any change in (or in the
interpretation, administration or application of) any law or regulation after the date of this Agreement or the compliance with any law or regulation made after the date of this Agreement, any Bank suffers or incurs an Increased Cost, it shall
promptly notify the Agent upon becoming aware of that event, whereupon, subject to Clause 18.8 and Clause 24.12: 
  

	 	18.7.1	the Agent shall immediately notify the Borrower thereof; 

  

	 	18.7.2	the relevant Bank shall, following consultation with the Borrower, use all reasonable efforts within a period of 60 days from the date of the Agent’s notice under Clause 18.7.1(the “Remedy Period”)
to avoid the effects of such event and in particular shall consider, subject to obtaining any necessary consents, transferring at par its rights and obligations under this Agreement to another legal entity approved by the Borrower not affected by
such law or regulation; 

  

	 	18.7.3	if the relevant Bank, having used all reasonable efforts as required under Clause 18.7.2, is unable to avoid the effects of such event during the Remedy Period, the Borrower shall indemnify the relevant Bank against all
Increased Costs suffered or incurred by that Bank or any of its affiliates by paying to the Agent for the account of the relevant Bank within 3 Banking Days of a demand by the Agent the amount of such Increased Costs so suffered or incurred from
time to time as certified by that Bank to the Agent; 

  

	 	18.7.4	without prejudice to Clause 18.7.3, if the relevant Bank is a Lender, the Borrower shall have the right at any time (whether during or after the Remedy Period), upon giving 3 Banking Days notice to the Agent, to prepay
that Lender’s Contribution or, to the extent permitted thereunder, to exercise its rights under Clause 24.14 in respect of that Lender. 

  

	18.8	Exceptions to increased costs provisions 

 Clause 18.7 does not apply to the extent any
Increased Cost is: 
  

	 	18.8.1	compensated for by a payment under Clause 9.2 or Clause 18.4; or 

  

	 	18.8.2	compensated for by the payment of the Mandatory Cost; or 

  

	 	18.8.3	attributable to any tax assessed on a Bank: 

  

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

 

	 	(b)	under the law of the jurisdiction in which that Bank’s Lending 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
overall net income received or receivable (but not any sum deemed to be received or receivable) by that Bank; or 

  
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	 	18.8.4	attributable to the wilful breach by that Bank or its affiliates of any law or regulation; or 

  

	 	18.8.5	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 (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application or compliance is by a government,
regulator, Bank or any of its affiliates) but, for the avoidance of doubt, shall not include any amendment to Basel II taking account of or incorporating any measure from the Basel III Paper or any law or regulation implementing the Basel III Paper,
in each case irrespective of whether the Basel III Paper is introduced by way of a separate framework, by way of one or more amendments to Basel II or by way of incorporation into Basel II. 

For the purposes of this Clause 18.8, “Basel III Paper” means any of the agreements reached on 26 July 2010 and
12 September 2010 by the Groups of Governors and Heads of Supervision of the Basel Committee on Banking Supervision, the paper “The Basel Committee’s response to the financial crisis: report to the G20” published by the
Basel Committee on Banking Supervision in October 2010, the documents “Basel III: A global regulatory framework for more resilient banks and banking systems” and “Basel III: International framework for liquidity risk
measurement, standards and monitoring” both published by that committee in December 2010 or any follow-up agreement or paper from that committee. 
  

	18.9	Survival of indemnities 

 The indemnities contained in this Agreement and the other
Finance Documents shall continue in full force and effect after the full and final discharge of the Outstanding Indebtedness with respect to matters arising prior to that discharge. 

 

	19.	THE AGENT 

  

	19.1	Appointment of Agent 

 Each Lender irrevocably appoints and authorises the Agent to act
as its agent under this Agreement and the other Finance Documents. 
  

	19.2	Agent’s powers and discretions 

 The Agent shall have such powers and discretions:

  

	 	19.2.1	which are expressly delegated to the Agent by the terms of this Agreement and the other Finance Documents; 

  

	 	19.2.2	which the Majority Lenders consider appropriate and give to the Agent (generally or in a particular case) with the Agent’s consent; and 

 

	 	19.2.3	which the Agent considers to be reasonably incidental to the discharge and performance of any of its functions under this Agreement or any of the Finance Documents or otherwise appropriate in the context of those
functions, including the exercise of any powers given to it by the Majority Lenders. 

  
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	19.3	Agent is agent only 

 The relationship between the Agent and each Lender is that of agent
and principal only. Nothing in this Agreement or the Finance Documents shall constitute the Agent a trustee or fiduciary for any Lender or any other person and no action taken by the Lenders pursuant hereto or thereto, shall be deemed to constitute
the Lenders a partnership, association, joint venture or other entity. 
  

	19.4	Agent’s responsibility to Borrower 

 In performing its functions and duties under
this Agreement and the other Finance Documents, the Agent shall act solely as agent of the Lenders and does not assume and shall not be deemed to have assumed any responsibility, liability or obligation (whether fiduciary or otherwise) towards, or
relationship of agency or trust with or for, the Borrower except for liability in circumstances where it is not acting in good faith or lawfully or where it acts in breach of the provisions of this Agreement and/or any other Finance Document. 

 

	19.5	Matters within Agent’s authority 

 Subject to Clause 19.6 and the other provisions
of this Agreement and the other Finance Documents, the Agent is irrevocably authorised by the Lenders in their name and on their behalf (and shall, if so directed by written notice from the Majority Lenders after the Lenders shall have consulted for
a period of not less than 5 days, which direction shall be binding on all the Lenders): 
  

	 	19.5.1	to waive, modify, vary or otherwise amend or excuse performance of any provisions of this Agreement or any of the Finance Documents; and 

 

	 	19.5.2	to enforce or take or refrain from taking any other action or proceedings with regard to this Agreement or any of the Finance Documents, 

 

	19.6	Notification of proposed waivers and amendments 

 Except in cases where the Agent is of
the opinion that the Lenders would be prejudiced by any delay in the Agent enforcing or taking action, in which event the Agent may, but shall not be obliged to, enforce or take action without prior notification to the Lenders, the Agent shall be
obliged to notify the Lenders if it proposes to waive, modify, vary or otherwise amend or excuse performance of any provision of this Agreement or any of the Finance Documents or to enforce or take or refrain from taking any action under Clause 17.2
and the Agent shall not be entitled to proceed with that proposal unless the Majority Lenders shall give notice to the Agent agreeing to that proposal. The Agent shall be entitled to cancel that proposal if written notice pursuant to this Clause
19.6 is not received within 5 days of the Lenders being so notified by the Agent. 

  
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	19.7	Agent to act in accordance with instructions of Majority Lenders 

 Subject to Clause
19.14 and any other provision of this Agreement and the other Finance Documents which expressly requires the Agent to act in accordance with the instructions of all the Lenders, the Agent agrees to act with respect to this Agreement and the other
Finance Documents in accordance with the written instructions of the Majority Lenders. Any such instructions given by the Majority Lenders shall be binding on all the Banks. In the absence of any instructions (and provided that it is not explicitly
required to obtain the consent of the Lenders or Majority Lenders pursuant to any relevant provision of this Agreement or the Finance Documents) the Agent shall be entitled (but not bound) to give or withhold its consent or approval in such manner
as it considers to be in the interests of all the Lenders without obtaining instructions from, or consulting with, all or any of the Lenders. 
  

	19.8	Agent not required to act 

 In no event shall the Agent be required to take any action
which exposes, or is likely to expose, the Agent to personal liability or which is contrary to the provisions of: 
  

	 	19.8.1	this Agreement or any of the Finance Documents; or 

  

	 	19.8.2	any law, regulation or directive. 

  

	19.9	Provision of copy documents to Lenders 

 The Agent shall furnish each Lender: 

 

	 	19.9.1	with copies of any documents received by it under Clause 11.2 (but the Agent shall not be obliged to review or check the accuracy or completeness thereof); 

 

	 	19.9.2	if requested by that Lender, with copies of all documents received by the Agent under Clause 4.4; 

  

	 	19.9.3	with details of any communication received from the Borrower or any other Obligor referring to this Agreement and which: 

  

	 	(a)	contains a request for a consent or waiver which, under the terms of this Agreement or any Finance Document, requires the consent of the Lenders or the Majority Lenders; or 

 

	 	(b)	states that an Event of Default or Potential Event of Default has occurred and is continuing; or 

  

	 	(c)	contains any other request or information which, in the reasonable opinion of the Agent, is of a material nature. 

  

	19.10	Provision of copy communications to Agent 

 Each Lender will, promptly after receipt or
despatch thereof, forward to the Agent a copy of any communication: 
  

	 	19.10.1	sent by that Lender to the Borrower or any other Obligor; or 

  

	 	19.10.2	received by that Lender from the Borrower or any other Obligor and, in each case, relating to this Agreement or any of the Finance Documents. 

  
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	19.11	Distributions of sums received and deductions by Agent 

 The Agent shall (subject to
Clause 8.3) distribute promptly to each Lender its due proportion of all sums received by the Agent on behalf of the Lenders under this Agreement or any of the other Finance Documents, subject to the Agent’s right to deduct and withhold from
any such payment any amount which is then (or which will, upon demand by the Agent, become) due and payable to the Agent from that Lender. 
  

	19.12	Agent’s retention of fees and expenses 

 The Agent may retain for its own use and
benefit (and shall not be liable to account to any Lender for all or any part of) any sums received by it by way of fees (and not payable to any Lender) or by way of reimbursement of expenses incurred by it. 

 

	19.13	Waiver on instructions of Majority Lenders 

 Save in respect of: 

 

	 	19.13.1	any provision which may only be waived or amended with the consent of all the Lenders and/or the relevant Service Bank (as the case may be) as specified in Clause 19.14 or Clause 19.17; 

 

	 	19.13.2	any provision which is stated to be expressly for the benefit of a Bank other than the Lenders generally; and 

  

	 	19.13.3	any other matter which, under the terms of this Agreement or any other Finance Document, expressly requires the consent or approval of all the Lenders, 

the provisions of this Agreement and any other Finance Document may be waived, and (subject to the written agreement of each of the other
parties thereto, other than the Banks) varied or amended, by the Agent acting on the written instructions of the Majority Lenders, in each case evidenced by an instrument in writing, and any such waiver, variation or amendment shall be binding upon
all the Banks. 
  

	19.14	Consent of Agent and all Lenders required 

 Nothing in Clause 19.13 shall authorise the
effecting, without the prior written consent of the Agent and all the Lenders, of: 
  

	 	19.14.1	any change in the Applicable Margin or in the definitions of “Majority Lenders” or “Finance Documents”; 

 

	 	19.14.2	any change in the date for, or alteration in the amount (or the basis of determining the amount) of, any payment of principal, interest or fees payable to all the Lenders generally; 

 

	 	19.14.3	any change in a Lender’s Commitment; 

  
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	 	19.14.4	any extension of the Availability Period relating to a Facility; 

  

	 	19.14.5	any proposed substitution or replacement of the Borrower; 

  

	 	19.14.6	any change to Clauses 3, 4, 5, 6, 7, 8.2, 23 and 30; 

  

	 	19.14.7	any change to this Clause 19.14; 

  

	 	19.14.8	the release or material variation of any of the security created by or pursuant to the Finance Documents or any of them; or 

  

	 	19.14.9	any other matter in respect of which the terms of this Agreement or any of the Finance Documents expressly requires the agreement of all the Lenders. 

 

	19.15	Borrower’s reliance upon Agent 

 At all times throughout the Security Period the
Borrower shall be entitled to rely upon the advice of the Agent as to the giving of any approvals or consents or the exercise of any discretions by the Lenders or any other act of the Lenders as required by this Agreement and/or any other Finance
Document. 
  

	19.16	Lenders to be informed 

 The Agent shall, subject to Clause 19.6, at all times keep the
Lenders informed of each and every approval or consent given and each exercise of any such discretion and each performance of any such other act which the Agent may have performed on behalf of the Lenders as required by this Agreement or any of the
Finance Documents. 
  

	19.17	Consent of Service Bank required 

 Notwithstanding the provisions of Clauses 19.13 and
19.14, no provision of this Agreement or of any other of the Finance Documents which in any way relates to the rights, duties, functions, powers or responsibilities of a Service Bank may be amended, waived or suspended without the prior consent of
that Service Bank. 
  

	20.	THE SECURITY TRUSTEE 

  

	20.1	Trust Property defined 

 In this Agreement, “Trust Property” means: 

 

	 	20.1.1	all rights, title and interests that may be mortgaged, charged, pledged or assigned in favour of the Security Trustee under or by virtue of the Finance Documents; 

 

	 	20.1.2	all rights granted to, or held or exercisable by, the Security Trustee by virtue of this Agreement and the other Finance Documents; 

  

	 	20.1.3	all moneys and other assets, which are received or recovered by or on behalf of the Security Trustee under or by virtue of any of the foregoing rights, including as a result of the enforcement or exercise of any such
right; and 

  

	 	20.1.4	all moneys and other assets accrued in respect of or derived from any of the foregoing. 

  
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	20.2	Duties of Security Trustee 

 The Security Trustee shall: 

 

	 	20.2.1	hold the Trust Property on trust for the Banks in accordance with provisions of this Agreement and the other Finance Documents; and 

  

	 	20.2.2	perform and exercise the rights and benefits vested in it and deal with the Trust Property in accordance with the provisions of this Agreement and the other Finance Documents. 

 

	20.3	Security Trustee’s responsibility to Obligors 

 The Security Trustee does not assume
and shall not be deemed to have assumed any responsibility, liability or obligation (whether fiduciary or otherwise) towards, or relationship of agency or trust with or for, the Borrower or any other Obligor in any circumstances whatsoever except
for liability in circumstances where it is not acting in good faith or lawfully or where it acts in breach of the provisions of this Agreement and/or any other Finance Document. 

 

	20.4	Security Trustee’s powers and discretions 

 The Security Trustee shall have such
powers and discretions: 
  

	 	20.4.1	which are expressly delegated to the Security Trustee by the terms of this Agreement and the other Finance Documents; 

  

	 	20.4.2	which the Majority Lenders (or, in respect of any powers or discretions which by their terms would otherwise have to be exercised by all the Lenders together) the Lenders consider appropriate and give to the Security
Trustee (generally or in a particular case) with the Security Trustee’s consent; 

  

	 	20.4.3	which the Security Trustee considers to be reasonably incidental and conducive to the discharge and performance of any of its functions under this Agreement or any of the Finance Documents or otherwise appropriate in
the context of those functions, including the exercise of any powers given to it by the Majority Lenders; and 

  

	 	20.4.4	which are conferred on a trustee by the Trustee Act 1925 and/or the Trustee Act 2000 and any other applicable law for the time being in force. 

 

	20.5	Security Trustee appointed by the Banks as representative for the purposes of the French law Mortgages 

For the purpose of the Mortgages to be made over those Vessels whose Approved Flag State is France, each Bank appoints the Security Trustee
pursuant to article 2328-1 of the French Civil Code (Code Civil) to be its representative under and in connection with those Mortgages (in accordance with which, each of the Banks hereby designates the Security Trustee to

  
 69 

 
represent it for the creation, registration, administration and enforcement of all security interests in rem granted in its favour by the Borrower under such Mortgages to secure the Outstanding
Indebtedness). 
  

	20.6	Security Trustee to act in accordance with instructions of Majority Lenders 

 Subject to
the provisions of the Agreement and the other Finance Documents, the Security Trustee agrees to act with respect to this Agreement and the other Finance Documents in accordance with the written instructions of the Agent, or, if the Agent and the
Security Trustee are the same person, the Majority Lenders. Any such instructions given by the Majority Lenders shall be binding on all the Banks. In the absence of any instructions (and provided that it is not explicitly required to obtain the
consent of the Majority Lenders or any other Banks pursuant to any relevant provision of the Finance Documents) the Agent shall be entitled (but not bound) to give or withhold its consent or approval in such manner as it considers to be in the
interests of all the Banks without obtaining instructions from, or consulting with, all or any of the Banks. 
  

	20.7	Security Trustee not required to act 

 In no event shall the Security Trustee be required
to take any action which exposes, or is likely to expose, the Security Trustee to personal liability or which is contrary to the provisions of: 
  

	 	20.7.1	this Agreement or any of the Finance Documents; or 

  

	 	20.7.2	any law, regulation or directive. 

  

	20.8	Provision of copy documents to Banks 

 The Security Trustee shall furnish the Agent, or,
if the Agent and the Security Trustee are the same person, each Lender with copies of any documents received by it under or in connection with this Agreement or any Finance Documents which it considers to be of material importance to the Banks. 

 

	20.9	Transfer of moneys to Agent 

 The Security Trustee shall, except as expressly stated to
the contrary in this Agreement or any Finance Document, transfer any moneys forming part of the Trust Property to the Agent for application in accordance with the relevant provisions of this Agreement and the other Finance Documents, subject to the
Security Trustee’s right to deduct and withhold from any such payment any amount which is then (or which will, upon demand by the Security Trustee, become) due and payable to it, or to any receiver or agent appointed by it, under this Agreement
and the other Finance Documents. 
  

	20.10	Security Trustee’s retention of fees and expenses 

 The Security Trustee may retain
for its own use and benefit (and shall not be liable to account to any other Bank for all or any part of) any sums received by it by way of fees (and not payable to any other Bank) or by way of reimbursement of expenses incurred by it. 

  
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	20.11	Release of security 

 At the end of the Security Period the Security Trustee shall,
following a request from the Borrower, release without any recourse, warranty or covenants for title whatsoever, all security granted to it pursuant to the Finance Documents then held by it, whereupon the Security Trustee shall be discharged from
all liabilities and obligations under this Agreement and the other Finance Documents. Any costs associated with the release of any security shall be for the cost of the Borrower. 

 

	20.12	Perpetuity period 

 The perpetuity period applicable to the trusts created by this Clause
20 is 125 years from the date of this Agreement. 
  

	20.13	Parallel debt 

  

	 	20.13.1	Notwithstanding any other provision of this Agreement the Borrower irrevocably and unconditionally undertake to pay to the Security Trustee, as creditor in its own right and not as representative of the Banks, sums
equal to and in the currency of each amount payable by the Borrower to each of the Banks under or by virtue of this Agreement and the other Finance Documents as and when that amount falls due for payment thereunder or would have fallen due but for
any suspension of payment, moratorium, discharge by operation of law or analogous event. 

  

	 	20.13.2	The Security Trustee shall have its own independent right to demand payment of the amounts payable by the Borrower under this Clause 20.13, irrespective of any suspension, extinction or any other discharge for any
reason whatsoever (otherwise than by payment) of the Borrower’s obligation to pay those amounts to the Banks other than a discharge by virtue of payment which those Banks are entitled to retain. 

 

	 	20.13.3	Any amount due and payable by the Borrower to the Security Trustee under this Clause 20.13 shall be decreased to the extent that the Banks have received (and are able to retain) payment in full of the corresponding
amount under the other provisions of this Agreement and the other Finance Documents and any amount due and payable by the Borrower to the Banks under those provisions shall be decreased to the extent that the Security Trustee has received (and is
able to retain) payment in full of the corresponding amount under this Clause 20.13. 

  

	 	20.13.4	The rights of the Banks (other than the Security Trustee) to receive payment of amounts payable by the Borrower under this Agreement and the other Finance Documents are several and are separate and independent from, and
without prejudice to, the rights of the Security Trustee to receive payment under this Clause 20.13. 

  

	 	20.13.5	Any amounts received by the Security Trustee shall, to the extent permitted by the mandatory provisions of the applicable law, be applied in accordance with Clause 8.2. 

  
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	21.	RETIREMENT OR REPLACEMENT OF A SERVICE BANK 

  

	21.1	Resignation of Service Bank 

 The following provisions apply where a Service Bank wishes
to resign from its role as such or, as the case may be, the Majority Lenders require it to resign from such role: 
  

	 	21.1.1	A Service Bank may at any time resign from its role under this Agreement and appoint one of its affiliates as its successor by giving the Obligors and the other Banks written notice to that effect 

 

	 	21.1.2	Alternatively, a Service Bank may at any time resign from its role under this Agreement by giving the Obligors and the other Banks not less than 30 days’ prior written notice to that effect. In such a case, the
Majority Lenders may, in consultation with the Borrower, appoint a successor. However, if no such successor is appointed within 30 days from the date of the Service Bank’s notice of resignation, that Service Bank may, in consultation with the
Borrower, appoint as its successor any reputable bank or financial institution with an office in Oslo, London or Paris. 

  

	 	21.1.3	With the prior written consent of the Borrower (such consent not to be unreasonably withheld), the Majority Lenders may, by notice in writing to a Service Bank, require it to resign from its role as such, in which case
that Service Bank shall promptly resign in accordance with Clause 21.1.2. 

  

	21.2	Effective time of change of Service Bank 

 Any appointment of a successor Service Bank
under this Clause 21 shall take effect upon: 
  

	 	21.2.1	the successor confirming in writing its agreement to be bound by the provisions of this Agreement, which confirmation shall be in such form as shall be approved by the Majority Lenders; and 

 

	 	21.2.2	notice thereof by the outgoing Service Bank and its successor (which notice, in the case of a new Agent, shall specify the bank in New York to which payments to the new Agent shall be made thereafter) being given to
each of the other Parties; and 

  

	 	21.2.3	in the case of a new Security Trustee, the outgoing Security Trustee having transferred to its successor all of its rights and obligations under the Finance Documents. 

 

	21.3	Consequence of change of Service Bank 

 Upon the appointment of a successor to any
Service Bank taking effect under Clause 21.2: 
  

	 	21.3.1	that successor shall become bound by all the obligations of that Service Bank and become entitled to all the rights, privileges, powers, authorities and discretions of that Service Bank under this Agreement and the
other Finance Documents; 

  
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	 	21.3.2	the obligations of that Service Bank under this Agreement and the other Finance Documents shall terminate but without prejudice to any liabilities which that Service Bank may have incurred prior to that termination;

  

	 	21.3.3	that Service Bank shall be discharged from any further liability or obligations under this Agreement and the other Finance Documents; and 

 

	 	21.3.4	the provisions of this Agreement and the other Finance Documents shall continue in effect for the benefit of that Service Bank in respect of any action taken or omitted to be taken by it or any event occurring before
the termination of its obligations pursuant to this Clause 21. 

  

	22.	LIMITS OF THE SERVICE BANKS’ OBLIGATIONS 

  

	22.1	No duty to enquire 

 Neither Service Bank shall be obliged to ascertain or enquire: 

 

	 	22.1.1	either initially or on a continuing basis, as to the credit or financial condition or affairs of the Borrower, any other Obligor or any other person; 

 

	 	22.1.2	as to the performance or observance by the Borrower or any other Obligor of any of the terms and conditions of this Agreement or the Finance Documents or any other agreement; or 

 

	 	22.1.3	whether any Event of Default or Potential Event of Default has occurred, and until it shall have actual knowledge or express notice to the contrary, the Agent shall be entitled to assume that no Event of Default or
Potential Event of Default has occurred. 

  

	22.2	Responsibilities excluded 

 Neither Service Bank and none of their respective officers,
employees or agents shall be responsible to any other Bank for: 
  

	 	22.2.1	any failure or delay in performance, or breach by the Borrower, of their obligations under any of the Finance Documents or any other agreement or any failure or delay in performance, or breach by any of the other
Obligors, of their respective obligations under any of the Finance Documents or any other agreement; or 

  

	 	22.2.2	any recitals, statements, representations or warranties in, or for the legality, validity, effectiveness, enforceability, admissibility in evidence or sufficiency of, any of the Finance Documents or any other agreement;
or 

  

	 	22.2.3	the legality, validity, effectiveness or enforceability of any of the security created, or purported to be created, pursuant to any of the Finance Documents. 

  
 73 

	22.3	Limitation of liability 

  

	 	22.3.1	Neither Service Bank and none of their respective officers, employees or agents shall be liable for any loss, damage or expense suffered or incurred by the Borrower or any other Bank or any other person in consequence
of any action taken or omitted to be taken by it under this Agreement or any of the Finance Documents or in connection herewith or therewith unless caused by its gross negligence or wilful misconduct. 

 

	 	22.3.2	Without prejudice to the provisions of Clause 22.3.1, none of the other Parties shall take any proceedings against any officer, employee or agent of a Service Bank in respect of any claim which it may have against that
Service Bank or in respect of any act or omission (including, without limitation, negligence or wilful misconduct) by that officer, employee or agent in relation to this Agreement or any of the Finance Documents. 

 

	22.4	Lenders’ representations and undertakings 

 Each Lender: 

 

	 	22.4.1	severally represents and warrants to the Service Banks that it has made its own independent investigation of the financial condition and affairs of the Borrower and the other Obligors in connection with the entry by it
into this Agreement and in such respect it has not relied on any information provided to it by either Service Bank; and 

  

	 	22.4.2	undertakes that it will continue to make its own independent appraisal of the creditworthiness of the Borrower and the other Obligors and will not rely on any information provided to it by either Service Bank.

  

	22.5	Indemnification by Lenders of Service Banks 

 The Lenders agree (which agreement shall
survive payment of all sums due under this Agreement) to indemnify each Service Bank (to the extent not reimbursed by the Borrower) rateably, according to their respective Contributions (or, if no part of the Total Commitments has been advanced,
their respective Commitments) from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses and disbursements of any kind or nature whatsoever which may be imposed on, incurred by or
asserted against that Service Bank in performing its functions or duties under this Agreement or any of the Finance Documents, or in connection with any action taken or omitted to be taken by that Service Bank in enforcing or preserving or
attempting to enforce or preserve the rights of the Banks under this Agreement or any of the Finance Documents or any other documents or security. 
  

	22.6	Ratification by other Banks 

 If a Service Bank takes any action under or in relation to
this Agreement or any Finance Document but that action is not authorised by the terms of this Agreement or that Finance Document and has not otherwise been specifically approved by the other Banks, the other Banks ratify and agree to ratify each
such action provided that (a) it is lawful, (b) it has been taken in good faith for the purpose of preserving or protecting the rights of the Banks (or any 

  
 74 

 
of them) and (c) having regard to all of the circumstances, it was reasonable for the Service Bank to take such action without first seeking to obtain the approval or authorisation of all of
the other Banks. 
  

	22.7	Service Banks’ rights 

 Each Service Bank may: 

 

	 	22.7.1	engage and pay for the advice and services of any lawyers, accountants or other experts whose advice or services may to that Service Bank seem necessary or desirable and that Service Bank shall be entitled to rely on
the advice and opinions of such lawyers, accountants and other experts and shall not be liable to any of the other parties hereto for any of the consequences of any such reliance; 

 

	 	22.7.2	perform all or any of its functions and duties under this Agreement and the other Finance Documents through employees or agents or any office or branch of that Service Bank from time to time selected by it and notified
to the other parties hereto; 

  

	 	22.7.3	rely on any communication or document believed by it to be genuine and correct and to have been communicated or signed by the person by whom it purports to be communicated or signed and shall not be liable to any of the
other parties hereto for any of the consequences of such reliance; and 

  

	 	22.7.4	without liability to account, make loans to, accept deposits from and generally engage in any kind of banking or trust business with the Borrower or the other Obligors as though that Service Bank was not a Service Bank.

  

	22.8	Service Banks as Lenders 

 If it is also a Lender, each Service Bank shall have the same
rights and powers under this Agreement as any other Lender and may exercise those rights and powers as though it were not a Service Bank. 
  

	23.	SHARING OF PAYMENTS 

  

	23.1	Relevant circumstances 

 This Clause 23 applies if any Lender (the “Sharing
Lender”) at any time receives or recovers (whether by way of voluntary or involuntary payment, by virtue of the exercise of its legal rights including but not limited to any right of set-off, counterclaim or otherwise howsoever) the whole
or any part of any amounts due to it from the Borrower under this Agreement or any of the Finance Documents otherwise than by distribution from the Agent in accordance with the terms of this Agreement. 

 

	23.2	Payment by Sharing Lender to Agent 

 Subject to Clauses 23.3 and 23.4: 

 

	 	23.2.1	the Sharing Lender shall immediately pay to the Agent the full amount or (as the case may be) an amount equal to the equivalent of the full amount so received or recovered; 

  
 75 

	 	23.2.2	as between the Borrower and the Sharing Lender, the Borrower shall remain or again become indebted to such Sharing Lender under this Agreement in the amount so paid as if it had not been so received or recovered; and

  

	 	23.2.3	the Agent shall treat the amount so paid as if it were a payment by the Borrower on account of amounts due from the Borrower under this Agreement or any of the Finance Documents for distribution to the Sharing Lender
and such of the other Lenders in the proportions in which the Sharing Lender and the other Lenders would have been entitled to receive such amount had it been paid by the Borrower to the Agent under this Agreement or under such Finance Documents.

  

	23.3	Refund by Agent 

 Any payment and adjustment made pursuant to Clause 23.2 shall be
subject to the condition that, if the amount (or any part thereof) so paid by the Sharing Lender to the Agent subsequently falls to be repaid by the Sharing Lender to the Borrower or any other person, then each of the Lenders who has received any
part thereof from the Agent shall repay the amount received by it to the Sharing Lender, together with such amount (if any) as is necessary to reimburse the Sharing Lender the appropriate portion of any interest it has been obliged to pay when
repaying such amount in accordance with this Clause 23.3, and the relevant adjustments pursuant to Clause 23.2 shall be cancelled. 
  

	23.4	No sharing required 

 A Sharing Lender which has commenced or joined in an action or
proceeding in any court to recover sums due to it under this Agreement or any of the Finance Documents, and pursuant to a judgment obtained in that action or proceeding or a settlement or compromise of that action or proceeding shall have received
any amount, shall not be required to share any proportion of that amount with a Lender which has the legal right to, but does not, join such action or proceeding or commence and diligently prosecute a separate action or proceeding to enforce its
rights under this Agreement or any of the Finance Documents in the same or another court. 
  

	23.5	Matters notifiable 

 Each Lender shall promptly give notice to the Agent of: 

 

	 	23.5.1	the institution by that Lender of a legal action or proceedings against the Borrower under this Agreement or any of the Finance Documents or in connection therewith; and 

 

	 	23.5.2	the receipt or recovery by that Lender of any amount due and payable by the Borrower under this Agreement or any of the Finance Documents which is received or recovered otherwise than through the Agent.

 Upon receipt of any such notice the Agent will as soon as practicable pass on details of it to the other Banks. 

  
 76 

	24.	CHANGES TO THE LENDERS 

  

	24.1	Transfers by Lenders 

 Subject to obtaining the prior written consent of the Borrower and
the Agent (neither of which shall be unreasonably withheld or delayed) and to complying with the following provisions of this Clause 24, any Lender (the “Transferor Lender”) may transfer all or any of its rights and obligations in
its capacity as a Lender under this Agreement and the other Finance Documents to another bank or financial institution (the “Transferee Lender”), provided that the consent of the Borrower shall not be required if: 

 

	 	24.1.1	the transfer is made to an affiliate of the Transferor Lender; or 

  

	 	24.1.2	the transfer is made either (a) after an Event of Default has occurred and is continuing or (b) after a Potential Event of Default has occurred and is continuing in relation to any of the events specified in
Clause 17.1.1, Clause 17.1.6, Clause 17.1.7 or Clause 17.1.8. 

  

	24.2	Partial transfers 

 Any transfer by a Lender of part only of its Commitment and/or
Contribution shall be in an amount of not less than $20,000,000 (unless the Agent otherwise agrees) and shall be for the same percentage of its Term Contribution, its Term Commitment, its Revolving Contribution and its Revolving Commitment. 

 

	24.3	Prohibition on debt buy-backs 

 Except with the prior consent of all of the other
Lenders, no Lender may transfer all or any of its rights and obligations under this Agreement and the other Finance Documents to the Borrower or any other member of the Group. 
  

	24.4	Method of transfer 

 No assignment or transfer by a Lender of any of its rights or
obligations under this Agreement and the other Finance Documents shall be binding on, or effective in relation to, any other Party unless it is effected, evidenced and perfected by the delivery by the Transferor Lender to the Agent of a Transfer
Certificate executed by the Transferor Lender and the Transferee Lender. 
 However, if a Lender enters into any merger, de-merger or other
reorganisation as a result of which all its rights or obligations vest in another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the
execution and delivery of a Transfer Certificate; and, upon service of the Agent’s notice or, if later, the date on which the relevant merger, de-merger or other reorganisation takes effect, the successor shall become a Lender with the same
Commitments and Contributions as were held by the predecessor Lender. 

  
 77 

	24.5	Signature of Transfer Certificate 

 The Agent shall as soon as practicable after receipt
by it of a Transfer Certificate signed by a Transferee Lender permitted under Clause 24.1, sign the Transfer Certificate on behalf of the Obligors, itself and each of the other Banks and give notice to the Obligors and the Banks of its receipt of
that Transfer Certificate (attaching a copy of it). 
  

	24.6	Authorisation of Agent to sign Transfer Certificate 

 Each of the other Parties
irrevocably authorises the Agent to sign any Transfer Certificate on its behalf. 
  

	24.7	Effective date of Transfer Certificate 

 A Transfer Certificate becomes effective on the
date, if any, specified in the Transfer Certificate as its effective date, provided always that it is signed by the Agent under Clause 24.5 on or before that date. 
  

	24.8	Effect of Transfer Certificate 

 A Transfer Certificate shall have effect in accordance
with the following: 
  

	 	24.8.1	to the extent that in that Transfer Certificate the Transferor Lender seeks to transfer its rights and/or its obligations under this Agreement and the other Finance Documents, each Obligor and the Transferor Lender
shall each be released from further obligations to the other under this Agreement and the other Finance Documents and their respective rights against each other shall be cancelled (such rights and obligations being referred to in this
Clause 24.8 as “discharged rights and obligations”); 

  

	 	24.8.2	each Obligor, the Transferee Lender and the other Banks shall each assume obligations towards each other and/or acquire rights against each other which differ from the discharged rights and obligations only insofar as
the Transferee Lender has assumed and/or acquired the same in place of the Transferor Lender; and 

  

	 	24.8.3	the Transferee Lender and the other Banks shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the Transferee Lender been an original party to this
Agreement as a Lender with the rights and/or obligations acquired or assumed by it as a result of that transfer. 

  

	24.9	Transfer fee 

 The Transferee Lender shall pay to the Agent for its own account a
transfer fee of $3,500 on the date on which the transfer effected by the relevant Transfer Certificate becomes effective. 
  

	24.10	Sub-participation by Lenders 

 Any Lender may at any time without the consent of the
Borrower or any other Obligor sub-participate all or any of its rights and/or obligations under this Agreement and the other Finance Documents. 

  
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	24.11	Change of Lending Office 

 Any Lender may at any time and from time to time change its
Lending Office by giving notice to the Agent and that change shall be effective on the later of (a) the date specified in that notice and (b) the date of receipt by the Agent of that notice from that Lender. The Agent shall promptly notify
the Obligors and the other Banks of any notice received by it pursuant to this Clause 24.11. 
  

	24.12	Mitigation 

 If: 

 

	 	24.12.1	a Lender transfers any of its rights and obligations under this Agreement and the other Finance Documents in accordance with Clause 24.1 or changes its Lending Office in accordance with Clause 24.11; and

  

	 	24.12.2	as a result of circumstances existing at the date the transfer or change occurs, an Obligor would be obliged to make a payment to the Transferee Lender or Lender acting through its new Lending Office under Clause 9.2,
Clause 18.4 or Clause 18.7, 

 then the Transferee Lender or Lender acting through its new Lending Office is only entitled to
receive payment under those Clauses to the same extent as the Transferor Lender or Lender acting through its previous Lending Office would have been if the transfer or change had not occurred. 

 

	24.13	Register 

 The Agent shall keep a register of all the Lenders for the time being with
details of their respective Commitments, Contributions and Lending Office and shall provide any other Party (at that Party’s expense) with a copy of the register on request. 

 

	24.14	Replacement of Lenders by Borrower 

 The Borrower may, at any time in respect of: 

 

	 	24.14.1	an Affected Lender whose costs of funds charged to the Borrower under Clause 7.13.2 are (in the Borrower’s reasonable opinion) materially higher than those of the other Lenders generally; 

 

	 	24.14.2	a Lender who makes a claim under Clause 18.4 or who imposes an Increased Cost on the Borrower under Clause 18.7; 

  

	 	24.14.3	a Defaulting Lender; or 

  

	 	24.14.4	a Non-Consenting Lender 

 by giving 10 Banking Days’ notice to the Agent and that Lender
(the “Outgoing Lender”) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause 24.1 all (and not part only) of its rights and obligations under this Agreement to a Lender or
other bank, financial institution or other entity (a “Replacement 

  
 79 

 
Lender”) selected by the Borrower and which is acceptable to the Agent (acting reasonably) for a purchase price in cash payable at the time of transfer equal to the outstanding
principal amount of the Outgoing Lender’s Contribution and all accrued interest, Break Costs and other amounts payable in relation to that Contribution under this Agreement and the other Finance Documents. 

Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject to the following conditions: 

 

	 	(a)	neither the Agent nor the Outgoing Lender will have any obligation to the Borrower to find a Replacement Lender; 

  

	 	(b)	the transfer must take place no later than 10 Banking Days after the Borrower’s notice referred to above; and 

  

	 	(c)	in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents. 

 

	25.	CHANGES TO THE SWAP PROVIDERS 

  

	25.1	Transfers by Swap Providers 

 Where a Swap Provider (a “Transferor Swap
Provider”) effects a transfer of all or any of its rights and obligations under its Master Agreement to any person (a “Transferee Swap Provider”) in accordance with the provisions of that Master Agreement, it shall also be
entitled to assign or transfer to the Transferee Swap Provider a commensurate proportion of its rights and obligations as a Swap Provider under this Agreement and the other Finance Documents, provided that: 

 

	 	(a)	no such rights and obligations may be assigned or transferred to a Transferee Swap Provider that is a member of the Group, except with the consent of all the Lenders and the other Swap Providers; and 

 

	 	(b)	no assignment or transfer by a Swap Provider of any of its rights or obligations under this Agreement and the other Finance Documents to a Transferee Swap Provider that is not already a Party to this Agreement in the
capacity of Swap Provider shall be binding on, or effective in relation to, any other Party unless the Transferee Swap Provider has confirmed in writing its agreement to be bound by the provisions of this Agreement insofar as they apply to the Swap
Providers, which confirmation shall be in such form as shall be approved by the Borrower, the Agent and the other Swap Providers. 

  

	25.2	Notice of transfer 

 Promptly after completion of any relevant transfer referred to in
Clause 25.1, the Transferor Swap Provider and the Transferee Swap Provider shall give notice in writing to the Agent notifying it of that transfer and, in the case of the Transferee Swap Provider (if it is not already a Swap Provider), advising of
its address for communications under Clause 28. 

  
 80 

	25.3	Transfer documents 

 The Borrower undertakes to do or to procure all such acts and things
and to sign, execute and deliver or procure the signing, execution and delivery of all such instruments and documents as the Transferor Swap Provider and/or the Transferee Swap Provider may reasonably require for the purpose of perfecting any such
assignment or transfer as mentioned in Clause 25.1. 
  

	26.	SET-OFF 

 A Bank may, after the occurrence of an Event of Default which is continuing,
set off any matured obligation due from the Borrower under this Agreement or any Finance Document (to the extent beneficially owned by that Bank) against any matured obligation owed by that Bank to the Borrower, regardless of the place of payment,
booking branch or currency of either obligation. If the obligations are in different currencies, the Bank may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

The provisions of Clause 23 shall apply in respect of any amount received or recovered by a Bank under this Clause 26. 

 

	27.	MISCELLANEOUS 

  

	27.1	No assignment by Borrower 

 The Borrower may not assign or transfer all or any of its
rights, benefits or obligations under this Agreement or any of the other Finance Documents. 
  

	27.2	Delegation 

 Any Bank may at any time and from to time to time delegate any one or more
of its rights, powers and/or obligations under this Agreement and the other Finance Documents to any person (provided that such Bank shall remain fully responsible for the exercise or performance of any rights, powers and/or obligations delegated by
it). 
  

	27.3	Time of essence 

 Time is of the essence as regards every obligation of the Borrower
under this Agreement and the other Finance Documents. 
  

	27.4	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Bank, any right or remedy under this Agreement or any other Finance Document shall operate as a waiver of it, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise of it 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. 

  
 81 

	27.5	Waivers and amendments to be in writing 

 Any waiver by any Bank of any provision of this
Agreement or any other Finance Document, and any consent or approval given by any Bank under or in respect of this Agreement or any other Finance Document, shall only be effective if given in writing and then only strictly for the purpose and upon
the terms for which it is given. Neither this Agreement nor any other Finance Document may be amended or varied orally but only by an instrument signed by each of the parties to it. 

 

	27.6	Severability 

 If at any time one or more of the provisions of this Agreement or any
other Finance Document is or becomes invalid, illegal or unenforceable in any respect under any law by which it may be governed or affected, the validity, legality and enforceability of the remaining provisions shall not be in any way affected or
impaired as a result. 
  

	27.7	Counterparts 

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

	27.8	Conclusiveness of Bank’s certificates 

 The certificate or determination of a Bank
of a rate or amount under this Agreement or any other Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates and is binding on the Borrower. 

 

	27.9	Further assurance 

 The Borrower shall, upon demand, and at its own expense, sign,
perfect, do, execute and register all such further assurances, documents, acts and things as the Agent may require for the purpose of more effectually accomplishing or perfecting the transaction or security contemplated by this Agreement and the
other Finance Documents. 
  

	28.	NOTICES 

  

	28.1	Communications in writing; addresses 

 All communications (which expression includes any
notice, demand, request, consent or other communication) to be given by one Party to another under this Agreement shall be in writing and (unless delivered personally) shall be given by telefax or first class pre-paid post (airmail if sent
internationally) and be addressed: 
  

	 	28.1.1	in the case of the Agent and the Security Trustee to it at: 

 Loan Administration: 

 

			
	 Middelthunsgate 17
 P.O. Box 1166
Sentrum
 NO-0107 Oslo
 Norway

		
	Telefax No:	  	+47 22 48 66 78
		
	Attn:	  	International Loan Administration

  
 82 

			
	Credit Matters:
	
	 Middelthunsgate 17
 P.O. Box 1166
Sentrum
 NO-0107 Oslo
 Norway

		
	Telefax No:	  	+47 22 48 66 68
		
	Attn:	  	Shipping, Offshore & Oil Services

  

	 	28.1.2	in the case of an Original Lender, Arranger or Bookrunner, to it at the address set out beneath its name in Schedule 1 and, in the case of any other Lender, to it at the address specified in the relevant Transfer
Certificate; 

  

	 	28.1.3	in the case of an Original Swap Provider, to it at the address set out beneath its name in Schedule 2 and, in the case of any other Swap Provider, to it at the address notified to the Agent pursuant to Clause 25.2;

  

	 	28.1.4	in the case of the Borrower, to it at: 

  

			
	 de Gerlachekaai 20
 B-2000
Antwerp
 Belgium

		
	Telefax No:	  	+32 3 247 4409
		
	Attn:	  	Chief Financial Officer

 or to such other address and/or number as is notified by any Party to the others under this Agreement. 

 

	28.2	Communications via Agent 

 Notwithstanding any other provision of this Agreement or any
other Finance Document, all communications to be made under this Agreement and the other Finance Documents between the Borrower on the one hand and all or any of the Banks on the other hand shall be made solely through the Agent. 

Where this Agreement or any other Finance Document provides for any matter to be determined by reference to the opinion of the Lenders or the
Majority Lenders or to be subject to the consent or request of the Lenders or the Majority Lenders or for any action to 

  
 83 

 
be taken on the instructions of the Lenders or the Majority Lenders and the Agent gives notice to the Borrower that the Lenders or (as the case may be) the Majority Lenders have given or issued
such opinion, consent, request or instructions, the Borrower shall be entitled to rely on such notice whether or not this is in fact the case. 
  

	28.3	Deemed receipt of communications 

 Communications addressed as provided above shall be
deemed to have been duly given when despatched (in the case of telefax), when delivered (in the case of personal delivery), 2 days after posting (in the case of letters sent within the same country), or 5 days after posting (in the case of letters
sent internationally), provided that any communication to a Bank shall be effective only upon its actual receipt by that Bank and then only if it is expressly marked for the attention of the relevant department or officer named above (or any
substitute from time to time notified by that Bank). In each of the above cases any communication received on a non-working day or after business hours in the country of receipt shall be deemed to be given at the opening of business hours on the
next working day in that country. 
  

	28.4	Electronic communication 

 Any communication to be made between the Agent and a Lender
under or in connection with this Agreement or the other Finance Documents may be made by electronic mail or other electronic means, if the Agent and the relevant Lender: 
  

	 	28.4.1	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	28.4.2	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 

 

	 	28.4.3	notify each other of any change to their address or any other such information supplied by them. 

Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and in the case
of any electronic communication made by a Lender to the Agent only if it is addressed in such a manner as the Agent shall specify for this purpose. 
  

	28.5	English language 

 All communications, notices and documents to be given or delivered
pursuant to or otherwise in relation to this Agreement and the other Finance Documents shall be in the English language or be accompanied by a certified English translation. 
  

	29.	BANKS’ DUTIES OF CONFIDENTIALITY 

  

	29.1	Confidential Information 

 Each Bank agrees for the benefit of the Borrower and each
other Obligor to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent 

  
 84 

 
permitted by the following provisions of this Clause 29, 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. 
  

	29.2	Disclosure of Confidential Information 

 Any Bank may disclose: 

 

	 	29.2.1	to any of its affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such Confidential Information as that Bank shall consider appropriate if any
person to whom the Confidential Information is to be given pursuant to this Clause 29.2.1 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; 

  

	 	29.2.2	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 and to any of that person’s affiliates,
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 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 Obligors and to any of that person’s affiliates, Representatives and professional advisers; 

  

	 	(c)	appointed by any Bank or by a person to whom Clause 29.2.2(a) or 29.2.2(b) above 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 paragraph Clause 29.2.2(a) or 29.2.2(b) above; 

 

	 	(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; 

  
 85 

	 	(g)	who is a party to this Agreement; or 

  

	 	(h)	with the consent of the Borrower, (such consent not to be unreasonably withheld or delayed), 

in each case, such Confidential Information as that Bank shall consider appropriate if: 

 

	 	(i)	in relation to paragraphs 29.2.2(a) and 29.2.2(b) above, the Borrower has consented (such consent not to be unreasonably withheld or delayed) to the disclosure and 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 paragraph 29.2.2(c) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality
Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

 

	 	(iii)	in relation to paragraph 29.2.2(d) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking and is informed that some or all of such Confidential Information
may be price-sensitive information; 

  

	 	(iv)	in relation to paragraphs 29.2.2(e) and 29.2.2(f) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be
price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Bank, it is not practicable so to do in the circumstances. 

 

	29.3	Entire agreement 

 This Clause 29 constitutes the entire agreement between the parties in
relation to the obligations of the Banks under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information. 

 

	29.4	Inside information 

 Each of the Banks 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 Banks undertakes
not to use any Confidential Information for any unlawful purpose. 

  
 86 

	29.5	Notification of disclosure 

 Each of the Banks agrees (to the extent permitted by law and
regulation) to inform the Borrower: 
  

	 	29.5.1	of the circumstances of any disclosure of Confidential Information made pursuant to Clause 29.2.2(e) 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 

  

	 	29.5.2	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 29. 

  

	29.6	Continuing obligations 

 The obligations in this Clause 29 are continuing and, in
particular, shall survive and remain binding on each Bank for a period of 12 months from the earlier of: 
  

	 	29.6.1	the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 

 

	 	29.6.2	the date on which such Bank otherwise ceases to be a Bank. 

  

	30.	APPLICABLE LAW AND JURISDICTION 

  

	30.1	Governing law 

 This Agreement (other than Clause 20.5) and any non-contractual
obligations arising out of or in connection with it shall be governed by and construed in accordance with English law. Clause 20.5 and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in
accordance with French law. 
  

	30.2	Submission to jurisdiction 

 The Borrower irrevocably agrees for the exclusive benefit of
the Banks that the English courts shall have jurisdiction in relation to any dispute and any suit, action or proceeding (referred to together in this Clause 30 as “Proceedings”) which may arise out of or in connection with this
Agreement and for such purposes irrevocably submits to the jurisdiction of those courts. 
  

	30.3	Service of process 

 The Borrower irrevocably agrees: 

 

	 	30.3.1	that, for the purpose of Proceedings in England, any legal process may be served upon Euronav (UK) Agencies Limited whose registered office is presently at Moreau House,
3rd Floor, 116 Brompton Road, London SW3 1JJ and who, by this Agreement, are authorised to accept service on its behalf, which shall be deemed to be good service on the Borrower; and

  

	 	30.3.2	that throughout the Security Period it will maintain a duly appointed process agent in England, duly notified to the Agent, and that failure by any such process agent to give notice to the Borrower of such service shall
not impair the validity of that service or of a judgment or order based on it. 

  
 87 

	30.4	Choice of forum 

 Nothing in this Clause 30 shall affect the right of any Bank to serve
process in any manner permitted by law or limit the right of any Bank to take Proceedings against the Borrower in any other court of competent jurisdiction, nor shall the taking of Proceedings in one or more jurisdictions preclude the taking of
Proceedings by any Bank in any other jurisdiction, whether concurrently or not. 
 The Borrower shall not commence any Proceedings in any
country other than England in relation to any matter arising out of or in connection with this Agreement and/or any of the other Finance Documents. 
  

	30.5	Forum convenience 

 The Borrower irrevocably waives any objection which it may at any
time have on the grounds of inconvenient forum or otherwise to Proceedings being brought in any such court as is referred to in this Clause 30, and further irrevocably agrees that a judgment or order in any Proceedings brought in the English courts
shall be conclusive and binding upon it and may be enforced without review in the courts of any other jurisdiction. 
  

	30.6	Consent 

 The Borrower consents generally in respect of any Proceedings arising out of or
in connection with this Agreement to the giving of any relief or the issue of any process in connection with those Proceedings, including without limitation, the making, enforcement or execution against any property or assets whatsoever of any order
or judgment which may be made or given in those Proceedings. 
 IN WITNESS of which the Parties have executed this Agreement the day and year first
before written. 

  
 88 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

											
	 Lender
	  	 Lending Office
	  	Term
Commitment
($)	 	  	Revolving
Commitment
($)	 
				
	Nordea Bank Norge ASA	  	 Middelthunsgate 17
 P.O. Box 1166 Sentrum

NO-0107 Oslo Norway
  

Credit Matters:
 Tel: +47 22 48 50 00

Fax: +47 22 48 66 68
 Attn: Shipping, Offshore and Oil
Services
  
 Administration Matters:

Tel: +47 22 48 50 00
 Fax: +47 22 48 42 78

Attn: International Loan Administration
	  	 	58,666,667	  	  	 	29,333,333	  
				
	DnB NOR Bank ASA	  	 20 St. Dunstan’s Hill
 London

EC3R 8HY
 England

 
 Tel: +44 207 621 6046

Fax: +44 207 621 6931
 Attn: Jon Matthews
	  	 	58,666,667	  	  	 	29,333,333	  
				
	ABN AMRO Bank N.V.	  	 Gustav Mahlerlaan 10
 1082PP Amsterdam

The Netherlands
  

Credit Matters:
 Tel: +31 10 40 16 746

Fax: +31 10 40 15 323
 Attn: Raymond Ko/Caspar van Overklift

 
 Administration Matters:

Tel: +31 10 40 16 254
 Fax: + 31 10 40 15 323

Attn: Pieter van Wijk/ Alper Sanliunal
	  	 	39,000,000	  	  	 	19,500,000	  

  
 89 

											
	 Lender
	  	 Lending Office
	  	Term
Commitment
($)	 	  	Revolving
Commitment
($)	 
				
	Fortis Bank SA/NV	  	 Montagne du Parc 3
 1000 Brussels

Belgium
  

Credit Matters:
 Tel: +33 1 58 16 76 36

Fax: +33 1 42 98 61 66
 Attn: Karim Baz

 
 Administration Matters:

Tel: +33 1 42 98 47 80
 Fax: +33 1 42 98 43 55

Attn: Francois-Xavier Guillet
	  	 	39,000,000	  	  	 	19,500,000	  
				
	Credit Agricole Corporate and Investment Bank	  	 9 quai du President Paul Doumer
 92920 Paris
La Defense Cedex
 France
  

Credit Matters:
 Tel: +44 20 7214 5996/5993

Fax: +44 20 7214 6689
 Attn: Dilhan Sebastian/Justin Lande

 
 Administration Matters:

Tel: +33 1 41 89 12 49
 Fax: +33 1 41 89 19 34

Attn: Sylvie Godet Couery
	  	 	39,000,000	  	  	 	19,500,000	  
				
	Danish Ship Finance (Danmarks Skibskredit A/S)	  	 Sankt Annae Plads 3
 1250 Copenhagen K

Denmark
  

Tel: +45 33 74 10 88
 Fax: +45 33 33 96 66

Attn: Morten Muller
	  	 	39,000,000	  	  	 	19,500,000	  

  
 90 

											
	 Lender
	  	 Lending Office
	  	Term
Commitment
($)	 	  	Revolving
Commitment
($)	 
				
	Fokus Bank (Norwegian Branch of Danske Bank A/S)	  	 Stortingsgt. 6
 N-0107 Oslo

Norway
  

Credit Matters:
 Tel: +47 85 40 54 62

Fax: +47 85 40 79 90
 Attn: Tore Bræin

 
 Administration Matters:

Tel: +47 85 40 76 92
 Fax: +47 85 40 79 69

Attn: Maria Reguilon Aune
	  	 	39,000,000	  	  	 	19,500,000	  
				
	ING Belgium SA/NV	  	 Avenue Marnix 24
 B - 1000 Brussels

Belgium
  

Credit Matters:
 Tel: +31 20 563 5531

Fax: +31 30 565 82 10
 Attn: B. Doets

 
 Administration Matters:

Tel: +32 2 547 26 43/80 21
 Fax: +32 2 547 26 65

Attn: Luc Houman/ Laurent Christiaens
	  	 	39,000,000	  	  	 	19,500,000	  
				
	Skandinaviska Enskilda Banken AB (publ)	  	 Kungsträdgardsgatan 8
 SE-106 40
Stockholm
 Sweden
  

Credit Matters:
 Tel: +47 22 82 70 21

Fax: +47 22 82 71 31
 Attn: Egil Aarrestad

 
 Administration Matters:

Tel: +46 8 763 8551
 Fax: +46 8 611 0384

Attn: Structured Credits Operations
	  	 	39,000,000	  	  	 	19,500,000	  

  
 91 

											
	 Lender
	  	 Lending Office
	  	Term
Commitment
($)	 	  	Revolving
Commitment
($)	 
				
	ITF International Transport Finance Suisse AG	  	 Wasserwerkstrasse 12
 CH-8006 Zurich

Switzerland
  

Credit Matters:
 Tel: +41 44 3656 114

Fax: +41 44 3656 214
 Attn: Alexander Schaffert

 
 Administration Matters:

Tel: +41 44 3656 122
 Fax: +41 44 3656 299

Attn: George Kyriakatos
	  	 	29,333,333	  	  	 	14,666,667	  
				
	Scotiabank (Ireland) Limited	  	 I.F.S.C. House
 4th Floor

Custom House Quay
 Dublin 1

Ireland
  

Credit Matters:
 Tel: +353 1 790 2056

Fax: +353 1 670 0 684
 Attn: Clive Sinnamon

 
 Administration Matters:

Tel: +353 1 790 2137
 Fax: +353 1 670 0684

Attn: David Tuite
	  	 	29,333,333	  	  	 	14,666,667	  
				
	Banque LBLux S.A.	  	 3, rue Jean Monnet
 L-2180 Luxembourg

 
 Credit Matters:

Tel: +352 424 34 3310/3309
 Fax: +352 424 34 3399

Attn: Redwan Talbi/Steffen Kschischenk
  

Administration Matters:
 Tel: +352 424 34 3223

Fax: +352 424 34 3397
 Attn: Credit Administration
	  	 	20,000,000	  	  	 	10,000,000	  

  
 92 

											
	 Lender
	  	 Lending Office
	  	Term
Commitment
($)	 	  	Revolving
Commitment
($)	 
				
	 KBC Bank NV
	  	 Eiermarkt 20
 B-2000 Antwerpen

Belgium
  

Credit Matters:
 Tel: +32 3 202 90 81

Fax: +32 3 202 92 72
 Attn: Erwin Caljon

 
 Administration Matters:

Tel: +32 2 429 2658/4276
 Fax: +32 2 429 3695

Attn: Annick De Bock/ Guido Lenaerts
	  	 	20,000,000	  	  	 	10,000,000	  
				
	 Dexia Bank Belgium SA/NV
	  	 Boulevard Pachéco 44
 1000 Brussels
PA07/02
 Belgium
  

Tel: +32 2222 4353/1676
 Fax: +32 2222 2311

Attn: Danny Feremans/ Emmanuel Falisse
  

Administration Matters:
 Tel: +32 (0) 2222 7620/2069

Fax: +32 (0) 2222 7980
 Attn: Nikolaas Poppe/Katrien De
Schepper
	  	 	11,000,000	  	  	 	5,500,000	  
		  		  	  
	  
	 	  	  
	  
	 
		  		  	 	500,000,000	  	  	 	250,000,000	  
		  		  	  
	  
	 	  	  
	  
	 

  
 93 

 SCHEDULE 2 

SWAP PROVIDERS 
  

			
	 Swap Provider
	  	 Office

		
	Nordea Bank Finland plc	  	 Aleksanterinkatu 36B
 00100 Helsinki

Finland
  

Tel: +47 22 48 50 00
 Fax: +47 22 48 66 68

Attn: Shipping, Offshore and Oil Services

		
	DnB NOR Bank ASA	  	 20 St. Dunstan’s Hill
 London

EC3R 8HY
 England

 
 Tel: +44 20 7621 6046

Fax: +44 20 7621 6931
 Attn: Jon Matthews

		
	ABN AMRO Bank N.V.	  	 Gustav Mahlerlaan 10
 1082PP Amsterdam

The Netherlands
  

Tel: +31 10 40 16 746
 Fax: +31 10 40 15 323

Attn: Raymond Ko/Caspar van Overklift

		
	Danske Bank A/S	  	 2-12 Holmens Kanal
 DK 1092 Copenhagen K

Denmark
  

Tel. +47 85 40 54 62
 Fax +47 85 40 79 90

Attn: Tore Thorlacius Bræin

		
	ING Belgium sa/nv	  	 ING Commercial Banking/Financial Markets
 Avenue
Marnixlaan 24
 B-1000 Brussels
 Belgium

 
 Tel. +32 2 557 15 71

Fax +32 2 557 19 72
 Attn: Kurt
Lemaire

  
 94 

			
	 Swap Provider
	  	 Office

		
	Skandinaviska Enskilda Banken AB (publ)	  	 Filipstad Brygge 1
 NO 0123 Oslo

Norway
  

Tel. + 47 22 82 72 11
 Fax + 47 22 82 70 50

Attn.: Petter I. Andreassen

		
	Banque LBLux S.A.	  	 3, rue Jean Monnet
 L-2180 Luxembourg

 
 Credit Matters:

Tel: +352 424 34 3310/3309/3031
 Fax: +352 424 34 3399

Attn: Redwan Talbi/ Steffen Kschischenk/Joel Loehr
  

Administration Matters:
 Tel: +352 424 34 4213

Fax: +352 424 34 3299
 Attn: Stefan Hameier

		
	Dexia Bank Belgium SA/NV	  	 Boulevard Pachéco 44
 1000 Brussels
PA07/02
 Belgium
  

Tel. +32 2 2222 4353
 Fax. +32 2 2222 2311

Attn.: Danny Feremans

		
	Credit Agricole Corporate and Investment Bank	  	 9 quai du President Paul Doumer
 92920 Paris La
Defense Cedex
 France
  

Tel: +33 1 41 89 39 16
 Fax: +33 1 41 89 64 09

Attn: Back-Office Derivative Products

  
 95 

			
	 Swap Provider
	  	 Office

		
	Fortis Bank SA/NV	  	 Montagne du Parc 3
 1000 Brussels

Belgium
  

Tel: +32 2 228 14 03
 Fax: +33 1 42 98 43 55

Attn: Evelina Hinovska

  
 96 

 SCHEDULE 3 
  

THE VESSELS 
  

											
	 Vessel name
	  	 Type
	  	 Size (dwt)
	  	 Year built
	  	 Flag state
	  	 IMO No.

	TI EUROPE	  	ULCC	  	441,655	  	2002	  	Belgium	  	9235268
	TI HELLAS	  	VLCC	  	318,000	  	2005	  	Belgium	  	9290086
	FLANDRE	  	VLCC	  	305,688	  	2004	  	France	  	9235256
	TI TOPAZ	  	VLCC	  	319,470	  	2002	  	Belgium	  	9230907
	ARTOIS	  	VLCC	  	298,330	  	2001	  	France	  	9230969
	FAMENNE	  	VLCC	  	298,412	  	2001	  	France	  	9233272
	ALGARVE	  	VLCC	  	298,969	  	1999	  	France	  	9179713
	LUXEMBOURG	  	VLCC	  	299,150	  	1999	  	France	  	9171436
	CAP LARA	  	Suezmax	  	159,000	  	2007	  	Greece	  	9330874
	CAP VICTOR	  	Suezmax	  	159,000	  	2007	  	Greece	  	9321720
	CAP GUILLAUME	  	Suezmax	  	159,000	  	2006	  	Greece	  	9321691
	CAP CHARLES	  	Suezmax	  	159,000	  	2006	  	Greece	  	9321706
	CAP PHILLIPPE	  	Suezmax	  	159,000	  	2006	  	Greece	  	9321718
	CAP PIERRE	  	Suezmax	  	159,600	  	2004	  	Greece	  	9274446
	FINESSE	  	Suezmax	  	150,709	  	2003	  	Greece	  	9236016
	CAP LEON	  	Suezmax	  	159,600	  	2003	  	Greece	  	9274434
	FILIKON	  	Suezmax	  	150,709	  	2002	  	Greece	  	9236004
	CAP DIAMANT	  	Suezmax	  	164,000	  	2001	  	Greece	  	9229295
	CAP ROMUALD	  	Suezmax	  	148,000	  	1998	  	Greece	  	9160229
	CAP GEORGES	  	Suezmax	  	147,443	  	1998	  	Greece	  	9128283
	CAP LAURENT	  	Suezmax	  	147,443	  	1998	  	Greece	  	9137648
	CAP JEAN	  	Suezmax	  	146,440	  	1998	  	Greece	  	9158147

  
 97 

 SCHEDULE 4 

FORMS OF NOTICE OF DRAWDOWN 

Part 1 – Notice of Drawdown for Initial Borrowing Date 
  

			
	To:	  	Nordea Bank Norge ASA
		  	 Middelthunsgate 17
 P.O. Box 1166 Sentrum

NO-0107 Oslo
 Norway

		
	Attn.	  	International Loan Administration

 Date: [—] 2012 

Dear Sirs 
 $750,000,000 Senior Secured Term Loan and
Revolving Credit Agreement dated [—] 2011 
 We refer to the loan agreement dated [—] 2011 (the “Loan Agreement”) made between (1) ourselves as Borrower, (2) the banks and financial institutions listed in Schedule 1 thereto as Original Lenders, (3) the
banks and financial institutions listed in Schedule 2 thereto as Original Swap Providers, (4) yourselves, DnB NOR Bank ASA, ABN AMRO Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and Investment Bank, Danish Ship Finance (Danmarks
Skibskredit A/S), Fokus Bank (Norwegian Branch of Danske Bank A/S), ING Belgium SA/NV and Skandinaviska Enskilda Banken AB (publ) as Lead Arrangers, (5) ITF International Transport Finance Suisse AG and Scotiabank (Ireland) Limited as
Co-Arrangers, (6) yourselves and DnB NOR Bank ASA as Bookrunners, (7) yourselves as Agent and (8) yourselves as Security Trustee providing for the making available to us of a term loan and revolving credit facility in the amount of
$750,000,000. 
 Expressions defined in the Loan Agreement shall have the same meanings when used in this letter. 

Pursuant to Clause 4.1 of the Loan Agreement we give you notice that: 
  

	(a)	we wish to draw the Term Advance under the Term Loan Facility on [—] 2012 in the sum of $[—] to be divided into
[specify number] Interest Tranches in the following amounts and that we select a first Interest Period for each Interest Tranche as follows: 

  

					
	Interest Tranche	 	 	First Interest Period
		
	$	[—	] 	 	 [—] month(s)

		
	$	[—	] 	 	 [—] month(s)

		
	$	[—	] 	 	 [—] month(s)

  

	(b)	we wish to draw [specify number] Revolving Advances under the Revolving Credit Facility on [—] 2012 in the following amounts and that we select an Interest
Period for each Revolving Advance as follows: 

  

					
	Revolving Advance	 	 	Interest Period
		
	$	[—	] 	 	 [—] month(s)

		
	$	[—	] 	 	 [—] month(s)

		
	$	[—	] 	 	 [—] month(s)

  
 98 

 We request and authorise you to apply the proceeds of the above Advances in repayment in full of the Existing
Indebtedness by crediting them to our loan account with you in respect of the Existing Loan Agreement. 
 Any surplus remaining after the Advances have been
applied in repaying the Existing Indebtedness should be credited to [—] under reference [—]. 

We confirm that: 
  

	1.	the representations and warranties made by us as set out in Clause 10 of the Loan Agreement are true and accurate on the date of this letter as if made on the same date as this letter; 

 

	2.	no Event of Default or Potential Event of Default has occurred and is continuing or will occur as a result of the proposed borrowing of the relevant Advances; and 

 

	3.	the financial covenants set out in Clause 13.1 of the Loan Agreement are complied with. 

  

	
	Yours faithfully
	
	  

	For and on behalf of
	EURONAV NV

  
 99 

 Part 2 – Notice of Drawdown for Revolving Advances 

 

			
	To:	  	Nordea Bank Norge ASA
		  	Middelthunsgate 17
		  	P.O. Box 1166 Sentrum
		  	NO-0107 Oslo
		  	Norway
		
	Attn.	  	International Loan Administration

 Date: [—]
201[—] 
 Dear Sirs 

$750,000,000 Senior Secured Term Loan and Revolving Credit Agreement dated [—] 2011

 We refer to the loan agreement dated [—] 2011 (the “Loan Agreement”) made
between (1) ourselves as Borrower, (2) the banks and financial institutions listed in Schedule 1 thereto as Original Lenders, (3) the banks and financial institutions listed in Schedule 2 thereto as Original Swap Providers,
(4) yourselves, DnB NOR Bank ASA, ABN AMRO Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and Investment Bank, Danish Ship Finance (Danmarks Skibskredit A/S), Fokus Bank (Norwegian Branch of Danske Bank A/S), ING Belgium SA/NV and
Skandinaviska Enskilda Banken AB (publ) as Lead Arrangers, (5) ITF International Transport Finance Suisse AG and Scotiabank (Ireland) Limited as Co-Arrangers, (6) yourselves and DnB NOR Bank ASA as Bookrunners, (7) yourselves as Agent
and (8) yourselves as Security Trustee providing for the making available to us of a term loan and revolving credit facility in the amount of $750,000,000. 

Expressions defined in the Loan Agreement shall have the same meanings when used in this letter. 

Pursuant to Clause 4.1 of the Loan Agreement we give you notice that we wish to draw a Revolving Advance under the Revolving Credit Facility on [—] 201[—] in the amount of $[—] and that we select an Interest Period of [—] month(s) for that Revolving Advance. 
 The proceeds of such Revolving Advance should be credited to [—] under reference [—]. 
 We confirm that: 

 

	1.	the representations and warranties made by us as set out in Clause 10 of the Loan Agreement are true and accurate on the date of this letter as if made on the same date as this letter; 

 

	2.	no Event of Default or Potential Event of Default has occurred and is continuing or will occur as a result of the proposed borrowing of the relevant Advances; and 

 

	3.	the financial covenants set out in Clause 13.1 of the Loan Agreement are complied with. 

  

	
	Yours faithfully
	
	  

	For and on behalf of
	EURONAV NV

  
 100 

 SCHEDULE 5 

CONDITIONS PRECEDENT 
 Part 1 –
Documents and evidence to be received on or before the Signing Date 
  

	1.	In respect of the Borrower: 

  

	 	1.1	certified copies of its certificate of incorporation and constitutional documents; 

  

	 	1.2	to the extent only that such resolutions are required in connection with any legal opinion mentioned below, certified copies of resolutions duly passed by the board of directors of the Borrower evidencing their approval
of the transactions contemplated by the Finance Documents and authorising the execution of them by the Borrower; 

  

	 	1.3	an original certificate, signed by the secretary or a director of the Borrower, stating: 

  

	 	1.3.1	its officers and directors; 

  

	 	1.3.2	that no licences, authorisations, approvals or consents are required by it in connection with the execution, delivery, performance, validity and enforceability of the Finance Documents to which it is (or is to become) a
party or, if any such licences, authorisations, approvals or consents are required by it, attaching certified copies of them; and 

  

	 	1.4	the original or a certified copy of any power of attorney issued by it in favour of any person or persons executing this Agreement, the Fee Letters and/or the Agreed Form Certificate on its behalf. 

 

	2.	Originals of the following Finance Documents and related documents: 

  

	 	2.1	this Agreement executed by the Borrower; 

  

	 	2.2	the Fee Letters executed by the Borrower; and 

  

	 	2.3	the Agreed Form Certificate executed by the Borrower. 

  

	3.	Satisfactory valuation reports for each Vessel received from any two of the Approved Shipbrokers. 

  

	4.	Legal opinions in respect of this Agreement satisfactory to the Lenders: 

  

	 	4.1	on Belgian law from Fransen; and 

  

	 	4.2	on English law from Holman Fenwick Willan LLP. 

  

	5.	Confirmation from the agents in England nominated by the Borrower in this Agreement for the acceptance of service of process, that they consent to such nomination. 

 

	6.	Such certificates and documents as any Bank may reasonably require in order to comply with any anti-money laundering or “know your customer” legislation, regulation or procedures applicable to it.

  
 101 

 Part 2 – Documents and evidence to be received on or before the Initial Borrowing Date 

 

	1.	In respect of the documents delivered by the Borrower to the Agent pursuant to part 1 of this Schedule 5, such updating documents as the Agent may require. 

 

	2.	Originals of the following Finance Documents: 

  

	 	2.1	the Mortgage in respect of each Vessel executed by the Borrower; 

  

	 	2.2	the General Assignment in respect of each Vessel executed by the Borrower; 

  

	 	2.3	a Charter Assignment executed by the Borrower in respect of each Vessel which, on the Initial Borrowing Date, is subject to a Long Term Charter; 

 

	 	2.4	the Account Security Deed executed by the Borrower; and 

  

	 	2.5	all notices, acknowledgements, instruments and other documents as are required to be delivered to the Agent on or before the Initial Borrowing Date under the terms of the above Finance Documents, each duly executed
(where appropriate) by the relevant parties. 

  

	3.	Evidence that the Mortgage for each Vessel has been registered or is capable of immediate registration with first priority against the relevant Vessel at the appropriate ship registry. 

 

	4.	Evidence that the relevant Vessel is registered in the sole name of the Borrower under the laws and flag of its Approved Flag State free from all Encumbrances except for the Mortgage on it. 

 

	5.	An original certificate, signed by the secretary or a director of the Borrower, stating that no Long Term Charter has been entered into by it in respect of the Vessels or, if it has, attaching a certified true copy of
each Long Term Charter and any related Charter Guarantee. 

  

	6.	A certificate of class maintained in respect of each Vessel confirming that each Vessel is classed with the highest class applicable to vessels of her age, type and specifications with its Classification Society free of
overdue recommendations and conditions. 

  

	7.	Evidence that each Vessel is insured in the manner required by the Finance Documents, that letters of undertaking will be issued in the manner required by the Finance Documents and that all other requirements of the
Finance Documents in respect of the Insurances of the Vessels and the noting of the Security Trustee’s interest thereon have been complied with. 

  

	8.	A favourable opinion on the Insurances of the Vessels satisfactory to the Lenders from BankAssure Insurance Services Limited or such other insurance advisers as the Agent may appoint. 

  
 102 

	9.	The following documents relating to the management of each Vessel: 

  

	 	9.1	a certified copy of the Management Agreement; and 

  

	 	9.2	an original of the Manager’s Undertaking. 

  

	10.	The following documents relating to the safety and security of each Vessel: 

  

	 	10.1	a copy of the Document of Compliance in relation to the company responsible for the relevant Vessel’s compliance with the ISM Code under paragraph 1.1.2 of the ISM Code; 

 

	 	10.2	a copy of the relevant Vessel’s Safety Management Certificate as required by the ISM Code; 

  

	 	10.3	a copy of the relevant Vessel’s International Ship Safety Certificate as required by the ISPS Code. 

  

	11.	Evidence that the Earnings Account has been duly opened by the Borrower with the Agent. 

  

	12.	Evidence that before (or simultaneously with) drawdown of the first Advance: 

  

	 	12.1	the whole of the Existing Indebtedness will be repaid; 

  

	 	12.2	all undrawn and available commitments under the Existing Loan Agreement will be finally and irrevocably cancelled; and 

  

	 	12.3	all of the Encumbrances securing the Existing Indebtedness will be finally and unconditionally released and discharged. 

  

	13.	Legal opinions satisfactory to the Lenders: 

  

	 	13.1	on Belgian law from Fransen; 

  

	 	13.2	on Greek law from Theo V. Sioufas & Co.; 

  

	 	13.3	on French law from Holman Fenwick Willan LLP; 

  

	 	13.4	on English law from Holman Fenwick Willan LLP; 

  

	 	13.5	on Norwegian law from BA-HR; 

  

	 	13.6	on the laws of any other relevant jurisdiction from such firm in that jurisdiction as the Agent may appoint, 

or, in respect of any one or more of such legal opinions, confirmation satisfactory to the Agent that the opinion in question will be issued in
form and substance acceptable to it within such period after the Initial Borrowing Date as is acceptable to it. 
  

	14.	Confirmation from the agents in England nominated by the Borrower in the General Assignments and the Charter Assignments (if any) for the acceptance of service of process, that they consent to such nomination.

  
 103 

 SCHEDULE 6 

FORM OF TRANSFER CERTIFICATE 

TRANSFER CERTIFICATE 
 The
Transferor Lender and the Transferee Lender accept exclusive responsibility for ensuring that this Transfer Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively.

  

			
	To:	  	Nordea Bank Norge ASA as agent on its own behalf and for and on behalf of the Obligors and Banks defined in the Agreement referred to below:

  

	1.	This Transfer Certificate relates to a $750,000,000 loan agreement (the “Loan Agreement”) dated [—] 2011 and made between (1) Euronav NV as
borrower (the “Borrower”), (2) the banks and financial institutions defined therein as lenders (the “Lenders”), (3) the banks and financial institutions defined therein as swap providers (the “Swap
Providers”), (4) Nordea Bank Norge ASA, DnB NOR Bank ASA, ABN AMRO Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and Investment Bank, Danish Ship Finance (Danmarks Skibskredit A/S), Fokus Bank (Norwegian Branch of Danske Bank
A/S), ING Belgium SA/NV and Skandinaviska Enskilda Banken AB (publ) as lead arrangers, (5) ITF International Transport Finance Suisse AG and Scotiabank (Ireland) Limited as co-arrangers, (6) Nordea Bank Norge ASA and DnB NOR Bank ASA as
bookrunners, (7) Nordea Bank Norge ASA as agent and (8) Nordea Bank Norge ASA as security trustee (as the same may from time to time be amended or varied). 

 

	2.	Terms defined in the Loan Agreement shall, unless otherwise defined herein, have the same meanings when used in this Transfer Certificate. 

 

	3.	In this Transfer Certificate: 

 “Relevant Party” means each Obligor and each
Bank (other than the Transferor Lender and the Transferee Lender); 
 “Transferor Lender” means [full name] of
[lending office]; and 
 “Transferee Lender” means [full name] of [lending office]. 

 

	4.	The Transferor Lender as beneficial owner hereby transfers to the Transferee Lender absolutely in accordance with Clause 24 of the Loan Agreement all its rights and benefit (present, future or contingent) under the Loan
Agreement and the other Finance Documents to the extent of [—]% of its Term Contribution and [—]% of its Revolving Contribution, which
percentages represent $[—] and $[—] respectively. 

  

	5.	By virtue of this Transfer Certificate and Clause 24 of the Loan Agreement the Transferor Lender is discharged [entirely from its Term Commitment and its Revolving Commitment which amount to $[—] and $[—] respectively][from [—]% of its Term Commitment and [—]% of its Revolving Commitment, which percentages represent $[—] and $[—] respectively] and the
Transferee lender acquires a Term Commitment and a Revolving Commitment of $[—] and $[—] respectively. 

  
 104 

	6.	The Transferee Lender hereby requests the Agent and the other Banks to accept the executed copies of this Transfer Certificate as being delivered pursuant to and for the purposes of Clause 24 of the Loan Agreement so as
to take effect in accordance with the terms thereof on [—] 210[—]. 

 

	7.	The Transferee Lender: 

  

	 	7.1	confirms that it has received copies of the Loan Agreement and the other Finance Documents together with such other documents and information as it has required in connection with the transaction contemplated thereby;

  

	 	7.2	confirms that it has not relied and will not hereafter rely on the Transferor Lender or any other Bank to check or enquire on its behalf into the legality, validity, effectiveness, adequacy, accuracy or completeness of
the Loan Agreement, any of the other Finance Documents or any such other documents or information; 

  

	 	7.3	agrees that it has not relied and will not rely on the Transferor Lender or any other Bank to assess or keep under review on its behalf the financial condition, creditworthiness, condition, affairs, status or nature of
the Borrower or any other party to the Loan Agreement or any of the other Finance Documents (save as otherwise expressly provided therein); 

  

	 	7.4	warrants to the Transferor Lender and each Relevant Party that it has power and authority to become a party to the Loan Agreement and has taken all necessary action to authorise execution of this Transfer Certificate
and to obtain all necessary approvals and consents to the assumption of its obligations under the Loan Agreement and the other Finance Documents; 

  

	 	7.5	if not already a Lender, appoints the Agent to act as its agent as provided in the Loan Agreement and the other Finance Documents and agrees to be bound by the terms thereof; and 

 

	 	7.6	confirms the accuracy of the administrative details set out in the Schedule to this Transfer Certificate. 

  

	8.	The Transferor Lender: 

  

	 	8.1	warrants to the Transferee Lender and each Relevant Party that it has full power to enter into this Transfer Certificate and has taken all corporate action necessary to authorise it to do so; and 

 

	 	8.2	undertakes with the Transferee Lender that it will, at its own expense, execute any documents which the Transferee Lender reasonably requests for perfecting in any relevant jurisdiction the Transferee Lender’s
title under this Transfer Certificate or for a similar purpose. 

  
 105 

	9.	The Transferee Lender hereby undertakes with the Transferor Lender and each Relevant Party that it will perform all those obligations which by the terms of the Loan Agreement will be assumed by it after this Transfer
Certificate takes effect. 

  

	10.	If this Transfer Certificate takes effect during an Interest Period, the Agent shall make all payments which would have become due to the Transferor Lender under the Loan Agreement during that Interest Period if no such
transfer had been effected to the Transferor Lender and the Transferee Lender according to the percentages of the Transferor Lender’s Contributions and Commitments transferred and retained pursuant to Clauses 4 and 5 of this Transfer
Certificate, and the Transferor Lender and the Transferee Lender shall be responsible for paying to each other pro rata all amounts (if any) due to them from each other for that Interest Period. On and from the commencement of the immediately
succeeding Interest Period, the Agent shall make all payments due under the Loan Agreement for the account of the Transferor Lender to the Transferor Lender and shall make all payments due under the Loan Agreement for the account of the Transferee
Lender to the Transferee Lender. This provision is for administrative convenience only and shall not affect the rights of the Transferor Lender and the Transferee Lender under the Loan Agreement. 

 

	11.	Neither the Transferor Lender nor any other Bank: 

  

	 	11.1	makes any representation or warranty nor assumes any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of the Loan Agreement or any of the other Finance Documents or any
other document relating thereto; 

  

	 	11.2	assumes any responsibility for the financial condition of the Borrower or any other party to the Loan Agreement or any of the other Finance Documents or any other document relating thereto or for the performance and
observance thereof by (save as otherwise expressly provided therein) and any and all such conditions and warranties, whether expressed or implied by law or otherwise, are hereby excluded (except as aforesaid). 

 

	12.	The Transferor Lender and the Transferee Lender undertake that they will on demand fully indemnify the Agent and the Security Trustee in respect of any claim, proceeding, liability or expense which relates to or results
from this Transfer Certificate or any matter connected with or arising out of it unless caused by the Agent’s or Security Trustee’s gross negligence or wilful misconduct, as the case may be. 

 

	13.	The agreements and undertaking of the Transferee Lender in this Transfer Certificate are given to and for the benefit of and made with each of the Relevant Parties. 

 

	14.	This Transfer Certificate shall be governed by, and construed in accordance with, English law. 

 WARNING:
This Transfer Certificate may not operate to transfer the Transferor Lender’s interest in all of the security created by the Finance Documents (for example, the Mortgages on any Greek flagged Vessels) and the Transferee Lender should check that
all deeds of assignment and other documents necessary to transfer such security to it are signed by the Transferor Lender and, where appropriate, registered. 

  
 106 

	
	Transferor Lender
	By: [—]
	
	Dated: [—]

  

	
	 Transferee Lender

	 By: [—]

	
	 Dated: [—]

 

	
	Agent (for and on behalf of itself and for every other Relevant Party)
	By: [—]
	
	Dated: [—]

 Schedule 

Administrative Details of Transferee Lender 

Name of Transferee Lender: 
 Lending Office: 

Contact Person 
 (Loan Administration Department): 

Telephone: 
 Fax: 

Contact Person 
 (Credit Administration Department): 

Telephone: 
 Fax: 

Account for Payments: 

  
 107 

 SCHEDULE 7 

FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	  	 Nordea Bank Norge ASA
 Middelthunsgate 17

P.O. Box 1166 Sentrum
 NO-0107 Oslo

Norway

		
	Attn.	  	International Loan Administration

 Date: [—]
201[—] 
 Dear Sirs 

Compliance Certificate - $750,000,000 Loan Agreement 
 We
refer to the loan agreement dated [—] 2011 (the “Loan Agreement”) made between (1) ourselves as Borrower, (2) the banks and financial institutions listed in Schedule 1
thereto as Original Lenders, (3) the banks and financial institutions listed in Schedule 2 thereto as Original Swap Providers, (4) yourselves, DnB NOR Bank ASA, ABN AMRO Bank N.V., Fortis Bank SA/NV, Credit Agricole Corporate and
Investment Bank, Danish Ship Finance (Danmarks Skibskredit A/S), Fokus Bank (Norwegian Branch of Danske Bank A/S), ING Belgium SA/NV and Skandinaviska Enskilda Banken AB (publ) as Lead Arrangers, (5) ITF International Transport Finance Suisse
AG and Scotiabank (Ireland) Limited as Co-Arrangers, (6) yourselves and DnB NOR Bank ASA as Bookrunners, (7) yourselves as Agent and (8) yourselves as Security Trustee providing for the making available to us of a term loan and
revolving credit facility in the amount of $750,000,000. 
 Expressions defined in the Loan Agreement shall have the same meanings when used in this
certificate. 
 I, the Chief Financial Officer of the Borrower, hereby certify that: 

 

	1.	Attached to this certificate are the latest audited consolidated accounts of the Group for the financial [year][half-year] ending on [—] 201[—] (the “Accounts”). 

  

	2.	Set out below are the respective amounts, in Dollars, of the Current Assets, Current Liabilities, Free Liquid Assets (including the respective amounts of cash, cash equivalents and Available Facilities),
Stockholders’ Equity, Total Assets and Total Indebtedness of the Group as at [—] 201[—]: 

 

					
		
	 Current Assets
	  	$	[	—] 
		
	 Current Liabilities
	  	$	[	—] 
		
	 Free Liquid Assets
	  	$	[	—] 
		
	 Cash
	  	$	[	—] 
		
	 Cash equivalents
	  	$	[	—] 
		
	 Available Facilities
	  	$	[	—] 
		
	 Stockholders’ Equity
	  	$	[	—] 
		
	 Total Assets
	  	$	[	—] 
		
	 Total Indebtedness
	  	$	[	—] 

  
 108 

	3.	Accordingly, as at the date of this certificate the financial covenants set out in Clause 13.1 of the Loan Agreement [are] [are not] complied with, in that as at [—]
201[—]: 

  

	 	3.1	Current Assets exceed Current Liabilities by $[—]; 

  

	 	3.2	Free Liquid Assets are $[—]; 

  

	 	3.3	the aggregate amount of cash is $[—]; 

  

	 	3.4	the ratio of Stockholders’ Equity to Total Assets is [—] per cent; 

[or, as the case may be, specify in what respect any of the financial covenants are not complied with.] 

 

	4.	As at [—] 201[—] no Event of Default has occurred and is continuing. 

[or, specify/identify any Event of Default] 

The Borrower is in compliance with Clause 16.1 of the Loan Agreement. 

[If not, specify this and what is proposed as regards Clause 16.2] 

The aggregate Fair Market Values of the Vessels as at [—]
201[—] is $[—] based on a Fair Market Value for each Vessel as at that as follows: 

 

									
	Name of Vessel	 	 Name of first

shipbroker providing

valuation
	 	Name of second
shipbroker providing
valuation	 	Average market value	 
				
	[—]	 	[—]	 	[—]	 	$	[—	] 
				
	[—]	 	[—]	 	[—]	 	$	[—	] 
				
	[—]	 	[—]	 	[—]	 	$	[—	] 

  

	
	Yours faithfully
	
	  

	Chief Financial Officer
	EURONAV NV

  
 109 

 SCHEDULE 8 

MANDATORY COSTS FORMULA 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial Services Authority (or, in either case,
any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible after it) the Agent shall calculate, as a percentage rate per annum, a rate (the “Additional Cost Rate”) for each Lender, in accordance
with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the Term Loan and
Revolving Advances) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Lending Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its
notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in the Term Loan and Revolving Advances made from that Lending Office) of complying with the minimum reserve
requirements of the European Central Bank in respect of loans made from that Lending Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Lending Office in the United Kingdom will be calculated by the Agent as follows: 

 

			
	 E x 0.01
	 	
	300	 	per cent. per annum.

 Where: 
  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to
paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	 	5.1	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank
of England; 

  

	 	5.2	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the
acceptance of deposits; 

  
 110 

	 	5.3	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking
into account any applicable discount rate); 

  

	 	5.4	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to
European Monetary Union; and 

  

	 	5.5	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by that Reference Bank to the Financial
Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	7.	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information in
writing on or prior to the date on which it becomes a Lender: 

  

	 	7.1	the jurisdiction of its Lending Office; and 

  

	 	7.2	any other information that the Agent may reasonably require for such purpose. 

 Each Lender
shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this paragraph. 
  

	8.	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender
notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a Lending Office in the same jurisdiction
as its Lending Office. 

  

	9.	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any
Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects. 

  

	10.	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender [and
each Reference Bank] pursuant to paragraphs 3, 6 and 7 above. 

  
 111 

	11.	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and
binding on all parties. 

  

	12.	The Agent may from time to time, after consultation with the Borrower and the Lenders, determine and notify to all Parties any amendments which are required to be made to this Schedule in order to comply with any change
in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination shall, in
the absence of manifest error, be conclusive and binding on all Parties. 

  
 112 

 SCHEDULE 9 

DESIGNATION NOTICE 
  

			
	To:	  	Nordea Bank Norge ASA
		  	Middelthunsgate 17
		  	P.O. Box 1166 Sentrum
		  	NO-0107 Oslo
		  	Norway
		
	Attn.	  	International Loan Administration

 Date: [—]
201[—] 
 Dear Sirs 

$750,000,000 Senior Secured Term Loan and Revolving Credit Agreement dated [—] 2011

 We refer to: 
  

	1.	the loan agreement dated [—] 2011 (the “Loan Agreement”) made between (1) ourselves as Borrower, (2) the banks and financial institutions
listed in Schedule 1 thereto as Original Lenders, (3) the banks and financial institutions listed in Schedule 2 thereto as Original Swap Providers, (4) yourselves, DnB NOR Bank ASA, ABN AMRO Bank N.V., Fortis Bank SA/NV, Credit Agricole
Corporate and Investment Bank, Danish Ship Finance (Danmarks Skibskredit A/S), Fokus Bank (Norwegian Branch of Danske Bank A/S), ING Belgium SA/NV and Skandinaviska Enskilda Banken AB (publ) as Lead Arrangers, (5) ITF International Transport
Finance Suisse AG and Scotiabank (Ireland) Limited as Co-Arrangers, (6) yourselves and DnB NOR Bank ASA as Bookrunners, (7) yourselves as Agent and (8) yourselves as Security Trustee providing for the making available to us of a term
loan and revolving credit facility in the amount of $750,000,000; 

  

	2.	the master agreement dated as of [—] made between Euronav NV and [—] (the “Master Agreement”); and

  

	3.	a confirmation delivered pursuant to the said Master Agreement dated [—] and addressed by [—] to Euronav NV (the
“Confirmation”). 

 In accordance with the terms of the Loan Agreement, we hereby give you notice of the Confirmation and
hereby confirm that the transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents. 

 

					
	Yours faithfully	 		 	
			
	  
	 		 	  

	for and on behalf of	 		 	for and on behalf of
	EURONAV NV	 		 	[SWAP PROVIDER]

  
 113 

 EXECUTION PAGES 
  

									
	THE BORROWER	  		  		  	
				
	SIGNED	  	)	  		  	 

	by	  	THOMAS WILLAN	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	EURONAV NV	  	)	  		  	
				
	THE BANKS	  		  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	NORDEA BANK NORGE ASA	  	)	  		  	
	as Original Lender, Lead Arranger,	  	)	  		  	
	Bookrunner, Agent and Security Trustee	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	DnB NOR BANK ASA as Original Lender,	  	)	  		  	
	Original Swap Provider, Lead Arranger and	  	)	  		  	
	Bookrunner	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	ABN AMRO BANK N.V. as Original	  	)	  		  	
	Lender, Original Swap Provider and Lead	  	)	  		  	
	Arranger	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	FORTIS BANK SA/NV as Original Lender,	  	)	  		  	
	Original Swap Provider and Lead Arranger	  	)	  		  	

  
 114 

									
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	CREDIT AGRICOLE CORPORATE	  	)	  		  	
	AND INVESTMENT BANK as Original	  	)	  		  	
	Lender, Original Swap Provider and	  	)	  		  	
	Lead Arranger	  	)	  		  	
					
	SIGNED	  		  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	DANISH SHIP FINANCE (DANMARKS	  	)	  		  	
	SKIBSKREDIT A/S) as Original Lender	  	)	  		  	
	and Lead Arranger	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	FOKUS BANK (NORWEGIAN BRANCH	  	)	  		  	
	OF DANSKE BANK A/S) as Original	  	)	  		  	
	Lender and Lead Arranger	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	ING BELGIUM SA/NV as Original Lender,	  	)	  		  	
	Original Swap Provider and Lead Arranger	  	)	  		  	
					
	SIGNED	  		  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	SKANDINAVISKA ENSKILDA BANKEN	  	)	  		  	
	AB (publ) as Original Lender, Original	  	)	  		  	
	Swap Provider and Lead Arranger	  	)	  		  	

  
 115 

									
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	ITF INTERNATIONAL TRANSPORT	  	)	  		  	
	FINANCE SUISSE AG as Original Lender	  	)	  		  	
	and Co-Arranger)	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	SCOTIABANK (IRELAND) LIMITED	  	)	  		  	
	as Original Lender and Co-Arranger)	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	BANQUE LBLUX S.A. as Original	  	)	  		  	
	Lender and Original Swap Provider	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	KBC BANK NV as Original Lender	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	DEXIA BANK BELGIUM SA/NV as	  	)	  		  	
	Original Lender and Original Swap Provider	  	)	  		  	
				
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	NORDEA BANK FINLAND PLC	  	)	  		  	
	as Original Swap Provider	  	)	  		  	

  
 116 

									
	SIGNED	  		  		  	
	by	  	Katherine Noble	  	)	  		  	 

		  	Attorney-in-fact	  	)	  		  
	duly authorised for and on behalf of	  	)	  		  
	DANSKE BANK A/S as Original Swap	  	)	  		  	
	Provider	  	)	  		  	

  
 117EX-10.3

 EXHIBIT 10.3 

Date 3 April 2009 

EURONAV NV 
 as Borrower

 - and - 
 THE BANKS AND
FINANCIAL INSTITUTIONS 
 listed in Schedule 1 

as Lenders 
 - and - 

NORDEA BANK NORGE ASA 

CALYON 

SOCIÉTÉ GÉNÉRALE 

BANK OF AMERICA, NATIONAL ASSOCIATION 

SCOTIABANK (HONG KONG) LIMITED 

as Lead Arrangers 
 - and - 

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) 

DEXIA BANK BELGIUM NV 

DNB NOR BANK ASA 
 FORTIS
BANK 
 ETHIAS BANK 

as Co-Arrangers 
 - and - 

NORDEA BANK NORGE ASA 

CALYON 

SOCIÉTÉ GÉNÉRALE 

as Bookrunners 
 - and - 

NORDEA BANK NORGE ASA 
 as
Agent and as Security Trustee 
  
  

LOAN AGREEMENT 
  

 
 relating to a
loan facility of US$300,000,000 comprising: 
 (i) a term loan facility of US$214,000,000; and 

(ii) a newbuilding facility of US$86,000,000 

Watson, Farley & Williams 

London 

 INDEX 
  

							
	Clause	  	 	  	Page	 
			
	1	  	INTERPRETATION	  	 	1	  
			
	2	  	FACILITY	  	 	15	  
			
	3	  	POSITION OF THE LENDERS AND SWAP BANKS	  	 	16	  
			
	4	  	DRAWDOWN	  	 	17	  
			
	5	  	INTEREST	  	 	18	  
			
	6	  	INTEREST PERIODS	  	 	20	  
			
	7	  	DEFAULT INTEREST	  	 	21	  
			
	8	  	REPAYMENT AND PREPAYMENT	  	 	22	  
			
	9	  	CONDITIONS PRECEDENT	  	 	25	  
			
	10	  	REPRESENTATIONS AND WARRANTIES	  	 	25	  
			
	11	  	GENERAL UNDERTAKINGS	  	 	27	  
			
	12	  	CORPORATE UNDERTAKINGS	  	 	30	  
			
	13	  	INSURANCE	  	 	32	  
			
	14	  	SHIP COVENANTS	  	 	35	  
			
	15	  	SECURITY COVER	  	 	38	  
			
	16	  	PAYMENTS AND CALCULATIONS	  	 	39	  
			
	17	  	APPLICATION OF RECEIPTS	  	 	41	  
			
	18	  	APPLICATION OF EARNINGS	  	 	42	  
			
	19	  	EVENTS OF DEFAULT	  	 	42	  
			
	20	  	FEES AND EXPENSES	  	 	46	  
			
	21	  	INDEMNITIES	  	 	47	  
			
	22	  	NO SET-OFF OR TAX DEDUCTION	  	 	48	  
			
	23	  	ILLEGALITY, ETC	  	 	50	  
			
	24	  	INCREASED COSTS	  	 	50	  
			
	25	  	SET-OFF	  	 	52	  
			
	26	  	TRANSFERS AND CHANGES IN LENDING OFFICES	  	 	52	  

							
			
	27	  	VARIATIONS AND WAIVERS	  	 	56	  
			
	28	  	NOTICES	  	 	57	  
			
	29	  	SUPPLEMENTAL	  	 	58	  
			
	30	  	LAW AND JURISDICTION	  	 	59	  
		
	SCHEDULE 1 LENDERS AND COMMITMENTS	  	 	61	  
		
	SCHEDULE 2 MAXIMUM ADVANCES	  	 	64	  
		
	SCHEDULE 3 DRAWDOWN NOTICE	  	 	65	  
		
	SCHEDULE 4 CONDITION PRECEDENT DOCUMENTS	  	 	66	  
		
	SCHEDULE 5 TRANSFER CERTIFICATE	  	 	70	  
		
	SCHEDULE 6 DETAILS OF SHIPS	  	 	74	  
		
	SCHEDULE 7 DESIGNATION NOTICE	  	 	75	  
		
	SCHEDULE 8 MANDATORY COST FORMULA	  	 	76	  
		
	SCHEDULE 9 FORM OF CERTIFICATE OF COMPLIANCE	  	 	78	  
		
	EXECUTION PAGES	  	 	80	  

 THIS AGREEMENT is made on 3 April 2009 

BETWEEN 
  

	(1)	EURONAV NV, as Borrower; 

  

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

  

	(3)	NORDEA BANK NORGE ASA, CALYON, SOCIÉTÉ GÉNÉRALE, BANK OF AMERICA, NATIONAL ASSOCIATION and SCOTIABANK (HONG KONG) LIMITED as Lead Arrangers; 

 

	(4)	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), DEXIA BANK BELGIUM NV, DNB NOR BANK ASA, FORTIS BANK and ETHIAS BANK, as Co-Arrangers; 

 

	(5)	NORDEA BANK NORGE ASA, as Agent; and 

  

	(6)	NORDEA BANK NORGE ASA, as Security Trustee. 

 BACKGROUND 

 

	(A)	The Lenders have agreed to make available to the Borrower a loan facility of $300,000,000 comprising: 

  

	 	(i)	a Term Loan Facility of $214,000,000 for general corporate and working capital purposes and to pay fees and expenses in relation to the Facility; and 

 

	 	(ii)	a Newbuilding Facility of $86,000,000 for general corporate and working capital purposes. 

  

	(B)	The Swap Banks may agree to enter into interest rate swap transactions with the Borrower from time to time to hedge the Borrower’s exposure under this Agreement to interest rate fluctuations. 

 

	(C)	The Lenders and the Swap Banks have agreed to share in the security to be granted to the Security Trustee pursuant to this Agreement on the terms described herein. 

IT IS AGREED as follows: 
  

	1	INTERPRETATION 

  

	1.1	Definitions. Subject to Clause 1.5, in this Agreement: 

 “Account Security
Deed” means a deed creating security in respect of the Earnings Account to be executed by the Borrower in favour of the Security Trustee in the Agreed Form; 

“Advance” means the Term Advance and each Newbuilding Advance; 

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

“Agency and Trust Deed” means the agency and trust deed dated the same date as this Agreement and entered into between the
same parties as are parties to this Agreement; 
 “Agent” means Nordea Bank Norge ASA, acting in such capacity through its
office at Middelthunsgate 17, P.O. Box 1166, Sentrum, 0107 Oslo, Norway, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

 “Agent” means Nordea Bank Norge ASA, acting in such capacity through its office
at Middelthunsgate 17, P.O. Box 1166, Sentrum, 0107 Oslo, Norway, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

“Agreed Form” means in relation to any document, that document in a form agreed in writing by the Agent (acting on the
instructions of the Lenders), or if otherwise approved in accordance with any other approval procedure specified in the relevant provision of any Finance Document; 

“Approved Flag” means Belgian flag, French flag, Greek flag or any other flag acceptable to the Agent (with the authorisation
of the Majority Lenders); 
 “Approved Manager” means, in relation to the technical management of each Ship, Euronav
Shipmanagement SAS of de Gerlachekaai 20, B-2000 Antwerp, Belgium or any wholly owned subsidiary of the Borrower or, in each case, any other company which the Agent may, with the authorisation of the Majority Lenders, approve from time to time as
the technical manager of that Ship; 
 “Approved Shipbroker” means Arrow Sale & Purchase (UK) Limited, H.
Clarkson & Co. Ltd., R S Platou Shipbrokers A.S., Braemar Seascope Limited, Maersk Broker K/S and ACM Shipping or such other independent sale and purchase shipbrokers which the Agent has approved or selected (with the authorisation of the
Majority Lenders); 
 “Arrangers” means, together, the Lead Arrangers and the Co-Arrangers; 

“Available Newbuilding Commitment” means, in relation to a Lender and at any time, its Newbuilding Commitment less its
Newbuilding Contribution at that time (and “Total Available Newbuilding Commitments” means the aggregate of the Available Newbuilding Commitments of all the Lenders); 

“Available Term Commitment” means, in relation to a Lender and at any time, its Term Commitment less its Term Contribution at
that time (and “Total Available Term Commitments” means the aggregate of the Available Term Commitments of all the Lenders); 

“Availability Period” means: 
  

	 	(a)	in the case of the Term Loan Facility, a period commencing on the date of this Agreement and ending on: 

  

	 	(i)	the date falling 2 months after the date of this Agreement (or such later date as the Agent may, with the authorisation of the Lenders, agree with the Borrower); or 

 

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

  

	 	(b)	in the case of the Newbuilding Facility, a period commencing on the date of this Agreement and ending on: 

  

	 	(i)	the Newbuilding Termination Date (or such later date as the Agent may, with the authorisation of the Lenders, agree with the Borrower); or 

 

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

“Borrower” means Euronav NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000
Antwerp, Belgium; 

  
 2 

 “Borrower’s Group” means the Borrower and each of its subsidiaries; 

“Business Day” means a day on which banks are open in Brussels, London, Oslo, Paris and Hong Kong and, in respect of a day on
which a payment is required to be made under a Finance Document, also in New York City; 
 “Builder” means Samsung Heavy
Industries Co., Ltd., a company incorporated in Korea whose registered office is at 11th Floor, KIPS Center, 647-9, Yeoksam-Dong, Kangnam-Gu, Seoul, Korea; 

“Change of Control” means, in relation to the Borrower, if 2 or more persons acting in concert or any individual person other
than Saverco: 
  

	 	(a)	acquires legally and/or beneficially, and either directly or indirectly, in excess of 50 per cent, of the issued share capital of the Borrower; or 

 

	 	(b)	has the right or the ability to control, either directly or indirectly, the affairs or composition of the majority of the board of directors (or equivalent) of the Borrower; 

“Co-Arrangers” means, together, Skandinaviska Enskilda Banken AB (publ), Dexia Bank Belgium SA/NV, DnB NOR Bank ASA, Fortis
Bank, UK Branch and Ethias Bank; 
 “Commitment” means, in relation to a Lender, the aggregate of its Term Commitment and
its Newbuilding Commitment (and “Total Commitments” means the aggregate of the Commitments of all the Lenders); 

“Confirmation” and “Early Termination Date”, in relation to any continuing Designated Transaction, have the
meaning given in the relevant Master Agreement; 
 “Contractual Currency” has the meaning given in Clause 21.4; 

“Contribution” means, in relation to a Lender, the aggregate of its Term Contribution and its Newbuilding Contribution; 

“Creditor Party” means the Agent, the Security Trustee, the Arrangers, any Lender or any Swap Bank, whether as at the date of
this Agreement or at any later time; 
 “Designated Transaction” means a Transaction which fulfils the following
requirements: 
  

	 	(a)	it is entered into by the Borrower pursuant to a Master Agreement with a Swap Bank; 

  

	 	(b)	its purpose is the hedging of the Borrower’s exposure under this Agreement to fluctuations in LIBOR arising from the funding of the Facility (or any part thereof) for a period expiring no later than the Maturity
Date; and 

  

	 	(c)	it is designated by the Borrower and/or by the relevant Swap Bank, by delivery by the Borrower and/or that Swap Bank to the Agent of a notice of designation in the form set out in Schedule 7, as a Designated Transaction
for the purposes of the Finance Documents; 

 “Dollars” and “$” means the lawful currency for
the time being of the United States of America; 
 “Drawdown Date” means the Term Drawdown Date or a Newbuilding Drawdown
Date; 

  
 3 

 “Drawdown Notice” means a notice in the form set out in Schedule 3 (or in any
other form which the Agent approves or reasonably requires); 
 “Earnings” means, in relation to a Ship, all moneys
whatsoever which are now, or later become, payable (actually or contingently) to the Borrower and which arise out of the use or operation of that Ship, including (but not limited to): 

 

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

  

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

  

	 	(c)	if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a) or (b) are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or
sharing arrangement which is attributable to that Ship; 

 “Earnings Account” means an account in the name of
the Borrower with the Agent in Oslo designated “6017.04.41527 - Earnings Account”, or any other account (with that or another office of the Agent or with a bank or financial institution other than the Agent) which is agreed by the Agent
and the Borrower as the Earnings Account for the purposes of this Agreement; 
 “Environmental Claim” means: 

 

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

 

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

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

“Environmental Incident” means: 
  

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

  

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

  

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

  
 4 

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

“Environmentally Sensitive Material” means oil, oil products and any other substance (including any chemical, gas or other
hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; 
 “Event of
Default” means any of the events or circumstances described in Clause 19.1; 
 “Facility” means, together, the Term
Loan Facility and the Newbuilding Facility; 
 “Fair Market Value” means, in relation to a Ship, a valuation of its market
price as determined in accordance with Clause 15.3; 
 “Finance Documents” means: 

 

	 	(a)	this Agreement; 

  

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	the Account Security Deed; 

  

	 	(d)	the Mortgages; 

  

	 	(e)	the General Security Deeds; 

  

	 	(f)	the Time Charter Security Deeds, and 

  

	 	(g)	any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or any other person as security for, or to establish any form of subordination or priorities arrangement in
relation to, any amount payable to the Lenders and/or the Swap Banks under this Agreement or any of the other documents referred to in this definition; 

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

 

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

  

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

  

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

  

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

 

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

  

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

  
 5 

 “General Security Deed” means, in relation to each Ship, a deed executed or to
be executed by the Borrower in favour of the Security Trustee creating security in respect of the Earnings, the Insurances and any Requisition Compensation relating to that Ship in the Agreed Form; 

“IFRS” means International Financial Reporting Standards in effect from time to time; 

“Insurances” means, in relation to a Ship: 
  

	 	(a)	all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, which are effected in respect of that Ship, its Earnings or otherwise in relation to it;
and 

  

	 	(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium; 

“Interest Period” means a Term Interest Period or a Newbuilding Interest Period; 

“Interest Tranche” means each part of the Term Loan or of the Newbuilding Loan (as the case may be) for which the Borrower has
selected a separate Interest Period pursuant to Clause 6; 
 “ISM Code” means the International Safety Management Code
(including the guidelines on its implementation) as adopted by the International Maritime Organisation Assembly, as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety
Management Certificate” and “Document of Compliance” have the same meanings as are given to them in the ISM Code); 

“ISPS Code” means the International Ship and Port Facility Security Code as adopted by the International Maritime Organisation
(“IMO”) as the same may be amended or supplemented from time to time; 
 “ISSC” means a valid and current
International Ship Security Certificate issued under the ISPS Code; 
 “Lead-Arrangers” means, together, Nordea Bank Norge
ASA, Calyon, Société Générale, Bank of America, National Association and Scotiabank (Hong Kong) Limited; 

“Lender” means a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or
through another branch notified to the Borrower under Clause 26.14) or its transferee, successor or assign; 
 “LIBOR”
means, for an Interest Period: 
  

	 	(a)	the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as possible equal to, the relevant Interest Period which appears on Reuters Page Libor 01 at or about 11.00
a.m. (London time) on the Quotation Date for that Interest Period (and, for the purposes of this Agreement, “Reuters Page Libor 01” means the display designated as “Page Libor 01” on the Reuters Service or such other page
as may replace Page Libor 01 on that service for the purpose of displaying rates comparable to that rate); or 

  

	 	(b)	if no rate is quoted on Reuters Page Libor 01, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest one-sixteenth of one per cent.) of the rates per annum
notified to the Agent by each Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks in the London Interbank Market at that Reference Bank’s request at or about 11.00 a.m. (London time) on
the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on the first Business Day of it; 

  
 6 

 “Major Casualty” means, in relation to a Ship, any casualty to that Ship in
respect of which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $5,000,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	before any Advance has been made, Lenders the aggregate of whose Commitments total at least 66 2/3 per cent. of the Total Commitments; and 

 

	 	(b)	after the first Advance has been made, Lenders the aggregate of whose Contributions total at least 66 2/3 per cent. of the Total Contributions; 

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 8; 

“Margin” means 2.50 per cent, per annum; 

“Maturity Date” means the date falling 60 months after the date of this Agreement; 

“Master Agreement” means each master agreement (on the 1992 or 2002 (as the case may be) ISDA (Multicurrency-Crossborder)
form) in an agreed form to be made between the Borrower and a Swap Bank and includes all Designated Transactions from time to time entered into and Confirmations from time to time exchanged under such master agreement; 

“Mortgage” means, in relation to each Ship, a first priority cross collateralised mortgage over that Ship executed or to be
executed by the Borrower in favour of the Security Trustee in the case of a Ship registered on Belgian flag and in favour of all the Lenders and, if applicable, also the Swap Banks, in the case of a Ship registered on French or Greek flag, in each
case in the Agreed Form; 
 “Negotiation Period” has the meaning given in Clause 5.10; 

“Newbuildings” means the 2 newbuildings listed as Ship 5 and Ship 6 in Schedule 6 which are to be acquired by the Borrower
pursuant to the Shipbuilding Contract for that Newbuilding and shall be registered on an Approved Flag; 
 “Newbuilding
Advance” means the principal amount of each borrowing of a portion of the Newbuilding Facility under this Agreement; 

“Newbuilding Advance Drawdown Amount” means, in relation to the Newbuilding Advance in respect of each Newbuilding, the amount
listed in the fourth column of Schedule 2 for that Newbuilding; 
 “Newbuilding Commitment” means, in relation to a Lender,
the amount set opposite its name in the fourth column of Schedule 1, or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement
(and “Total Newbuilding Commitments” means the aggregate of the Newbuilding Commitments of all the Lenders); 

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

  
 7 

 “Newbuilding Drawdown Date” means, in relation to a Newbuilding Advance, the
date requested by the Borrower for that Newbuilding Advance to be made, or (as the context requires) the date on which that Newbuilding Advance is actually made; 

“Newbuilding Interest Period” means a period determined in accordance with Clause 6.2; 

“Newbuilding Facility” means the Newbuilding loan facility of $86,000,000 as that amount may be reduced by borrowing,
cancellation or termination under this Agreement; 
 “Newbuilding Loan” means the principal amount of the Total Newbuilding
Commitments borrowed by the Borrower under this Agreement which is for the time being outstanding under this Agreement; 

“Newbuilding Repayment Date” means a date on which a repayment of the Newbuilding Loan is required to be made under Clause 8;

 “Newbuilding Termination Date” means the date falling 12 months after the date of this Agreement; 

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.1 as the context requires; 

“Owned Ships” means the 4 ships listed as Ship 1 to 4 (inclusive) in Schedule 6 which are owned by the Borrower at the date of
this Agreement and registered in the ownership of the Borrower on the flag indicated in relation to that Ship in Schedule 6; 

“Payment Currency” has the meaning given in Clause 21.4; 

“Permitted Security Interests” means: 
  

	 	(a)	Security Interests created by the Finance Documents; 

  

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

  

	 	(c)	liens for salvage; 

  

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

 

	 	(e)	liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship,
provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps); 

 

	 	(f)	any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for costs and expenses where the Borrower is prosecuting or
defending such proceedings or arbitration in good faith by appropriate steps provided such Security Interest does not (and is not likely to) result in any sale, forfeiture or loss of a Ship; and 

 

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

  
 8 

 “Pertinent Document” means: 

 

	 	(a)	any Finance Document; 

  

	 	(b)	any policy or contract of insurance contemplated by or referred to in Clause 13 or any other provision of this Agreement or another Finance Document; 

 

	 	(c)	any other document contemplated by or referred to in any Finance Document; and 

  

	 	(d)	any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in connection with any Finance Document or any policy, contract or document falling within paragraphs (b) or (c);

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

 

	 	(a)	England and Wales; 

  

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

  

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

 

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

  

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

  

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

“Pertinent Matter” means: 
  

	 	(a)	any transaction or matter contemplated by, arising out of, or in connection with a Pertinent Document; or 

  

	 	(b)	any statement relating to a Pertinent Document or to a transaction or matter falling within paragraph (a); 

and covers any such transaction, matter or statement, whether entered into, arising or made at any time before the signing of this Agreement or
on or at any time after that signing; 
 “Pool Agreement” means, in relation to each Ship, any pool agreement which the
Borrower or any of its subsidiaries may enter into or have entered into and which that Ship is subject to; 
 “Potential Event of
Default” means an event or circumstance which, with the giving of any notice, the lapse of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

  
 9 

 “Quotation Date” means, in relation to any Interest Period (or any other period
for which an interest rate is to be determined under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the London Interbank Market for deposits in the currency in relation to which such
rate is to be determined for delivery on the first day of that Interest Period or other period; 
 “Reference Banks” means,
subject to Clause 26.16, Nordea Bank Norge ASA, Calyon and Société Générale; 
 “Relevant
Person” has the meaning given in Clause 19.9; 
 “Requisition Compensation” includes all compensation or other
moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition of “Total Loss”; 

“Saverco” means Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000
Antwerp, Belgium; 
 “Secured Liabilities” means all liabilities which the Borrower, the Security Parties or any of them
have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any Designated Transactions or any judgment relating to any Finance Document or any Designated Transactions; and for this purpose,
there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any
country; 
 “Security Interest” means: 
  

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

  

	 	(b)	the security rights of a plaintiff under an action in rem; and 

  

	 	(c)	any arrangement entered into by a person (A) the effect of which is to place another person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a
security interest over an asset of A; but this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution; 

“Security Party” means any person (except a Creditor Party) who, as a surety or mortgagor, as a party to any subordination or
priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph of the definition of “Finance Documents”; 

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

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

 

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

  
 10 

	 	(c)	neither any Borrower nor any Security Party has any future or contingent liability under Clause 20, 21 or 22 or any other provision of this Agreement or another Finance Document or a Master Agreement; and

  

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

 “Security Trustee” means Nordea Bank Norge
ASA, acting in such capacity through its office at Middelthuns gate 17, P.O. Box 1166, Sentrum, 0107 Oslo, Norway, or any successor of it appointed under clause 5 of the Agency and Trust Deed; 

“Servicing Bank” means the Agent or the Security Trustee; 

“Ship” means each of the Owned Ships and the Newbuildings and “Ship 1”, “Ship 2”,
“Ship 3”, “Ship 4”, “Ship 5” and “Ship 6” mean the ships listed as such ships in Schedule 6; 

“Shipbuilding Contract” means, in the case of each Newbuilding, the shipbuilding contract dated 23 October 2006 made
between the Builder and the Borrower for the construction of that Newbuilding by the Builder and its purchase by the Borrower as supplemented and amended from time to time; 

“Swap Bank” means any Lender, or any parent, subsidiary or associated company of a Lender (as the case may be), which enters
into a Master Agreement and a Designated Transaction with the Borrower; 
 “Swap Counterparty” means, at any relevant time
and in relation to a continuing Designated Transaction, the Swap Bank which is a party to that Designated Transaction; 
 “Term
Advance” means the principal amount of the borrowing of the Term Loan Facility under this Agreement; 
 “Term Advance
Drawdown Amount” means, in relation to the Term Advance in respect of each Owned Ship, the amount listed in the third column of Schedule 2 for that Ship; 

“Term Commitment” means, in relation to a Lender, the amount set opposite its name in the third column of Schedule 1, or, as
the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Term Commitments” means the aggregate of the Term
Commitments of all the Lenders); 
 “Term Contribution” means, in relation to a Lender, the part of the Term Loan which is
owing to that Lender; 
 “Term Drawdown Date” means the date requested by the Borrower for the Term Advance to be made, or
(as the context requires) the date on which the Term Advance is actually made; 
 “Term Interest Period” means a period
determined in accordance with Clause 6.1; 

  
 11 

 “Term Loan” means the principal amount of the Total Term Commitments borrowed by
the Borrower under this Agreement which is for the time being outstanding under this Agreement; 
 “Term Loan Facility”
means the term loan facility of $214,000,000 as that amount may be reduced by borrowing, cancellation or termination under this Agreement; 

“Term Repayment Date” means a date on which a repayment of the Term Loan is required to be made under Clause 8; 

“Time Charterer” means: 
  

	 	(a)	in the case of the Ship 1, BP Shipping Limited, a company incorporated in England whose registered office is at Chertsery Road, Sunbury Upon Thames, Middlesex, TW16 7BP; 

 

	 	(b)	in the case of the Ship 2, Ship 5 or Ship 6 (being whichever ship is the substitute ship under this charter) Ultramar Ltd., a company incorporated in Quebec whose registered office is at 2200 McGill College, Montreal
(Quebec), H3A 3L3; 

  

	 	(c)	in the case of the Ship 3, Chartering & Shipping Services SA, a company incorporated in Switzerland acting through its office at World Trade Centre, P.O. Box 532, 1215, Geneva 15 Aeroport, Switzerland; and

  

	 	(d)	in the case of the Ship 4, Chartering & Shipping Services SA, a company incorporated in Switzerland whose registered office is at World Trade Centre, P.O. Box 532,1215, Geneva 15 Aeroport, Switzerland;

 “Time Charters” means each of the following time charters, as amended, entered into between the Borrower
and the relevant Time Charterer: 
  

	 	(a)	the time charter dated 18 December 2007 in relation to Ship 1; 

  

	 	(b)	the time charter dated 1 July 2008 in relation to Ship 2, Ship 5 or Ship 6 (being whichever ship is the substitute ship under this charter); 

 

	 	(c)	the time charter dated 29 January 2008 in relation to Ship 3; and 

  

	 	(d)	the time charter dated 29 January 2008 in relation to Ship 4; 

 “Time Charter
Security Deed” means, in relation to each Time Charter, a deed executed or to be executed by the Borrower in favour of the Security Trustee creating security in respect of that Time Charter in the Agreed Form; 

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

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

  

	 	(b)	any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is
effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding 1 year without any right to an
extension) unless it is within 1 month redelivered to the Borrower’s full control; 

  

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

  

	 	(d)	any arrest, capture, seizure or detention of that Ship (including piracy or theft) unless it is within 90 days redelivered to the Borrower’s full control; 

  
 12 

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

 

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

 

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

  

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

  

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

 

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

“Transaction” has the meaning given in each Master Agreement; 

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

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

 

	1.2	Construction of certain terms. In this Agreement: 

 “administration
notice” means a notice appointing an administrator, a notice of intended appointment and any other notice which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in
connection with, the appointment of an administrator; 
 “approved” means, for the purposes of Clause 13, approved in
writing by the Agent acting with the authorisation of the Majority Lenders (which authorisation shall not be unreasonably withheld); 

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

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

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

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax; 

  
 13 

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

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 
 “months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Borrower is obliged to effect,
under Clause 13 or any other provision of this Agreement or another Finance Document; 
 “parent company” has the meaning
given in Clause 1.4; 
 “person” includes any company; any state, political sub-division of a state and local or municipal
authority; and any international organisation; 
 “policy”, in relation to any insurance, includes a slip, cover note,
certificate of entry or other document evidencing the contract of insurance or its terms; 
 “protection and indemnity
risks” means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not
recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (01/11/02 or 01/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/11/1995 or 1/10/83) or the Institute
Amended Running Down Clause (1/10/71) or any equivalent provision; 
 “regulation” includes any regulation, rule,
official directive, request or guideline whether or not having the force of law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation; 

“subsidiary” has the meaning given in Clause 1.4; 

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

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

	1.3	Meaning of “month”. A period of 1 or more “months” ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started
(“the numerically corresponding day”), but: 

  

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

  

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

  
 14 

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

 

	1.4	Meaning of “subsidiary”. A company (S) is a subsidiary of another company (P) if: 

  

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

  

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

  

	(c)	P has the direct or indirect power to appoint or remove a majority of the directors of S; or 

  

	(d)	P otherwise has the direct or indirect power to ensure that the affairs of S are conducted in accordance with the wishes of P; 

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

	1.5	General Interpretation. In this Agreement: 

  

	(a)	references in Clause 1.1 to a Finance Document or any other document being in an “agreed form” are to the form agreed between the Agent (acting with the authorisation of each of the other Creditor Parties) and
the Borrower; 

  

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

 

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

 

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

  

	(e)	Clauses 1.1 to 1.5 apply unless the contrary intention appears. 

  

	1.6	Headings. In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and other headings in that and any other Finance Document shall be entirely disregarded.

  

	2	FACILITY 

  

	2.1	Amount of facility. Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower: 

  

	(a)	a Term Loan Facility in an amount of $214,000,000; and 

  

	(b)	a Newbuilding Facility in an amount of $86,000,000. 

  

	2.2	Lenders’ participations. Subject to the other provisions of this Agreement, each Lender shall: 

  

	(a)	participate in the Term Advance in the proportion which, as at the Term Drawdown Date, its Term Commitment bears to the Total Term Commitments; and 

 

	(b)	participate in each Newbuilding Advance in the proportion which, as at the relevant Newbuilding Drawdown Date, its Newbuilding Commitment bears to the Total Newbuilding Commitments. 

  
 15 

	2.3	Purpose of Advances. The Borrower undertakes with each Creditor Party to use each Term Advance and each Newbuilding Advance only for the respective purposes stated in the preamble to this Agreement.

  

	3	POSITION OF THE LENDERS AND SWAP BANKS 

  

	3.1	Interests of Lenders several. The rights of the Lenders and of the Swap Banks under this Agreement are several. 

  

	3.2	Individual right of action. Each Lender and each Swap Bank shall be entitled to sue for any amount which has become due and payable by the Borrower to it under this Agreement or under a Master Agreement without
joining the Agent, the Security Trustee, any Arranger, any other Lender or any other Swap Bank as additional parties in the proceedings. 

  

	3.3	Proceedings requiring Majority Lender consent. Except as provided in Clause 3.2, no Lender and no Swap Bank may commence proceedings against the Borrower or any Security Party in connection with a Finance
Document or a Master Agreement without the prior consent of the Majority Lenders. 

  

	3.4	Obligations several. The obligations of the Lenders under this Agreement and of the Swap Banks under the Master Agreement to which each is a party are several; and a failure of a Lender to perform its obligations
under this Agreement or a failure of a Swap Bank to perform its obligations under the Master Agreement to which it is a party shall not result in: 

  

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

  

	(b)	the Borrower, any Security Party, any other Lender or any other Swap Bank being discharged (in whole or in part) from its obligations under any Finance Document or a Master Agreement; 

and in no circumstances shall a Lender or a Swap Bank have any responsibility for a failure of another Lender or another Swap Bank to perform
its obligations under this Agreement or the Master Agreement to which it is a party. 
  

	3.5	Swap Banks. Each Lender agrees that a Lender, or any parent, subsidiary or associated company of a Lender (as the case may be), shall be a Swap Bank under this Agreement and the other Finance Documents if,
and with effect from the date, it enters into a Master Agreement and a Designated Transaction with the Borrower. 

  

	3.6	Security Trustee as joint and several creditor. 

  

	(a)	The Borrower and each of the Creditor Parties agrees that the Security Trustee shall be the joint creditor (“hoofdelijke schuldeiser”) together with each other Creditor Party of each liability and
obligation of the Borrower towards any Creditor Party under any Finance Document, and that accordingly the Security Trustee will have its own independent right to demand performance by the Borrower of those liabilities and obligations. However, any
discharge of any liability or obligation of the Borrower to one of the Security Trustee or another Creditor Party shall, to the same extent, discharge the corresponding liability or obligation owing to the other. 

 

	(b)	 Without limiting or affecting the Security Trustee’s rights against the Borrower (whether under this paragraph or under any other provision of
the Finance Documents), the 

  
 16 

	 	
Security Trustee agrees with each other Creditor Party (on a several and separate basis) that, subject as set out in the next sentence, it will not exercise its rights as a joint creditor with a
Creditor Party except with the consent of the relevant Creditor Party. However, for the avoidance of doubt, nothing in the previous sentence shall in any way limit the Security Trustee’s right to act in the protection or preservation of rights
under or to enforce any Finance Document (or to do any act reasonably incidental to any of the foregoing). 

  

	(c)	Subject to the provisions of this Clause 3.6, the Security Trustee holds any security created by a Finance Document in its name and the Security Trustee shall have full and unrestricted title to and authority in respect
of that security, subject always to the terms of the Finance Documents. 

  

	4	DRAWDOWN 

  

	4.1	Request for Advance. Subject to the following conditions, the Borrower may request that the Term Advance or a Newbuilding Advance be made by ensuring that the Agent receives a completed Drawdown Notice not later
than 11.00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date. 

  

	4.2	Availability. The conditions referred to in Clause 4.1 are that: 

  

	(a)	in the case of the Term Advance: 

  

	 	(i)	the Term Drawdown Date has to be a Business Day during the Availability Period for the Term Loan Facility; 

  

	 	(ii)	the Term Advance shall be drawn down in 1 Advance; 

  

	 	(iii)	the aggregate amount of the Term Advance shall not exceed the lesser of (i) 65 per cent of the aggregate of the Fair Market Value of the Owned Ships on the Term Drawdown Date and (ii) the aggregate of the
Term Advance Drawdown Amount for the Owned Ships; and 

  

	 	(iv)	the aggregate amount of the Term Advance shall not exceed the Total Term Commitments; 

  

	(b)	in the case of a Newbuilding Advance: 

  

	 	(i)	a Newbuilding Drawdown Date has to be a Business Day during the Availability Period for the Newbuilding Facility and shall not be later than the date on which that Newbuilding is delivered to the Borrower under the
relevant Shipbuilding Contract; 

  

	 	(ii)	there shall be only 1 Advance for each Newbuilding; 

  

	 	(iii)	a Newbuilding Advance shall not exceed the lesser of (i) 65 per cent of the Fair Market Value of the Newbuilding on the relevant Newbuilding Drawdown Date and (ii) the Newbuilding Advance Drawdown Amount
for that Newbuilding; and 

  

	 	(iv)	the aggregate amount of the Newbuilding Advances shall not exceed the Total Newbuilding Commitments. 

  

	4.3	Notification to Lenders of receipt of a Drawdown Notice. The Agent shall within 1 Business Day of receiving the Drawdown notice promptly notify the Lenders that it has received a Drawdown Notice and shall inform
each Lender of: 

  

	(a)	the amount and nature of the Advance (whether it is a Term Advance or a Newbuilding Advance (as the case may be)) and the Drawdown Date; 

  
 17 

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

  

	(c)	the duration of the first Interest Period for the relevant Advance. 

  

	4.4	Drawdown Notice irrevocable. A Drawdown Notice must be signed by a duly authorised person on behalf of the Borrower; and once served, a Drawdown Notice cannot be revoked without the prior consent of the Agent,
acting with the authorisation of the Majority Lenders. 

  

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

  

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

  

	(a)	to the account which the Borrower specifies in the Drawdown Notice; and 

  

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

  

	4.7	Disbursement of Advances to third party. A payment by the Agent under Clause 4.6 shall constitute the making of the relevant Advance and the Borrower shall thereupon become indebted, as principal and direct
obligor, to each Lender in an amount equal to that Lender’s Term Contribution or that Lender’s Newbuilding Contribution as the case may be. 

  

	5	INTEREST 

  

	5.1	Payment of normal interest. 

  

	(a)	subject to the provisions of this Agreement, interest on the Term Advance in respect of each Term Interest Period applicable to it shall be paid by the Borrower on the last day of that Term Interest Period;

  

	(b)	subject to the provisions of this Agreement, interest on a Newbuilding Advance in respect of each Newbuilding Interest Period applicable to it shall be paid by the Borrower on the last day of that Newbuilding Interest
Period. 

  

	5.2	Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on the Term Advance and each Newbuilding Advance (as the case may be) in respect of an Interest Period applicable to it
shall be the aggregate of the Margin, the Mandatory Cost (if any) and LIBOR for that Interest Period. 

  

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

  

	5.4	Notification of Interest Periods and rates of normal interest. The Agent shall notify the Borrower and each Lender of: 

  

	(a)	each rate of interest; and 

  

	(b)	the duration of each Interest Period; 

  
 18 

 as soon as reasonably practicable after each is determined. 

 

	5.5	Obligation of Reference Banks to quote. A Lender which is a Reference Bank shall use all reasonable efforts to supply any quotation required of it for the purposes of fixing a rate of interest under this
Agreement. 

  

	5.6	Absence of quotations by Reference Banks. If any Reference Bank fails to supply a quotation when required, the Agent shall determine the relevant LIBOR on the basis of the quotations supplied by the other
Reference Bank or Banks; but if less than 2 of the Reference Banks provide a quotation, the relevant rate of interest shall be set in accordance with the following provisions of this Clause 5. 

 

	5.7	Market disruption. The following provisions of this Clause 5 apply if: 

  

	(a)	no rate is quoted on Reuters Page Libor 01 and less than 2 of the Reference Banks, before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or

  

	(b)	at least 1 Business Day before the start of an Interest Period: 

  

	 	(i)	in the case of the Term Advance, Lenders having Term Contributions together amounting to more than 50 per cent. of the Term Advance (or, if the Term Advance has not been made, Term Commitments amounting to more
than 50 per cent. of the Total Term Commitments); 

  

	 	(ii)	in the case of a Newbuilding Advance, Lenders having Newbuilding Contributions together amounting to more than 50 per cent, of the Newbuilding Advance (or, if a Newbuilding Advance has not been made, Newbuilding
Commitments amounting to more than 50 per cent. of the Total Newbuilding Commitments), 

 notify the Agent that LIBOR
fixed by the Agent would not accurately reflect the cost to those Lenders of funding their respective Term Contributions or Newbuilding Contributions as the case may be (or any part of them) during the Interest Period in the London Interbank Market
at or about 11.00 a.m. (London time) on the Quotation Date for the Interest Period; or 
  

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

  

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

  

	5.9	Suspension of drawdown. If the Agent’s notice under Clause 5.8 is served before the Term Advance or that Newbuilding Advance (as the case may be) is to be made: 

 

	(a)	in a case falling within Clauses 5.7(a) or (b), the Lenders’ obligations to make the Term Advance or that Newbuilding Advance, as the case may be; 

 

	(b)	in a case falling within Clause 5.7(c), the Affected Lender’s obligation to participate in the Term Advance or that Newbuilding Advance, as the case may be; 

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

  
 19 

	5.10	Negotiation of alternative rate of interest. If the Agent’s notice under Clause 5.8 is served after the Term Advance or a Newbuilding Advance (as the case may be) has been made, the Borrower, the Agent and
the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 15 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation Period”), an alternative
interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Term Contribution or Newbuilding Contribution (as the case may be) during the relevant
Term Interest Period or the Newbuilding Interest Period concerned. 

  

	5.11	Application of agreed alternative rate of interest. Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed.

  

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

  

	5.13	Notice of prepayment. If the Borrower does not agree with an interest rate set by the Agent under Clause 5.12, the Borrower may give the Agent not less than 15 Business Days’ notice of its intention to
prepay the relevant Advance at the end of the interest period set by the Agent. 

  

	5.14	Prepayment. A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrower’s notice of intended prepayment; and
on the last Business Day of the interest period set by the Agent, the Borrower shall prepay (without premium or penalty) the relevant Advance, together with accrued interest thereon at the applicable rate (including the Mandatory Cost) plus the
Margin. 

  

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

  

	6	INTEREST PERIODS 

  

	6.1	Term Interest Periods. The first Term Interest Period applicable to the Term Advance or any Interest Tranche of it shall commence on the Term Drawdown Date and each subsequent Term Interest Period applicable to
the Term Advance or any Interest Tranche of it shall commence on the expiry of the preceding applicable Term Interest Period; and, subject to Clauses 6.3, 6.4 and 6.6, each Term Interest Period shall be: 

 

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

 

	(b)	3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or 

  

	(c)	such other period as the Agent may, with the authorisation of all the Lenders, agree with the Borrower. 

  
 20 

	6.2	Newbuilding Interest Periods. The first Newbuilding Interest Period applicable to a Newbuilding Advance or any Interest Tranche of it shall commence on the applicable Newbuilding Drawdown Date and each subsequent
Newbuilding Interest Period applicable to the Newbuilding Advance or any Interest Tranche of it shall commence on the expiry of the preceding applicable Newbuilding Interest Period; and, subject to Clauses 6.3, 6.5 and 6.6, each Newbuilding Interest
Period shall be: 

  

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

 

	(b)	3 months, if the Borrower fails to notify the Agent by the time specified in paragraph (a); or 

  

	(c)	such other period as the Agent may, with the authorisation of all the Lenders, agree with the Borrower. 

  

	6.3	Limit on number of Interest Periods. The Borrower shall select Interest Periods under this Clause 6 so that there are no more than 6 Interest Periods of different lengths current at any time. 

 

	6.4	Duration of Term Interest Periods for repayment instalments. In respect of an amount due to be repaid under Clause 8.1 on a particular Term Repayment Date, a Term Interest Period shall end on that Term Repayment
Date. 

  

	6.5	Duration of Newbuilding Interest Period for repayment instalments. In respect of an amount due to be repaid under Clause 8.2 on a particular Newbuilding Repayment Date, a Newbuilding Interest Period shall end on
that Newbuilding Repayment Date. 

  

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

  

	7	DEFAULT INTEREST 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  
 21 

	7.3	Calculation of default rate of interest. The rates referred to in Clause 7.2 are: 

  

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

 

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

 

	 	(i)	LIBOR; or 

  

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

  

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

 

	7.5	Payment of accrued default interest. Subject to the other provisions of this Agreement, any interest under this Clause shall be immediately due and payable; and the payment shall be made to the Agent for the
account of the Creditor Party to which the overdue amount is due. 

  

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

 

	7.7	Application to Master Agreements. For the avoidance of doubt, this Clause 7 does not apply to any amount payable under a Master Agreement in respect of any continuing Designated Transaction as to which section
2(e) (Default Interest; Other Amounts) of that Master Agreement shall apply. 

  

	8	REPAYMENT AND PREPAYMENT 

  

	8.1	Repayment of Term Loan. The Borrower shall repay the Term Loan as follows: 

  

	(a)	by consecutive quarterly instalments each in an amount equal to one-sixtieth of the amount of the Term Loan made available to the Borrower on the Term Drawdown Date; and 

 

	(b)	the first instalment shall be repaid on the date falling 3 months after the date of this Agreement. 

  

	8.2	Repayment of Newbuilding Loan. The Borrower shall repay each Newbuilding Advance as follows: 

  

	(a)	by consecutive quarterly instalments, each in an amount equal to one-sixtieth of the amount of the Newbuilding Advance made available to the Borrower on the relevant Newbuilding Drawdown Date; and 

 

	(b)	the first instalment shall be repaid on the date falling 3 months after the Newbuilding Drawdown Date for that Newbuilding Advance. 

  
 22 

 The Agent shall provide the Borrower and the Lenders with a repayment schedule for the Term Loan
and each Newbuilding Advance on the Drawdown Date of the relevant Advance listing the amount of each of the instalments for the Term Loan and that Newbuilding Advance. 
  

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

 

	8.4	Voluntary prepayment. Subject to the following conditions in Clauses 8.5, 8.6 and 8.7, the Borrower may prepay, without penalty but subject to any payment required under Clause 8.10, the whole or any part of the
Term Loan or the Newbuilding Loan. 

  

	8.5	Conditions for voluntary prepayment. The conditions referred to in Clause 8.4 are that: 

  

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

  

	(b)	the Agent has received from the Borrower at least 5 Business Days’ prior written notice specifying the amount to be prepaid and the date on which the prepayment is to be made; and 

 

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

  

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

  

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

  

	8.8	Mandatory prepayment and cancellation on sale or Total Loss. The Borrower shall be obliged to prepay the relevant proportion of the aggregate outstanding amount of the Term Loan and the Newbuilding Loan:

  

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

 

	(b)	if a Ship which is subject to a Mortgage becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating
to such Total Loss, 

 and in this Clause 8.8, “relevant proportion” means a fraction of which the numerator
is the Fair Market Value of the Ship (determined as at the date of the most recent appraisal and not more than 3 months prior to the date of the sale or Total Loss) which is to be sold or (as the case may be) the subject of Total Loss and the
denominator is the aggregate of the most recently determined Fair Market Value of the Ships (determined on the same basis) mortgaged pursuant to this Agreement immediately prior to the sale or Total Loss. 

  
 23 

 The prepayment shall be applied pro rata to the Term Loan and the Newbuilding Loan then
outstanding and then pro rata towards the remaining instalments under the Term Loan and the Newbuilding Loan. 
 This Clause 8.8 is without
prejudice to the provisions of Clause 15.1. 
  

	8.9	Mandatory prepayment and cancellation on Change of Control. If there is a Change of Control, the Borrower shall be obliged to prepay the Term Loan and the Newbuilding Loan and the Term Commitments and Newbuilding
Commitments shall terminate not later than 60 days following the occurrence of the Change of Control unless the Agent has approved the Change of Control (acting with the authorisation of the Majority Lenders, which authorisation shall not to be
unreasonably withheld or delayed). 

  

	8.10	Amounts payable on prepayment. A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount prepaid and, if the prepayment is not
made on the last day of an applicable Term Interest Period or Newbuilding Interest Period (as the case may be) together with any sums payable under Clause 21.1(b) and 21.2 but without premium or penalty. 

 

	8.11	Application of partial prepayment of Term Loan and Newbuilding Loan. Each partial voluntary prepayment of the Term Loan and the Newbuilding Loan shall be applied pro rata to the instalments specified in Clause
8.2 (in the case of the Term Loan) and Clause 8.2 (in the case of the Newbuilding Loan). 

  

	8.12	Reborrowing. No amount of the Term Loan or the Newbuilding Loan prepaid may be reborrowed. 

  

	8.13	Voluntary cancellation of Term Commitments or Newbuilding Commitments. Subject to the following conditions, the Borrower may, without penalty, cancel the whole or any part of the Total Available Term Commitments
or Total Available Newbuilding Commitments. 

  

	8.14	Conditions for cancellation of Term Commitments or Newbuilding Commitments. The conditions referred to in Clause 8.13 are that: 

 

	(a)	a partial cancellation shall be $1,000,000 or a higher integral multiple of $1,000,000; and 

  

	(b)	the Agent has received from the Borrower at least 3 Business Days’ prior written notice specifying the amount of the Total Available Term Commitments or Total Available Newbuilding Commitments to be cancelled and
the date on which the cancellation is to take effect. 

  

	8.15	Effect of notice of cancellation. The service of a cancellation notice given under Clause 8.14 shall cause the amount of the Total Term Commitments or Total Newbuilding Commitments (as the case may be)
specified in the notice to be permanently cancelled and any partial cancellation shall be applied against the Term Commitment or the Newbuilding Commitment (as the case may be) of each Lender pro rata. 

 

	8.16	Unwinding of Designated Transactions. On or prior to any repayment or prepayment of the Facility under this Clause 8 or any other provision of this Agreement, the Borrower shall at its sole discretion have
the right to wholly or partially reverse, offset, unwind or otherwise terminate one or more of the continuing Designated Transactions so that the notional principal amount of the continuing Designated Transactions thereafter remaining does not and
will not in the future (taking into account the scheduled amortisation) exceed the amount of the aggregate of the Term Loan as reducing from time to time thereafter pursuant to Clause 8.1 and the Newbuilding Loan as reducing from time to time
thereafter pursuant to Clause 8.2. 

  
 24 

	9	CONDITIONS PRECEDENT 

  

	9.1	Documents, fees and no default. Each Lender’s obligation to contribute to an Advance is subject to the following conditions precedent: 

 

	(a)	that, on or before the service of the first Drawdown Notice, the Agent receives the documents described in Part A of Schedule 4 in form and substance satisfactory to the Agent and its lawyers; 

 

	(b)	that, on or before the date of this Agreement, the Agent receives all fees pursuant to the fee letter or letters separately agreed between the Borrower and the Agent; 

 

	(c)	that, on or before the Term Drawdown Date, the Agent receives the documents described in Part B of Schedule 4 in form and substance satisfactory to the Agent and its lawyers; 

 

	(d)	that, on or before each Newbuilding Drawdown Date, the Agent receives the documents described in Part C of Schedule 4 in form and substance satisfactory to the Agent and its lawyers; 

 

	(e)	that both at the date of each Drawdown Notice and at each Drawdown Date: 

  

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

 

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

  

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

  

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

  

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

  

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

 

	10	REPRESENTATIONS AND WARRANTIES 

  

	10.1	General. The Borrower represents and warrants to each Creditor Party as follows. 

  

	10.2	Status. The Borrower is duly incorporated and validly existing under the laws of, and has the centre of its main interests in, Belgium. 

 

	10.3	Corporate power. The Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it: 

 

	(a)	to execute each Shipbuilding Contract and to acquire and to pay for Ship 5 and Ship 6 under the relevant Shipbuilding Contract; 

  
 25 

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

  

	(c)	to borrow under this Agreement, to enter into Designated Transaction under the Master Agreements and to make all the payments contemplated by, and to comply with, those Finance Documents and the Master Agreements.

  

	10.4	Consents in force. All the consents referred to in Clause 10.3 remain in force and nothing has occurred which makes any of them liable to revocation. 

 

	10.5	Legal validity; effective Security Interests. The Finance Documents to which the Borrower is a party and the Master Agreements, do now or, as the case may be, will, upon execution and delivery (and, where
applicable, registration as provided for in the Finance Documents): 

  

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

 

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

subject to any relevant insolvency laws affecting creditors’ rights generally and to general equity principles. 

 

	10.6	No third party Security Interests. Without limiting the generality of Clause 10.5, at the time of the execution and delivery of each Finance Document: 

 

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

  

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

  

	10.7	No conflicts. The execution by the Borrower of each Finance Document to which it is a party and the Master Agreements, and the borrowing by the Borrower of the Term Loan Facility and the Newbuilding Facility, and
its compliance with each Finance Document and each Master Agreement to which it is a party will not involve or lead to a contravention of: 

  

	(a)	any law or regulation; or 

  

	(b)	the constitutional documents of the Borrower; or 

  

	(c)	any contractual or other obligation or restriction which is binding on the Borrower or any of its subsidiaries or any of their respective assets. 

 

	10.8	No default. No Event of Default or Potential Event of Default has occurred and is continuing. 

  

	10.9	Information. All information which has been provided in writing by or on behalf of the Borrower or any Security Party to the Arrangers or any other Creditor Party in connection with any Finance Document satisfied
the requirements of Clause 11.4; all audited and unaudited accounts which have been so provided satisfied the requirements of Clause 11.6; and there has been no material adverse change in the property, assets, nature of assets, operations,
liabilities or condition (financial or otherwise) of the Borrower or its subsidiaries since 31 December 2007. 

  
 26 

	10.10	No litigation. No litigation, arbitration or administrative proceedings (including, but not limited to, investigative proceedings) involving the Borrower has been commenced or taken or, to the Borrower’s
knowledge, is likely to be commenced or taken which, in any case, would be likely to have a material adverse effect on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or its
subsidiaries or on the ability of the Borrower to perform its obligations under the Finance Documents. 

  

	10.11	Compliance with certain undertakings. At the date of this Agreement, the Borrower is in compliance with Clauses 11.2 and 11.13. 

 

	10.12	Taxes paid. The Borrower has paid all taxes applicable to, or imposed on or in relation to, the Borrower and its business. 

  

	10.13	No money laundering. Without prejudice to the generality of Clause 2.3, in relation to the borrowing by the Borrower of the Term Loan Facility and the Newbuilding Facility, the performance and discharge of its
obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or contemplated by the Finance Documents to which it is a party, the Borrower confirms that it is acting for its own account and that the
foregoing will not involve or lead to contravention of any law, official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article 1 of the Directive (91/308/EEC) of the
Council of the European Communities). 

  

	10.14	ISM Code and ISPS Code compliance. All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Approved Manager and the Ships have been, or will be, complied with at the time of the
Drawdown Date relating to each Ship. 

  

	10.15	Validity and completeness of Shipbuilding Contracts. Each Shipbuilding Contract constitutes valid, binding and enforceable obligations of the Builder and the Borrower respectively in accordance with its terms;
and: 

  

	(a)	the copy of each Shipbuilding Contract delivered to the Agent before the date of this Agreement is a true and complete copy of the relevant Shipbuilding Contract; and 

 

	(b)	no amendments or additions to either Shipbuilding Contract have been agreed nor has the Borrower or the Builder waived any of their respective rights under either Shipbuilding Contract. 

 

	11	GENERAL UNDERTAKINGS 

  

	11.1	General. The Borrower undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security Period except as the Agent may, with the authorisation of the
Majority Lenders, otherwise permit. 

  

	11.2	Title; negative pledge. The Borrower shall hold the legal title to, and own the entire beneficial interest in each Ship, its Earnings and Insurances, free from all Security Interests and other interests and
rights of every kind, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and 

 

	11.3	Disposal of assets. The Borrower will not transfer, lease or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except in
the usual course of its business and for fair market value payable in cash on completion of such transaction. 

  
 27 

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

  

	11.5	Provision of financial statements. The Borrower will send to the Agent: 

  

	(a)	as soon as possible, but in no event later than 120 days after the end of each financial year of the Borrower, the audited consolidated accounts of the Borrower’s Group and audited individual accounts of the
Borrower; 

  

	(b)	as soon as possible, but in no event later than 60 days after the end of each financial half- year of the Borrower, the unaudited consolidated balance sheet of the Borrower’s Group and the unaudited individual
balance sheet of the Borrower certified as to its correctness by the chief financial officer of the Borrower; 

  

	(c)	as soon as possible, but in no event later than 60 days after the end of each financial quarter of the Borrower, unaudited consolidated income statements of the Borrower’s Group and unaudited individual income
statements of the Borrower certified as to their correctness by the chief financial officer of the Borrower; 

  

	(d)	as soon as possible, but not later than 120 days after the end of each financial year of the Borrower, a financial projection for the Borrower’s Group for the next 5 years in a format which is acceptable to the
Agent; and 

  

	(e)	concurrently with the annual audited consolidated accounts and with each balance sheet referred to in paragraphs (a) and (b), a compliance certificate signed by the chief financial officer of the Borrower in the
form attached as Schedule 9 (or in any other format which the Agent may approve) evidencing compliance with the financial undertakings in Clause 12.5 and also listing the Fair Market Value of each of the Ships which is subject to a Mortgage at that
time. 

  

	11.6	Form of financial statements. The audited accounts delivered under Clause 11.5 will: 

  

	(a)	be prepared in accordance with all applicable laws and IFRS consistently applied; 

  

	(b)	give a true and fair view of the state of affairs of the Borrower’s Group (or the Borrower, as the case may be) at the date of those accounts and of profit for the period to which those accounts relate;

  

	(c)	fully disclose or provide for all significant liabilities of the Borrower’s Group (or the Borrower, as the case may be); and 

  

	(d)	be provided in English. 

  

	11.7	Provision of further information. The Borrower will, as soon as practicable after receiving a request from the Agent, provide the Agent with such additional financial information in relation to the
Borrower’s Group which may be reasonably requested by the Agent or any Lender through the Agent. 

  

	11.8	Creditor notices. The Borrower will send the Agent, at the same time as they are despatched, copies of all material communications which are despatched to all of the Borrower’s shareholders or creditors or
to the whole of any class of them Provided that providing copies of such communications to the Agent shall be subject to the Borrower complying with any confidentiality requirements and not being in breach of any regulations or laws by
providing such communications to the Agent. 

  
 28 

	11.9	Consents. The Borrower will maintain in force and promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required: 

 

	(a)	for the Borrower to perform its obligations under any Finance Document to which it is a party and any Master Agreement; 

  

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

and the Borrower will comply with the terms of all such consents. 
  

	11.10	Maintenance of Security Interests. The Borrower will: 

  

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

 

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

 

	11.11	Notification of litigation. The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, any Security Party or any Ship as soon as such action is instituted or it
becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of any Finance Document. 

 

	11.12	Principal place of business. The Borrower will notify the Agent if it has a place of business in any jurisdiction which would require a Finance Document to which it is a party to be registered, filed or recorded
with any court or authority in that jurisdiction or if the centre of its main interests changes. 

  

	11.13	Notification of default. The Borrower will notify the Agent as soon as the Borrower becomes aware of: 

  

	(a)	the occurrence of an Event of Default or Potential Event of Default; or 

  

	(b)	any matter which indicates that an Event of Default or Potential Event of Default may have occurred, 

and will keep the Agent fully up-to-date with all developments. 
  

	11.14	Access to books and records. The Borrower shall permit one or more representatives of the Agent, at the request of the Agent, to have reasonable access to its books and records and to inspect the same during
normal business hours at its offices upon reasonable prior written notice. 

  

	11.15	Money laundering. Promptly upon the Agent’s request the Borrower will supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent in order for each
Creditor Party to carry out and be satisfied with the results of all necessary “know your client” or other checks which it is required to carry out in relation to the transactions contemplated by the Finance Documents and to the identity
of any parties to the Finance Documents (other than Creditor Parties) and their directors and officers. 

  
 29 

	11.16	Notification of flag. The Borrower shall advise the Agent on which Approved Flag it will register each Newbuilding not later than 30 Business Days before the relevant Drawdown Date. 

 

	11.17	Charter assignments. If the Borrower enters into any time or consecutive voyage charter in respect of any Ship which exceeds, or which by virtue of any operating extensions may exceed 24 months, the Borrower
shall execute in favour of the Security Trustee an assignment of that charter in such form as the Agent may reasonably require. 

  

	11.18	Ship 2, 5 or 6 Time Charter. The Borrower shall provide the Agent with evidence that Ship 2, Ship 5 or Ship 6 is operating under the Time Charter for that Ship and shall execute and deliver to the Agent a Time
Charter Security Deed for that Ship on the earlier of (a) the date on which the said Ship commences operating under the Time Charter and (b) 16 July 2010. 

 

	11.19	Master Agreements. The Borrower shall execute and deliver to the Agent an amendment or addendum to any Mortgage (or, if applicable, a second priority mortgage) or any other Finance Document (in such form as the
Agent shall require) on the Borrower entering into a Master Agreement or a Transaction so as to serve the liabilities under that Master Agreement or Transaction if the Agent advises the Borrower that this is required so as to secure the liabilities
under that Master Agreement or Transaction. 

  

	12	CORPORATE UNDERTAKINGS 

  

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

  

	12.2	Maintenance of status. The Borrower will maintain its separate corporate existence under the laws of, and the centre of its main interests in, Belgium and shall maintain its listing on the First Market of
Euronext Brussels. 

  

	12.3	No change of business. The Borrower will not change its principal activity from its current industrial sector at the date of this Agreement (being maritime transport and shipowning) or operate outside the scope
of its Articles of Association. 

  

	12.4	No merger etc. The Borrower will not, and will procure that none of its subsidiaries will, enter into any form of merger, sub-division, amalgamation or other reorganisation which may, in the opinion of the
Majority Lenders, have an adverse effect on the financial position of the Borrower. 

  

	12.5	Financial Covenants. The Borrower will ensure that the consolidated financial position of the Borrower’s Group shall at all times during the Security Period be such that: 

 

	(a)	Current Assets exceed Current Liabilities; 

  

	(b)	Free Liquid Assets are not less than the higher of: 

  

	 	(i)	$50,000,000; 

  

	 	(ii)	$30,000,000 when excluding amounts available under any credit lines; and 

  

	 	(iii)	3 per cent. of Total Indebtedness; and 

  

	(c)	the ratio of Stockholders’ Equity to Total Assets is not less than: 

  

	 	(i)	30 per cent. 

  
 30 

 In this Clause 12.5: 

“Current Assets” means, at any date of determination under this Agreement, the amount of the current assets of the
Borrower’s Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet and including any amounts available under committed credit lines having maturities of more than 12 months; 

“Current Liabilities” means, at any date of determination under this Agreement, the amount of the current liabilities of the
Borrower’s Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; 
 “Free
Liquid Assets” means, at any date of determination under this Agreement, the aggregate amount of cash and cash equivalents of the Borrower’s Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest
Balance Sheet but excluding any of those assets subject to a Security Interest (other than a Security Interest in favour of the Security Trustee pursuant to this Agreement) at any time and, for the avoidance of doubt, “cash and cash
equivalents” include any amounts available under committed credit lines having maturities of more than 6 months; 
 “Latest
Balance Sheet” means, at any date, the consolidated balance sheet of the Borrower’s Group most recently delivered to the Agent pursuant to Clause 11.5 and/or most recently made publicly available; 

“Stockholders’ Equity” means, at any date of determination under this Agreement, the amount of the capital and reserves
of the Borrower’s Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; 

“Total Assets” means, at any date of determination under this Agreement, the amount of the total assets of the Borrower’s
Group determined on a consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet; and 
 “Total
Indebtedness” means, at any date of determination under this Agreement, the amount of long-term loans (including finance leases, banks loans and other long-term loans) and short-term loans of the Borrower’s Group determined on a
consolidated basis in accordance with IFRS and as shown in the Latest Balance Sheet. 
  

	12.6	Change of accounting period. The Borrower shall not change its fiscal year end date. 

  

	12.7	Restrictions on dividends. The Borrower shall not pay any dividend or make any other form of distribution or effect any form of redemption or return of share capital Provided that the Borrower may pay a
dividend or make a distribution subject to the following conditions: 

  

	(a)	the dividend or distribution shall not exceed 50 per cent of the net income of the Borrower earned in that book year (as defined in the Borrower’s Articles of Association) or part thereof to which that
dividend relates to unless the Majority Lenders agree to a dividend or distribution in excess of the said 50 per cent (such agreement not to be unreasonably withheld or delayed); and 

 

	(b)	no Event of Default or Potential Event of Default has occurred and is continuing or would result from the payment of such dividend or distribution; and 

 

	(c)	the payment of such dividend or distribution would not cause any breach of any of the financial covenants set out in Clause 12.5. 

  
 31 

	13	INSURANCE 

  

	13.1	General. The Borrower also undertakes with each Creditor Party to comply with the provisions of this Clause 13 at all times during the Security Period (in the case of each Ship after the Drawdown Date applicable
to it) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 

  

	13.2	Maintenance of obligatory insurances. The Borrower shall keep each Ship insured at the expense of the Borrower against: 

  

	(a)	fire and usual marine risks and war risks; and 

  

	(b)	protection and indemnity risks (including pollution risks), on “full entry terms”. 

  

	13.3	Terms of obligatory insurances. The Borrower shall effect such insurances in respect of each Ship: 

  

	(a)	in Dollars; 

  

	(b)	in the case of fire and usual marine risks and war risks (including coverage for war protection and indemnity with a separate limit for the same amounts insured under war hull), in an amount on an agreed value basis at
least the greater of (i) when aggregated with such insurances on the other Ships which are subject to a Mortgage, 125 per cent. of the aggregate of the Term Loan and the Newbuilding Loan and (ii) the Fair Market Value of that Ship;

  

	(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry with a protection and indemnity
association belonging to the International Group of Protection and Indemnity Associations; 

  

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

  

	(e)	on approved terms; and 

  

	(f)	through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

  

	13.4	Further protections for the Creditor Parties. In addition to the terms set out in Clause 13.3, the Borrower shall procure that the obligatory insurances shall: 

 

	(a)	in relation to the obligatory insurances for fire and usual marine risks and war risks, whenever the Security Trustee requires, name (or be amended to name) the Security Trustee as additional named assured for its
rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee or Lenders thereby being liable to pay (but having the right to pay) premiums, calls
or other assessments in respect of such insurance; 

  

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

  

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

  
 32 

	(d)	provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Trustee or any other Creditor Party; and 

 

	(e)	provide that the Security Trustee may make proof of loss if the Borrower fails to do so. 

  

	13.5	Renewals. The Borrower shall ensure that: 

  

	(a)	before the expiry of any obligatory insurance, that obligatory insurance is renewed; and 

  

	(b)	promptly after each such renewal, there is provided to the Security Trustee details of the terms and conditions on which such obligatory insurances have been renewed. 

If there is a change in the insurers and/or markets through whom the obligatory insurances are placed the Borrower shall procure that the
Security Trustee is notified within a reasonable time of the names of the insurers and/or markets employed for the purposes of the renewal of the obligatory insurance and of the amounts in which they are renewed. 

 

	13.6	Letters of undertaking. In relation to all obligatory insurances effected from time to time under Clause 13.2, the Borrower shall ensure that all brokers and any protection and indemnity or war risks associations
in which any Ship is entered, in each case being approved by the Security Trustee, provide the Security Trustee with letters of undertaking: 

  

	(a)	in the case of a broker, in a form standard in the insurance market in which such broker operates or any professional association of which that approved broker is a member; 

 

	(b)	in the case of a protection and indemnity or war risks association, in its standard form. 

 If
any of the obligatory insurances referred to in Clause 13.2(a) and/or (b) form part of a fleet cover, the Borrower will procure that any letter of undertaking referred to in paragraph (a) of this Clause 13.6 is amended to provide that the
relevant brokers shall undertake to the Security Trustee that they shall neither set-off against any claims in respect of the relevant Ship any premiums due in respect of other vessels under such fleet cover or any premiums due for other insurances,
nor cancel the insurance for reason of non-payment of premiums for other vessels under such fleet cover or of premiums for such other insurances. 
  

	13.7	Copies of certificates of entry. The Borrower shall ensure that any protection and indemnity and/or war risks associations in which each Ship is entered provides the Security Trustee with a certified copy of the
certificate of entry for that Ship. 

  

	13.8	Deposit of original policies. The Borrower shall ensure that all policies relating to obligatory insurances are deposited with the approved brokers through which the insurances are effected or renewed.

  

	13.9	Payment of premiums. The Borrower shall ensure that (taking account of any applicable grace periods) all premiums, calls or contributions or other sums of money from time to time due in respect of any obligatory
insurances are paid in full and produce all relevant receipts when so required by the Security Trustee. 

  

	13.10	Guarantees. The Borrower shall arrange for the execution and delivery of all guarantees and indemnities as may from time to time be required by any Ship’s P&I Club or war risks association.

  
 33 

	13.11	Compliance with terms of insurances. The Borrower shall not do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance in relation to any
Ship invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular: 

  

	(a)	the Borrower shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and ensure that the obligatory insurances are not made subject to any
exclusions or qualifications to which the Security Trustee has not given its prior approval; 

  

	(b)	the Borrower shall not make any changes relating to the classification or classification society, which must be a member of the IACS society, or manager or operator of any Ship approved by the underwriters of the
obligatory insurances; 

  

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

 

	(d)	the Borrower shall not employ any Ship, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and
complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

  

	13.12	Alteration to terms of insurances. The Borrower will procure that: 

  

	(a)	no adverse alteration is made to any obligatory insurance (which alteration is, in the reasonable opinion of the Security Trustee, likely to materially adversely affect the Lenders) without the prior written consent of
the Security Trustee; and 

  

	(b)	all the steps under its control are taken to seek to avoid the occurrence of any act or omission which would enable cancellation of any obligatory insurance or render any obligatory insurance invalid, void or
unenforceable or render any sum paid out under any obligatory insurance repayable in whole or in part. 

  

	13.13	Settlement of claims. The Borrower shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all
documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances. 

 

	13.14	Provision of information. The Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated person)
reasonably requests for the purpose of: 

  

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

 

	(b)	effecting or renewing any such insurances as are referred to in Clause 13.15 or dealing with or considering any matters relating to any such insurances; 

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

  
 34 

	13.15	Mortgagee’s interest and additional perils insurances. The Agent for the benefit of the Security Trustee, or the Security Trustee itself shall effect, maintain and renew a mortgagee’s interest
additional perils insurance and a mortgagee’s interest marine insurance in such amounts, on such terms reasonably available in the market, through such insurers and generally in such manner as the Security Trustee may from time to time consider
appropriate and the Borrower shall upon demand fully indemnify the Agent or the Security Trustee (as the case may be) in respect of all reasonable premiums and other reasonable expenses which are incurred in connection with or with a view to
effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 

Notwithstanding the above, if at any time the Agent or Security Trustee proposes to effect any insurances of the nature referred to in this
Clause, it shall first notify the Borrower of the insurance which it proposes to effect, the terms on which it requires it to be effected and the date from which it requires it to be so effected. If, before the date on which the Agent or Security
Trustee (as the case may be) requires that insurance to be effected, the Borrower can demonstrate to the Agent or Security Trustee (as the case may be) that a firm of insurance brokers with a reputation acceptable to the Agent or the Security
Trustee (as the case may be) is able to arrange that insurance upon the same terms, before that date, for a price lower than that for which any firm of insurance brokers nominated by the Agent or Security Trustee is prepared to arrange that
insurance and with underwriters acceptable to the Agent or Security Trustee (as the case may be), and if that firm of insurance brokers will enter into such agreements with the Agent or Security Trustee (as the case may be) as it may require taking
into account the identity of that firm of insurance brokers, the Agent or Security Trustee (as the case may be) shall not unreasonably refuse to effect that insurance through that firm of insurance brokers so nominated by the Borrower. 

 

	14	SHIP COVENANTS 

  

	14.1	General. The Borrower also undertakes with each Creditor Party to comply with the provisions of this Clause 14 at all times during the Security Period (in the case of each Ship after the Drawdown Date applicable
to it) except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit (such permission not to be unreasonably withheld in the case of Clause 14.2 and 14.12). 

 

	14.2	Ship’s name and registration. The Borrower shall keep each Ship registered in its name on the flag indicated in Schedule 6 (where applicable) or otherwise on an Approved Flag; shall not do or allow to be
done anything as a result of which such registration might be cancelled or imperilled; and shall not change the name or country of registry of any Ship. If a Ship transfers from an Approved Flag to another Approved Flag, the Borrower shall provide
the Lenders with replacement security at the time of such transfer so that the Lenders have the same security on that Ship. 

  

	14.3	Repair and classification. The Borrower shall keep each Ship in a good and safe condition and state of repair: 

  

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

  

	(b)	so as to maintain that Ship’s class free of overdue recommendations and conditions affecting that Ship’s class with a classification society which has been approved by the Agent; and 

 

	(c)	so as to comply with all laws and regulations applicable to vessels registered in Belgium or any other applicable flag state or to vessels trading to any jurisdiction to which that Ship may trade from time to time,
including but not limited to the ISM Code and the ISPS Code. 

  
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	14.4	Modification. The Borrower shall not make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially and adversely alter the structure, type or
performance characteristics of any Ship or reduce its value. 

  

	14.5	Removal of parts. The Borrower shall not remove any material part of any Ship, or any item of equipment installed on any Ship, except in the normal course of maintenance and repair, unless the part or item so
removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security interest or any right in favour of any person other than the Security Trustee and
becomes on installation on the Ship the property of the Borrower and subject to the security constituted by the relevant Mortgage Provided that the Borrower may install equipment owned by a third party if the equipment can be removed
without any risk of damage to the Ship concerned. 

  

	14.6	Surveys. The Borrower shall submit each Ship regularly to such periodical or other surveys which may be required for that Ship’s classification purposes and shall comply with all conditions and
recommendations affecting that Ship’s class of the relevant classification society in accordance with their terms unless waived. 

  

	14.7	Inspection. The Borrower shall permit the Agent (by surveyors or other persons appointed by it for that purpose, at the Borrower’s expense once per year) to board any Ship at all reasonable times to inspect
its condition (without interfering with that Ship’s operation) or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections. 

 

	14.8	Prevention of and release from arrest. The Borrower shall promptly discharge: 

  

	(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against any Ship, its Earnings or the Insurances in relation to that Ship; 

 

	(b)	all taxes, dues and other amounts charged in respect of any Ship, its Earnings or the Insurances in relation to that Ship; and 

  

	(c)	all other outgoings whatsoever in respect of any Ship, its Earnings or the Insurances in relation to that Ship; 

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

	14.9	Compliance with laws etc. The Borrower shall: 

  

	(a)	comply, or procure compliance, with the ISM Code, the ISPS Code (including an SMC and ISSC for each Ship), all Environmental Laws and all other laws or regulations relating to each Ship, its ownership, operation and
management or to the business of the Borrower; and 

  

	(b)	not employ any Ship nor allow its employment in any manner contrary to any law or regulation in any relevant jurisdiction including but not limited to the ISM Code or the ISPS Code. 

 

	14.10	Provision of information. The Borrower shall promptly provide the Agent with any information which it requests regarding: 

  

	(a)	any Ship, its employment, position and engagements; 

  

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

  
 36 

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

 

	(d)	any towages and salvages; 

  

	(e)	the Borrower’s, the Approved Managers’ or any Ship’s compliance with the ISM Code and/or the ISPS Code, 

and, upon the Agent’s request, provide copies of any current charter relating to any Ship and of any current charter guarantee and copies
of any Ship’s Safety Management Certificate. 
  

	14.11	Notification of certain events. The Borrower shall immediately notify the Agent by fax, confirmed forthwith by letter, of: 

  

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

  

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

  

	(c)	any overdue requirement or recommendation made by any insurer or classification society or by any competent authority which is not immediately complied with; 

 

	(d)	any arrest or detention of a Ship, any exercise of any lien on any Ship or its Earnings or any requisition of a Ship for hire; 

  

	(e)	any intended dry docking of a Ship other than a routine dry docking; 

  

	(f)	any Environmental Claim made against the Borrower or in connection with a Ship, or any Environmental Incident; 

  

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

 

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

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

	14.12	Restrictions on chartering, appointment of managers etc. The Borrower shall not: 

  

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

  

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

  

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

  

	(d)	appoint a manager of any Ship other than the Approved Managers or agree to any alteration to the terms of an Approved Manager’s appointment; or 

  
 37 

	(e)	put any Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $5,000,000 (or the equivalent in any other currency) unless either: 

 

	 	(i)	that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason; or

  

	 	(ii)	the cost of such work is covered by insurances; or 

  

	 	(iii)	the Borrower establishes to the reasonable satisfaction of the Agent that it has sufficient funds to pay for the cost of such work. 

  

	14.13	Notice of Mortgage. The Borrower shall keep each Mortgage registered against the relevant Ship as a valid first priority mortgage, carry on board each Ship a certified copy of the relevant Mortgage and place and
maintain in a conspicuous place in the navigation room and the Master’s cabin of each Ship a framed printed notice stating that that Ship is mortgaged by the Borrower to the Security Trustee. 

 

	14.14	Sharing of Earnings. Except for the Time Charters, the Borrower will not enter into any agreement or arrangement for the sharing of any Earnings other than pursuant to a Pool Agreement which has been approved by
the Agent (with the authorisation of the Majority Lenders) such approval not to be unreasonably withheld or delayed. 

  

	15	SECURITY COVER 

  

	15.1	Minimum required security cover. Clause 15.2 applies if the Agent notifies the Borrower that: 

  

	(a)	the aggregate of the Fair Market Values (determined as provided in Clause 15.3) of each Ship subject to a Mortgage; plus 

  

	(b)	the net realisable value of any additional security previously provided under this Clause 15; 

is below 125 per cent. of the aggregate of the Term Loan and the Newbuilding Loan. 

 

	15.2	Provision of additional security; prepayment. If the Agent serves a notice on the Borrower under Clause 15.1, the Borrower shall, within 1 month after the date on which the Agent’s notice is served, either:

  

	(a)	provide, or ensure that a third party provides, additional security which, in the opinion of the Lenders, has a net realisable value at least equal to the shortfall and is documented in such terms as the Agent may, with
the authorisation of the Majority Lenders, approve or require; or 

  

	(b)	prepay, on a pro rata basis, such part (at least) of the Term Loan and the Newbuilding Loan which will eliminate the shortfall. 

  

	15.3	Valuation of Ships. The Fair Market Value of a Ship at any date is that shown by the average of 2 valuations each prepared: 

  

	(a)	as at a date not more than 14 Business Days previously; 

  

	(b)	by an Approved Shipbroker; 

  

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

  

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

  

	(e)	after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale. 

  
 38 

 The Borrower shall provide (at its own cost) the valuations of each Ship which are required to
determine its Fair Market Value pursuant to this Clause 15.3 at least once in every 6 month period throughout the Security Period and, after the occurrence of an Event of Default which is continuing, whenever requested by the Agent. 

 

	15.4	Value of additional vessel security. The net realisable value of any additional security which is provided under Clause 15.2 and which consists of a Security Interest over a vessel shall be that shown by a
valuation complying with the requirements of Clause 15.3. 

  

	15.5	Valuations binding. Any valuation under Clause 15.2, 15.3 or 15.4 shall be binding and conclusive as regards the Borrower, as shall be any valuation which the Majority Lenders make of any additional security
which does not consist of or include a Security Interest. 

  

	15.6	Provision of information. The Borrower shall promptly provide the Agent and any shipbroker or expert acting under Clause 15.3 or 15.4 with any information which the Agent or the shipbroker or expert may
reasonably request for the purposes of its valuation. 

  

	15.7	Payment of valuation expenses. Without prejudice to the generality of the Borrower’s obligations under Clauses 20.2, 20.3 and 21.3, the Borrower shall, on demand, pay the Agent the amount of the fees and
expenses of any shipbroker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause. 

 

	15.8	Application of prepayment. Clauses 8.7, 8.10, 8.11 and 8.12 shall apply in relation to any prepayment pursuant to Clause 15.2(b). 

 

	16	PAYMENTS AND CALCULATIONS 

  

	16.1	Currency and method of payments. All payments to be made by the Lenders or by the Borrower under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it:

  

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

  

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

  

	(c)	in the case of an amount payable by a Lender to the Agent or by the Borrower to the Agent or any Lender, to such account with such bank as the Agent may from time to time notify to the Borrower and the other Creditor
Parties; and 

  

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

 

	16.2	Payment on non-Business Day. If any payment by the Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 

 

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

  

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

  
 39 

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

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

  

	16.4	Distribution of payments to Creditor Parties. Subject to Clauses 16.5, 16.6 and 16.7: 

  

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

 

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

  

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

 

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

 

	16.7	Refund to Agent of monies not received. If and to the extent that the Agent makes available a sum to the Borrower or a Lender, without first having received that sum, the Borrower or (as the case may be) the
Lender concerned shall, on demand: 

  

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

  

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

  

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

  

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

  

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

  

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

  
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	17	APPLICATION OF RECEIPTS 

  

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

  

	(a)	FIRST: in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Security Trustee under the Finance Documents; 

 

	(b)	SECONDLY: in or towards satisfaction of any amounts then due and payable under the Finance Documents (or any of them) in such order of application and/or such proportions as the Agent, acting with the authorisation of
the Majority Lenders, may specify by notice to the Borrower, the Security Parties and the other Creditor Parties, provided that all Lenders approval (and approval of the Borrower) shall be required for any change to the priority as between the
Lenders and the Swap Banks; 

  

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

 

	(d)	FOURTHLY: in or towards satisfaction pro rata of any amount then due and payable under any Master Agreement which relates to a Designated Transaction; 

 

	(e)	FIFTHLY: in retention of an amount equal to any amount not then due and payable under any Master Agreement which relates to a Designated Transactions but which the Agent, by notice to the Borrower, the Security Parties
and the other Creditor Parties, states in its opinion will or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the provisions of Clause 17.1(d); and

  

	(f)	SIXTHLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it. 

  

	17.2	Variation of order of application. The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties provide for a different manner of
application from that set out in Clause 17.1 (other than sub-clause (a)) either as regards a specified sum or sums or as regards sums in a specified category or categories and provided that all Lenders approval (and approval of the Borrower) shall
be required for any change to the priority as between the Lenders and the Swap Banks. 

  

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

  

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

  
 41 

	18	APPLICATION OF EARNINGS 

  

	18.1	Earnings. The Borrower undertakes with each Creditor Party to ensure that throughout the Security Period (and subject only to the provisions of the General Security Deeds) all the Earnings of each Ship are paid
to the Earnings Account Provided that the Earnings shall be available to the Borrower unless an Event of Default or Potential Event of Default has occurred and is continuing. 

 

	18.2	Location of account. The Borrower shall promptly: 

  

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

  

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

  

	19	EVENTS OF DEFAULT 

  

	19.1	Events of Default. An Event of Default occurs if: 

  

	(a)	the Borrower or any Security Party fails to pay when due or, if payable on demand, on such demand, any sum payable under a Finance Document or under any document relating to a Finance Document, provided that such
failure shall not be an Event of Default if the failure to pay is due to a technical or administrative error and the payment is received within 3 Business Days of the due date or within 3 Business Days of the demand, as applicable; or

  

	(b)	any breach occurs of Clause 9.2, 11.2, 11.3, 11.18, 12.2, 12.3, 12.4, 12.5 or 15.1; or 

  

	(c)	(subject to any applicable grace period in the relevant Finance Documents) any breach by the Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs
(a) or (b)) if, in the opinion of the Majority Lenders, such default is capable of remedy, and such default continues unremedied 30 days after written notice from the Agent requesting action to remedy the same; or 

 

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

  

	(e)	any of the following occurs in relation to any Financial Indebtedness of a Relevant Person in respect of $10,000,000 or more or, as regards Financial Indebtedness arising under different documents or transactions, an
aggregate amount of $10,000,000 or more (or the equivalent in another currency): 

  

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

  

	 	(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of default; or 

 

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

  
 42 

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

  

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

  

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

  

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

  

	 	(ii)	a Relevant Person fails to comply with or pay any sum due from it under any final judgment or any final order made or given by any court of competent jurisdiction or any assets of a Relevant Person are subject to any
form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency; or 

 

	 	(iii)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person or any administrative or other receiver is appointed over any asset of a Relevant Person; or 

 

	 	(iv)	a Relevant Person makes any formal declaration of bankruptcy or any formal statement to the effect that it is insolvent or likely to become insolvent, or an administration notice is given or filed in relation to a
Relevant Person, or a winding up or administration order is made in relation to a Relevant Person, or the members or directors of a Relevant Person pass a resolution to the effect that it should be wound up, placed in administration or cease to
carry on business, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than the Borrower which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the
Majority Lenders and effected not later than 3 months after the commencement of the winding up; or 

  

	 	(v)	a petition is presented in any Pertinent Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of a Relevant Person unless the petition is being contested in good faith and
on substantial grounds and is dismissed or withdrawn within 30 days of the presentation of the petition; or 

  

	 	(vi)	a Relevant Person petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of its debt (or certain of its debt) or arrangement with all or
a substantial proportion (by number or value) of its creditors or of any class of them or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise; or 

 

	 	(vii)	any meeting of the members or directors of a Relevant Person is summoned for the purpose of considering a resolution or proposal to authorise or take any action of a type described in paragraphs (iii), (iv), (v) or
(vi); or 

  

	 	(viii)	in a Pertinent Jurisdiction other than England, any event occurs or any procedure is commenced which, in the opinion of the Majority Lenders, is similar to any of the foregoing; or 

  
 43 

	(g)	the Borrower ceases or suspends carrying on its business or a part of its business which, in the opinion of the Majority Lenders, is material in the context of this Agreement; or 

 

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

  

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

  

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

 

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

 

	(j)	any Event of Default (as defined in Section 14 of a Master Agreement) occurs and is continuing; 

  

	(k)	any event or circumstance occurs which the Majority Lenders determine has, or could reasonably be expected to have, a material adverse effect: 

 

	 	(i)	on the ability of the Borrower to perform its obligations under the Finance Documents; or 

  

	 	(ii)	on the property, assets, nature of assets, operations, liabilities or condition (financial or otherwise) of the Borrower or its subsidiaries. 

 

	19.2	Actions following an Event of Default. On, or at any time after, the occurrence of an Event of Default: 

  

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

  

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

 

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

  

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

  

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

 

	19.3	Termination of Commitments. On the service of a notice under Clause 19.2(a)(i), the Term Commitments, the Newbuilding Commitments and all other obligations of each Lender to the Borrower under this Agreement
shall terminate. 

  
 44 

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

  

	19.5	Multiple notices; action without notice. The Agent may serve notices under Clauses 19.2(a)(i) and (ii) simultaneously or on different dates and it and/or the Security Trustee may take any action referred to
in Clause 19.2 if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 

  

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

  

	19.7	Creditor Party rights unimpaired. Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders Swap Counterparties under a Finance Document, a Master Agreement
or the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 

  

	19.8	Exclusion of Creditor Party liability. No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrower or a Security Party: 

 

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

  

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

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

In no event shall any Creditor Party be liable on any theory of liability for any special, indirect, consequential or punitive damages and the
Borrower hereby waives, releases and agrees not to sue upon any such claim for any such damages, whether or not accrued and whether or not known or suspected to exist in its favour. 

 

	19.9	Relevant Persons. In this Clause 19 a “Relevant Person” means the Borrower, a Security Party or any other member of the Borrower’s Group, but excluding any company which is dormant and the
value of whose gross assets is $50,000 or less. 

  

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

  

	19.11	 Position of Swap Counterparties. Neither the Agent nor the Security Trustee shall be obliged, in connection with any action taken or proposed
to be taken under or pursuant to the foregoing provisions of this Clause 19, to have any regard to the requirements of a Swap Counterparty except to the extent that such Swap Counterparty is also a Lender. In

  
 45 

	 	
addition, the Swap Banks agree that if an Event of Default or a Potential Event of Default occurs and is continuing any payments due to the Swap Banks on an unwinding of the Master Agreements
shall not be paid until the Newbuilding Loan and the Term Loan have first been repaid. 

  

	20	FEES AND EXPENSES 

  

	20.1	Fees. The Borrower shall pay to the Agent: 

  

	(a)	on the date of this Agreement or as otherwise agreed, the fees in amounts previously agreed in writing between the Agent and the Borrower; and 

 

	(b)	quarterly in arrears on each of 31 March, 30 June, 30 September and 31 December and on the end of the Availability Period for the Term Loan Facility or the Newbuilding Facility (as the case may be)
during the period from the date of this Agreement to the end of such Availability Period, for the account of the Lenders, a commitment fee at the rate of 40 per cent of the Margin per annum on the aggregate of (i) the Total Available Term
Commitments and (ii) the Total Available Newbuilding Commitments, for distribution among the Lenders pro rata to their Commitments. 

  

	20.2	Costs of negotiation, preparation etc. The Borrower shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with the negotiation, preparation,
execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document. 

  

	20.3	Costs of variations, amendments, enforcement etc. The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned the amount of all expenses incurred by a Creditor
Party in connection with: 

  

	(a)	any amendment or supplement to a Finance Document or any proposal for such an amendment to be made; 

  

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

 

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

  

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

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

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

  

	20.5	Certification of amounts. A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor Party under this Clause 20 and which
indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount, is due. 

  
 46 

	21	INDEMNITIES 

  

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

  

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

 

	(b)	the receipt or recovery of all or any part of the Term Loan or the Newbuilding Loan or an overdue sum otherwise than on the last day of the applicable Term Interest Period, the applicable Newbuilding Interest Period or
other relevant period; 

  

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

  

	(d)	the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the acceleration of repayment of the Term Loan and the Newbuilding Loan under Clause 19; 

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

	21.2	Breakage costs. Without limiting its generality, Clause 21.1 covers any claim, liability, expense or loss incurred by a Lender in liquidating or employing deposits from third parties acquired or arranged to fund
or maintain all or any part of its Term Contribution and/or its Newbuilding Contribution and/or any overdue amount (or an aggregate amount which includes its Term Contribution, its Newbuilding Contribution or any overdue amount). 

 

	21.3	Miscellaneous indemnities. The Borrower shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, expenses, liabilities and losses which may be made or brought
against or incurred by a Creditor Party, in any country, as a result of or in connection with: 

  

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

  

	(b)	any other Pertinent Matter; 

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

Without prejudice to its generality, this Clause 21.3 covers any claims, expenses, liabilities and losses which arise, or are asserted, under
or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code or any Environmental Law. 
  

	21.4	 Currency indemnity. If any sum due from the Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or
judgment relating to a 

  
 47 

	 	
Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into another currency (the
“Payment Currency”) for the purpose of: 

  

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

 

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

  

	(c)	enforcing any such order or judgment; 

 the Borrower shall indemnify the Creditor Party
concerned against the loss arising when the amount of the payment actually received by that Creditor Party is converted at the available rate of exchange into the Contractual Currency. 

In this Clause 21.4, the “available rate of exchange” means the rate at which the Creditor Party concerned is able at the
opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency. 

This Clause 21.4 creates a separate liability of the Borrower which is distinct from its other liabilities under the Finance Documents and
which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.5	Application to Master Agreements. For the avoidance of doubt, Clause 21.4 does not apply in respect of sums due from the Borrower to a Swap Counterparty under or in connection with a Master Agreement as to
which sums the provisions of section 8 (Contractual Currency) of that Master Agreement shall apply. 

  

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

 

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

  

	22	NO SET-OFF OR TAX DEDUCTION 

  

	22.1	No deductions. All amounts due from the Borrower under a Finance Document shall be paid: 

  

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

  

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

  

	22.2	Grossing-up for taxes. Subject as provided in Clause 26.17, if the Borrower is required by law to make a tax deduction from any payment: 

 

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

  

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

 

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

  
 48 

	22.3	Evidence of payment of taxes. Promptly, and in any event within 1 month after making any tax deduction, the Borrower shall deliver to the Agent for the Creditor Party entitled to the payment an original receipt
(or certified copy thereof) satisfactory to that Creditor Party evidencing that the tax had been paid to the appropriate taxation authority and the Agent shall promptly forward such receipt to the Creditor Party entitled to the payment.

  

	22.4	Tax credit. A Creditor Party which has obtained (and has derived full use and benefit, on an affiliated group basis from) a repayment or credit in respect of tax on account of which the Borrower has made an
increased payment under Clause 22.2 shall pay to the Borrower a sum equal to the proportion of the repayment or credit which that Creditor Party allocates to the amount due from the Borrower in respect of which the Borrower made the increased
payment Provided that: 

  

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

 

	(b)	nothing in this Clause 22.4 shall oblige a Creditor Party to arrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction instead of, or in priority to, another or to
make any such claim within any particular time; 

  

	(c)	nothing in this Clause 22.4 shall oblige a Creditor Party to make a payment which would leave it in a worse position than it would have been in if the Borrower had not been required to make a tax deduction from a
payment; 

  

	(d)	any allocation or determination made by a Creditor Party under or in connection with this Clause 22.4 shall be conclusive and binding on the Borrower and the other Creditor Parties; 

 

	(e)	nothing in this Clause 22.4 shall oblige any Creditor Party to disclose to any information relating to its affairs (tax or otherwise) or those of its ultimate payment company (or any subsidiary thereof) or any
computations in respect of tax; and 

  

	(f)	the Creditor Party’s tax affairs for its tax year in respect of which such credit or repayment was obtained have been finally settled. 

 

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

  

	22.6	Value Added Tax. 

  

	(a)	All amounts expressed to be payable under a Finance Document by any party to a Creditor Party shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply made by any Creditor Part to any part in
connection with a Finance Document, that party shall pay to the Creditor Party (in additional to and at the same time as paying the consideration) an amount equal to the amount of the VAT. 

 

	(b)	Where a Finance Document requires any party to reimburse a Creditor Party for any costs or expenses, that party shall also at the same time pay and indemnify the Creditor Party against all VAT incurred by the Creditor
Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that it is not entitled to credit or repayment of the VAT. 

  

	22.7	Application to Master Agreements. For the avoidance of doubt, Clause 22 does not apply in respect of sums due from the Borrower to a Swap Counterparty under or in connection with a Master Agreement as to which
sums the provisions of section 2(d) (Deduction or Withholding for Tax) of that Master Agreement shall apply. 

  
 49 

	23	ILLEGALITY, ETC 

  

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

 

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

 

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

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

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

  

	23.3	Prepayment; termination of Term Commitment and Newbuilding Commitment. On the Agent notifying the Borrower under Clause 23.2, the Notifying Lender’s Term Commitment and Newbuilding Commitment shall
terminate; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrower shall prepay the Notifying Lender’s Term
Contribution and Newbuilding Contribution in accordance with Clause 8. 

  

	23.4	Mitigation. If circumstances arise which would result in a notification under Clause 23.1 then, without in any way limiting the rights of the Notifying Lender under Clause 23.3, the Notifying Lender shall use
reasonable endeavours to transfer its obligations, liabilities and rights under this Agreement and the Finance Documents to another office or financial institution not affected by the circumstances but the Notifying Lender shall not be under any
obligation to take any such action if, in its opinion, to do would or might: 

  

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

  

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

 

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

  

	24	INCREASED COSTS 

  

	24.1	Increased costs. This Clause 24 applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a result of: 

 

	(a)	the introduction or alteration after the date of this Agreement of a law or an alteration after the date of this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to
the application to payments under this Agreement of a tax on the Lender’s overall net income); or 

  

	(b)	complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Notifying Lender allocates capital resources to its obligations under this
Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement, the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”.

  
 50 

	24.2	Meaning of “increased cost”. In this Clause 24, “increased cost” means, in relation to a Notifying Lender: 

 

	(a)	an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its Term
Commitment, Newbuilding Commitment, Term Contribution or Newbuilding Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Term Contribution, Newbuilding Contribution or other unpaid sums;

  

	(b)	a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective return which such a payment represents to the Notifying Lender or on its capital; 

 

	(c)	an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class of advances formed by or including the Notifying Lender’s Term Contribution or Newbuilding Contribution
or (as the case may require) the proportion of that cost attributable to its Term Contribution or Newbuilding Contribution; or 

  

	(d)	a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received or receivable by the Notifying Lender under this Agreement; 

but not an item attributable to a change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an
item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or an item arising directly out of 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 (“Basel II”) or any other law or regulation which implements Basel II (whether such
implementation, application or compliance is by a government, regulator, Creditor Party or any of its affiliates). 
 For the purposes of
this Clause 24.2 the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate. 

 

	24.3	Notification to Borrower of claim for increased costs. The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1.

  

	24.4	Payment of increased costs. The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from time to time notifies the Borrower that the
Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 

  

	24.5	Notice of prepayment. If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrower may give the Agent not less than 15 Business Days’
notice of its intention to prepay the Notifying Lender’s Term Contribution and Newbuilding Contribution or to procure a Transferee lender. 

  
 51 

	24.6	Prepayment; termination of Term Commitment and Newbuilding Commitment. A notice of prepayment under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower’s
notice of intended prepayment; and: 

  

	(a)	on the date on which the Agent serves that notice, the Term Commitment and the Newbuilding Commitment of the Notifying Lender shall be cancelled; and 

 

	(b)	on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or penalty) the Notifying Lender’s Term Contribution and Newbuilding Contribution, together with accrued
interest thereon at the applicable rate (including the Mandatory Cost (if any)) plus the applicable Margin. 

  

	24.7	Application of prepayment. Clauses 8.7, 8.10, 8.11 and 8.12 shall apply in relation to the prepayment. 

  

	25	SET-OFF 

  

	25.1	Application of credit balances. Each Creditor Party may, at any time after the occurrence of an Event of Default which is continuing, without prior notice: 

 

	(a)	apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of the Borrower at any office in any country of that Creditor Party in or towards satisfaction of any sum
then due from the Borrower to that Creditor Party under any of the Finance Documents; and 

  

	(b)	for that purpose: 

  

	 	(i)	break, or alter the maturity of, all or any part of a deposit of the Borrower; 

  

	 	(ii)	convert or translate all or any part of a deposit or other credit balance into Dollars; 

  

	 	(iii)	enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate. 

 

	25.2	Existing rights unaffected. No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition to any right of set-off, combination of
accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

  

	25.3	Sums deemed due to a Lender. For the purposes of this Clause 25, a sum payable by the Borrower to the Agent or the Security Trustee for distribution to, or for the account of, a Lender shall be treated as a sum
due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

 

	25.4	No Security Interest. This Clause 25 gives the Creditor Parties a contractual right of set-off only and does not create any equitable charge or other Security Interest over any credit balance of the Borrower.

  

	26	TRANSFERS AND CHANGES IN LENDING OFFICES 

  

	26.1	Transfer by Borrower. The Borrower may not, without the consent of the Agent given on the instructions of all the Lenders, transfer any of its rights, liabilities or obligations under any Finance Document.

  

	26.2	Transfer by a Lender. Subject to Clause 26.4, a Lender (the “Transferor Lender”) may, at its own cost, with the prior written consent of the Borrower (not to be unreasonably withheld or delayed)
or without the consent of the Borrower if an Event of Default or a Potential Event of Default has occurred and is continuing, cause: 

  

	(a)	its rights in respect of all or pro rata parts of its Term Contribution and its Newbuilding Contribution; or 

  
 52 

	(b)	its obligations in respect of all or pro rata parts of its Term Commitment and its Newbuilding Commitment; or 

  

	(c)	a combination of (a) and (b); 

 to be (in the case of its rights) transferred to, or (in
the case of its obligations) assumed by, another bank or financial institution (a “Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 5 with any modifications approved or required
by the Agent (a “Transfer Certificate”) executed by the Transferor Lender and the Transferee Lender Provided that a Lender may make such transfer to any wholly owned subsidiary of it, to its parent company or to another subsidiary
of its parent company without the consent of the Borrower and the fee referred to in Clause 26.11 shall not apply in relation to any such transfer. 

Without prejudice to the foregoing, any such transfer by a Lender shall be subject to the following further conditions: 

 

	 	(i)	the amount of the Contribution and/or Commitment of the Lender which is to be transferred shall not be less than $20,000,000 unless the Agent agrees otherwise; 

 

	 	(ii)	the Agent shall approve the transfer (such approval not to be unreasonably withheld); and 

  

	 	(iii)	payment of the fee in accordance with Clause 26.11. 

 However any rights and obligations of the
Transferor Lender in its capacity as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Deed. 
  

	26.3	Transfer Certificate, delivery and notification. As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate
may be defective): 

  

	(a)	sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee, each of the other Lenders and each of the Swap Banks; 

 

	(b)	on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying them of the Transfer Certificate and attaching a copy of it; 

 

	(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph (b). 

  

	26.4	Effective Date of Transfer Certificate. A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent
under Clause 26.3 on or before that date. 

  

	26.5	No transfer without Transfer Certificate. No assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, the Borrower, any Security Party,
the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

  

	26.6	 Lender re-organisation; waiver of Transfer Certificate. However, if a Lender enters into any merger, de-merger or other reorganisation as a
result of which all its rights or obligations vest in another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrower and the Security Trustee waive the need for the execution and
delivery of a Transfer Certificate; and, upon service of the Agent’s notice, 

  
 53 

	 	
the successor shall become a Lender with the same Term Commitment, Newbuilding Commitment, Term Contribution or Newbuilding Contribution as were held by the predecessor Lender. 

 

	26.7	Effect of Transfer Certificate. A Transfer Certificate takes effect in accordance with English law as follows: 

  

	(a)	to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has under or by virtue of the Finance Documents are assigned to the Transferee
Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrower or any Security Party had against the Transferor Lender; 

 

	(b)	the Transferor Lender’s Term Commitment and Newbuilding Commitment are each discharged to the extent specified in the Transfer Certificate; 

 

	(c)	the Transferee Lender becomes a Lender with a Term Contribution and a Newbuilding Contribution and with a Term Commitment and Newbuilding Commitment of the amounts specified in the Transfer Certificate;

  

	(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and
the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

  

	(e)	any part of the Term Facility or the Newbuilding Facility which the Transferee Lender advances after the Transfer Certificate’s effective date ranks in point of priority and security in the same way as it would
have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of the Borrower or any Security Party against the Transferor Lender had not existed; 

 

	(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under
Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to them; and 

  

	(g)	in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled
to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the original Lender would have incurred a loss of that kind or amount. 

The rights and equities of the Borrower or any Security Party referred to above include, but are not limited to, any right of set off and any
other kind of cross-claim. 
  

	26.8	Maintenance of register of Lenders. During the Security Period the Agent shall maintain a register in which it shall record the name, Term Commitment, Newbuilding Commitment, Term Contribution, Newbuilding
Contribution and administrative details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the
register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least 3 Business Days prior notice. 

  
 54 

	26.9	Reliance on register of Lenders. The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the amounts of their Term Commitment,
Newbuilding Commitment, Term Contribution and Newbuilding Contribution and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance
Documents. 

  

	26.10	Authorisation of Agent to sign Transfer Certificates. The Borrower, the Security Trustees, each Lender and each Swap Bank irrevocably authorise the Agent to sign Transfer Certificates on its behalf.

  

	26.11	Registration fee. In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $3,500 from the Transferor Lender or (at the Agent’s option) the Transferee Lender.

  

	26.12	Sub-participation; subrogation assignment. A Lender may sub-participate all or any part of its rights and/or obligations under or in connection with the Finance Documents without the consent of, or any notice to,
the Borrower, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who
has become subrogated to them. 

  

	26.13	Disclosure of information. A Lender may disclose to a potential Transferee Lender or sub-participant any information which that Lender has received in relation to the Borrower, any Security Party or their affairs
under or in connection with any Finance Document, unless the information is clearly of a confidential nature. Without prejudice to the foregoing, a Lender may disclose any financial information delivered by the Borrower hereunder and such other
information in relation to the Borrower and its subsidiaries which it may obtain pursuant to this Agreement to authorities in any other countries where that Lender, its subsidiaries, branches and representative officers or any other entity of that
Lender are represented: 

  

	(a)	where such authority has requested information from the relevant entity of that Lender; and 

  

	(b)	such disclosure is required by law, regulation or administrative order in order for that Lender to meet its legal requirements relating to reduction and/or prevention of money laundering, terrorism or corruption.

  

	26.14	Change of lending office. A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 

 

	(a)	the date on which the Agent receives the notice; and 

  

	(b)	the date, if any, specified in the notice as the date on which the change will come into effect. 

  

	26.15	Notification. On receiving such a notice, the Agent shall notify the Borrower and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through
the lending office of which the Agent last had notice. 

  

	26.16	Replacement of Reference Bank. If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 then, unless the Borrower, the Agent and the
Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting the Borrower, shall appoint another bank (whether or not a Lender) to be a replacement Reference Bank; and, when that appointment
comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective. 

  
 55 

	26.17	Tax indemnity, tax gross-up and increased costs on assignment, transfer and change of lending office. If: 

  

	(a)	a Lender assigns or transfers any rights or obligations under the Finance Documents pursuant to Clause 26.2 or changes its lending office; and 

 

	(b)	as a result of circumstances existing at the date the assignment, transfer or change occurs the Borrower would be obliged to make a payment to the Transferee Lender or Lender acting through its new lending office under
Clause 21.1 in respect of any tax, Clause 22 or Clause 24, 

 then the Transferee Lender or the Lender acting through its new
lending office is only entitled to receive payment under those Clauses to the same extent as the Transferor Lender or the Lender acting through its previous lending office would have been if the assignment, transfer or change had not occurred. 

 

	27	VARIATIONS AND WAIVERS 

  

	27.1	Variations, waivers etc. by Majority Lenders. Subject to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor Party’s rights or
remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by fax, by the Borrower, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in their own rights, and, if
the document relates to a Finance Document to which a Security Party is party, by that Security Party. 

  

	27.2	Variations, waivers etc. requiring agreement of all Lenders. However, as regards the following, Clause 27.1 applies as if the words “by the Agent on behalf of the Majority Lenders” were replaced by the
words “by or on behalf of every Lender”: 

  

	(a)	a change in the Margin or in the definition of LIBOR; 

  

	(b)	a change to the date for, the amount of, any payment of principal, interest, fees, or other sum payable under this Agreement; 

  

	(c)	a change to the Total Commitments; 

  

	(d)	a change to the definition of “Majority Lenders” or “Finance Documents”; 

  

	(e)	a change to the preamble or to Clause 2, 3, 4, 5.1, 17, 18 or 30; 

  

	(f)	a change to this Clause 27; 

  

	(g)	any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance Document; and 

 

	(h)	any other change or matter as regards which this Agreement or another Finance Document expressly provides that each Lender’s consent is required. 

 

	27.3	Exclusion of other or implied variations. Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect to act, delay or
acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived,
suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 

  

	(a)	a provision of this Agreement or another Finance Document; or 

  
 56 

	(b)	an Event of Default; or 

  

	(c)	a breach by the Borrower or a Security Party of an obligation under a Finance Document or the general law; or 

  

	(d)	any right or remedy conferred by any Finance Document or by the general law; 

 and there shall
not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or remedy to be exercised, within a certain or reasonable time. 

 

	28	NOTICES 

  

	28.1	General. Unless otherwise specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax and references in the Finance Documents to written notices, notices in
writing and notices signed by particular persons shall be construed accordingly. 

  

	28.2	Addresses for communications. A notice shall be sent: 

  

			
	 (a)         to the Borrower:
	  	de Gerlachekaai 20
		  	B-2000 Antwerp
		  	Belgium
		
		  	Fax No: 32 3 247 4409
		  	Attn: Finance Director
		
	 (b)         to a Lender:
	  	At the address below its name in Schedule 1 or (as the case may require) in the relevant Transfer Certificate.
		
	 (c)         to a Swap Bank
	  	At the address below its name in Schedule 2
		
	 (d)         to the Agent and the Security   Trustee:
	  	Middelthuns gate 17
	  	P.O. Box 1166, Sentrum
		  	0107 Oslo
		  	Norway
		
		  	Loan administration matters:
		  	Fax No: (47) 22 48 42 78
		  	Attn: International Loans Administration
		
		  	Credit matters:
		  	Fax No: (47) 22 48 66 68
		  	Attn: Shipping, Offshore and Oil Services

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Trustee, the Borrower, the Lenders, the Swap Banks and the Security Parties. 
  

	28.3	Effective date of notices. Subject to Clauses 28.4 and 28.5: 

  

	(a)	a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered; 

 

	(b)	a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after its transmission is completed. 

  
 57 

	28.4	Service outside business hours. However, if under Clause 28.3 a notice would be deemed to be served: 

  

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

  

	(b)	on such a business day, but after 5 p.m. local time; 

 the notice shall (subject to Clause 28.5)
be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business day. 
  

	28.5	Illegible notices. Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within 1 hour after the time at which the notice would otherwise be deemed to be served that the notice has
been received in a form which is illegible in a material respect. 

  

	28.6	Valid notices. A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this Agreement or, where
appropriate, any other Finance Document under which it is served if: 

  

	(a)	the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or 

 

	(b)	in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing particulars should have been. 

 

	28.7	Electronic communication. Any communication to be made between the Agent and a Lender under or in connection with the Finance Documents may be made by electronic mail or other electronic means, if the Agent and
the relevant Lender: 

  

	(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 respective addresses or any other such information supplied to them. 

Any electronic communication made between the Agent and a Lender will be effective only when actually received in readable form and, in the
case of any electronic communication made by a Lender to the Agent, only if it is addressed in such a manner as the Agent shall specify for this purpose. 
  

	28.8	English language. Any notice under or in connection with a Finance Document shall be in English. 

  

	28.9	Meaning of “notice”. In this Clause 28, “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 

 

	29	SUPPLEMENTAL 

  

	29.1	Rights cumulative, non-exclusive. The rights and remedies which the Finance Documents give to each Creditor Party are: 

  

	(a)	cumulative; 

  
 58 

	(b)	may be exercised as often as appears expedient; and 

  

	(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any right or remedy conferred by any law. 

 

	29.2	Severability of provisions. If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other provisions
of that Finance Document or of the provisions of any other Finance Document. 

  

	29.3	Counterparts. A Finance Document may be executed in any number of counterparts. 

  

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

  

	30	LAW AND JURISDICTION 

  

	30.1	English law. This Agreement (other than Clause 3.6) and any non contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law. Clause 3.6
shall be governed by, and construed in accordance with, Belgian law. 

  

	30.2	Exclusive English jurisdiction. Subject to Clause 30.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 

 

	30.3	Choice of forum for the exclusive benefit of the Creditor Parties. Clause 30.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 

 

	(a)	to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to that Dispute; and 

 

	(b)	to commence such proceedings in the courts of any such country or countries concurrently with or in addition to proceedings in England or without commencing proceedings in England. 

The Borrower shall not commence any proceedings in any country other than England in relation to a Dispute. 

 

	30.4	Process agent. The Borrower irrevocably appoints Euronav (UK) Agencies Ltd at its registered office for the time being, presently at Moreau House, 3rd Floor, 116 Brompton Road, London SW3 1JJ, to act as its agent
to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with this Agreement. 

  

	30.5	Creditor Party rights unaffected. Nothing in this Clause 30 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise) with
regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

  
 59 

	30.6	Meaning of “proceedings”. In this Clause 30, “proceedings” means proceedings of any kind, including an application for a provisional or protective measure and a
“Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any noncontractual obligation arising out of or in
connection with this Agreement. 

 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 60 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

															
	Lender	  	Lending Office	  	 Term

Commitment

(US$)
	 	  	 Newbuilding

Commitment

(US$)
	 	  	 Total

Commitment

(US$)
	 
					
	 Nordea Bank Norge ASA
	  	Middelthuns gate 17	  	 	39,233,334	  	  	 	15,766,666	  	  	 	55,000,000	  
		  	P.O. Box 1166, Sentrum	  				  				  			
		  	0107 Oslo	  				  				  			
		  	Norway	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +47 22 48 50 00	  				  				  			
		  	Fax: +47 22 48 66 68	  				  				  			
		  	Attn: Shipping, Offshore and Oil Services	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: (47) 22 48 50 00	  				  				  			
		  	Fax: (47) 22 48 42 78	  				  				  			
		  	Attn: International Loan Administration	  				  				  			
					
	 Calyon
	  	9 quai du President Paul Doumer	  	 	39,233,333	  	  	 	15,766,667	  	  	 	55,000,000	  
		  	92920 Paris La Defense Cedex	  				  				  			
		  	France	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +44 (0) 207 214 5996/5993	  				  				  			
		  	Fax: +44 (0) 207 214 6689	  				  				  			
		  	Attn: Dilhan Sebastian/Justin Lande	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +33 1 41 89 12 49	  				  				  			
		  	Fax: +33 1 41 89 19 34	  				  				  			
		  	Attn: Sylvie Godet Couery	  				  				  			
					
	 Société Générale
	  	29 Boulevard Haussmann	  	 	39,233,333	  	  	 	15,766,667	  	  	 	55,000,000	  
		  	75009 Paris	  				  				  			
		  	France	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +33 1 42 13 76 24/+33 1 42 13 06 94	  				  				  			
		  	Fax: +33 1 46 92 46 22	  				  				  			
		  	Attn: Camille Barthelemy/Claire Philippon	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +33 1 42 14 35 83	  				  				  			
		  	Fax: +33 1 46 92 46 08	  				  				  			
		  	Attn: Ginette Richard	  				  				  			
					
	 Bank of America, National Association
	  	555 California Street, 4th Floor	  	 	21,400,000	  	  	 	8,600,000	  	  	 	30,000,000	  
	  	San Francisco, CA 94014	  				  				  			
		  	USA	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +44 (0) 207 174 6322	  				  				  			
		  	Fax: +44 (0) 207 174 6474	  				  				  			
		  	Attn: Roy Poland	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +415 765 1803	  				  				  			
		  	Fax: +415 765 7373	  				  				  			
		  	Attn: Anita Garfagnoli	  				  				  			

  
 61 

															
	Lender	  	Lending Office	  	 Term

Commitment

(US$)
	 	  	 Newbuilding

Commitment

(US$)
	 	  	 Total

Commitment

(US$)
	 
					
		  	25th Floor	  	 	21,400,000	  	  	 	8,600,000	  	  	 	30,000,000	  
	 Scotiabank (Hong Kong) Limited
	  	United Centre	  				  				  			
	  	95 Queensway	  				  				  			
	  	Hong Kong	  				  				  			
		  	  
 Credit and Administration Matters:
	  				  				  			
		  	Tel: +(852) 2529 5511	  				  				  			
		  	Fax: +(852) 2527 2527	  				  				  			
		  	Attn: Mr Osbert Ho	  				  				  			
					
	 Skandinaviska Enskilda Banken AB (publ)
	  	Kungsträdgardsgatan 8	  	 	17,833,333	  	  	 	7,166,667	  	  	 	25,000,000	  
	  	SE-106 40 Stockholm	  				  				  			
		  	Sweden	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +44 (0) 207 246 4303	  				  				  			
		  	Fax: +44 (0) 207 236 5144	  				  				  			
		  	Attn: Egil Aarrestad	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +468 763 8553	  				  				  			
		  	Fax: +468 611 0384	  				  				  			
		  	Attn: Lars Hansson	  				  				  			
					
	 Dexia Bank Belgium NV
	  	Boulevard Pacheco 44	  	 	14,266,667	  	  	 	5,733,333	  	  	 	20,000,000	  
		  	1000 Brussels G1 04/12	  				  				  			
		  	  
 Belgium
	  				  				  			
		  	  
 Tel: +32 (0) 2222 4353/+32 (0) 2222 1676
	  				  				  			
		  	Fax: +32 (0) 2222 2311	  				  				  			
		  	Attn: Danny Feremans/Emanuel Falisse	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +32 (0) 2222 7620/+32 (0) 2222 2069	  				  				  			
		  	Fax: +32 (0) 2222 7980	  				  				  			
		  	Attn: Nikolaas Poppe/Katrien De Schepper	  				  				  			
					
	 DnB Nor Bank ASA
	  	20 St. Dunstans Hill	  	 	10,700,000	  	  	 	4,300,000	  	  	 	15,000,000	  
		  	London EC3R 8HY	  				  				  			
		  	England	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +44 (0) 207 621 6046	  				  				  			
		  	Fax: +44 (0) 207 621 6931	  				  				  			
		  	Attn: Jon Matthews	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +44 (0) 207 621 6067	  				  				  			
		  	Fax: +44 (0) 207 420 3330	  				  				  			
		  	Attn: Renato Mariano	  				  				  			
					
	 Fortis Bank, a sociéte anonyme incorporated in Belgian, acting through its UK Branch
	  	5 Aldermanbury Square	  	 	8,916,667	  	  	 	3,583,333	  	  	 	12,500,000	  
	  	London EC2V 7HR	  				  				  			
	  	England	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +44 (0) 203 296 8476/8706	  				  				  			
		  	Fax: +44 (0) 203 296 8889	  				  				  			
		  	Attn: Paul Barnes/Thomas Bashford	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +44 (0) 203 296 8782	  				  				  			
		  	Fax: +44 (0) 202 296 8101	  				  				  			
		  	Attn: James Everitt	  				  				  			

  
 62 

															
	Lender	  	Lending Office	  	 Term

Commitment

(US$)
	 	  	 Newbuilding

Commitment

(US$)
	 	  	 Total

Commitment

(US$)
	 
					
	 Ethias Bank
	  	Avenue de l’Astronomié, 19,	  	 	1,783,333	  	  	 	716,667	  	  	 	2,500,000	  
		  	1210 Brussels	  				  				  			
		  	Belgium	  				  				  			
		  	  
 Credit Matters:
	  				  				  			
		  	Tel: +33 2 210 9642	  				  				  			
		  	Fax: +33 2 210 9640	  				  				  			
		  	Attn: Jadoul Xavier	  				  				  			
		  	  
 Administration Matters:
	  				  				  			
		  	Tel: +33 2 229 6014	  				  				  			
		  	Fax: +33 2 229 9640	  				  				  			
		  	Attn: Gudelj Véronique	  				  				  			

  
 63 

 SCHEDULE 2 

MAXIMUM ADVANCES 
  

											
	 Ship
	  	 Ship Name
	  	Term Advance
Drawdown Amount
(US$)	 	  	Newbuilding Advance
Drawdown Amount
(US$)	 
	 “Ship 1”
	  	CAP FELIX	  	 	43,000,000	  	  			
	 “Ship 2”
	  	CAP THEODORA	  	 	43,000,000	  	  			
	 “Ship 3”
	  	OLYMPIA	  	 	64,000,000	  	  			
	 “Ship 4”
	  	ANTARCTICA	  	 	64,000,000	  	  			
	 “Ship 5”
	  	 SAMSUNG

HULL NO 1743

(TBN FELICITY)
	  				  	 	43,000,000	  
	 “Ship 6”
	  	 SAMSUNG

HULL NO 1744
	  				  	 	43,000,000	  

  
 64 

 SCHEDULE 3 

DRAWDOWN NOTICE 
  

			
	To:	  	Nordea Bank Norge ASA
		  	Middelthuns gate 17
		  	P.O. Box 1166, Sentrum
		  	0107 Oslo
		  	Norway
		
	Attn:	  	Loans Administration

 [—] 

DRAWDOWN NOTICE 
  

	1	We refer to the loan agreement (the “Loan Agreement”) dated [—] 2009 and made between ourselves, as Borrower, the Lenders referred to therein, the
Lead Arrangers and Co-Arrangers referred to therein and yourselves as Agent and Security Trustee in connection with a loan facility of US$300,000,000 comprising a Term Loan Facility of US$214,000,000 and a Newbuilding Facility of US$86,000,000.
Terms defined in the Loan Agreement have their defined meanings when used in this Drawdown Notice. 

  

	2	We request to borrow an Advance under the [Term Loan Facility] [Newbuilding Facility] as follows: 

  

	(a)	Amount: US$[—]; 

  

	(b)	Drawdown Date: [—]; 

  

	(c)	Duration of the [first] Interest Period shall be [—] months; 

  

	(d)	Payment instructions: account of [—] and numbered [—] with [—]
of [—]. 

  

	3	We represent and warrant that: 

  

	(a)	the representations and warranties in Clause 10 of the Loan Agreement would remain true and not misleading if repeated on the date of this notice with reference to the circumstances now existing; 

 

	(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing of the Advance. 

  

	4	This notice cannot be revoked without the prior consent of the Majority Lenders, 

  

	
	[Name of Signatory]
	
	  

	for and on behalf of
	EURONAV NV

  
 65 

 SCHEDULE 4 

CONDITION PRECEDENT DOCUMENTS 

PART A 
 The following are the documents
referred to in Clause 9.1(a). 
  

	1	A duly executed original of this Agreement, the Agency and Trust Deed and the Accounts Security Deed. 

  

	2	Copies of the certificate of incorporation and constitutional documents of the Borrower. 

  

	3	Copies of resolutions of the directors of the Borrower authorising the execution of the relevant Mortgages to the extent that these are required in connection with the registration of any of the Mortgages.

  

	4	The original of any power of attorney under which any Finance Document is to be executed on behalf of the Borrower. 

  

	5	Copies of all consents which the Borrower requires to enter into, or make any payment under, any Finance Document. 

  

	6	Copies of the Shipbuilding Contracts and of all documents signed or issued by the Borrower (or the Builder) under or in connection thereto. 

 

	7	Copies of the Time Charters (including any addenda thereto). 

  

	8	Documentary evidence that the agent for service of process named in Clause 30 has accepted its appointment. 

  

	9	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of Belgium, Norway and such other relevant jurisdictions as the Agent may require. 

  
 66 

 PART B 

The following are the documents referred to in Clause 9.1(c). 
  

	1	A duly executed original of the Mortgage, the General Security Deed and the Time Charter Security Deed (Provided that the Time Charter Security Deed shall not include Ship 2) in relation to the Owned Ships (and
of each document required to be delivered by its terms). 

  

	2	Documentary evidence that each Owned Ship (other than Ship 2 in the case of paragraph (f)): 

  

	(a)	is definitively and permanently registered in the name of the Borrower under the Approved Flag; 

  

	(b)	is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents; 

  

	(c)	maintains class acceptable to the Agent free of all overdue recommendations and conditions of the relevant classification society; 

  

	(d)	the Mortgage in relation to the Owned Ship has been duly registered against that Owned Ship as valid first priority ship mortgage in accordance with the laws of the Approved Flag of that Ship; 

 

	(e)	it is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with; and 

 

	(f)	it has been delivered to and accepted by the Time Charterer under the Time Charter applicable to it and continues to operate under the Time Charter applicable to it. 

 

	3	Documents establishing that each Owned Ship will, as from the Term Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with: 

 

	(a)	a letter of undertaking executed by the Approved Manager in favour of the Agent in the terms required by the Agent agreeing certain matters in relation to the management of that Ship and subordinating the rights of the
Approved Managers against that Ship and the Borrower to the rights of the Creditor Parties under the Finance Documents; and 

  

	(b)	copies of the Approved Manager’s Document of Compliance and of that Ship’s Safety Management Certificate (together with any other details of the applicable safety management system which the Agent requires)
and the ISSC. 

  

	4	Two valuations of the each Owned Ship addressed to the Agent, stated to be for the purposes of this Agreement and dated no earlier than 2 months before the relevant Drawdown Date, from 2 Approved Shipbrokers.

  

	5	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of Belgium, Greece, France and such other relevant jurisdictions as the Agent may require. 

 

	6	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Owned Ships as the Agent may require. 

 

	7	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

  
 67 

 PART C 

The following are the documents referred to in Clause 9.1(d). The “Newbuilding” means the particular Newbuilding to which the Advance
relates. 
  

	1	A duly executed original of the Mortgage, the General Security Deed and, if applicable, any charter assignment required pursuant to Clause 11.17 in relation to the Newbuilding (and of each document required to be
delivered by its terms). 

  

	2	Documentary evidence that: 

  

	(a)	the Newbuilding has been unconditionally delivered by the Builder to, and accepted by, the Borrower, and the full purchase price payable to the Builder (in addition to the part to be financed by the Newbuilding
Facility) has been duly paid; 

  

	(b)	the Newbuilding is definitively and permanently registered in the name of the Borrower under an Approved Flag; 

  

	(c)	the Newbuilding is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents; 

  

	(d)	the Newbuilding maintains class acceptable to the Agent free of all overdue recommendations and conditions of the relevant classification society; 

 

	(e)	the Mortgage in relation to the Newbuilding has been duly registered against the Newbuilding as a valid first priority ship mortgage in accordance with the laws of the flag of that Newbuilding; and 

 

	(f)	the Newbuilding is insured in accordance with the provisions of this Agreement and all requirements therein in respect of insurances have been complied with. 

 

	3	Documents establishing that the Newbuilding will, as from the relevant Newbuilding Drawdown Date, be managed by the Approved Manager on terms acceptable to the Lenders, together with: 

 

	(a)	a letter of undertaking executed by the Approved Manager in favour of the Agent in the terms required by the Agent agreeing certain matters in relation to the management of the Newbuilding and subordinating the rights
of the Approved Managers against the Newbuilding and the Borrower to the rights of the Creditor Parties under the Finance Documents; and 

  

	(b)	copies of the Approved Manager’s Document of Compliance and of the Newbuilding’s Safety Management Certificate (together with any other details of the applicable safety management system which the Agent
requires) and the ISSC. 

  

	4	2 valuations of the Newbuilding, addressed to the Agent, stated to be for the purposes of this Agreement and dated not earlier than 2 weeks before the relevant Newbuilding Drawdown Date, from 2 Approved Shipbrokers.

  

	5	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of Belgian and, if different, the jurisdiction of the Approved Flag on which the relevant Newbuilding is registered and
such other relevant jurisdictions as the Agent may require. 

  

	6	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters relating to the insurances for the Newbuilding as the Agent may require. 

  
 68 

	7	If the Agent so requires, in respect of any of the documents referred to above, a certified English translation prepared by a translator approved by the Agent. 

Each of the documents specified in paragraphs 2, 3, 5 and 6 of Part A and every other copy document delivered under this Schedule shall be
certified as a true and up to date copy by a director or the secretary (or equivalent officer) of the Borrower. 

  
 69 

 SCHEDULE 5 

TRANSFER CERTIFICATE 
 The Transferor
and the Transferee accept exclusive responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements applicable to them respectively. 

 

	To:	[Name of Agent] for itself and for and on behalf of the Borrower, each Security Party, the Security Trustee, each Lender and each Arranger, as defined in the Loan Agreement referred to below. 

 

	1	This Certificate relates to a loan agreement (the “Loan Agreement”) dated [—] 2009 and made between (1) Euronav NV (the
“Borrower”), (2) the banks and financial institutions named therein as Lenders, (3) the banks and financial institutions named therein as Lead Arrangers, (4) the banks and financial institutions named therein as
Co-Arrangers, (5) Nordea Bank Norge ASA as Agent and (6) Nordea Bank Norge ASA as Security Trustee for a loan facility of US$300,000,000 comprising a term loan facility of US$214,000,000 and a newbuilding facility of US$86,000,000.

  

	2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears, have the same meanings and: 

“Relevant Parties” means the Agent, the Borrower, each Security Party, the Security Trustee, each Lead Arranger and each
Lender and each Swap Bank; 
 “Transferor” means [full name] of [lending office]; and 

“Transferee” means [full name] of [lending office]. 
  

	3	The effective date of this Certificate is [—] Provided that this Certificate shall not come into effect unless it is signed by the Agent on or before that date.

  

	4	The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent) which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document
in relation to [—] per cent. of its Term Contribution and [—] per cent, of its Newbuilding Contribution, which percentages represent $[—], $[—] and $[—] respectively. 

 

	5	By virtue of this Transfer Certificate and Clause 26 of the Loan Agreement, the Transferor is discharged [entirely from its Term Commitment and Newbuilding Commitment which amount to $[—], $[—] and $[—] respectively] [from [—] per
cent. of its Term Commitment and [—] per cent. of its Newbuilding Commitment, which percentages represent $[—], $[—] and $[—] respectively] and the Transferee acquires a Term Commitment and a Newbuilding Commitment of
$[—], $[—] and $[—] respectively. 

 

	6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will observe and perform all the obligations under the Finance Documents which Clause 26 of the Loan Agreement provides
will become binding on it upon this Certificate taking effect. 

  
 70 

	7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in
accordance with Clause 26 of the Loan Agreement. 

  

	8	The Transferor: 

  

	(a)	warrants to the Transferee and each Relevant Party that: 

  

	 	(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which are required in connection with this transaction; and 

 

	 	(ii)	this Certificate is valid and binding as regards the Transferor; 

  

	(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the rights and interests covered by the assignment in paragraph 4; and 

 

	(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee’s title under
this Certificate or for a similar purpose. 

  

	9	The Transferee: 

  

	(a)	confirms that it has received a copy of the Loan Agreement and each other Finance Document; 

  

	(b)	agrees that it will have no rights of recourse on any ground against either the Transferor, the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that: 

 

	 	(i)	any of the Finance Documents prove to be invalid or ineffective, 

  

	 	(ii)	the Borrower or any Security Party fails to observe or perform its obligations, or to discharge its liabilities, under any of the Finance Documents; 

 

	 	(iii)	it proves impossible to realise any asset covered by a Security Interest created by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrower or Security Party
under the Finance Documents; 

  

	(c)	agrees that it will have no rights of recourse on any ground against the Agent, the Security Trustee, any Arranger, any Lender or any Swap Bank in the event that this Certificate proves to be invalid or ineffective;

  

	(d)	warrants to the Transferor and each Relevant Party that: 

  

	 	(i)	it has full capacity to enter into this transaction and has taken all corporate action and obtained all consents which it needs to take or obtain in connection with this transaction; and 

 

	 	(ii)	this Certificate is valid and binding as regards the Transferee; and 

  

	(e)	confirms the accuracy of the administrative details set out below regarding the Transferee. 

  

	10	 The Transferor and the Transferee each undertake with the Agent and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the
Security Trustee in respect of any claim, proceeding, liability or expense (including all legal expenses) which 

  
 71 

	 	
they or either of them may incur in connection with this Certificate or any matter arising out of it, except such as are shown to have been mainly and directly caused by the gross and culpable
negligence or dishonesty of the Agent’s or the Security Trustee’s own officers or employees. 

  

	11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under paragraph 10 as exceeds one-half of the amount demanded by the Agent or the Security Trustee in respect of a claim,
proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph shall affect the liability of each of the Transferor and the Transferee to the Agent or the Security Trustee for the
full amount demanded by it. 

  

					
	[Name of Transferor]	 		 	[Name of Transferee]
			
	By:	 		 	By:
			
	Date:	 		 	Date:
			
	Agent	 		 	
			
	Signed for itself and for and on behalf of itself as Agent and for every other Relevant Party	 		 	
			
	[Name of Agent]	 		 	
			
	By:	 		 	
			
	Date:	 		 	

  
 72 

 Administrative Details of Transferee 

Name of Transferee: 
 Lending Office: 

Contact Person 
 (Loan Administration Department): 

Telephone: 
 Telex: 

Fax: 
 Contact Person 

(Credit Administration Department): 
 Telephone: 

Telex: 
 Fax: 

Account for payments: 
  

			
	Note:	  	This Transfer Certificate alone may not be sufficient to transfer a proportionate share of the Transferor’s interest in the security constituted by the Finance Documents in the Transferor’s or Transferee’s
jurisdiction. It is the responsibility of each Lender to ascertain whether any other documents are required for this purpose.

  
 73 

 SCHEDULE 6 

DETAILS OF SHIPS 
  

													
	 Ship
	  	 Owner
	  	 Ship name
	  	 Flag
	  	 Year

built
	  	 Size

(dwt)
	  	 Type

							
	1	  	Borrower	  	“CAP FELIX”	  	Belgian	  	2008	  	158,764	  	 Suezmax
 Tanker

							
	2	  	Borrower	  	“CAP THEODORA”	  	Greek	  	2008	  	158,800	  	 Suezmax
 Tanker

							
	3	  	Borrower	  	“OLYMPIA”	  	French	  	2008	  	315,981	  	VLCC
							
	4	  	Borrower	  	“ANTARCTICA”	  	French	  	2009	  	315,981	  	VLCC
							
	5	  	Borrower	  	 SAMSUNG HULL NO 1743 (TBN

“FELICITY”)
	  	an Approved Flag	  	2009	  	159,000	  	 Suezmax
 Tanker

							
	6	  	Borrower	  	 SAMSUNG HULL

NO 1744
	  	an Approved Flag	  	2009	  	159,000	  	 Suezmax
 Tanker

  
 74 

 SCHEDULE 7 

DESIGNATION NOTICE 
  

			
	To:	  	Nordea Bank Norge ASA
		  	Middelthuns gate 17
		  	P.O. Box 1166, Sentrum
		  	0107 Oslo
		  	Norway

 [date] 

Dear Sirs 
 Loan Agreement dated [—] 2009 made between (i) Euronav NV as Borrower, (ii) the Lenders as referred to therein, (iii) the Lead Arrangers and the Co-Arrangers as referred to therein and
(iv) yourselves as Agent and Security Trustee for a loan facility of up to US$300,000,000 (the “Loan Agreement”) 
 We refer to: 

 

	1.	the Loan Agreement; 

  

	2.	the Master Agreement dated as of [—] made between Euronav NV and [—]; and 

 

	3.	a Confirmation delivered pursuant to the said Master Agreement dated [—] and addressed by [—] to Euronav NV.

 In accordance with the terms of the Loan Agreement, we hereby give you notice of the said Confirmation and hereby confirm that the
Transaction evidenced by it will be designated as a “Designated Transaction” for the purposes of the Loan Agreement and the Finance Documents. 

Yours faithfully 
  

					
	  
	 		 	  

	for and on behalf of	 		 	for and on behalf of
	EURONAV NV	 		 	[SWAP BANK]

  
 75 

 SCHEDULE 8 

MANDATORY COST FORMULA 
  

	1	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Financial Services Authority (or any other authority which replaces all or
any of its functions) or (b) the requirements of the European Central Bank. 

  

	2	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the
paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each Lender in the relevant Advance) and will be
expressed as a percentage rate per annum. 

  

	3	The Additional Cost Rate for any Lender lending from a lending office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its
notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Advances made from that lending office) of complying with the minimum reserve requirements of the European
Central Bank in respect of loans made from that lending office. 

  

	4	The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated by the Agent as follows: 

 

							
		 		 	 E x 0.01
	  	per cent. per annum
		 		 	300	  
				
	Where:	 		 		  	
		
	E	 	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to
paragraph 6 below and expressed in pounds per £1,000,000.

  

	5	For the purposes of this Schedule: 

  

	(a)	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the Bank
of England; 

  

	(b)	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the
acceptance of deposits; 

  

	(c)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking
into account any applicable discount rate); 

  

	(d)	“Participating Member State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Union relating to
European Monetary Union; and 

  

	(e)	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  
 76 

	6	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by that Reference Bank to the Financial
Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	7	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the following information in
writing on or prior to the date on which it becomes a Lender: 

  

	(a)	the jurisdiction of its lending office; and 

  

	(b)	any other information that the Agent may reasonably require for such purpose. 

 Each Lender
shall promptly notify the Agent in writing of any change to the information provided by it pursuant to this paragraph. 
  

	8	The rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender
notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and special Deposits are the same as those of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction
as its lending office. 

  

	9	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any
Lender or Reference Bank pursuant to paragraphs 3,6 and 7 above is true and correct in all respects. 

  

	10	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and
each Reference Bank pursuant to paragraphs 3, 6 and 7 above. 

  

	11	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and
binding on all parties. 

  

	12	The Agent may from time to time, after consultation with the Borrowers and the Lenders, determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any
change in law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces all or any of its functions) and any such determination
shall, in the absence of manifest error, be conclusive and binding on all parties. 

  
 77 

 SCHEDULE 9 

FORM OF CERTIFICATE OF COMPLIANCE 
  

			
	To:	  	Nordea Bank Norge ASA
		  	Middelthuns gate 17
		  	P.O. Box 1166, Sentrum
		  	0107 Oslo
		  	Norway
		
	From:	  	Euronav NV

 OFFICER’S CERTIFICATE 

This Certificate is rendered pursuant to clause 11.5(e) of the loan agreement dated [—] 2009 (the
“Loan Agreement”) and entered into between (i) ourselves, Euronav NV, as Borrower, (ii) the banks and financial institutions listed in Schedule 1 therein as Lenders, (iii) the banks and financial institutions defined
therein as Lead Arrangers, (iv) the banks and finance ail institutions defined therein as Co-Arrangers, (v) Nordea Bank Norge ASA as Agent and (vi) Nordea Bank Norge ASA as Security Trustee, relating to a loan facility of
US$300,000,000 comprising a term loan facility of US$214,000,000 and a newbuilding facility of US$86,000,000. Words and expressions defined in the Loan Agreement shall have the same meanings when used herein. 

I, the Chief Financial Officer of the Borrower, hereby certify that: 
  

	1	Attached to this Certificate [are][is] the latest [audited consolidated accounts of the Borrower’s Group and audited individual accounts of the Borrower for the financial year ending on [—]] [unaudited consolidated balance sheet of the Borrower’s Group and the unaudited individual balance sheet of the Borrower in relation to the [first] [second] [third] [fourth] quarter of the
financial year ending on [—]] (the “Accounts”). 

  

	2	Set out below are the respective amounts, in US Dollars, of the Current Assets, Current Liabilities, Free Liquid Assets, Stockholders’ Equity, Total Assets and Total Indebtedness of the Borrower’s Group as at
[—]: 

  

					
	 	  	US Dollars	 
		
	 Current Assets
	  	 	[	—] 
		
	 Current Liabilities
	  	 	[	—] 
		
	 Free Liquid Assets
	  			
		
	 Cash and cash equivalents
	  	 	[	—] 
		
	 Stockholders’ Equity
	  	 	[	—] 
		
	 Total Assets
	  	 	[	—] 
		
	 Total Indebtedness
	  	 	[	—] 

  

	3	Accordingly, as at the date of this Certificate the financial covenants set out in Clause 12.5 of the Loan Agreement [are] [are not] complied with, in that as at [—]:

  

	(a)	Current Assets exceed Current Liabilities by US$[—]; 

  
 78 

	(b)	Free Liquid Assets are US$[—] and US$[—] when excluding amounts available under any credit lines.

 3 per cent. of Total Indebtedness is US$[—]; and 

 

	(c)	the ratio of Stockholders’ Equity to Total Assets is [—] per cent.; 

[or, as the case may be, specify in what respect any of the financial covenants are not complied with.] 

 

	4	As at [—] no Event of Default has occurred and is continuing. 

[or, specify/identify any Event of Default] 

The Borrower is in compliance with Clause 15.1 of the Loan Agreement. 

[If not, specify this and what is proposed as regards Clause 15.2] 

The Fair Market Value of the Ships which are subject to a Mortgage is as follows as at [date]: 

 

							
	Name of Ship	  	 Name of first shipbroker

providing valuation
	  	 Name of second shipbroker

providing valuation
	  	Average market value
				
	[—]	  	[—]	  	[—]	  	[—]

  

	
	  

	Chief financial officer
	EURONAV NV

  
 79 

 EXECUTION PAGES 

BORROWER 
  

									
	SIGNED by	 		 	)	 	

	EMMA LOVELL	 		 	)	 
	for and on behalf of	 		 	)	 
	EURONAV NV	 		 	)	 		 	
	in the presence of:	 		 	)	 	 Emma Lovell

	

	 	Sarah Phillips	 		 	 Attorney-in-Fact

	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	LENDERS	 	London EC2A 2HB	 		 		 	
				
	SIGNED by	 		 	)	 	 

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	NORDEA BANK NORGE ASA	 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	CALYON	 		 	)	 
	in its capacity as a Lender 	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	 

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SOCIÉTÉ GÉNÉRALE	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	SIGNED by	 		 	)	 		 	
		 		 	)	 		 	
	for and on behalf of	 		 	)	 		 	
	BANK OF AMERICA,	 		 	)	 		 	
	NATIONAL ASSOCIATION	 		 	)	 		 	
	in its capacity as a Lender	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	

  
 80 

 EXECUTION PAGES 

 

 BORROWER 
  

									
	SIGNED by	 		 	)	 	

	EMMA LOVELL	 		 	)	 
	for and on behalf of	 		 	)	 
	EURONAV NV	 		 	)	 	
	in the presence of:	 		 	)	 	 Emma Lovell

	

	 	Sarah Phillips	 		 	 Attorney-in-Fact

	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	LENDERS	 	London EC2A 2HB	 		 		 	
				
	SIGNED by	 		 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	NORDEA BANK NORGE ASA	 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	CALYON	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SOCIÉTÉ GÉNÉRALE	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	SIGNED by	 		 	)	 	

	 	
		 		 	)	 	 	
	for and on behalf of	 		 	)	 	 	Anita L. Garfagnoli
	BANK OF AMERICA,	 		 	)	 		 	Vice President
	NATIONAL ASSOCIATION	 		 	)	 		 	
	in its capacity as a Lender	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	
	

	 	Demetria Vong-Spillan	 		 		 	
	 	Assistant General Counsel	 		 	
	 	Bank of America, National Association	 	
	 	555 California St.	 	
	 	San Francisco, CA 94104	 		 		 	

  
 81 

									
	SIGNED by	 		 	)	 	 

 
  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SCOTIABANK (HONG KONG) LIMITED	 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	SIGNED by	 		 	)	 		 	
	SIMON PETCH	 		 	)	 	

	for and on behalf of	 		 	)	 
	SKANDINAVISKA ENSKILDA	 	)	 
	BANKEN AB (PUBL)	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	DEXIA BANK BELGIUM NV	 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	DNB NOR BANK ASA	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	FORTIS BANK	 		 	)	 
	in its capacity as a Lender	 		 	)	 		 	
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	

  
 82 

									
	SIGNED by	 		 	)	 	 

  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	ETHIAS BANK	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	LEAD ARRANGERS	 		 		 		 	
					
	SIGNED by	 		 	)	 		 	
	SIMON PETCH	 		 	)	 	

	for and on behalf of	 		 	)	 
	NORDEA BANK NORGE ASA	 	)	 
	in its capacity as a Lead Arranger	 	)	 		 	Simon Petch
	in the presence of:	 		 	)	 		 	Attorney-in-Fact
	

	 	Sarah Phillips	 		 		 	
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	 

  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	CALYON	 		 	)	 
	in its capacity as a Lead Arranger	 	)	 		 	Simon Petch
	in the presence of:	 		 	)	 		 	Attorney-in-Fact
	

	 	Sarah Phillips	 		 		 	
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	 

  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SOCIÉTÉ GÉNÉRALE	 		 	)	 
	in its capacity as a Lead Arranger 	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 		 	
		 		 	)	 		 	
	for and on behalf of	 		 	)	 		 	
	BANK OF AMERICA,	 		 	)	 		 	
	NATIONAL ASSOCIATION	 	)	 		 	
	in its capacity as a Lead Arranger	 	)	 		 	
	in the presence of:	 		 	)	 		 	

  
 83 

									
	SIGNED by	 		 	)	 		 	
	SIMON PETCH	 		 	)	 	

	for and on behalf of	 		 	)	 
	ETHIAS BANK	 		 	)	 
	in its capacity as a Lender	 		 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	LEAD ARRANGERS	 		 		 		 	
				
	SIGNED by	 		 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	NORDEA BANK NORGE ASA	 	)	 
	in its capacity as a Lead Arranger	 	)	 		 	Simon Petch
	in the presence of:	 		 	)	 		 	Attorney-in-Fact
	

	 	Sarah Phillips	 		 		 	
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	CALYON	 		 	)	 
	in its capacity as a Lead Arranger	 	)	 		 	Simon Petch
	in the presence of:	 		 	)	 		 	Attorney-in-Fact
	

	 	Sarah Phillips	 		 		 	
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	 

  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SOCIÉTÉ GÉNÉRALE	 		 	)	 
	in its capacity as a Lead Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 		 	
		 		 	)	 	

	 	
	for and on behalf of	 		 	)	 	 	
	BANK OF AMERICA,	 		 	)	 	 	
	NATIONAL ASSOCIATION	 	)	 	 	Anita L. Garfagnoli
	in its capacity as a Lead Arranger	 	)	 		 	Vice President
	in the presence of:	 		 	)	 		 	
					
	

	 	Demetria Vong-Spillan	 		 		 	
	 	Assistant General Counsel	 		 		 	
	 	Bank of America, National Association	 	
	 	555 California St.	 		 		 	
	 	San Francisco, CA 94104	 		 		 	
	 		 		 		 	
	 		 		 		 	

  
 84 

									
	SIGNED by	 		 	)	 	    

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SCOTIABANK (HONG KONG) LIMITED	 	)	 
	in its capacity as a Lead Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	CO-ARRANGERS	 		 		 		 	
				
	SIGNED by	 		 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	SKANDINAVISKA ENSKILDA	 	)	 
	BANKEN AB (PUBL)	 		 	)	 
	in its capacity as a Co-Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	DEXIA BANK BELGIUM NV	 	)	 
	in its capacity as a Co-Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	 

  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	DNB NOR BANK ASA	 	)	 
	in its capacity as a Co-Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
	SIGNED by	 	London EC2A 2HB	 	)	 	 

  

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	FORTIS BANK	 		 	)	 
	in its capacity as a Co-Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	  
 

	 		 		 		 	Attorney-in-Fact
	 	Sarah Phillips	 		 		 	
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
		 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	

  
 85 

									
	SIGNED by	 		 	)	 		 	
	SIMON PETCH	 		 	)	 	 

	for and on behalf of	 		 	)	 
	ETHIAS BANK	 		 	)	 
	in its capacity as a Co-Arranger	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	Sarah Phillips	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	AGENT	 		 		 		 	
				
	SIGNED by	 		 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	NORDEA BANK NORGE ASA	 	)	 
	in its capacity as Agent	 		 	)	 		 	Simon Petch
	in the presence of:	 		 	)	 		 	Attorney-in-Fact
	

	 	Sarah Phillips	 		 		 	
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	
	SECURITY TRUSTEE	 		 		 		 	
				
	SIGNED by	 		 	)	 	

	SIMON PETCH	 		 	)	 
	for and on behalf of	 		 	)	 
	NORDEA BANK NORGE ASA	 	)	 
	in its capacity as Security Trustee	 	)	 
	in the presence of:	 		 	)	 		 	Simon Petch
	

	 	  
 Sarah Phillips
	 		 		 	Attorney-in-Fact
	 	Trainee Solicitor	 		 		 	
	 	Watson Farley & Williams LLP	 		 	
	 	15 Appold Street	 		 		 	
		 	London EC2A 2HB	 		 		 	

  
 86

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00235-of-00352.parquet"}]]