Document:

Exhibit 4.37

    

    
      	
              $19,000,0000

                

                Secured Loan Agreement

            
	 
	
              Dated    March 2019

            
	 	 
	
              (1)

            	
              Erikub Shipping Company Inc.

                  Wotho Shipping Company Inc.

                  (as Borrowers)

            
	 	 
	
              (2)

            	
              Diana Shipping Inc.

                  (as Original Guarantor)

            
	 	 
	
              (3)

            	
              The Financial Institutions

                  listed in Schedule 1

                  (as Original Lenders)

            
	 	 
	
              (4)

            	
              DNB Bank ASA

                  (as Arranger)

            
	 	 
	
              (5)

            	
              DNB Bank ASA

                  (as Agent)

            
	 	 
	
              (6)

            	
              DNB Bank ASA

                  (as Swap Provider)

            
	 	 
	
              (7)

            	
              DNB Bank ASA

                  (as Security Agent)

            

      

      

      

      

      

      

      
        
          

      

      Contents

      	 	 	
              Page

            
	
              Section 1

            	
              Interpretation

            	
              2

            
	
              1

            	
              Definitions and Interpretation

            	
              2

            
	
              Section 2

            	
              The Loan

            	
              24

            
	
              2

            	
              The Loan

            	
              24

            
	
              3

            	
              Purpose

            	
              24

            
	
              4

            	
              Conditions of Utilisation

            	
              24

            
	
              Section 3

            	
              Utilisation

            	
              27

            
	
              5

            	
              Advance

            	
              27

            
	
              Section 4

            	
              Repayment, Prepayment and Cancellation

            	
              28

            
	
              6

            	
              Repayment

            	
              28

            
	
              7

            	
              Illegality, Prepayment and Cancellation

            	
              28

            
	
              Section 5

            	
              Costs of Utilisation

            	
              31

            
	
              8

            	
              Interest

            	
              31

            
	
              9

            	
              Interest Periods

            	
              32

            
	
              10

            	
              Changes to the Calculation of Interest

            	
              32

            
	
              11

            	
              Fees

            	
              33

            
	
              Section 6

            	
              Additional Payment Obligations

            	
              35

            
	
              12

            	
              Tax Gross Up and Indemnities

            	
              35

            
	
              13

            	
              Increased Costs

            	
              44

            
	
              14

            	
              Other Indemnities

            	
              46

            
	
              15

            	
              Mitigation by the Lenders

            	
              48

            
	
              16

            	
              Costs and Expenses

            	
              49

            
	
              Section 7

            	
              Accounts and Application of Earnings

            	
              51

            
	
              17

            	
              Accounts

            	
              51

            
	
              18

            	
              Additional Security

            	
              52

            
	
              19

            	
              Guarantee and Indemnity

            	
              53

            
	
              Section 8

            	
              Representations, Undertakings and Events of Default

            	
              57

            

      
        
          

      

      

      

      	
              20

            	
              Representations

            	
              57

            
	
              21

            	
              Information Undertakings

            	
              63

            
	
              22

            	
              Financial Covenants

            	
              66

            
	
              23

            	
              General Undertakings

            	
              68

            
	
              24

            	
              Events of Default

            	
              75

            
	
              Section 9

            	
              Changes to Parties

            	
              81

            
	
              25

            	
              Changes to the Lenders

            	
              81

            
	
              26

            	
              Changes to the Obligors

            	
              87

            
	
              Section 10

            	
              The Finance Parties

            	
              89

            
	
              27

            	
              Role of the Agent, the Security Agent and the Arranger

            	
              89

            
	
              28

            	
              Application of Proceeds

            	
              101

            
	
              29

            	
              Conduct of Business by the Finance Parties

            	
              102

            
	
              30

            	
              Sharing among the Finance Parties

            	
              102

            
	
              Section 11

            	
              Administration

            	
              105

            
	
              31

            	
              Payment Mechanics

            	
              105

            
	
              32

            	
              Set-Off

            	
              108

            
	
              33

            	
              Notices

            	
              108

            
	
              34

            	
              Calculations and Certificates

            	
              111

            
	
              35

            	
              Partial Invalidity

            	
              112

            
	
              36

            	
              Remedies and Waivers

            	
              112

            
	
              37

            	
              Amendments and Waivers

            	
              112

            
	
              38

            	
              Confidentiality

            	
              119

            
	
              39

            	
              Disclosure of Lender Details by Agent

            	
              123

            
	
              40

            	
              Counterparts

            	
              124

            
	
              41

            	
              Joint and Several Liability

            	
              124

            
	
              Section 12

            	
              Governing Law and Enforcement

            	
              126

            
	
              42

            	
              Governing Law

            	
              126

            

      
        
          

      

      

      

      	
              43

            	
              Enforcement

            	
              126

            
	
              Schedule 1

            	
              The Original Lenders

            	
              127

            
	
              Schedule 2

            	
              Part I Conditions Precedent

            	
              128

            
	
              Part II Conditions Subsequent

            	
              132

            
	
              Schedule 3

            	
              Utilisation Request

            	
              133

            
	
              Schedule 4

            	
              Form of Transfer Certificate

            	
              134

            
	
              Schedule 5

            	
              Form of Assignment Agreement

            	
              137

            
	
              Schedule 6

            	
              Form of Accession Deed

            	
              141

            
	
              Schedule 7

            	
              Form of Compliance Certificate

            	
              143

            

      

      

      

      

      
        
          

      

      
      Loan Agreement

      Dated       March 2019

      Between:

      
        
          	(1)	
                  Erikub Shipping Company Inc. ("Erikub"), a company incorporated under the law of the Republic of the Marshall Islands, with its registered address at Trust Company
                      Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; Wotho Shipping Company Inc. ("Wotho"), a company incorporated under the law of the Republic of the Marshall Islands with its registered address at Trust Company Complex, Ajeltake
                      Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; (together the "Borrowers" and each a "Borrower") jointly and severally; and

                

        

      

      
        
          	(2)	
                  Diana Shipping Inc., a company incorporated under the
                      law of the Republic of the Marshall Islands, with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (the "Original Guarantor"); and

                

        

      

      
        
          	(3)	
                  The Financial Institutions listed in Schedule 1 (The Original Lenders), each acting through its Facility Office (together the "Original Lenders" and each an "Original Lender"); and

                

        

      

      
        
          	(4)	
                  DNB Bank ASA, acting as mandated lead arranger and
                      bookrunner through its office at 8th floor, The Walbrook Building, 25 Walbrook, London EC4N 8AF, England (in that capacity, the "Arranger");

                      and

                

        

      

      
        
          	(5)	
                  DNB Bank ASA, acting as agent through its office at
                      The Walbrook Building, 25 Walbrook, London EC4N 8AF, England (in that capacity, the "Agent"); and

                

        

      

      
        
          	(6)	
                  DNB Bank ASA, acting as swap provider through its
                      office at The Walbrook Building, 25 Walbrook, London EC4N 8AF, England (in that capacity, the "Swap Provider"); and

                

        

      

      
        
          	(7)	
                  DNB Bank ASA, acting as security agent through its
                      office at The Walbrook Building, 25 Walbrook, London EC4N 8AF, England (in that capacity, the "Security Agent").

                

        

      

      Preliminary

      
        
          	(A)	
                  Each Borrower is the registered owner of the relevant Vessel.

                

        

      

      
        
          	(B)	
                  Each Original Lender has agreed to advance to the Borrowers on a joint and several basis its Commitment (aggregating, with all the other Commitments, up to
                      $19,000,000) to provide the Borrowers with working capital.

                

        

      

      It is agreed as
          follows:

    

    

    

    
      1

      
        

    

    

    

    

    

    

    

    

    

    
      
        
          	Section 1	
                  Interpretation

                

        

      

      
        
          	1.	
                  Definitions and Interpretation

                

        

      

      
        
          	1.1	
                  Definitions   In this Agreement:

                

        

      

      "Accession

            Deed" means a document substantially in the form set out in Schedule 6 (Form of Accession Deed).

      "Account

            Holder" means DNB Bank ASA acting through its branch at The Walbrook Building, 25 Walbrook, London EC4N 8AF, England or any other bank or financial institution which at any time, with the Security Agent's prior written consent, holds the
          Earnings Accounts.

      "Account

            Security Deed" means a first priority account security deed in respect of all amounts from time to time standing to the credit of the Earnings Accounts.

      "Additional

            Guarantor" means a company which becomes an Additional Guarantor in accordance with Clause 26 (Changes to the Obligors).

      "Administration"
          has the meaning given to it in paragraph 1.1.3 of the ISM Code.

      "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.

      "Annex

            VI" means Annex VI (Regulations for the Prevention of Air Pollution from Ships) to the International Convention for the Prevention of Pollution from Ships 1973 (as modified in 1978 and 1997).

      "Approved

            Shipbroker" means any reputable, independent and first class firm of ship brokers approved by the Agent on the instructions of the Majority Lenders.

      "Assignments"
          means first priority deeds of assignment of the Insurances, Earnings, Charters  and Requisition Compensation of the Vessels from the Borrowers and (if the Charter is a bareboat charter) a Charterer, including (in the case of a Charterer)
          agreements whereby its interests under the Charters are subordinated to the interests of the Finance Parties under the Mortgages; and the first priority assignments of Insurances from the Managers contained in the Managers' Undertakings.

      "Assignment

            Agreement" means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any other form agreed
          between the relevant assignor and assignee.

      "Authorisation"
          means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

      "Availability

            Period" means the period from and including the date of this Agreement to and including 20 March 2019 or such later date as may be agreed by the Lenders.

      "Break

            Costs" means the amount (if any) by which:

      
        2

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      exceeds:

      
        
          	

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

                

        

      

      "Business

            Day" means a day (other than a Saturday or Sunday) on which banks are open for general business in London and Athens.

      "Charged

            Property" means all of the assets of the Obligors which from time to time are, or are expressed to be, the subject of the Security Documents.

      "Charters"
          means any time or bareboat charter or contract of employment in respect of a Vessel with a duration exceeding (or capable of exceeding) 12 months and "Charter"
          means any one of them.

      "Charterer"
          means any entity which has entered into or will enter into a Charter with a Borrower in respect of Vessel.

      "Code"
          means the US Internal Revenue Code of 1986.

      "Commitment"
          means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

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

      "Commitment

            Fee" means the commitment fee to be paid by the Borrowers to the Agent under Clause 11.1 (Commitment Fee).

      "Compliance

            Certificate" means a certificate substantially in the form set out in Schedule 7 (Form of Compliance Certificate) or in any other
          form and substance satisfactory to the Agent.

      "Confidential

            Information" means all information relating to any Obligor, any other member of the Group, the Finance Documents or the Loan of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or
          which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Loan from either:

      
        
          	

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

                

        

      

      
        3

        
          

      

      

      

      

      

      
        
          	

                	(b)	
                  another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any Obligor , any other member of the Group or any
                      of its advisers,

                

        

      

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

      
        
          	

                	(i)	
                  is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 38 (Confidentiality); or

                

        

      

      
        
          	

                	(ii)	
                  is identified in writing at the time of delivery as non-confidential by any Obligor, any other member of the Group or any of its advisers; or

                

        

      

      
        
          	

                	(iii)	
                  is known by that Finance Party before the date the information is disclosed to it in accordance with (a) or (b) or is lawfully obtained by that Finance
                      Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with any Obligor or any other member of the Group and which, in either case, as far as that Finance Party is aware, has not been
                      obtained in breach of, and is not otherwise subject to, any obligation of confidentiality.

                

        

      

      "Confidentiality

            Undertaking" means a confidentiality undertaking substantially in a recommended form of the Loan Market Association at the relevant time.

      "Confirmation"
          means a Confirmation exchanged or deemed to be exchanged between the Swap Provider and the Borrowers as contemplated by the Master Agreement.

      "Credit

            Support Document" means any document described as such in the Master Agreement and any other document referred to in any such document which has the effect of creating security in favour of any of the Finance Parties.

      "Credit

            Support Provider" means any person (other than a Borrower) described as such in the Master Agreement.

      "CTA"
          means the Corporation Tax Act 2009.

      "Deeds

            of Covenants" means deeds of covenants collateral to the Mortgages.

      "Default"
          means an Event of Default or any event or circumstance 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.

      "Defaulting

            Lender" means any Lender:

      
        
          	

                	(a)	
                  which has failed to make its participation in a Vessel Loan available (or has notified the Agent or the Borrowers (which have notified the Agent) that it
                      will not make its participation in a Vessel Loan available) by the Utilisation Date of that Vessel Loan in accordance with Clause 5.3 (Lenders'

                        participation); or

                

        

      

      
        
          	

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

                

        

      

      
        4

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      unless, in the case of (a):

      
        
          	

                	(i)	
                  its failure to pay is caused by:

                

        

      

      
        
          	

                	(A)	
                  administrative or technical error; or

                

        

      

      
        
          	

                	(B)	
                  a Disruption Event; and

                

        

      

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

      
        
          	

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

                

        

      

      "Delegate"
          means any delegate, agent, attorney or co-trustee appointed by the Security Agent.

      "Diana

            Shipping" means Diana Shipping Services S.A., a company incorporated under the laws of Panama with its registered office at Edificio Universal, Piso 12, Avenida Federico Boyd, Panama, Republic of Panama, having its established office in
          Greece at Pendelis 16, 175 64 Palaio Faliro, Athens, Greece pursuant to the provisions of Greek Law 27/1975.

      "Diana

            Wilhelmsen" means Diana Wilhelmsen Management Limited, a company incorporated and existing under the laws of the Republic of Cyprus having its registered office at 21 Vasili Michailidi Street, 3026 Limassol, Cyprus.

      "Disruption

            Event" means either or both of:

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party
                      preventing that, or any other Party:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(ii)	
                  from communicating with other Parties in accordance with the terms of the Finance Documents,

                

        

      

      and which (in either such case) is not caused by, and is beyond the control of, the Party whose
          operations are disrupted.

      "DOC"
          means, in relation to the ISM Company, a valid Document of Compliance issued for the ISM Company by the Administration under paragraph 13.2 of the ISM Code.

      
        5

        
          

      

      

      

      

      

      "Earnings"
          means all hires, freights, passage moneys, pool income and other sums payable to or for the account of a Borrower and/or a Charterer (if the Charter is a bareboat Charter) in respect of a Vessel including (without limitation) all remuneration for
          salvage and towage services, demurrage and detention moneys, contributions in general average, compensation in respect of any requisition for hire, and damages and other payments (whether awarded by any court or arbitral tribunal or by agreement
          or otherwise) for breach, termination or variation of any contract for the operation, employment or use of a Vessel.

      "Earnings

            Accounts" means the bank accounts to be opened in the names of the Borrowers with the Account Holder and designated "Erikub Shipping Company Inc. – Earnings Account" and "Wotho Shipping Company Inc. – Earnings Account".

      "Encumbrance"
          means a mortgage, charge, assignment, pledge, lien or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

      "Environmental

            Approval" means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.

      "Environmental

            Claim" means any claim, proceeding, formal notice or investigation by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which
          relates to any Environmental Law and, for this purpose, "claim" includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, 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, emission, spill or discharge into or upon the air, sea, land or soils (including the seabed) or surface water of Environmentally Sensitive
                      Material within or from a Vessel; or

                

        

      

      
        
          	

                	(b)	
                  any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils (including the
                      seabed) or surface water from a vessel other than a Vessel and which involves a collision between a Vessel and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Vessel is
                      actually or potentially liable to be arrested, attached, detained or injuncted and a Vessel, any Obligor, any operator or manager of a Vessel or any combination of them is at fault or allegedly at fault or otherwise liable to any
                      legal or administrative action; or

                

        

      

      
        
          	

                	(c)	
                  any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, sea, land or soils
                      (including the seabed) or surface water otherwise than from a Vessel and in connection with which a Vessel is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or manager of a Vessel is at

                

        

      

      
        6

        
          

      

      

      

      fault or allegedly at fault or otherwise liable to any legal or administrative action, other than
          in accordance with an Environmental Approval.

      "Environmental

            Law" means any present or future law or regulation relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of
          Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.

      "Environmentally

            Sensitive Material" means all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic
          or hazardous.

      "EU
            Ship Recycling Regulation" means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA
          relevance).

      "Event

            of Default" means any event or circumstance specified as such in Clause 24 (Events of Default).

      "Facility

            Office" means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      "Facility

            Period" means the period beginning on the date of this Agreement and ending on the date when the whole of the Indebtedness has been paid in full and the Obligors have ceased to be under any further actual or contingent liability to the
          Finance Parties under or in connection with the Finance Documents.

      "Family"
          means the persons identified in the Ownership Side Letter.

      "FATCA"
          means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        7

        
          

      

      

      

      

      

      "FATCA

            Application Date" means:

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within (a), the first date from which such payment may become
                      subject to a deduction or withholding required by FATCA.

                

        

      

      "FATCA

            Deduction" means a deduction or withholding from a payment under a Finance Document required by FATCA.

      "FATCA

            Exempt Party" means a Party that is entitled to receive payments free from any FATCA Deduction.

      "Fee

            Letter" means any letter or letters dated on or about the date of this Agreement between the Arranger and the Borrowers (or the Agent and the Borrowers or the Security Agent and the Borrowers) setting out any of the fees referred to in
          Clause 11 (Fees).

      "Finance

            Documents" means this Agreement, the Master Agreement, the Security Documents, any Accession Deed, any Compliance Certificate, any Utilisation Request, the Fee Letter and any other document designated as such by the Agent and the
          Borrowers.

      "Finance

            Parties" means the Arranger, the Agent, the Security Agent, the Swap Provider and the Lenders.

      "Financial

            Indebtedness" means any indebtedness for or in respect of:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(g)	
                  any counter-indemnity obligation in respect of a guarantee, bond, standby or documentary letter of credit or any other instrument issued by a bank or
                      financial institution in respect of (i) an underlying liability of an entity which

                

        

      

      
        8

        
          

      

      

      

       is not an Obligor or a member of the Group which liability would fall within one of the other
          sections of this definition or (ii) any liabilities of any Obligor or any other member of the Group relating to any post-retirement benefit scheme;

      
        
          	

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

                

        

      

      
        
          	

                	(i)	
                  any amount of any liability under an advance or deferred purchase agreement if (i) one of the primary reasons behind entering into the agreement is to raise
                      finance or to finance the acquisition or construction of the asset or service in question or (ii) the agreement is in respect of the supply of assets or services and payment is due more than 30 days after the date of supply;

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(k)	
                  the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in (a) to (j).

                

        

      

      "GAAP"
          means generally accepted accounting principles in the United States of America.

      "Group"
          means the Original Guarantor and each of the Subsidiaries (including, but not limited to, the Borrowers) for the time being but, for the avoidance of doubt, excluding Performance Shipping and its own Subsidiaries from time to time during the
          Facility Period and "member of the Group" shall be construed accordingly.

      "Guarantee"
          means a guarantee and indemnity from each Guarantor contained in Clause 19 (Guarantee and Indemnity).

      "Guarantor"
          means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 26 (Changes to the Obligors).

      "Holding

            Company" means, in relation to a person, any other person in respect of which it is a Subsidiary.

      "IAPPC"
          means a valid international air pollution prevention certificate for a Vessel issued under Annex VI.

      "Indebtedness"
          means the aggregate from time to time of: the amount of the Loan outstanding; all accrued and unpaid interest on the Loan; and all other sums of any nature (together with all accrued and unpaid interest on any of those sums) payable to any of the
          Finance Parties under all or any of the Finance Documents.

      "Insolvency

            Event" in relation to an entity means that the entity:

      
        
          	

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

                

        

      

      
        9

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        10

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      "Insurances"
          means all policies and contracts of insurance (including all entries in protection and indemnity or war risks associations) which are from time to time taken out or entered into in respect of or in connection with a Vessel or her increased value
          or her Earnings and (where the context permits) all benefits under such contracts and policies, including all claims of any nature and returns of premium.

      "Interest

            Payment Date" means each date for the payment of interest in accordance with Clause 8.2 (Payment of interest).

      "Interest

            Period" means each period determined in accordance with Clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period
          determined in accordance with Clause 8.3 (Default interest).

      "Interpolated

            Screen Rate" means, in relation to LIBOR for any Vessel Loan, the rate which results from interpolating on a linear basis between:

      
        
          	

                	(a)	
                  the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of that Vessel Loan; and

                

        

      

      
        
          	

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

                

        

      

      each as of 11.00 a.m. on the Quotation Day for dollars.

      "Inventory

            of Hazardous Material" means, in respect of a Vessel, a statement of compliance issued by the relevant classification society which includes a list of any and all materials known to be potentially hazardous utilised in the construction
          of that Vessel also referred to as List of Hazardous Materials.

      "ISM

            Code" means the International Management Code for the Safe Operation of Ships and for Pollution Prevention.

      "ISM

            Company" means, at any given time, the company responsible for a Vessel's compliance with the ISM Code under paragraph 1.1.2 of the ISM Code.

      "ISPS

            Code" means the International Ship and Port Facility Security Code.

      "ISSC"
          means a valid international ship security certificate for a Vessel issued under the ISPS Code.

      "ITA"
          means the Income Tax Act 2007.

      "Joint

            Venture" means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

      
        11

        
          

      

      

      

      

      

      "Legal

            Opinion" means any legal opinion delivered to the Agent under Clause 4.1 (Initial conditions precedent) or Clause 4.3 (Conditions subsequent).

      "Legal

            Reservations" means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(d)	
                  any other matters which are set out as qualifications or reservations as to matters of law of general application in the Legal Opinions.

                

        

      

      "Lender"
          means:

      
        
          	

                	(a)	
                  any Original Lender; and

                

        

      

      
        
          	

                	(b)	
                  any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 25 (Changes to the Lenders),

                

        

      

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

      "LIBOR"
          means, in relation to any Vessel Loan:

      
        
          	

                	(a)	
                  the applicable Screen Rate; or

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(c)	
                  (if (i) no Screen Rate is available for the currency of that Vessel Loan or (ii) no Screen Rate is available for the relevant Interest Period and it is not
                      possible to calculate the Interpolated Screen Rate for that Vessel Loan)) the Reference Bank Rate,

                

        

      

      as of 11.00 a.m. on the Quotation Day for dollars and for a period equal in length to the relevant
          Interest Period and, if that rate is less than zero, LIBOR shall be deemed to be zero.

      "Limitation

            Acts" means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

      "Loan"
          means the aggregate amount of the Vessel Loans advanced or to be advanced by the Lenders to the Borrowers under Clause 2 (The Loan) or, where
          the context permits, the principal amount of the Vessel Loans advanced and for the time being outstanding.

      
        12

        
          

      

      

      

      

      

      "Majority

            Lenders" means a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to
          the reduction).

      "Management

            Agreements" means the agreements for the commercial and technical management of the Vessels dated 28 March 2012 between the Borrowers respectively and the Manager.

      "Managers"
          means (a) Diana Shipping or (b) in relation to any Vessel in respect of which the Borrowers exercise their right set out in Clause 23.31, Diana Wilhelmsen or (c) any other company which the Agent (acting on the instructions of the Majority
          Lenders) may approve from time to time as the technical or commercial manager of a Vessel.

      "Managers'

            Undertakings" means the written undertakings of the Managers whereby, throughout the Facility Period unless otherwise agreed by the Agent:

      
        
          	

                	(a)	
                  they will remain the commercial or technical managers of the Vessels (as the case may be); and

                

        

      

      
        
          	

                	(b)	
                  they will not, without the prior written consent of the Agent, subcontract or delegate the commercial or technical management of the Vessels (as the case
                      may be) to any third party; and

                

        

      

      
        
          	

                	(c)	
                  the interests of the Managers in the Insurances will be assigned to the Security Agent with first priority; and

                

        

      

      
        
          	

                	(d)	
                  (following the occurrence of an Event of Default) all claims of the Managers against the Borrowers shall be subordinated to the claims of the Finance
                      Parties under the Finance Documents.

                

        

      

      "Margin"
          means 2.40 per cent per annum.

      "Market

            Value" means the value of a Vessel or Fleet Vessel conclusively determined by Approved Shipbrokers appointed by the Agent on the basis of a charter-free sale for prompt delivery for cash at arm's length on normal commercial terms as
          between a willing seller and a willing buyer and evidenced by valuations of that Vessel or Fleet Vessel addressed to the Agent certifying a value for that Vessel.

      "Master

            Agreement" means any ISDA Master Agreement (or any other form of master agreement relating to interest or currency exchange transactions) entered into between the Swap Provider and the Borrowers during the Facility Period, including each
          Schedule to any Master Agreement and each Confirmation exchanged under any Master Agreement.

      "Master

            Agreement Proceeds" means any and all sums due and payable to the Borrowers or any of them under the Master Agreement following an Early Termination Date (subject always to all rights of netting and set-off contained in the Master
          Agreement) and all rights to require and enforce the payment of those sums.

      "Master

            Agreement Proceeds Charge" means a first priority deed of charge over the Master Agreement Proceeds.

      
        13

        
          

      

      

      

      

      

      "Material

            Adverse Effect" means in the reasonable opinion of the Majority Lenders a material adverse effect on:

      
        
          	

                	(a)	
                  the business, operations, property, condition (financial or otherwise) or prospects of any Obligor or the Group taken as a whole; or

                

        

      

      
        
          	

                	(b)	
                  the ability of any Obligor to perform its obligations under any Finance Document; or

                

        

      

      
        
          	

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

                

        

      

      "Maximum

            Loan Amount" means $19,000,000.

      "Month"
          means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:

      
        
          	

                	(a)	
                  (subject to (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in
                      which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

                

        

      

      
        
          	

                	(b)	
                  If there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that
                      calendar month; and

                

        

      

      
        
          	

                	(c)	
                  If an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in
                      which that Interest Period is to end.

                

        

      

      The above rules will only apply to the last Month of any period.

      "Mortgages"
          means first preferred or priority statutory mortgages over the Vessels together with the Deeds of Covenants (if applicable).

      "New

            Lender" has the meaning given to that term in Clause 25.1 (Assignments and transfers by the Lenders).

      "Non-Consenting

            Lender" has the meaning given to that term in Clause 37.4.4 (Replacement of Lender).

      "Obligor"
          means each Borrower, each Guarantor, the Pledgor, the Managers, any other Credit Support Provider, or any other person who may at any time during the Facility Period be liable for, or provide security for, all or any part of the Indebtedness.

      "Original

            Financial Statements" means the audited consolidated financial statements of the Original Guarantor for the financial year ended 31 December 2017.

      "Original

            Jurisdiction" means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this Agreement.

      
        14

        
          

      

      

      

      

      

      "Ownership

            Side Letter" means any letter or letters between the Agent, the Borrower and the Original Guarantor identifying the members of the Family and the Relevant Executives.

      "Party"
          means a party to this Agreement.

      "Performance

            Shipping" means Performance Shipping Inc. a company incorporated under the laws of the Republic of the Marshall Islands.

      "Permitted

            Disposal" means any sale, lease, licence, transfer or other disposal which, except in the case of (b), is on arm's length terms:

      
        
          	

                	(a)	
                  of trading stock or cash made by any Obligor in the ordinary course of trading of the disposing entity;

                

        

      

      
        
          	

                	(b)	
                  of any asset by any Obligor or any other member of the Group (the "Disposing Company") to any other Obligor or any other member of the Group (the "Acquiring Company"), but if:

                

        

      

      
        
          	

                	(i)	
                  the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor;

                

        

      

      
        
          	

                	(ii)	
                  the Disposing Company had given any Encumbrance over the asset, the Acquiring Company must give an equivalent Encumbrance over that asset; and

                

        

      

      
        
          	

                	(iii)	
                  the Disposing Company is a Guarantor, the Acquiring Company must guarantee at all times an amount no less than that guaranteed by the Disposing Company;

                

        

      

      
        
          	

                	(c)	
                  of assets in exchange for other assets comparable or superior as to type, value and quality (other than an exchange of a non-cash asset for cash);

                

        

      

      
        
          	

                	(d)	
                  of obsolete or redundant vehicles, plant and equipment for cash; and

                

        

      

      
        
          	

                	(e)	
                  arising as a result of any Permitted Encumbrance.

                

        

      

      "Permitted

            Encumbrance" means:

      
        
          	

                	(a)	
                  any Encumbrance which has been disclosed to the Agent prior to the date of this Agreement and which has the prior written approval of the Agent;

                

        

      

      
        
          	

                	(b)	
                  any Encumbrance in favour of a Finance Party created pursuant to the Finance Documents

                

        

      

      
        
          	

                	(c)	
                  any Encumbrance arising by operation of law and in the ordinary course of trading and not as a result of any default or omission by an Obligor or any other
                      member of the Group which has not been discharged within 30 days of its creation;

                

        

      

      
        
          	

                	(d)	
                  any Quasi-Security arising as a result of a disposal which is a Permitted Disposal.

                

        

      

      
        15

        
          

      

      

      

      

      

      "Pledgor"
          means the Original Guarantor in its capacity as shareholder of the Borrowers.

      "Quasi-Security"
          has the meaning given to that term in Clause 23.9 (Negative pledge).

      "Quotation

            Day" means, in relation to any period for which an interest rate is to be determined two Business Days before the first day of that period, unless market practice differs in the Relevant Market, in which case the Quotation Day will be
          determined by the Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given by leading banks in the Relevant Market on more than one day, the Quotation Day will be the last of those days).

      "Receiver"
          means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

      "Reference

            Bank Rate" means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks:

      
        
          	

                	(a)	
                  in relation to LIBOR as either:

                

        

      

      
        
          	

                	(iv)	
                  if:

                

        

      

      
        
          	

                	(A)	
                  the Reference Bank is a contributor to the applicable Screen Rate; and

                

        

      

      
        
          	

                	(B)	
                  it consists of a single figure,

                

        

      

      the rate (applied to the relevant Reference Bank and the relevant currency and period) which
          contributors to the applicable Screen Rate are asked to submit to the relevant administrator; or

      
        
          	

                	(v)	
                  in any other case, the rate at which the relevant Reference Bank could fund itself in the relevant currency for the relevant period with reference to the
                      unsecured wholesale funding market.

                

        

      

      "Reference

            Banks" means, in relation to LIBOR, the principal London offices of DNB Bank ASA or such other banks as may be appointed by the Agent in consultation with the Borrowers).

      "Related

            Fund" in relation to a fund (the "first fund"), means a fund which is managed or advised by the same investment manager or investment
          adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

      "Relevant

            Documents" means the Finance Documents, the Charters and the Management Agreements.

      "Relevant

            Executives" means the executives of the Original Guarantor identified in the Ownership Side Letter

      "Relevant

            Market" means the London interbank market.

      
        16

        
          

      

      

      

      

      

      "Relevant

            Person" means:

      
        
          	

                	(a)	
                  the Obligors and each of their Subsidiaries and each member of the Group; and

                

        

      

      
        
          	

                	(b)	
                  each of their directors, officers, employees, agents and representatives.

                

        

      

      "Relevant

            Jurisdiction" means, in relation to an Obligor:

      
        
          	

                	(a)	
                  its Original Jurisdiction;

                

        

      

      
        
          	

                	(b)	
                  any jurisdiction where any asset subject to or intended to be subject to a Security Document to be executed by it is situated;

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      "Repayment

            Date" means each date for payment of a Repayment Instalment in accordance with Clause 6 (Repayment).

      "Repayment

            Instalment" means any instalment of a Vessel Loan to be repaid by the Borrowers under Clause 6 (Repayment).

      "Repeating

            Representations" means each of the representations set out in Clause 20.1.1 (Status) to Clause 20.1.6 (Governing law and enforcement) and Clause 20.1.10 (No default) to
          Clause 20.1.19 (Pari passu ranking).

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

      "Requisition

            Compensation" means all compensation or other money which may from time to time be payable to a Borrower and/or a Charterer (if the Charter is a bareboat Charter) as a result of a Vessel being requisitioned for title or in any other way
          compulsorily acquired (other than by way of requisition for hire).

      "Restricted

            Party" means a person that is:

      
        
          	

                	(a)	
                  listed on any Sanctions List or targeted by Sanctions (whether designated by name or by reason of being included in a class of person); or

                

        

      

      
        
          	

                	(b)	
                  located in or incorporated under the laws of any country or territory that is the target of comprehensive, country- or territory-wide Sanctions; or

                

        

      

      
        
          	

                	(c)	
                  directly or indirectly owned or controlled by, or acting on behalf, at the direction or for the benefit of, a person referred to in (a) and/or (to the
                      extent relevant under Sanctions) (b) above.

                

        

      

      "Sanctions"
          means any applicable (to any Relevant Person and/or Finance Party as the context provides) laws, regulations or orders concerning any trade, economic or financial sanctions or embargoes.

      "Sanctions

            Authority" means the Norwegian State, the United Nations, the European Union, the Member States of the European Union, the United States of

      
        17

        
          

      

      

      

      America, , and any authority acting on behalf of any of them in connection with Sanctions.

      "Sanctions

            List" means

      
        
          	

                	(a)	
                  the lists of Sanctions designations and/or targets maintained by any Sanctions Authority and/or

                

        

      

      
        
          	

                	(b)	
                  any other Sanctions designation or target listed and/or adopted by a Sanctions Authority,

                

        

      

      in all cases, from time to time.

      "Screen

            Rate" means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or
          LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters.  If
          such page or the service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers.

      "Secured

            Parties" means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.

      "Security

            Documents" means the Mortgages, the Assignments, the Guarantee, the Account Security Deed, the Share Securities, the Managers' Undertakings, the Master Agreement Proceeds Charge and any other Credit Support Documents or (where the
          context permits) any one or more of them, and any other agreement or document which may at any time be executed by any person as security for the payment of all or any part of the Indebtedness.

      "Share

            Securities" means first priority charges of all the issued shares of the Borrowers.

      "SMC"
          means a valid safety management certificate issued for a Vessel by or on behalf of the Administration under paragraph 13.7 of the ISM Code.

      "Subsidiary"
          means a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006.

      "Tax"
          means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).

      "Termination

            Date" means the date falling on the earlier of (a) the fifth anniversary of the Utilisation Date and (b) 20 March 2024.

      "Total

            Commitments" means the aggregate of the Commitments.

      "Total

            Loss" means:

      
        18

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  the requisition for title or compulsory acquisition of a Vessel by any government or other competent authority (other than by way of requisition for hire);
                      or

                

        

      

      
        
          	

                	(c)	
                  the capture, seizure, arrest, detention, hijacking, theft, condemnation as prize, confiscation or forfeiture of a Vessel (not falling within (b)), unless
                      that Vessel is released and returned to the possession of the relevant Borrower or a Charterer (if the Charter is a bareboat Charter) within 30 days after the capture, seizure, arrest, detention, hijacking, theft, condemnation as
                      prize, confiscation or forfeiture in question.

                

        

      

      "Transfer

            Certificate" means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form
          agreed between the Agent and the Borrowers.

      "Transfer

            Date" means, in relation to an assignment or a transfer, the later of:

      
        
          	

                	(a)	
                  the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and

                

        

      

      
        
          	

                	(b)	
                  the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.

                

        

      

      "Treasury

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

      "Trust

            Property" means:

      
        
          	

                	(a)	
                  all benefits derived by the Security Agent from Clause 17 (Accounts

                        and Application of Earnings); and

                

        

      

      
        
          	

                	(b)	
                  all benefits arising under (including, without limitation, all proceeds of the enforcement of) each of the Security Documents,

                

        

      

      excluding any benefits arising solely for the benefit of the Security Agent.

      "Unpaid

            Sum" means any sum due and payable but unpaid by any Obligor under the Finance Documents.

      "US"
          means the United States of America.

      "US
            Tax Obligor" means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      "Utilisation

            Date" means the date on which the relevant Vessel Loan is advanced under Clause 5 (Advance).

      
        19

        
          

      

      

      

      

      

      "Utilisation

            Request" means a notice substantially in the form set out in Schedule 3 (Utilisation Request).

      "VAT"
          means:

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred
                      to in (a), or imposed elsewhere.

                

        

      

      "Vessel

            Loan" means, for each Vessel, an amount up to the lesser of $9,500,000 and 65% of the Market Value of that Vessel advanced or to be advanced to the Borrowers by the Lenders in respect of that Vessel or, where the context permits, the
          aggregate principal amount so advanced and for the time being outstanding.

      "Vessel

            A" means the dry bulk Panamax Ice Class 1B vessel of approximately 77,500 dwt currently named "Crystalia" with IMO no. 9658874 built in 2014 by Jiangnan Shanghai Changxing Heavy Ind currently registered under the flag of the Hellenic
          Republic in the ownership of Erikub and everything now or in the future belonging to her on board and ashore.

      "Vessel

            B" means the dry bulk Panamax Ice Class 1B vessel of approximately 77,500 dwt currently named "Atalandi" with IMO no. 9658886 built in 2014 by Jiangnan Shanghai Changxing Heavy Ind currently registered under the flag of the Hellenic
          Republic in the ownership of Wotho and everything now or in the future belonging to her on board and ashore.

      "Vessels"
          means Vessel A and Vessel B and "Vessel" means either one of them.

      
        
          	1.2	
                  Construction   Unless a contrary indication appears,
                      any reference in this Agreement to:

                

        

      

      
        
          	

                	1.2.1	
                  any "Lender", any "Borrower", any "Guarantor", the "Arranger", the "Agent", the "Swap Provider", any "Secured Party",
                      the "Security Agent", any "Finance
                        Party" or any "Party" shall be construed so as to include its successors in title, permitted assignees and permitted
                      transferees to, or of, its rights and/or obligations under the Finance Documents;

                

        

      

      
        
          	

                	1.2.2	
                  "assets" includes present and future properties,
                      revenues and rights of every description;

                

        

      

      
        
          	

                	1.2.3	
                  a "Finance Document", a "Security Document", a "Relevant Document" or any
                      other agreement or instrument is a reference to that Finance Document, Security Document, Relevant Document or other agreement or instrument as amended, novated, supplemented, extended or restated from time to time;

                

        

      

      
        
          	

                	1.2.4	
                  a "group of Lenders" includes all the Lenders;

                

        

      

      
        20

        
          

      

      

      

      

      

      
        
          	

                	1.2.5	
                  "guarantee" means (other than in Clause 19 (Guarantee and Indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation,
                      direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in
                      order to maintain or assist the ability of such person to meet its indebtedness;

                

        

      

      
        
          	

                	1.2.6	
                  "indebtedness" includes any obligation (whether
                      incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

                

        

      

      
        
          	

                	1.2.7	
                  a "person" includes any individual, firm, company,
                      corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);

                

        

      

      
        
          	

                	1.2.8	
                  a "regulation" includes any regulation, rule,
                      official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or
                      organisation;

                

        

      

      
        
          	

                	1.2.9	
                  a provision of law is a reference to that provision as amended or re-enacted from time to time;

                

        

      

      
        
          	

                	1.2.10	
                  a time of day is a reference to London time; and

                

        

      

      
        
          	

                	1.2.11	
                  the determination of the extent to which a rate is "for a
                        period equal in length" to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.

                

        

      

      
        
          	1.3	
                  Headings   Section, Clause and Schedule headings are
                      for ease of reference only.

                

        

      

      
        
          	1.4	
                  Defined terms   Unless a contrary indication appears,
                      a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

                

        

      

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

                

        

      

      
        
          	1.6	
                  Currency symbols and definitions   "$", "USD" and "dollars" denote the lawful currency of the
                      United States of America.

                

        

      

      
        
          	1.7	
                  Third party rights

                

        

      

      
        
          	

                	1.7.1	
                  Unless expressly provided to the contrary in a Finance Document a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act
                      1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any term of this Agreement.

                

        

      

      
        21

        
          

      

      

      

      

      

      
        
          	

                	1.7.2	
                  Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any
                      time.

                

        

      

      
        
          	1.8	
                  Offer letter   This Agreement supersedes the terms
                      and conditions contained in any correspondence relating to the subject matter of this Agreement exchanged between any Finance Party and the Borrowers or their representatives before the date of this Agreement.

                

        

      

      
        
          	1.9	
                  Contractual recognition of bail-in

                

        

      

      
        
          	

                	1.9.1	
                  In this Clause 1.9:

                

        

      

      "Bail-In

            Action" means the exercise of any Write-down and Conversion Powers.

      "Bail-In

            Legislation" means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      "EEA

            Member Country" means any member state of the European Union, Iceland, Liechtenstein and Norway.

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

      "Resolution

            Authority" means any body which has authority to exercise any Write-down and Conversion Powers.

      "Write-down

            and Conversion Powers" means:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(i)	
                  any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial
                      institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which

                

        

      

      
        22

        
          

      

      

      

      that liability arises, to convert all or part of that liability into shares, securities or
          obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that
          Bail-In Legislation that are related to or ancillary to any of those powers; and

      
        
          	

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

                

        

      

      
        
          	

                	1.9.2	
                  Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and
                      accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect
                      of:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(iii)	
                  a cancellation of any such liability; and

                

        

      

      
        
          	

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

                

        

      

      
        23

        
          

      

      

      

      

      

      
        
          	Section 2	
                  The Loan

                

        

      

      
        
          	2.	
                  The Loan

                

        

      

      
        
          	2.1	
                  Amount   Subject to the terms of this Agreement, the
                      Lenders agree to make available to the Borrowers on a joint and several basis a term loan comprising all the Vessel Loans and not exceeding in aggregate the Maximum Loan Amount.

                

        

      

      
        
          	2.2	
                  Finance Parties' rights and obligations

                

        

      

      
        
          	

                	2.2.1	
                  The obligations of each Finance Party under the Finance Documents are several.  Failure by a Finance Party to perform its obligations under the Finance
                      Documents does not affect the obligations of any other Party under the Finance Documents.  No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

                

        

      

      
        
          	

                	2.2.2	
                  The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the
                      Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with Clause 2.2.3.  The rights of each Finance Party
                      include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in the Loan or its
                      role under a Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by that Obligor.

                

        

      

      
        
          	

                	2.2.3	
                  A Finance Party may, except as specifically provided in the Finance Documents, separately enforce its rights under or in connection with the Finance
                      Documents.

                

        

      

      
        
          	3.	
                  Purpose

                

        

      

      
        
          	3.1	
                  Purpose   The Borrowers shall apply the Loan for the
                      purposes referred to in Preliminary (B).

                

        

      

      
        
          	3.2	
                  Monitoring   No Finance Party is bound to monitor or
                      verify the application of any amount borrowed pursuant to this Agreement.

                

        

      

      
        
          	4.	
                  Conditions of Utilisation

                

        

      

      
        
          	4.1	
                  Initial conditions precedent

                

        

      

      
        
          	

                	4.1.1	
                  The Lenders will only be obliged to comply with Clause 5.3 (Lenders'

                        participation) in relation to the advance of a Vessel Loan if, on or before the relevant Utilisation Date, the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Agent, save that references in Section 2 of that Part I to "the Vessel" or to any person
                      or document relating to a Vessel shall be deemed to relate solely to the Vessel specified in the relevant Utilisation Request or to any person or document relating to that Vessel

                

        

      

      
        24

        
          

      

      

      

      respectively.  The Agent shall notify the Borrowers and the Lenders promptly upon being so
          satisfied.

      
        
          	

                	4.1.2	
                  Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause
                      4.1.1, the Lenders authorise (but do not require) the Agent to give that notification.  The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

                

        

      

      
        
          	4.2	
                  Further conditions precedent

                

        

      

      
        
          	

                	4.2.1	
                  The Lenders will only be obliged to advance a Vessel Loan if on the date of the relevant Utilisation Request and on the proposed Utilisation Date:

                

        

      

      
        
          	

                	(a)	
                  no Default is continuing or would result from the advance of that Vessel Loan; and

                

        

      

      
        
          	

                	(b)	
                  the representations made by each Borrower and each Guarantor under Clause 20 (Representations) are true; and

                

        

      

      
        
          	

                	(c)	
                  no event or series of event has occurred  which is likely to have a Material Adverse Effect

                

        

      

      
        
          	

                	4.2.2	
                  The Lenders will only be obliged to advance a Vessel Loan if that Vessel Loan will not amount to more than 65% of the Market Value of the relevant Vessel
                      nor increase the Loan to a sum in excess of the Maximum Loan Amount nor result in more than 50% of the Maximum Loan Amount being advanced for any one Vessel.

                

        

      

      
        
          	4.3	
                  Conditions subsequent   The Borrowers undertake to
                      deliver or to cause to be delivered to the Agent within 10 days after each Utilisation Date the additional documents and other evidence listed in Part II of Schedule 2 (Conditions Subsequent), save that references in that Part II to "the Vessel" or to any person or document relating to a Vessel shall be deemed to relate solely to the Vessel specified in the
                      relevant Utilisation Request or to any person or document relating to that Vessel respectively.

                

        

      

      
        
          	4.4	
                  No waiver   If the Lenders agree to advance a Vessel
                      Loan to the Borrowers before all of the documents and evidence required by Clause 4.1 (Initial conditions precedent) have been
                      delivered to or to the order of the Agent, the Borrowers undertake to deliver all outstanding documents and evidence to or to the order of the Agent no later than 30 days after the relevant Utilisation Date or such other date
                      specified by the Agent (acting on the instructions of all the Lenders).

                

        

      

      The advance of a Vessel Loan under this Clause 4.4 shall not be taken as a waiver of the Lenders'
          right to require production of all the documents and evidence required by Clause 4.1 (Initial conditions precedent).

      
        
          	4.5	
                  Form and content   All documents and evidence
                      delivered to the Agent under this Clause shall:

                

        

      

      
        
          	

                	4.5.1	
                  be in form and substance acceptable to the Agent; and

                

        

      

      
        25

        
          

      

      

      

      

      

      
        
          	

                	4.5.2	
                  if required by the Agent, be certified, notarised, legalised or attested in a manner acceptable to the Agent.

                

        

      

      
        26

        
          

      

      

      

      

      

      
        
          	Section 3	
                  Utilisation

                

        

      

      
        
          	5.	
                  Advance

                

        

      

      
        
          	5.1	
                  Delivery of a Utilisation Request   The Borrowers 
                      may request a Vessel Loan to be advanced by delivery to the Agent of a duly completed Utilisation Request not more than ten and not fewer than three Business Days before the proposed Utilisation Date.

                

        

      

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

                

        

      

      
        
          	

                	5.2.1	
                  it is signed by an authorised signatory of each Borrower;

                

        

      

      
        
          	

                	5.2.2	
                  the proposed Utilisation Date is a Business Day within the Availability Period; and

                

        

      

      
        
          	

                	5.2.3	
                  the proposed Interest Period complies with Clause 9 (Interest

                        Periods).

                

        

      

      
        
          	5.3	
                  Lenders' participation

                

        

      

      
        
          	

                	5.3.1	
                  Subject to Clauses 2 (The Loan), 3 (Purpose) and 4 (Conditions of
                        Utilisation), each Lender shall make its participation in any Vessel Loan available by the relevant Utilisation Date through its Facility Office.

                

        

      

      
        
          	

                	5.3.2	
                  The amount of each Lender's participation in any Vessel Loan will be equal to the proportion borne by its Commitment to the Total Commitments.

                

        

      

      
        
          	5.4	
                  Cancellation of Commitment   The Total Commitments
                      shall be cancelled at the end of the Availability Period to the extent that they are unutilised at that time.

                

        

      

      
        27

        
          

      

      

      

      

      

      
        
          	Section 4	
                  Repayment, Prepayment and Cancellation

                

        

      

      
        
          	6.	
                  Repayment

                

        

      

      
        
          	6.1	
                  Repayment of each Vessel Loan   The Borrowers shall
                      repay each Vessel Loan to the Agent for the account of the Lenders by 20 consecutive quarterly instalments the first 19 such instalments for each Vessel Loan shall each be in the sum of $238,640 and the final such instalments in the
                      sum of $4,965,840 (comprising an instalment of $238,640 and a balloon amount of $4,727,200), the first instalment for each Vessel Loan falling due on the date which is three Months after the Utilisation Date in respect of that Vessel
                      Loan and subsequent instalments falling due at consecutive intervals of three Months thereafter and with the final repayment instalment for each Vessel Loan falling due on the Termination Date.

                

        

      

      
        
          	6.2	
                  Reduction of Repayment Instalments   If the aggregate
                      amount advanced to the Borrowers in respect of a Vessel Loan is less than $9,500,000, the amount of each Repayment Instalment in respect of that Vessel Loan shall be reduced pro rata to the amount actually advanced.

                

        

      

      
        
          	6.3	
                  Reborrowing   The Borrowers may not reborrow any part
                      of a Vessel Loan which is repaid.

                

        

      

      
        
          	6.4	
                  Termination Date On the Termination Date the
                      Borrowers shall pay to the Finance Parties any and all outstanding sums of any nature (together with all accrued and unpaid interest on any of those sums) payable to any of the Finance Parties under all or any of the Finance
                      Documents.

                

        

      

      
        
          	7.	
                  Illegality, Prepayment and Cancellation

                

        

      

      
        
          	7.1	
                  Illegality   If in any applicable jurisdiction it
                      becomes unlawful (other than by reason of Sanctions) for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan or it becomes unlawful for any Affiliate of a
                      Lender for that Lender to do so or any act or omission by an Obligor (or another Relevant Person) causes a breach of Sanctions by a Finance Party:

                

        

      

      
        
          	

                	7.1.1	
                  that Lender shall promptly notify the Agent upon becoming aware of that event;

                

        

      

      
        
          	

                	7.1.2	
                  upon the Agent notifying the Borrowers, the Commitment of that Lender will be immediately cancelled; and

                

        

      

      
        
          	

                	7.1.3	
                  to the extent that the Lender's participation has not been transferred pursuant to Clause 37.4 (Replacement of Lender), the Borrowers shall repay that Lender's participation in each Vessel Loan on the last day of its current Interest Period or, if earlier, the date specified by
                      that Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law).

                

        

      

      
        
          	7.2	
                  Voluntary cancellation   The Borrowers may, if they
                      give the Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior

                

        

      

      
        28

        
          

      

      

      

      notice, cancel the whole or any part (being a minimum amount of $238,640) of the undrawn amount of
          a Vessel Loan.  Any cancellation under this Clause 7.2 shall reduce the Commitments of the Lenders rateably under that Vessel Loan.

      
        
          	7.3	
                  Voluntary prepayment of a Vessel Loan   The Borrowers
                      may prepay the whole or any part of a Vessel Loan (but, if in part, being an amount that reduces  that Vessel Loan by an amount which is an integral multiple of $238,640) subject as follows:

                

        

      

      
        
          	

                	7.3.1	
                  they give the Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice;

                

        

      

      
        
          	

                	7.3.2	
                  a Vessel Loan may only be prepaid after the last day of the Availability Period; and

                

        

      

      
        
          	

                	7.3.3	
                  any prepayment under this Clause 7.3 shall be applied in prepayment of the remaining Repayment Instalments in respect of that Vessel Loan on a pro rata
                      basis.

                

        

      

      
        
          	7.4	
                  Right of cancellation and prepayment in relation to a single Lender

                

        

      

      
        
          	

                	7.4.1	
                  If:

                

        

      

      
        
          	

                	(a)	
                  any sum payable to any Lender by the Borrowers is required to be increased under Clause 12.2.2 (Tax gross-up); or

                

        

      

      
        
          	

                	(b)	
                  any Lender claims indemnification from the Borrowers under Clause 12.3 (Tax indemnity) or Clause 13.1 (Increased costs),

                

        

      

      the Borrowers may, while the circumstance giving rise to the requirement for that increase or
          indemnification continues, give the Agent notice of cancellation of the Commitment(s) of that Lender and their intention to procure the repayment of that Lender's participation in the Loan.

      
        
          	

                	7.4.2	
                  On receipt of a notice referred to in Clause 7.4.1 in relation to a Lender, the Commitment(s) of that Lender shall immediately be reduced to zero.

                

        

      

      
        
          	

                	7.4.3	
                  On the last day of the Interest Period in respect of each Vessel Loan which ends after the Borrowers have given notice under Clause 7.4.1 in relation to a
                      Lender (or, if earlier, the date specified by the Borrowers in that notice), the Borrowers shall repay that Lender's participation in that Vessel Loan together with all interest and other amounts accrued under the Finance Documents.

                

        

      

      
        
          	7.5	
                  Mandatory prepayment on sale or Total Loss

                

        

      

      
        
          	

                	7.5.1	
                  If a Vessel is sold by a Borrower or becomes a Total Loss, the Borrowers shall, simultaneously with any such sale or on the earlier of the date falling 120
                      days after any such Total Loss and the date on which the proceeds of any such Total Loss are realised, prepay the Loan in an amount not less than the
                        relevant Mandatory Prepayment Amount and any prepayment under this Clause 7.5 shall be applied (a) first in prepayment of the remaining Repayment Instalments (including the relevant Balloon) in respect of that Vessel Loan in inverse
                        order of maturity and (b) second against the remaining Vessel Loan in prepayment of the remaining Repayment Instalments (including the relevant Balloon) in

                

        

      

      
        29

        
          

      

      

      

      respect of that Vessel Loan in inverse order of maturity. 

      
        
          	

                	7.5.2	
                  For the purposes of Clause 7.5.1, the Market Value shall be determined by valuations not older than 30 days prior to the date of prepayment under Clause
                      7.5.1 (Mandatory prepayment on sale or Total Loss).

                

        

      

      
        
          	

                	7.5.3	
                  For the purpose of Clause 7.5, "Mandatory Prepayment Amount"
                      means, in respect of a Vessel, an amount equal to the greater of:

                

        

      

      
        
          	

                	(a)	
                  whole of the Vessel Loan in respect of that Vessel then outstanding; and

                

        

      

      
        
          	

                	(b)	
                  an amount equal to the Market Value of the relevant Vessel divided by the aggregate Market Value of both Vessels and multiplied by the amount of the Loan
                      outstanding at the time of such sale or Total Loss.

                

        

      

      
        
          	7.6	
                  Right of cancellation in relation to a Defaulting Lender  

                      If any Lender becomes a Defaulting Lender, the Borrowers may, at any time while the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days' notice of cancellation of the Commitment of that Lender.  On that notice
                      becoming effective, the Commitment of the Defaulting Lender shall immediately be reduced to zero.  The Agent shall as soon as practicable after receipt of that notice notify all the Lenders.

                

        

      

      
        
          	7.7	
                  Restrictions   Any notice of prepayment or
                      cancellation given under this Clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant prepayment or cancellation is to be made and the amount
                      of that prepayment or cancellation.

                

        

      

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

      The Borrowers shall not repay, prepay or cancel all or any part of a Vessel Loan except at the
          times and in the manner expressly provided for in this Agreement.

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

      The Borrowers may not reborrow any part of a Vessel Loan which is prepaid.

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

      
        30

        
          

      

      

      

      

      

      
        
          	Section 5	
                  Costs of Utilisation

                

        

      

      
        
          	8.	
                  Interest

                

        

      

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

                

        

      

      
        
          	

                	8.1.1	
                  Margin; and

                

        

      

      
        
          	

                	8.1.2	
                  LIBOR.

                

        

      

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

                

        

      

      
        
          	8.3	
                  Default interest

                

        

      

      
        
          	

                	8.3.1	
                  If a Borrower or a Guarantor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount
                      from the due date up to the date of actual payment (both before and after judgment) at a rate which is two per cent per annum higher than the rate which would have been payable if the overdue amount had, during the period of
                      non-payment, constituted a Vessel Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).

                

        

      

      
        
          	

                	8.3.2	
                  If an Event of Default occurs (other than under Clause 24.1.1 (Non-payment)) interest shall accrue on the Loan, for the period during which such Event of Default is continuing (before and after judgement) at a rate which is two percent per annum higher than the interest which is
                      payable on the Loan for successive Interest Periods each of a duration selected by the Agent (acting reasonably).

                

        

      

      
        
          	

                	8.3.3	
                  Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that
                      overdue amount but will remain immediately due and payable. Any interest accruing under this Clause 8.3 shall be immediately payable by the Borrower or the Guarantor on demand by the Agent.

                

        

      

      
        
          	8.4	
                  Notification of rates of interest   The Agent shall
                      promptly notify the Borrowers of the determination of a rate of interest under this Agreement.

                

        

      

      
        
          	8.5	
                  Interest rate hedging  Subject to the Master
                      Agreement having been entered into between the Borrowers and the Swap Provider, the Borrowers may enter into one or more interest rate swaps, as approved by the Swap Provider, in order to fix the interest rate of the Loan for a period
                      longer than twelve (12) months, PROVIDED THAT interest shall accrue and be due and payable on a quarterly basis and FURTHER PROVIDED THAT payment of the accrued interest for the last Interest Period does not exceed the Termination
                      Date.

                

        

      

      
        31

        
          

      

      

      

      

      

      
        
          	9.	
                  Interest Periods

                

        

      

      
        
          	9.1	
                  Selection of Interest Periods   The Borrowers may
                      select in a written notice to the Agent the duration of an Interest Period for each Vessel Loan subject as follows:

                

        

      

      
        
          	

                	9.1.1	
                  each notice is irrevocable and must be delivered to the Agent by the Borrowers not later than 11.00 a.m. on the Quotation Day;

                

        

      

      
        
          	

                	9.1.2	
                  if the Borrowers fail to give a notice in accordance with Clause 9.1.1, the relevant Interest Period will, subject to Clauses 9.2 (Interest Periods to meet Repayment Dates) and 9.3 (Non-Business

                        Days), be three Months;

                

        

      

      
        
          	

                	9.1.3	
                  subject to this Clause 9, the Borrowers may select an Interest Period of three or six or twelve Months or any other period agreed between the Borrowers and
                      the Agent (acting on the instructions of all the Lenders);

                

        

      

      
        
          	

                	9.1.4	
                  an Interest Period shall not extend beyond the Termination Date; and

                

        

      

      
        
          	

                	9.1.5	
                  each Interest Period shall start on the Utilisation Date of the Vessel Loan or (if the Vessel Loan is already advanced) on the last day of the preceding
                      Interest Period and end on the date which numerically corresponds to the Utilisation Date of the Vessel Loan or the last day of the preceding Interest Period in the relevant Month.

                

        

      

      
        
          	9.2	
                  Interest Periods to meet Repayment Dates   If an
                      Interest Period will expire after the next Repayment Date in respect of the relevant Vessel Loan, there shall be a separate Interest Period for a part of that Vessel Loan equal to the Repayment Instalment due on that next Repayment
                      Date and that separate Interest Period shall expire on that next Repayment Date.

                

        

      

      
        
          	9.3	
                  Non-Business Days   If an Interest Period would
                      otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

                

        

      

      
        
          	10.	
                  Changes to the Calculation of Interest

                

        

      

      
        
          	10.1	
                  Calculation of Reference Bank Rate

                

        

      

      
        
          	

                	10.1.1	
                  Subject to Clause 10.1.2, if LIBOR  is to be determined by reference to a Reference Bank Rate but a Reference Bank does not supply a quotation by 11.00 am
                      on the Quotation Day, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.

                

        

      

      
        
          	

                	10.1.2	
                  If at or about noon on the Quotation Day for the relevant Interest Period LIBOR  is to be determined by reference to the Reference Bank Rate and none or
                      only one of the Reference Banks supplies a rate to the Agent to determine LIBOR  for dollars, Clause 10.3 (Cost of funds) shall
                      apply to the relevant Vessel Loan for the relevant Interest Period.

                

        

      

      
        
          	10.2	
                  Market disruption   If before close of business in
                      London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in the relevant

                

        

      

      
        32

        
          

      

      

      

      Vessel Loan exceed 50 per cent of the relevant Vessel Loan) that the cost to it of funding its
          participation in the relevant Vessel Loan from whatever source it may reasonably select would be in excess of LIBOR then Clause 10.3 (Cost of funds)
          shall apply to the relevant Vessel Loan for the relevant Interest Period.

      
        
          	10.3	
                  Cost of funds

                

        

      

      
        
          	

                	10.3.1	
                  If this Clause 10.3 applies for any Interest Period, then the rate of interest on each Lender's share of the relevant Vessel Loan for that Interest Period
                      shall be the percentage rate per annum which is the sum of:

                

        

      

      
        
          	

                	(a)	
                  the Margin; and

                

        

      

      
        
          	

                	(b)	
                  the rate notified to the Agent by that Lender as soon as practicable, and in any event by close of business on the date falling three Business Days after
                      the Quotation Day (or, if earlier, on the date falling three Business Days prior to the date on which interest is due to be paid in respect of that Interest Period), to be that which expresses as a percentage rate per annum the cost
                      to that Lender of funding its participation in the relevant Vessel Loan from whatever source it may reasonably select.

                

        

      

      
        
          	

                	10.3.2	
                  If this Clause 10.3 applies and the Agent or the Borrowers so require, the Agent and the Borrowers shall enter into negotiations (for a period of not more
                      than thirty days) with a view to agreeing a substitute basis for determining the rate of interest.

                

        

      

      
        
          	

                	10.3.3	
                  Any alternative basis agreed pursuant to Clause 10.3.1 shall, with the prior consent of all the Lenders and the Borrowers, be binding on all Parties.

                

        

      

      
        
          	

                	10.3.4	
                  If an alternative basis is not agreed pursuant to Clause 10.3.1, the Borrowers will immediately prepay the relevant Commitment together with Break Costs and
                      the remaining Repayment Instalments in respect of the relevant Vessel Loan shall be reduced pro rata.

                

        

      

      
        
          	10.4	
                  Break Costs   The Borrowers shall, within three
                      Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of a Vessel Loan or Unpaid Sum being paid by the Borrowers on a day other than the last day of an Interest Period
                      for that Vessel Loan or Unpaid Sum.

                

        

      

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

      
        
          	11.	
                  Fees

                

        

      

      
        
          	11.1	
                  Commitment Fee   If the Lenders agree to extend the
                      Availability Period to a date that falls after 20 March 2019 for reasons attributable to the Obligors, the Borrowers shall pay to the Agent (for the account of the Lenders in proportion to their Commitments) a fee computed at the rate
                      of 0.2 per cent per annum on the undrawn amount of the Loan for the period commencing on 20 March 2019 and ending on the earlier of the Utilisation Date and the last day of the Availability Period (as extended by the Lenders).

                

        

      

      
        33

        
          

      

      

      

      

      

      The accrued commitment fee is payable on the last day of each successive period of three Months
          which ends during the Availability Period, on the last day of the Availability Period, on the Utilisation Date in respect of the final Vessel Loan to be advanced and (on the cancelled amount of the relevant Lender's Commitment) at the time the
          cancellation is effective.

      
        
          	11.2	
                  Arrangement fee   The Borrowers shall pay to the
                      Arranger an arrangement fee in the amount and at the times agreed in the Fee Letter.

                

        

      

      
        34

        
          

      

      

      

      

      

      
        
          	Section 6	
                  Additional Payment Obligations

                

        

      

      
        
          	12.	
                  Tax Gross Up and Indemnities

                

        

      

      
        
          	12.1	
                  Definitions   In this Agreement:

                

        

      

      "Borrower

            DTTP Filing" means an HM Revenue & Customs' Form DTTP2 duly completed and filed by the relevant Borrower, which:

      
        
          	

                	(a)	
                  where it relates to a Treaty Lender that is an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated opposite that
                      Lender's name in Schedule 1 (The Original Lenders) and is filed with HM Revenue & Customs within 30 days of the date of this
                      Agreement; or

                

        

      

      
        
          	

                	(b)	
                  where it relates to a Treaty Lender that is not an Original Lender, contains the scheme reference number and jurisdiction of tax residence stated in respect
                      of that Lender in the documentation which it executes on becoming a Party as a Lender and is filed with HM Revenue & Customs within 30 days of the relevant Transfer Date.

                

        

      

      "Protected

            Party" means a Finance Party which is or will be subject to any liability or required to make any payment for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or
          receivable) under a Finance Document.

      "Qualifying

            Lender"  means a Lender which is beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document and:

      
        
          	

                	(a)	
                  which is a bank (as defined for the purpose of section 879 of the ITA) making an advance under a Finance Document and is within the charge to United Kingdom
                      corporation tax as respects any payments of interest made in respect of that advance or would be within such charge as respects such payments apart from section 18A of the CTA; or in respect of an advance made under a Finance Document
                      by a person that was a bank (as defined for the purpose of section 879 of the ITA) at the time that that advance was made and within the charge to United Kingdom corporation tax as respects any payments of interest made in respect of
                      that advance; or

                

        

      

      
        
          	

                	(b)	
                  which is:

                

        

      

      
        
          	

                	(i)	
                  a company resident in the United Kingdom for United Kingdom tax purposes;

                

        

      

      
        
          	

                	(ii)	
                  a partnership each member of which is:

                

        

      

      
        
          	

                	(A)	
                  a company so resident in the United Kingdom; or

                

        

      

      
        
          	

                	(B)	
                  a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                      account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest

                

        

      

      
        35

        
          

      

      

      

      payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

      
        
          	

                	(iii)	
                  a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                      account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company; or

                

        

      

      
        
          	

                	(c)	
                  which is a Treaty Lender.

                

        

      

      "Tax

            Confirmation" means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is either:

      
        
          	

                	(a)	
                  a company resident in the United Kingdom for United Kingdom tax purposes;

                

        

      

      
        
          	

                	(b)	
                  a partnership each member of which is:

                

        

      

      
        
          	

                	(i)	
                  a company so resident in the United Kingdom; or

                

        

      

      
        
          	

                	(ii)	
                  a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                      account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

                

        

      

      
        
          	

                	(c)	
                  a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                      account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.

                

        

      

      "Tax

            Credit" means a credit against, relief or remission for, or repayment of any Tax.

      "Tax

            Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.

      "Tax

            Payment" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up) or a payment
          under Clause 12.3 (Tax indemnity).

      "Treaty

            Lender" means a Lender which:

      
        
          	

                	(a)	
                  is treated as a resident of a Treaty State for the purposes of the Treaty;

                

        

      

      
        
          	

                	(b)	
                  does not carry on a business in the United Kingdom through a permanent establishment with which that Lender's participation in the Loan is effectively
                      connected.

                

        

      

      
        36

        
          

      

      

      

      

      

      "Treaty

            State" means a jurisdiction having a double taxation agreement (a "Treaty") with the United Kingdom which makes provision for full
          exemption from tax imposed by the United Kingdom on interest.

      "UK
            Non-Bank Lender" means a Lender which is not an Original Lender and which gives a Tax Confirmation in the documentation which it executes on becoming a Party as a Lender.

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

      
        
          	12.2	
                  Tax gross-up   Each Borrower shall (and shall procure
                      that each other Obligor will) make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law, subject as follows:

                

        

      

      
        
          	

                	12.2.1	
                  a Borrower shall promptly upon becoming aware that it or any other Obligor must make a Tax Deduction (or that there is any change in the rate or the basis
                      of a Tax Deduction) notify the Agent accordingly.  Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender.  If the Agent receives such notification from a Lender it shall notify
                      the Borrowers and any such other Obligor;

                

        

      

      
        
          	

                	12.2.2	
                  if a Tax Deduction is required by law to be made by a Borrower or any other Obligor, the amount of the payment due from that Borrower or that other Obligor
                      shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required;

                

        

      

      
        
          	

                	12.2.3	
                  a payment shall not be increased under Clause 12.2.2 by reason of a Tax Deduction on account of Tax imposed by the United Kingdom, if on the date on which
                      the payment falls due:

                

        

      

      
        
          	

                	(a)	
                  the payment could have been made to the relevant Lender without a Tax Deduction if the Lender had been a Qualifying Lender, but on that date that Lender is
                      not or has ceased to be a Qualifying Lender other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty or any
                      published practice or published concession of any relevant taxing authority; or

                

        

      

      
        
          	

                	(b)	
                  the relevant Lender is a Qualifying Lender solely by virtue of (b) of the definition of Qualifying Lender and:

                

        

      

      
        
          	

                	(i)	
                  an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a "Direction") under section 931 of the ITA which relates to the payment and that Lender has received from the Borrower or from the other Obligor making the payment a certified copy of that Direction;
                      and

                

        

      

      
        37

        
          

      

      

      

      

      

      
        
          	

                	(ii)	
                  the payment could have been made to the Lender without any Tax Deduction if that Direction had not been made; or

                

        

      

      
        
          	

                	(c)	
                  the relevant Lender is a Qualifying Lender solely by virtue of (b) of the definition of Qualifying Lender and:

                

        

      

      
        
          	

                	(i)	
                  the relevant Lender has not given a Tax Confirmation to the Borrowers; and

                

        

      

      
        
          	

                	(ii)	
                  the payment could have been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation to the Borrowers, on the basis that the
                      Tax Confirmation would have enabled the Borrowers to have formed a reasonable belief that the payment was an "excepted payment" for the purpose of section 930 of the ITA; or

                

        

      

      
        
          	

                	(d)	
                  the relevant Lender is a Treaty Lender and the Borrower or the other Obligor making the payment is able to demonstrate that the payment could have been made
                      to that Lender without the Tax Deduction had that Lender complied with its obligations under Clause 12.2.6 or Clause 12.2.7 (as applicable);

                

        

      

      
        
          	

                	12.2.4	
                  if a Borrower or any other Obligor is required to make a Tax Deduction, that Borrower shall (and shall procure that such other Obligor will) make that Tax
                      Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law;

                

        

      

      
        
          	

                	12.2.5	
                  within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Borrower making that Tax Deduction shall
                      (and shall procure that such other Obligor will) deliver to the Agent for the Finance Party entitled to the payment a statement under section 975 of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax
                      Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority;

                

        

      

      
        
          	

                	12.2.6 	(a) 	Subject to (b), a Treaty Lender and each Borrower which makes a payment to which that Treaty
                    Lender is entitled shall co-operate (and the Borrowers shall procure that each other Obligor which makes a payment to which that Treaty Lender is entitled will co-operate) in completing any procedural formalities necessary for that
                    Borrower or that other Obligor to obtain authorisation to make that payment without a Tax Deduction.

        

      

      
        
          	

                	(b) 	(i) 	A Treaty Lender which is an Original Lender and that holds a passport under the HMRC DT Treaty
                    Passport scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence opposite its name in Schedule 1 (The Original Lenders); and

        

      

      
        38

        
          

      

      

      

      

      

      
        
          	

                	(ii)	
                  a Treaty Lender which is not an Original Lender and that holds a passport under the HMRC DT Treaty Passport scheme, and which wishes that scheme to apply to
                      this Agreement, shall confirm its scheme reference number and its jurisdiction of tax residence in the documentation which it executes on becoming a Party as a Lender,

                

        

      

      and, having done so, that Lender shall be under no obligation pursuant to (a).

      
        
          	

                	12.2.7	
                  If a Lender has confirmed its scheme reference number and its jurisdiction of tax residence in accordance with Clause 12.2.6(b) and:

                

        

      

      
        
          	

                	(a)	
                  a Borrower making a payment to that Lender has not made a Borrower DTTP Filing in respect of that Lender; or

                

        

      

      
        
          	

                	(b)	
                  a Borrower making a payment to that Lender has made a Borrower DTTP Filing in respect of that Lender but:

                

        

      

      
        
          	

                	(i)	
                  that Borrower DTTP Filing has been rejected by HM Revenue & Customs; or

                

        

      

      
        
          	

                	(ii)	
                  HM Revenue & Customs has not given that Borrower authority to make payments to that Lender without a Tax Deduction within 60 days of the date of the
                      Borrower DTTP Filing,

                

        

      

      and in each case, that Borrower has notified that Lender in writing, that Lender and that Borrower
          shall co-operate in completing any additional procedural formalities necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction.

      
        
          	

                	12.2.8	
                  If a Lender has not confirmed its scheme reference number and jurisdiction of tax residence in accordance with Clause 12.2.6(b), no Borrower shall make a
                      Borrower DTTP Filing or file any other form relating to the HMRC DT Treaty Passport scheme in respect of that Lender's Commitment(s) or its participation in the Loan unless the Lender otherwise agrees.

                

        

      

      
        
          	

                	12.2.9	
                  A Borrower shall, promptly on making a Borrower DTTP Filing, deliver a copy of that Borrower DTTP Filing to the Agent for delivery to the relevant Lender.

                

        

      

      
        
          	

                	12.2.10	
                  A UK Non-Bank Lender shall promptly notify the Borrowers and the Agent if there is any change in the position from that set out in the Tax Confirmation.

                

        

      

      
        
          	12.3	
                  Tax indemnity

                

        

      

      
        
          	

                	12.3.1	
                  Each Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that
                      Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

                

        

      

      
        39

        
          

      

      

      

      

      

      
        
          	

                	12.3.2	
                  Clause 12.3.1 shall not apply:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

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

      
        
          	

                	(b)	
                  to the extent a loss, liability or cost:

                

        

      

      
        
          	

                	(i)	
                  is compensated for by an increased payment under Clause 12.2 (Tax gross-up);

                

        

      

      
        
          	

                	(ii)	
                  would have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in Clause 12.2.3 (Tax
                        gross-up) applied; or

                

        

      

      
        
          	

                	(iii)	
                  relates to a FATCA Deduction required to be made by a Party.

                

        

      

      
        
          	

                	12.3.3	
                  A Protected Party making, or intending to make a claim under Clause 12.3.1 shall promptly notify the Agent of the event which will give, or has given, rise
                      to the claim, following which the Agent shall notify the Borrowers.

                

        

      

      
        
          	

                	12.3.4	
                  A Protected Party shall, on receiving a payment from a Borrower under this Clause 12.3, notify the Agent.

                

        

      

      
        
          	12.4	
                  Tax Credit   If a Borrower or any other Obligor makes
                      a Tax Payment and the relevant Finance Party determines that:

                

        

      

      
        
          	

                	12.4.1	
                  a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which
                      that Tax Payment was required; and

                

        

      

      
        
          	

                	12.4.2	
                  that Finance Party has obtained and utilised that Tax Credit,

                

        

      

      that Finance Party shall pay an amount to that Borrower or to that other Obligor which that Finance
          Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been made by that Borrower or that other Obligor.

      
        
          	12.5	
                  Lender status confirmation   Each Lender which is not
                      an Original Lender shall indicate, in the documentation which it executes on becoming a Party as a Lender,

                

        

      

      
        40

        
          

      

      

      

      and for the benefit of the Agent and without liability to any Obligor, which of the following
          categories it falls in:

      
        
          	

                	12.5.1	
                  not a Qualifying Lender;

                

        

      

      
        
          	

                	12.5.2	
                  a Qualifying Lender (other than a Treaty Lender); or

                

        

      

      
        
          	

                	12.5.3	
                  a Treaty Lender.

                

        

      

      If such a Lender fails to indicate its status in accordance with this Clause 12.5 then that Lender
          shall be treated for the purposes of this Agreement (including by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the Agent, upon receipt of such notification, shall inform
          the Borrowers).  For the avoidance of doubt, the documentation which a Lender executes on becoming a Party as a Lender shall not be invalidated by any failure of a Lender to comply with this Clause 12.5.

      
        
          	12.6	
                  Stamp taxes   The Borrowers shall pay and, within
                      three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

                

        

      

      
        
          	12.7	
                  VAT

                

        

      

      
        
          	

                	12.7.1	
                  All amounts expressed to be payable under a Finance Document by any Party or any Obligor to a Finance Party which (in whole or in part) constitute the
                      consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to Clause 12.7.2, if  VAT is or becomes chargeable on any supply made by any Finance
                      Party to any Party or any Obligor under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party or Obligor must pay to such Finance Party (in addition to and at the same
                      time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to the Borrowers).

                

        

      

      
        
          	

                	12.7.2	
                  If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to any other Finance Party (the "Recipient") under a Finance Document, and any Party other
                      than the Recipient (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the
                      consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

                

        

      

      
        
          	

                	(a)	
                  (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the
                      same time as paying that amount) an additional amount equal to the amount of the VAT.  The Recipient must (where this Clause 12.7.2(a) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the
                      Recipient receives from the relevant tax authority which the

                

        

      

      
        41

        
          

      

      

      

      Recipient reasonably determines relates to the VAT chargeable on that supply; and

      
        
          	

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

                

        

      

      
        
          	

                	12.7.3	
                  Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as
                      the case may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or
                      repayment in respect of such VAT from the relevant tax authority.

                

        

      

      
        
          	

                	12.7.4	
                  Any reference in this Clause 12.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where
                      appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time (the term "representative member" to have the same meaning as in the Value Added Tax Act 1994).

                

        

      

      
        
          	

                	12.7.5	
                  In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must
                      promptly provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.

                

        

      

      
        
          	12.8	
                  FATCA information

                

        

      

      
        
          	

                	12.8.1	
                  Subject to Clause 12.8.3, each Party shall, within ten Business Days of a reasonable request by another Party:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(i)	
                  a FATCA Exempt Party; or

                

        

      

      
        
          	

                	(ii)	
                  not a FATCA Exempt Party;

                

        

      

      
        
          	

                	(b)	
                  supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for
                      the purposes of that other Party's compliance with FATCA; and

                

        

      

      
        
          	

                	(c)	
                  supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes
                      of that other Party's compliance with any other law, regulation, or exchange of information regime.

                

        

      

      
        42

        
          

      

      

      

      

      

      
        
          	

                	12.8.2	
                  If a Party confirms to another Party pursuant to Clause 12.8.1(a)(i) that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has
                      ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.

                

        

      

      
        
          	

                	12.8.3	
                  Clause 12.8.1 shall not oblige any Finance Party to do anything, and Clause 12.8.1(c) shall not oblige any other Party to do anything, which would or might
                      in its reasonable opinion constitute a breach of:

                

        

      

      
        
          	

                	(a)	
                  any law or regulation;

                

        

      

      
        
          	

                	(b)	
                  any fiduciary duty; or

                

        

      

      
        
          	

                	(c)	
                  any duty of confidentiality.

                

        

      

      
        
          	

                	12.8.4	
                  If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with
                      Clause 12.8.1(a) or 12.8.1(b) (including, for the avoidance of doubt, where Clause 12.8.3 applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt
                      Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

                

        

      

      
        
          	

                	12.8.5	
                  If a Borrower is a US Tax Obligor or the Agent reasonably believes that its obligations under FATCA or any other applicable law or regulation require it,
                      each Lender shall, within ten Business Days of:

                

        

      

      
        
          	

                	(a)	
                  where a Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement;

                

        

      

      
        
          	

                	(b)	
                  where a Borrower is a US Tax Obligor on a date on which any other Lender becomes a Party as a Lender, that date; or

                

        

      

      
        
          	

                	(c)	
                  where a Borrower is not a US Tax Obligor, the date of a request from the Agent,

                

        

      

      supply to the Agent:

      
        
          	

                	(i)	
                  a withholding certificate on Form W-8 or Form W-9 or any other relevant form; or

                

        

      

      
        
          	

                	(ii)	
                  any withholding statement or other document, authorisation or waiver as the Agent may require to certify or establish the status of such Lender under FATCA
                      or that other law or regulation.

                

        

      

      
        
          	

                	12.8.6	
                  The Agent shall provide any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause
                      12.8.5 to the Borrowers.

                

        

      

      
        
          	

                	12.8.7	
                  If any withholding certificate, withholding statement, document, authorisation or waiver provided to the Agent by a Lender pursuant to Clause 12.8.5 is or
                      becomes materially inaccurate or incomplete, that Lender shall promptly update it and provide such updated withholding

                

        

      

      
        43

        
          

      

      

      

      certificate, withholding statement, document, authorisation or waiver to the Agent unless it is
          unlawful for the Lender to do so (in which case the Lender shall promptly notify the Agent).  The Agent shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrowers.

      
        
          	

                	12.8.8	
                  The Agent may rely on any withholding certificate, withholding statement, document, authorisation or waiver it receives from a Lender pursuant to Clause
                      12.8.5 or 12.8.7 without further verification.  The Agent shall not be liable for any action taken by it under or in connection with Clause 12.8.5, 12.8.6 or 12.8.7.

                

        

      

      
        
          	12.9	
                  FATCA Deduction

                

        

      

      
        
          	

                	12.9.1	
                  Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party
                      shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

                

        

      

      
        
          	

                	12.9.2	
                  Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA
                      Deduction) notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers and the Agent and the Agent shall notify the other Finance Parties.

                

        

      

      
        
          	13.	
                  Increased Costs

                

        

      

      
        
          	13.1	
                  Increased costs   Subject to Clause 13.3 (Exceptions) the Borrowers shall, within three Business Days of a demand by the Agent, pay to the Agent for the account of a Finance
                      Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation
                      or (ii) compliance with any law or regulation made after the date of this Agreement or (iii) the implementation or application of or compliance with Basel III or CRD IV or any other law or regulation which implements Basel III or CRD
                      IV (whether such implementation, application or compliance is by a government, regulator, that Finance Party or any of that Finance Party's Affiliates).

                

        

      

      In this Agreement:

      
        
          	

                	(a)	
                  "Basel III" means:

                

        

      

      
        
          	

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

                

        

      

      
        44

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      
        
          	

                	(iii)	
                  any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III".

                

        

      

      
        
          	

                	(b)	
                  "CRD IV" means:

                

        

      

      
        
          	

                	(i)	
                  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential
                      supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended, supplemented or restated;

                

        

      

      
        
          	

                	(ii)	
                  Regulation EU No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment
                      firms and amending Regulation EU No 648/2012, as amended, supplemented or restated; and

                

        

      

      
        
          	

                	(iii)	
                  any other law or regulation which implements Basel III.

                

        

      

      
        
          	

                	(c)	
                  "Increased Costs" means:

                

        

      

      
        
          	

                	(i)	
                  a reduction in the rate of return from the Loan or on a Finance Party's (or its Affiliate's) overall capital;

                

        

      

      
        
          	

                	(ii)	
                  an additional or increased cost; or

                

        

      

      
        
          	

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

                

        

      

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

      
        
          	13.2	
                  Increased cost claims

                

        

      

      
        
          	

                	13.2.1	
                  A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Borrowers.

                

        

      

      
        
          	

                	13.2.2	
                  Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs.

                

        

      

      
        
          	13.3	
                  Exceptions   Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is:

                

        

      

      
        
          	

                	13.3.1	
                  attributable to a Tax Deduction required by law to be made by a Borrower or a Guarantor;

                

        

      

      
        45

        
          

      

      

      

      

      

      
        
          	

                	13.3.2	
                  attributable to a FATCA Deduction required to be made by a Party;

                

        

      

      
        
          	

                	13.3.3	
                  compensated for by Clause 12.3 (Tax indemnity) (or would have
                      been compensated for under Clause 12.3 but was not so compensated solely because any of the exclusions in Clause 12.3 applied); or

                

        

      

      
        
          	

                	13.3.4	
                  attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

                

        

      

      In this Clause 13.3, a reference to a "Tax Deduction" has the same meaning given to the term in Clause 12.1 (Definitions).

      
        
          	14.	
                  Other Indemnities

                

        

      

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

                

        

      

      
        
          	

                	14.1.1	
                  making or filing a claim or proof against that Borrower or that Guarantor (as the case may be); or

                

        

      

      
        
          	

                	14.1.2	
                  obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

                

        

      

      that Borrower or that Guarantor (as the case may be) as an independent obligation, within three
          Business Days of demand, indemnify each Secured Party 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 Secured Party at the time of its receipt of that Sum.

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

      
        
          	14.2	
                  Other indemnities

                

        

      

      
        
          	

                	14.2.1	
                  The Borrowers shall, within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability incurred by that Secured Party
                      as a result of:

                

        

      

      
        
          	

                	(a)	
                  the occurrence of any Event of Default;

                

        

      

      
        
          	

                	(b)	
                  a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as
                      a result of Clause 30 (Sharing among the Finance Parties);

                

        

      

      
        
          	

                	(c)	
                  funding, or making arrangements to fund, its participation in a Vessel Loan requested by the Borrowers in a Utilisation Request but not made by reason of
                      the operation of any one or more of the

                

        

      

      
        46

        
          

      

      

      

      provisions of this Agreement (other than by reason of default or negligence by that Finance Party
          alone); or

      
        
          	

                	(d)	
                  a Vessel Loan (or part of a Vessel Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers;

                

        

      

      
        
          	

                	(e)	
                  any complaint, claim, proceeding, formal notice, investigation or other action by any regulatory authority or enforcement authority or third party
                      concerning any actual or alleged breach of Sanctions by any Finance Party in connection with (directly or indirectly) the Loan.

                

        

      

      
        
          	

                	14.2.2	
                  The Borrowers shall promptly indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its
                      Affiliate (each such person for the purposes of this Clause 14.2 an "Indemnified Person") against any cost, loss or liability
                      incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions
                      contemplated by the Finance Documents, having the benefit of any Encumbrance constituted by the Finance Documents or which relates to the condition or operation of, or any incident occurring in relation to, a Vessel, unless such cost,
                      loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.  Any Affiliate or any officer or employee of a Finance Party or its Affiliate may rely on this Clause 14.2 subject to Clause 1.7 (Third party rights) and the provisions of the Third Parties Act.

                

        

      

      
        
          	

                	14.2.3	
                  Subject to any limitations set out in Clause 14.2.2, the indemnity in that Clause shall cover any cost, loss or liability incurred by each Indemnified
                      Person in any jurisdiction:

                

        

      

      
        
          	

                	(a)	
                  arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions; or

                

        

      

      
        
          	

                	(b)	
                  in connection with any Environmental Claim.

                

        

      

      
        
          	14.3	
                  Indemnity to the Agent   The Borrowers shall promptly
                      indemnify the Agent against:

                

        

      

      
        
          	

                	14.3.1	
                  any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        47

        
          

      

      

      

      

      

      
        
          	

                	14.3.2	
                  any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise
                      than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 31.11 (Disruption to payment systems etc.) notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as
                      Agent under the Finance Documents.

                

        

      

      
        
          	14.4	
                  Indemnity to the Security Agent   Each Borrower and
                      each Guarantor jointly and severally shall promptly indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them as a result of:

                

        

      

      
        
          	

                	14.4.1	
                  any failure by the Borrowers to comply with their obligations under Clause 16 (Costs and Expenses);

                

        

      

      
        
          	

                	14.4.2	
                  acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

                

        

      

      
        
          	

                	14.4.3	
                  the taking, holding, protection or enforcement of the Security Documents;

                

        

      

      
        
          	

                	14.4.4	
                  the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance
                      Documents or by law;

                

        

      

      
        
          	

                	14.4.5	
                  any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents; or

                

        

      

      
        
          	

                	14.4.6	
                  acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Charged Property (otherwise, in each
                      case, than by reason of the relevant Security Agent's, Receiver's or Delegate's gross negligence or wilful misconduct).

                

        

      

      
        
          	14.5	
                  Indemnity survival   The indemnities contained in
                      this Agreement shall survive repayment of the Loan.

                

        

      

      
        
          	15.	
                  Mitigation by the Lenders

                

        

      

      
        
          	15.1	
                  Mitigation   Each Finance Party shall, in
                      consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any Vessel Loan ceasing to be available or any amount becoming payable under or pursuant to any of Clause
                      7.1 (Illegality), Clause 12 (Tax
                        Gross Up and Indemnities) or Clause 13 (Increased Costs) including (but not limited to) transferring its rights and
                      obligations under the Finance Documents to another Affiliate or Facility Office.  The above does not in any way limit the obligations of any Obligor under the Finance Documents.

                

        

      

      
        
          	15.2	
                  Limitation of liability   The Borrowers shall
                      promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation).  A Finance Party is not obliged to take any steps under Clause 15.1 if, in its opinion (acting reasonably), to do so might be prejudicial to it.

                

        

      

      
        48

        
          

      

      

      

      

      

      
        
          	16.	
                  Costs and Expenses

                

        

      

      
        
          	16.1	
                  Transaction expenses   The Borrowers shall promptly
                      on demand pay the Agent, the Security Agent and the Arranger the amount of all costs and expenses (including legal fees and costs related to operating a secure website for communicating with the Lenders) reasonably incurred by any of
                      them (and, in the case of the Security Agent, by any Receiver or Delegate) in connection with:

                

        

      

      
        
          	

                	16.1.1	
                  the negotiation, preparation, printing, execution, syndication and perfection of this Agreement, any other documents referred to in this Agreement and any
                      amendments to any Finance Documents;

                

        

      

      
        
          	

                	16.1.2	
                  the negotiation, preparation, printing, execution and perfection of any other Finance Documents executed after the date of this Agreement;

                

        

      

      
        
          	

                	16.1.3	
                  any other document which may at any time be required by a Finance Party to give effect to any Finance Document or which a Finance Party is entitled to call
                      for or obtain under any Finance Document; and

                

        

      

      
        
          	

                	16.1.4	
                  any discharge, release or reassignment of any of the Security Documents.

                

        

      

      
        
          	16.2	
                  Amendment costs   If (a) an Obligor requests an
                      amendment, waiver or consent or (b) an amendment is required pursuant to Clause 31.10 (Change of currency), the Borrowers shall,
                      within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by the Agent and the Security Agent (and, in the case of the
                      Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

                

        

      

      
        
          	16.3	
                  Agent and Security Agent's management time and additional
                        remuneration   Any amount payable to the Agent under Clause 14.3 (Indemnity to the Agent) or to the Security Agent under
                      Clause 14.4 (Indemnity to the Security Agent) or to either of them under this Clause 16 or Clause 27.11 (Lenders' indemnity to the Agent) in connection with any amendment to the Finance Documents or after the occurrence of a Default, shall include the cost
                      of utilising the management time or other resources of the Agent or the Security Agent (as the case may be) and will be calculated on the basis of such reasonable daily or hourly rates as the Agent or the Security Agent may notify to
                      the Borrowers and the Lenders, and is in addition to any other fee paid or payable to the Agent or the Security Agent.

                

        

      

      
        
          	16.4	
                  Enforcement and preservation costs   The Borrowers
                      shall, promptly on demand, pay to each Finance Party and each other Secured Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of
                      any rights under, any Finance Document and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Security Documents or enforcing those rights including (without limitation) any losses,
                      costs and expenses which that Finance Party or other Secured Party may from time to time sustain, incur or become liable for by reason of that Finance Party or other Secured Party being mortgagee of a Vessel and/or a lender to a
                      Borrower, or by reason of that Finance Party or other Secured Party being deemed by any court or authority to be an operator or controller, or in any way concerned in the operation or control, of a Vessel.

                

        

      

      
        49

        
          

      

      

      

      

      

      
        
          	16.5	
                  Other costs   The Borrowers shall, promptly on
                      demand, pay to each Finance Party and each other Secured Party the amount of all sums which that Finance Party or other Secured Party may pay or become actually or contingently liable for on account of a Borrower in connection with a
                      Vessel (whether alone or jointly or jointly and severally with any other person) including (without limitation) all sums which that Finance Party or other Secured Party may pay or guarantees which it may give in respect of the
                      Insurances, any expenses incurred by that Finance Party or other Secured Party in connection with the maintenance or repair of a Vessel or in discharging any lien, bond or other claim relating in any way to a Vessel, and any sums
                      which that Finance Party or other Secured Party may pay or guarantees which it may give to procure the release of a Vessel from arrest or detention.

                

        

      

      
        50

        
          

      

      

      

      

      

      
        
          	Section 7	
                  Accounts and Application of Earnings

                

        

      

      
        
          	17.	
                  Accounts

                

        

      

      
        
          	17.1	
                  Earnings Accounts   The Borrowers shall maintain the
                      Earnings Accounts with the Account Holder for the duration of the Facility Period free of Encumbrances and rights of set off other than those created by or under the Finance Documents.

                

        

      

      
        
          	17.2	
                  Earnings   The Borrowers shall procure that all
                      Earnings and any Requisition Compensation are credited to the Earnings Accounts.

                

        

      

      
        
          	17.3	
                  Application of Earnings Account   The Borrowers shall
                      transfer or cause to be transferred from the Earnings Account to the Agent for the account of the Lenders:

                

        

      

      
        
          	

                	17.3.1	
                  on each Repayment Date in respect of the relevant Vessel Loan, the amount of the Repayment Instalment then due; and

                

        

      

      
        
          	

                	17.3.2	
                  on each Interest Payment Date in respect of the relevant Vessel Loan, the amount of interest then due,

                

        

      

      and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make
          those transfers if the Borrowers fail to do so.

      
        
          	17.4	
                  Borrowers' obligations not affected   If for any
                      reason the amount standing to the credit of the Earnings Account is insufficient to pay any Repayment Instalment or to make any payment of interest when due, the Borrowers' obligation to pay that Repayment Instalment or to make that
                      payment of interest shall not be affected.

                

        

      

      
        
          	17.5	
                  Release of surplus   Subject to Clause 22.1.1 (Financial covenants) being complied with, any amount remaining to the credit of the Earnings Accounts following the making of any
                      transfer required by Clause 17.3 (Application of Earnings Account) shall (unless a Default is continuing) be released to or to the
                      order of the Borrowers.

                

        

      

      
        
          	17.6	
                  Restriction on withdrawal   During the Facility
                      Period no sum may be withdrawn from the Earnings Accounts (except in accordance with this Clause 17) without the prior written consent of the Security Agent.  The Earnings Accounts shall not be overdrawn.

                

        

      

      
        
          	17.7	
                  Relocation of Earnings Accounts   On and at any time
                      after the occurrence of a Default which is continuing, the Security Agent may without the consent of the Borrowers instruct the Account Holder to relocate either or both of the Earnings Accounts to any other branch of the Account
                      Holder, without prejudice to the continued application of this Clause 17 and the rights of the Finance Parties under the Finance Documents.

                

        

      

      
        
          	17.8	
                  Access to information   The Security Agent (and its
                      nominees) may from time to time during the Facility Period review the records held by the Account Holder (whether in written or electronic form) in relation to the Earnings Accounts, and the Borrowers irrevocably waive any right of
                      confidentiality which may exist in relation to those records.

                

        

      

      
        
          	17.9	
                  Statements   Without prejudice to the rights of the
                      Security Agent under Clause 17.8 (Access to information), the Borrowers shall procure that the Account Holder

                

        

      

      
        51

        
          

      

      

      

      provides to the Security Agent, no less frequently than each calendar month during the Facility
          Period, statements of account (in written or electronic form) showing all entries made to the credit and debit of each of the Earnings Accounts during the immediately preceding calendar month.

      
        
          	17.10	
                  Application after acceleration   From and after the
                      giving of notice to the Borrowers by the Agent under Clause 24.2.1 (Acceleration), the Borrowers shall procure that all sums from
                      time to time standing to the credit of either of the Earnings Accounts are immediately transferred to the Security Agent or any Receiver or Delegate for application in accordance with Clause 28 (Application of Proceeds) and the Borrowers irrevocably authorise the Security Agent to instruct the Account Holder to make those transfers.

                

        

      

      
        
          	18.	
                  Additional Security

                

        

      

      
        
          	18.1	
                  VTL Coverage

                

        

      

      
        
          	

                	18.1.1	
                  If at any time the aggregate of the Market Value of the Vessels and the value of any additional security (such value to be the face amount of the deposit
                      (in the case of cash), determined conclusively by appropriate advisers appointed by the Agent (in the case of other charged assets), and determined by the Agent (in all other cases)) for the time being provided to the Security Agent
                      under this Clause 18.1 is less than 125% of the aggregate of the amount of the Loan then outstanding and the amount certified by the Swap Provider to be the amount which would be payable by the Borrowers to the Swap Provider under the
                      Master Agreement if an Early Termination Date were to occur at that time (the "VTL Coverage"), the Borrowers shall, within 30 days
                      of the Agent's request, at the Borrowers' option:

                

        

      

      
        
          	

                	(a)	
                  pay to the Security Agent or to its nominee a cash deposit in the amount of the shortfall to be secured in favour of the Security Agent as additional
                      security for the payment of the Indebtedness; or

                

        

      

      
        
          	

                	(b)	
                  give to the Security Agent other additional security in amount and form acceptable to the Security Agent for a value determined in accordance with the first
                      part of this Clause 18.1.1; or

                

        

      

      
        
          	

                	(c)	
                  prepay the Loan in the amount of the shortfall.

                

        

      

      
        
          	

                	18.1.2	
                  Clauses 6.3 (Reborrowing) and 7.7 (Restrictions) shall apply, mutatis
                        mutandis, to any prepayment made under this Clause 18.1.

                

        

      

      
        
          	

                	18.1.3	
                  any prepayment under this Clause 18.1 shall be allocated proportionally between the outstanding Vessel Loans and thereafter applied in prepayment of the
                      remaining Repayment Instalments (including the Balloon) in respect of each Vessel Loan in inverse order of maturity.

                

        

      

      
        
          	18.2	
                  Provision of valuations

                

        

      

      
        
          	

                	18.2.1	
                  The Agent shall be entitled to obtain valuation(s) in evidence of the Market Value of (a) a Vessel for the purpose of Clause 18.1 (VTL Coverage) semi-

                

        

      

      
        52

        
          

      

      

      

      annually from the Utilisation Date of that Vessel and on dates to be selected by the Agent on the
          instructions of the Majority Lenders and (b) a Fleet Vessel for the purpose of Clause 22 (Financial Covenants), following receipt of the
          Compliance Certificate, once per calendar year, if the Agent (acting on the instructions of all the Lenders) so requires.

      
        
          	

                	18.2.2	
                  Additionally, the Agent shall at the request of the Lenders be entitled to obtain a valuation in evidence of the Market Value of a Vessel for the purpose of
                      Clause 18.1 (VTL Coverage) or Fleet Vessel for the purpose of Clause 22 (Financial Covenants) at any time and each such valuation obtained shall be at the expense of the Lenders except where the Borrowers are by means of such valuation shown to be in
                      breach of the relevant Clause.

                

        

      

      
        
          	

                	18.2.3	
                  Two Approved Shipbrokers shall be selected by the Borrowers and appointed by the Agent, and the Market Value of a Vessel shall be the arithmetic average of
                      the two valuations by the two Approved Shipbrokers.  If the two valuations differ by at least 10 per cent, then a third valuation for that Vessel shall be obtained from an Approved Shipbroker selected and appointed by the Agent and
                      the Market Value of that Vessel shall be the arithmetic average of all three such valuations by the three Approved Shipbrokers. The Market Value of each Fleet Vessel shall be determined by a valuation obtained by one Approved
                      Shipbroker selected by the Borrowers and appointed by the Agent, provided that the Agent (acting reasonably) shall have the right to appoint another Approved Shipbroker to provide a second valuation of that Fleet Vessel addressed to
                      the Agent, in which case the Market Value of that Fleet Vessel shall be the arithmetic average of the two valuations.

                

        

      

      
        
          	

                	18.2.4	
                  The Agent may at any time after a Default has occurred and is continuing obtain a valuation in evidence of the Market Value of a Vessel or any other vessel
                      over which additional security has been created in accordance with Clause 18.1 (VTL Coverage) or, if such Default is a result of a
                      breach of the provisions of Clause 22 (Financial Covenants), a Fleet Vessel.

                

        

      

      
        
          	

                	18.2.5	
                  All valuations referred to in this Clause 18.2, except where specified in Clause 18.2.2, and all valuations to be obtained pursuant to Clause 4 (Conditions of Utilisation) shall be not older than 30 days prior to the date of testing the Market Value and shall be obtained at the
                      cost and expense of the Borrowers and the Borrowers shall within three Business Days of demand by the Agent pay to the Agent the amount of all such costs and expenses.

                

        

      

      
        
          	19.	
                  Guarantee and Indemnity

                

        

      

      
        
          	19.1	
                  Guarantee and indemnity   Each Guarantor irrevocably
                      and unconditionally jointly and severally:

                

        

      

      
        
          	

                	19.1.1	
                  guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor's obligations under the Finance Documents;

                

        

      

      
        53

        
          

      

      

      

      

      

      
        
          	

                	19.1.2	
                  undertakes with each Finance Party that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, that
                      Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and

                

        

      

      
        
          	

                	19.1.3	
                  agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and
                      primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability, invalidity or illegality,
                      have been payable by it under any Finance Document on the date when it would have been due.  The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 19 if the amount
                      claimed had been recoverable on the basis of a guarantee.

                

        

      

      
        
          	19.2	
                  Continuing Guarantee   This guarantee is a continuing
                      guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.

                

        

      

      
        
          	19.3	
                  Reinstatement   If any discharge, release or
                      arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is
                      avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 19 will continue or be reinstated as if the discharge, release or
                      arrangement had not occurred.

                

        

      

      
        
          	19.4	
                  Waiver of defences   The obligations of each
                      Guarantor under this Clause 19 will not be affected by an act, omission, matter or thing which, but for this Clause 19.4, would reduce, release or prejudice any of its obligations under this Clause 19 (without limitation and whether
                      or not known to it or any Finance Party) including:

                

        

      

      
        
          	

                	19.4.1	
                  any time, waiver or consent granted to, or composition with, any Obligor or other person;

                

        

      

      
        
          	

                	19.4.2	
                  the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any Obligor or any other member
                      of the Group;

                

        

      

      
        
          	

                	19.4.3	
                  the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security
                      over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

                

        

      

      
        
          	

                	19.4.4	
                  any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;

                

        

      

      
        
          	

                	19.4.5	
                  any amendment, novation, supplement, extension restatement (however fundamental and whether or not more onerous) or replacement of a Finance

                

        

      

      
        54

        
          

      

      

      

      Document or any other document or security including, without limitation, any change in the
          purpose of, any extension of or increase in any facility or the addition of any new facility under any Finance Document or other document or security;

      
        
          	

                	19.4.6	
                  any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

                

        

      

      
        
          	

                	19.4.7	
                  any insolvency or similar proceedings.

                

        

      

      
        
          	19.5	
                  Guarantor intent   Without prejudice to the
                      generality of Clause 19.4 (Waiver of defences), each Guarantor expressly confirms that it intends that this guarantee shall extend
                      from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in
                      connection with any of the following:  business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other
                      indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses
                      associated with any of the foregoing.

                

        

      

      
        
          	19.6	
                  Immediate recourse   Each Guarantor waives any right
                      it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause
                      19.  This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

                

        

      

      
        
          	19.7	
                  Appropriations   Until all amounts which may be or
                      become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:

                

        

      

      
        
          	

                	19.7.1	
                  refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in
                      respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

                

        

      

      
        
          	

                	19.7.2	
                  hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this Clause 19.

                

        

      

      
        
          	19.8	
                  Deferral of Guarantors' rights   Until all amounts
                      which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by
                      reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19:

                

        

      

      
        
          	

                	19.8.1	
                  to be indemnified by an Obligor;

                

        

      

      
        
          	

                	19.8.2	
                  to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents;

                

        

      

      
        55

        
          

      

      

      

      

      

      
        
          	

                	19.8.3	
                  to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or
                      of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party;

                

        

      

      
        
          	

                	19.8.4	
                  to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has
                      given a guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and indemnity);

                

        

      

      
        
          	

                	19.8.5	
                  to exercise any right of set-off against any Obligor; and/or

                

        

      

      
        
          	

                	19.8.6	
                  to claim or prove as a creditor of any Obligor in competition with any Finance Party.

                

        

      

      If a Guarantor receives any benefit, payment or distribution in relation to such rights it shall
          hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the
          Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 31 (Payment

            mechanics).

      
        
          	19.9	
                  Additional security   This guarantee is in addition
                      to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

                

        

      

      
        56

        
          

      

      

      

      

      

      
        
          	Section 8	
                  Representations, Undertakings and Events of Default

                

        

      

      
        
          	20.	
                  Representations

                

        

      

      
        
          	20.1	
                  Representations   Each Borrower and each Guarantor
                      makes the representations and warranties set out in this Clause 20 to each Finance Party.

                

        

      

      
        
          	

                	20.1.1	
                  Status   Each of the Obligors:

                

        

      

      
        
          	

                	(a)	
                  is a limited liability corporation, duly incorporated and validly existing under the law of its Original Jurisdiction; and

                

        

      

      
        
          	

                	(b)	
                  has the power to own its assets and carry on its business as it is being conducted.

                

        

      

      
        
          	

                	20.1.2	
                  Binding obligations   Subject to the Legal
                      Reservations:

                

        

      

      
        
          	

                	(a)	
                  the obligations expressed to be assumed by each of the Obligors in each of the Relevant Documents to which it is a party are legal, valid, binding and
                      enforceable obligations; and

                

        

      

      
        
          	

                	(b)	
                  (without limiting the generality of Clause 20.1.2(a)) each Security Document to which it is a party creates the security interests which that Security
                      Document purports to create and those security interests are valid and effective.

                

        

      

      
        
          	

                	20.1.3	
                  Non-conflict with other obligations   The entry into
                      and performance by each of the Obligors of, and the transactions contemplated by, the Relevant Documents do not and will not conflict with:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  the constitutional documents of such Obligor; or

                

        

      

      
        
          	

                	(c)	
                  any agreement or instrument binding upon such Obligor or any of such Obligor's assets or constitute a default or termination event (however described) under
                      any such agreement or instrument.

                

        

      

      
        
          	

                	20.1.4	
                  Power and authority

                

        

      

      
        
          	

                	(a)	
                  Each of the Obligors has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and
                      delivery of, the Relevant Documents to which it is or will be a party and the transactions contemplated by those Relevant Documents.

                

        

      

      
        
          	

                	(b)	
                  No limit on the powers of any Obligor will be exceeded as a result of the borrowing, grant of security or giving of guarantees or indemnities contemplated
                      by the Relevant Documents to which it is a party.

                

        

      

      
        
          	

                	20.1.5	
                  Validity and admissibility in evidence   All
                      Authorisations required or desirable:

                

        

      

      
        57

        
          

      

      

      

      

      

      
        
          	

                	(a)	
                  to enable each of the Obligors lawfully to enter into, exercise its rights and comply with its obligations in the Relevant Documents to which it is a party
                      or to enable each Finance Party to enforce and exercise all its rights under the Relevant Documents; and

                

        

      

      
        
          	

                	(b)	
                  to make the Relevant Documents to which any Obligor is a party admissible in evidence in its Relevant Jurisdictions,

                

        

      

      have been obtained or effected and are in full force and effect, with the exception only of the
          registrations referred to in Part II of Schedule 2 (Conditions Subsequent).

      
        
          	

                	20.1.6	
                  Governing law and enforcement

                

        

      

      
        
          	

                	(a)	
                  The choice of governing law of any Finance Document will be recognised and enforced in the Relevant Jurisdictions of each relevant Obligor.

                

        

      

      
        
          	

                	(b)	
                  Any judgment obtained in relation to any Finance Document in the jurisdiction of the governing law of that Finance Document will be recognised and enforced
                      in the Relevant Jurisdictions of each relevant Obligor.

                

        

      

      
        
          	

                	20.1.7	
                  Insolvency   No corporate action, legal proceeding or
                      other procedure or step described in Clause 24.1.7 (Insolvency proceedings) or creditors' process described in Clause 24.1.8 (Creditors' process) has been taken or, to the knowledge of any Borrower or any Guarantor, threatened in relation to an Obligor or any
                      other member of the Group; and none of the circumstances described in Clause 24.1.6 (Insolvency) applies to an Obligor or any
                      other member of the Group.

                

        

      

      
        
          	

                	20.1.8	
                  No filing or stamp taxes   Under the laws of the
                      Relevant Jurisdictions of each relevant Obligor it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in any of those jurisdictions or that any stamp, registration, notarial or
                      similar Taxes or fees be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents except: registration of each Mortgage at the Ships Registry where title to the relevant Vessel is
                      registered in the ownership of the relevant Borrower and payment of associated fees, which registrations, filings, taxes and fees will be made and paid promptly after the date of the relevant Finance Document.

                

        

      

      
        
          	

                	20.1.9	
                  Deduction of Tax   None of the Obligors is required
                      under the law of its jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to a Lender which is:

                

        

      

      
        
          	

                	(a)	
                  a Qualifying Lender falling within (a) of the definition of Qualifying Lender; or, except where a Direction has been given under section 931 of the ITA in
                      relation to the payment concerned, a Qualifying Lender falling within (b) of the definition of Qualifying Lender; or

                

        

      

      
        58

        
          

      

      

      

      

      

      
        
          	

                	(b)	
                  a Treaty Lender and the payment is one specified in a direction given by the Commissioners of Revenue & Customs under Regulation 2 of the Double
                      Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488).

                

        

      

      
        
          	

                	20.1.10	
                  No default

                

        

      

      
        
          	

                	(a)	
                  No Event of Default and, on the date of this Agreement and each Utilisation Date, no Default is continuing or is reasonably likely to result from the
                      advance of any Vessel Loan or the entry into, the performance of, or any transaction contemplated by, any of the Relevant Documents.

                

        

      

      
        
          	

                	(b)	
                  No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any
                      determination or any combination of any of the foregoing, would constitute) a default or termination event (however described) under any other agreement or instrument which is binding on any of the Obligors or to which its assets are
                      subject which has or is reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	

                	20.1.11	
                  No misleading information   Save as disclosed in
                      writing to the Agent and the Arranger prior to the date of this Agreement:

                

        

      

      
        
          	

                	(a)	
                  all material information provided to a Finance Party by or on behalf of any of the Obligors or any other member of the Group on or before the date of this
                      Agreement and not superseded before that date is accurate and not misleading in any material respect and all projections provided to any Finance Party on or before the date of this Agreement have been prepared in good faith on the
                      basis of assumptions which were reasonable at the time at which they were prepared and supplied; and

                

        

      

      
        
          	

                	(b)	
                  all other written information provided by any of the Obligors or any other member of the Group (including its advisers) to a Finance Party was true,
                      complete and accurate in all material respects as at the date it was provided and is not misleading in any respect.

                

        

      

      
        
          	

                	20.1.12	
                  Financial statements

                

        

      

      
        
          	

                	(a)	
                  The Original Financial Statements were prepared in accordance with GAAP consistently applied.

                

        

      

      
        
          	

                	(b)	
                  The unaudited Original Financial Statements fairly represent each Obligor's and the Group's financial condition and results of operations for the relevant
                      half year.

                

        

      

      
        
          	

                	(c)	
                  The audited Original Financial Statements fairly represent each Obligor's and the Group's financial condition and results of operations during the relevant
                      financial year.

                

        

      

      
        59

        
          

      

      

      

      

      

      
        
          	

                	(d)	
                  There has been no material adverse change in any Obligor's assets, business or financial condition (or the assets, business or consolidated financial
                      condition of the Group, in the case of the Original Guarantor) since the date of the Original Financial Statements.

                

        

      

      
        
          	

                	(e)	
                  Each Obligor's most recent financial statements delivered pursuant to Clause 21.1 (Financial statements):

                

        

      

      
        
          	

                	(i)	
                  have been prepared in accordance with GAAP as applied to the Original Financial Statements; and

                

        

      

      
        
          	

                	(ii)	
                  fairly represent its consolidated financial condition as at the end of, and its consolidated results of operations for, the period to which they relate.

                

        

      

      
        
          	

                	(f)	
                  Since the date of the most recent financial statements delivered pursuant to Clause 21.1 (Financial statements) there has been no material adverse change in the assets, business or
                      financial condition of any of the Obligors or any other member of the Group.

                

        

      

      
        
          	

                	20.1.13	
                  No proceedings

                

        

      

      
        
          	

                	(a)	
                  No litigation, arbitration or administrative proceedings or investigation of or before any court, arbitral body or agency which, if adversely determined,
                      are reasonably likely to have a Material Adverse Effect have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against any of the Obligors or any other member of the Group.

                

        

      

      
        
          	

                	(b)	
                  No judgment or order of a court, arbitral body or agency which is reasonably likely to have a Material Adverse Effect has (to the best of its knowledge and
                      belief (having made due and careful enquiry)) been made against any of the Obligors or any other member of the Group.

                

        

      

      
        
          	

                	20.1.14	
                  No breach of laws   None of the Obligors or any other
                      member of the Group has breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	

                	20.1.15	
                  Environmental laws

                

        

      

      
        
          	

                	(a)	
                  Each of the Obligors and each other member of the Group is in compliance with Clause 23.3 (Environmental compliance) and to the best of its knowledge and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or
                      to an extent which has or is reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	

                	(b)	
                  No Environmental Claim has been commenced or (to the best of its knowledge and belief (having made due and careful enquiry)) is threatened against any of
                      the Obligors or any other member of the Group where that claim has or is reasonably likely, if determined

                

        

      

      
        60

        
          

      

      

      

      against that Obligor or other member of the Group, to have a Material Adverse Effect.

      
        
          	

                	20.1.16	
                  Taxation

                

        

      

      
        
          	

                	(a)	
                  None of the Obligors nor any other member of the Group is materially overdue in the filing of any Tax returns or is overdue in the payment of any amount in
                      respect of Tax.

                

        

      

      
        
          	

                	(b)	
                  No claims or investigations are being, or are reasonably likely to be, made or conducted against any of the Obligors or any other member of the Group with
                      respect to Taxes.

                

        

      

      
        
          	

                	(c)	
                  Each of the Obligors and each other member of the Group is resident for Tax purposes only in its Original Jurisdiction.

                

        

      

      
        
          	

                	20.1.17	
                  Anti-corruption law   Each of the Obligors and each
                      other member of the Group and each Affiliate of any of them has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve
                      compliance with such laws.

                

        

      

      
        
          	

                	20.1.18	
                  No Encumbrance or Financial Indebtedness

                

        

      

      
        
          	

                	(a)	
                  No Encumbrance or Quasi-Security exists over all or any of the present or future assets of any of the Obligors or any other member of the Group other than
                      as permitted by the Finance Documents.

                

        

      

      
        
          	

                	(b)	
                  None of the Obligors has any Financial Indebtedness outstanding other than as permitted by this Agreement.

                

        

      

      
        
          	

                	20.1.19	
                  Pari passu ranking   The payment obligations of each
                      of the Obligors under the Finance Documents to which it is a party 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.

                

        

      

      
        
          	

                	20.1.20	
                  No adverse consequences

                

        

      

      
        
          	

                	(a)	
                  It is not necessary under the laws of the Relevant Jurisdictions of any of the Obligors or any other member of the Group:

                

        

      

      
        
          	

                	(i)	
                  in order to enable any Finance Party to enforce its rights under any Finance Document; or

                

        

      

      
        
          	

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

                

        

      

      that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in
          any of the Relevant Jurisdictions of any of the Obligors or any other member of the Group.

      
        61

        
          

      

      

      

      

      

      
        
          	

                	(b)	
                  No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any of the Relevant Jurisdictions of any of the Obligors or any
                      other member of the Group by reason only of the execution, performance and/or enforcement of any Finance Document.

                

        

      

      
        
          	

                	20.1.21	
                  Disclosure of material facts   No Borrower is aware
                      of any material facts or circumstances which have not been disclosed to the Agent and which might, if disclosed, have changed the decision of a person willing to make loan facilities of the nature contemplated by this Agreement
                      available to the Borrowers.

                

        

      

      
        
          	

                	20.1.22	
                  Completeness of Relevant Documents   The copies of
                      any Relevant Documents provided or to be provided by the Borrowers to the Agent in accordance with Clause 4 (Conditions of Utilisation)
                      are, or will be, true and accurate copies of the originals and represent, or will represent, the full agreement between the parties to those Relevant Documents in relation to the subject matter of those Relevant Documents and there
                      are no commissions, rebates, premiums or other payments due or to become due in connection with the subject matter of those Relevant Documents other than in the ordinary course of business or as disclosed to, and approved in writing
                      by, the Agent.

                

        

      

      
        
          	

                	20.1.23	
                  No immunity   No Obligor or any of its assets is
                      immune to any legal action or proceeding.

                

        

      

      
        
          	

                	20.1.24	
                  Money laundering   Any borrowing by a Borrower under
                      this Agreement, and the performance of its obligations under this Agreement and under the other Finance Documents, will be for its own account and will not involve any breach by it of any law or regulatory measure relating to "money laundering" as defined in Article 1 of the Directive ((EU) 2015/849) of the European Parliament and of the Council of the
                      European Communities.

                

        

      

      
        
          	

                	20.1.25	
                  Sanctions

                

        

      

      
        
          	

                	(a)	
                  No Relevant Person is:

                

        

      

      
        
          	

                	(b)	
                  a Restricted Party;

                

        

      

      
        
          	

                	(c)	
                  in breach of Sanctions; or

                

        

      

      
        
          	

                	(d)	
                  subject to or involved in any complaint, claim, proceeding, formal notice, investigation or other action by any regulatory or enforcement authority or third
                      party concerning any Sanctions.

                

        

      

      
        
          	20.2	
                  Repetition   Each Repeating Representation is deemed
                      to be made by each Borrower and each Guarantor by reference to the facts and circumstances then existing on the date of each Utilisation Request, on each Utilisation Date, on the first day of each Interest Period and, in the case of
                      those contained in Clauses 20.1.12(d) and 20.1.12(f) (Financial statements) and for so long as any amount is outstanding under the
                      Finance Documents or any Commitment is in force, on each day.

                

        

      

      
        62

        
          

      

      

      

      

      

      
        
          	21.	
                  Information Undertakings

                

        

      

      The undertakings in this Clause 21 remain in force for the duration of the Facility Period.

      
        
          	21.1	
                  Financial statements   Each Borrower  and the
                      Original Guarantor shall supply to the Agent in sufficient copies for all of the Lenders:

                

        

      

      
        
          	

                	21.1.1	
                  as soon as the same become available, but in any event within 180 days after the end of each of its financial years, the audited (consolidated) financial
                      statements of the Original Guarantor for that financial year; and

                

        

      

      
        
          	

                	21.1.2	
                  as soon as the same become available, but in any event within 90  days after the end of each half year during the Original Guarantor's financial years, the
                      unaudited semi-annual financial statements for that half year.

                

        

      

      
        
          	21.2	
                  Compliance Certificate

                

        

      

      
        
          	

                	21.2.1	
                  The Original Guarantor shall supply to the Agent, with each set of its annual financial statements delivered pursuant to Clause 21.1.1 (Financial statements) and each set of its semi-annual financial statements delivered pursuant to Clause 21.1.2 (Financial statements) and any financial statements required to be delivered under Clause 4 (Conditions of Utilisation), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 22 (Financial Covenants) as at the date as at which those financial statements were drawn up.

                

        

      

      
        
          	

                	21.2.2	
                  Each Compliance Certificate shall be signed by the chief financial officer of the Original Guarantor.

                

        

      

      
        
          	21.3	
                  Requirements as to financial statements

                

        

      

      Each set of financial statements delivered pursuant to Clause 21.1 (Financial statements):

      
        
          	

                	21.3.1	
                  shall be certified by a director of the relevant company as fairly representing its financial condition and operations as at the date as at which those
                      financial statements were drawn up;

                

        

      

      
        
          	

                	21.3.2	
                  in the case of consolidated financial statements of the Group, shall be accompanied by a statement by the directors of the Original Guarantor comparing
                      actual performance for the period to which the financial statements relate to the actual performance for the corresponding period in the preceding financial year of the Group; and

                

        

      

      
        
          	

                	21.3.3	
                  shall be prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original
                      Financial Statements unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors deliver to the Agent:

                

        

      

      
        
          	

                	(a)	
                  a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference

                

        

      

      
        63

        
          

      

      

      

      periods upon which the Original Financial Statements were prepared; and

      
        
          	

                	(b)	
                  sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Agent to determine whether Clause 22 (Financial Covenants) has been complied with and make an accurate comparison between the financial position indicated in those
                      financial statements and the Original Financial Statements.

                

        

      

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

      
        
          	21.4	
                  Information: miscellaneous   Each Borrower shall
                      supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

                

        

      

      
        
          	

                	21.4.1	
                  at the same time as they are dispatched, copies of all documents dispatched by that Borrower to its shareholders generally (or any class of them) or
                      dispatched by that Borrower or any other Obligor to its creditors generally (or any class of them);

                

        

      

      
        
          	

                	21.4.2	
                  promptly upon becoming aware of them, the details of any default,  litigation, arbitration or administrative proceedings which are current, threatened or
                      pending against any Obligor or any other member of the Group and which, if adversely determined, are reasonably likely to have a Material Adverse Effect;

                

        

      

      
        
          	

                	21.4.3	
                  promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or agency which is made against any Obligor or any
                      other member of the Group and which is reasonably likely to have a Material Adverse Effect;

                

        

      

      
        
          	

                	21.4.4	
                  promptly, such information and documents as the Security Agent may reasonably require about the Charged Property and compliance of the Obligors with the
                      terms of any Security Documents (including without limitation cash flow analyses and details of the operating costs of any Vessel); and

                

        

      

      
        
          	

                	21.4.5	
                  promptly on request, such further information regarding the financial condition, assets and operations of any Obligor or any other member of the Group
                      (including any requested amplification or explanation of any item in the financial statements, budgets or other material provided by any Obligor under this Agreement, any changes to management of the Group and an up to date copy of
                      its shareholders' register (or equivalent in its Original Jurisdiction)) as any Finance Party through the Agent may reasonably request.

                

        

      

      
        
          	21.5	
                  Notification of default

                

        

      

      
        
          	

                	21.5.1	
                  Each Borrower and each Guarantor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its
                      occurrence.

                

        

      

      
        64

        
          

      

      

      

      

      

      
        
          	

                	21.5.2	
                  Promptly upon a request by the Agent, each Borrower shall supply to the Agent a certificate signed by two of its directors or senior officers on its behalf
                      certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).

                

        

      

      
        
          	21.6	
                  Sanctions

                

        

      

      
        
          	

                	21.6.1	
                  Each of the Borrowers and the Original Guarantor shall notify the Agent promptly upon becoming aware of the relevant event and giving full details, if it or
                      any other Relevant Person:

                

        

      

      
        
          	

                	(a)	
                  becomes, or is reasonably likely to become, a Restricted Party;

                

        

      

      
        
          	

                	(b)	
                  has any direct or indirect dealings with any Restricted Party; or

                

        

      

      
        
          	

                	(c)	
                  is subject to, involved in or threatened with any complaint, claim, proceeding, formal notice, investigation or other action by any regulatory or
                      enforcement authority or third party concerning any Sanctions and shall notify the Agent of the steps, if any, being taken to address it.

                

        

      

      
        
          	21.7	
                  "Know your customer" checks

                

        

      

      
        
          	

                	21.7.1	
                  If:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      obliges the Agent or any Lender (or, in the case of Clause 21.7.1(c), any prospective new Lender)
          to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Borrower shall promptly upon the request of the Agent or any Lender supply, or procure
          the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in Clause 21.7.1(c), on behalf of any
          prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in Clause 21.7.1(c), any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other
          similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

      
        65

        
          

      

      

      

      

      

      
        
          	

                	21.7.2	
                  Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested
                      by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions
                      contemplated in the Finance Documents.

                

        

      

      
        
          	

                	21.7.3	
                  The Borrowers shall, by not less than ten Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of
                      the intention to request that any other company becomes an Additional Guarantor pursuant to Clause 26  (Changes to the Obligors).

                

        

      

      
        
          	

                	21.7.4	
                  Following the giving of any notice pursuant to Clause 21.7.3, if the accession of such Additional Guarantor obliges the Agent or any Lender to comply with
                      "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the request of the Agent or any Lender supply, or procure the
                      supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such
                      Lender or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such company to
                      this Agreement as an Additional Guarantor.

                

        

      

      
        
          	22.	
                  Financial Covenants

                

        

      

      
        
          	

                	22.1.1	
                  Each Borrower shall, from the Utilisation Date and throughout the Facility Period, maintain in the relevant Earnings Account a credit balance of not less
                      than two hundred thousand Dollars ($200,000).

                

        

      

      
        
          	

                	22.1.2	
                  The Original Guarantor shall maintain throughout the Facility Period on a consolidated basis:

                

        

      

      
        
          	

                	(a)	
                  Cash of not less than the higher of (i) $500,000 multiplied by the number of the Fleet Vessels and (ii) $10,000,000; and

                

        

      

      
        
          	

                	(b)	
                  Market Value Adjusted Net Worth in an amount not  less than $150,000,000; and

                

        

      

      
        
          	

                	(c)	
                  Market Value Adjusted Net Worth in excess of 25% of the Total Assets.

                

        

      

      For the purposes of this Clause 22:

      "Accounting

            Information" means the semi-annual consolidated financial statements and/or the annual consolidated financial statements to be provided by the Original Guarantor to the Agent in accordance with Clauses 21.1.1 (Financial statements) and 21.1.2 (Financial statements).

      "Accounting

            Period" means each consecutive period of approximately six months falling during the Facility Period (ending on the last day in June and

      
        66

        
          

      

      

      

      December of each year) for which semi-annual Accounting Information is required to be delivered
          pursuant to Clause 21.1.2 (Financial statements).

       “Cash”
          means cash in hand which is not subject to any charge back or other Encumbrance and to which the Borrowers or the Original Guarantor (as the context requires) have free, immediate and direct access.

      "Current

            Assets" means, in respect of each Accounting Period, the aggregate of the cash and marketable securities, trade and other receivables from persons other than a member of the Group realisable within one year, inventories and prepaid
          expenses which are to be charged to income within one year less any doubtful debts and any discounts or allowances given as stated in the then most recent Accounting Information.

      "Fleet

            Vessels" means any vessel directly or indirectly owned by a member of the Group, excluding however any vessels which are at any given time during the Facility Period under construction and not yet delivered to the relevant member of the
          Group.

      “Market

            Value Adjusted Net Worth” means the Market Value Adjusted Total Assets less Total Debt.

       “Market

            Value Adjusted Total Assets” means, at any time, the Total Assets adjusted to reflect the difference between book values of all Fleet Vessels and the aggregate Market Value of all Fleet Vessels.

      "Tangible

            Fixed Assets" means, in respect of an Accounting Period, the value (less depreciation computed in accordance with GAAP) on a consolidated basis of all the assets of the Group which would, in accordance with GAAP, be classified as
          tangible fixed assets, namely items held for ongoing use to the business of the Group including, without limitation, any land, plant, machinery and vessels as such value is stated in the then most recent Accounting Information Provided that, for
          the purposes of determining compliance with the covenants set forth in Clause 22 (Financial covenants), the value of such tangible fixed
          assets attributable to the Fleet Vessels shall be equal to the aggregate Fair Market Value of such Fleet Vessels rather than the value of such Fleet Vessels as stated in the then most recent Accounting Information.

      Total

            Assets" means, in respect of an Accounting Period, the aggregate of Current Assets and Tangible Fixed Assets.

      "Total

            Debt" means, in respect of an Accounting Period, in relation to any member of the Group (the "debtor"):

      
        
          	

                	(a)	
                  any Financial Indebtedness of the debtor;

                

        

      

      
        
          	

                	(b)	
                  liability of any credit to the debtor from a supplier of goods or services or under any instalment purchase or payment plan or other similar arrangement;

                

        

      

      
        
          	

                	(c)	
                  contingent liabilities of the debtor (including without limitation any taxes or other payments under dispute) which have been or, under GAAP, should be
                      recorded in the notes to the Accounting Information;

                

        

      

      
        67

        
          

      

      

      

      

      

      
        
          	

                	(d)	
                  any deferred tax of the debtor; and

                

        

      

      
        
          	

                	(e)	
                  liability under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person who is not a member of
                      the Group which would fall within (a) to (d) above if the references to the debtor referred to the other person.

                

        

      

      
        
          	23.	
                  General Undertakings

                

        

      

      The undertakings in this Clause 23 remain in force for the duration of the Facility Period.

      
        
          	23.1	
                  Authorisations   Each Borrower and each Guarantor
                      shall promptly:

                

        

      

      
        
          	

                	23.1.1	
                  obtain, comply with and do all that is necessary to maintain in full force and effect; and

                

        

      

      
        
          	

                	23.1.2	
                  supply certified copies to the Agent of,

                

        

      

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

      
        
          	

                	(a)	
                  enable any Obligor to perform its obligations under the Finance Documents to which it is a party;

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(c)	
                  enable any Obligor to carry on its business where failure to do so has or is reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	23.2	
                  Compliance with laws

                

        

      

      
        
          	

                	23.2.1	
                  Each Borrower and each Guarantor shall comply (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them
                      will comply), in all respects with all laws to which it may be subject, if (except as regards Sanctions, to which Clause 23.2.2 applies, and anti-corruption laws, to which Clause 23.5 applies) failure so to comply has or is reasonably
                      likely to have a Material Adverse Effect.

                

        

      

      
        
          	

                	23.2.2	
                  Each Borrower and each Guarantor shall comply (and shall procure that each other Obligor, each other member of the Group and each Affiliate of any of them
                      will comply) in all respects with all Sanctions.

                

        

      

      
        
          	23.3	
                  Environmental compliance

                

        

      

      Each Borrower and each Guarantor shall:

      
        
          	

                	23.3.1	
                  comply with all Environmental Laws;

                

        

      

      
        
          	

                	23.3.2	
                  obtain, maintain and ensure compliance with all requisite Environmental Approvals; and

                

        

      

      
        68

        
          

      

      

      

      

      

      
        
          	

                	23.3.3	
                  implement procedures to monitor compliance with and to prevent liability under any Environmental Law,

                

        

      

      where failure to do so has or is reasonably likely to have a Material Adverse Effect.

      
        
          	23.4	
                  Environmental Claims

                

        

      

      Each Borrower and each Guarantor shall promptly upon becoming aware of the same, inform the Agent
          in writing of:

      
        
          	

                	23.4.1	
                  any Environmental Claim against any of the Obligors or any other member of the Group which is current, pending or threatened; and

                

        

      

      
        
          	

                	23.4.2	
                  any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any of the Obligors or any
                      other member of the Group,

                

        

      

      where the claim, if determined against that Obligor or other member of the Group, has or is
          reasonably likely to have a Material Adverse Effect.

      
        
          	23.5	
                  Anti-corruption law

                

        

      

      
        
          	

                	23.5.1	
                  Each Borrower and each Guarantor shall not (and shall procure that no other Obligor or other member of the Group will) directly or indirectly use the
                      proceeds of the Loan for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in other jurisdictions.

                

        

      

      
        
          	

                	23.5.2	
                  Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will):

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	23.6	
                  Taxation

                

        

      

      
        
          	

                	23.6.1	
                  Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will) pay and discharge all Taxes
                      imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements
                      delivered to the Agent under Clause 21.1 (Financial statements); and

                

        

      

      
        
          	

                	(c)	
                  such payment can be lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely to have a Material Adverse Effect.

                

        

      

      
        69

        
          

      

      

      

      

      

      
        
          	

                	23.6.2	
                  Neither any Borrower nor any Guarantor may (and no other Obligor or other member of the Group may) change its residence for Tax purposes.

                

        

      

      
        
          	23.7	
                  Evidence of good standing   Each Borrower will from
                      time to time, if applicable and if requested by the Agent, provide the Agent with evidence in form and substance satisfactory to the Agent that each Obligor and each corporate shareholder of an Obligor remains in good standing.

                

        

      

      
        
          	23.8	
                  Pari passu ranking   Each Borrower and each Guarantor
                      shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.

                

        

      

      
        
          	23.9	
                  Negative pledge

                

        

      

      In this Clause 23.9 "Quasi-Security" means an arrangement or transaction described in Clause 23.9.2.

      Except as permitted under Clause 23.9.3:

      
        
          	

                	23.9.1	
                  No Borrower shall create nor permit to subsist any Encumbrance over any of its assets.

                

        

      

      
        
          	

                	23.9.2	
                  No Borrower shall:

                

        

      

      
        
          	

                	(a)	
                  sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of
                      the Group;

                

        

      

      
        
          	

                	(b)	
                  sell, transfer or otherwise dispose of any of its receivables on recourse terms;

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      in circumstances where the arrangement or transaction is entered into primarily as a method of
          raising Financial Indebtedness or of financing the acquisition of an asset.

      
        
          	

                	23.9.3	
                  Clauses 23.9.1 and 23.9.2 do not apply to (a) any Encumbrance or (as the case may be) Quasi-Security over a Vessel, which is a Permitted Encumbrance or (b)
                      any Encumbrance or (as the case may be) Quasi-Security over any other asset, which is created in the ordinary course of trading and not as a result of any default or omission by an Obligor or any other member of the Group.

                

        

      

      
        70

        
          

      

      

      

      

      

      
        
          	23.10	
                  Disposals

                

        

      

      
        
          	

                	23.10.1	
                  Except as permitted under Clause 23.10.2, neither Borrower shall enter into a single transaction or a series of transactions (whether related or not) and
                      whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.

                

        

      

      
        
          	

                	23.10.2	
                  Clause 23.10.1 does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal.

                

        

      

      
        
          	23.11	
                  Arm's length basis

                

        

      

      
        
          	

                	23.11.1	
                  Except as permitted under Clause 23.11.2, neither Borrower shall enter into any transaction with any person except on arm's length terms and for full market
                      value.

                

        

      

      
        
          	

                	23.11.2	
                  The following transactions shall not be a breach of this Clause 23.11: fees, costs and expenses payable under the Relevant Documents in the amounts set out
                      in the Relevant Documents delivered to the Agent under Clause 4.1 (Initial conditions precedent) or agreed by the Agent.

                

        

      

      
        
          	23.12	
                  Merger   Neither any Borrower nor any Guarantor shall
                      enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction.

                

        

      

      
        
          	23.13	
                  Change of business   Neither any Borrower nor any
                      Guarantor shall (and the Borrowers shall procure that no other Obligor will) make any substantial change to the general nature of its business from that carried on at the date of this Agreement without the prior written consent of the
                      Agent acting on the instructions of the Majority Lenders.

                

        

      

      
        
          	23.14	
                  No other business   No Borrower shall engage in any
                      business other than the ownership, operation, chartering and management of the relevant Vessel.

                

        

      

      
        
          	23.15	
                  No acquisitions   No Borrower shall acquire a company
                      or any shares or securities or a business or undertaking (or, in each case, any interest in any of them) or incorporate a company.

                

        

      

      
        
          	23.16	
                  No Joint Ventures   Neither Borrower shall:

                

        

      

      
        
          	

                	23.16.1	
                  enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or

                

        

      

      
        
          	

                	23.16.2	
                  transfer any assets or lend to or guarantee or give an indemnity for or give security for the obligations of a Joint Venture or maintain the solvency of or
                      provide working capital to any Joint Venture (or agree to do any of the foregoing).

                

        

      

      
        
          	23.17	
                  No borrowings   No Borrower shall incur or allow to
                      remain outstanding any Financial Indebtedness (except for the Loan) other than any Financial Indebtedness arising in the ordinary course of trading and any Financial Indebtedness from members of the Group which has been subordinated
                      to the Loan and on terms acceptable to the Agent, such terms to include, without limitation, prohibition from payment of principal and interest prior to the expiry of the Facility Period.

                

        

      

      
        71

        
          

      

      

      

      

      

      
        
          	23.18	
                  No substantial liabilities   Except in the ordinary
                      course of business, neither Borrower shall incur any liability to any third party which is in the Agent's opinion of a substantial nature.

                

        

      

      
        
          	23.19	
                  No loans or credit   No Borrower shall be a creditor
                      in respect of any Financial Indebtedness unless it is a loan made in the ordinary course of business in connection with the chartering, operation or repair of the relevant Vessel.

                

        

      

      
        
          	23.20	
                  No guarantees or indemnities   No Borrower shall
                      incur or allow to remain outstanding any guarantee in respect of any obligation of any person unless it is a guarantee made in the ordinary course of business in connection with the chartering, operation or repair of the relevant
                      Vessel.

                

        

      

      
        
          	23.21	
                  No dividends   Neither any Borrower nor any Guarantor shall:

                

        

      

      
        
          	

                	23.21.1	
                  declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend, charge, fee or other distribution) (whether in
                      cash or in kind) on or in respect of its share capital (or any class of its share capital);

                

        

      

      
        
          	

                	23.21.2	
                  repay or distribute any dividend or share premium reserve;

                

        

      

      
        
          	

                	23.21.3	
                  pay or allow any member of the Group to pay any management, advisory or other fee to or to the order of any of the shareholders of the Guarantor;

                

        

      

      
        
          	

                	23.21.4	
                  redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so; or

                

        

      

      if an Event of Default (under Clauses 24.1.1 (Non-payment), 24.1.2 (Other specific obligations), 24.1.3 (Other obligations) or 24.1.17 (Loss of Vessel) or a Default (in
          all other cases) has occurred and is continuing or would result from any of the actions described in this Clause 23.21 or if the Guarantor cannot demonstrate to the Agent's satisfaction compliance with the requirements of Clause 22 (financial covenants) either before or after taking any of the actions referred to in this Clause 23.21.

      
        
          	23.22	
                  Inspection of records   Each Borrower and each
                      Guarantor will permit the inspection of its financial records and accounts from time to time by the Agent or its nominee.

                

        

      

      
        
          	23.23	
                  No change in Relevant Documents   Neither any
                      Borrower nor any Guarantor shall (and the Borrowers shall procure that no other Obligor or other member of the Group will) amend, vary, novate, supplement, supersede, waive or terminate any term of, any of the Relevant Documents
                      (including, without limitation any Charter) which are not Finance Documents, or any other document delivered to the Agent pursuant to Clause 4.1 (Initial conditions precedent) or Clause 4.2 (Further conditions precedent) or Clause 4.3 (Conditions subsequent).

                

        

      

      
        
          	23.24	
                  Further assurance

                

        

      

      
        
          	

                	23.24.1	
                  Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will) promptly do all such acts or
                      execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may

                

        

      

      
        72

        
          

      

      

      

      reasonably require in favour of the Security Agent or its nominee(s)):

      
        
          	

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

                

        

      

      
        
          	

                	(b)	
                  to confer on the Security Agent or confer on the Finance Parties an Encumbrance over any property and assets of that Borrower (or that other Obligor or that
                      other member of the Group as the case may be) located in any jurisdiction equivalent or similar to the Encumbrance intended to be conferred by or pursuant to the Security Documents; and/or

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	23.24.2	
                  Each Borrower and each Guarantor shall (and shall procure that each other Obligor and each other member of the Group will) take all such action as is
                      available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Encumbrance conferred or intended to be conferred on the Security Agent
                      or the Finance Parties by or pursuant to the Finance Documents.

                

        

      

      
        
          	23.25	
                  Sanctions

                

        

      

      
        
          	

                	23.25.1	
                  No Obligor shall (and the Borrowers and the Guarantor shall ensure that no other Relevant Person will) take any action, make any omission or use (directly
                      or indirectly) any proceeds of the Loan, in a manner that:

                

        

      

      
        
          	

                	(a)	
                  is a breach of Sanctions; and/or

                

        

      

      
        
          	

                	(b)	
                  causes (or will cause) a breach of Sanctions by any Relevant Person or Finance Party.

                

        

      

      
        
          	

                	(c)	
                  causes any Finance Party to be involved in any complaint, claim, proceeding, formal notice, investigation or other action by any regulatory or enforcement
                      authority or third party concerning any Sanctions.

                

        

      

      
        
          	

                	23.25.2	
                  No Obligor shall (and the Borrowers and the Guarantor shall ensure that no other Relevant Person will) take any action or make any omission that results, or
                      is likely to result, in it or any Finance Party becoming a Restricted Party or otherwise a target of sanctions ("target of sanctions" signifying an entity or person ("Target") that is a target of laws, regulations or orders concerning any trade, economic or financial sanctions or embargoes by

                

        

      

      
        73

        
          

      

      

      

      virtue of prohibitions and/or restrictions being imposed on any US person or other legal or
          natural person subject to the jurisdiction or authority of a US Sanctions Authority which prohibit or restrict them from them engaging in trade, business or other activities with such Target without all appropriate licenses or exemptions issued
          by all applicable US Sanctions Authorities).

      
        
          	

                	23.25.3	
                  Each Obligor shall (and the Borrowers and the Guarantor shall ensure that each member of the Group will) maintain appropriate policies and procedures to:

                

        

      

      
        
          	

                	(a)	
                  identify any risks to its business as a result of Sanctions; and

                

        

      

      
        
          	

                	(b)	
                  promote and achieve compliance with its obligations under paragraphs (a) and (b) above.

                

        

      

      
        
          	23.26	
                  No dealings with Master Agreement

                

        

      

      
        
          	

                	23.26.1	
                  No Borrower shall assign, novate or encumber or in any other way transfer any of its rights or obligations under the Master Agreement, nor (subject to
                      Clause 23.26.2) enter into any interest rate exchange or hedging agreement with anyone other than the Swap Provider.

                

        

      

      
        
          	

                	23.26.2	
                  The Borrowers shall give the Swap Provider at all times throughout the Facility Period, the right of first refusal to enter into one or more hedging of
                      interest rate risk of the Loan or other derivative products on competitive terms.

                

        

      

      
        
          	23.27	
                  Change of control

                

        

      

      
        
          	

                	23.27.1	
                  The Borrowers and the Guarantor shall procure that throughout the Facility Period:-

                

        

      

      
        
          	

                	(a)	
                  the Borrowers shall remain wholly owned and controlled Subsidiaries of the Guarantor;

                

        

      

      
        
          	

                	(b)	
                  there is no change in the legal or beneficial ownership of a Borrower from that advised to the Agent on or prior to the date of this Agreement without the
                      prior written consent of the Agent;

                

        

      

      
        
          	

                	(c)	
                  the Family, with the exception of any financial institution acting as passive investor, remains the major legal owner or ultimate beneficial owner of the
                      Guarantor;

                

        

      

      
        
          	

                	(d)	
                  the Guarantor remains listed in the New York Stock Exchange;

                

        

      

      
        
          	

                	(e)	
                  each of the Relevant Executives holds an executive position within the management structure of the Guarantor.

                

        

      

      
        
          	23.28	
                  Inventory of Hazardous Materials   Each Borrower
                      shall procure that the Vessel owned by it has, from 1 January 2021, obtained an Inventory of Hazardous Material, in respect of the Vessel owned by it which shall be maintained throughout the Facility Period.

                

        

      

      
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          	23.29	
                  Sustainable Vessel dismantling   Each of the
                      Guarantor and the Borrowers confirms that it will ensure that any ship controlled by it or sold to an intermediary with the intention of being scrapped, is recycled at a recycling yard which conducts its recycling business in a
                      socially and environmentally responsible manner, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and/or EU Ship regulation.

                

        

      

      
        
          	23.30	
                  Reduction or increase of capital   No Borrower shall
                      purchase, cancel or redeem any part of its share capital or reduce or increase its authorised or issued or subscribed capital or resolve to do so.

                

        

      

      
        
          	23.31	
                  Change of Managers The Borrowers may, at their sole
                      discretion, at any time during the Facility Period, change the Managers of a Vessel from Diana Shipping to Diana Wilhelmsen, provided that the Borrowers shall notify the Agent two Business Days prior to such change and undertake to
                      provide the Agent with:

                

        

      

      
        
          	

                	23.31.1	
                  on or prior to such change:

                

        

      

      
        
          	

                	(a)	
                  the documents listed in paragraphs 1(a)-(h) of Part I of Schedule 2;

                

        

      

      
        
          	

                	(b)	
                  a legal opinion of the legal advisers to the Agent in each relevant jurisdiction, addressed to the Agent, or confirmation satisfactory that such opinion
                      will be given;

                

        

      

      
        
          	

                	(c)	
                  the Managers’ Undertakings of the new Managers; and

                

        

      

      
        
          	

                	(d)	
                  the ISM Company's current DOC,

                

        

      

      
        
          	

                	23.31.2	
                  within 1 Business Day after the change of the Approved Manager is concluded, the relevant Vessel's current ISSC and SMC; and

                

        

      

      
        
          	

                	23.31.3	
                  within 10 days the change of the Approved Manager is concluded, evidence that the prescribed particulars of the new Manager's Undertaking received by the
                      Agent under Clause 23.31.1 (c), have been delivered to the Registry of Companies/Corporations in Cyprus within the statutory time limit.

                

        

      

      
        
          	24.	
                  Events of Default

                

        

      

      
        
          	24.1	
                  Events of Default   Each of the events or
                      circumstances set out in this Clause 24.1 is an Event of Default.

                

        

      

      
        
          	

                	24.1.1	
                  Non-payment   An Obligor does not pay on the due date
                      any amount payable by it under a Finance Document at the place at and in the currency in which it is expressed to be payable unless:

                

        

      

      
        
          	

                	(a)	
                  its failure to pay is caused by:

                

        

      

      
        
          	

                	(i)	
                  administrative or technical error; or

                

        

      

      
        
          	

                	(ii)	
                  a Disruption Event; and

                

        

      

      
        75

        
          

      

      

      

      

      

      
        
          	

                	(b)	
                  payment is made within two Business Days of its due date.

                

        

      

      
        
          	

                	24.1.2	
                  Other specific obligations

                

        

      

      
        
          	

                	(a)	
                  Any requirement of Clause 22 (Financial Covenants)
                      is not satisfied.

                

        

      

      
        
          	

                	(b)	
                  An Obligor does not comply with any obligation in a Finance Document relating to the Insurances or with Clause 7.5 (Mandatory prepayment on sale or Total Loss) or with Clause 18.1 (Additional security) or with Clause 23.25 (Sanctions) or with Clause 23.27 (Change of control).

                

        

      

      
        
          	

                	24.1.3	
                  Other obligations

                

        

      

      
        
          	

                	(a)	
                  An Obligor does not comply with any provision of a Finance Document (other than those referred to in Clause 24.1.1 (Non-payment) and Clause 24.1.2 (Other
                      specific obligations).

                

        

      

      
        
          	

                	(b)	
                  No Event of Default under this Clause 24.1.3 will occur if the failure to comply is capable of remedy and is remedied within ten Business Days of the
                      earlier of (i) the Agent giving notice to the Borrowers and (ii) the Borrowers becoming aware of the failure to comply.

                

        

      

      
        
          	

                	24.1.4	
                  Misrepresentation   Any representation or statement
                      made or deemed to be made by an Obligor in any Finance Document 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 when made
                      or deemed to be made.

                

        

      

      
        
          	

                	24.1.5	
                  Cross default

                

        

      

      
        
          	

                	(a)	
                  Any Financial Indebtedness of an Obligor or of any other member of the Group is not paid when due nor within any originally applicable grace period.

                

        

      

      
        
          	

                	(b)	
                  Any Financial Indebtedness of an Obligor or of any other member of the Group 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).

                

        

      

      
        
          	

                	(c)	
                  Any commitment for any Financial Indebtedness of an Obligor or of any other member of the Group is cancelled or suspended by a creditor of an Obligor or of
                      any other member of the Group as a result of an event of default (however described).

                

        

      

      
        
          	

                	(d)	
                  Any creditor of an Obligor or of any other member of the Group becomes entitled to declare any Financial Indebtedness of an Obligor or of any other member
                      of the Group due and payable prior to its specified maturity as a result of an event of default (however described).

                

        

      

      Provided that the amount or aggregate amount at any one time of all Financial Indebtedness of any
          Obligor or any other member of

      
        76

        
          

      

      

      

      the Group in relation to which any of the foregoing events shall have occurred and be continuing,
          is equal to or greater than five million Dollars ($5,000,000) or its equivalent in the currency which the same is denominated or payable .

      
        
          	

                	24.1.6	
                  Insolvency

                

        

      

      
        
          	

                	(a)	
                  An Obligor or any other member of the Group:

                

        

      

      
        
          	

                	(i)	
                  is unable or admits inability to pay its debts as they fall due;

                

        

      

      
        
          	

                	(ii)	
                  is deemed to, or is declared to, be unable to pay its debts under applicable law;

                

        

      

      
        
          	

                	(iii)	
                  suspends or threatens to suspend making payments on any of its debts; or

                

        

      

      
        
          	

                	(iv)	
                  by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its
                      indebtedness.

                

        

      

      
        
          	

                	(b)	
                  The value of the assets of an Obligor or any other member of the Group is less than its liabilities (taking into account contingent and prospective
                      liabilities).

                

        

      

      
        
          	

                	(c)	
                  A moratorium is declared in respect of any indebtedness of an Obligor or any other member of the Group.  If a moratorium occurs, the ending of the
                      moratorium will not remedy any Event of Default caused by that moratorium.

                

        

      

      
        
          	

                	24.1.7	
                  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, bankruptcy or reorganisation (by way of voluntary
                      arrangement, scheme of arrangement or otherwise) of an Obligor or any other member of the Group;

                

        

      

      
        
          	

                	(b)	
                  a composition, compromise, assignment or arrangement with any creditor of an Obligor or any other member of the Group;

                

        

      

      
        
          	

                	(c)	
                  the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager, trustee or other similar officer in respect of an
                      Obligor or any other member of the Group or any of its assets; or

                

        

      

      
        
          	

                	(d)	
                  enforcement of any Encumbrance over any assets of an Obligor or any other member of the Group,

                

        

      

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

      
        77

        
          

      

      

      

      

      

      
        
          	

                	24.1.8	
                  Creditors' process   Any expropriation, attachment,
                      sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of an Obligor or any other member of the Group and is not discharged within 7 days.

                

        

      

      
        
          	

                	24.1.9	
                  Unlawfulness and invalidity

                

        

      

      
        
          	

                	(a)	
                  It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any Encumbrance created or expressed to be created
                      or evidenced by the Security Documents ceases to be effective.

                

        

      

      
        
          	

                	(b)	
                  Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or
                      enforceable and the cessation individually or cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

                

        

      

      
        
          	

                	(c)	
                  Any Finance Document ceases to be in full force and effect or any Encumbrance created or expressed to be created or evidenced by the Security Documents
                      ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

                

        

      

      
        
          	

                	24.1.10	
                  Cessation of business   An Obligor ceases, or
                      threatens to cease, to carry on all or a substantial part of its business.

                

        

      

      
        
          	

                	24.1.11	
                  Change in ownership or control     There is any
                      change in the beneficial ownership or control of a Borrower or (b) the Family ceases to be the major legal owner or ultimate beneficial owner of the Original Guarantor, with the exception of any financial institution acting as passive
                      investor.

                

        

      

      
        
          	

                	24.1.12	
                  Expropriation   The authority or ability of an
                      Obligor or any other member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any
                      governmental, regulatory or other authority or other person in relation to an Obligor or any member of the Group or any of its assets.

                

        

      

      
        
          	

                	24.1.13	
                  Repudiation and rescission of agreements

                

        

      

      
        
          	

                	(a)	
                  An Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a
                      Finance Document.

                

        

      

      
        
          	

                	(b)	
                  Subject to Clause 24.1.13(c), any party to any of the Relevant Documents that is not a Finance Document rescinds or purports to rescind or repudiates or
                      purports to repudiate that Relevant Document in whole or in part where to do so has or is, in the reasonable opinion of the Majority Lenders, likely to have a material adverse effect on the interests of the Lenders under the Finance
                      Documents.

                

        

      

      
        78

        
          

      

      

      

      

      

      
        
          	

                	(c)	
                  Any of the Management Agreements or a Charter is terminated, cancelled or otherwise ceases to remain in full force and effect at any time prior to its
                      contractual expiry date and is not immediately replaced by a similar agreement in form and substance satisfactory to the Majority Lenders.

                

        

      

      
        
          	

                	24.1.14	
                  Conditions subsequent   Any of the conditions
                      referred to in Clause 4.3 (Conditions subsequent) is not satisfied within the time reasonably required by the Agent.

                

        

      

      
        
          	

                	24.1.15	
                  Revocation or modification of Authorisation   Any
                      Authorisation of any governmental, judicial or other public body or authority which is now, or which at any time during the Facility Period becomes, necessary to enable any of the Obligors or any other person (except a Finance Party)
                      to comply with any of their obligations under any Relevant Document is not obtained, is revoked, suspended, withdrawn or withheld, or is modified in a manner which the Agent considers is, or may be, prejudicial to the interests of any
                      Finance Party, or ceases to remain in full force and effect.

                

        

      

      
        
          	

                	24.1.16	
                  Reduction of capital   A Borrower  reduces its
                      authorised or issued or subscribed capital.

                

        

      

      
        
          	

                	24.1.17	
                  Loss of Vessel   A Vessel suffers a Total Loss or is
                      otherwise destroyed or abandoned, or a similar event occurs in relation to any other vessel which may from time to time be mortgaged to the Security Agent as security for the payment of all or any part of the Indebtedness, except that
                      a Total Loss (which term shall for the purposes of the remainder of this Clause 0 include an event similar to a Total Loss in relation to any other vessel) shall not be an Event of Default if:

                

        

      

      
        
          	

                	(a)	
                  that Vessel or other vessel is insured in accordance with the Security Documents and a claim for Total Loss is available under the terms of the relevant
                      insurances; and

                

        

      

      
        
          	

                	(b)	
                  no insurer has refused to meet or has disputed the claim for Total Loss and it is not apparent to the Agent that any such refusal or dispute is likely to
                      occur; and

                

        

      

      
        
          	

                	(c)	
                  payment of all insurance proceeds in respect of the Total Loss is made in full to the Security Agent within 120 days of the occurrence of the casualty
                      giving rise to the Total Loss in question (save that, in relation to a Total Loss under part (c) of the definition of Total Loss, an Event of Default shall not occur if payment of all insurance proceeds in respect of that Total Loss
                      is made in full to the Security Agent within 120 days after that Total Loss has occurred) or (in each such case) such longer period as the Agent may agree.

                

        

      

      
        
          	

                	24.1.18	
                  Challenge to registration   The registration of a
                      Vessel or a Mortgage is contested or becomes void or voidable or liable to cancellation or termination, or the validity or priority of a Mortgage is contested.

                

        

      

      
        79

        
          

      

      

      

      

      

      
        
          	

                	24.1.19	
                  War   The country of registration of a Vessel becomes
                      involved in war (whether or not declared) or civil war or is occupied by any other power and the Agent considers that, as a result, the security conferred by any of the Security Documents is materially prejudiced.

                

        

      

      
        
          	

                	24.1.20	
                  Master Agreement termination   A notice is given by
                      the Swap Provider under section 6(a) of the Master Agreement, or by any person under section 6(b)(iv) of the Master Agreement, in either case designating an Early Termination Date for the purpose of the Master Agreement, or the Master
                      Agreement is for any other reason terminated, cancelled, suspended, rescinded, revoked or otherwise ceases to remain in full force and effect.

                

        

      

      
        
          	

                	24.1.21	
                  Notice of determination   A Guarantor gives notice to
                      the Security Agent to determine any obligations under the relevant Guarantee.

                

        

      

      
        
          	

                	24.1.22	
                  Litigation   Any litigation, arbitration or
                      administrative proceedings or investigations of, or before, any court, arbitral body or agency are started or threatened, or any judgment or order of a court, arbitral body or agency is made, in relation to the Relevant Documents or
                      the transactions contemplated in the Relevant Documents or against an Obligor or any other member of the Group or its assets which have, or has, or are, or is, reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	

                	24.1.23	
                  Material adverse change   Any event or circumstance
                      occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse Effect.

                

        

      

      
        
          	

                	24.1.24	
                  Sanctions

                

        

      

      
        
          	

                	(a)	
                  Any Relevant Person becomes a Restricted Party.

                

        

      

      An act or omission of a Relevant Person causes a breach of Sanctions by any Finance Party.

      
        
          	24.2	
                  Acceleration   On and at any time after the
                      occurrence of an Event of Default the Agent may, and shall if so directed by the Majority Lenders:

                

        

      

      
        
          	

                	24.2.1	
                  by notice to the Borrowers:

                

        

      

      
        
          	

                	(a)	
                  cancel the Total Commitments, at which time they shall immediately be cancelled;

                

        

      

      
        
          	

                	(b)	
                  declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be
                      immediately due and payable, at which time they shall become immediately due and payable; and/or

                

        

      

      
        
          	

                	(c)	
                  declare that all or part of the Loan be payable on demand, at which time it shall immediately become payable on demand by the Agent on the instructions of
                      the Majority Lenders; and/or

                

        

      

      
        
          	

                	24.2.2	
                  exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

                

        

      

      
        80

        
          

      

      

      

      

      

      
        
          	Section 9	
                  Changes to Parties

                

        

      

      
        
          	25.	
                  CHANGES TO THE LENDERS

                

        

      

      
        
          	25.1	
                  Assignments and transfers by the Lenders   Subject to
                      this Clause 25, a Lender (the "Existing Lender") may, subject to the prior written consent of the Borrowers (such consent not to be
                      unreasonably withheld or unduly delayed):

                

        

      

      
        
          	

                	25.1.1	
                  assign any of its rights; or

                

        

      

      
        
          	

                	25.1.2	
                  transfer by novation any of its rights and obligations,

                

        

      

      under any Finance Document to another bank or financial institution or to a trust, fund or other
          entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender").

      
        
          	25.2	
                  Conditions of assignment or transfer

                

        

      

      
        
          	

                	25.2.1	
                  An Existing Lender must consult with the Borrowers for no more than five days before it may make an assignment or transfer in accordance with Clause 25.1 (Assignments and transfers by the Lenders) unless the assignment or transfer is:

                

        

      

      
        
          	

                	(a)	
                  to another Lender or an Affiliate of any Lender;

                

        

      

      
        
          	

                	(b)	
                  to a fund which is a Related Fund of that Existing Lender; or

                

        

      

      
        
          	

                	(c)	
                  to the Arranger or an Affiliate of the Arranger and made in connection with the facilitation of primary syndication or first utilisation;

                

        

      

      
        
          	

                	(d)	
                  made at a time when an Event of Default is continuing.

                

        

      

      
        
          	

                	25.2.2	
                  An assignment will only be effective on:

                

        

      

      
        
          	

                	(a)	
                  receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to
                      the Agent) that the New Lender will assume the same obligations to the other Finance Parties and the other Secured Parties as it would have been under if it had been an Original Lender; and

                

        

      

      
        
          	

                	(b)	
                  performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such
                      assignment to a New Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender.

                

        

      

      
        
          	

                	25.2.3	
                  A transfer will only be effective if the procedure set out in Clause 25.5 (Procedure for transfer) is complied with.

                

        

      

      
        
          	

                	25.2.4	
                  If:

                

        

      

      
        81

        
          

      

      

      

      

      

      
        
          	

                	(a)	
                  a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and

                

        

      

      
        
          	

                	(b)	
                  as a result of circumstances existing at the date the assignment, transfer or change occurs, a Borrower or a Guarantor would be obliged to make a payment to
                      the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax Gross Up and Indemnities) or Clause 13 (Increased Costs),

                

        

      

      then the New Lender or Lender acting through its new Facility Office is only entitled to receive
          payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.  This Clause 25.2.4 shall not apply:

      
        
          	

                	(c)	
                  in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Loan; or

                

        

      

      
        
          	

                	(d)	
                  in relation to Clause 12.2 (Tax gross-up), to a
                      Treaty Lender that has included a confirmation of its scheme reference number and its jurisdiction of tax residence in accordance with Clause 12.2.6(b)(ii) (Tax gross-up) if the Borrower making the payment has not made a Borrower DTTP Filing in respect of that Treaty Lender.

                

        

      

      
        
          	

                	25.2.5	
                  Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Agent has authority
                      to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective
                      in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

                

        

      

      
        
          	25.3	
                  Assignment or transfer fee

                

        

      

      
        
          	

                	25.3.1	
                  Subject to Clause 25.3.2, the New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee
                      of $3,000. 

                

        

      

      
        
          	

                	25.3.2	
                  No fee is payable pursuant to Clause 25.3.1 if:

                

        

      

      
        
          	

                	(a)	
                  the Agent agrees that no fee is payable; or

                

        

      

      
        
          	

                	(b)	
                  the assignment or transfer is made by an Existing Lender:

                

        

      

      
        
          	

                	(i)	
                  to an Affiliate of that Existing Lender;

                

        

      

      
        
          	

                	(ii)	
                  to a fund which is a Related Fund of that Existing Lender; or

                

        

      

      
        
          	

                	(iii)	
                  in connection with primary syndication of the Loan.

                

        

      

      
        82

        
          

      

      

      

      

      

      
        
          	25.4	
                  Limitation of responsibility of Existing Lenders

                

        

      

      
        
          	

                	25.4.1	
                  Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

                

        

      

      
        
          	

                	(a)	
                  the legality, validity, effectiveness, adequacy or enforceability of the Relevant Documents or any other documents;

                

        

      

      
        
          	

                	(b)	
                  the financial condition of any Obligor;

                

        

      

      
        
          	

                	(c)	
                  the performance and observance by any Obligor or any other member of the Group of its obligations under the Relevant Documents or any other documents; or

                

        

      

      
        
          	

                	(d)	
                  the accuracy of any statements (whether written or oral) made in or in connection with any of the Relevant Documents or any other document,

                

        

      

      and any representations or warranties implied by law are excluded.

      
        
          	

                	25.4.2	
                  Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

                

        

      

      
        
          	

                	(a)	
                  has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and each other
                      member of the Group and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any of the Relevant
                      Documents; and

                

        

      

      
        
          	

                	(b)	
                  will continue to make its own independent appraisal of the creditworthiness of each Obligor and each other member of the Group and its related entities
                      while any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

                

        

      

      
        
          	

                	25.4.3	
                  Nothing in any Finance Document obliges an Existing Lender to:

                

        

      

      
        
          	

                	(a)	
                  accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 25; or

                

        

      

      
        
          	

                	(b)	
                  support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Relevant
                      Documents or otherwise.

                

        

      

      
        
          	25.5	
                  Procedure for transfer

                

        

      

      
        
          	

                	25.5.1	
                  Subject to the conditions set out in Clause 25.2 (Conditions

                        of assignment or transfer) a transfer is effected in accordance with Clause 25.5.3 when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender.  The Agent
                      shall, subject to

                

        

      

      
        83

        
          

      

      

      

       Clause 25.2.2(b), as soon as reasonably practicable after receipt by it of a duly completed
          Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate.

      
        
          	

                	25.5.2	
                  The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has
                      complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.

                

        

      

      
        
          	

                	25.5.3	
                  Subject to Clause 25.9 (Pro rata interest settlement),

                      on the Transfer Date:

                

        

      

      
        
          	

                	(a)	
                  to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each
                      Borrower and each Guarantor and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another shall be cancelled (being the "Discharged Rights and Obligations");

                

        

      

      
        
          	

                	(b)	
                  each Borrower and each Guarantor and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from
                      the Discharged Rights and Obligations only insofar as that Borrower and that Guarantor and the New Lender have assumed and/or acquired the same in place of that Borrower and that Guarantor and the Existing Lender;

                

        

      

      
        
          	

                	(c)	
                  the Agent, the Security Agent, the Arranger, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between
                      themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Security Agent,
                      the Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

                

        

      

      
        
          	

                	(d)	
                  the New Lender shall become a Party as a "Lender".

                

        

      

      
        
          	25.6	
                  Procedure for assignment

                

        

      

      
        
          	

                	25.6.1	
                  Subject to the conditions set out in Clause 25.2 (Conditions

                        of assignment or transfer) an assignment may be effected in accordance with Clause 25.6.3 when the Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. 
                      The Agent shall, subject to Clause 25.6.2, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance
                      with the terms of this Agreement, execute that Assignment Agreement.

                

        

      

      
        84

        
          

      

      

      

      

      

      
        
          	

                	25.6.2	
                  The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has
                      complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.

                

        

      

      
        
          	

                	25.6.3	
                  Subject to Clause 25.9 (Pro rata interest settlement),

                      on the Transfer Date:

                

        

      

      
        
          	

                	(a)	
                  the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of any Encumbrance created or expressed
                      to be created or evidenced by the Security Documents and expressed to be the subject of the assignment in the Assignment Agreement;

                

        

      

      
        
          	

                	(b)	
                  the Existing Lender will be released from the obligations (the "Relevant Obligations") expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of any Encumbrance created or expressed to be created or
                      evidenced by the Security Documents); and

                

        

      

      
        
          	

                	(c)	
                  the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant Obligations.

                

        

      

      
        
          	

                	25.6.4	
                  Lenders may utilise procedures other than those set out in this Clause 25.6 to assign their rights under the Finance Documents (but not, without the consent
                      of the relevant Obligor or unless in accordance with Clause 25.5 (Procedure for transfer), to obtain a release by that Obligor
                      from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that
                      they comply with the conditions set out in Clause 25.2 (Conditions of assignment or transfer).

                

        

      

      
        
          	25.7	
                  Copy of Transfer Certificate or Assignment Agreement to
                        Borrowers   The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrowers a copy of that Transfer Certificate or Assignment Agreement.

                

        

      

      
        
          	25.8	
                  Security over Lenders' rights   In addition to the
                      other rights provided to Lenders under this Clause 25, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Encumbrances in or over (whether by way of collateral
                      or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

                

        

      

      
        
          	

                	25.8.1	
                  any charge, assignment or other Encumbrance to secure obligations to a federal reserve or central bank; and

                

        

      

      
        
          	

                	25.8.2	
                  any charge, assignment or other Encumbrance granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by
                      that Lender as security for those obligations or securities,

                

        

      

      except that no such charge, assignment or Encumbrance shall:

      
        85

        
          

      

      

      

      

      

      
        
          	

                	(a)	
                  release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Encumbrance for
                      the Lender as a party to any of the Finance Documents; or

                

        

      

      
        
          	

                	(b)	
                  require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made
                      or granted to the relevant Lender under the Finance Documents.

                

        

      

      
        
          	25.9	
                  Pro rata interest settlement

                

        

      

      
        
          	

                	25.9.1	
                  If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New Lenders then (in
                      respect of any transfer pursuant to Clause 25.5 (Procedure for transfer) or any assignment pursuant to Clause 25.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day
                      of an Interest Period):

                

        

      

      
        
          	

                	(a)	
                  any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in
                      favour of the Existing Lender up to but excluding the Transfer Date ("Accrued Amounts") and shall become due and payable to the
                      Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at intervals of six Months after
                      the first day of that Interest Period); and

                

        

      

      
        
          	

                	(b)	
                  the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:

                

        

      

      
        
          	

                	(i)	
                  when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and

                

        

      

      
        
          	

                	(ii)	
                  the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 25.9, have been payable to it on
                      that date, but after deduction of the Accrued Amounts.

                

        

      

      
        
          	

                	25.9.2	
                  In this Clause 25.9 references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.

                

        

      

      
        
          	

                	25.9.3	
                  An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 25.9 but which does not have a Commitment shall be deemed not to
                      be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.

                

        

      

      
        86

        
          

      

      

      

      

      

      
        
          	26.	
                  Changes To The Obligors

                

        

      

      
        
          	26.1	
                  No assignment or transfer by Obligors   No Obligor
                      may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

                

        

      

      
        
          	26.2	
                  Additional Guarantors

                

        

      

      
        
          	

                	26.2.1	
                  Subject to compliance with the provisions of Clauses 21.7.3 and 21.7.4 ("Know your customer" checks), the Borrowers or the Original Guarantor may request that any Affiliate of a Borrower become a Guarantor.

                

        

      

      
        
          	

                	26.2.2	
                  An Affiliate of a Borrower shall become an Additional Guarantor if:

                

        

      

      
        
          	

                	(a)	
                  the Borrowers or the Original Guarantor and the proposed Additional Guarantor deliver to the Agent a duly completed and executed Accession Deed; and

                

        

      

      
        
          	

                	(b)	
                  the Agent has received all of the documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) and, if applicable, Part II of Schedule 2 (Conditions Subsequent)
                      in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

                

        

      

      
        
          	

                	26.2.3	
                  The Agent shall notify the Borrowers and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the
                      documents and other evidence listed in Part I of Schedule 2 (Conditions Precedent) and, if applicable, Part II of Schedule 2 (Conditions Subsequent).

                

        

      

      
        
          	

                	26.2.4	
                  Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the notification described in Clause
                      26.2.3, the Lenders authorise (but do not require) the Agent to give that notification.  The Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

                

        

      

      
        
          	26.3	
                  Resignation of a Guarantor

                

        

      

      
        
          	

                	26.3.1	
                  The Borrowers or the Original Guarantor may request that a Guarantor (other than the Original Guarantor ) ceases to be a Guarantor by delivering to the
                      Agent a Resignation Letter if all the Lenders have consented to the resignation of that Guarantor.

                

        

      

      
        
          	

                	26.3.2	
                  The Agent shall accept a Resignation Letter and notify the Borrowers and the Lenders of its acceptance if:

                

        

      

      
        
          	

                	(a)	
                  the Borrowers have confirmed that no Default is continuing or would result from the acceptance of the Resignation Letter; and

                

        

      

      
        
          	

                	(b)	
                  no payment is due from any Guarantor under Clause 19.1 (Guarantee

                        and Indemnity).

                

        

      

      
        
          	26.4	
                  Repetition of Representations

                

        

      

      Delivery of an Accession Deed constitutes confirmation by the relevant Affiliate of a Borrower that
          the Repeating Representations are true and correct in relation to it as

      
        87

        
          

      

      

      

      at the date of delivery as if made by reference to the facts and circumstances then existing.

      
        88

        
          

      

      

      

      

      

      Section 10 The Finance Parties

      
        
          	27.	
                  Role of the Agent, the Security Agent and the Arranger

                

        

      

      
        
          	27.1	
                  Appointment of the Agent

                

        

      

      
        
          	

                	27.1.1	
                  Each of the Arranger and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents and each of the Arranger, the
                      Lenders and the Agent appoints the Security Agent to act as its security agent for the purpose of the Security Documents.

                

        

      

      
        
          	

                	27.1.2	
                  Each of the Arranger and the Lenders authorises the Agent and each of the Arranger, the Lenders and the Agent authorises the Security Agent to perform the
                      duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent or the Security Agent (as the case may be) under or in connection with the Finance Documents
                      together with any other incidental rights, powers, authorities and discretions.

                

        

      

      
        
          	

                	27.1.3	
                  The Swap Provider appoints the Security Agent to act as its security agent for the purpose of the Security Documents and authorises the Security Agent to
                      exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Security Documents together with any other incidental rights, powers, authorities and discretions.

                

        

      

      
        
          	

                	27.1.4	
                  Except in Clause 27.14 (Replacement of the Agent) or
                      where the context otherwise requires, references in this Clause 27 to the "Agent" shall mean the Agent and the Security Agent
                      individually and collectively and references in this Clause 27 to the "Finance Documents" or to any "Finance Document" shall not include the Master Agreement.

                

        

      

      
        
          	27.2	
                  Instructions

                

        

      

      
        
          	

                	27.2.1	
                  The Agent shall:

                

        

      

      
        
          	

                	(a)	
                  unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as
                      Agent in accordance with any instructions given to it by:

                

        

      

      
        
          	

                	(i)	
                  all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

                

        

      

      
        
          	

                	(ii)	
                  in all other cases, the Majority Lenders; and

                

        

      

      
        
          	

                	(b)	
                  not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with Clause 27.2.1(a).

                

        

      

      
        
          	

                	27.2.2	
                  The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document
                      stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it

                

        

      

      
        89

        
          

      

      

      

      should exercise or refrain from exercising any right, power, authority or discretion and the Agent
          may refrain from acting unless and until it receives any such instructions or clarification that it has requested.

      
        
          	

                	27.2.3	
                  Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary
                      indication appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

                

        

      

      
        
          	

                	27.2.4	
                  The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or
                      security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with
                      those instructions.

                

        

      

      
        
          	

                	27.2.5	
                  In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

                

        

      

      
        
          	

                	27.2.6	
                  The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender's consent) in any legal or arbitration proceedings relating to
                      any Finance Document.  This Clause 27.2.6 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Finance Documents or the enforcement of the Finance Documents.

                

        

      

      
        
          	27.3	
                  Duties of the Agent

                

        

      

      
        
          	

                	27.3.1	
                  The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

                

        

      

      
        
          	

                	27.3.2	
                  Subject to Clause 27.3.3, the Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party
                      by any other Party.

                

        

      

      
        
          	

                	27.3.3	
                  Without prejudice to Clause 25.7 (Copy of Transfer
                        Certificate or Assignment Agreement to Borrowers), Clause 27.3.1 shall not apply to any Transfer Certificate or any Assignment Agreement.

                

        

      

      
        
          	

                	27.3.4	
                  Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any
                      document it forwards to another Party.

                

        

      

      
        
          	

                	27.3.5	
                  If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it
                      shall promptly notify the Finance Parties.

                

        

      

      
        
          	

                	27.3.6	
                  If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent, the
                      Arranger or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.

                

        

      

      
        90

        
          

      

      

      

      

      

      
        
          	

                	27.3.7	
                  The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party
                      (and no others shall be implied).

                

        

      

      
        
          	27.4	
                  Role of the Arranger   Except as specifically
                      provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.

                

        

      

      
        
          	27.5	
                  No fiduciary duties

                

        

      

      
        
          	

                	27.5.1	
                  Subject to Clause 27.12 (Trust) which relates to the
                      Security Agent only, nothing in any Finance Document constitutes the Agent or the Arranger as a trustee or fiduciary of any other person.

                

        

      

      
        
          	

                	27.5.2	
                  Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.

                

        

      

      
        
          	27.6	
                  Business with Obligors and the Group   The Agent and
                      the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with any Borrower, any other Obligor or its Affiliate and any other member of the Group.

                

        

      

      
        
          	27.7	
                  Rights and discretions of the Agent

                

        

      

      
        
          	

                	27.7.1	
                  The Agent may:

                

        

      

      
        
          	

                	(a)	
                  rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

                

        

      

      
        
          	

                	(b)	
                  assume that:

                

        

      

      
        
          	

                	(i)	
                  any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance
                      Documents; and

                

        

      

      
        
          	

                	(ii)	
                  unless it has received notice of revocation, that those instructions have not been revoked; and

                

        

      

      
        
          	

                	(iii)	
                  rely on a certificate from any person:

                

        

      

      
        
          	

                	(A)	
                  as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

                

        

      

      
        
          	

                	(B)	
                  to the effect that such person approves of any particular dealing, transaction, step, action or thing,

                

        

      

      as sufficient evidence that that is the case and, in the case of (A), may assume the truth and
          accuracy of that certificate.

      
        91

        
          

      

      

      

      

      

      
        
          	

                	27.7.2	
                  The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders or security agent for the Finance Parties (as
                      the case may be)) that:

                

        

      

      
        
          	

                	(a)	
                  no Default has occurred (unless it has actual knowledge of a Default arising under Clause 24.1 (Events of Default));

                

        

      

      
        
          	

                	(b)	
                  any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and

                

        

      

      
        
          	

                	(c)	
                  any notice or request made by the Borrowers (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.

                

        

      

      
        
          	

                	27.7.3	
                  The Agent may engage and pay for the advice or services of any lawyers, accountants, surveyors or other experts.

                

        

      

      
        
          	

                	27.7.4	
                  Without prejudice to the generality of Clause 27.7.3 or Clause 27.7.5, the Agent may at any time engage and pay for the services of any lawyers to act as
                      independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

                

        

      

      
        
          	

                	27.7.5	
                  The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether
                      obtained by the Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

                

        

      

      
        
          	

                	27.7.6	
                  The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:

                

        

      

      
        
          	

                	(a)	
                  be liable for any error of judgment made by any such person; or

                

        

      

      
        
          	

                	(b)	
                  be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person,

                

        

      

      unless such error or such loss was directly caused by the Agent's gross negligence or wilful
          misconduct.

      
        
          	

                	27.7.7	
                  Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as
                      agent under this Agreement.

                

        

      

      
        
          	

                	27.7.8	
                  Without prejudice to the generality of Clause 27.7.7, the Agent:

                

        

      

      
        
          	

                	(a)	
                  may disclose; and

                

        

      

      
        
          	

                	(b)	
                  on the written request of the Borrowers or the Majority Lenders shall, as soon as reasonably practicable, disclose,

                

        

      

      the identity of a Defaulting Lender to the Borrowers and to the other Finance Parties.

      
        92

        
          

      

      

      

      

      

      
        
          	

                	27.7.9	
                  Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to do or omit to do anything if
                      it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.

                

        

      

      
        
          	

                	27.7.10	
                  The Agent is not obliged to disclose to any Finance Party any details of the rate notified to the Agent by any Lender or the identity of any such Lender for
                      the purpose of Clause 10.2 (Market Disruption).

                

        

      

      
        
          	

                	27.7.11	
                  Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any
                      financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity
                      against, or security for, such risk or liability is not reasonably assured to it.

                

        

      

      
        
          	27.8	
                  Responsibility for documentation   Neither the Agent
                      nor the Arranger is responsible or liable for:

                

        

      

      
        
          	

                	27.8.1	
                  the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, the Arranger, an Obligor or any other person
                      given in or in connection with any Relevant Document or the transactions contemplated in the Finance Documents; or

                

        

      

      
        
          	

                	27.8.2	
                  the legality, validity, effectiveness, adequacy or enforceability of any Relevant Document or any other agreement, arrangement or document entered into,
                      made or executed in anticipation of or in connection with any Relevant Document.; or

                

        

      

      
        
          	

                	27.8.3	
                  any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated
                      or prohibited by applicable law or regulation relating to insider dealing or otherwise.

                

        

      

      
        
          	27.9	
                  No duty to monitor   The Agent shall not be bound to
                      enquire:

                

        

      

      
        
          	

                	27.9.1	
                  whether or not any Default has occurred;

                

        

      

      
        
          	

                	27.9.2	
                  as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

                

        

      

      
        
          	

                	27.9.3	
                  whether any other event specified in any Finance Document has occurred.

                

        

      

      
        
          	27.10	
                  Exclusion of liability

                

        

      

      
        
          	

                	27.10.1	
                  Without limiting Clause 27.10.2 (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent) the
                      Agent shall not be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:

                

        

      

      
        93

        
          

      

      

      

      

      

      
        
          	

                	(a)	
                  any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action
                      under or in connection with any Finance Document or any Encumbrance created or expressed to be created or evidenced by the Security Documents, unless directly caused by its gross negligence or wilful misconduct;

                

        

      

      
        
          	

                	(b)	
                  exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, any Encumbrance
                      created or expressed to be created or evidenced by the Security Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or any
                      Encumbrance created or expressed to be created or evidenced by the Security Documents;

                

        

      

      
        
          	

                	(c)	
                  any shortfall which arises on the enforcement or realisation of the Trust Property; or

                

        

      

      
        
          	

                	(d)	
                  without prejudice to the generality of Clauses 27.10.1(a), 27.10.1(b) and 27.10.1(c), any damages, costs or losses to any person, any diminution in value or
                      any liability whatsoever arising as a result of:

                

        

      

      
        
          	

                	(i)	
                  any act, event or circumstance not reasonably within its control; or

                

        

      

      
        
          	

                	(ii)	
                  the general risks of investment in, or the holding of assets in, any jurisdiction,

                

        

      

      including (in each case and without limitation) such damages, costs, losses, diminution in value
          or liability arising as a result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the
          value of assets (including any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or
          strikes or industrial action.

      
        
          	

                	27.10.2	
                  No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against
                      the Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Relevant Document and any officer, employee or agent of the Agent may rely on this Clause subject to Clause 1.7 (Third Party Rights) and the provisions of the Third Parties Act.

                

        

      

      
        
          	

                	27.10.3	
                  The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be
                      paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating

                

        

      

      
        94

        
          

      

      

      

      procedures of any recognised clearing or settlement system used by the Agent for that purpose.

      
        
          	

                	27.10.4	
                  Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

                

        

      

      
        
          	

                	(a)	
                  any "know your customer" or other checks in relation to any person;

                

        

      

      
        
          	

                	(b)	
                  any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender or for any Affiliate of any Lender,

                

        

      

      on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely
          responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

      
        
          	

                	27.10.5	
                  Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in
                      connection with any Finance Document or any Encumbrance created or expressed to be created or evidenced by the Security Documents shall be limited to the amount of actual loss which has been finally judicially determined to have been
                      suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent
                      at any time which increase the amount of that loss.  In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential
                      damages, whether or not the Agent has been advised of the possibility of such loss or damages.

                

        

      

      
        
          	27.11	
                  Lenders' indemnity to the Agent

                

        

      

      
        
          	

                	27.11.1	
                  Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments
                      immediately prior to their reduction to zero) indemnify the Agent and every Receiver and Delegate, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other
                      category of liability whatsoever) incurred by any of them (otherwise than by reason of the relevant Agent's, Receiver's or Delegate's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to
                      Clause 31.11 (Disruption to payment systems etc.) notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent, Receiver or Delegate
                      under, or exercising any authority conferred under, the Finance Documents (unless the relevant Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

                

        

      

      
        95

        
          

      

      

      

      

      

      
        
          	

                	27.11.2	
                  Subject to Clause 27.11.3, the Borrowers shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to Clause
                      27.11.1

                

        

      

      
        
          	

                	27.11.3	
                  Clause 27.11.2 shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the
                      Agent to an Obligor.

                

        

      

      
        
          	27.12	
                  Trust   The Security Agent agrees and declares, and
                      each of the other Finance Parties acknowledges, that, subject to the terms and conditions of this Clause 27.12, the Security Agent holds the Trust Property on trust for the Finance Parties absolutely.  Each of the other Finance
                      Parties agrees that the obligations, rights and benefits vested in the Security Agent shall be performed and exercised in accordance with this Clause 27.12.  The Security Agent shall have the benefit of all of the provisions of this
                      Agreement benefiting it in its capacity as security agent for the Finance Parties, and all the powers and discretions conferred on trustees by the Trustee Act 1925 (to the extent not inconsistent with this Agreement).  In addition:

                

        

      

      
        
          	

                	27.12.1	
                  the Security Agent and any Delegate may indemnify itself or himself out of the Trust Property against all liabilities, costs, fees, damages, charges, losses
                      and expenses sustained or incurred by it or him in relation to the taking or holding of any of the Trust Property or in connection with the exercise or purported exercise of the rights, trusts, powers and discretions vested in the
                      Security Agent or any Delegate by or pursuant to the Security Documents or in respect of anything else done or omitted to be done in any way relating to the Security Documents;

                

        

      

      
        
          	

                	27.12.2	
                  the other Finance Parties acknowledge that the Security Agent shall be under no obligation to insure any property nor to require any other person to insure
                      any property and shall not be responsible for any loss which may be suffered by any person as a result of the lack or insufficiency of any insurance;

                

        

      

      
        
          	

                	27.12.3	
                  the Finance Parties agree that the perpetuity period applicable to the trusts declared by this Agreement shall be the period of 125 years from the date of
                      this Agreement;

                

        

      

      
        
          	

                	27.12.4	
                  the Security Agent shall not be liable for any failure, omission, or defect in perfecting the security constituted or created by any Finance Document
                      including, without limitation, any failure to register the same in accordance with the provisions of any of the documents of title of any Obligor to any of the assets thereby charged or effect or procure registration of or otherwise
                      protect the security created by any Security Document under any registration laws in any jurisdiction and may accept without enquiry such title as any Obligor may have to any asset;

                

        

      

      
        
          	

                	27.12.5	
                  the Security Agent shall not be under any obligation to hold any title deed, Finance Document or any other documents in connection with the Finance
                      Documents or any other documents in connection with the property charged by any Finance Document or any other such security in its own possession or to take any steps to protect or preserve the same, and may permit any

                

        

      

      
        96

        
          

      

      

      

      Obligor to retain all such title deeds, Finance Documents and other documents in its possession;
          and

      
        
          	

                	27.12.6	
                  save as otherwise provided in the Finance Documents, all moneys which under the trusts therein contained are received by the Security Agent may be placed on
                      deposit in the name of or under the control of the Security Agent at such bank or institution (including the Security Agent) and upon such terms as the Security Agent may think fit pending application of those moneys in accordance
                      with Clause 28 (Application of Proceeds).

                

        

      

      The provisions of Part I of the Trustee Act 2000 shall not apply to the Security Agent or the Trust
          Property.

      
        
          	27.13	
                  Resignation of the Agent

                

        

      

      
        
          	

                	27.13.1	
                  The Agent may resign and appoint one of its Affiliates acting through an office as successor by giving notice to the other Finance Parties and the
                      Borrowers.

                

        

      

      
        
          	

                	27.13.2	
                  Alternatively the Agent may resign by giving 30 days' notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders (after
                      consultation with the Borrowers) may appoint a successor Agent.

                

        

      

      
        
          	

                	27.13.3	
                  If the Majority Lenders have not appointed a successor Agent in accordance with Clause 27.13.2 within 20 days after notice of resignation was given, the
                      retiring Agent (after consultation with the Borrowers) may appoint a successor Agent.

                

        

      

      
        
          	

                	27.13.4	
                  If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is
                      entitled to appoint a successor Agent under Clause 27.13.3, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as
                      Agent) agree with the proposed successor Agent amendments to this Clause 27 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and
                      protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.

                

        

      

      
        
          	

                	27.13.5	
                  The retiring Agent shall make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably
                      request for the purposes of performing its functions as Agent under the Finance Documents.  The Borrowers shall, within three Business Days of demand, reimburse the retiring Agent for the amount of all costs and expenses (including
                      legal fees) properly incurred by it in making available such documents and records and providing such assistance.

                

        

      

      
        
          	

                	27.13.6	
                  The Agent's resignation notice shall only take effect upon the appointment of a successor and (in the case of the Security Agent) the transfer of all the
                      Trust Property to that successor.

                

        

      

      
        97

        
          

      

      

      

      

      

      
        
          	

                	27.13.7	
                  Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its
                      obligations under Clause 27.13.5) but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause
                      27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).  Any successor and each of the other Parties shall have the same rights and obligations amongst themselves
                      as they would have had if such successor had been an original Party.

                

        

      

      
        
          	

                	27.13.8	
                  The Agent shall resign in accordance with Clause 27.13.2 (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent
                      pursuant to Clause 27.13.3) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

                

        

      

      
        
          	

                	(a)	
                  the Agent fails to respond to a request under Clause 12.8 (FATCA

                        information) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

                

        

      

      
        
          	

                	(b)	
                  the information supplied by the Agent pursuant to Clause 12.8 (FATCA information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

                

        

      

      
        
          	

                	(c)	
                  the Agent notifies the Borrowers and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
                      Application Date;

                

        

      

      and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA
          Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign.

      
        
          	27.14	
                  Replacement of the Agent

                

        

      

      
        
          	

                	27.14.1	
                  After consultation with the Borrowers, the Majority Lenders may, by giving 30 days' notice to the Agent replace the Agent by appointing a successor Agent.

                

        

      

      
        
          	

                	27.14.2	
                  The retiring Agent shall (at the expense of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the
                      successor Agent may reasonably request for the purposes of performing its function as Agent under the Finance Documents.

                

        

      

      
        
          	

                	27.14.3	
                  The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent.  As from this
                      date, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under Clause 27.14.2 but shall remain entitled to the benefit of Clause 14.3 (Indemnity to the Agent) and this Clause 27 (and any agency fees for the

                

        

      

      
        98

        
          

      

      

      

      account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

      
        
          	

                	27.14.4	
                  Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had
                      been an original Party.

                

        

      

      
        
          	27.15	
                  Confidentiality

                

        

      

      
        
          	

                	27.15.1	
                  In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity
                      from any other of its divisions or departments.

                

        

      

      
        
          	

                	27.15.2	
                  If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent
                      shall not be deemed to have notice of it.

                

        

      

      
        
          	27.16	
                  Relationship with the Lenders

                

        

      

      
        
          	

                	27.16.1	
                  Subject to Clause 25.9 (Pro rata interest settlement),

                      the Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility
                      Office:

                

        

      

      
        
          	

                	(a)	
                  entitled to or liable for any payment due under any Finance Document on that day; and

                

        

      

      
        
          	

                	(b)	
                  entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or
                      delivered on that day,

                

        

      

      unless it has received not less than five Business Days' prior notice from that Lender to the
          contrary in accordance with the terms of this Agreement.

      
        
          	

                	27.16.2	
                  Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or
                      dispatched to that Lender under the Finance Documents.  Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 33.5 (Electronic communication)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means
                      (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that
                      Lender for the purposes of Clause 33.2 (Addresses) and Clause 33.5 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that
                      person were that Lender.

                

        

      

      
        
          	27.17	
                  Credit appraisal by the Lenders   Without affecting
                      the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Relevant Document, each Lender confirms to the Agent and the Arranger that it has been, and

                

        

      

      
        99

        
          

      

      

      

      will continue to be, solely responsible for making its own independent appraisal and investigation
          of all risks arising under or in connection with any Relevant Document including but not limited to:

      
        
          	

                	27.17.1	
                  the financial condition, status and nature of each Obligor and each other member of the Group;

                

        

      

      
        
          	

                	27.17.2	
                  the legality, validity, effectiveness, adequacy or enforceability of any Relevant Document and any other agreement, arrangement or document entered into,
                      made or executed in anticipation of, under or in connection with any Relevant Document;

                

        

      

      
        
          	

                	27.17.3	
                  whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with
                      any Relevant Document, the transactions contemplated by the Relevant Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of under or in connection with any Relevant Document; and

                

        

      

      
        
          	

                	27.17.4	
                  the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any
                      Relevant Document, the transactions contemplated by the Relevant Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Relevant Document; and

                

        

      

      
        
          	

                	27.17.5	
                  the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any Encumbrance created or
                      expressed to be created or evidenced by the Security Documents or the existence of any Encumbrance affecting the Charged Property.

                

        

      

      
        
          	27.18	
                  Reference Banks   If a Reference Bank (or, if a
                      Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrowers) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

                

        

      

      
        
          	27.19	
                  Agent's management time  Any amount payable to the
                      Agent under Clause 14.3 (Indemnity to the Agent), Clause 14.4 (Indemnity to the Security Agent), Clause 16 (Costs and expenses) and Clause 27.11 (Lenders' indemnity to the Agent) shall include the cost of utilising the Agent's management time or other resources and will be
                      calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrowers and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 11 (Fees).

                

        

      

      
        
          	27.20	
                  Deduction from amounts payable by the Agent   If any
                      Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to
                      make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed.  For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.

                

        

      

      
        100

        
          

      

      

      

      

      

      
        
          	28.	
                  Application of Proceeds

                

        

      

      
        
          	28.1	
                  Order of application   Subject to Clause 28.2
                      (Prospective liabilities), all amounts from time to time received or recovered by the Security Agent pursuant to the terms of any Finance Document or in connection with the realisation or enforcement of all or any Encumbrance created
                      or expressed to be created under the Security Documents (for the purposes of this Clause 28, the "Recoveries") shall be held by the
                      Security Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions of this Clause 28), in the following order:

                

        

      

      
        
          	

                	28.1.1	
                  in discharging any sums owing to the Security Agent, any Receiver or any Delegate;

                

        

      

      
        
          	

                	28.1.2	
                  in payment of all costs and expenses incurred by the Agent or any Secured Party in connection with any realisation or enforcement of any Encumbrance created
                      or expressed to be created under the Security Documents taken in accordance with the terms of this Agreement; and

                

        

      

      
        
          	

                	28.1.3	
                  in payment to the Agent for application in accordance with Clause 31.5 (Partial payments).

                

        

      

      
        
          	28.2	
                  Prospective liabilities   Following enforcement of
                      any Encumbrance created or expressed to be created under the Security Documents the Security Agent may, in its discretion, hold any amount of the Recoveries in an interest bearing suspense or impersonal account(s) in the name of the
                      Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later application under Clause 28.1 (Order of application) in respect of:

                

        

      

      
        
          	

                	28.2.1	
                  any sum to the Security Agent, any Receiver or any Delegate; and

                

        

      

      
        
          	

                	28.2.2	
                  any part of the Indebtedness,

                

        

      

      that the Security Agent reasonably considers, in each case, might become due or owing at any time in the future.

      
        
          	28.3	
                  Investment of proceeds   Prior to the application of
                      the proceeds of the Recoveries in accordance with Clause 28.1 (Order of application) the Security Agent may, in its discretion,
                      hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit
                      (the interest being credited to the relevant account) pending the application from time to time of those moneys in the Security Agent's discretion in accordance with the provisions of this Clause 28.

                

        

      

      
        
          	28.4	
                  Currency conversion

                

        

      

      
        
          	

                	28.4.1	
                  For the purpose of, or pending the discharge of, any part of the Indebtedness the Security Agent may convert any moneys received or recovered by the
                      Security Agent from one currency to another, at a market rate of exchange.

                

        

      

      
        101

        
          

      

      

      

      

      

      
        
          	

                	28.4.2	
                  The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting
                      the costs of conversion.

                

        

      

      
        
          	28.5	
                  Permitted deductions   The Security Agent shall be
                      entitled, in its discretion:

                

        

      

      
        
          	

                	28.5.1	
                  to set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of taxes or otherwise) which it is
                      or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and

                

        

      

      
        
          	

                	28.5.2	
                  to pay all Taxes which may be assessed against it in respect of any of the Trust Property, or as a consequence of performing its duties, or by virtue of its
                      capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

                

        

      

      
        
          	28.6	
                  Good discharge

                

        

      

      
        
          	

                	28.6.1	
                  Any payment to be made in respect of the Indebtedness by the Security Agent may be made to the Agent on behalf of the Finance Parties and any payment made
                      in that way shall be a good discharge, to the extent of that payment, by the Security Agent.

                

        

      

      
        
          	

                	28.6.2	
                  The Security Agent is under no obligation to make the payments to the Agent under Clause 28.6.1 in the same currency as that in which the obligations and
                      liabilities owing to the relevant Finance Party are denominated.

                

        

      

      
        
          	29.	
                  Conduct of Business by the Finance Parties

                

        

      

      No provision of this Agreement will:

      
        
          	29.1	
                  interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

                

        

      

      
        
          	29.2	
                  oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

                

        

      

      
        
          	29.3	
                  oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

                

        

      

      
        
          	30.	
                  Sharing Among the Finance Parties

                

        

      

      
        
          	30.1	
                  Payments to Finance Parties   If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an Obligor other than in accordance with Clause 31 (Payment Mechanics) (a "Recovered
                        Amount") and applies that amount to a payment due under the Finance Documents then:

                

        

      

      
        
          	

                	30.1.1	
                  the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;

                

        

      

      
        
          	

                	30.1.2	
                  the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt

                

        

      

      
        102

        
          

      

      

      

      or recovery been received or made by the Agent and distributed in accordance with Clause 31 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution;
          and

      
        
          	

                	30.1.3	
                  the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance Party as its share of
                      any payment to be made, in accordance with Clause 31.5 (Partial payments).

                

        

      

      
        
          	30.2	
                  Redistribution of payments   The Agent shall treat
                      the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 31.5 (Partial payments) towards the
                      obligations of that Obligor to the Sharing Finance Parties.

                

        

      

      
        
          	30.3	
                  Recovering Finance Party's rights   On a distribution
                      by the Agent under Clause 30.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor,
                      as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

                

        

      

      
        
          	30.4	
                  Reversal of redistribution   If any part of the
                      Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

                

        

      

      
        
          	

                	30.4.1	
                  each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the
                      appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is
                      required to pay) (the "Redistributed Amount"); and

                

        

      

      
        
          	

                	30.4.2	
                  as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having
                      been paid by that Obligor.

                

        

      

      
        
          	30.5	
                  Exceptions

                

        

      

      
        
          	

                	30.5.1	
                  This Clause 30 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and
                      enforceable claim against the relevant Obligor.

                

        

      

      
        
          	

                	30.5.2	
                  A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a
                      result of taking legal or arbitration proceedings, if:

                

        

      

      
        
          	

                	(a)	
                  it notified that other Finance Party of the legal or arbitration proceedings; and

                

        

      

      
        
          	

                	(b)	
                  that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as

                

        

      

      
        103

        
          

      

      

      

      reasonably practicable having received notice and did not take separate legal or arbitration
          proceedings.

      
        104

        
          

      

      

      

      

      

      Section 11 Administration

      
        
          	31.	
                  PAYMENT MECHANICS

                

        

      

      
        
          	31.1	
                  Payments to the Agent   On each date on which an
                      Obligor or a Lender is required to make a payment under a Finance Document (other than the Master Agreement), that Obligor or that Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance
                      Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

                

        

      

      Payment shall be made to such account in the principal financial centre of the country of that
          currency specifies.

      
        
          	31.2	
                  Distributions by the Agent   Each payment received by
                      the Agent under the Finance Documents for another Party shall, subject to Clause 31.3 (Distributions to an Obligor) and Clause
                      31.4 (Clawback and pre-funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to
                      receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank
                      specified by that Party in the principal financial centre of the country of that currency.

                

        

      

      
        
          	31.3	
                  Distributions to an Obligor   The Agent may (with the
                      consent of an Obligor or in accordance with Clause 32 (Set-Off)) apply any amount received by it for that Obligor in or towards
                      payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

                

        

      

      
        
          	31.4	
                  Clawback and pre-funding

                

        

      

      
        
          	

                	31.4.1	
                  Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to
                      enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.

                

        

      

      
        
          	

                	31.4.2	
                  Unless Clause 31.4.3 applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that
                      amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the
                      date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

                

        

      

      
        
          	

                	31.4.3	
                  If the Agent is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and to the extent that the
                      Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

                

        

      

      
        
          	

                	(a)	
                  the Agent shall notify the Borrowers of that Lender's identity and the Borrower to whom that sum was made available shall on demand refund it to the Agent;
                      and

                

        

      

      
        105

        
          

      

      

      

      

      

      
        
          	

                	(b)	
                  the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on
                      demand pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

                

        

      

      
        
          	31.5	
                  Partial payments

                

        

      

      
        
          	

                	31.5.1	
                  If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents (other than
                      the Master Agreement), the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents (other than the Master Agreement) in the following order:

                

        

      

      
        
          	

                	(a)	
                  first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent or the Security Agent under the Finance Documents;

                

        

      

      
        
          	

                	(b)	
                  secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement;

                

        

      

      
        
          	

                	(c)	
                  thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and

                

        

      

      
        
          	

                	(d)	
                  fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents,

                

        

      

      Provided that any part of the Indebtedness arising out of the Master Agreement shall be satisfied
          only after every other part of the Indebtedness for the time being due and payable has been satisfied in full.

      
        
          	

                	31.5.2	
                  The Agent shall, if so directed by the Majority Lenders, vary the order set out in Clauses 31.5.1(b) to 31.5.1(d).

                

        

      

      
        
          	

                	31.5.3	
                  Clauses 31.5.1 and 31.5.2 will override any appropriation made by an Obligor.

                

        

      

      
        
          	31.6	
                  No set-off by Obligors   All payments to be made by
                      an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

                

        

      

      
        
          	31.7	
                  Business Days   Any payment under the Finance
                      Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

                

        

      

      During any extension of the due date for payment of any principal or Unpaid Sum under this
          Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

      
        106

        
          

      

      

      

      

      

      
        
          	31.8	
                  Currency of account

                

        

      

      
        
          	

                	31.8.1	
                  Subject to Clauses 31.8.2 to 31.8.5, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.

                

        

      

      
        
          	

                	31.8.2	
                  A repayment or payment of all or part of a Vessel Loan or an Unpaid Sum shall be made in the currency in which that Vessel Loan or Unpaid Sum is
                      denominated, pursuant to this Agreement, on its due date.

                

        

      

      
        
          	

                	31.8.3	
                  Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated, pursuant to this
                      Agreement, when that interest accrued.

                

        

      

      
        
          	

                	31.8.4	
                  Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.

                

        

      

      
        
          	

                	31.8.5	
                  Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.

                

        

      

      
        
          	31.9	
                  Control account   The Agent shall open and maintain
                      on its books a control account in the names of the Borrowers showing the advance of the Loan and the computation and payment of interest and all other sums due under this Agreement.  The Borrowers' obligations to repay the Loan and to
                      pay interest and all other sums due under this Agreement shall be evidenced by the entries from time to time made in the control account opened and maintained under this Clause 31.9 and those entries will, in the absence of manifest
                      error, be conclusive and binding.

                

        

      

      
        
          	31.10	
                  Change of currency

                

        

      

      
        
          	

                	31.10.1	
                  Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the
                      lawful currency of that country, then:

                

        

      

      
        
          	

                	(a)	
                  any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated
                      into, or paid in, the currency or currency unit of that country designated by the Agent (after consultation with the Borrowers); and

                

        

      

      
        
          	

                	(b)	
                  any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of
                      that currency or currency unit into the other, rounded up or down by the Agent (acting reasonably).

                

        

      

      
        
          	

                	31.10.2	
                  If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrowers)
                      specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Market and otherwise to reflect the change in currency.

                

        

      

      
        
          	31.11	
                  Disruption to payment systems etc.   If either the
                      Agent determines that a Disruption Event has occurred or the Agent is notified by the Borrowers that a Disruption Event has occurred:

                

        

      

      
        107

        
          

      

      

      

      

      

      
        
          	

                	31.11.1	
                  the Agent may, and shall if requested to do so by the Borrowers, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the
                      operation or administration of the Loan as the Agent may deem necessary in the circumstances;

                

        

      

      
        
          	

                	31.11.2	
                  the Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in Clause 31.11.1 if, in its opinion, it is not
                      practicable to do so in the circumstances and, in any event, shall have no obligation to agree to any such changes;

                

        

      

      
        
          	

                	31.11.3	
                  the Agent may consult with the Finance Parties in relation to any changes mentioned in Clause 31.11.1 but shall not be obliged to do so if, in its opinion,
                      it is not practicable to do so in the circumstances;

                

        

      

      
        
          	

                	31.11.4	
                  any such changes agreed upon by the Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding
                      upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 37 (Amendments and Waivers);

                

        

      

      
        
          	

                	31.11.5	
                  the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without
                      limitation, for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or
                      in connection with this Clause 31.11; and

                

        

      

      
        
          	

                	31.11.6	
                  the Agent shall notify the Finance Parties of all changes agreed pursuant to Clause 31.11.4.

                

        

      

      
        
          	32.	
                  Set-Off

                

        

      

      
        
          	32.1	
                  Set-off   A Finance Party may set off any matured
                      obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking
                      branch or currency of either obligation.  If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

                

        

      

      
        
          	32.2	
                  Master Agreement rights   The rights conferred on the
                      Swap Provider by this Clause 32 shall be in addition to, and without prejudice to or limitation of, the rights of netting and set off conferred on the Swap Provider by the Master Agreement.

                

        

      

      
        
          	33.	
                  NOTICES

                

        

      

      
        
          	33.1	
                  Communications in writing   Any communication to be
                      made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

                

        

      

      
        
          	33.2	
                  Addresses   The address and fax number (and the
                      department or officer, if any, for whose attention the communication is to be made) of each Party for any

                

        

      

      
        108

        
          

      

      

      

       communication or document to be made or delivered under or in connection with the Finance
          Documents is:

      
        
          	

                	33.2.1	
                  in the case of each Borrower, that identified with its name below;

                

        

      

      
        
          	

                	33.2.2	
                  in the case of each Guarantor, that identified with its name below;

                

        

      

      
        
          	

                	33.2.3	
                  in the case of each Lender, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and

                

        

      

      
        
          	

                	33.2.4	
                  in the case of the Swap Provider, that identified with its name below; and

                

        

      

      
        
          	

                	33.2.5	
                  in the case of the Agent or the Security Agent, that identified with its name below,

                

        

      

      or any substitute address, fax number, or department or officer as the Party may notify to the
          Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days' notice.

      
        
          	33.3	
                  Delivery   Any communication or document made or
                      delivered by one person to another under or in connection with the Finance Documents will only be effective:

                

        

      

      
        
          	

                	33.3.1	
                  if by way of fax, when received in legible form; or

                

        

      

      
        
          	

                	33.3.2	
                  if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope
                      addressed to it at that address;

                

        

      

      and, if a particular department or officer is specified as part of its address details provided
          under Clause 33.2 (Addresses), if addressed to that department or officer.

      Any communication or document to be made or delivered to the Agent or the Security Agent will be
          effective only when actually received by the Agent or the Security Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's or the Security Agent's signature below (or any substitute
          department or officer as the Agent or the Security Agent shall specify for this purpose).

      All notices from or to an Obligor (save in respect of the Master Agreement) shall be sent through
          the Agent.

      Any communication or document which becomes effective, in accordance with this Clause 33.3, after
          5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

      
        
          	33.4	
                  Notification of address and fax number   Promptly
                      upon changing its address or fax number, the Agent shall notify the other Parties.

                

        

      

      
        
          	33.5	
                  Electronic communication

                

        

      

      
        
          	

                	33.5.1	
                  Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic
                      means (including, without limitation, by way of posting to a secure website) if those two Parties:

                

        

      

      
        109

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	33.5.2	
                  Any such electronic communication to be made between an Obligor and a Finance Party may only be made in that way to the extent that those two Parties agree
                      that, unless and until notified to the contrary, this is to be an accepted form of communication.

                

        

      

      
        
          	

                	33.5.3	
                  Any such electronic communication made between any two Parties will be effective only when actually received (or made available) in readable form and in the
                      case of any electronic communication made by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose.

                

        

      

      
        
          	

                	33.5.4	
                  Any electronic communication which becomes effective, in accordance with Clause 33.5.3, after 5.00 p.m. in the place in which the Party to whom the relevant
                      communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day.

                

        

      

      
        
          	

                	33.5.5	
                  Any reference in a Finance Document to a communication being sent or received shall be construed to include that communication being made available in
                      accordance with this Clause 33.5.

                

        

      

      
        
          	33.6	
                  Use of websites

                

        

      

      
        
          	

                	33.6.1	
                  Each Borrower may satisfy its obligations under this Agreement to deliver any information in relation to those Lenders (the "Website Lenders") who accept this method of communication by posting this information onto an electronic website designated by the Borrowers and the Agent (the
                      "Designated Website") if:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      If any Lender (a "Paper Form Lender") does not agree to the delivery of information electronically then the Agent shall notify the Borrowers accordingly and each Borrower shall at its own cost supply the information to the Agent (in
          sufficient copies for each Paper Form Lender) in paper form.  In any event each Borrower shall at its own cost supply the Agent with at

      
        110

        
          

      

      

      

       least one copy in paper form of any information required to be provided by it.

      
        
          	

                	33.6.2	
                  The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of
                      that website by the Borrowers and the Agent.

                

        

      

      
        
          	

                	33.6.3	
                  Each Borrower shall promptly upon becoming aware of its occurrence notify the Agent if:

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      If a Borrower notifies the Agent under Clause 33.6.3(a) or Clause 33.6.3(e), all information to be
          provided by a Borrower under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer
          continuing.

      
        
          	

                	33.6.4	
                  Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the
                      Designated Website.  Each Borrower shall at its own cost comply with any such request within ten Business Days.

                

        

      

      
        
          	33.7	
                  English language   Any notice given under or in
                      connection with any Finance Document must be in English.  All other documents provided under or in connection with any Finance Document must be:

                

        

      

      
        
          	

                	33.7.1	
                  in English; or

                

        

      

      
        
          	

                	33.7.2	
                  if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail
                      unless the document is a constitutional, statutory or other official document.

                

        

      

      
        
          	34.	
                  Calculations and Certificates

                

        

      

      
        
          	34.1	
                  Accounts   In any litigation or arbitration
                      proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by the Agent pursuant to Clause 31.9 (Control account) are prima facie evidence of the matters to which they relate.

                

        

      

      
        111

        
          

      

      

      

      

      

      
        
          	34.2	
                  Certificates and determinations   Any certification
                      or determination by the Agent of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.

                

        

      

      
        
          	34.3	
                  Day count convention   Any interest, commission or
                      fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in
                      accordance with that market practice.

                

        

      

      
        
          	35.	
                  Partial Invalidity

                

        

      

      If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or
          unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction
          will in any way be affected or impaired.

      
        
          	36.	
                  Remedies and Waivers

                

        

      

      No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured
          Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document.  No election to affirm any Finance Document on the part of any Finance Party or
          Secured Party shall be effective unless it is in writing.  No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy.  The rights and remedies provided in this
          Agreement are cumulative and not exclusive of any rights or remedies provided by law.

      
        
          	37.	
                  Amendments and Waivers

                

        

      

      
        
          	37.1	
                  Required consents

                

        

      

      
        
          	

                	37.1.1	
                  Subject to Clause 37.2 (Exceptions) any term of the
                      Finance Documents (other than the Master Agreement) may be amended or waived only with the consent of the Majority Lenders and the Borrowers and any such amendment or waiver will be binding on all Parties.

                

        

      

      
        
          	

                	37.1.2	
                  The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 37.

                

        

      

      
        
          	

                	37.1.3	
                  Without prejudice to the generality of Clauses 27.7.3, 27.7.4 and 27.7.5 (Rights and discretions of the Agent), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under
                      this Agreement.

                

        

      

      
        
          	

                	37.1.4	
                  Clause 25.9.3 (Pro rata interest settlement) shall
                      apply to this Clause 37.

                

        

      

      
        
          	37.2	
                  Exceptions

                

        

      

      
        
          	

                	37.2.1	
                  An amendment, waiver or (in the case of a Security Document) a consent of, or in relation to, any term of any Finance Document that has the effect of
                      changing or which relates to:

                

        

      

      
        112

        
          

      

      

      

      

      

      
        
          	

                	(a)	
                  the definition of "Majority Lenders" in Clause 1.1 (Definitions);

                

        

      

      
        
          	

                	(b)	
                  an extension to the date of payment of any amount under the Finance Documents;

                

        

      

      
        
          	

                	(c)	
                  a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable;

                

        

      

      
        
          	

                	(d)	
                  an increase in any Commitment, an extension of the Availability Period or any requirement that a cancellation of Commitments reduces the Commitments of the
                      Lenders rateably;

                

        

      

      
        
          	

                	(e)	
                  a change to a Guarantor other than in accordance with Clause 26 (Changes to the Obligors);

                

        

      

      
        
          	

                	(f)	
                  any provision which expressly requires the consent of all the Lenders;

                

        

      

      
        
          	

                	(g)	
                  Clause 2.2 (Finance Parties' rights and obligations),

                      Clause 5.1 (Delivery of a Utilisation Request), Clause 7.1 (Illegality), Clause 7.5 (Mandatory prepayment on sale or Total Loss), Clause 25 (Changes to the Lenders), Clause 26 (Changes

                        to the Obligors), this Clause 37, Clause 42 (Governing Law) or Clause 43.1 (Jurisdiction of English courts);

                

        

      

      
        
          	

                	(h)	
                  (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of:

                

        

      

      
        
          	

                	(i)	
                  any Guarantee;

                

        

      

      
        
          	

                	(ii)	
                  the Charged Property; or

                

        

      

      
        
          	

                	(iii)	
                  the manner in which the proceeds of enforcement of the Security Documents are distributed; or

                

        

      

      
        
          	

                	(i)	
                  the release of any Guarantee or of any Encumbrance created or expressed to be created or evidenced by the Security Documents unless permitted under this
                      Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the subject of any Encumbrance created or expressed to be created or evidenced by the Security Documents where such sale or disposal is
                      expressly permitted under this Agreement or any other Finance Document;

                

        

      

      shall not be made, or given, without the prior consent of all the Lenders.

      
        
          	

                	37.2.2	
                  An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arranger (each in their capacity as such) may not
                      be effected without the consent of the Agent, the Security Agent or, as the case may be, the Arranger.

                

        

      

      
        
          	

                	37.2.3	
                  Replacement of Screen Rate

                

        

      

      
        113

        
          

      

      

      

      

      

      Subject to paragraph (a) of Clause 37.2 (Exceptions), if a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can be selected for a Loan, any amendment or waiver which relates to:

      
        
          	

                	(a)	
                  providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate; and

                

        

      

      (b)

      
        
          	

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

                

        

      

      
        
          	

                	(ii)	
                  enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential
                      changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(v)	
                  adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of
                      the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined
                      on the basis of that designation, nomination or recommendation),

                

        

      

      may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and
          the Original Guarantor.

      "Relevant

            Nominating Body" means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial
          Stability Board.

      "Replacement

            Benchmark" means a benchmark rate which is:

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(ii)	
                  any Relevant Nominating Body,

                

        

      

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

      
        114

        
          

      

      

      

      

      

      
        
          	

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

                

        

      

      
        
          	

                	(c)	
                  in the opinion of the Majority Lenders and the Original Guarantor, an appropriate successor to a Screen Rate.

                

        

      

      "Screen

            Rate Replacement Event" means, in relation to a Screen Rate:

      
        
          	

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

                

        

      

      (b)

      (i)

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

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

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(c)	
                  the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency
                      or fallback policies or arrangements and the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Borrowers) temporary; or

                

        

      

      
        
          	

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

                

        

      

      
        115

        
          

      

      

      

      

      

      
        
          	37.3	
                  Excluded Commitments

                

        

      

      If:

      
        
          	

                	37.3.1	
                  any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance Document or any other vote
                      of Lenders under the terms of this Agreement within 5 Business Days of that request being made; or

                

        

      

      
        
          	

                	37.3.2	
                  any Lender which is not a Defaulting Lender fails to respond to such a request or such a vote within 5 Business Days of that request being made,

                

        

      

      (unless, in either case, the Borrowers and the Agent agree to a longer time period in relation to
          any request):

      
        
          	

                	(a)	
                  its Commitment(s) shall not be included for the purpose of calculating the Total Commitments when ascertaining whether any relevant percentage (including,
                      for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request; and

                

        

      

      
        
          	

                	(b)	
                  its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to
                      approve that request.

                

        

      

      
        
          	37.4	
                  Replacement of Lender

                

        

      

      
        
          	

                	37.4.1	
                  If:

                

        

      

      
        
          	

                	(a)	
                  any Lender becomes a Non-Consenting Lender (as defined in Clause 37.4.4); or

                

        

      

      
        
          	

                	(b)	
                  a Borrower or any other Obligor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality) or to pay additional amounts pursuant to Clause 12.2 (Tax gross-up),

                      Clause 12.3 (Tax Indemnity) or Clause 13.1 (Increased costs) to any Lender,

                

        

      

      then the Borrowers may, on ten Business Days' prior written notice to the Agent and such Lender,
          replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to
            the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Lender") selected by the Borrowers, which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of
          such Lender's participation in the outstanding Loan and all accrued interest (to the extent that the Agent has not given a notification under

      
        116

        
          

      

      

      

       Clause 25.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents.

      
        
          	

                	37.4.2	
                  The replacement of a Lender pursuant to this Clause 37.4 shall be subject to the following conditions:

                

        

      

      
        
          	

                	(a)	
                  the Borrowers shall have no right to replace the Agent or Security Agent;

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(c)	
                  in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 5 days after the date on which that Lender is deemed
                      a Non-Consenting Lender;

                

        

      

      
        
          	

                	(d)	
                  in no event shall the Lender replaced under this Clause 37.4 be required to pay or surrender to such Replacement Lender any of the fees received by such
                      Lender pursuant to the Finance Documents; and

                

        

      

      
        
          	

                	(e)	
                  the Lender shall only be obliged to transfer its rights and obligations pursuant to Clause 37.4.1 once it is satisfied that it has complied with all
                      necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer.

                

        

      

      
        
          	

                	37.4.3	
                  A Lender shall perform the checks described in Clause 37.4.2(e) as soon as reasonably practicable following delivery of a notice referred to in Clause
                      37.4.1 and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks.

                

        

      

      
        
          	

                	37.4.4	
                  In the event that:

                

        

      

      
        
          	

                	(a)	
                  the Borrowers or the Agent (at the request of the Borrowers) have requested the Lenders to give a consent in relation to, or to agree to a waiver or
                      amendment of, any provisions of the Finance Documents;

                

        

      

      
        
          	

                	(b)	
                  the consent, waiver or amendment in question requires the approval of all the Lenders; and

                

        

      

      
        
          	

                	(c)	
                  Lenders whose Commitments aggregate more than 85 per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more
                      than 85 per cent of the Total Commitments prior to that reduction) have consented or agreed to such waiver or amendment,

                

        

      

      then any Lender who does not and continues not to consent or agree to such waiver or amendment
          shall be deemed a "Non-Consenting Lender".

      
        
          	37.5	
                  Disenfranchisement of Defaulting Lenders

                

        

      

      
        
          	

                	37.5.1	
                  For so long as a Defaulting Lender has any Commitment, in ascertaining:

                

        

      

      
        117

        
          

      

      

      

      

      

      
        
          	

                	(a)	
                  the Majority Lenders; or

                

        

      

      
        
          	

                	(b)	
                  whether:

                

        

      

      
        
          	

                	(i)	
                  any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

                

        

      

      
        
          	

                	(ii)	
                  the agreement of any specified group of Lenders,

                

        

      

      has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders
          under the Finance Documents, that Defaulting Lender's Commitment will be reduced by the amount of its participation in the Loan it has failed to make available and, to the extent that that reduction results in that Defaulting Lender's Commitment
          being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of (i) and (ii).

      
        
          	

                	37.5.2	
                  For the purposes of this Clause 37.5, the Agent may assume that the following Lenders are Defaulting Lenders:

                

        

      

      
        
          	

                	(a)	
                  any Lender which has notified the Agent that it has become a Defaulting Lender;

                

        

      

      
        
          	

                	(b)	
                  any Lender in relation to which it is aware that any of the events or circumstances referred to in (a), (b) or (c) of the definition of "Defaulting Lender"
                      has occurred,

                

        

      

      unless it has received notice to the contrary from the Lender concerned (together with any
          supporting evidence reasonably requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

      
        
          	37.6	
                  Replacement of a Defaulting Lender

                

        

      

      
        
          	

                	37.6.1	
                  The Borrowers may, at any time a Lender has become and continues to be a Defaulting Lender, by giving ten Business Days' prior written notice to the Agent
                      and such Lender, replace such Lender by requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Lender") selected by the Borrowers which confirms its willingness to assume and does assume all the obligations, or all the relevant
                      obligations, of the transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash
                      payable at the time of transfer which is either:

                

        

      

      
        
          	

                	(a)	
                  in an amount equal to the outstanding principal amount of such Lender's participation in the outstanding Loan and all accrued interest (to the extent that
                      the Agent has not given a notification under Clause 25.9 (Pro rata interest settlement), Break Costs and other amounts payable in
                      relation thereto under the Finance Documents; or

                

        

      

      
        118

        
          

      

      

      

      

      

      
        
          	

                	(b)	
                  in an amount agreed between that Defaulting Lender, the Replacement Lender and the Borrowers and which does not exceed the amount described in (a).

                

        

      

      
        
          	

                	37.6.2	
                  Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 37.6 shall be subject to the following conditions:

                

        

      

      
        
          	

                	(a)	
                  the Borrowers shall have no right to replace the Agent or Security Agent;

                

        

      

      
        
          	

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

                

        

      

      
        
          	

                	(c)	
                  the transfer must take place no later than 10 Business Days after the notice referred to in Clause 37.6.1;

                

        

      

      
        
          	

                	(d)	
                  in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant
                      to the Finance Documents; and

                

        

      

      
        
          	

                	(e)	
                  the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to 37.6.1 once it is satisfied that it has complied with all
                      necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to that transfer to the Replacement Lender.

                

        

      

      
        
          	

                	37.6.3	
                  The Defaulting Lender shall perform the checks described in Clause 37.6.2(e) as soon as reasonably practicable following delivery of a notice referred to in
                      Clause 37.6.1 and shall notify the Agent and the Borrowers when it is satisfied that it has complied with those checks.

                

        

      

      
        
          	38.	
                  Confidentiality

                

        

      

      
        
          	38.1	
                  Confidential Information   Each Finance Party agrees
                      to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 38.2 (Disclosure
                        of Confidential Information) and Clause 38.3 (Disclosure to numbering service providers), 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.

                

        

      

      
        
          	38.2	
                  Disclosure of Confidential Information   Any Finance
                      Party may disclose:

                

        

      

      
        
          	

                	38.2.1	
                  to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and
                      Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 38.2.1 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;

                

        

      

      
        119

        
          

      

      

      

      

      

      
        
          	

                	38.2.2	
                  to any person:

                

        

      

      
        
          	

                	(a)	
                  to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance
                      Documents or which succeeds (or which may potentially succeed) it as Agent or Security Agent and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

                

        

      

      
        
          	

                	(b)	
                  with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in 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, Related Funds, Representatives and professional
                      advisers;

                

        

      

      
        
          	

                	(c)	
                  appointed by any Finance Party or by a person to whom Clause 38.2.2(a) or 38.2.2(b) applies to receive communications, notices, information or documents
                      delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under Clause 27.16.2 (Relationship

                        with the Lenders));

                

        

      

      
        
          	

                	(d)	
                  who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in Clause
                      38.2.2(a) or 38.2.2(b);

                

        

      

      
        
          	

                	(e)	
                  to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other
                      regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

                

        

      

      
        
          	

                	(f)	
                  to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                      investigations, proceedings or disputes;

                

        

      

      
        
          	

                	(g)	
                  to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 25.8 (Security over Lenders' rights);

                

        

      

      
        
          	

                	(h)	
                  who is a Party; or

                

        

      

      
        
          	

                	(i)	
                  with the consent of the Borrowers;

                

        

      

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

      
        
          	

                	(i)	
                  in relation to Clauses 38.2.2(a), 38.2.2(b) and 38.2.2(c), the person to whom the Confidential Information is to be given has entered into a Confidentiality
                      Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional

                

        

      

      
        120

        
          

      

      

      

      obligations to maintain the confidentiality of the Confidential Information;

      
        
          	

                	(ii)	
                  in relation to Clause 38.2.2(d), the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is
                      otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

                

        

      

      
        
          	

                	(iii)	
                  in relation to Clauses 38.2.2(e), 38.2.2(f) and 38.2.2(g), the person to whom the Confidential Information is to be given is informed of its confidential
                      nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the
                      circumstances; and

                

        

      

      
        
          	

                	38.2.3	
                  to any person appointed by that Finance Party or by a person to whom Clause 38.2.2(a) or 38.2.2(b) applies to provide administration or settlement services
                      in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to
                      enable such service provider to provide any of the services referred to in this Clause 38.2.3 if the service provider to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking; and

                

        

      

      
        
          	

                	38.2.4	
                  to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to
                      carry out its normal rating activities in relation to the Finance Documents and/or the Obligors and/or the Group.

                

        

      

      
        
          	38.3	
                  Disclosure to numbering service providers

                

        

      

      
        
          	

                	38.3.1	
                  Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification
                      numbering services in respect of this Agreement, the Loan and/or one or more Obligors the following information:

                

        

      

      
        
          	

                	(a)	
                  names of Obligors;

                

        

      

      
        
          	

                	(b)	
                  country of domicile of Obligors;

                

        

      

      
        
          	

                	(c)	
                  place of incorporation of Obligors;

                

        

      

      
        
          	

                	(d)	
                  date of this Agreement;

                

        

      

      
        
          	

                	(e)	
                  Clause 42 (Governing law);

                

        

      

      
        121

        
          

      

      

      

      

      

      
        
          	

                	(f)	
                  the names of the Agent and the Arranger;

                

        

      

      
        
          	

                	(g)	
                  date of each amendment and restatement of this Agreement;

                

        

      

      
        
          	

                	(h)	
                  amount of Total Commitments;

                

        

      

      
        
          	

                	(i)	
                  currencies of the Loan;

                

        

      

      
        
          	

                	(j)	
                  type of Loan;

                

        

      

      
        
          	

                	(k)	
                  ranking of the Loan;

                

        

      

      
        
          	

                	(l)	
                  Termination Date;

                

        

      

      
        
          	

                	(m)	
                  changes to any of the information previously supplied pursuant to (a) to (l); and

                

        

      

      
        
          	

                	(n)	
                  such other information agreed between such Finance Party and that Obligor,

                

        

      

      to enable such numbering service provider to provide its usual syndicated loan numbering
          identification services.

      
        
          	

                	38.3.2	
                  The Parties acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or one or more Obligors by a numbering service
                      provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

                

        

      

      
        
          	

                	38.3.3	
                  Each Borrower represents that none of the information set out in Clauses 38.3.1(a) to 38.3.1(n) is, nor will at any time be, unpublished price-sensitive
                      information.

                

        

      

      
        
          	

                	38.3.4	
                  The Agent shall notify the Borrowers and the other Finance Parties of:

                

        

      

      
        
          	

                	(a)	
                  the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or one or more Obligors; and

                

        

      

      
        
          	

                	(b)	
                  the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or one or more Obligors by such numbering service provider.

                

        

      

      
        
          	38.4	
                  Entire agreement   This Clause 38 constitutes the
                      entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding
                      Confidential Information.

                

        

      

      
        
          	38.5	
                  Inside information   Each of the Finance Parties
                      acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to
                      insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.

                

        

      

      
        122

        
          

      

      

      

      

      

      
        
          	38.6	
                  Notification of disclosure   Each of the Finance
                      Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:

                

        

      

      
        
          	

                	38.6.1	
                  of the circumstances of any disclosure of Confidential Information made pursuant to Clause 38.2.2(e) (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that Clause during the ordinary course of its supervisory or
                      regulatory function; and

                

        

      

      
        
          	

                	38.6.2	
                  upon becoming aware that Confidential Information has been disclosed in breach of this Clause 38.

                

        

      

      
        
          	38.7	
                  Continuing obligations   The obligations in this
                      Clause 38 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of:

                

        

      

      
        
          	

                	38.7.1	
                  the date on which all amounts payable by the Obligors under or in connection with the Finance Documents have been paid in full and the Loan has been
                      cancelled or otherwise ceases to be available; and

                

        

      

      
        
          	

                	38.7.2	
                  the date on which such Finance Party otherwise ceases to be a Finance Party.

                

        

      

      
        
          	39.	
                  Disclosure of Lender Details by Agent

                

        

      

      
        
          	39.1	
                  Supply of Lender details to Borrowers   The Agent
                      shall provide to the Borrowers within seven Business Days of a request by the Borrowers (but no more frequently than once per calendar month) a list (which may be in electronic form) setting out the names of the Lenders as at the date
                      of that request, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be
                      delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by
                      each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance
                      Documents.

                

        

      

      
        
          	39.2	
                  Supply of Lender details at Borrowers' direction

                

        

      

      
        
          	

                	39.2.1	
                  The Agent shall, at the request of the Borrowers, disclose the identity of the Lenders and the details of the Lenders' Commitments to any:

                

        

      

      
        
          	

                	(a)	
                  other Party or any other person if that disclosure is made to facilitate, in each case, a refinancing of the Financial Indebtedness arising under the
                      Finance Documents or a material waiver or amendment of any term of any Finance Document; and

                

        

      

      
        
          	

                	(b)	
                  Obligor or any other member of the Group.

                

        

      

      
        
          	

                	39.2.2	
                  Subject to Clause 39.2.3, the Borrowers shall procure that the recipient of information disclosed pursuant to Clause 39.2.1 shall keep such information
                      confidential and shall not disclose it to anyone and shall ensure that all such information

                

        

      

      
        123

        
          

      

      

      

      is protected with security measures and a degree of care that would apply to the recipient's own
          confidential information.

      
        
          	

                	39.2.3	
                  The recipient may disclose such information to any of its officers, directors, employees, professional advisers, auditors and partners as it shall consider
                      appropriate if any such person is informed in writing of its confidential nature, except that there shall be no such requirement to so inform if that person is subject to professional obligations to maintain the confidentiality of the
                      information or is otherwise bound by duties of confidentiality in relation to the information.

                

        

      

      
        
          	39.3	
                  Supply of Lender details to other Lenders

                

        

      

      
        
          	

                	39.3.1	
                  If a Lender (a "Disclosing Lender") indicates to the
                      Agent that the Agent may do so, the Agent shall disclose that Lender's name and Commitment to any other Lender that is, or becomes, a Disclosing Lender.

                

        

      

      
        
          	

                	39.3.2	
                  The Agent shall, if so directed by the Requisite Lenders, request each Lender to indicate to it whether it is a Disclosing Lender.

                

        

      

      
        
          	39.4	
                  Lender enquiry   If any Lender believes that any
                      entity is, or may be, a Lender and:

                

        

      

      
        
          	

                	39.4.1	
                  that entity ceases to have an Investment Grade Rating; or

                

        

      

      
        
          	

                	39.4.2	
                  an Insolvency Event occurs in relation to that entity,

                

        

      

      the Agent shall, at the request of that Lender, indicate to that Lender the extent to which that
          entity has a Commitment.

      
        
          	39.5	
                  Lender details definitions   In this Clause 39:

                

        

      

      "Investment

            Grade Rating" means, in relation to an entity, a rating for its long-term unsecured and non-credit-enhanced debt obligations of BBB- or higher by Standard & Poor's Rating Services or Fitch Ratings Ltd or Baa3 or higher by Moody's
          Investors Service Limited or a comparable rating from an internationally recognised credit rating agency.

      "Requisite

            Lenders" means a Lender or Lenders whose Commitments aggregate 15 per cent (or more) of the Total Commitments (or if the Total Commitments have been reduced to zero, aggregated 15 per cent (or more) of the Total Commitments immediately
          prior to that reduction).

      
        
          	40.	
                  Counterparts

                

        

      

      Each Finance Document may be executed in any number of counterparts, and this has the same effect
          as if the signatures on the counterparts were on a single copy of the Finance Document.

      
        
          	41.	
                  Joint and Several Liability

                

        

      

      
        
          	41.1	
                  Nature of liability   The representations,
                      warranties, covenants, obligations and undertakings of the Borrowers contained in this Agreement shall be joint and several so that each Borrower shall be jointly and severally liable with all the Borrowers for

                

        

      

      
        124

        
          

      

      

      

      all of the same and such liability shall not in any way be discharged, impaired or otherwise
          affected by:

      
        
          	

                	41.1.1	
                  any forbearance (whether as to payment or otherwise) or any time or other indulgence granted to any other Borrower or any other Obligor under or in
                      connection with any Finance Document;

                

        

      

      
        
          	

                	41.1.2	
                  any amendment, variation, novation or replacement of any other Finance Document;

                

        

      

      
        
          	

                	41.1.3	
                  any failure of any Finance Document to be legal valid binding and enforceable in relation to any other Borrower or any other Obligor for any reason;

                

        

      

      
        
          	

                	41.1.4	
                  the winding-up or dissolution of any other Borrower or any other Obligor;

                

        

      

      
        
          	

                	41.1.5	
                  the release (whether in whole or in part) of, or the entering into of any compromise or composition with, any other Borrower or any other Obligor; or

                

        

      

      
        
          	

                	41.1.6	
                  any other act, omission, thing or circumstance which would or might, but for this provision, operate to discharge, impair or otherwise affect such
                      liability.

                

        

      

      
        
          	41.2	
                  No rights as surety   Until the Indebtedness has
                      been unconditionally and irrevocably paid and discharged in full, each Borrower agrees that it shall not, by virtue of any payment made under this Agreement on account of the Indebtedness or by virtue of any enforcement by a Finance
                      Party of its rights under this Agreement or by virtue of any relationship between, or transaction involving, the relevant Borrower and any other Borrower or any other Obligor:

                

        

      

      
        
          	

                	41.2.1	
                  exercise any rights of subrogation in relation to any rights, security or moneys held or received or receivable by a Finance Party or any other person; or

                

        

      

      
        
          	

                	41.2.2	
                  exercise any right of contribution from any other Borrower or any other Obligor under any Finance Document; or

                

        

      

      
        
          	

                	41.2.3	
                  exercise any right of set-off or counterclaim against any other Borrower or any other Obligor; or

                

        

      

      
        
          	

                	41.2.4	
                  receive, claim or have the benefit of any payment, distribution, security or indemnity from any other Borrower or any other Obligor; or

                

        

      

      
        
          	

                	41.2.5	
                  unless so directed by the Agent (when the relevant Borrower will prove in accordance with such directions), claim as a creditor of any other Borrower or any
                      other Obligor in competition with any Finance Party

                

        

      

      and each Borrower shall hold in trust for the Finance Parties and forthwith pay or transfer (as
          appropriate) to the Agent any such payment (including an amount equal to any such set-off), distribution or benefit of such security, indemnity or claim in fact received by it.

      
        125

        
          

      

      

      

      

      

      
        
          	Section 12	
                  Governing Law and Enforcement

                

        

      

      
        
          	42.	
                  Governing Law

                

        

      

      This Agreement and any non-contractual obligations arising out of or in connection with it are
          governed by English law.

      
        
          	43.	
                  Enforcement

                

        

      

      
        
          	43.1	
                  Jurisdiction of English courts

                

        

      

      
        
          	

                	43.1.1	
                  The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute relating to
                      the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a "Dispute").  Each Party agrees that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

                

        

      

      
        
          	

                	43.1.2	
                  Notwithstanding Clause 43.1.1, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To
                      the extent allowed by law, any Finance Party may take concurrent proceedings in any number of jurisdictions.

                

        

      

      
        
          	43.2	
                  Service of process

                

        

      

      
        
          	

                	43.2.1	
                  Without prejudice to any other mode of service allowed under any relevant law, each Borrower and each Guarantor:

                

        

      

      
        
          	

                	(a)	
                  irrevocably appoints Ince Process Agents Limited of Aldgate Tower, 2 Leman Street, London E18QN, England as its agent for service of process in relation to
                      any proceedings before the English courts in connection with any Finance Document; and

                

        

      

      
        
          	

                	(b)	
                  agrees that failure by a process agent to notify that Borrower or that Guarantor (as the case may be) of the process will not invalidate the proceedings
                      concerned.

                

        

      

      
        
          	

                	43.2.2	
                  If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process or terminates its appointment as
                      agent for service of process, the relevant Borrower or relevant Guarantor (as the case may be) must immediately (and in any event within five days of such event taking place) appoint another agent on terms acceptable to the Agent. 
                      Failing this, the Agent may appoint another agent for this purpose.

                

        

      

      This Agreement has been entered into on the date stated at the beginning of this
          Agreement.

      

      

      
        126

        
          

      

      
        

        

        
          Schedule 1

            The Original Lenders

          

          

          	
                  Name of Original Lender

                	
                  Commitment

                	
                  Treaty Passport scheme reference number and jurisdiction of residence (if applicable)

                
	
                  DNB (UK) Limited

                	
                  100%

                	 
	 	 	 
	 	 	 
	 	 	 

          

          

          

        

        
          127

          
            

        

        
          

          

          
            Schedule 2 

                Part I

                Conditions Precedent

            
              
                	1	
                        Obligors

                      

              

            

            
              
                	

                      	(a)	
                        Constitutional documents   Copies of the
                            constitutional documents of each Obligor together with such other evidence as the Agent may reasonably require that each Obligor is duly incorporated in its country of incorporation and remains in existence with power to enter
                            into, and perform its obligations under, the Relevant Documents to which it is or is to become a party.

                      

              

            

            
              
                	

                      	(b)	
                        Certificates of good standing   A certificate
                            of good standing in respect of each Obligor (if such a certificate can be obtained).

                      

              

            

            
              
                	

                      	(c)	
                        Board resolutions   A copy of a resolution of
                            the board of directors of each Obligor (other than the Original Guarantor) and a copy of a resolution of the executive committee of the board of directors of the Original Guarantor:

                      

              

            

            
              
                	

                      	(i)	
                        approving the terms of, and the transactions contemplated by, the Relevant Documents to which it is a party and resolving that it execute those
                            Relevant Documents; and

                      

              

            

            
              
                	

                      	(ii)	
                        authorising a specified person or persons to execute those Relevant Documents (and all documents and notices to be signed and/or dispatched under
                            those documents) on its behalf.

                      

              

            

            
              
                	

                      	(d)	
                        Specimen signatures or Copy passports   A
                            specimen of the signature or copy of the passport (as the Agent may require) of each person actually executing any of the Relevant Documents pursuant to the resolutions referred to in (c).

                      

              

            

            
              
                	

                      	(e)	
                        Shareholder resolutions   A copy of a
                            resolution signed by all the holders of the issued shares in each Obligor (other than the Original Guarantor), approving the terms of, and the transactions contemplated by, the Relevant Documents to which that Obligor is a
                            party.

                      

              

            

            
              
                	

                      	(f)	
                        Officer's certificates   An original
                            certificate of a duly authorised officer of each Obligor:

                      

              

            

            
              
                	

                      	(i)	
                        certifying that each copy document relating to it specified in this Part I of Schedule 2 is correct, complete and in full force and effect;

                      

              

            

            
              
                	

                      	(ii)	
                        setting out the names of (a) the directors and officers of that Obligor and (b) the shareholders of that Obligor (other than the Original Guarantor)
                            and the proportion of shares held by each shareholder; and

                      

              

            

            
              128

              
                

            

            

            

            

            

            
              
                	

                      	(iii)	
                        confirming that borrowing or guaranteeing or securing, as appropriate, the Loan would not cause any borrowing, guarantee, security or similar limit
                            binding on that Obligor to be exceeded.

                      

              

            

            
              
                	

                      	(g)	
                        Evidence of registration   Where such
                            registration is required or permitted under the laws of the relevant jurisdiction, evidence that the names of the directors, officers and shareholders of each Obligor are duly registered in the companies registry or other
                            registry in the country of incorporation of that Obligor.

                      

              

            

            
              
                	

                      	(h)	
                        Powers of attorney   The original notarially
                            attested and legalised power of attorney of each of the Obligors under which the Relevant Documents to which it is or is to become a party are to be executed or transactions undertaken by that Obligor.

                      

              

            

            
              
                	2	
                        Security and related documents

                      

              

            

            
              
                	

                      	(a)	
                        Vessel documents   Photocopies, certified as
                            true, accurate and complete by a director or the secretary or the legal advisers of the Borrower, of:

                      

              

            

            
              
                	

                      	(i)	
                        any charterparty or other contract of employment of the Vessel which will be in force on the Utilisation Date including, without limitation, any
                            Charter

                      

              

            

            
              
                	

                      	(ii)	
                        the on hire certificate pursuant to the Charter (if the Charter is a time charter) or the protocol of delivery and acceptance evidencing the
                            unconditional physical delivery of the Vessel by the Borrower to a Charterer pursuant to a Charter (if the Charter is a bareboat charter);

                      

              

            

            
              
                	

                      	(iii)	
                        the Management Agreements;

                      

              

            

            
              
                	

                      	(iv)	
                        the Vessel's current Safety Construction, Safety Equipment, Safety Radio and Load Line Certificates;

                      

              

            

            
              
                	

                      	(v)	
                        evidence of the Vessel's current Certificate of Financial Responsibility issued pursuant to the United States Oil Pollution Act 1990;

                      

              

            

            
              
                	

                      	(vi)	
                        the Vessel's current SMC;

                      

              

            

            
              
                	

                      	(vii)	
                        the ISM Company's current DOC;

                      

              

            

            
              
                	

                      	(viii)	
                        the Vessel's current ISSC;

                      

              

            

            
              
                	

                      	(ix)	
                        the Vessel's current IAPPC;

                      

              

            

            
              
                	

                      	(x)	
                        the Vessel's current Tonnage Certificate;

                      

              

            

            in each case together with all addenda, amendments or supplements.

            
              
                	

                      	(b)	
                        Evidence of Borrower's title   Evidence that on
                            the Utilisation Date (i) the Vessel will be permanently registered under the flag of the Hellenic Republic

                      

              

            

            
              129

              
                

            

            

            

            in the ownership of the Borrower and (ii) the Mortgage will be capable of being registered
                against the Vessel with first priority.

            
              
                	

                      	(c)	
                        Evidence of insurance   Evidence that the
                            Vessel is insured in the manner required by the Security Documents and that letters of undertaking will be issued in the manner required by the Security Documents, together with (if required by the Agent) the written approval of
                            the Insurances by an insurance adviser appointed by the Agent.

                      

              

            

            
              
                	

                      	(d)	
                        Confirmation of class   A Certificate of
                            Confirmation of Class for hull and machinery confirming the Vessel is classed with the highest class applicable to vessels of her type with Lloyd's Register or such other classification society as may be acceptable to the Agent.

                      

              

            

            
              
                	

                      	(e)	
                        Valuation   A valuation of the Vessel addressed
                            to the Agent from a broker acceptable to the Agent certifying the Market Value for the Vessel, acceptable to the Agent and in compliance with Clause 18 (Additional security) and dated not earlier that 30 Business Days prior to the proposed Utilisation Date.

                      

              

            

            
              
                	

                      	(f)	
                        Security Documents   The Mortgage and the
                            Assignments in respect of the Vessel, each Guarantee, the Account Security Deed, the Share Securities and any other Credit Support Documents, together with all other documents required by any of them, including, without
                            limitation, (i) all notices of assignment and/or charge and evidence that those notices will be duly acknowledged by the recipients and (ii) (pursuant to the Share Securities) all share certificates, certified copy share
                            registers or registers of members, transfer forms, proxy forms, letters of resignation and letters of undertaking.

                      

              

            

            
              
                	

                      	(g)	
                        Mandates   Such duly signed forms of mandate,
                            and/or other evidence of the opening of the Earnings Accounts, as the Security Agent may require.

                      

              

            

            
              
                	

                      	(h)	
                        No disputes   The written confirmation of the
                            Borrowers that there is no dispute under any of the Relevant Documents as between the parties to any such document.

                      

              

            

            
              
                	

                      	(i)	
                        Account Holder's confirmation   The written
                            confirmation of the Account Holder that the Earnings Accounts have been opened with the Account Holder and to its actual knowledge are free from Encumbrances other than as created by or pursuant to the Security Documents and
                            rights of set off in favour of the Account Holder as account holder.

                      

              

            

            
              
                	

                      	(j)	
                        Master Agreement   The Master Agreement.

                      

              

            

            
              
                	

                      	(k)	
                        Other Relevant Documents   Copies of each of
                            the Relevant Documents not otherwise comprised in the documents listed in this Part I of Schedule 2.

                      

              

            

            
              130

              
                

            

            

            

            

            

            

            

            
              
                	3	
                        Legal opinions

                      

              

            

            The following legal opinions, each addressed to the Agent, or confirmation satisfactory to
                the Agent that such opinions will be given:

            
              
                	

                      	(a)	
                        a legal opinion of Stephenson Harwood LLP, legal advisers to the Agent as to English law substantially in the form distributed to the Lenders prior to
                            signing this Agreement;

                      

              

            

            
              
                	

                      	(b)	
                        a legal opinion of the following legal advisers to the Agent:

                      

              

            

            
              
                	

                      	(i)	
                        Ince & Co as to Marshall Islands law;

                      

              

            

            
              
                	

                      	(ii)	
                        Stephenson Harwood LLP as to Greek law; and

                      

              

            

            
              
                	

                      	(iii)	
                        Patton Moreno & ASVAT as to Panamanian law.

                      

              

            

            
              
                	4	
                        Other documents and evidence

                      

              

            

            
              
                	

                      	(a)	
                        Utilisation Request   A duly completed
                            Utilisation Request.

                      

              

            

            
              
                	

                      	(b)	
                        Process agent   Evidence that any process agent
                            referred to in Clause 43.2 (Service of process) and any process agent appointed under any other Finance Document has
                            accepted its appointment.

                      

              

            

            
              
                	

                      	(c)	
                        Other Authorisations   A copy of any other
                            Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions
                            contemplated by any Relevant Document or for the validity and enforceability of any Relevant Document.

                      

              

            

            
              
                	

                      	(d)	
                        Financial statements   A copy of each of the
                            Original Financial Statements.

                      

              

            

            
              
                	

                      	(e)	
                        Fees   The Fee Letter and evidence that the
                            fees, costs and expenses then due from the Borrowers under Clause 11 (Fees) and Clause 16 (Costs and Expenses) or, if applicable, any withholding tax have been paid or will be paid by the relevant Utilisation Date.

                      

              

            

            
              
                	

                      	(f)	
                        "Know your customer" documents   Such
                            documentation and other evidence as is reasonably requested by the Agent (including specimen signatures) in order for the Lenders to comply with all necessary "know your customer" or similar identification procedures in relation
                            to the transactions contemplated in the Finance Documents, and each Obligors signatories, directors and ultimate beneficial owners.

                      

              

            

            
              
                	

                      	(g)	
                        Group Structure Chart   A chart showing the
                            structure of the Group up to the level of the Original Guarantor. 

                      

              

            

            
              
                	

                      	(h)	
                        Ownership Side Letter   The Ownership Side
                            Letter.

                      

              

            

            
              131

              
                

            

            Part II

                Conditions Subsequent

            
              
                	1	
                        Evidence of Borrower's title   Certificate of
                            ownership and encumbrance (or equivalent) issued by the Registrar of Ships (or equivalent official) of the flag of the Hellenic Republic confirming that (a) the Vessel is permanently registered under that flag in the ownership
                            of the Borrower, (b) the Mortgage has been registered with first priority against the Vessel and (c) there are no further Encumbrances registered against the Vessel.

                      

              

            

            
              
                	2	
                        Letters of undertaking   Letters of undertaking
                            in respect of the Insurances as required by the Security Documents together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Finance Parties.

                      

              

            

            
              
                	3	
                        Acknowledgements of notices   Acknowledgements
                            of all notices of assignment and/or charge given pursuant to any Security Documents received by the Agent pursuant to Part I of this Schedule 2.

                      

              

            

            
              
                	4	
                        Legal opinions   Such of the legal opinions
                            specified in Part I of this Schedule 2 as have not already been provided to the Agent.

                      

              

            

            
              
                	5	
                        Companies Act registrations   If applicable,
                            evidence that the prescribed particulars of any Security Documents received by the Agent pursuant to Part I of this Schedule 2 have been delivered to the relevant Registry of Companies/Corporations within the statutory time
                            limit.

                      

              

            

            
              
                	6	
                        Master's receipt   The master's receipt for the
                            Mortgage.

                      

              

            

            
              132

              
                

            

            

            

            

            

            Schedule 3

                Utilisation Request

            
              
                	From:	
                        Erikub Shipping Company Inc.

                      

              

            

            Wotho Shipping Company Inc.

            
              
                	To:	
                        DNB Bank ASA

                      

              

            

            Dated:

            Dear Sirs

            Erikub Shipping Company Inc. and Wotho Shipping Company Inc. – $19,000,000 Loan Agreement
                dated [                   ] (the "Agreement")

            
              
                	1	
                        We refer to the Agreement.  This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless
                            given a different meaning in this Utilisation Request.

                      

              

            

            
              
                	2	
                        We wish to borrow the Vessel Loan in respect of the Vessel specified below on the following terms:

                      

              

            

            
              
                	

                      	Proposed Utilisation Date:	
                        [            ] (or, if that is not a Business Day, the next Business Day)

                      

              

            

            

              	

                    	Currency of Vessel Loan: 

                      	                      dollars

            

            

              	

                    	 

                      Amount: 

                      	[                       ]

            

            

              	

                    	 

                      Interest Period: 

                      	[                       ]

            

            

              	

                    	 

                      Vessel: 

                      	[                       ]

                    

            

            

            
              
                	3	
                        We confirm that each condition specified in Clause 4.2 (Further conditions precedent) is satisfied on the date of this Utilisation Request.

                      

              

            

            
              
                	4	
                        The proceeds of the Vessel Loan should be paid as follows:

                      

              

            

            [•]

             

            

            
              
                	5	
                        This Utilisation Request is irrevocable.

                      

              

            

            Yours faithfully

            .......................................

            authorised signatory for

            Erikub Shipping Company Inc.

            Wotho Shipping Company Inc.

            
              133

              
                

            

            

            

            

            

            Schedule 4

                Form of Transfer Certificate

            To: [ ] as Agent

            
              
                	From:	
                        [The Existing Lender] (the "Existing Lender") and [The New
                              Lender] (the "New Lender")

                      

              

            

            Dated:

            Erikub Shipping Company Inc. and Wotho Shipping Company Inc. – $19,000,000 Loan Agreement
                dated [                   ] (the "Loan Agreement")

            
              
                	1	
                        We refer to the Loan Agreement.  This agreement (the "Agreement")

                            shall take effect as a Transfer Certificate for the purposes of the Loan Agreement.  Terms defined in the Loan Agreement have the same meaning in this Agreement unless given a different meaning in this Agreement.

                      

              

            

            
              
                	2	
                        We refer to Clause 25.5 (Procedure for transfer)
                            of the Loan Agreement:

                      

              

            

            
              
                	

                      	(a)	
                        The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation and in accordance with Clause 25.5 (Procedure for transfer) all of the Existing Lender's rights and obligations under the Loan Agreement and the other Finance
                            Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the Loan Agreement as specified in the Schedule.

                      

              

            

            
              
                	

                      	(b) 	The proposed Transfer Date is [ 	].

              

            

            
              
                	

                      	(c)	
                        The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 33.2 (Addresses) of the Loan Agreement are set out in the Schedule.

                      

              

            

            
              
                	3	
                        The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in Clause 25.4.1(c) (Limitation of responsibility of Existing Lenders) of the Loan Agreement.

                      

              

            

            
              
                	4	
                        The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

                      

              

            

            
              
                	

                      	(d)	
                        [a Qualifying Lender other than a Treaty Lender;]

                      

              

            

            
              
                	

                      	(e)	
                        [a Treaty Lender;]

                      

              

            

            
              
                	

                      	(f)	
                        [not a Qualifying Lender].

                      

              

            

            
              
                	[5]	
                        [The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is
                            either:

                      

              

            

            
              
                	

                      	(g)	
                        a company resident in the United Kingdom for United Kingdom tax purposes;

                      

              

            

            
              134

              
                

            

            

            

            

            

            
              
                	

                      	(h)	
                        a partnership each member of which is:

                      

              

            

            
              
                	

                      	(iv)	
                        a company so resident in the United Kingdom; or

                      

              

            

            
              
                	

                      	(v)	
                        a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                            account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

                      

              

            

            
              
                	

                      	(i)	
                        a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                            account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that
                            company.]

                      

              

            

            
              
                	[5]	
                        [The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [                   ]) and is tax
                            resident in [                   ], so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax, and requests that the Agent notify the Borrowers that it wishes that scheme to apply
                            to the Agreement.]

                      

              

            

            
              
                	[5/6]	
                        This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single
                            copy of this Agreement.

                      

              

            

            
              
                	[6/7]	
                        This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

                      

              

            

            
              
                	[7/8]	
                        This Agreement has been entered into on the date stated at the beginning of this Agreement.

                      

              

            

            
              
                	Note:	
                        The execution of this Transfer Certificate may not
                              transfer a proportionate share of the Existing Lender's interest in any Encumbrance created or expressed to be created or evidenced by the Security Documents in all jurisdictions.  It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in any
                              jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

                      

              

            

            
              135

              
                

            

            

            

            The Schedule

            Commitment/rights and obligations to be transferred

            [insert
                  relevant details]

            [Facility
                  Office address, fax number and attention details for notices and account details for payments,]

            	
                    [Existing Lender]

                  	
                    [New Lender]

                  
	
                    By:

                  	
                    By:

                  

            

            

            This Agreement is accepted as a Transfer Certificate for the purposes of the Loan Agreement by the Agent[, and
                as a Creditor Accession Undertaking for the purposes of the Intercreditor Agreement by the Security Agent,]31 and the Transfer Date is confirmed as [          
                              ].

            DNB Bank ASA

            By:

            
              136

              
                

            

            

            

            

            

            

            

            Schedule 5

                Form of Assignment Agreement

            
              
                	To:	
                        [        ] as Agent and [           ] and [            ]  as Borrowers, for and on behalf of each Obligor

                      

              

            

            
              
                	From:	
                        [the Existing Lender] (the "Existing Lender") and [the New
                              Lender] (the "New Lender")

                      

              

            

            Dated:

            Erikub Shipping Company Inc. and Wotho Shipping Company Inc. - [        ] Loan Agreement dated [     
                  ] (the "Loan Agreement")

            
              
                	1	
                        We refer to the Loan Agreement.  This is an Assignment Agreement.  This agreement (the "Agreement") shall take effect as an Assignment Agreement for the purpose of the Loan Agreement.  Terms defined in the Loan Agreement have the same meaning in this Agreement unless given
                            a different meaning in this Agreement.

                      

              

            

            
              
                	2	
                        We refer to Clause 25.6 (Procedure for assignment)
                            of the Loan Agreement:

                      

              

            

            
              
                	

                      	(a)	
                        The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Loan Agreement, the other Finance Documents
                            and in respect of any Encumbrance created or expressed to be created or evidenced by the Security Documents which correspond to that portion of the Existing Lender's Commitment(s) and participations in the Loan under the Loan
                            Agreement as specified in the Schedule.

                      

              

            

            
              
                	

                      	(b)	
                        The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's
                            Commitment(s) and participations in the Loan under the Loan Agreement specified in the Schedule.

                      

              

            

            
              
                	

                      	(c)	
                        The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph
                            (b).

                      

              

            

            
              
                	3	
                        The proposed Transfer Date is [      ].

                      

              

            

            
              
                	4	
                        On the Transfer Date the New Lender becomes:

                      

              

            

            
              
                	

                      	(a)	
                        Party to the relevant Finance Documents as a Lender

                      

              

            

            
              
                	5	
                        The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 33.2 (Addresses) of the Loan Agreement are set out in the Schedule.

                      

              

            

            
              
                	6	
                        The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in Clause 25.4.3 (Limitation of responsibility of Existing Lenders) of the Loan Agreement.

                      

              

            

            
              137

              
                

            

            

            

            

            

            
              
                	7	
                        The New Lender confirms, for the benefit of the Agent and without liability to any Obligor, that it is:

                      

              

            

            
              
                	

                      	(a)	
                        [a Qualifying Lender (other than a Treaty Lender);]

                      

              

            

            
              
                	

                      	(b)	
                        [a Treaty Lender;]

                      

              

            

            
              
                	

                      	(c)	
                        [not a Qualifying Lender].

                      

              

            

            
              
                	8	
                        [The New Lender confirms that the person beneficially entitled to interest payable to that Lender in respect of an advance under a Finance Document is
                            either:

                      

              

            

            
              
                	

                      	(a)	
                        a company resident in the United Kingdom for United Kingdom tax purposes;

                      

              

            

            
              
                	

                      	(b)	
                        a partnership each member of which is:

                      

              

            

            
              
                	

                      	(i)	
                        a company so resident in the United Kingdom; or

                      

              

            

            
              
                	

                      	(ii)	
                        a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                            account in computing its chargeable profits (within the meaning of section 19 of the CTA) the whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the CTA; or

                      

              

            

            
              
                	

                      	(c)	
                        a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which brings into
                            account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19 of the CTA) of that company.]

                      

              

            

            
              
                	9	
                        [The New Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [  ]) and is tax resident in [   ]*, so that interest payable to it by borrowers is generally subject to full exemption from UK withholding tax and hereby notifies the Borrowers that
                            it wishes that scheme to apply to the Loan Agreement.]**

                      

              

            

            
              
                	[9/10]	
                        This Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 25.7 (Copy of Transfer Certificate or Assignment Agreement to Borrowers), to the Borrowers (on behalf of each Obligor) of the
                            assignment referred to in this Agreement.

                      

              

            

            
              
                	[10/11]	
                        This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single
                            copy of this Agreement.

                      

              

            

            
              
                	[11/12]	
                        This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

                      

              

            

            

            

            

            * Insert jurisdiction of tax
                residence.

            ** Include if the New Lender
                holds a passport under the HMRC DT Treaty Passport scheme and wishes that scheme to apply to the Loan Agreement.

            
              138

              
                

            

            

            

            

            

            
              
                	[12/13]	
                        This Agreement has been entered into on the date stated at the beginning of this Agreement.

                      

              

            

            
              
                	Note:	
                        The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender's interest in any
                            Encumbrance created or expressed to be created or evidenced by the Security Documents in all jurisdictions.  It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required
                            to perfect a transfer of such a share in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.

                      

              

            

            
              139

              
                

            

            

            

            The Schedule

            Commitment/rights and obligations to be transferred by assignment, release and accession

            [insert
                  relevant details]

            [Facility
                  office address, fax number and attention details for notices and account details for payments]

            	
                    [Existing Lender]

                  	
                    [New Lender]

                  
	
                    By:

                  	
                    By:

                  

            

            

            This Agreement is accepted as an Assignment Agreement for the purposes of the Loan Agreement by the Agent and
                the Transfer Date is confirmed as [                    ].

            Signature of this Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the
                assignment referred to in this Agreement, which notice the Agent receives on behalf of each Finance Party.

            DNB Bank ASA

            By:

            
              140

              
                

            

            

            

            

            

            Schedule 6

                Form of Accession Deed

            
              
                	To:	
                        [                   ] as Agent and [                  ] as Security Agent for itself and each of the other Finance Parties

                      

              

            

            From: [Affiliate of a Borrower] and [Borrowers][Original Guarantor]

            Dated:

            Dear Sirs

            Erikub Shipping Company Inc. and Wotho Shipping Company Inc. – $19,000,000 Loan Agreement
                dated [                   ] (the "Agreement")

            
              
                	1	
                        We refer to the Agreement.  This deed (the "Accession
                              Deed") shall take effect as an Accession Deed for the purposes of the Agreement.  Terms defined in the Agreement have the same meaning in paragraphs 1-3 of this Accession Deed unless given a different meaning in this
                            Accession Deed.

                      

              

            

            
              
                	2	
                        [Affiliate of a Borrower] agrees to become an
                            Additional Guarantor and to be bound by the terms of the Agreement and the other Finance Documents as an Additional Guarantor pursuant to Clause 26.2 (Additional Guarantors) of the Agreement.  Affiliate of a Borrower is a company duly
                            incorporated under the laws of [name of relevant jurisdiction] and is a limited liability company and registered number
                            [                   ].

                      

              

            

            
              
                	3	
                        Affiliate of a Borrower's administrative
                            details for the purposes of the Agreement are as follows:

                      

              

            

            Address:

            Fax No.:

            Attention:

            This Accession Deed and any non-contractual obligations arising out of or in connection with
                it are governed by English law.

            This Accession
                  Deed has been signed on behalf of the [Borrowers][Original Guarantor] and executed as a deed by [Affiliate of a Borrower] and
                is delivered on the date stated above.

            

            

            
              141

              
                

            

            

            

            [Affiliate of a Borrower]

            	
                    [Executed as a Deed

                  	
                    )

                  
	
                    By: [Affiliate of a
                          Borrower]

                  	
                    )

                  
	 	
                    )

                  

            

            

            

            

            	
                     

                    _____________________________

                     

                  	
                    Director

                  
	
                    _____________________________

                     

                  	
                    Director/Secretary]

                  

            

            

            

            

            or

            

            

            

            

            	
                    [Executed as a Deed

                     

                    By: [Affiliate of a
                          Borrower]

                  	 
	
                     

                    _____________________________

                     

                  	
                    Signature of Director

                     

                  
	
                    _____________________________

                    in the presence of

                  	
                    Name of Director

                     

                  
	
                    _____________________________

                     

                  	
                    Signature of witness

                     

                  
	
                    _____________________________

                     

                  	
                    Name of witness

                     

                  
	
                    _____________________________

                     

                  	
                    Address of witness

                     

                  
	
                    _____________________________

                     

                  	 
	
                    _____________________________

                     

                  	 
	
                    _____________________________

                     

                  	 
	
                    _____________________________

                     

                  	
                    Occupation of witness]

                  

            

            

            

            

            The [Borrowers][Original Guarantor]

            	
                     

                    _____________________________

                     

                  	
                    [Borrowers][Original Guarantor]

                     

                  

            

            

            By:

            
              142

              
                

            

            

            

            

            

            Schedule 7

                Form of Compliance Certificate

            To: DNB Bank ASA

            From: Diana Shipping Inc.

            Dated:

            Dear Sirs

            Wotho Shipping Company Inc. and Erikub Shipping Company Inc.  – $19,000,000 Loan Agreement
                dated [                   ] (the "Agreement")

            
              
                	1	
                        We refer to the Agreement.  This is a Compliance Certificate.  Terms defined in the Agreement have the same meaning when used in this Compliance
                            Certificate unless given a different meaning in this Compliance Certificate.

                      

              

            

            
              
                	2	
                        We confirm that:  

                      

              

            

            
              
                	

                      	2.1	
                        we maintain Cash of not less than the higher of (i) $500,000 multiplied by the number of the Fleet Vessels and (ii) $10,000,000; and

                      

              

            

            
              
                	

                      	2.2	
                        the Market Value Adjusted Net Worth in an amount not  less than $150,000,000; and

                      

              

            

            
              
                	

                      	2.3	
                        the Market Value Adjusted Net Worth in excess of 25% of the Total Assets;

                      

              

            

            
              
                	

                      	2.4	
                        each Borrower maintains in the relevant Earnings Account a credit balance of not less than two hundred thousand Dollars ($200,000).

                      

              

            

            

            

            
              
                	3	
                        [We confirm that no Default is continuing.]*

                      

              

            

            

            

            	
                    Signed:

                  	
                    ......................................................

                  
	 	
                    Chief Financial Officer

                  
	 	
                    of

                  
	 	
                    Diana Shipping Inc.

                  

            

            

             

            

            

            

            

            * If this statement cannot be
                made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.

            
              143

              
                

            

            Signatures

            The Borrowers

            	
                    Erikub Shipping Company Inc.

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: c/o Diana Shipping Services S.A.

                  	
                    )

                  	 	 
	
                                  Pendelis 16, 175 64 Palaio Faliro, Athens,

                  	
                    )

                  	 	 
	
                                  Greece

                  	
                    )

                  	 	 
	
                    Fax no.: +30 210 9470101

                  	
                    )

                  	 	 
	
                    Department/Officer: Mr Andreas Michalopoulos

                  	
                    )

                  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                    Wotho Shipping Company Inc.

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: c/o Diana Shipping Services S.A.

                  	
                    )

                  	 	 
	
                                  Pendelis 16, 175 64 Palaio Faliro, Athens,

                  	
                    )

                  	 	 
	
                                  Greece

                  	
                    )

                  	 	 
	
                    Fax no.: +30 210 9470101

                  	
                    )

                  	 	 
	
                    Department/Officer: Mr Andreas Michalopoulos

                  	
                    )

                  	 	 
	 	 	 	 
	 	 	 	 
	
                    The Original Guarantor

                  	 	 	 
	
                    Diana Shipping Inc.

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: c/o Diana Shipping Services S.A.

                  	
                    )

                  	 	 
	
                                  Pendelis 16, 175 64 Palaio Faliro, Athens,

                  	
                    )

                  	 	 
	
                                  Greece

                  	
                    )

                  	 	 
	
                    Fax no.: +30 210 9470101

                  	
                    )

                  	 	 
	
                    Department/Officer: Mr Andreas Michalopoulos

                  	
                    )

                  	 	 
	 	 	 	 

            
              144

              
                

            

            

            

            	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                    The Arranger

                  	 	 	 
	
                    DNB Bank ASA

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: 8th floor, The Walbrook Building

                  	
                    )

                  	 	 
	
                                  25 Walbrook, London EC4N 8AF

                  	
                    )

                  	 	 
	
                                  England

                  	
                    )

                  	 	 
	
                    Fax no.: +44 207 283 5935

                  	
                    )

                  	 	 
	
                    Department/Officer: Shipping Offshore

                  	
                    )

                  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                    The Agent

                  	 	 	 
	
                    DNB Bank ASA

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: 8th floor, The Walbrook Building

                  	
                    )

                  	 	 
	
                                  25 Walbrook, London EC4N 8AF

                  	
                    )

                  	 	 
	
                                  England

                  	
                    )

                  	 	 
	
                    Fax no.: +44 207 283 5935

                  	
                    )

                  	 	 
	
                    Department/Officer: Shipping Offshore

                  	
                    )

                  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                    The Security Agent

                  	 	 	 
	
                    DNB Bank ASA

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: 8th floor, The Walbrook Building

                  	
                    )

                  	 	 
	
                                  25 Walbrook, London EC4N 8AF

                  	
                    )

                  	 	 
	
                                  England

                  	
                    )

                  	 	 
	
                    Fax no.: +44 207 283 5935

                  	
                    )

                  	 	 
	
                    Department/Officer: Shipping Offshore

                  	
                    )

                  	 	 
	 	 	 	 
	 	 	 	 

            
              145

              
                

            

            

            

            	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                    The Original Lenders

                  	 	 	 
	
                    DNB (UK) Limited

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                    The Swap Provider

                  	 	 	 
	
                    DNB Bank ASA

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    By:

                  	
                    )

                  	 	 
	 	
                    )

                  	 	 
	
                    Address: 8th floor, The Walbrook Building

                  	
                    )

                  	 	 
	
                                  25 Walbrook, London EC4N 8AF

                  	
                    )

                  	 	 
	
                                  England

                  	
                    )

                  	 	 
	
                    Fax no.: +44 207 283 5935

                  	
                    )

                  	 	 
	
                    Department/Officer: Shipping Offshore

                  	
                    )

                  	 	 
	 	 	 	 

            

            

            

            

          

          

          

          

          

          

          

          

          

        

        

      

    

    146Exhibit
4.4

 

COMMON
STOCK PURCHASE WARRANT

 

THE
SECURITIES EVIDENCED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED, PLEDGED OR OTHERWISE DISPOSED OF WITHOUT (i) EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO, (ii) AN OPINION OF COUNSEL OR OTHER EVIDENCE, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION
IS NOT REQUIRED, OR (iii) RECEIPT OF NO-ACTION LETTERS FROM THE APPROPRIATE GOVERNMENTAL AUTHORITIES.

 

	March
    7, 2019	No.
    W-2019-1

 

BROWNIE’S
MARINE GROUP, INC.

 

FORM
OF COMMON STOCK PURCHASE WARRANT

 

This
certifies that, for good and valuable consideration, receipt of which is hereby acknowledged, CHARLES F. HYATT (“Holder”)
is entitled to purchase, subject to the terms and conditions of this Warrant, from Brownie’s Marine Group, Inc., a Florida
corporation (the “Company”), Fifty Million (50,000,000) fully paid and nonassessable shares of the Company’s
common stock, par value $0.0001 per share (“Common Stock”). Holder shall be entitled to purchase the
shares of Common Stock in accordance with Section 2 at any time subsequent to the date of this Warrant set forth above
and prior to the Expiration Date (as defined below). The shares of Common Stock of the Company for which this Warrant is exercisable,
as adjusted from time to time pursuant to the terms hereof, are hereinafter referred to as the “Shares.”
This Warrant is one of a series of Warrants included in the Unit issued and sold pursuant to the terms and conditions of the Company’s
Subscription Agreement dated March 7, 2019 (the “Purchase Agreement”).

 

1.
Exercise Period; Price.

 

1.1
Exercise Period. This Warrant shall be immediately exercisable and the exercise period (“Exercise Period”)
shall terminate at 5:00 p.m. Eastern Standard time on September 7, 2020 (the “Expiration Date”).

 

1.2
Exercise Price. The initial purchase price for each of the Shares shall be $0.01 per share. Such price shall be
subject to adjustment pursuant to the terms hereof (such price, as adjusted from time to time, is hereinafter referred to as the
“Exercise Price”).

 

2.
Exercise and Payment. At any time after the date of this Warrant, this Warrant may be exercised, in whole or in part,
from time to time by the Holder, during the term hereof, by surrender of this Warrant and the Notice of Exercise attached hereto
as Annex I, duly completed and executed by the Holder, to the Company at the principal executive offices of the Company,
together with payment in the amount obtained by multiplying the Exercise Price then in effect by the number of Shares thereby
purchased, as designated in the Notice of Exercise. Payment may be in cash, wire transfer or by check payable to the order of
the Company in immediately available funds. If not exercised in full, this Warrant must be exercised for a whole number of Shares.

 

3.
Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance and delivery
upon exercise of this Warrant such number of Shares or other shares of capital stock of the Company from time to time issuable
upon exercise of this Warrant. All such Shares shall be duly authorized, and when issued upon such exercise, shall be validly
issued, fully paid and non-assessable, free and clear of all liens, security interests, charges and other encumbrances or restrictions
on sale and free and clear of all preemptive rights.

 

    	 	 	 

    	 	 	 

    

 

4.
Delivery of Stock Certificates. Within three (3) trading days after exercise, in whole or in part, of this Warrant,
the Company shall issue in the name of and deliver to the Holder a certificate or certificates for the number of fully paid and
nonassessable Shares which the Holder shall have requested in the Notice of Exercise. If this Warrant is exercised in part, the
Company shall deliver to the Holder a new Warrant (dated the date hereof and of like tenor) for the unexercised portion of this
Warrant at the time of delivery of such stock certificate or certificates.

 

5.
No Fractional Shares. This Warrant must be exercised for a whole number of Shares. No fractional shares or scrip representing
fractional Shares will be issued upon exercise of this Warrant. Any fractional Share which otherwise might be issuable on the
exercise of this Warrant as a result of the adjustment provisions Section 9 hereof will be rounded up to the nearest whole
Share.

 

6.
Charges, Taxes and Expenses. The Company shall pay all transfer taxes or other incidental charges, if any, in connection
with the transfer of the Shares purchased pursuant to the exercise hereof from the Company to the Holder.

 

7.
Loss, Theft, Destruction or Mutilation of Warrant. Upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or
security reasonably satisfactory to the Company, and upon reimbursement to the Company of all reasonable expenses incidental thereto,
and upon surrender and cancellation of this Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor
and dated as of such cancellation, in lieu of this Warrant.

 

8.
Saturdays, Sundays, Holidays, Etc. If the last or appointed day for the taking of any action or the expiration of any
right required or granted herein shall be a Saturday or a Sunday or shall be a legal holiday, then such action may be taken or
such right may be exercised on the next succeeding weekday which is not a legal holiday.

 

9.
Adjustment of Exercise Price and Number of Shares. The Exercise Price and the number of and kind of securities purchasable
upon exercise of this Warrant shall be subject to adjustment from time to time as follows:

 

9.1
Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the date hereof but prior
to the expiration of this Warrant subdivide its outstanding securities as to which purchase rights under this Warrant exist, by
split-up or otherwise, or combine its outstanding securities as to which purchase rights under this Warrant exist, the number
of Shares as to which this Warrant is exercisable as of the date of such subdivision, split-up or combination shall forthwith
be proportionately increased in the case of a subdivision, or proportionately decreased in the case of a combination. Appropriate
adjustments shall also be made to the Exercise Price, but the aggregate purchase price payable for the total number of Shares
purchasable under this Warrant as of such date shall remain the same.

 

    	 	2	 

    	 	 	 

    

 

9.2
Stock Dividend. If at any time after the date hereof the Company declares a dividend or other distribution on its
Common Stock payable in Common Stock or other securities or rights convertible into Common Stock (“Common Stock Equivalents”)
without payment of any consideration by such holder for the additional shares of Common Stock or the Common Stock Equivalents
(including the additional shares of Common Stock issuable upon exercise or conversion thereof), then the number of Shares for
which this Warrant may be exercised shall be increased as of the record date (or the date of such dividend distribution if no
record date is set) for determining which holders of Common Stock shall be entitled to receive such dividend, in proportion to
the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible
into Common Stock) of Common Stock as a result of such dividend, and the Exercise Price shall be adjusted so that the aggregate
amount payable for the purchase of all the Shares issuable hereunder immediately after the record date (or on the date of such
distribution, if applicable), for such dividend shall equal the aggregate amount so payable immediately before such record date
(or on the date of such distribution, if applicable).

 

9.3
Other Distributions. If at any time after the date hereof the Company distributes to holders of its Common Stock,
other than as part of its dissolution or liquidation or the winding up of its affairs, any shares of its capital stock, any evidence
of indebtedness or any of its assets (other than cash, Common Stock or Common Stock Equivalents), then the Company may, at its
option, either (i) decrease the Exercise Price of this Warrant by an appropriate amount based upon the value distributed on each
share of Common Stock as determined in good faith by the Company’s Board of Directors, or (ii) provide by resolution of
the Company’s Board of Directors that on exercise of this Warrant, the Holder hereof shall thereafter be entitled to receive,
in addition to the shares of Common Stock otherwise receivable on exercise hereof, the number of shares or other securities or
property which would have been received had this Warrant at the time been exercised.

 

9.4
Effect of Consolidation, Merger or Sale. In case of any reclassification, capital reorganization, or change of securities
of the class issuable upon exercise of this Warrant (other than a change in par value, or from par value to no par value, or from
no par value to par value, or as a result of any subdivision, combination, stock dividend or other distribution provided for in
Sections 9.1, 9.2 and 9.3 above), or in case of any consolidation or merger of the Company with or into any
corporation (other than a consolidation or merger with another corporation in which the Company is the acquiring and the surviving
corporation and which does not result in any reclassification or change of outstanding securities issuable upon exercise of this
Warrant), or in case of any sale of all or substantially all of the assets of the Company, the Company, or such successor or purchasing
corporation, as the case may be, shall duly execute and deliver to the holder of this Warrant a new Warrant (in form and substance
satisfactory to the holder of this Warrant), or the Company shall make appropriate provision without the issuance of a new Warrant,
so that the holder of this Warrant shall have the right to receive, at a total purchase price not to exceed that payable upon
the exercise of the unexercised portion of this Warrant, and in lieu of the Shares theretofore issuable upon exercise of this
Warrant, the kind and amount of shares of stock, other securities, money and property receivable upon such reclassification, capital
reorganization, change, merger or sale by a holder of the number of Shares then purchasable under this Warrant. In any such case,
appropriate provisions shall be made with respect to the rights and interest of Holder so that the provisions hereof shall thereafter
be applicable to any shares of stock or other securities and property deliverable upon exercise hereof, or to any new Warrant
delivered pursuant to this Section 9.4, and appropriate adjustments shall be made to the Exercise Price per share payable
hereunder, provided, that the aggregate Exercise Price shall remain the same. The provisions of this Section 9.4 shall
similarly apply to successive reclassifications, capital reorganizations, changes, mergers and transfers.

 

10.
Notice of Adjustments; Notices. Whenever the Exercise Price or number of Shares purchasable hereunder shall be adjusted
pursuant to Section 9 hereof, the Company shall execute and deliver to the Holder a certificate setting forth, in reasonable
detail, the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment was calculated and
the Exercise Price and number of and kind of securities purchasable hereunder after giving effect to such adjustment, and shall
cause a copy of such certificate to be mailed (by first class mail, postage prepaid) to the Holder.

 

    	 	3	 

    	 	 	 

    

 

11.
Rights As Shareholder; Notice to Holders. Nothing contained in this Warrant shall be construed as conferring upon the
Holder or his or its transferees the right to vote or to receive dividends or to consent or to receive notice as a shareholder
in respect of any meeting of shareholders for the election of directors of the Company or of any other matter, or any rights whatsoever
as shareholders of the Company. The Company shall give notice to the Holder by registered mail if at any time prior to the expiration
or exercise in full of the Warrants, any of the following events shall occur:

 

(i)
a dissolution, liquidation or winding up of the Company shall be proposed; 

 

(ii)
a capital reorganization or reclassification of the Common Stock (other than a change in par value, or from par value to no par
value, or from no par value to par value, or as a result of any subdivision, combination, stock dividend or other distribution)
or any consolidation or merger of the Company with or into another corporation (other than a consolidation or merger with another
corporation in which the Company is the acquiring and the surviving corporation and which does not result in any reclassification
or change of outstanding securities issuable upon exercise of this Warrant), or in case of any sale of all or substantially all
of the assets of the Company; or

 

(iii)
a taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof
who are entitled to receive any dividend (other than a cash dividend) for other distribution, any right to subscribe for, purchase
or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other rights.

 

Such
giving of notice shall be simultaneous with (or in any event, no later than) the giving of notice to holders of Common Stock.
Such notice shall specify the record date or the date of closing the stock transfer books, as the case may be. Failure to provide
such notice shall not affect the validity of any action contemplated in this Section 11.

 

12.
Restricted Securities. The Holder understands that this Warrant and the Shares purchasable hereunder constitute “restricted
securities” under the federal securities laws inasmuch as they are, or will be, acquired from the Company in transactions
not involving a public offering and accordingly may not, under such laws and applicable regulations, be resold or transferred
without registration under the Act, or an applicable exemption from such registration. The Holder further acknowledges that a
securities legend to the foregoing effect shall be placed on any Shares issued to the Holder upon exercise of this Warrant.

 

13.
Disposition of Shares; Transferability.

 

13.1
Transfer. This Warrant shall be transferable only on the books of the Company, upon delivery thereof duly endorsed
by the Holder or by its duly authorized attorney or representative, accompanied by proper evidence of succession, assignment or
authority to transfer. Upon any registration of transfer, the Company shall execute and deliver new Warrants to the person entitled
thereto.

 

13.2
Rights, Preferences and Privileges of Common Stock. The powers, preferences, rights, restrictions and other matters
relating to the shares of Common Stock will be as determined in the Company’s Articles of Incorporation, as amended, as
then in effect.

 

    	 	4	 

    	 	 	 

    

 

14.
Miscellaneous.

 

14.1
Binding Effect. This Warrant and the various rights and obligations arising hereunder shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.

 

14.2
Entire Agreement. This Warrant and the Purchase Agreement of even date herewith constitute the entire agreement
between the parties with respect to the subject matter hereof and supersede all prior and contemporaneous agreements, whether
oral or written, between the parties hereto with respect to the subject matter hereof.

 

14.3
Amendment and Waiver. Any term of this Warrant may be amended and the observance of any term hereof may be waived
(either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company
and the Holders representing a majority-in-interest of the shares of Common Stock underlying the Warrants pursuant to the Purchase
Agreement. Any waiver or amendment effected in accordance with this Section 14.3 shall be binding upon the Holder and the Company.

 

14.4
Governing Law. This Agreement shall be governed by and construed under the laws of the State of Florida without
reference to the conflicts of law principles thereof. The exclusive jurisdiction for any legal suit, action or proceeding arising
out of or related to this Warrant shall be either the Florida State Supreme Court, County of Broward, or in the United States
District Court for the Southern District of Florida.

 

14.5
Headings. The headings in this Agreement are for convenience only and shall not alter or otherwise affect the meaning
hereof.

 

14.6
Severability. If one or more provisions of this Warrant are held to be unenforceable under applicable law, such
provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so
excluded and the balance shall be enforceable in accordance with its terms.

 

14.7
Notices. Unless otherwise provided, any notice required or permitted under this Warrant shall be given in the same
manner as provided in the Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Warrant as of the date appearing on the first page of
this Warrant.

 

	 	THE
    COMPANY:
	 	BROWNIE’S
    MARINE GROUP, INC.
	 	 	 
	 	By:
    	/s/
    Robert M. Carmichael
	 	Name:
    	Robert
    M. Carmichael
	 	Its:	CEO

 

    	 	5	 

    	 	 	 

    

 

ANNEX
I

 

NOTICE
OF EXERCISE

 

To:
Brownie’s Marine Group, Inc.

 

1.
The undersigned Holder hereby elects to purchase _____________ shares of Common Stock, $0.0001 par value per share (the “Shares”)
of Brownie’s Marine Group, Inc., a Florida corporation (the “Company”), pursuant to the terms
of the attached Warrant. The Holder shall make payment of the Exercise Price by delivering the sum of $____________, in lawful
money of the United States, to the Company in accordance with the terms of the Warrant.

 

2.
Please issue and deliver certificates representing the Warrant Shares purchased hereunder to Holder: ____________________________, Address:
in the following denominations: ____________________________.

 

Taxpayer
ID No.: __________________________________

 

3.
Please issue a new Warrant for the unexercised portion of the attached Warrant, if any, in the name of the undersigned.

 

	Holder:	 	 
	Dated:	 	 
	By:	 	 
	Its:	 	 
	Address:	 	 

 

4.
The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities Act of 1933,
as amended.

 

[SIGNATURE
OF HOLDER]

 

Name
of Investing Entity: ___________________________________________________________________________

Signature
of Authorized Signatory of Investing Entity: _____________________________________________________

Name
of Authorized Signatory: _______________________________________________________________________

Title
of Authorized Signatory: ________________________________________________________________________

Date: ___________________________________________________________________________________________

 

    	 	6

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