Document:

Exhibit 10.20

 

6 June 2017

 

DOMICILIARY AGENCY AGREEMENT

 

between

 

 

as Issuer

 

and

 

BNP Paribas Fortis SA/NV

 

as Domiciliary
Agent

 

     

    Euronav NV – Domiciliary Agency Agreement Execution Version 06 June 2017

    

 

	1.	INTERPRETATION	2
	2.	APPOINTMENT AND DUTIES	3
	3.	THE TREASURY NOTES	4
	4.	ISSUE OF TREASURY NOTES	4
	5.	PAYMENT & SETTLEMENT	6
	6.	MISCELLANEOUS DUTIES OF THE DOMICILIARY AGENT	8
	7.	THE CALCULATION AGENT	9
	8.	REPRESENTATIONS AND UNDERTAKINGS OF THE ISSUER	9
	9.	INDEMNITY	10
	10.	RECOURSE TO THE ISSUER	11
	11.	TERMINATION – RESIGNATION – SUCCESSION	12
	12.	FEES	13
	13.	MISCELLANEOUS	13
	14.	NOTICES	14
	15.	GOVERNING LAW & JURISDICTION	15

 

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BETWEEN

 

Euronav NV, a limited liability company
(“naamloze vennootschap” / “société anonyme”) incorporated under the laws of
Belgium and having its registered office at De Gerlachekaai 20, 2000 Antwerp, enterprise number 0860.402.767 (RPR/RPM Antwerpen)
(hereinafter referred to as the “Issuer”);

 

AND

 

BNP Paribas Fortis SA/NV, a credit institution
validly existing under the laws of the Kingdom of Belgium, having its registered office at Montagne du Parc 3, B-1000 Brussels,
Belgium, enterprise number 0403,199,702 (RPM/RPR Brussels) (the “Domiciliary Agent”).

 

WHEREAS,

 

		(i)	The Issuer has, further to a decision of its board of directors dated 6 June 2017, established
a Multi-currency Short Term Treasury Notes Programme for the issue of Treasury Notes denominated in Euro or in USD or in any other
foreign currency, subject to the Terms and Conditions of the Treasury Notes (the “Conditions”) set out in the
Information Memorandum (as defined below) and in accordance with the law of 22 July 1991 relating to billets de trésorerie
et certificats de dépôt / thesauriebewijzen en depositocertificaten, as amended, and the royal decree of 14 October
1991 relating to billets de trésorerie et certificats de dépôt / thesauriebewijzen en depositocertificaten,
as amended.

 

		(ii)	The Issuer has appointed BNP Paribas Fortis SA/NV, which has accepted, to act as Dealer pursuant
to the dealer Agreement dated 6 June 2017, as amended or/and supplemented from time to time (the ”Dealer Agreement’).

 

		(iii)	The Issuer, the Domiciliary Agent and the National Bank of Belgium (“NBB”) have
executed the Clearing Agreement (as defined below) in relation to the clearing of the Treasury Notes to be issued by the Issuer.

 

THE PARTIES HERETO AGREE AS FOLLOWS:

 

		1.	INTERPRETATION

 

		(a)	In this Agreement, unless the contrary intention appears, a reference to:

 

		(i)	a provision of a law is a reference to that provision as amended, extended, applied or re-enacted
and includes any subordinate legislation;

 

		(ii)	a Clause or a Schedule is a reference to a clause of or a schedule to this Agreement;

 

		(iii)	a person includes any individual, company, corporation, unincorporated association or body (including
a partnership, trust, joint venture or consortium), government, state, agency, organisation or any other entity whether or not
having separate legal personality, and references to any person shall include its successors in title, permitted assigns and permitted
transferees;

 

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

 

		(v)	an authorisation includes any authorisation, consent, approval, resolution, licence, exemption,
filing, notarisation or registration;

 

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

 

		(vii)	Programme Agreements means, within the framework of the Programme, the Dealer Agreement, any agreement
for a Note Transaction, the Domiciliary Agency Agreement, and the Clearing Agreement; and

 

		(viii)	any Programme Agreement or other document is a reference to that Programme Agreement or other document
as amended, novated, restated, superseded or supplemented.

 

		(ix)	“Note Transaction” means the issue by the Issuer and the subscription by a Dealer
of Treasury Note(s).

 

		(x)	“Information Memorandum” means the information memorandum dated 6 June 2017,containing
information about the Issuer and the Treasury Notes (including information incorporated therein by reference), as prepared by or
on behalf of the Issuer pursuant to Article 5 of the Treasury Notes Law for use by the Dealers in connection with the transactions
contemplated by this Agreement, as the same may be amended, supplemented, updated and/or substituted from time to time.

 

		(xi)	“Clearing Agreement” means the Service contract concerning the issue of dematerialised
treasury certificates and certificates of deposit  dated on or about the date hereof and made between the NBB, the Issuer and
the Domiciliary Agent, as amended, supplemented, or/and updated from time to time.

 

		(b)	Each capitalised term used in this Agreement shall, unless the context otherwise requires, have
the meaning given to such term in the Information Memorandum.

 

		(c)	In case of any discrepancy between this Agreement and the Clearing Agreement, the Clearing Agreement
shall prevail.

 

		(d)	The index to and the headings in this Agreement are for convenience only and may not be considered
in construing this Agreement.

 

		2.	APPOINTMENT AND DUTIES

 

		2.1	Appointment

 

Upon and subject to the terms of
this Agreement, the Issuer hereby appoints the Domiciliary Agent:

 

		(a)	as its domiciliary agent to represent and act as agent for the Issuer in the Clearing System, and
to perform all obligations imposed on it by this Agreement, the Conditions and the Clearing Agreement (or, if applicable, any clearing
agreement to be concluded with such successor operator of the Clearing System);

 

		(b)	as its paying agent for the purpose of paying sums due on the Treasury Notes in accordance with
the provisions of the Conditions and this Agreement and performing all other duties and obligations imposed on it by the Conditions
and this Agreement; and

 

		(c)	to act as calculation agent in accordance with this Agreement and the Conditions.

 

The Domiciliary Agent accepts
such appointments.

 

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		2.2	Role of the Domiciliary Agent

 

		(a)	The Domiciliary Agent shall only be obliged to perform such duties as set out in this Agreement,
the Clearing Agreement and the Conditions and any duties necessarily incidental thereto. No implied duties or obligations shall
be read into any such documents. The Domiciliary Agent shall not be obliged to perform additional duties unless it shall have previously
agreed to perform such duties. The Domiciliary Agent shall, in general, not be under any obligation to take any action in relation
to its appointment which it expects will result in any expense or liability for the Domiciliary Agent, the payment of which the
Domiciliary Agent, after having consulted with the Issuer, reasonably believes is unlikely to be obtained by it from the Issuer
in due time upon request.

 

		(b)	The Domiciliary Agent shall perform the duties imposed on the Issuer in the Clearing Agreement,
in which respect it shall only act as agent, and in accordance with the instructions, of the Issuer.

 

		(c)	The Domiciliary Agent shall act in accordance with good banking practices and shall be entitled
to deal with each amount received by it hereunder in the same manner as other amounts paid to it as banker by its customers provided
that (i) it shall not exercise any lien, right of set-off or similar claim in respect thereof and (ii) it shall not be liable to
any person for interest thereon.

 

		(d)	The Domiciliary Agent shall not be:

 

		(i)	liable for any action taken, suffered or omitted to be taken, provided that the Domiciliary Agent
has acted with reasonable care and diligence and in accordance with the terms of this Agreement, the Conditions, the Clearing Agreement
and good banking practices;

 

		(ii)	liable for or in respect of any action taken, omitted to be taken or anything suffered by it relying
upon any transfer, notice, consent, certificate, affidavit, statement or other paper or document, reasonably and according to good
banking practices believed by it to be genuine and to have been signed by authorised persons;

 

		(iii)	responsible to ensure the Programme Maximum Amount is respected, and shall not incur any liability
whatsoever in this respect; and

 

		(iv)	responsible for the use of the proceeds of the Treasury Notes by the Issuer.

 

		3.	THE TREASURY NOTES

 

The Treasury Notes will be issued
in dematerialised form under the treasury note regime set out by the Treasury Notes Law and the Treasury Notes Decree. Treasury
Notes may be issued in Euro or USD or, subject to (i) the terms of the Dealer Agreement, (ii) the written consent of the Domiciliary
Agent on such currency and (iii) compliance with any applicable legal and regulatory requirements (including the rules of the Clearing
System), in any other any other Foreign Currency, and in each case at least in the minimum denomination set out in the Conditions.

 

		4.	ISSUE OF TREASURY NOTES

 

		4.1	Conditions precedent

 

The obligations of the Domiciliary
Agent in respect of each issue of Treasury Notes under this Agreement are subject to the satisfaction of the following conditions
precedent:

 

		(a)	the Domiciliary Agent shall have received all information, documents or instructions that are necessary
or relevant in relation to the proposed issue in due time before such issue;

 

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		(b)	each Programme Agreement is in full force and effect;

 

		(c)	the Issuer shall have complied with its obligations and undertakings under this Agreement and the
other Programme Agreements, other than obligations or undertakings that are not material in the context of this Agreement;

 

		(d)	the Domiciliary Agent shall have received a signatory list of persons entitled to give instructions
or take decisions on behalf of the Issuer together with a list of their specimen signatures; and

 

		(e)	the proposed issue of Treasury Notes complies with the rules and regulations imposed by the NBB
and applicable at the time of the proposed issue.

 

		4.2	Issue procedure

 

		(a)	When an agreement has been reached between a Dealer, the Issuer and an investor, the Issuer shall,
or shall procure such Dealer will:

 

		(i)	as soon as possible (but in any event not later than 2.00 p.m.( CET) on the Business Day before
the proposed Issue Date for Treasury Notes denominated in euro and 2.00 p.m. (CET) on the second Business Day before the proposed
Issue Date for Treasury Notes denominated in any Foreign Currency (or such later time as may be agreed between the Issuer and the
Domiciliary Agent)), contact the Domiciliary Agent by phone in order to confirm to the Domiciliary Agent the following information
in respect of the Treasury Notes to be issued: name of the Issuer, name of the Dealer, principal or nominal amount, issue amount,
interest rate or discount, issue date, maturity date and settlement instructions (as set out in the form of Trade Confirmation
comprised as Schedule 5 to the Dealer Agreement); and

 

		(ii)	as soon as possible (but in any event not later than 6.00 p.m.(CET) on the Business Day before
the proposed Issue Date for Treasury Notes denominated in euro and 6.00 p.m (CET) on the second Business Day before the proposed
Issue Date for Treasury Notes denominated in any Foreign Currency (or such later time as may be agreed between the Issuer and the
Domiciliary Agent)) send a completed trade confirmation by e-mail (such confirmation being executed by the Issuer if the e-mail
is sent by the relevant Dealer), substantially in the form of the Trade Confirmation attached as Schedule 5 to the Dealer Agreement).

 

		(b)	Upon receipt by the Domiciliary Agent of the necessary information in accordance with paragraph
(a) above, the Domiciliary Agent shall:

 

		(i)	request the allocation of an ISIN-code to the Treasury Notes proposed to be issued;

 

		(ii)	notify the NBB of the proposed issue of Treasury Notes and the financial terms and conditions of
such Treasury Notes;

 

		(iii)	provide the NBB with the Descriptive Card at the latest at 11.00 a.m. (CET) on the Issue Date of
such Treasury Notes, in case the Treasury Notes are denominated in euro, and at 11.00 a.m (CET). on the Business Day before the
Issue Date of such Treasury Notes, in case the Treasury Notes are denominated in any Foreign Currency (or provide such other information
or at such other time as from time to time agreed with or imposed by the NBB);

 

		(iv)	take any other step that may be necessary in order to ensure the creation, issuance and settlement
of the Treasury Notes proposed to be issued; and

 

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		(v)	instruct the Clearing System to transfer the Treasury Notes on the Issue Date free of payment to
the securities account(s) of the Domiciliary Agent that it has designated for this purpose.

 

		(c)	The Domiciliary Agent shall instruct the Clearing System, Euroclear and/or Clearstream, Luxembourg,
as applicable, to transfer against payment the Treasury Notes on the Issue Date to the securities accounts of the relevant Dealers,
the relevant purchasers of Treasury Notes or the participants in the Clearing System through which they will hold the Treasury
Notes, as applicable and in accordance with the regulations of the Clearing System.

 

		(d)	Upon receipt of the purchase price by
the Domiciliary Agent on its account with the NBB or otherwise (on a delivery versus payment basis with the relevant Dealer), the
Domiciliary Agent shall credit the Issuer's account n° BE20 0014 0339 1956  
at BNP Paribas Fortis SA/NV, Brussels (BIC: GEBEBABB) (the “Issuer’s
Account”) with the purchase price for same day value as the Business Day of receipt. 

 

		4.3	Cancellation of issue

 

		(a)	If for any reason the Issuer wishes to cancel a proposed issue of Treasury Notes, the Issuer shall
notify the Domiciliary Agent and the relevant Dealer immediately, in any case before 10 a.m. (Brussels time) on the Issue Date
of such Treasury Notes, in case the Treasury Notes are denominated in euro, and before 10 a.m. (Brussels time) on the Business
Day before the Issue Date of such Treasury Notes, in case the Treasury Notes are denominated in any Foreign Currency (or such other
time as from time to time agreed with or imposed by the NBB), after which time no such cancellation shall be possible.

 

		(b)	Upon receipt of a written confirmation before the time limit set out in paragraph (a), the Domiciliary
Agent shall contact the NBB and notify it of the cancellation of the proposed issue (and the Descriptive Card) pertaining thereto.

 

		(c)	The Issuer shall indemnify and hold harmless the Domiciliary Agent and the relevant Dealer for
any costs, expenses or liabilities incurred by them in relation to such cancellation.

 

		4.4	Communication in respect of issues

 

For the purpose of this clause, the
Domiciliary Agent shall be entitled, save in case of manifest error or fraud, to comply with a telephone communication subsequently
confirmed by telefax or e-mail, from a person whom such Domiciliary Agent believes, acting with reasonable care and in accordance
with good banking practice, to have been duly authorised by the Issuer to act on its behalf in relation to the issue of Treasury
Notes.

 

		5.	PAYMENT & SETTLEMENT

 

		5.1	Payments to the Agent

 

		(a)	On any date on which a payment is due in respect of the Treasury Notes, the Domiciliary Agent will
make the relevant payments due in respect of the Treasury Notes itself or through the Clearing System to the extent the amount
standing to the credit (including any overdraft facilities available) of the Issuer’s Account is sufficient to make all payments
due.

 

		(b)	To allow the Domiciliary Agent to make such payments, the Issuer shall ensure that the Issuer’s
Account is credited for value at the latest the relevant Interest Payment Date or Maturity Date in immediately available freely
transferable funds and in the currency in which the payment due under the relevant Treasury Notes should be made, or has a credit
balance that is, together with any overdraft facilities available, at least equal to, the amount due on such date in respect of
the Treasury Notes.

 

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		(c)	To this effect, the Issuer will, if any such transfer of funds is made, at the latest at 12.00
a.m. (noon) (CET) on the Business Day prior to any date on which a payment is due, confirm to the Domiciliary Agent, if requested
by the Domiciliary Agent, that either the credit balance, including any overdraft facilities available, of the Issuer’s Account
will be sufficient or that it has given irrevocable instructions for the transfer of such funds to be made to the Issuer’s
Account or, in case of payments to be made in a Foreign Currency and if instructed by the Domiciliary Agent, the relevant cash
account of the Domiciliary Agent with its relevant correspondent depending on the currency of the Treasury Notes, and confirm,
in such case, the name and account of the bank through which such transfer will be made.

 

		(d)	The Issuer will provide evidence of the transfer instructions, if any, referred to in paragraph
(c) above to the Domiciliary Agent. If the Domiciliary Agent has not received any such confirmation by 2.00 p.m. (CET) on the Business
Day prior to such due date, the Issuer and the Domiciliary Agent will liaise in good faith to agree on a remedy for this situation.

 

		5.2	Payments to the Treasury Noteholders & Settlement

 

		(a)	Payments to the Treasury Noteholders

 

Upon receipt of the funds from the
Issuer and on the relevant Maturity Date or, if applicable, Interest Payment Date, the Domiciliary Agent:

 

		(i)	shall (and is authorised by the Issuer to) debit the Issuer’s Account with the amount due
in respect of the Treasury Notes on such date; and

 

		(ii)	shall

 

		(a)	in respect of payments on Treasury Notes denominated in euro, allow the NBB to debit the Domiciliary
Agent’s account with the Clearing System with the amount due (rounded up or down in accordance with Clause 4 of the Clearing
Agreement) in respect of such Treasury Notes on such date, for payment, if applicable after deduction of Withholding Tax, to the
relevant Treasury Noteholders; or

 

		(b)	in respect of payments on Treasury Notes denominated in any Foreign Currency:

 

		(i)	pay the amounts due to the relevant Treasury Noteholders, on the basis of the amounts registered
on their account at the end of the third Business Day prior to the relevant Interest Payment Date or Maturity Date; and

 

		(ii)	allow the NBB to debit the account of the Domiciliary Agent with the amount of Withholding Tax
(if any) due (rounded up or down in accordance with Clause 4 of the Clearing Agreement) in respect of such payment.

 

		(b)	Settlement

 

In case of payments made at the occasion
of maturity of the relevant Treasury Notes, and provided the transactions referred to above have been settled, the securities account
of the relevant Treasury Noteholder shall be debited to cancel the amount of Treasury Notes that have been redeemed.

 

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		5.3	Late or insufficient payment by the Issuer

 

If for any reason,
prior to 2.00 p.m. (CET) on the Business Day prior to the date on which a payment is due, (i) the amount paid by the Issuer to
the Domiciliary Agent is insufficient to allow the payment of all amounts due in respect of the Treasury Notes (other than by reason
of the gross negligence, wilful misconduct or breach of this Agreement by the Domiciliary Agent) or (ii) if the Domiciliary Agent,
after having consulted with the Issuer, reasonably estimates that it will not receive the amounts due on the date on which the
payment is due or (iii) the situation referred to in Clause 5.1(d) has not been remedied to the reasonable satisfaction of the
Domiciliary Agent:

 

		(a)	the Domiciliary Agent shall not be bound to satisfy or pay any claim until either the Domiciliary
Agent has received from the Issuer, the full amount thereof or other arrangements satisfactory to the Domiciliary Agent have been
made; and

 

		(b)	the Domiciliary Agent will be entitled to give notice to the NBB in accordance with Clause 7 of
the Clearing Agreement, or to otherwise suspend the payment processes set out in paragraph (a) of Clause 5.2 above.

 

		5.4	Miscellaneous

 

		(a)	If the Maturity Date or, if applicable, the relevant Interest Payment Date for any Treasury Note
is not a Business Day, payment in respect of such Treasury Note will not be made and credit or transfer instructions shall not
be given until the next following Business Day and the Treasury Noteholder shall not be entitled to any interest or other sums
in respect of such postponed payment.

 

		(b)	The Domiciliary Agent may, subject to the prior consent of the Issuer, suspend, postpone or refuse
to make payments or to settle payments regarding Treasury Notes issued under the Programme when it deems the settlement risk involved
to be too important.

 

		6.	MISCELLANEOUS DUTIES OF THE DOMICILIARY AGENT

 

		(a)	The Domiciliary Agent shall provide the NBB on behalf of the Issuer with any information required
pursuant to Clause 2.1 and 3.1 of the Clearing Agreement.

 

		(b)	The Domiciliary Agent shall, and is authorized by the Issuer to make the Information Memorandum
and the Descriptive Card available to any persons upon request (subject to the selling restrictions set out in the Information
Memorandum).

 

		(c)	The Domiciliary Agent shall keep full and complete record of all Treasury Notes and of their payment
and cancellation and shall make such records available to the Issuer as the Issuer may request from time to time.

 

		(d)	The Domiciliary Agent shall inform the Issuer promptly at cost of the Issuer (and in no event later
than five Business Days after reception by it) of:

 

		(i)	any notice received by it from holders of Treasury Notes pursuant to the provisions under Condition
15 (Events of Default) of the Treasury Notes; and

 

		(ii)	any other notice or communication received by it and addressed to the Issuer in connection with
the Treasury Notes and having an effect on the interests of the Issuer, including any notice of any legal action or proceeding
which may be brought against the Issuer.

 

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		7.	THE CALCULATION AGENT

 

The Domiciliary Agent shall in respect
of the Treasury Notes bearing interest at a floating rate (i) obtain such quotes and rates and/or make such determinations, calculations,
adjustments, notifications and publications as may be required to be made by it by the Conditions at the times and otherwise in
accordance with the Conditions and (ii) maintain a record of all quotations obtained by it and of all amounts, rates and other
items determined or calculated by it and make such record available for inspection at all reasonable times by the Issuer.

 

		8.	REPRESENTATIONS AND UNDERTAKINGS OF THE ISSUER

 

		(a)	The Issuer shall comply with their obligations under the Treasury Notes Law and the Treasury Notes
Decree. In particular, the Issuer shall prepare all supplements to the Information Memorandum, financial statements, periodical
reports, and other documents to be annexed with the Information Memorandum in accordance with Article 5 of the Treasury Notes Law
and Articles 16 or 22 of the Treasury Notes Decree.

 

		(b)	The Issuer shall from time to time upon request provide the Domiciliary Agent with:

 

		(i)	sufficient copies of the Information Memorandum and all supplements thereto, financial statements,
periodical reports, and other documents to be annexed therewith; and

 

		(ii)	sufficient copies of all other documents required to be available for inspection as provided in
the Information Memorandum.

 

		(c)	The Issuer undertakes:

 

		(i)	to comply with the rules and regulations of the Clearing System;

 

		(ii)	to comply with its obligations under this Agreement and the Clearing Agreement;

 

		(iii)	to not issue Treasury Notes if such issue would lead to a total outstanding principal amount of
Treasury Notes exceeding the Programme Maximum Amount (or its equivalent in any other relevant currency);

 

		(iv)	to not to (i) amend the Conditions from time to time or (ii) increase the Programme Maximum Amount,
without having received the prior written consent of the Domiciliary Agent (such consent not to be unreasonably withheld or delayed);

 

		(v)	to ensure to not trade at any time, and then not issue:

 

		(a)	Treasury Notes for value on a business day for which the sum of the net proceeds of the Treasury
Notes expected to be issued on that business day would exceed EUR 20,000,000 (or the equivalent in case of Treasury Notes issued
in currencies other than EUR); and

 

		(b)	Treasury Notes if the sum of the redemption amount of each Treasury Note to be redeemed on a business
day would exceed EUR 20,000,000 for such business day (or the equivalent in case of Treasury Notes issued in currencies other than
EUR); and

 

		(vi)	to provide the Domiciliary Agent with any supplement to, or new version of, the Information Memorandum
in due time and in any case before its signing date.

 

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		(d)	The Issuer shall not issue or trade any Treasury Notes in currencies other than Euro and USD or,
subject to (i) the terms of the Dealer Agreement, (ii) the written consent of the Domiciliary Agent and (iii) compliance with any
applicable legal and regulatory requirements (including the rules of the Clearing System), any other Foreign Currency, nor with
a Tenor longer than 364 days.

 

		(e)	The Issuer represents and warrants to the Domiciliary Agent that, to its best knowledge, the Information
Memorandum has been approved by it and contains all necessary information on the Issuer, as the case may be, the Programme and
the rights attached to and the terms and conditions of the Treasury Notes, and that the information contained or incorporated by
reference in the Information Memorandum is true and accurate in all material respects and not misleading and there are no other
facts the omission of which makes the Information Memorandum as a whole or any information contained or incorporated by reference
therein misleading.

 

		(f)	The Issuer undertakes that, as long as any Treasury Notes are outstanding or as long as any sums
may be due in respect of Treasury Notes, the Issuer’s Account shall remain in full force and effect, and that on any Interest
Payment Date or Maturity Date, the Domiciliary Agent shall have at the right and possibility to directly debit the Issuer’s
Account for a maximum amount equal to the amount standing to the credit of the Issuer’s Account (including any overdraft
facilities available).

 

		9.	INDEMNITY

 

		(a)	The Issuer will indemnify and hold harmless on demand the Domiciliary Agent, each of its respective
affiliates and each person who controls it, and each of its respective directors, officers, employees and agents (each an “Indemnified
Party”), against any and all losses, claims, damages, liabilities or expenses (including, without limitation, costs of
investigation and defence, reasonable legal fees and disbursements) to which that indemnified party may be subject directly arising
out of or based upon:

 

		(i)	the Issuer’s failure to make due payment under the Treasury Notes;

 

		(ii)	any Treasury Notes not being issued for any reason (other than as a result of the gross negligence
or wilful misconduct of the Domiciliary Agent or the failure of any Dealer to pay for such Treasury Notes) after an agreement for
a Note Transaction has been made;

 

		(iii)	any breach or alleged breach of the representations, warranties, covenants or agreements made or
deemed to be repeated by the Issuer in this Agreement or any other Programme Agreement to which it is a party unless, in the case
of an alleged breach only, the allegation is being made by an Indemnified Party; or

 

		(iv)	any untrue statement or alleged untrue statement of any material fact contained in the Disclosure
Documents or the omission or alleged omission to state therein a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading in any material respect unless, in the case of an
alleged untrue statement, the allegation is being made by an Indemnified Party.

 

		(b)	In case any allegation as described in subparagraphs (iii) or (iv) above is made or any action
is brought against any Indemnified Party in respect of which recovery may be sought from the Issuer under this Clause 9, the Indemnified
Party shall promptly notify the Issuer (although failure to do so will not relieve the Issuer from any liability under this Agreement).
If any such allegation is made, the parties agree to consult in good faith with respect to the nature of the allegation. Subject
to paragraph (c) below, the Issuer may participate at its own expense in the defence of any action.

 

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		(c)	If it so elects within a reasonable time after receipt of the notice referred to in paragraph (b)
above, the Issuer may assume the defence of the action with legal advisers chosen by it and approved by the Indemnified Party (such
approval not to be unreasonably withheld or delayed). Notwithstanding such election an Indemnified Party may employ separate legal
advisers reasonably acceptable to the Issuer and the Issuer shall bear the reasonable fees and expenses of such separate legal
advisers if:

 

		(i)	the use of the legal advisers chosen by the Issuer to represent the Indemnified Party would present
such legal advisers with a conflict of interest;

 

		(ii)	the actual or potential defendants in, or targets of, any such action include both the Indemnified
Party and the Issuer and the Indemnified Party concludes that there may be legal defences available to it and/or other Indemnified
Parties which are different from or additional to those available to the Issuer;

 

		(iii)	the Issuer has not employed legal advisers reasonably satisfactory to the Indemnified Party to
represent the Indemnified Party within a reasonable time after notice of the institution of such action; or

 

		(iv)	the Issuer authorises the Indemnified Party to employ separate legal advisers at the expense of
the Issuer.

 

		(d)	If the Issuer assumes the defence of the action, the Issuer shall not be liable for any fees and
expenses of legal advisers of the Indemnified Party incurred thereafter in connection with the action, except as stated in paragraph
(c) above.

 

		(e)	The Issuer shall not be liable in respect of any settlement of any action effected without its
written consent, such consent not to be unreasonably withheld or delayed. The Issuer shall not, without the prior written consent
of the Indemnified Party (such consent not to be unreasonably withheld or delayed) settle or compromise or consent to the entry
of any judgment with respect to any pending or threatened claim or action in respect of which recovery may be sought (whether or
not any Indemnified Party is an actual or potential party to such claim or action) unless such settlement, compromise or consent
includes an unconditional release of each Indemnified Party from all liability arising out of such claim or action and does not
include a statement as to or an admission of fault, culpability or failure to act by or on behalf of a Indemnified Party.

 

		(f)	The Domiciliary Agent will indemnify the Issuer against any and all losses, claims, damages, liabilities
or expenses (including, without limitation, costs of investigation and defence, legal fees and disbursements) to which the Issuer
may be subject directly arising out of or based upon any failure by the Domiciliary Agent to comply with its obligations under
this Agreement caused by any gross negligence of wilful misconduct of the Domiciliary Agent.

 

		10.	RECOURSE TO THE ISSUER

 

		(a)	If the Domiciliary Agent has on any particular Business Day:

 

		(i)	made a payment pursuant to Clause 5 above for the account of the Issuer in advance of confirmation
of receipt of funds from the Dealer on that Business Day and/or

 

		(ii)	made a payment pursuant to Clause 5 above on any Treasury Notes in advance of confirmation of receipt
of funds from the Issuer on that Business Day,

 

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then the Domiciliary
Agent may, at any time on or after such Business Day, require the Issuer to refund to or reimburse the Domiciliary Agent, on demand, the
amount(s) still due by the Issuer or the relevant Dealer at such time within the framework of the payments made by the Domiciliary
Agent under sub-paragraph(s) (i) or/and (ii) above.

 

		(b)	If the Domiciliary Agent has on any particular Business Day made a payment to the Issuer in advance
of confirmation of receipt of funds from the Dealer on that Business Day, and the amount for which such Dealer has subscribed for
Treasury Notes has not been received by the Domiciliary Agent for value the date on which it has made such payment, the Domiciliary
Agent will instruct the NBB to cancel such Treasury Notes upon receipt of the amount by the Domiciliary Agent from the Issuer in
respect thereof.

 

		(c)	In addition to refunding or reimbursing any funds to the Domiciliary Agent pursuant to paragraph
(a) or (b) above, as applicable, the Issuer shall pay to the Domiciliary Agent on demand (in addition to any other amounts which
then remain due from the Issuer to the Domiciliary Agent under this Agreement) interest for the period from and including the Business
Day on which such funds should have been received by the Domiciliary Agent up to but excluding the Business Day on which the Domiciliary
Agent receives reimbursement thereof, on an amount equal to the full amount of the payments made by the Domiciliary Agent and referred
to in paragraphs (i) and (ii) of (a) above, calculated in conformity with market practice at the interest rate of one per cent
(1%) per annum over the cost to the Domiciliary Agent of funding such amount in whatever manner it may reasonably select. Such
interest shall accrue from day to day and shall be debited from the Issuer’s account with such frequency as the Domiciliary
Agent may select as aforesaid.

 

		11.	TERMINATION – RESIGNATION – SUCCESSION

 

		11.1	Termination - resignation

 

		(a)	The Issuer may terminate the appointment of the Domiciliary Agent and appoint another domiciliary
agent as successor domiciliary agent under this agreement, and the Domiciliary Agent may resign from its appointment hereunder,
at any time and in each case upon giving the other parties to this Agreement at least 30 days prior written notice to that effect.
The Issuer agrees not to terminate the appointment of the Domiciliary Agent, or to appoint another Domiciliary Agent, and the Domiciliary
Agent agrees not to resign from its appointment, in each case during a period of twelve months from the date of this Agreement.

 

Neither the resignation
of the Domiciliary Agent nor the termination by the Issuer of its appointment as domiciliary agent shall take effect until the
appointment of the successor domiciliary agent becomes effective and until all conditions of Clause 1.2 of the Clearing Agreement
with respect to such succession or resignation are satisfied. Any change of domiciliary agent shall be notified to Treasury Noteholders
upon at least 15 days’ notice.

 

Such termination
or resignation shall not affect or alter the obligations of any party hereunder in respect of any Treasury Note outstanding at
the time of the giving of such notice and for as long as such Treasury Notes remain outstanding.

 

If the Domiciliary
Agent resigns or its appointment is terminated, the Domiciliary Agent shall, on the date on which such resignation or termination
takes effect, pay to the successor domiciliary agent any amount held by it for payment in respect of the Treasury Notes and deliver
to the successor domiciliary agent all Treasury Notes, records and other documents held by it pursuant to this agreement. Notwithstanding
its resignation or the termination of its appointment, the Domiciliary Agent shall remain fully liable for the commitments, if
not fulfilled by the said payment and delivery to the successor domiciliary agent, resulting from the Clearing Agreement that relate
to Treasury Notes issued prior to the change of the Domiciliary Agent.

 

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		(b)	The appointment of the Domiciliary Agent shall automatically terminate if at any time the Domiciliary
Agent becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an
assignment for the benefit of its creditors or consents to the appointment of a receiver, administrator or other similar official
of all or any substantial part of its property or admits in writing its inability to pay or meet its debts as they mature or suspends
payment thereof, or if a resolution is passed or an order made for the winding up or dissolution of the Domiciliary Agent or if
a receiver, administrator or other similar official of the Domiciliary Agent or all or any substantial part of its property is
appointed, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable
bankruptcy or insolvency law, or if any public officer takes charge or control of the Domiciliary Agent or its property or affairs
for the purpose of rehabilitation, conservation or liquidation. The Issuer shall notify such termination to the NBB.

 

		11.2	Succession

 

Any company into which the Domiciliary
Agent may be merged or converted or any corporation with which the Domiciliary Agent may be consolidated or any corporation resulting
from any merger, conversion or consolidation to which the Domiciliary Agent shall be a party shall, to the extent permitted by
applicable law, be the successor Domiciliary Agent under this agreement. Notice of any such merger, conversion or consolidation
shall forthwith be given to the Issuer.

 

		11.3	Transfer

 

The Domiciliary Agent may assign
its appointment hereunder to any other legal entity provided that the Issuer grants its approval in writing at least 10 days before
such assignment is to take place (such approval not to be unreasonably withheld or delayed)

 

		12.	FEES

 

The Issuer undertakes to pay in respect
of the services under this Domiciliary Agency Agreement such fees and expenses as agreed in the expenses side letter dated on or
about the date of this Domiciliary Agency Agreement.

 

		13.	MISCELLANEOUS

 

		(a)	Other relationships: Subject always to the Selling Restrictions, the Domiciliary
Agent and any other person, whether or not acting for itself, may acquire, hold or dispose of any Treasury Note or other security
(or any interest therein) of the Issuer or any other person, may enter into or be interested in any contract or transaction with
any such person, and may act on, or as depositary, trustee or agent for, any committee or body of holders of securities of any
other person, in each case with the same rights as it would have had if that Domiciliary Agent were not a Domiciliary Agent and
need not account for any profit.

 

		(b)	Holder to be treated as owner: Except as otherwise required by law, the Domiciliary
Agent shall treat the holder of a Treasury Note as its absolute owner, and shall not be liable for doing so.

 

		(c)	Purchase: Any Treasury Note purchased by the Issuer on the secondary market shall
forthwith be cancelled; to that end the Issuer shall promptly inform the Domiciliary Agent, which shall in turn inform NBB and
request cancellation of Treasury Notes so purchased.

 

		(d)	Reliance on documents: The Domiciliary Agent shall not be liable in respect of anything
done or suffered by it in reliance on a Treasury Note or other document or information from any electronic or other source reasonably
believed by it to be genuine (when possible depending on the communication means and on the information provided by the Issuer,
after having checked it with appropriate and reasonable diligence based on the specimen of signature to be supplied in due time
by the Issuer) and to have been signed or otherwise given or disseminated by the proper parties.

 

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		(e)	List of authorised persons: The Issuer shall provide the Domiciliary Agent with a
copy of the certified list of persons authorised to take action on behalf of it in connection with this Agreement and shall notify
the Domiciliary Agent promptly in writing if any of such persons ceases to be so authorised or if any additional person becomes
so authorised. Unless and until notified of any such change, the Domiciliary Agent may rely on the certificate(s) most recently
delivered to it and all instructions given in accordance with such certificate(s) shall be binding on the Issuer.

 

		(f)	Amendments: The Domiciliary Agent and the Issuer may agree without the consent of
the holders of the Treasury Notes to any modification of the provisions of this Agreement or any agreement supplemental to this
Agreement either (i) which in the Domiciliary Agent’s opinion is of a formal, minor or technical nature or is made to correct
a manifest error or to comply with mandatory provisions of law and (ii) any other modification to the provisions of this Agreement
or any agreement supplemental to this Agreement.

 

		14.	NOTICES

 

All notices under this Domiciliary
Agency Agreement shall be given by mail, by e-mail, by telephone (promptly confirmed by facsimile) or by facsimile.

 

If the Domiciliary Agent changes
the office through which it is acting for the purposes of this Domiciliary Agency Agreement (as set in the execution page of this
Domiciliary Agency Agreement), it shall give to the Issuer and the Dealer(s) not less than 30 days prior written notice to that
effect giving the address of the new office.

 

A notice shall be deemed received
(if by mail) when delivered, (if by telephone) when made and (if by facsimile) when dispatched. Any notice by telephone or facsimile
shall be promptly confirmed by mail.

 

If any notice is given
to the Issuer, to:

 

Euronav NV

De Gerlachekaai 20

2000 Antwerpen

Belgium

Attn: Hugo De Stoop

E-Mail: finance@euronav.com

Phone : +32 3 247 44 11

Fax : +32 3 247 44 09

 

If any notice is given
to the Domiciliary Agent, to:

 

BNP Paribas Fortis SA/NV

Montagne du Parc 3

B-1000 Brussels

Attn : Back Office
Primary Market

Phone : + 32 2 565 75 30

Fax : + 32 2 565 62 56

E-Mail : belgiumdomestic@bnpparibasfortis.com

with a copy to docsecurities.mbc@bnpparibasfortis.com
or +32 2 565 98 04 (fax) for any communication other than related to a trade confirmation

 

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    Euronav NV – Domiciliary Agency Agreement Execution Version 06 June 2017

    

 

If the Domiciliary Agent shall receive
any notice or demand addressed to the Issuer by any Treasury Noteholder, the Domiciliary Agent shall promptly forward such notice
or demand to the Issuer. The Domiciliary Agent will give notice to any Treasury Noteholder to the extent required by the Terms
and Conditions, pursuant to written instructions of the Issuer.

 

		15.	GOVERNING LAW & JURISDICTION

 

This Domiciliary Agency Agreement
shall be governed by and construed in accordance with the laws of the Kingdom of Belgium and any dispute in relation therewith
will be subject to the exclusive jurisdiction of the courts of Brussels, Belgium. The Issuer and the Domiciliary Agent irrevocably
submit to the jurisdiction of such courts and waive any objection to proceedings in such courts whether on the ground of venue
or on the ground that the proceedings have been brought in an inconvenient forum.

 

This Domiciliary Agency Agreement
may be executed in any number of counterparts. This has the same effect as if the signatures on the counterparts were on a single
copy of this Domiciliary Agency Agreement.

 

The present Domiciliary Agency Agreement
is executed on 6 June 2017 in 2 original copies, of which each party hereto acknowledges having received one.

 

for the Issuer,

 

	Euronav NV	 	 
	 	 	 
	/s/ Egied Verbeeck	 	/s/
    H. De Stoop
	Name Egied Verbeeck	 	Name H. De Stoop
	Title: Member of the Executive Committee	 	Title: Member of the Executive Committee

 

for the Domiciliary Agent,

 

BNP Paribas Fortis SA/NV

 

	/s/ Martin de Patoul	 	/s/ Martine Van Sinay
	Name Martin de Patoul	 	Name Martine Van Sinay
	Title Company lawyer 

         BNP
    Paribas Fortis	 	Title CP Dealer

 

    	 	- 15 -Exhibit 10.22

 

EXECUTION
VERSION

 

BOND TERMS

 

FOR

 

EURONAV LUXEMBOURG
S.A. 

SENIOR UNSECURED
BOND ISSUE 2017/2022

 

ISIN NO001079388.8

 

    	 	 	

     

    

  

Contents

 

	Clause	 	Page
	 	 	 
	1.	INTERPRETATION	3
	2.	THE BONDS	10
	3.	THE BONDHOLDERS	11
	4.	ADMISSION TO LISTING	12
	5.	REGISTRATION OF THE BONDS	12
	6.	CONDITIONS FOR DISBURSEMENT	12
	7.	REPRESENTATIONS AND WARRANTIES	14
	8.	PAYMENTS IN RESPECT OF THE BONDS	15
	9.	INTEREST	17
	10.	REDEMPTION AND REPURCHASE OF BONDS	18
	11.	PURCHASE AND TRANSFER OF BONDS	18
	12.	GUARANTEE AND INDEMNITY	19
	13.	INFORMATION UNDERTAKINGS	20
	14.	GENERAL UNDERTAKINGS	21
	15.	FINANCIAL COVENANTS	24
	16.	EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS	25
	17.	BONDHOLDERS’ DECISIONS	28
	18.	THE BOND TRUSTEE	32
	19.	AMENDMENTS AND WAIVERS	36
	20.	MISCELLANEOUS	37
	21.	GOVERNING LAW AND JURISDICTION	39
	 	 	 
	ATTACHMENT 1  COMPLIANCE CERTIFICATE	 
	ATTACHMENT 2  RELEASE NOTICE – ESCROW ACCOUNT	 

 

    	 	 	2 (43)

     

    

  

	BOND TERMS
	 	 
	ISSUER:	Euronav Luxembourg S.A., a public  limited liability company (société anonyme) existing under the laws of Luxembourg with registration number B 51212, 25 boulevard Prince Henri, L-1724 Luxembourg, Grand Duchy of Luxembourg; 
	 	 
	PARENT: 	Euronav NV, a public limited liability company existing under the laws of Belgium with registration number 0860.402.767; and
	 	 
	BOND TRUSTEE:	Nordic Trustee ASA, a company existing under the laws of Norway with registration number 963 342 624.
	 	 
	DATED:	30 May 2017

 

These Bond Terms shall remain in effect for
so long as any Bonds remain outstanding.

 

		1.	INTERPRETATION

 

		1.1	Definitions

 

The following terms will have the
following meanings:

 

“Additional Bonds”
means Bonds issued under a Tap Issue.

 

“Affiliate” means,
in relation to any specified person:

 

		(a)	any person which is a Subsidiary of the specified person;

 

		(b)	any person who has Decisive Influence over the specified person (directly or indirectly); and

 

		(c)	any person which is a Subsidiary of an entity who has Decisive Influence (directly or indirectly)
over the specified person.

 

“Annual Financial Statements”
means the audited statutory annual financial statements of the Issuer and the audited consolidated annual financial statements
of the Guarantor for any financial year, prepared in accordance with GAAP , such financial statements to include a profit and loss
account, balance sheet and cash flow statement.

 

“Attachment”
means each of the attachments to these Bond Terms.

 

“Bond Terms”
means these terms and conditions, including all Attachments hereto which shall form an integrated part of the Bond Terms, in each
case as amended and/or supplemented from time to time.

 

    	 	 	3 (43)

     

    

  

“Bond Trustee”
means the company designated as such in the preamble to these Bond Terms, or any successor, acting for and on behalf of the Bondholders
in accordance with these Bond Terms.

 

“Bond Trustee Agreement”
means the agreement entered into between the Issuer and the Bond Trustee relating among other things to the fees to be paid by
the Issuer to the Bond Trustee for its obligations relating to the Bonds.

 

“Bondholder”
means a person who is registered in the CSD as directly registered owner or nominee holder of a Bond, subject however to Clause
3.3 (Bondholders’ rights).

 

“Bondholders' Meeting”
means a meeting of Bondholders as set out in Clause 17.

 

“Bonds” means
the debt instruments issued by the Issuer pursuant to these Bond Terms, including any Additional Bonds.

 

“Business Day”
means a day on which both the relevant CSD settlement system and the relevant Bond currency settlement system are open and on which
banks are open for general business in Oslo, London and New York.

 

“Business Day Convention”
means that if the last day of any Interest Period originally falls on a day that is not a Business Day, no adjustments will be
made to the Interest Period.

 

“CSD” means the
central securities depository in which the Bonds are registered, being VPS ASA.

 

“Change of Control Event”
means if any person or group of persons acting in concert (other than Saverco and Victrix) gains Decisive Influence over the Parent.

 

“Compliance Certificate”
means a statement substantially in the form as set out in Attachment 1 hereto.

 

“Decisive Influence”
means a person having, as a result of an agreement, understanding and/or other arrangement and/or through the direct and/or indirect
ownership of shares and/or other ownership interests in another person:

 

		(a)	a majority of the voting rights in that other person; or

 

		(b)	a right to elect or remove a majority of the members of the board of directors of that other person.

 

“Default Notice”
means a written notice to the Issuer as described in Clause 16.2 (Acceleration of the Bonds).

 

“Default Repayment Date”
means the settlement date set out by the Bond Trustee in a Default Notice requesting early redemption of the Bonds.

 

“Escrow Account”
means an account in the name of the Issuer, pledged and blocked on first priority as security for the Issuer`s obligations under
the Finance Documents.

 

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“Escrow Account Pledge”
means the pledge over the Escrow Account, where the bank operating the account has waived any set-off rights.

 

“Event of Default”
means any of the events or circumstances specified in Clause 16.1 (Events of Default).

 

“Exchange” means:

 

		(a)	Oslo Børs; or

 

		(b)	any regulated market as such term is understood in accordance with the Markets in Financial Instruments
Directive (Directive 2004/39/EC) or the Markets in Financial Instruments Directive 2014/65/EU (MiFID II), as applicable.

 

“Finance Documents”
means these Bond Terms, the Bond Trustee Agreement, the Escrow Account Pledge agreement, the Security Agent Agreement and any other
document designated by the Issuer and the Bond Trustee as a Finance Document.

 

“Financial Indebtedness”
means any indebtedness for or in respect of:

 

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

 

		(b)	any amount raised by acceptance under any acceptance credit facility or dematerialized equivalent;

 

		(c)	any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures,
loan stock or any similar instrument, including the Bonds;

 

		(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance
with IFRS, be treated as a finance or capital lease (meaning that the lease is capitalized as an asset and booked as a corresponding
liability in the balance sheet);

 

		(e)	receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse
basis provided that the requirements for de-recognition under IFRS are met);

 

		(f)	any derivative transaction entered into and, when calculating the value of any derivative 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 derivative
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 an underlying liability of a person which
is not a Group Company which liability would fall within one of the other paragraphs of this definition;

 

    	 	 	5 (43)

     

    

  

		(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option
of the Issuer) before the Maturity Date or are otherwise classified as borrowings under IFRS;

 

		(i)	any amount of any liability under an advance or deferred purchase agreement, if (a) the primary
reason behind entering into the agreement is to raise finance or (b) the agreement is in respect of the supply of assets or services
and payment is due more than 120 calendar days after the date of supply;

 

		(j)	any amount raised under any other transaction (including any forward sale or purchase agreement)
having the commercial effect of a borrowing or otherwise being classified as a borrowing under IFRS; and

 

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

 

“Financial Reports”
means the Annual Financial Statements and the Interim Accounts.

 

“GAAP” means
generally accepted accounting practices and principles in the country in which the Issuer is incorporated including, if applicable,
International Financial Reporting Standards (IFRS) and guidelines and interpretations issued by the International Accounting Standards
Board (or any predecessor and successor thereof), in force from time to time.

 

“Group” means
the Parent and its (direct and indirect) Subsidiaries from time to time, and a "Group Company" means the Parent
or any of its Subsidiaries.

 

“Guarantee” means
an irrevocable Norwegian law corporate guarantee (Norwegian: "Selvskyldnergaranti") from the Guarantor, pursuant
to Clause 12.

 

“Guarantor” means
the Parent.

 

“Initial Bond Issue”
means the aggregate Nominal Amount of all Bonds issued on the Issue Date.

 

“Initial Nominal Amount”
means the nominal amount of each Bond as set out in Clause 2.1 (Amount, denomination and ISIN of the Bonds).

 

“Insolvent” means
that a person:

 

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

 

		(b)	suspends making payments on any of its debts generally; or

 

		(c)	is otherwise considered insolvent or bankrupt within the meaning of the relevant bankruptcy legislation
of the jurisdiction which can be regarded as its center of main interest as such term is understood pursuant to Council Regulation
(EC) no. 1346/2000 on insolvency proceedings (as amended).

 

    	 	 	6 (43)

     

    

  

“Interest Payment Date”
means the last day of each Interest Period, the first Interest Payment Date being 30 November 2017 and the last Interest Payment
Date being the Maturity Date.

 

“Interest Period”
means, subject to adjustment in accordance with the Business Day Convention, the period between May and November each year, provided
however that an Interest Period shall not extend beyond the Maturity Date.

 

“Interest Rate”
means 7.50% percentage point per annum.

 

“Interim Accounts”
means the unaudited unconsolidated and consolidated quarterly financial statements of the Guarantor for the quarterly period ending
on each 31 March, 30 June, 30 September and 31 December in each year, prepared in accordance with IFRS.

 

“ISIN” means
International Securities Identification Number – the identification number of the Bonds.

 

"Issue Date" means
31 May 2017.

 

“Issuer” means
the company designated as such in the preamble to these Bond Terms.

 

“Issuer’s Bonds”
means any Bonds which are owned by any Obligor or any Affiliate of an Obligor.

 

“Longstop Date”
means 30 June 2017.

 

“Manager” means
DNB Bank ASA, DNB Markets, Dronning Eufemias gate 30, NO-0191, Oslo, Norway, Nordea Bank AB (publ), filial i Norge, P.O. Box 1166
Sentrum, NO-0107 Oslo, Norway and Arctic Securities AS, P.O. Box 1833, NO-0123, Oslo Norway.

 

“Material Adverse Effect”
means a material adverse effect on:

 

		(a)	the ability of the Issuer and/or the Parent to perform and comply with its obligations under the
Bond Terms and the Guarantee respectively; or

 

		(b)	the validity or enforceability of each of the Bond Terms and the Guarantee.

 

“Maturity Date”
means 31 May 2022 (5 years after the Issue Date), adjusted according to the Business Day Convention.

 

“Maximum Issue Amount”
shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination, ISIN and tenor).

 

“Nominal Amount”
means the Initial Nominal Amount less the aggregate amount by which each Bond has been partially redeemed pursuant to Clause 10
(Redemption and repurchase of Bonds).

 

“Obligor” means
the Issuer and any Guarantor.

 

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“Outstanding Bonds”
means any Bonds issued in accordance with these Bond Terms to the extent not redeemed or otherwise discharged.

 

“Overdue Amount”
means any amount required to be paid by the Issuer under any of the Finance Documents but not made available to the Bondholders
on the relevant Payment Date or otherwise not paid on its applicable due date.

 

“Parent” means
the company designated as such in the preamble to these Bond Terms.

 

“Paying Agent”
means the legal entity appointed by the Issuer to act as its paying agent with respect to the Bonds in the CSD, being DNB Bank
ASA.

 

“Payment Date”
means any Interest Payment Date or any Repayment Date.

 

“Put Option”
shall have the meaning ascribed to such term in Clause 10.2 (Mandatory repurchase due to a Put Option Event).

 

“Put Option Event”
means a Change of Control Event.

 

“Put Option Repayment Date”
means the settlement date for the Put Option Event pursuant to Clause 10.2 (Mandatory repurchase due to a Put Option Event).

 

“Relevant Jurisdiction”
means the country in which the Bonds are issued, being Norway.

 

“Relevant Record Date”
means the date on which a Bondholder’s ownership of Bonds shall be recorded in the CSD as follows:

 

		(a)	in relation to payments pursuant to these Bond Terms, the date designated as the Relevant Record
Date in accordance with the rules of the CSD from time to time;

 

		(b)	for the purpose of casting a vote in a Bondholders’ Meeting, the date falling on the immediate
preceding Business Day to the date of that Bondholders' Meeting being held, or another date as accepted by the Bond Trustee; and

 

		(c)	for the purpose of casting a vote in a Written Resolution:

 

		(i)	the date falling 3 Business Days after the Summons have been published; or,

 

		(ii)	if the requisite majority in the opinion of the Bond Trustee has been reached prior to the date
set out in paragraph (i) above, on the date falling on the immediate Business Day prior to the date on which the Bond Trustee declares
that the Written Resolution has been passed with the requisite majority.

 

“Repayment Date”
means the Default Repayment Date, the Put Option Repayment Date or the Maturity Date.

 

"Saverco" means
Saverco NV, a company incorporated in Belgium whose registered office is at de Gerlachekaai 20, B-2000 Antwerp, Belgium.

 

    	 	 	8 (43)

     

    

  

"Secured Parties"
means the Security Agent and the Bond Trustee on behalf of itself and the Bondholders.

 

“Securities Trading Act”
means the Securities Trading Act of the Relevant Jurisdiction.

 

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

 

"Security Agent"
means the Bond Trustee or any successor Security Agent, acting for and on behalf of the Secured Parties in accordance with any
Security Agent Agreement or any other Finance Document.

 

"Security Agent Agreement"
means any agreement whereby the Security Agent is appointed to act as such in the interest of the Bond Trustee (on behalf of itself
and the Bondholders.

 

“Subsidiary”
means a company over which another company has Decisive Influence.

 

“Summons” means
the call for a Bondholders’ Meeting or a Written Resolution as the case may be.

 

“Tap Issue” shall
have the meaning ascribed to such term in Clause 2.1 (Amount, denomination, ISIN and tenor).

 

“Tap Issue Addendum”
shall have the meaning ascribed to such term in Clause 2.1 (Amount, denomination, ISIN and tenor).

 

"Transaction Security"
means the Security created or expressed to be created in favour of the Security Agent (on behalf of the Secured Parties) pursuant
to the Transaction Security Documents.

 

"Transaction Security Documents"
means, collectively, the Escrow Account Pledge and all of the documents which shall be executed or delivered pursuant to Clause
2.5(Transaction Security) expressed to create any Security by the relevant grantor thereof in respect of the Issuer`s obligations
under any of the Finance Documents.

 

"Victrix" means
Victrix NV, a company incorporated in Belgium whose registered office is at Le Grellelei 20, 2600 Berchem, Belgium.

 

“Voting Bonds”
means the Outstanding Bonds less the Issuer’s Bonds and a Voting Bond shall mean any single one of those Bonds.

 

“Written Resolution”
means a written (or electronic) solution for a decision making among the Bondholders, as set out in Clause 17.5 (Written Resolutions).

 

		1.2	Construction

 

In these Bond Terms, unless the
context otherwise requires:

 

		(a)	headings are for ease of reference only;

 

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		(b)	words denoting the singular number will include the plural and vice versa;

 

		(c)	references to Clauses are references to the Clauses of these Bond Terms;

 

		(d)	references to a time are references to Oslo time unless otherwise stated;

 

		(e)	references to a provision of “law” is a reference to that provision as amended
or re-enacted, and to any regulations made by the appropriate authority pursuant to such law;

 

		(f)	references to a “regulation” includes any regulation, rule, official directive,
request or guideline by any official body;

 

		(g)	references to a “person” means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, unincorporated organization, government, or any agency or political
subdivision thereof or any other entity, whether or not having a separate legal personality;

 

		(h)	references to Bonds being “redeemed” means that such Bonds are cancelled and
discharged in the CSD in a corresponding amount, and that any amounts so redeemed may not be subsequently re-issued under these
Bond Terms;

 

		(i)	references to Bonds being “purchased” or “repurchased” by
the Issuer means that such Bonds may be dealt with by the Issuer as set out in Clause 11.1 (Issuer’s purchase of Bonds).

 

		(j)	references to persons “acting in concert” shall be interpreted pursuant to the
relevant provisions of the Securities Trading Act; and

 

		(k)	an Event of Default is “continuing” if it has not been remedied or waived.

 

		2.	THE BONDS

 

		2.1	Amount, denomination and ISIN of the Bonds

 

		(a)	The Issuer has resolved to issue a series of Bonds in the maximum amount of USD 200,000,000 (the
“Maximum Issue Amount”). The Bonds may be issued on different issue dates and the Initial Bond Issue will be
in the amount of up to USD 150,000,000. The Issuer may, provided that the conditions set out in Clause 6.3 (Tap Issues)
are met, at one or more occasions issue Additional Bonds (each a “Tap Issue”) until the Nominal Amount of all
Additional Bonds equals in aggregate the Maximum Issue Amount less the Initial Bond Issue. Each Tap Issue will be subject to identical
terms as the Bonds issued pursuant to the Initial Bond Issue in all respects as set out in these Bond Terms, except that Additional
Bonds may be issued at a different price than for the Initial Bond Issue and which may be below or above the Nominal Amount. The
Bond Trustee shall prepare an addendum to these Bond Terms evidencing the terms of each Tap Issue (a “Tap Issue Addendum”).

 

		(b)	The Bonds are denominated in US Dollars (USD), being the legal currency of the United States of
America.

 

		(c)	The Initial Nominal Amount of each Bond is USD 200,000.

 

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		(d)	The minimum subscription amount and allotment shall be USD 200,000.

 

		(e)	The ISIN of the Bonds is NO 001079388.8. All Bonds issued under the same ISIN will have identical
terms and conditions as set out in these Bond Terms.

 

		2.2	Tenor of the Bonds

 

The tenor of the Bonds is from and
including the Issue Date to but excluding the Maturity Date.

 

		2.3	Use of proceeds

 

The Issuer will use the net proceeds
from the issuance of the Bonds for general corporate purposes.

 

		2.4	Status of the Bonds

 

The Bonds will constitute senior
unsecured debt obligations of the Issuer. The Bonds will rank pari passu between themselves and will rank at least pari passu with
all other senior unsecured obligations of the Issuer (save for such claims which are preferred by bankruptcy, insolvency, liquidation
or other similar laws of general application). The Bonds shall rank ahead of subordinated debt.

 

		2.5	Transaction Security

 

The
Bonds will be secured by the Escrow Account Pledge (subject to Clause 6.2(b) and otherwise be unsecured.

 

		3.	THE BONDHOLDERS

 

		3.1	Bond Terms binding on all Bondholders

 

		(a)	Upon registration of the Bonds in the CSD, the Bondholders shall be bound by the terms and conditions
of these Bond Terms and any other Finance Document without any further action or formality being required to be taken or satisfied.

 

		(b)	The Bond Trustee is always acting with binding effect on behalf of all the Bondholders.

 

		3.2	Limitation of rights of action

 

		(a)	No Bondholder is entitled to take any enforcement action, instigate any insolvency procedures,
or take other action against the Issuer or any other party in relation to any of the liabilities of the Issuer or any other party
under or in connection with the Finance Documents, other than through the Bond Trustee and in accordance with these Bond Terms,
provided, however, that the Bondholders shall not be restricted from exercising any of their individual rights derived from these
Bond Terms, including the right to exercise the Put Option.

 

		(b)	Each Bondholder shall immediately upon request by the Bond Trustee provide the Bond Trustee with
any such documents, including a written power of attorney (in form and substance satisfactory to the Bond Trustee), as the Bond
Trustee deems necessary for the purpose of exercising its rights and/or carrying out its duties under the Finance Documents. The
Bond Trustee is under no obligation to represent a Bondholder which does not comply with such request.

 

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		3.3	Bondholders’ rights

 

		(a)	If a beneficial owner of a Bond not being registered as a Bondholder wishes to exercise any rights
under the Finance Documents, it must obtain proof of ownership of the Bonds, acceptable to the Bond Trustee.

 

		(b)	A Bondholder (whether registered as such or proven to the Bond Trustee’s satisfaction to
be the beneficial owner of the Bond as set out in paragraph (a) above) may issue one or more powers of attorney to third parties
to represent it in relation to some or all of the Bonds held or beneficially owned by such Bondholder. The Bond Trustee shall only
have to examine the face of a power of attorney or similar evidence of authorisation that has been provided to it pursuant to this
Clause 3.3 (Bondholders’ rights) and may assume that it is in full force and effect, unless otherwise is apparent
from its face or the Bond Trustee has actual knowledge to the contrary.

 

		4.	ADMISSION TO LISTING

 

The Issuer has
applied, or shall within 6 months of the Issue Date apply, for the Bonds to be admitted to listing on Oslo Børs.

 

		5.	REGISTRATION OF THE BONDS

 

		5.1	Registration in the CSD

 

The Bonds shall
be registered in dematerialised form in the CSD according to the relevant securities registration legislation and the requirements
of the CSD.

 

		5.2	Obligation to ensure correct registration

 

The Issuer will
at all times ensure that the registration of the Bonds in the CSD is correct and shall immediately upon any amendment or variation
of these Bond Terms give notice to the CSD of any such amendment or variation.

 

		5.3	Country of issuance

 

The Bonds have
not been issued under any other country’s legislation than that of the Relevant Jurisdiction. Save for the registration of
the Bonds in the CSD, the Issuer is under no obligation to register, or cause the registration of, the Bonds in any other registry
or under any other legislation than that of the Relevant Jurisdiction.

 

		6.	CONDITIONS FOR DISBURSEMENT

 

		6.1	Conditions precedent for disbursement to the Issuer

 

		(a)	Payment of the net proceeds from the issuance of the Bonds into the Escrow Account shall be conditional
on the Bond Trustee having received in due time (as determined by the Bond Trustee) prior to the Issue Date each of the following
documents, in form and substance satisfactory to the Bond Trustee:

 

		(i)	these Bond Terms duly executed by all parties thereto;

 

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		(ii)	the Escrow Account Pledge duly executed by all parties thereto and perfected in accordance with
applicable law;

 

		(iii)	certified copies of all corporate resolutions of the Issuer required for the Issuer to issue the
Bonds and execute the Finance Documents to which it is a party;

 

		(iv)	a certified copy of a power of attorney from the Issuer to relevant individuals for their execution
of the Finance Documents to which it is a party, or extracts from the relevant register or similar documentation evidencing such
individuals’ authorisation to execute such Finance Documents on behalf of the Issuer;

 

		(v)	certified copies of the Issuer's articles of association and of a full extract from the relevant
company register in respect of the Issuer evidencing that the Issuer is validly existing;

 

		(vi)	copies of the Parent’s latest Financial Reports ;

 

		(vii)	confirmation that the applicable prospectus requirements (set forth in chapter 7 of the Norwegian
Securities Trading Act) have been fulfilled;

 

		(viii)	confirmation that the Bonds are registered in the CSD;

 

		(ix)	the Bond Trustee Agreement duly signed by all parties thereto;

 

		(x)	copies of any written documentation used in marketing the Bonds or made public by the Issuer or
any Manager in connection with the issuance of the Bonds;

 

		(xi)	legal opinions as may be required by the Bond Trustee (including in respect of corporate matters
relating to the Issuer and the Guarantor and the legality, validity and enforceability of these Bond Terms and the Finance Documents);

 

		(xii)	certified copies of all corporate resolutions of the Parent required for the Parent to approve
and execute the Finance Documents to which it is a party;

 

		(xiii)	a certified copy of a power of attorney from the Parent to relevant individuals for their execution
of the Finance Documents to which it is a party, or extracts from the relevant register or similar documentation evidencing such
individuals’ authorisation to execute such Finance Documents on behalf of the Parent;

 

		(xiv)	certified copies of the Parent's articles of association and of a full extract from the relevant
company register in respect of the Parent evidencing that the Parent is validly existing; and

 

		(xv)	any other Finance Documents duly signed by all parties thereto.

 

		(b)	The Bond Trustee, acting in its reasonable discretion, may waive the deadline or the requirements
for documentation set out in this Clause 6.1 (Conditions precedent for disbursement to the Issuer), or decide in its discretion
that delivery of any such documents shall be made subject to an agreed closing procedure between the Bond Trustee and the Issuer.

 

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		6.2	Distribution

 

		(a)	Disbursement of the proceeds from the issuance of the Bonds is conditional on the Bond Trustee’s
confirmation to the Paying Agent that the conditions in Clause 6.1 (Conditions precedent for disbursement to the Issuer)
have been either satisfied in the Bond Trustee’s discretion or waived by the Bond Trustee pursuant to paragraph 6.1(b) above.

 

		(b)	Disbursement of the net proceeds from the Bond Issue from the Escrow Account to the Issuer in accordance
with Clause 2.3 is subject to the Bond Trustee having received no later than on the Longstop Date,

 

		(i)	a release notice substantially in the form as set out in Attachment 2 hereto,

 

		(ii)	accompanied by such evidence as specified therein that the Change of Control provision as described
in Clause 10.2 (Mandatory repurchase due to a Put Option Event) juncto Clause 12 (Guarantee and Indemnity)
of the Bond Terms has been approved by a duly convened general assembly of the Parent (item (i) and (ii) the “Release
Documents”).

 

On the day of
receipt by the Bond Trustee of the Release Documents, the Escrow Account Pledge shall be discharged and the Escrow Account shall
be released and as of the same date the Issuer shall be entitled to avail itself freely of the net proceeds from the Bond Issue
in accordance with Clause 2.3.

 

		6.3	Tap Issues

 

The Issuer may issue Additional
Bonds, always subject to any restrictions on the Issuer`s ability to incur further Financial Indebtedness, if:

 

		(a)	the Bond Trustee has executed a Tap Issue Addendum; and

 

		(b)	the representations and warranties contained in Clause 7 (Representations and Warranties)
of these Bond Terms are true and correct in all material respects and repeated by the Issuer as at the date of issuance of such
Additional Bonds.

 

		7.	REPRESENTATIONS AND WARRANTIES

 

The Issuer makes the representations
and warranties set out in this Clause 7 (Representations and warranties), in respect of itself and in respect of each Group
Company to the Bond Trustee (on behalf of the Bondholders) at the following times and with reference to the facts and circumstances
then existing:

 

		(a)	at the Issue Date;

 

		(b)	on each date of disbursement of proceeds from the Escrow Account; and

 

		(c)	at the date of issuance of any Additional Bonds.

 

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		7.1	Information

 

All information
which has been presented to the Bond Trustee or the Bondholders in relation to the Bonds is, to the best knowledge of the Issuer,
having taken all reasonable measures to ensure the same:

 

		(a)	true and accurate in all material respects as at the date the relevant information is expressed
to be given; and

 

		(b)	does not omit any material information likely to affect the accuracy of the information as regards
the evaluation of the Bonds in any material respects unless subsequently disclosed to the Bond Trustee in writing or otherwise
made publicly known.

 

		7.2	No Event of Default

 

No Event of Default exists or is
likely to result from the issuance of the Bonds or the entry into, the performance of, or any transaction contemplated by, these
Bond Terms or the other Finance Documents.

 

		7.3	Escrow Account Pledge

 

The entry into
and the granting of the Escrow Account Pledge do not and will not conflict with:

 

		(a)	any law or regulation applicable to it or any other Group Company;

 

		(b)	its constitutional documents or those of any other Group Company; or

 

		(c)	any agreement or instrument binding upon it or any other Group Company.

 

		8.	PAYMENTS IN RESPECT OF THE BONDS

 

		8.1	Covenant to pay

 

		(a)	The Issuer will unconditionally make available to or to the order of the Bond Trustee and/or the
Paying Agent all amounts due on each Payment Date pursuant to the terms of these Bond Terms at such times and to such accounts
as specified by the Bond Trustee and/or the Paying Agent in advance of each Payment Date or when other payments are due and payable
pursuant to these Bond Terms.

 

		(b)	All payments to the Bondholders in relation to the Bonds shall be made to each Bondholder registered
as such in the CSD at the Relevant Record Date, by, if no specific order is made by the Bond Trustee, crediting the relevant amount
to the bank account nominated by such Bondholder in connection with its securities account in the CSD.

 

		(c)	Payment constituting good discharge of the Issuer’s payment obligations to the Bondholders
under these Bond Terms will be deemed to have been made to each Bondholder once the amount has been credited to the bank holding
the bank account nominated by the Bondholder in connection with its securities account in the CSD. If the paying bank and the receiving
bank are the same, payment shall be deemed to have been made once the amount has been credited to the bank account nominated by
the Bondholder in question.

 

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		(d)	If a Payment Date or a date for other payments to the Bondholders pursuant to the Finance Documents
falls on a day on which either of the relevant CSD settlement system or the relevant currency settlement system for the Bonds are
not open, the payment shall be made on the first following possible day on which both of the said systems are open, unless any
provision to the contrary have been set out for such payment in the relevant Finance Document.

 

		8.2	Default interest

 

		(a)	Default interest will accrue on any Overdue Amount from and including the Payment Date on which
it was first due to and excluding the date on which the payment is made at the Interest Rate plus an additional three (3) per cent
per annum.

 

		(b)	Default interest accrued on any Overdue Amount pursuant to this Clause 8.2 (Default interest)
will be added to the Overdue Amount on each Interest Payment Date until the Overdue Amount and default interest accrued thereon
have been repaid in full.

 

		8.3	Partial payments

 

		(a)	If the Paying Agent or the Bond Trustee receives a payment that is insufficient to discharge all
amounts then due and payable under the Finance Documents (a “Partial Payment”), such Partial Payment shall,
in respect of the Issuer’s debt under the Finance Documents be considered made for discharge of the debt of the Issuer in
the following order of priority:

 

		(i)	firstly, towards any outstanding fees, liabilities and expenses of the Bond Trustee (and any Security
Agent);

 

		(ii)	secondly, towards accrued interest due but unpaid; and

 

		(iii)	thirdly, towards any principal amount due but unpaid.

 

		(b)	Notwithstanding paragraph (a) above, any Partial Payment which is distributed to the Bondholders
shall, subject to paragraph (c) below, be applied pro rata pursuant to the procedures of the CSD towards payment of any accrued
interest due but unpaid and of any principal amount due but unpaid.

 

		(c)	A Bondholders' Meeting can only resolve that any overdue payment of any instalment will be reduced
if there is a pro rata reduction of the principal that has not fallen due, however, the meeting may resolve that accrued interest
(whether overdue or not) shall be reduced without a corresponding reduction of principal.

 

		8.4	Taxation

 

		(a)	Each Obligor is responsible for withholding any withholding tax imposed by applicable law on any
payments to be made by it in relation to the Finance Documents.

 

		(b)	Each Obligor shall, if any tax is withheld in respect of the Bonds under the Finance Documents:

 

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		(i)	gross up the amount of the payment due from it up to such amount which is necessary to ensure that
the Bondholders or the Bond Trustee, as the case may be, receive a net amount which is (after making the required withholding)
equal to the payment which would have been received if no withholding had been required; and

 

		(ii)	at the request of the Bond Trustee, deliver to the Bond Trustee evidence that the required tax
deduction or withholding has been made.

 

		(b)	Any public fees levied on the trade of Bonds in the secondary market shall be paid by the Bondholders,
unless otherwise provided by law or regulation, and the Issuer shall not be responsible for reimbursing any such fees.

 

		8.5	Currency

 

		(a)	All amounts payable under the Finance Documents shall be payable in the denomination of the Bonds
set out in Clause 2.1 (Amount, denomination and ISIN of the Bonds). If, however, the denomination differs from the currency
of the bank account connected to the Bondholder’s account in the CSD, any cash settlement may be exchanged and credited to
this bank account.

 

		(b)	Any specific payment instructions, including foreign exchange bank account details, to be connected
to the Bondholder's account in the CSD must be provided by the relevant Bondholder to the Paying Agent (either directly or through
its account manager in the CSD) within five Business Days prior to a Payment Date. Depending on any currency exchange settlement
agreements between each Bondholder’s bank and the Paying Agent, and opening hours of the receiving bank, cash settlement
may be delayed, and payment shall be deemed to have been made once the cash settlement has taken place, provided, however, that
no default interest or other penalty shall accrue for the account of the Issuer for such delay.

 

		8.6	Set-off and counterclaims

 

The Issuer may not apply or perform
any counterclaims or set-off against any payment obligations pursuant to these Bond Terms or any other Finance Document.

 

		9.	INTEREST

 

		9.1	Calculation of interest

 

		(a)	Each Outstanding Bond will accrue interest at the Interest Rate on the Nominal Amount for each
Interest Period, commencing on and including the first date of the Interest Period, and ending on but excluding the last date of
the Interest Period.

 

		(b)	Interest will accrue on the Nominal Amount of any Additional Bond for each Interest Period starting
with the Interest Period commencing on the Interest Payment Date immediately prior to the issuance of the Additional Bonds (or,
if the date of the issuance is not an Interest Payment Date and there is no Interest Payment Date prior to such date of issuance,
starting with the Interest Period commencing on the IssueDate).

 

		(c)	Interest shall be calculated on the basis of a 360-day year comprised of twelve months of 30 days
each and, in case of an incomplete month, the actual number of days elapsed (30/360-days basis).

 

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		9.2	Payment of Interest

 

Interest shall fall due on each
Interest Payment Date for the corresponding preceding Interest Period and, with respect to accrued interest on the principal amount
then due and payable, on each Repayment Date.

 

		10.	REDEMPTION AND REPURCHASE OF BONDS

 

		10.1	Redemption of Bonds

 

The Outstanding
Bonds will mature in full on the Maturity Date and shall be redeemed by the Issuer on the Maturity Date at a price equal to 100
per cent of the Nominal Amount.

 

		10.2	Mandatory repurchase due to a Put Option Event

 

		(a)	Upon the occurrence of a Put Option Event, each Bondholder will have the right (the “Put
Option”) to require that the Issuer purchases all or some of the Bonds held by that Bondholder at a price equal to 101
per cent of the Nominal Amount (plus accrued interest).

 

		(b)	The Put Option must be exercised within 30 calendar days after the Issuer has given notice to the
Bond Trustee and the Bondholders that a Put Option Event has occurred pursuant to Clause 13.3 (Put Option Event). Once notified,
the Bondholders’ right to exercise the Put Option will not fall away due to subsequent events related to the Issuer.

 

		(c)	Each Bondholder may exercise its Put Option by written notice to its account manager for the CSD,
who will notify the Paying Agent of the exercise of the Put Option. The Put Option Repayment Date will be the fifth Business Day
after the end of the 30 calendar days exercise period referred to in paragraph (b) above.

 

		(d)	If Bonds representing more than 90 per cent of the Outstanding Bonds have been repurchased pursuant
to this Clause 10.2 (Mandatory repurchase due to a Put Option Event), the Issuer is entitled to repurchase all the remaining
Outstanding Bonds at the price stated in paragraph (a) above by notifying the remaining Bondholders of its intention to do so no
later than 20 calendar days after the Put Option Repayment Date. Such prepayment may occur at the earliest on the 15th
calendar day following the date of such notice.

 

		10.3	Mandatory early redemption at the Longstop Date

 

In the event that the condition
precedent set out in Clause 6.2(b) (Distribution) has not been fulfilled on or prior to the Longstop Date, the Issuer shall
immediately redeem the Bonds at a price of 100 per cent. of the Nominal Value plus accrued interest, by inter alia applying the
funds deposited on the Escrow Account for such redemption.

 

		11.	PURCHASE AND TRANSFER OF BONDS

 

		11.1	Issuer's purchase of Bonds

 

The Issuer may purchase and hold
Bonds and such Bonds may be retained, sold or cancelled in the Issuer's sole discretion, (including with respect to Bonds purchased
pursuant to Clause 10.2 (Mandatory repurchase due to a Put Option Event)).

 

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		11.2	Restrictions

 

		(a)	Certain purchase or selling restrictions may apply to Bondholders under applicable local laws and
regulations from time to time. Neither the Issuer nor the Bond Trustee shall be responsible to ensure compliance with such laws
and regulations and each Bondholder is responsible for ensuring compliance with the relevant laws and regulations at its own cost
and expense.

 

		(b)	A Bondholder who has purchased Bonds in breach of applicable restrictions may, notwithstanding
such breach, benefit from the rights attached to the Bonds pursuant to these Bond Terms (including, but not limited to, voting
rights), provided that the Issuer shall not incur any additional liability by complying with its obligations to such Bondholder.

 

		12.	GUARANTEE AND INDEMNITY

 

		12.1	Guarantee

 

The
Guarantor hereby, irrevocably and unconditionally: 

 

		(a)	guarantees to the Bond Trustee (on behalf of the Bondholders) as for its own debt and not merely
as surety (Norwegian: selvskyldnerkausjon), the due and punctual performance by the Issuer of all its obligations under
the Finance Documents and accepts that the Bond Trustee may make a demand to the Guarantor for immediate payment of any due and
unpaid amount (interest, principal and/or other) under any Finance Document; and

 

		(b)	undertakes with the Bond Trustee (on behalf of the Bondholders) that, whenever the Issuer does
not pay any amount when due under or in connection with any Finance Document, the Guarantor shall, on the Bond Trustee`s first
written demand and in no event any later than 5 Business Days after the Guarantor`s receipt of such demand, pay that amount to
the Bond Trustee or as it directs as if it were the principal obligor in respect of that amount.

 

		12.2	Waiver

 

The Guarantor
hereby waives:

 

		(a)	any requirement that the Bond Trustee or any of the Bondholders in case of any Event of Default
first have to make demand upon or seek to enforce remedies against the Issuer;

 

		(b)	any right to exercise a right of subrogation into the rights of the Bondholders under the Bond
Terms, without the prior written consent of the Bond Trustee until such time that no amounts are outstanding under these Bond Terms
and any other Finance Documents;

 

		(c)	any right to claim reimbursement from the Issuer and/or itself for payment made hereunder until
such time that no amounts are outstanding under these Bond Terms and any other Finance Document; and

 

		(d)	any requirement that additional Security shall be provided or maintained.

 

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		12.3	Continuing Guarantee 

 

The Guarantee
is a continuing Guarantee and will extend to the ultimate balance of all sums payable by the Issuer under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part.

 

		13.	INFORMATION UNDERTAKINGS

 

		13.1	Financial Reports

 

		(a)	The Issuer and the Parent shall prepare Annual Financial Statements in the English language and
make them available directly to the Bond Trustee unless published on its website (https://www.euronav.com) as soon as they
become available, and not later than 120 days after the end of the financial year, always subject to any exemptions, waivers or
extension granted by Oslo Børs.

 

		(b)	The Parent shall prepare Interim Accounts in the English language and make them available directly
to the Bond Trustee unless published on its website (https://www.euronav.com) as soon as they become available, and not
later than 60 days after the end of the relevant interim period, always subject to any exemptions, waivers or extension granted
by Oslo Børs.

 

		13.2	Requirements as to Financial Reports

 

		(a)	The Parent shall supply to the Bond Trustee, in connection with the publication of its Financial
Reports pursuant to Clause 13.1 (b) (Financial Reports), however only once for each relevant reporting period, a Compliance
Certificate with a copy of the Financial Report attached thereto. The Compliance Certificate shall be duly signed by an authorised
signatory of the Parent, certifying i.a that the Financial Statements are fairly representing its financial condition as at the
date of those financial statements and setting out (in reasonable detail) computations evidencing compliance with Clause 15 (Financial
Covenants) as at such date.

 

		(b)	The Parent shall procure that the Financial Reports delivered pursuant to Clause 13.1 (Financial
Reports) are prepared (i) in the case of the Issuer, using GAAP consistently applied, and (ii) in the case of the Parent, using
IFRS consistently applied.

 

		13.3	Put Option Event

 

The Issuer shall inform the Bond
Trustee in writing as soon as possible after becoming aware that a Put Option Event has occurred.

 

		13.4	Information: Miscellaneous

 

The Issuer shall:

 

		(a)	promptly inform the Bond Trustee in writing of any Event of Default or any event or circumstance
which the Issuer understands or could reasonably be expected to understand may lead to an Event of Default (and the steps, if any,
being taken to remedy it);

 

		(b)	at the request of the Bond Trustee, report the balance of the Issuer’s Bonds (to the best
of its knowledge, having made due and appropriate enquiries);

 

    	 	 	20 (43)

     

    

  

		(c)	send the Bond Trustee copies of any statutory notifications of the Issuer, including but not limited
to in connection with mergers, de-mergers and reduction of the Issuer’s share capital or equity;

 

		(d)	if the Bonds are listed on an Exchange, send a copy to the Bond Trustee of its notices to the Exchange;

 

		(e)	if the Issuer and/or the Bonds are rated, inform the Bond Trustee of its and/or the rating of the
Bonds, and any changes to such rating;

 

		(f)	inform the Bond Trustee of changes in the registration of the Bonds in the CSD; and

 

		(g)	within a reasonable time, provide such information about the Issuer’s and the Group’s
business, assets and financial condition as the Bond Trustee may reasonably request.

 

		14.	GENERAL UNDERTAKINGS

 

The Parent undertakes to (and shall,
where applicable, procure that the other Group Companies will) comply with the undertakings set forth in this Clause 14 (General
Undertakings).

 

		14.1	Authorisations

 

The Parent shall, and shall procure
that each other Group Company will, in all material respects obtain, maintain and comply with the terms of any authorisation, approval,
license and consent required for the conduct of its business as carried out at the date of these Bond Terms if a failure to do
so would have Material Adverse Effect.

 

		14.2	Corporate status

 

The Parent shall:

 

		(a)	not change its or the Issuer's type of organization or jurisdiction of organization; and

 

		(b)	ensure that no other Group Company changes its type of organization or jurisdiction of organization,

 

if such change
may have a Material Adverse Effect.

 

		14.3	Compliance with laws

 

The Parent shall, and shall ensure
that each other Group Company shall, carry on its business in accordance with acknowledged, careful and sound practices in all
material aspects and comply in all material respects with all laws and regulations, including any sanction laws and regulations,
it or they may be subject to from time to time (including any environmental laws and regulations).

 

		14.4	Continuation of business

 

The Parent shall not, and shall
procure that no Group Company will, cease to carry on the general nature or scope of its business, if such cessation would have
a Material Adverse Effect. The Parent shall procure that no material change is made to the general nature or scope of the business
of the Group from that carried on at the date of the Bond Terms, or as contemplated by the Bond Terms.

 

    	 	 	21 (43)

     

    

  

		14.5	Mergers and de-mergers

 

The Parent shall
not, and shall procure that no Group Company will:

 

		(a)	carry out any merger or other business combination or corporate reorganization involving consolidating
the assets and obligations of such Group Company with any other company or entity; and/or

 

		(b)	carry out any de-merger or other corporate reorganization involving splitting of any Group Company
into two or more separate companies or entities,

 

if such merger,
demerger, combination or reorganisation would have a Material Adverse Effect.

 

		14.6	Disposals

 

The Parent shall not, and shall
procure that no other Group Company will, sell, transfer or otherwise dispose of all or substantially all of the Group`s assets
(including shares or other securities in any person) or operations if such disposal or sale would have a Material Adverse Effect.

 

		14.7	Subordination of Shareholder Loans

 

The Parent shall ensure that any
existing and future loan provided by any direct or indirect shareholder (having disclosed its shareholding under applicable law
or regulation) of the Parent (a "Shareholder Loan") to any Group Company shall be unsecured and fully subordinated
to the Bonds and the Guarantee and otherwise be on arm’s length terms.

 

		14.8	Intra-group transactions

 

All transactions between any Group
Companies shall be on commercial or otherwise customary terms, and shall comply with all provisions of corporate law applicable
to such transactions.

 

		14.9	Transactions with shareholders, directors and affiliated companies

 

The Parent shall ensure that all
transactions between any Group Company and (i) any shareholder thereof not part of the Group (being a shareholder having disclosed
its shareholding under applicable law or regulation), (ii) any director or senior member of management in any Group Company, (iii)
any company in which any Group Company holds more than 10 per cent of the shares, or (iv) any company, person or entity controlled
by or affiliated with any of the foregoing, are entered into on commercial or otherwise customary terms. All such transactions
shall comply with all provisions of corporate law applicable to such transactions.

 

		14.10	Litigation

 

The Parent shall, promptly upon
becoming aware of them, send the Bond Trustee such relevant details of any:

 

    	 	 	22 (43)

     

    

  

		(a)	litigations, arbitrations or administrative proceedings which have been or might be started by
or against any Group Company and which, if decided adversely is likely to have a Material Adverse Effect; and

 

		(b)	other events which have occurred or might occur and which is likely to have a Material Adverse
Effect.

 

		14.11	Distribution Restrictions

 

The Parent shall not:

 

		(a)	declare or make any dividend payment or distribution, whether in cash or kind,

 

		(b)	repurchase any of its shares or undertake other similar transactions (including, but not limited
to total return swaps related to shares in the Parent), or

 

		(c)	grant any loans or make other distributions or transactions constituting a transfer of value to
its shareholders

 

(items (a) –
(c) are collectively referred to as the “Distributions”), unless the Parent on a consolidated basis immediately
after such Distributions maintain minimum Free Liquid Assets of USD 100,000,000.

 

		14.12	Subsidiaries and/or joint venture companies` distributions

 

The Parent shall not (and shall
ensure that no Group Company shall) permit any Subsidiary or a joint venture company to create or permit to exist any contractual
obligation or encumbrance (except to the extent required to comply with customary cash waterfall provisions, financial covenants
or other similar restrictions in financing agreements) restricting the right to:

 

		(a)	pay dividends or make other distributions to its shareholders;

 

		(b)	service any Financial Indebtedness to a Group Company;

 

		(c)	make any loans to a Group Company; or

 

		(d)	transfer any of its assets and/or properties to a Group Company,

 

if the creation of such contractual
obligation or encumbrance is reasonably likely to prevent the Issuer or the Parent from complying with its obligations under the
Bond Terms or the Guarantee.

 

		14.13	Duty of loyalty

 

Unless otherwise specified or implied
in these Bond Terms, the Parent shall (and shall ensure that all Group Companies shall) use its best endeavours (hereunder by voting
rights in any capacity) to ensure compliance with the general undertakings as described herein in any joint venture company.

 

    	 	 	23 (43)

     

    

  

		14.14	Listing

 

The
Parent shall ensure that its ordinary shares remain listed on the New York Stock Exchange or another recognised stock exchange.

 

		15.	FINANCIAL COVENANTS

 

		15.1	Financial definition

 

“Book Equity”
means the amount of the capital and reserves of the Parent determined on a consolidated basis in accordance with IFRS and as shown
in the Parent’s latest balance sheet.

 

“Book Equity Ratio”
means the ratio of Book Equity to Total Assets.

 

“Consolidated Current
Assets” means the amount of the current assets of the Parent determined on a consolidated basis in accordance with IFRS
and as shown in the Parent’s latest balance sheet and including any amounts available under committed credit lines having
remaining maturities of more than 12 months.

 

“Consolidated Current
Liabilities” means the amount of the current liabilities of the Parent determined on a consolidated basis in accordance
with IFRS and shown in the Parent’s latest balance sheet.

 

“Consolidated Working
Capital” means Consolidated Current Assets less Consolidated Current Liabilities.

 

“Free Liquid Assets”
means, at any relevant time, the aggregate amount of cash and cash equivalents of the Parent determined on a consolidated basis
in accordance with IFRS and as shown in the Parent’s latest balance sheet, but excluding any of those assets subject to a
security interest at any time and, “cash and cash equivalents” shall include any amounts available under committed
credit lines having remaining maturities of more than 6 months.

 

“Total Assets”
means the amount of the total assets of the Parent determined on a consolidated basis in accordance with IFRS and as shown in the
Parent’s latest balance sheet.

 

“Total Indebtedness”
means the amount of long-term debt (including finance leases, bank loans and other long-term debt) and short-term debt of the Parent
determined on a consolidated basis in accordance with IFRS and as shown in the Parent’s latest balance sheet.

 

		15.2	Financial Covenants

 

The Parent shall comply at all
times with the following:

 

		(a)	Free Liquidity

 

Free Liquidity
Assets to be not less than the higher of (i) USD 50 000 000 and (ii) 5% of Total Indebtedness.

 

		(b)	Equity Ratio

 

Book Equity Ratio
to be greater than or equal to 30%.

 

		(c)	Working Capital 

 

Consolidated Working Capital shall
be positive.

 

All financial covenants shall be
calculated on a consolidated basis for the Group in accordance with all applicable laws and IFRS.

 

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		15.3	Changes to the accounting requirements

 

Should the IFRS requirements after
the Issue Date materially change so as to impact the financial covenants, the Issuer and the Bond Trustee shall discuss the required
amendments to the financial covenants so at to reflect the aforementioned changes, however always subject to the Bond Trustee`s
approval, or the Bondholders` Meeting`s approval if deemed necessary by the Bond Trustee.

 

The original IFRS requirements shall
be applicable under these Bond Terms until any amendments have been approved by the Bond Trustee or the Bondholder`s Meeting (as
the case may be).

 

		16.	EVENTS OF DEFAULT AND ACCELERATION OF THE BONDS

 

		16.1	Events of Default

 

Each of the events or circumstances
set out in this Clause 16.1 shall constitute an Event of Default:

 

		(a)	Non-payment

 

Any Obligor fails to pay any amount
payable by it under the Finance Documents when such amount is due for payment, unless:

 

		(i)	its failure to pay is caused by administrative or technical error in payment systems or the CSD
and payment is made within five (5) Business Days following the original due date; or

 

		(ii)	in the discretion of the Bond Trustee, the Issuer has substantiated that it is likely that such
payment will be made in full within five (5) Business Days following the original due date.

 

		(b)	Breach of other obligations

 

An Obligor does not comply with
any provision of the Finance Documents other than set out under paragraph (a) (Non-payment) above, unless such failure is
capable of being remedied and is remedied within 20 Business Days after the earlier of the Issuer’s actual knowledge thereof,
or notice thereof is given to the Issuer by the Bond Trustee.

 

		(c)	Misrepresentation 

 

Any representation, warranty or
statement (including statements in Compliance Certificates) made under or in connection with any Finance Documents is or proves
to have been incorrect, inaccurate or misleading in any material respect when made or deemed to have been made, unless the circumstances
giving rise to the misrepresentation are capable of remedy and are remedied within 20 Business Days of the earlier of the Bond
Trustee giving notice to the Issuer or the Issuer becoming aware of such misrepresentation.

 

    	 	 	25 (43)

     

    

  

		(d)	Cross default

 

If for the Issuer, the Parent and
any other Group Company:

 

		(i)	any Financial Indebtedness is not paid when due nor within any applicable grace period; or

 

		(ii)	any Financial Indebtedness is accelerated as a result of an event of default (however described),

 

provided however that the aggregate
amount of such Financial Indebtedness falling within paragraphs (i) or (ii) above exceeds a total of USD 15,000,000 (or the equivalent
thereof in any other currency).

 

		(e)	Insolvency and insolvency proceedings

 

Any Obligor:

 

		(i)	is Insolvent; or

 

		(ii)	is object of any corporate action or any legal proceedings is taken in relation to:

 

		(A)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) other than a solvent liquidation or reorganization;
or

 

		(B)	a composition, compromise, assignment or arrangement with any creditor which may materially impair
the Issuer’s ability to perform its obligations under these Bond Terms; or

 

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

 

		(D)	enforcement of any Security over any of its or their assets having an aggregate value exceeding
the threshold amount set out in paragraph 16.1 (d) (Cross default) above;

 

		(E)	for (A) - (D) above, any analogous procedure or step is taken in any jurisdiction in respect of
any such company, however this shall not apply to any petition which is frivolous or vexatious and is discharged, stayed or dismissed
within 20 Business Days of commencement.

 

    	 	 	26 (43)

     

    

  

		(f)	Creditor’s process

 

Any expropriation, attachment, sequestration,
distress or execution affects any asset or assets of any Obligor having an aggregate value exceeding the threshold amount set out
in paragraph 16.1 (d) (Cross (default) and is not discharged within 20 Business Days.

 

		(g)	Unlawfulness 

 

It is or becomes unlawful for an
Obligor to perform or comply with any of its obligations under the Finance Documents to the extent this may materially impair:

 

		(i)	the ability of such Obligor to perform its obligations under these Bond Terms; or

 

		(ii)	the ability of the Bond Trustee or any Security Agent to exercise any material right or power vested
to it under the Finance Documents.

 

		16.2	Acceleration of the Bonds

 

If an Event of Default has occurred
and is continuing, the Bond Trustee may, in its discretion in order to protect the interests of the Bondholders, or upon instruction
received from the Bondholders pursuant to Clause 16.3 (Bondholders’ instructions) below, by serving a Default Notice:

 

		(a)	declare that the Outstanding Bonds, together with accrued interest and all other amounts accrued
or outstanding under the Finance Documents be immediately due and payable on demand at which time they shall become immediately
due and payable on demand by the Bond Trustee;

 

		(b)	declare that the Outstanding Bonds, 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)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or
discretions under the Finance Documents or take such further measures as are necessary to recover the amounts outstanding under
the Finance Documents.

 

		16.3	Bondholders’ instructions

 

The Bond Trustee shall serve a Default
Notice pursuant to Clause 16.2 (Acceleration of the Bonds) if:

 

		(a)	the Bond Trustee receives a demand in writing from Bondholders representing a simple majority of
the Voting Bonds, that an Event of Default shall be declared, and a Bondholders' Meeting has not made a resolution to the contrary;
or

 

		(b)	the Bondholders' Meeting, by a simple majority decision, has approved the declaration of an Event
of Default.

 

		16.4	Calculation of claim

 

The claim derived from the Outstanding
Bonds due for payment as a result of the serving of a Default Notice will be calculated at the price set out in Clause 10.2 (Mandatory
repurchase due to a Put Option Event).

 

    	 	 	27 (43)

     

    

  

		17.	BONDHOLDERS’ DECISIONS

 

		17.1	Authority of the Bondholders' Meeting

 

		(a)	A Bondholders' Meeting may, on behalf of the Bondholders, resolve to alter any of these Bond Terms,
including, but not limited to, any reduction of principal or interest and any conversion of the Bonds into other capital classes.

 

		(b)	The Bondholders' Meeting may not adopt resolutions which will give certain Bondholders an unreasonable
advantage at the expense of other Bondholders.

 

		(c)	Subject to the power of the Bond Trustee to take certain action as set out in Clause 18.1 (Power
to represent the Bondholders), if a resolution by, or an approval of, the Bondholders is required, such resolution may be passed
at a Bondholders' Meeting. Resolutions passed at any Bondholders' Meeting will be binding upon all Bondholders.

 

		(d)	At least 50% of the Voting Bonds must be represented at a Bondholders' Meeting for a quorum to
be present.

 

		(e)	Resolutions will be passed by simple majority of the Voting Bonds represented at the Bondholders'
Meeting, unless otherwise set out in paragraph (f) below.

 

		(f)	Save for any amendments or waivers which can be made without resolution pursuant to Clause 19.1
(Procedure for amendments and waivers) paragraph (a), section (i) and (ii), a majority of at least 2/3 of the Voting Bonds
represented at the Bondholders' Meeting is required for approval of any waiver or amendment of any provisions of these Bond Terms,
including a change of Issuer and change of Bond Trustee.

 

		17.2	Procedure for arranging a Bondholders’ Meeting

 

		(a)	A Bondholders' Meeting shall be convened by the Bond Trustee upon the request in writing of:

 

		(i)	the Issuer;

 

		(ii)	Bondholders representing at least 1/10 of the Voting Bonds;

 

		(iii)	the Exchange, if the Bonds are listed and the Exchange is entitled to do so pursuant to the general
rules and regulations of the Exchange; or

 

		(iv)	the Bond Trustee.

 

The request shall clearly state
the matters to be discussed and resolved.

 

		(b)	If the Bond Trustee has not convened a Bondholders' Meeting within ten (10) Business Days after
having received a valid request for calling a Bondholders’ Meeting pursuant to paragraph (a) above, then the re-questing
party may itself call the Bondholders’ Meeting.

 

    	 	 	28 (43)

     

    

  

		(c)	Summons to a Bondholders' Meeting must be sent no later than ten (10) Business Days prior to the
proposed date of the Bondholders' Meeting. The Summons shall be sent to all Bondholders registered in the CSD at the time the Summons
is sent from the CSD. If the Bonds are listed, the Issuer shall ensure that the Summons is published in accordance with the applicable
regulations of the Exchange. The Summons shall also be published on the website of the Bond Trustee (alternatively by press release
or other relevant information platform).

 

		(d)	Any Summons for a Bondholders’ Meeting must clearly state the agenda for the Bondholders’
Meeting and the matters to be resolved. The Bond Trustee may include additional agenda items to those requested by the person calling
for the Bondholders’ Meeting in the Summons. If the Summons contains proposed amendments to these Bond Terms, a description
of the proposed amendments must be set out in the Summons.

 

		(e)	Items which have not been included in the Summons may not be put to a vote at the Bondholders'
Meeting.

 

		(f)	By written notice to the Issuer, the Bond Trustee may prohibit the Issuer from acquiring or dispose
of Bonds during the period from the date of the Summons until the date of the Bondholders' Meeting, unless the acquisition of Bonds
is made by the Issuer pursuant to Clause 10 (Redemption and Repurchase of Bonds).

 

		(g)	A Bondholders' Meeting may be held on premises selected by the Bond Trustee, or if paragraph (b)
above applies, by the person convening the Bondholders’ Meeting (however to be held in the capital of the Relevant Jurisdiction).
The Bondholders' Meeting will be opened and, unless otherwise decided by the Bondholders' Meeting, chaired by the Bond Trustee.
If the Bond Trustee is not present, the Bondholders' Meeting will be opened by a Bondholder and be chaired by a representative
elected by the Bondholders' Meeting.

 

		(h)	Each Bondholder, the Bond Trustee and, if the Bonds are listed, representatives of the Exchange,
or any person or persons acting under a power of attorney for a Bondholder, shall have the right to attend the Bondholders' Meeting
(each a “Representative”). The chair of the Bondholders' Meeting may grant access to the meeting to other persons
not being Representatives, unless the Bondholders' Meeting decides otherwise. In addition, each Representative has the right to
be accompanied by an advisor. In case of dispute or doubt with regard to whether a person is a Representative or entitled to vote,
the chair of the Bondholders' Meeting will decide who may attend the Bondholders' Meeting and exercise voting rights.

 

		(i)	Representatives of the Issuer have the right to attend the Bondholders' Meeting. The Bondholders
Meeting may resolve to exclude the Issuer’s representatives and/or any person holding only Issuer's Bonds (or any representative
of such person) from participating in the meeting at certain times, however, the Issuer’s representative and any such other
person shall have the right to be present during the voting.

 

		(j)	Minutes of the Bondholders' Meeting must be recorded by, or by someone acting at the instruction
of, the chair of the Bondholders' Meeting. The minutes must state the number of Voting Bonds represented at the Bondholders' Meeting,
the resolutions passed at the meeting, and the results of the vote on the matters to be decided at the Bondholders' Meeting. The
minutes shall be signed by the chair of the Bondholders' Meeting and at least one other person. The minutes will be deposited with
the Bond Trustee who shall make available a copy to the Bondholders and the Issuer upon request.

 

    	 	 	29 (43)

     

    

  

		(k)	The Bond Trustee will ensure that the Issuer, the Bondholders and the Exchange are notified of
resolutions passed at the Bondholders' Meeting and that the resolutions are published on the website of the Bond Trustee (or other
relevant electronically platform or press release).

 

		(l)	The Issuer shall bear the costs and expenses incurred in connection with convening a Bondholders'
Meeting regardless of who has convened the Bondholders’ Meeting, including any reasonable costs and fees incurred by the
Bond Trustee.

 

		17.3	Voting rules

 

		(a)	Each Bondholder (or person acting for a Bondholder under a power of attorney) may cast one vote
for each Voting Bond owned on the Relevant Record Date, ref. Clause 3.3 (Bondholders’ rights). The chair of the Bondholders’
Meeting may, in its sole discretion, decide on accepted evidence of ownership of Voting Bonds.

 

		(b)	Issuer's Bonds shall not carry any voting rights. The chair of the Bondholders’ Meeting shall
determine any question concerning whether any Bonds will be considered Issuer's Bonds.

 

		(c)	For the purposes of this Clause 17 (Bondholders’ decisions), a Bondholder that has
a Bond registered in the name of a nominee will, in accordance with Clause 3.3 (Bondholders’ rights), be deemed to
be the owner of the Bond rather than the nominee. No vote may be cast by any nominee if the Bondholder has presented relevant evidence
to the Bond Trustee pursuant to Clause 3.3 (Bondholders’ rights) stating that it is the owner of the Bonds voted for.
If the Bondholder has voted directly for any of its nominee registered Bonds, the Bondholder’s votes shall take precedence
over votes submitted by the nominee for the same Bonds.

 

		(d)	Any of the Issuer, the Bond Trustee and any Bondholder has the right to demand a vote by ballot.
In case of parity of votes, the chair of the Bondholders’ Meeting will have the deciding vote.

 

		17.4	Repeated Bondholders’ Meeting

 

		(a)	Even if the necessary quorum set out in paragraph (d) of Clause 17.1 (Authority of the Bondholders’
Meeting) is not achieved, the Bondholders’ Meeting shall be held and voting completed for the purpose of recording the
voting results in the minutes of the Bondholders’ Meeting. The Bond Trustee or the person who convened the initial Bondholders'
Meeting may, within ten Business Days of that Bondholders’ Meeting, convene a repeated meeting with the same agenda as the
first meeting.

 

    	 	 	30 (43)

     

    

  

		(b)	The provisions and procedures regarding Bondholders’ Meetings as set out in Clause 17.1 (Authority
of the Bondholders’ Meeting), Clause 17.2 (Procedure for arranging a Bondholders’ Meeting) and Clause 17.3
(Voting rules) shall apply mutatis mutandis to a repeated Bondholders’ Meeting, with the exception that the
quorum requirements set out in paragraph (d) of Clause 17.1 (Authority of the Bondholders’ Meeting) shall not apply
to a repeated Bondholders' Meeting. A Summons for a repeated Bondholders’ Meeting shall also contain the voting results obtained
in the initial Bondholders’ Meeting.

 

		(c)	A repeated Bondholders’ Meeting may only be convened once for each original Bondholders’
Meeting. A repeated Bondholders’ Meeting may be convened pursuant to the procedures of a Written Resolution in accordance
with Clause 17.5 (Written Resolutions), even if the initial meeting was held pursuant to the procedures of a Bondholders’
Meeting in accordance with Clause 17.2 (Procedure for arranging a Bondholders’ Meeting) and vice versa.

 

		17.5	Written Resolutions

 

		(a)	Subject to these Bond Terms, anything which may be resolved by the Bondholders in a Bondholders’
Meeting pursuant to Clause 17.1 (Authority of the Bondholders’ Meeting) may also be resolved by way of a Written Resolution.
A Written Resolution passed with the relevant majority is as valid as if it had been passed by the Bondholders in a Bondholders’
Meeting, and any reference in any Finance Document to a Bondholders’ Meeting shall be construed accordingly.

 

		(b)	The person requesting a Bondholders’ Meeting may instead request that the relevant matters
are to be resolved by Written Resolution only, unless the Bond Trustee decides otherwise.

 

		(c)	The Summons for the Written Resolution shall be sent to the Bondholders registered in the CSD at
the time the Summons is sent from the CSD and published at the Bond Trustee’s web site, or other relevant electronic platform
or via press release.

 

		(d)	The provisions set out in Clause 17.1 (Authority of the Bondholders’ Meeting), 17.2
(Procedure for arranging a Bondholder’s Meeting), Clause 17.3 (Voting Rules) and Clause 17.4 (Repeated Bondholders’
Meeting) shall apply mutatis mutandis to a Written Resolution, except that:

 

		(i)	the provisions set out in paragraphs (g), (h) and (i) of Clause 17.2 (Procedure for arranging
Bondholders Meetings); or

 

		(ii)	provisions which are otherwise in conflict with the requirements of this Clause 17.5 (Written
Resolution),

 

shall not apply
to a Written Resolution.

 

		(e)	The Summons for a Written Resolution shall include:

 

		(i)	instructions as to how to vote to each separate item in the Summons (including instructions as
to how voting can be done electronically if relevant); and

 

    	 	 	31 (43)

     

    

 

		(ii)	the time limit within which the Bond Trustee must have received all votes necessary in order for
the Written Resolution to be passed with the requisite majority (the “Voting Period”), such Voting Period to
be at least three (3) Business Days but not more than 15 Business Days from the date of the Summons, provided however that the
Voting Period for a Written Resolution summoned pursuant to Clause 17.4 (Repeated Bondholders’ Meeting) shall be at
least ten (10) Business Days but not more than 15 Business Days from the date of the Summons.

 

		(f)	Only Bondholders of Voting Bonds registered with the CSD on the Relevant Record Date, or the beneficial
owner thereof having presented relevant evidence to the Bond Trustee pursuant to Clause 3.3 (Bondholders’ rights),
will be counted in the Written Resolution.

 

		(g)	A Written Resolution is passed when the requisite majority set out in paragraph (e) or paragraph
(f) of Clause 17.1 (Authority of Bondholders’ Meeting) has been achieved, based on the total number of Voting Bonds,
even if the Voting Period has not yet expired. A Written Resolution may also be passed if the sufficient numbers of negative votes
are received prior to the expiry of the Voting Period.

 

		(h)	The effective date of a Written Resolution passed prior to the expiry of the Voting Period is the
date when the resolution is approved by the last Bondholder that results in the necessary voting majority being achieved.

 

		(i)	If no resolution is passed prior to the expiry of the Voting Period, the number of votes shall
be calculated at the close of business on the last day of the Voting Period, and a decision will be made based on the quorum and
majority requirements set out in paragraphs (d) to (f) of Clause 17.1(Authority of Bondholders’ Meeting).

 

		18.	THE BOND TRUSTEE

 

		18.1	Power to represent the Bondholders

 

		(a)	By virtue of being registered as a Bondholder (directly or indirectly) with the CSD, the Bondholders
are bound by these Bond Terms and any other Finance Document, without any further action required to be taken or formalities to
be complied with. The Bond Trustee has power and authority to act on behalf of, and/or represent, the Bondholders in all matters,
including but not limited to taking any legal or other action, including enforcement of these Bond Terms, and the commencement
of bankruptcy or other insolvency proceedings against the Issuer, or others.

 

		(b)	The Issuer shall promptly upon request provide the Bond Trustee with any such documents, information
and other assistance (in form and substance satisfactory to the Bond Trustee), that the Bond Trustee deems necessary for the purpose
of exercising its and the Bondholders’ rights and/or carrying out its duties under the Finance Documents.

 

		18.2	The duties and authority of the Bond Trustee

 

		(a)	The Bond Trustee shall represent the Bondholders in accordance with the Finance Documents, including,
inter alia, by following up on the delivery of any Compliance Certificates and such other documents which the Issuer is obliged
to disclose or deliver to the Bond Trustee pursuant to the Finance Documents and, when relevant, in relation to accelerating and
enforcing the Bonds on behalf of the Bondholders.

 

    	 	 	32 (43)

     

    

  

		(b)	The Bond Trustee is not obligated to assess or monitor the financial condition of the Issuer or
any other Obligor unless to the extent expressly set out in these Bond Terms, or to take any steps to ascertain whether any Event
of Default has occurred. Until it has actual knowledge to the contrary, the Bond Trustee is entitled to assume that no Event of
Default has occurred. The Bond Trustee is not responsible for the valid execution or enforceability of the Finance Documents, or
for any discrepancy between the indicative terms and conditions described in any marketing material presented to the Bondholders
prior to issuance of the Bonds and the provisions of these Bond Terms.

 

		(c)	The Bond Trustee is entitled to take such steps that it, in its sole discretion, considers necessary
or advisable to protect the rights of the Bondholders in all matters pursuant to the terms of the Finance Documents. The Bond Trustee
may submit any instructions received by it from the Bondholders to a Bondholders' Meeting before the Bond Trustee takes any action
pursuant to the instruction.

 

		(d)	The Bond Trustee is entitled to engage external experts when carrying out its duties under the
Finance Documents.

 

		(e)	The Bond Trustee shall hold all amounts recovered on behalf of the Bondholders on separated accounts.

 

		(f)	The Bond Trustee will ensure that resolutions passed at the Bondholders' Meeting are properly implemented,
provided, however, that the Bond Trustee may refuse to implement resolutions that may be in conflict with these Bond Terms, any
other Finance Document, or any applicable law.

 

		(g)	Notwithstanding any other provision of the Finance Documents to the contrary, the Bond Trustee
is not 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.

 

		(h)	If the cost, loss or liability which the Bond Trustee may incur (including reasonable fees payable
to the Bond Trustee itself) in:

 

		(i)	complying with instructions of the Bondholders; or

 

		(ii)	taking any action at its own initiative,

 

will not, in
the reasonable opinion of the Bond Trustee, be covered by the Issuer or the relevant Bondholders pursuant to paragraphs (e) and
(g) of Clause 18.4 (Expenses, liability and indemnity), the Bond Trustee may refrain from acting in accordance with such
instructions, or refrain from taking such action, until it has received such funding or indemnities (or adequate security has been
provided therefore) as it may reasonably require.

 

		(i)	The Bond Trustee shall give a notice to the Bondholders before it ceases to perform its obligations
under the Finance Documents by reason of the non-payment by the Issuer of any fee or indemnity due to the Bond Trustee under the
Finance Documents.

 

    	 	 	33 (43)

     

    

  

		(j)	The Bond Trustee may instruct the CSD to split the Bonds to a lower nominal amount in order to
facilitate partial redemptions, restructuring of the Bonds or other situations.

 

		18.3	Equality and conflicts of interest

 

		(a)	The Bond Trustee shall not make decisions which will give certain Bondholders an unreasonable advantage
at the expense of other Bondholders. The Bond Trustee shall, when acting pursuant to the Finance Documents, act with regard only
to the interests of the Bondholders and shall not be required to have regard to the interests or to act upon or comply with any
direction or request of any other person, other than as explicitly stated in the Finance Documents.

 

		(b)	The Bond Trustee may act as agent, trustee, representative and/or security agent for several bond
issues relating to the Issuer notwithstanding potential conflicts of interest. The Bond Trustee is entitled to delegate its duties
to other professional parties.

 

		18.4	Expenses, liability and indemnity

 

		(a)	The Bond Trustee will not be liable to the Bondholders for damage or loss caused by any action
taken or omitted by it under or in connection with any Finance Document, unless directly caused by its gross negligence or wilful
misconduct. The Bond Trustee shall not be responsible for any indirect or consequential loss. Irrespective of the foregoing, the
Bond Trustee shall have no liability to the Bondholders for damage caused by the Bond Trustee acting in accordance with instructions
given by the Bondholders in accordance with these Bond Terms.

 

		(b)	Any liability for the Bond Trustee for damage or loss is limited to the amount of the Outstanding
Bonds. The Bond Trustee is not liable for the content of information provided to the Bondholders by or on behalf of the Issuer
or any other person.

 

		(c)	The Bond Trustee shall not be considered to have acted negligently if it has:

 

		(i)	acted in accordance with advice from or opinions of reputable external experts; or

 

		(ii)	acted with reasonable care in a situation when the Bond Trustee considers that it is detrimental
to the interests of the Bondholders to delay any action.

 

		(d)	The Issuer is liable for, and will indemnify the Bond Trustee fully in respect of, all losses,
expenses and liabilities incurred by the Bond Trustee as a result of negligence by the Issuer (including its directors, management,
officers, employees and agents) in connection with the performance of the Bond Trustee’s obligations under the Finance Documents,
including losses incurred by the Bond Trustee as a result of the Bond Trustee's actions based on misrepresentations made by the
Issuer in connection with the issuance of the Bonds, the entering into or performance under the Finance Documents, and for as long
as any amounts are outstanding under or pursuant to the Finance Documents.

 

    	 	 	34 (43)

     

    

  

		(e)	The Issuer shall cover all costs and expenses incurred by the Bond Trustee in connection with it
fulfilling its obligations under the Finance Documents. The Bond Trustee is entitled to fees for its work and to be indemnified
for costs, losses and liabilities on the terms set out in the Finance Documents. The Bond Trustee's obligations under the Finance
Documents are conditioned upon the due payment of such fees and indemnifications. The fees of the Bond Trustee will be further
set out in the Bond Trustee Agreement.

 

		(f)	The Issuer shall on demand by the Bond Trustee pay all costs incurred for external experts engaged
after the occurrence of an Event of Default, or for the purpose of investigating or considering (i) an event or circumstance which
the Bond Trustee reasonably believes is or may lead to an Event of Default or (ii) a matter relating to the Issuer or any of the
Finance Documents which the Bond Trustee reasonably believes may constitute or lead to a breach of any of the Finance Documents
or otherwise be detrimental to the interests of the Bondholders under the Finance Documents.

 

		(g)	Fees, costs and expenses payable to the Bond Trustee which are not reimbursed in any other way
due to an Event of Default, the Issuer being Insolvent or similar circumstances pertaining to the Obligors, may be covered by making
an equal reduction in the proceeds to the Bondholders hereunder of any costs and expenses incurred by the Bond Trustee or the Security
Agent in connection therewith. The Bond Trustee may withhold funds from any escrow account (or similar arrangement) or from other
funds received from the Issuer or any other person, irrespectively of such funds being subject to Transaction Security, and to
set-off and cover any such costs and expenses from those funds.

 

		(h)	As a condition to effecting any instruction from the Bondholders (including, but not limited to,
instructions set out in Clause 16.3 (Bondholders’ instructions) or Clause 17.2 (Procedure for arranging a Bondholders’
Meeting)), the Bond Trustee may require satisfactory Security, guarantees and/or indemnities for any possible liability and
anticipated costs and expenses from those Bondholders who have given that instruction and/or who voted in favour of the decision
to instruct the Bond Trustee.

 

		18.5	Replacement of the Bond Trustee

 

		(a)	The Bond Trustee may be replaced according to the procedures set out in Clause 17 (Bondholders’
Decision), and the Bondholders may resolve to replace the Bond Trustee without the Issuer’s approval.

 

		(b)	The Bond Trustee may resign by giving notice to the Issuer and the Bondholders, in which case a
successor Bond Trustee shall be elected pursuant to this Clause 18.5 (Replacement of the Bond Trustee), initiated by the
retiring Bond Trustee.

 

		(c)	If the Bond Trustee is Insolvent, or otherwise is permanently unable to fulfil its obligations
under these Bond Terms, the Bond Trustee shall be deemed to have resigned and a successor Bond Trustee shall be appointed in accordance
with this Clause 18.5 (Replacement of the Bond Trustee). The Issuer may appoint a temporary Bond Trustee until a new Bond
Trustee is elected in accordance with paragraph (a) above.

 

    	 	 	35 (43)

     

    

  

		(d)	The change of Bond Trustee's shall only take effect upon execution of all necessary actions to
effectively substitute the retiring Bond Trustee, and the retiring Bond Trustee undertakes to co-operate in all reasonable manners
without delay to such effect. The retiring Bond Trustee shall be discharged from any further obligation in respect of the Finance
Documents from the change takes effect, but shall remain liable under the Finance Documents in respect of any action which it took
or failed to take whilst acting as Bond Trustee. The retiring Bond Trustee remains entitled to any benefits under the Finance Documents
before the change has taken place.

 

		(e)	Upon change of Bond Trustee the Issuer shall co-operate in all reasonable manners without delay
to replace the retiring Bond Trustee with the successor Bond Trustee and release the retiring Bond Trustee from any future obligations
under the Finance Documents and any other documents.

 

		18.6	Security Agent

 

		(a)	The Bond Trustee is appointed to act as Security Agent for the Bonds, unless any other person is
appointed. The main functions of the Security Agent may include holding Transaction Security on behalf of the Secured Parties and
monitoring compliance by the Issuer and other relevant parties of their respective obligations under the Transaction Security Documents
with respect to the Transaction Security on the basis of information made available to it pursuant to the Finance Documents.

 

		(b)	The Bond Trustee shall, when acting as Security Agent for the Bonds, at all times maintain and
keep all certificates and other documents received by it, that are bearers of right relating to the Transaction Security in safe
custody on behalf of the Bondholders. The Bond Trustee shall not be responsible for or required to insure against any loss incurred
in connection with such safe custody.

 

		(c)	Before the appointment of a Security Agent other than the Bond Trustee, the Issuer shall be given
the opportunity to state its views on the proposed Security Agent, but the final decision as to appointment shall lie exclusively
with the Bond Trustee.

 

		(d)	The functions, rights and obligations of the Security Agent may be determined by a Security Agent
Agreement to be entered into between the Bond Trustee and the Security Agent, which the Bond Trustee shall have the right to require
each Obligor and any other party to a Finance Document to sign as a party, or, at the discretion of the Bond Trustee, to acknowledge.
The Bond Trustee shall at all times retain the right to instruct the Security Agent in all matters, whether or not a separate Security
Agent Agreement has been entered into.

 

		(e)	The provisions set out in Clause 16.4 (Expenses, liability and indemnity)
shall apply mutatis mutandis to any expenses and liabilities of the Security Agent in connection with the Finance Documents.

 

		19.	AMENDMENTS AND WAIVERS

 

		19.1	Procedure for amendments and waivers

 

The Issuer and
the Bond Trustee (acting on behalf of the Bondholders) may agree to amend the Finance Documents or waive a past default or anticipated
failure to comply with any provision in a Finance Document, provided that:

 

    	 	 	36 (43)

     

    

  

		(i)	such amendment or waiver is not detrimental to the rights and benefits of the Bondholders in any
material respect, or is made solely for the purpose of rectifying obvious errors and mistakes; or

 

		(ii)	such amendment or waiver is required by applicable law, a court ruling or a decision by a relevant
authority; or

 

		(iii)	such amendment or waiver has been duly approved by the Bondholders in accordance with Clause 17
(Bondholders’ Decisions).

 

(b)       Any
changes to these Bond Terms necessary or appropriate in connection with the appointment of a Security Agent other than the Bond
Trustee shall be documented in an amendment to these Bond Terms, signed by the Bond Trustee (in its discretion). If so desired
by the Bond Trustee, any or all of the Transaction Security Documents shall be amended, assigned or re-issued, so that the Security
Agent is the holder of the relevant Security (on behalf of the Bondholders). The costs incurred in connection with such amendment,
assignment or re-issue shall be for the account of the Issuer.

 

		19.2	Authority with respect to documentation

 

If the Bondholders
have resolved the substance of an amendment to any Finance Document, without resolving on the specific or final form of such amendment,
the Bond Trustee shall be considered authorised to draft, approve and/or finalise (as applicable) any required documentation or
any outstanding matters in such documentation without any further approvals or involvement from the Bondholders being required.

 

		19.3	Notification of amendments or waivers

 

The Bond Trustee
shall as soon as possible notify the Bondholders of any amendments or waivers made in accordance with this Clause 19 (Amendments
and waivers), setting out the date from which the amendment or waiver will be effective, unless such notice obviously is unnecessary.
The Issuer shall ensure that any amendment to these Bond Terms is duly registered with the CSD.

 

		20.	MISCELLANEOUS

 

		20.1	Limitation of claims

 

All claims under the Finance Documents
for payment, including interest and principal, will be subject to the legislation regarding time-bar provisions of the Relevant
Jurisdiction.

 

		20.2	Access to information

 

		(a)	These Bond Terms will be made available to the public and copies may be obtained from the Bond
Trustee or the Issuer. The Bond Trustee will not have any obligation to distribute any other information to the Bondholders or
any other person, and the Bondholders have no right to obtain information from the Bond Trustee, other than as explicitly stated
in these Bond Terms or pursuant to statutory provisions of law.

 

    	 	 	37 (43)

     

    

  

		(b)	The Issuer hereby irrevocably appoints each of the Bond Trustee and such persons employed by the
Bond Trustee and the Paying Agent as its attorneys with full power and authority to independently obtain information directly from
the CSD. The Issuer may not revoke any such power of attorney while the Bonds are outstanding unless directed by the Bond Trustee.
The Issuer shall without undue delay issue separate powers of attorney, if so requested by the CSD. In order to carry out its functions
and obligations under these Bond Terms, the Bond Trustee will have access to the relevant information regarding ownership of the
Bonds, as recorded and regulated with the CSD.

 

		(c)	The information referred to in paragraph (b) and (c) above may only be used for the purposes of
carrying out their duties and exercising their rights in accordance with the Finance Documents and shall not disclose such information
to any Bondholder or third party unless necessary for such purposes.

 

		20.3	Notices, contact information

 

Written notices to the Bondholders
made by the Bond Trustee will be sent to the Bondholders via the CSD with a copy to the Issuer and the Exchange (if the Bonds are
listed). Any such no-tice or communication will be deemed to be given or made via the CSD, when sent from the CSD.

 

		(a)	The Issuer’s written notifications to the Bondholders will be sent to the Bondholders via
the Bond Trustee or through the CSD with a copy to the Bond Trustee and the Exchange (if the Bonds are listed).

 

		(b)	Unless otherwise specifically provided, all notices or other communications under or in connection
with these Bond Terms between the Bond Trustee and the Issuer will be given or made in writing, by letter, e-mail or fax. Any such
notice or communication will be deemed to be given or made as follows:

 

		(i)	if by letter, when delivered at the address of the relevant party;

 

		(ii)	if by e-mail, when received; and

 

		(iii)	if by fax, when received.

 

		(c)	The Issuer and the Bond Trustee shall each ensure that the other party is kept informed of changes
in postal address, e-mail address, telephone and fax numbers and contact persons.

 

		(d)	When determining deadlines set out in these Bond Terms, the following will apply (unless otherwise
stated):

 

		(i)	if the deadline is set out in days, the first day of the relevant period will not be included and
the last day of the relevant period will be included;

 

		(ii)	if the deadline is set out in weeks, months or years, the deadline will end on the day in the last
week or the last month which, according to its name or number, corresponds to the first day the deadline is in force. If such day
is not a part of an actual month, the deadline will be the last day of such month; and

 

		(iii)	if a deadline ends on a day which is not a Business Day, the deadline is postponed to the next
Business Day.

 

    	 	 	38 (43)

     

    

  

		20.4	Defeasance

 

		(a)	Subject to paragraph (b) below and provided that:

 

		(i)	An amount sufficient for the payment of principal and interest on the Outstanding Bonds to the
Maturity Date (including, to the extent applicable, any premium payable upon exercise of the Call Option), and always subject to
paragraph (c) below (the “Defeasance Amount”) is credited by the Issuer to an account in a financial institution
acceptable to the Bond Trustee (the “Defeasance Account”);

 

		(ii)	the Defeasance Account is irrevocably pledged and blocked in favour of the Bond Trustee on such
terms as the Bond Trustee shall request (the “Defeasance Pledge”); and

 

		(iii)	the Bond Trustee has received such legal opinions and statements reasonably required by it, including
(but not necessarily limited to) with respect to the validity and enforceability of the Defeasance Pledge,

 

then;

 

		(A)	the Issuer will be relieved from its obligations under Clause 13.2 (Requirements as to Financial
Reports) paragraph (a), Clause 13.3 (Put Option Event), Clause 13.4 (Information: miscellaneous) and Clause 14
(General undertakings);

 

		(B)	any Transaction Security shall be released and the Defeasance Pledge shall be considered replacement
of the Transaction Security; and

 

		(C)	any Obligor shall be released from any Guarantee or other obligation applicable to it under any
Finance Document.

 

		(b)	The Bond Trustee shall be authorised to apply any amount credited to the Defeasance Account towards
any amount payable by the Issuer under any Finance Document on the due date for the relevant payment until all obligations of the
Issuer and all amounts outstanding under the Finance Documents are repaid and discharged in full.

 

		(c)	The Bond Trustee may, if the Defeasance Amount cannot be finally and conclusively determined, decide
the amount to be deposited to the Defeasance Account in its discretion, applying such buffer amount as it deems required.

 

A defeasance
established according to this Clause 18.4 may not be reversed.

 

		21.	GOVERNING LAW AND JURISDICTION

 

		21.1	Governing law

 

These Bond Terms are governed by
the laws of the Relevant Jurisdiction, without regard to its conflict of law provisions.

 

    	 	 	39 (43)

     

    

  

		21.2	Main jurisdiction

 

The Bond Trustee and the Issuer
agree for the benefit of the Bond Trustee and the Bondholders that the City Court of the capital of the Relevant Jurisdiction shall
have jurisdiction with respect to any dispute arising out of or in connection with these Bond Terms. The Issuer agrees for the
benefit of the Bond Trustee and the Bondholders that any legal action or proceedings arising out of or in connection with these
Bond Terms against the Issuer or any of its assets may be brought in such court.

 

		21.3	Alternative jurisdiction

 

Clause 21 (Governing law and
jurisdiction) is for the exclusive benefit of the Bond Trustee and the Bondholders and the Bond Trustee have the right:

 

		(a)	to commence proceedings against the Issuer or any other Obligor or their respective assets in any
court in any jurisdiction; and

 

		(b)	to commence such proceedings, including enforcement proceedings, in any competent jurisdiction
concurrently.

 

——000——

 

These Bond Terms have been executed
in three originals, of which the Issuer, the Parent and the Bond Trustee shall retain one each.

 

    	 	 	40 (43)

     

    

  

SIGNATURES:

 

	The Issuer:	 	The Bond Trustee:
	 	 	 
	Euronav Luxembourg S.A. 	 	Nordic Trustee ASA
	 	 	 
	/s/ Hugo De Stoop	 	/s/ Vivian Trosch
	By: Hugo De Stoop	 	By: Vivian Trosch
	 	 	 
	Position: Director	 	Position: Attorney-at-Law

 

	The Parent and Guarantor:	 
	 	 
	Euronav NV 	 
	 	 
	/s/ Hugo De Stoop	 
	By: Hugo De Stoop	 
	 	 
	Position: Member of the Executive Committee	 

 

    	 	 	41 (43)

     

    

  

ATTACHMENT 1

COMPLIANCE CERTIFICATE

 

[date]

 

Euronav NV - Senior Unsecured Bond Issue
2017/2022 ISIN [●]

 

We refer to the Bond Terms for the above captioned
Bonds made between Nordic Trustee ASA as Bond Trustee on behalf of the Bondholders and Euronav Luxembourg SA as Issuer and the
undersigned as Guarantor. Pursuant to Clause 13.2 of the Bond Terms a Compliance Certificate shall be issued in connection with
each delivery of Financial Statements to the Bond Trustee.

 

This letter constitutes the Compliance Certificate
for the period [●].

 

Capitalised terms used herein will have the
same meaning as in the Bond Terms.

 

With reference to Clause 13.2 (Requirements
as to Financial Reports) we hereby certify that all information delivered under cover of this Compliance Certificate is true
and accurate and there has been no material adverse change to the financial condition of the Issuer or the Parent since the date
of the last accounts or the last Compliance Certificate submitted to you. Copies of our latest consolidated [Financial Statements]
/ [Interim Accounts] are enclosed.

 

The Financial Covenants set out in Clause 15
(Financial Covenants) are met, please see the calculations and figures in respect of the ratios attached hereto.

 

We confirm that, to the best of our knowledge,
no Event of Default has occurred or is likely to occur.

 

Yours faithfully,

 

Euronav NV

 

___________________

 

Name of authorised person

 

Enclosure: Financial Statements; [and any
other written documentation]

 

    	 	 	42 (43)

     

    

  

ATTACHMENT 2

RELEASE NOTICE –
ESCROW ACCOUNT

 

[date]

 

Dear Sirs,

 

EURONAV LUXEMBOURG SA – SENIOR UNSECURED
BOND ISSUE 2017/2022 ISIN NO0010793888

 

We refer to the Bond Terms for the above captioned
Bonds made between Nordic Trustee ASA as Bond Trustee on behalf of the Bondholders and the undersigned as Issuer.

 

Capitalised terms used herein will have the
same meaning as in the Bond Terms.

 

This release notice and its enclosure constitute
the Release Documents as defined in Clause 6.2 (b) of the Bond Terms.

 

We hereby give you notice that we wish to draw
on the first Business Day following the date hereof the net proceeds of the Bond Issue from the Escrow Account, to be applied pursuant
to the purpose set out in the Bond Terms. We hereby request you to confirm that that Escrow Account Pledge has been discharged
and that the bank holding the Escrow Account has been instructed to release the above mentioned funds with effect as of the date
hereof.

 

We hereby represent and warrant that (i) no
Event of Default has occurred and is continuing or is likely to occur as a result of the release from the Escrow Account, and (ii)
we repeat the representations and warranties set out in the Bond Terms as being still true and accurate in all material respects
at the date hereof.

 

Yours faithfully,

 

Euronav Luxembourg S.A.

 

Public limited liability company (société
anonyme)

 

25 boulevard Prince Henri

 

L-1724 Luxembourg

 

Grand Duchy of Luxembourg

 

RCS Luxembourg B 51212

 

_______________

 

Name of authorized person

 

Enclosure: a legal opinion issued by the Bond
Trustee`s Belgian counsel certifying that the Change of Control provision as described in Clause 10.2 (Mandatory repurchase
due to a Put Option Event) juncto Clause 12 (Guarantee and Indemnity) of the Bond Terms has been approved by
a duly convened general assembly of the Parent

 

    	 	 	43 (43)

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