Document:

EX-10.2

 EXHIBIT 10.2 

Dated 18 December 2015 

TINOS SHIPPING CORPORATION 

and 
 ANTIPAXOS SHIPPING
CORPORATION 
 as joint and several Borrowers 

and 
 THE BANKS AND FINANCIAL
INSTITUTIONS 
 listed in Schedule 1 

as Lenders 
 and 

BNP PARIBAS 
 as Agent and
Security Trustee 
 LOAN AGREEMENT 

relating to 
 a $44,000,000 term
loan facility secured on m.ts. “NAVE RIGEL” and “NAVE DORADO” 

 Index 
  

							
	Clause	  	 	  	Page	 
			
	 1
	  	 Interpretation
	  	 	1	  
	 2
	  	 Loan Facility
	  	 	16	  
	 3
	  	 Position of the Lenders
	  	 	16	  
	 4
	  	 Drawdown
	  	 	17	  
	 5
	  	 Interest
	  	 	18	  
	 6
	  	 Interest Periods
	  	 	20	  
	 7
	  	 Default Interest
	  	 	21	  
	 8
	  	 Repayment and Prepayment
	  	 	22	  
	 9
	  	 Conditions Precedent
	  	 	24	  
	 10
	  	 Representations and Warranties
	  	 	25	  
	 11
	  	 General Undertakings
	  	 	27	  
	 12
	  	 Corporate Undertakings
	  	 	32	  
	 13
	  	 Insurance
	  	 	33	  
	 14
	  	 Ship covenants
	  	 	39	  
	 15
	  	 Security Cover
	  	 	42	  
	 16
	  	 Payments and Calculations
	  	 	44	  
	 17
	  	 Application of Receipts
	  	 	46	  
	 18
	  	 Application of Earnings
	  	 	47	  
	 19
	  	 Events of Default
	  	 	48	  
	 20
	  	 Fees and Expenses
	  	 	53	  
	 21
	  	 Indemnities
	  	 	54	  
	 22
	  	 No Set-off or Tax Deduction
	  	 	56	  
	 23
	  	 Illegality, etc
	  	 	59	  
	 24
	  	 Increased Costs
	  	 	59	  
	 25
	  	 Set-off
	  	 	61	  
	 26
	  	 Transfers and Changes in Lending Offices
	  	 	61	  
	 27
	  	 Variations and Waivers
	  	 	65	  
	 28
	  	 Notices
	  	 	66	  
	 29
	  	 Supplemental
	  	 	67	  
	 30
	  	 Confidentiality
	  	 	69	  
	 31
	  	 Law and Jurisdiction
	  	 	73	  
	 Schedule 1 Lenders and Commitments
	  	 	75	  
	 Schedule 2 Drawdown Notice
	  	 	76	  
	 Schedule 3 Condition Precedent Documents
	  	 	77	  
	 Schedule 4 Transfer Certificate
	  	 	80	  
	 Execution Page
	  	 	85	  

 THIS LOAN AGREEMENT is made on 18 December 2015 

BETWEEN: 
  

	(1)	TINOS SHIPPING CORPORATION and ANTIPAXOS SHIPPING CORPORATION, each a corporation incorporated and existing under the laws of the Marshall Islands whose registered office at Trust Company Complex, Ajeltake
Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, as joint and several Borrowers. 

  

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

  

	(3)	BNP PARIBAS acting through its office at 16, rue de Hanovre, 75078 Paris Cedex 02, France as Agent and Security Trustee. 

WHEREAS 
 The Lenders have agreed to make available to
the Borrowers, in one advance, a senior secured term loan facility of up to the lesser of (i) $44,000,000, (ii) 70 per cent. of the aggregate Initial Market Value of the Ships for working capital purposes. 

IT IS AGREED as follows: 

INTERPRETATION 

Definitions 
 Subject to
Clause 1.5, in this Agreement: 
 “Account Bank” means BNP Paribas (Suisse) SA, acting through its office at Place de
Hollande 2, CP CH-1211, Geneva 11, Switzerland; 
 “Account Pledge” means, in relation to each Earnings Account, a deed of
pledge of that Earnings Account in such form as the Lenders may approve or require, and in the plural means both of them; 

“Affected Lender” has the meaning given in Clause 5.7; 

“Agency and Trust Deed” means the agency and trust deed executed or to be executed between the Borrowers, the Lenders, the
Agent and the Security Trustee in such form as the Lenders may approve or require; 
 “Agent” means BNP Paribas acting
through its office at 16, rue de Hanovre, 75078 Paris Cedex 02, France, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Applicable Person” has the meaning given in Clause 29.4; 

“Approved Broker” means any of Arrow, Barry Rogliano Salles, Braemar Seascope Ltd, H Clarkson &Co. Ltd., E.A. Gibsons
Shipbrokers, Fearnleys, Galbraith, Simpson Spencer & Young and Maersk Broker K.S. (to include, in each case, their successors or assigns and such subsidiary or other company in the same corporate group through which valuations are commonly
issued by each of these brokers), or such other first-class independent broker as the Borrowers and the Agent (acting on the instructions of the Majority Lenders) may agree in writing from time to time; 

“Approved Flag” means, in relation to a Ship, the flag of Marshall Islands, the flag of Liberia, the flag of Panama or such
other flag as the Agent (acting on the instructions of the Majority Lenders) may approve as the flag on which that Ship is or, as the case may be, shall be registered; 

 “Approved Flag State” means, in relation to a Ship, the Republic of the Marshall
Islands, the Republic of Panama or any other country in which the Agent (acting on the instructions of the Majority Lenders) may approve that Ship is or, as the case may be, shall be registered; 

“Approved Charter” has the meaning given to that term in Schedule 5; 

“Approved Charterer” has the meaning given to that term in Schedule 5; 

“Approved Manager” means in respect of the commercial and technical management of either Ship, Navios Tankers Management Inc.,
a company incorporated in the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro MH96960, Marshall Islands, or any other company which the Agent (acting on the instructions of the Majority
Lenders) may approve from time to time as the commercial and technical manager of either Ship; 
 “Approved Manager’s
Undertaking” means, in relation to a Ship, a letter of undertaking executed or to be executed by the Approved Manager in favour of the Security Trustee agreeing certain matters in relation to the Approved Manager serving as the manager of
that Ship and subordinating the rights of the Approved Manager against that Ship and that Borrower to the rights of the Creditor Parties under the Finance Documents, in such form as the Security Trustee, with the authorisation of the Lenders, may
approve or require; 
 “Availability Period” means the period commencing on the date of this Agreement and ending on: 

 

	 	(a)	28 February 2016, or such later date as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrowers; or 

 

	 	(b)	if earlier, the date on which the Total Commitments are fully borrowed, cancelled or terminated; 

“Balloon Instalment” has the meaning given to it in Clause 8.1; 

“Basel III” means: 
  

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

  

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

  

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

“Borrower” means each of Borrower A and Borrower B, and, in the plural, means both of them; 

“Borrower A” means Tinos Shipping Corporation a corporation incorporated and existing under the laws of the Marshall Islands
having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

  
 2 

 “Borrower B” means Antipaxos Shipping Corporation a corporation incorporated and
existing under the laws of the Marshall Islands having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Business Day” means a day on which banks are open in London, Athens, Paris and Geneva and in respect of a day on which a
payment is required to be made under a Finance Document, also in New York City; 
 “Charterparty” means, in relation to a
Ship, any charterparty (including, without limitation, an Approved Charter) in respect of that Ship of a duration exceeding or capable of exceeding 12 months, made on terms and with a charterer (including, without limitation, the Approved Charterer)
acceptable in all respects to the Lenders; 
 “Charterparty Assignment” means, in relation to a Ship, the deed of assignment
of any Charterparty in favour of the Security Trustee, in such form as the Lenders may approve or require; 
 “Code” means
the United States Internal Revenue Code of 1986; 
 “Commitment” means, in relation to a Lender, the amount set opposite its
name in Schedule 1 or, as the case may require, the amount specified in the relevant Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments” means the
aggregate of the Commitments of all the Lenders); 
 “Confidentiality Undertaking” means a confidentiality undertaking
substantially in a recommended form of the Loan Market Association (LMA) or in any other form agreed between the Borrowers and the Agent; 

“Confidential Information” means all information relating to the Borrowers, any Security Party, the Group, the Finance
Documents or the Loan of which a Creditor Party becomes aware in its capacity as, or for the purpose of becoming, a Creditor Party or which is received by a Creditor Party in relation to, or for the purpose of becoming a Creditor Party under, the
Finance Documents or the Loan from either: 
  

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

  

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

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

	 	(i)	information that: 

  

	 	(A)	is or becomes public information other than as a direct or indirect result of any breach by that Creditor Party of Clause 30; or 

  

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

  

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

  

	 	(ii)	any Funding Rate or any quotation supplied to the Agent by a Reference Bank; 

  
 3 

 “Confidential Rate” means any quotation supplied to the Agent by a Reference
Bank or any Funding Rate; 
 “Contractual Currency” has the meaning given in Clause 21.5; 

“Contribution” means, in relation to a Lender, the part of the Loan which is owing to that Lender; 

“Corporate Guarantee” means the guarantee to be given by the Corporate Guarantor in favour of the Security Trustee,
guaranteeing the obligations of the Borrowers under this Agreement and the other Finance Documents, in such form as the Lenders may approve or require; 

“Corporate Guarantor” means Navios Maritime Acquisition Corporation a corporation incorporated in the Marshall Islands whose
registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 and listed on the New York Stock Exchange; 

“CRD IV” means Directive 2013/36/EU of 26 June 2013 on access to the activity of credit institutions and the prudential
supervision of credit institutions and investment firms, amending Directive 2003/87/EC and repealing Directive 2006/48/EC and 2006/29/EC; 

“Creditor Party” means the Agent, the Security Trustee or any Lender, whether as at the date of this Agreement or at any later
time; 
 “CRR” means Regulation (EU) No. 575/2013 of 26 June 2013 on prudential requirements for credit
institutions and investment firms and amending regulation (EU) No. 648/2012; 
 “Dollars” and “$”
means the lawful currency for the time being of the United States of America; 
 “Drawdown Date” means the date requested by
the Borrowers for the Loan to be made, or (as the context requires) the date on which the Loan is actually made; 
 “Drawdown
Notice” means a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires); 

“Earnings” means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or
contingently) to the Borrower owning that Ship or the Security Trustee and which arise out of the use or operation of that Ship, including (but not limited to): 
  

	 	(a)	all freight, hire and passage moneys, compensation payable to that Borrower or the Security Trustee in the event of requisition of the Ship owned by it for hire, remuneration for salvage and towage services, demurrage
and detention moneys and damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship; 

  

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

  

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

  
 4 

 “Earnings Account” means, in relation to a Ship, an account in the name of the
Borrower owning that Ship with the Account Bank which is designated by the Agent in writing as the Earnings Account in respect of that Ship for the purposes of this Agreement, and, in the plural, means both of them; 

“Environmental Claim” means: 
  

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

 

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

and “claim” means a claim for damages, compensation, fines, penalties or any other payment of any kind whether or not similar
to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset; 

“Environmental Incident” means in relation to a Ship: 

 

	 	(a)	any release of Environmentally Sensitive Material from that Ship; or 

  

	 	(b)	any incident in which Environmentally Sensitive Material is released from a vessel other than that Ship and which involves a collision between that Ship and such other vessel or some other incident of navigation or
operation, in either case, in connection with which that Ship is actually or potentially liable to be arrested, attached, detained and/or injuncted and/or that Ship and/or the Borrower which is the owner thereof and/or any operator or manager of
that Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or 

  

	 	(c)	any other incident in which Environmentally Sensitive Material is released otherwise than from that Ship and in connection with which that Ship is actually or potentially liable to be arrested and/or where the Borrower
which is the owner thereof and/or any operator or manager of that Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; 

“Environmental Law” means any law relating to pollution or protection of the environment, to the carriage of Environmentally
Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material; 
 “Environmentally Sensitive
Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous; 

“Event of Default” means any of the events or circumstances described in Clause 19.1; 

“FATCA” means: 
  

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

  

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

  

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

  
 5 

 “FATCA Deduction” means a deduction or withholding from a payment under any
Finance Document required by or under FATCA; 
 “FATCA Exempt Party” means a party to a Finance Document that is entitled to
receive payments free from any FATCA Deduction; 
 “FATCA FFI” means a foreign financial institution as defined in section
1471(d)(4) of the Code which, if any Creditor Party is not a FATCA Exempt Party, could be required to make a FATCA Deduction; 

“Finance Documents” means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	the Corporate Guarantee; 

  

	 	(d)	the General Assignments; 

  

	 	(e)	the Mortgages; 

  

	 	(f)	the Account Pledges; 

  

	 	(g)	the Charterparty Assignments; 

  

	 	(h)	the Approved Manager’s Undertakings; and 

  

	 	(i)	any other document (whether creating a Security Interest or not) which is executed at any time by a Borrower, the Corporate Guarantor, the Approved Manager or any other person as security for, or to establish any form
of subordination or priorities arrangement in relation to, any amount payable to the Lenders under this Agreement or any of the other documents referred to in this definition; 

“Financial Indebtedness” means, in relation to a person (the “debtor”), a liability of the debtor: 

 

	 	(a)	for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor; 

  

	 	(b)	under any loan stock, bond, note or other security issued by the debtor; 

  

	 	(c)	under any acceptance credit, guarantee or letter of credit facility or dematerialised equivalent made available to the debtor; 

  

	 	(d)	under a financial lease, a deferred purchase consideration arrangement or any other agreement having the commercial effect of a borrowing or raising of money by the debtor; 

 

	 	(e)	under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is entered into requires
netting of mutual liabilities, the liability of the debtor for the net amount; or 

  

	 	(f)	under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the references to the debtor referred to the
other person; 

  
 6 

 “Funding Rate” means any rate notified to the Agent by a Lender pursuant to
Clause 5.12; 
 “General Assignment” means, in relation to a Ship, a general assignment of the Earnings, the Insurances and
any Requisition Compensation, in such form as the Lenders may approve or require; 
 “Group” means together, the Borrowers,
the Corporate Guarantor and their wholly-owned subsidiaries (direct or indirect) from time to time during the Security Period and “member of the Group” shall be construed accordingly; 

“IACS” means the International Association of Classification Societies; 

“Indenture” means the indenture dated as of 13 November 2013, as amended by a first supplemental indenture dated as of
8 January 2014, a second supplemental indenture dated as of 20 February 2014, a third supplemental indenture dated as of 31 March 2014, a fourth supplemental indenture dated 28 May 2014, a fifth supplemental dated 4 December
2014 and a sixth supplemental dated 17 October 2015 entered into by the Corporate Guarantor and Navios Acquisition Finance (US) Inc. in respect of their 8.125% First Priority Ship Mortgage Notes due 2021; 

“Initial Market Value” means, in relation to a Ship, the market value of that Ship calculated in accordance with the valuation
received pursuant to paragraph 4 of Schedule 3, Part B; 
 “Insurances” means in relation to a Ship: 

 

	 	(a)	all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, which are effected in respect of that Ship, the Earnings or otherwise in relation to it
whether before, on or after the date of this Agreement; and 

  

	 	(b)	all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of
insurance or entry has expired on or before the date of this Agreement; 

 “Interest Period” means a period
determined in accordance with Clause 6; 
 “Interpolated Screen Rate” means, in relation to LIBOR for an Interest Period,
the rate (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between: 
  

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

 

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

each as of 11.00 a.m. (London time) on the Quotation Day for the currency of the Loan; 

  
 7 

 “ISM Code” means, in relation to its application to the Borrowers, the Ships and
their operation: 
  

	 	(a)	‘The International Management Code for the Safe Operation of Ships and for Pollution Prevention’, currently known or referred to as the ‘ISM Code’, adopted by the Assembly of the International
Maritime Organisation by Resolution A.741(18) on 4 November 1993 and incorporated on 19 May 1994 into chapter IX of the International Convention for the Safety of Life at Sea 1974 (SOLAS 1974); and 

 

	 	(b)	all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the future issued by or on behalf of the International Maritime Organisation or any other entity with
responsibility for implementing the ISM Code, including without limitation, the ‘Guidelines on implementation or administering of the International Safety Management (ISM) Code by Administrations’ produced by the International Maritime
Organisations pursuant to Resolution A.788(19) adopted on 25 November 1995, 

 as the same may be amended, supplemented or
replaced from time to time; 
 “ISM Code Documentation” includes, in relation to a Ship: 

 

	 	(a)	the document of compliance (DOC) and safety management certificate (SMC) issued pursuant to the ISM Code within the periods specified by the ISM Code; and 

 

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

 

	 	(c)	any other documents which are prepared or which are otherwise relevant to establish and maintain that Ship’s or that Borrower’s compliance with the ISM Code which the Agent may require; 

“ISM SMS” means the safety management system which is required to be developed, implemented and maintained under the ISM Code;

 “ISPS Code” means the International Ship and Port Facility Security Code constituted pursuant to resolution A.924
(22) of the International Maritime Organisation (“IMO”) adopted by a Diplomatic conference of the IMO on Maritime Security on 13 December 2002 and now set out in Chapter XI-2 of the Safety of Life at Sea Convention (SOLAS)
1974 (as amended) to take effect on 1 July 2004; 
 “ISSC” means a valid and current International Ship Security
Certificate issued under the ISPS Code; 
 “ITF” means the International Transport Workers’ Federation; 

“Lender” means, subject to Clause 26.6: 
  

	 	(a)	a bank or financial institution listed in Schedule 1 and acting through its branch or office indicated in Schedule 1 (or through another branch notified to the Borrowers under Clause 26.14) unless it has delivered a
Transfer Certificate or Certificates covering the entire amounts of its Commitment and its Contribution; and 

  

	 	(b)	the holder for the time being of a Transfer Certificate; 

 “LIBOR” means, for
an Interest Period: 
  

	 	(a)	the applicable Screen Rate; 

  

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

  
 8 

	 	(c)	if: 

  

	 	(i)	no Screen Rate is available for the currency of the Loan; or 

  

	 	(ii)	no Screen Rate is available for that Interest Period and it is not possible to calculate an Interpolated Screen Rate, 

the Reference Bank Rate, 
 as of,
in the case of paragraphs (a) and (c) above, 11.00 a.m. (London time) on the Quotation Day for the currency of the Loan and for a period equal in length to that Interest Period and, if any such rate is below zero, LIBOR will be deemed to
be zero; 
 “Loan” means the principal amount for the time being outstanding under this Agreement; 

“Major Casualty” means, in relation to a Ship, any casualty to that Ship in respect of which the claim or the aggregate of the
claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency; 

Majority Lenders” means: 
  

	 	(a)	before the Loan has been made, Lenders whose Commitments total 66.66 per cent. of the Total Commitments; and 

  

	 	(b)	after the Loan has been made, Lenders whose Contributions total 66.66 per cent. of the Loan; 

“Margin” means 2.30 per cent. per annum; 

“Market Value” means the market value of the Ship determined from time to time in accordance with Clause 15.4; 

“Mortgage” means, in relation to a Ship, the first preferred or, as the case may be, priority ship mortgage and, if
applicable, deed of covenant collateral thereto on that Ship, executed by the Borrower which is the owner thereof in favour of the Security Trustee or (as the case may be) the Lenders, in such form as the Lenders may approve or require; 

“Negotiation Period” has the meaning given in Clause 5.10; 

“Notifying Lender” has the meaning given in Clause 23.1 or Clause 24.2 as the context requires; 

“Payment Currency” has the meaning given in Clause 21.5; 

“Permitted Security Interests” means: 
  

	 	(a)	Security Interests created by the Finance Documents; 

  

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

  

	 	(c)	liens for salvage; 

  

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

 

	 	(e)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the
ordinary course of the 

  
 9 

	 	
operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 45 days overdue (unless the overdue amount is being contested by the relevant Borrower in good
faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.13(g); 

  

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

  

	 	(g)	Security Interests arising by operation of law in respect of taxes which are not overdue for payment other than taxes being contested in good faith by appropriate steps and in respect of which appropriate reserves have
been made; 

 “Person” has the meaning given to it in Clause 10.18; 

“Pertinent Jurisdiction”, in relation to a company, means: 

 

	 	(a)	England and Wales; 

  

	 	(b)	the country under the laws of which the company is incorporated or formed; 

  

	 	(c)	a country in which the company’s central management and control is or has recently been exercised; 

  

	 	(d)	a country in which the overall net income of the company is subject to corporation tax, income tax or any similar tax; 

  

	 	(e)	a country in which assets of the company (other than securities issued by, or loans to, related companies) having a substantial value are situated, in which the company maintains a permanent place of business, or in
which a Security Interest created by the company must or should be registered in order to ensure its validity or priority; and 

  

	 	(f)	a country the courts of which have jurisdiction to make a winding up, administration or similar order in relation to the company or which would have such jurisdiction if their assistance were requested by the courts of
a country referred to in paragraphs (b) or (c) above; 

 “Potential Event of Default” means an event
or circumstance which, with the giving of any notice, the lapse of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default; 

“Quotation Date” means, in relation to any period for which an interest rate is to be determined under any provision of a
Finance Document, the day which is 2 Business Days before the first day of that period, unless market practice differs in the London Interbank Market for a currency, in which case the Quotation Date will be determined by the Agent in accordance with
market practice in the London Interbank Market (and if quotations would normally be given by leading banks in the London Interbank Market on more than one day, the Quotation Date will be the last of those days); 

“Reference Bank” means such bank as may be appointed by the Agent in its sole discretion; 

“Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request by the Reference Banks, as the rate at which the Reference Bank could borrow funds in the London interbank market, in the relevant currency and for the relevant period, were it to do so by asking for and then accepting interbank
offers for deposits in reasonable market size in that currency and for that period. 

  
 10 

 “Related Fund” in relation to a fund (the “first fund”), means
a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an
affiliate of the investment manager or investment adviser of the first fund. 
 “Relevant Person” has the meaning given in
Clause 19.9; 
 “Repayment Date” means a date on which a repayment is required to be made under Clause 8; 

“Repayment Instalment” has the meaning given to it in Clause 8.1; 

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

“Requisition Compensation” includes all compensation or other moneys payable by reason of any act or event such as is referred
to in paragraph (b) of the definition of “Total Loss”; 
 “Sanctioned Person” has the meaning given to it in
Clause 10.18; 
 “Sanctioned Country” has the meaning given to it in Clause 10.18; 

“Sanctions” means any economic or trade sanctions or restrictive measures enacted, administered, imposed or enforced by the
U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), the U.S. Department of State, the United Nations Security Council, and/or the European Union and/or the French Republic or other relevant sanctions authority; 

“Screen Rate” means the London interbank offered rate administrated by ICE Benchmark Administration Limited (or any other
person which takes over the administration of that rate) for the relevant currency and period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen (or any replacement Reuters page which displays that rate or on the appropriate page of such
other information service which publishes that rate from time to time in place of Reuters). If such page or service ceases to be available, the Agent may specify another page or service displaying the relevant rate after consultation with the
Borrowers; 
 “Secured Liabilities” means all liabilities which the Borrowers, the Security Parties or any of them have, at
the date of this Agreement or at any later time or times, under or by virtue of the Finance Documents or any judgment relating to the Finance Documents; and for this purpose, there shall be disregarded any total or partial discharge of these
liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country; 

“Security Interest” means: 
  

	 	(a)	a mortgage, charge (whether fixed or floating) or pledge, any maritime or other lien or any other security interest of any kind; and 

 

	 	(b)	the rights of the plaintiff under an action in rem in which the vessel concerned has been arrested or a writ has been issued or similar step taken. 

“Security Party” means the Corporate Guarantor, the Approved Manager and any other person (except an Approved Charterer and a
Creditor Party) who, as a surety or mortgagor, as a party to any subordination or priorities arrangement, or in any similar capacity, executes a document falling within the final paragraph of the definition of “Finance Documents”; 

  
 11 

 “Security Period” means the period commencing on the date of this Agreement and
ending on the date on which the Agent notifies the Borrowers, the Security Parties and the other Creditor Parties that: 
  

	 	(a)	all amounts which have become due for payment by a Borrower or any Security Party under the Finance Documents have been paid; 

  

	 	(b)	no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; 

  

	 	(c)	no Borrower nor any Security Party has any future or contingent liability under Clause 20, 21 or 22 below or any other provision of this Agreement or another Finance Document; and 

 

	 	(d)	the Agent, the Security Trustee and the Lenders do not consider that there is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in
any present or possible future bankruptcy of a Borrower or a Security Party or in any present or possible future proceeding relating to a Finance Document or any asset covered (or previously covered) by a Security Interest created by a Finance
Document; 

 “Security Trustee” means BNP Paribas acting through its office at 16, rue de Hanovre, 75078 Paris
Cedex 02, France, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 
 “Shareholder” means
Aegean Sea Maritime Holdings Inc., a corporation incorporated and existing under the laws of the Marshall Islands whose registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960; 

“Ship” means each of Ship A and Ship B, and, in the plural, means both of them; 

“Ship A” has the meaning given to that term in Schedule 5; 

“Ship B” has the meaning given to that term in Schedule 5; 

“Total Loss” means in relation to a Ship: 
  

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

  

	 	(b)	any expropriation, confiscation, requisition or acquisition of that Ship whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is
effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority, excluding a requisition for hire for a fixed period not exceeding one year without any right to an
extension unless that Ship is within 30 days redelivered to the full control of the Borrower owning that Ship; 

  

	 	(c)	any condemnation of that Ship by any tribunal or by any person or person claiming to be a tribunal; and 

  

	 	(d)	any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless it is within 1 month, and in the case of piracy within 90 days, redelivered to the full control of the Borrower owning
that Ship Provided that in case of piracy, if the relevant underwriters provide written confirmation satisfactory to the Agent in all respects prior to the end of the 90-day period that the Ship will be fully covered by war risks insurance,
the shorter of twelve (12) months and such period for which cover is confirmed to attach. 

  
 12 

 “Total Loss Date” means in relation to a Ship: 

 

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

  

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

  

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

  

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

  

	 	(c)	in the case of any other type of total loss, on the earlier of: 

  

	 	(i)	the date at which a total loss is subsequently admitted by such insurers; 

  

	 	(ii)	the date at which a total loss is subsequently adjudged by a competent court of law or arbitration tribunal to have occurred, if such insurers do not immediately admit such claim; or 

 

	 	(iii)	the date (or the most likely date) on which it appears to the Agent that the event constituting the total loss occurred; 

“Transfer Certificate” has the meaning given in Clause 26.2; 

“Trust Property” has the meaning given in clause 3.1 of the Agency and Trust Agreement; 

“US GAAP” means generally accepted international accounting principles as from time to time in effect in the United States of
America; and 
 “US Tax Obligor” means: 
  

	 	(a)	a person which is resident for tax purposes in the United States of America; or 

  

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

Construction of certain terms 

In this Agreement: 

“approved” means, for the purposes of Clause 13, approved in writing by the Agent; 

“asset” includes every kind of property, asset, interest or right, including any present, future or contingent right to any
revenues or other payment; 
 “company” includes any partnership, joint venture and unincorporated association; 

“consent” includes an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and
legalisation; 
 “contingent liability” means a liability which is not certain to arise and/or the amount of which remains
unascertained; 

  
 13 

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

“excess risks” means, in relation to a Ship, the proportion of claims for general average, salvage and salvage charges not
recoverable under the hull and machinery policies in respect of the Ship in consequence of its insured value being less than the value at which the Ship is assessed for the purpose of such claims; 

“expense” means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value
added or other tax; 
 “law” includes any form of delegated legislation, any order or decree, any treaty or international
convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 
 “months” shall be construed in accordance with Clause 1.3; 

“obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Borrower owning that Ship, is
obliged to effect, under Clause 13 or any other provision of this Agreement or another Finance Document; 
 “parent company”
has the meaning given in Clause 1.4; 
 “person” includes any individual, any entity, any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 
 “policy”, in relation to
any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms; 

“protection and indemnity risks” means the usual risks covered by a protection and indemnity association managed in London,
including pollution risks, freight demurrage and defence risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the
incorporation therein of clause 1 of the Institute Time Clauses (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; 

“regulation” includes any regulation, rule, official directive, request or guideline (either having the force of law or
compliance with which is reasonable in the ordinary course of business of the party concerned) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or
other authority or organisation; 
 “subsidiary” has the meaning given in Clause 1.4; 

“successor” includes any person who is entitled (by assignment, novation, merger or otherwise) to any other person’s
rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to exercise those rights; and in particular references to a successor include a person to whom
those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any other person; 

“tax” includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any
political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls), and any connected penalty, interest or fine; 

  
 14 

 “war risks” means the risks according to Institute War and Strike Clauses (Hull
Time) (1/10/83) or (1/11/95), or equivalent conditions, including, but not limited to risk of mines, blocking and trapping, missing vessel, confiscation, piracy and all risks excluded from the standard form of English or other marine policy;
and 
 “which is continuing” or “is continuing”, a Potential Event of Default is continuing if it
has not been remedied or waived and an Event of Default is “continuing” if it has not been waived. 
 Meaning of
“month” 
 A period of one or more “months” ends on the day in the relevant calendar month numerically
corresponding to the day of the calendar month on which the period started (“the numerically corresponding day”), but: 

on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no
later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 
 on the last Business
Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day, 

and “month” and “monthly” shall be construed accordingly. 

Meaning of “subsidiary” 

A company (S) is a subsidiary of another company (P) if: 

a majority of the issued shares in S (or a majority of the issued shares in S which carry unlimited rights to capital and income
distributions) are directly owned by P or are indirectly attributable to P; or 
 P has direct or indirect control over a majority of the
voting rights attached to the issued shares of S; 
 and any company of which S is a subsidiary is a parent company of S
Provided that there shall be excluded from this definition any subsidiaries which are listed on a public stock exchange. 

General Interpretation 

In this Agreement: 
  

	 	(i)	references to, or to a provision of, a Finance Document or any other document are references to it as amended or supplemented, whether before the date of this Agreement or otherwise; 

 

	 	(ii)	references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise; and 

 

	 	(iii)	words denoting the singular number shall include the plural and vice versa. 

  
 15 

 Clauses 1.1 to 1.4 and paragraph (a) of this Clause 1.5 apply unless the contrary intention
appears. 
 References in Clause 1.1 to a document being in the form of a particular Appendix include references to that form with any
modifications to that form which the Agent (with the authorisation of the Lenders in the case of substantial modifications) approves or requires. 

The clause headings shall not affect the interpretation of this Agreement. 

LOAN FACILITY 
 Amount
of loan facility 
 Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrowers a senior secured
term loan facility, in an amount of up to the lesser of (i) $44,000,000 and (ii) 70 per cent. of the aggregate Initial Market Value of the Ships, in a single advance. 

Lenders’ participations in Loan  

Subject to the other provisions of this Agreement, each Lender shall participate in the Loan in the proportion which, as at the Drawdown Date,
its Commitment bears to the Total Commitments. 
 Purpose of Loan 

The Borrowers undertake with each Creditor Party to use the Loan only for working capital purposes. 

POSITION OF THE LENDERS 

Interests of Lenders several 

The rights of the Creditor Parties under this Agreement are several; accordingly each Lender shall be entitled to sue for any amount which has
become due and payable by the Borrowers to it under this Agreement without joining the Security Trustee or any other Creditor Party as additional parties in the proceedings, save that the Security Interests created by any of the Finance Documents
may only be enforced in accordance with Clause 19.2. 
 Proceedings by individual Creditor Party 

However, without the prior consent of the Lenders, no Creditor Party may bring proceedings in respect of: 

any other liability or obligation of either Borrower or a Security Party under or connected with a Finance Document; or 

any misrepresentation or breach of warranty by either Borrower or a Security Party in or connected with a Finance Document. 

Obligations of Creditor Parties several 

The obligations of the Lenders under this Agreement are several; and a failure of a Lender to perform its obligations under this Agreement
shall not result in: 
 the obligations of the other Lenders being increased; nor 

  
 16 

 a Borrower, any Security Party or any other Lender being discharged (in whole or in part) from
its obligations under any Finance Documents, 
 and in no circumstances shall a Lender have any responsibility for a failure of another
Lender to perform its obligations under this Agreement. 
 Parties bound by certain actions of Lenders 

Every Lender, either Borrower and each Security Party shall be bound by: 

any determination made, or action taken, by the Lenders under any provision of a Finance Document; 

any instruction or authorisation given by the Lenders to the Agent or the Security Trustee under or in connection with any Finance Document;
and 
 any action taken (or in good faith purportedly taken) by the Agent or the Security Trustee in accordance with such an instruction or
authorisation. 
 Reliance on action of Agent 

However, either Borrower and each Security Party: 

shall be entitled to assume that the Lenders have duly given any instruction or authorisation which, under any provision of a Finance
Document, is required in relation to any action which the Agent has taken or is about to take; and 
 shall not be entitled to require any
evidence that such an instruction or authorisation has been given. 
 Construction 

In Clauses 3.4 and 3.5 references to action taken include (without limitation) the granting of any waiver or consent, an approval of any
document and an agreement to any matter. 
 DRAWDOWN 

Request for advance of Loan 

Subject to the following conditions, the Borrowers may request the Loan to be advanced by ensuring that the Agent receives a completed Drawdown
Notice not later than 11.00 a.m. (Paris time) 2 Business Days prior to the intended Drawdown Date (or such other shorter period as the Lenders may agree). 

Availability 
 The
conditions referred to in Clause 4.1 are that: 
 the Drawdown Date has to be a Business Day during the Availability Period; 

the Loan shall not exceed an amount equal to the lesser of: 
  

	 	(i)	70 per cent. of the aggregate Initial Market Value of the Ships; and 

  

	 	(ii)	US$44,000,000; and 

 the Loan shall not exceed the Total Commitments. 

  
 17 

 Notification to Lenders of receipt of a Drawdown Notice 

The Agent shall promptly notify the Lenders that it has received a Drawdown Notice and shall inform each Lender of: 

the amount of the Loan and the Drawdown Date; 

the amount of that Lender’s participation in the Loan; and 

the duration of the first Interest Period. 

Drawdown Notice irrevocable 

A Drawdown Notice must be signed by an officer or other authorised person of each Borrower; and once served a Drawdown Notice cannot be revoked
without the prior consent of the Agent, acting on the authority of the Majority Lenders. 
 Lenders to make available Contributions

 Subject to the provisions of this Agreement, each Lender shall, on and with value on the Drawdown Date, make available to the Agent
for the account of the Borrowers the amount due from that Lender under Clause 2.2. 
 Disbursement of Loan 

Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrowers the amounts which the Agent receives
from the Lenders under Clause 4.5; and that payment to the Borrowers shall be made: 
 to the account which the Borrowers specify in the
Drawdown Notice; and 
 in the like funds as the Agent received the payments from the Lenders. 

INTEREST 
 Payment of
normal interest  
 Subject to the provisions of this Agreement, interest on the Loan in respect of each Interest Period shall be
paid by the Borrowers on the last day of that Interest Period. 
 Normal rate of interest  

Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of
(i) the Margin and (ii) LIBOR for that Interest Period subject to Clause 5.6 and 5.7. 
 Payment of accrued interest 

 In the case of an Interest Period longer than 6 months, accrued interest shall be paid every 3 months during that Interest Period and
on the last day of that Interest Period. 
 Notification of Interest Periods and rates of normal interest  

The Agent shall notify the Borrowers and each Lender of: 

each rate of interest; and 
 the
duration of each Interest Period, 

  
 18 

 as soon as reasonably practicable after each is determined. 

Obligation of Reference Bank to quote 

Each of the Reference Banks which is a Lender shall use all reasonable efforts to supply the quotation required of it for the purposes of
fixing a rate of interest under this Agreement unless that Reference Bank ceases to be a Lender pursuant to Clause 26.16. 
 Absence
of quotations by Reference Bank 
 If any Reference Bank fails to supply a quotation, the relevant rate of interest shall be set in
accordance with the following provisions of this Clause 5. 
 Market disruption 

The following provisions of this Clause 5 apply if: 

LIBOR is to be determined by reference to the Reference Banks and no Reference Bank does, before 1.00 p.m. (London time) on the Quotation Date
for an Interest Period, provide quotations to the Agent in order to fix LIBOR; or 
 at least 1 Business Day before the start of an Interest
Period, a Lender may notify the Agent that LIBOR fixed by the Agent would not accurately reflect the cost to that Lender of funding its respective Contribution (or any part of it) during the Interest Period in the London Interbank Market at or about
11.00 a.m. (London time) on the Quotation Date for the Interest Period; or 
 at least 1 Business Day before the start of an Interest
Period, the Agent is notified by a Lender (the “Affected Lender”) that for any reason it is unable to obtain Dollars in the London Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period. 

Notification of market disruption  

The Agent shall promptly notify the Borrowers and each of the Lenders stating the circumstances falling within Clause 5.7 which have caused its
notice to be given. 
 Suspension of drawdown  

If the Agent’s notice under Clause 5.8 is served before the Loan is made: 

in a case falling within paragraphs (a) or (b) of Clause 5.7, the Lenders’ obligations to make the Loan; 

in a case falling within Clause 5.7(c), the Affected Lender’s obligation to participate in the Loan, 

shall be suspended while the circumstances referred to in the Agent’s notice continue. 

Negotiation of alternative rate of interest 

If the Agent’s notice under Clause 5.8 is served after the Loan is advanced, the Borrowers, the Agent and the Lenders or (as the case may
be) the Affected Lender shall use reasonable endeavours to agree, within the 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation Period”), an alternative interest rate or (as the case may be) an
alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution during the Interest Period concerned. 

  
 19 

 Application of agreed alternative rate of interest 

Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the
terms agreed. 
 Alternative rate of interest in absence of agreement  

If an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing
at the end of the Negotiation Period, then the Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and interest rate representing the cost of funding of the Lenders concerned or (as the
case may be) the Affected Lender in Dollars or in any available currency of their or its Contribution plus the Margin; and the procedure provided for by this Clause 5.12 shall be repeated if the relevant circumstances are continuing at the end of
the interest period so set by the Agent. 
 Notice of prepayment  

If the Borrowers do not agree with an interest rate set by the Agent under Clause 5.12, the Borrowers may give the Agent not less than 15
Business Days’ notice of their intention to prepay at the end of the interest period set by the Agent. 
 Prepayment; termination of
Commitments 
 A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require)
the Affected Lender of the Borrowers’ notice of intended prepayment; and: 
 on the date on which the Agent serves that notice, the
Total Commitments or (as the case may require) the Commitment of the Affected Lender shall be cancelled; and 
 on the last Business Day of
the interest period set by the Agent, the Borrowers shall prepay (without premium or penalty) the Loan or, as the case may be, the Affected Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin.

 Application of prepayment 

The provisions of Clause 8 shall apply in relation to the prepayment. 

INTEREST PERIODS 

Commencement of Interest Periods 

The first Interest Period shall commence on the Drawdown Date and each subsequent Interest Period shall commence on the expiry of the preceding
Interest Period. 
 Duration of normal Interest Periods 

Subject to Clauses 6.3 and 6.4, each Interest Period shall be: 

3, 6 or 9 months as notified by the Borrowers to the Agent not later than 11.00 a.m. (Paris time) 3 Business Days before the commencement of
the Interest Period; or 
 3 months, if the Borrowers fail to notify the Agent by the time specified in paragraph (a) above; or 

such other period as the Agent may agree with the Borrowers. 

  
 20 

 Duration of Interest Periods for Repayment Instalments 

In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date.

 Non-availability of matching deposits for Interest Period selected 

If, after the Borrowers have selected an Interest Period longer than 6 months, any Lender notifies the Agent by 11.00 a.m. (London time) on the
third Business Day before the commencement of the Interest Period that it is not satisfied that deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences,
the Interest Period shall be 6 months. 
 DEFAULT INTEREST 

Payment of default interest on overdue amounts 

The Borrowers shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by either Borrower under
any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: 

the date on which the Finance Documents provide that such amount is due for payment; or 

if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or 

if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable. 

Default rate of interest 

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before
judgment) at the rate per annum determined by the Agent to be 2 per cent. above: 
 in the case of an overdue amount of principal, the
higher of the rates set out at paragraphs (a) and (b) of Clause 7.3; or 
 in the case of any other overdue amount, the rate set
out at paragraph (b) of Clause 7.3. 
 Calculation of default rate of interest 

The rates referred to in Clause 7.2 are: 

the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then
current Interest Period); 
 the aggregate of the Margin plus, in respect of successive periods of any duration (including at call) up to 3
months which the Agent may select from time to time: 
  

	 	(i)	LIBOR; or 

  

	 	(ii)	if the Agent (after consultation with the Reference Bank) determines that Dollar deposits for any such period are not being made available to the Reference Bank by leading banks in the London Interbank Market in the
ordinary course of business, a rate from time to time determined by the Agent by reference to the cost of funds to the Reference Bank from such other sources as the Agent (after consultation with the Reference Bank) may from time to time determine.

  
 21 

 Notification of interest periods and default rates 

The Agent shall promptly notify the Lenders and the Borrowers of each interest rate determined by the Agent under Clause 7.3 and of each period
selected by the Agent for the purposes of paragraph (b) of that Clause; but this shall not be taken to imply that the Borrowers are liable to pay such interest only with effect from the date of the Agent’s notification. 

Payment of accrued default interest 

Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference
to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due. 

Compounding of default interest 

Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded. 

REPAYMENT AND PREPAYMENT 

Amount of repayment instalments 

The Borrowers shall repay the Loan by: 

12 equal consecutive semi-annual instalments in the amount of $2,000,000 each (each a “Repayment Instalment” and, together,
the “Repayment Instalments”); and 
 a balloon instalment in the amount of $20,000,000 (the “Balloon
Instalment”), 
 Provided that if the amount drawn down under this Agreement is less than $44,000,000, each Repayment
Instalment and the Balloon Instalment shall be reduced pro rata by an amount in aggregate equal to the undrawn amount. 

Repayment Dates 
 The
first Repayment Instalment shall be repaid on the date falling 6 months after the Drawdown Date with the remaining Repayment Instalments to be repaid at 6-monthly intervals thereafter and the last Repayment Instalment together with the Balloon
Instalment shall be paid on the earlier of: 
 the date falling on the sixth anniversary of the Drawdown Date; and 

28 February 2022. 
 Final
Repayment Date 
 On the final Repayment Date, the Borrowers shall additionally pay to the Agent for the account of the Creditor Parties
all other sums then accrued or owing under any Finance Document. 
 Voluntary prepayment 

Subject to the following conditions, the Borrowers may prepay the whole or any part of the Loan on the last day of an Interest Period in
respect thereof. 

  
 22 

 Conditions for voluntary prepayment 

The conditions referred to in Clause 8.4 are that: 

a partial prepayment shall be $1,000,000 or an integral multiple of $1,000,000; 

the Agent has received from the Borrowers at least 5 Business Days’ prior written notice specifying the amount to be prepaid and the date
on which the prepayment is to be made (such date shall be the last day of an Interest Period); and 
 the Borrowers have provided evidence
satisfactory to the Agent that any consent required by the Borrowers or any Security Party in connection with the prepayment has been obtained and remains in force, and that any requirement relevant to this Agreement which affects the Borrowers or
any Security Party has been complied with. 
 Effect of notice of prepayment 

A prepayment notice may not be withdrawn or amended without the consent of the Agent, given with the authority of the Majority Lenders, and the
amount specified in the prepayment notice shall become due and payable by the Borrowers on the date for prepayment specified in the prepayment notice. 

Notification of notice of prepayment 

The Agent shall notify the Lenders promptly upon receiving a prepayment notice, and shall provide any Lender which so requests with a copy of
any document delivered by the Borrowers under Clause 8.5(c). 
 Mandatory prepayment 

The Borrowers shall be obliged to prepay the Relevant Amount: 

if a Ship is sold, on or before the date on which the sale is completed by delivery of that Ship to the buyer; or 

 

	(a)	if a Ship becomes a Total Loss, on the earlier of the date falling 180 days after the Total Loss Date and the date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

 In this Clause 8.8 “Relevant Amount” means an amount equal to the higher of: 

 

	 	(i)	the Loan multiplied by a fraction whose: 

  

	 	(A)	numerator is the Market Value of the Ship being sold or which has become a Total Loss on the date on which such sale is completed or, as the case may be, the date on which the Total Loss occurred; and 

 

	 	(B)	denominator is the aggregate Market Value of the Ships subject to a Mortgage (including the Ship which is being sold or has become a Total Loss) on the date on which that Ship is sold or becomes a Total Loss; and

  

	 	(ii)	an amount, which after giving credit to the prepayment required to be made pursuant to this Clause 8.8, results in the security cover required to be maintained in pursuant to Clause 15.1 being no less than 120 per
cent. 

  
 23 

 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 below or otherwise) in respect of the
amount prepaid and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.1(b) but (subject to Clause 8.11) without premium or penalty. 

Application of voluntary prepayment 

Any voluntary prepayment shall be applied pro rata against the Balloon Instalment and the Repayment Instalments or in such other manner as the
Agent (acting on the instructions of the Lenders) may agree with the Borrowers. 
 No reborrowing 

No amount repaid or prepaid may be reborrowed. 

CONDITIONS PRECEDENT 

Documents, fees and no default 

Each Lender’s obligation to contribute to the Loan is subject to the following conditions precedent: 

that on or before the date of this Agreement, the Agent receives: 
  

	 	(i)	the documents described in Part A of Schedule 3 in a form and substance satisfactory to the Agent and its lawyers; and 

  

	 	(ii)	the up-front fee referred to in Clause 20.1; and 

  

	 	(iii)	payment in full of any expenses payable pursuant to Clause 20.2 which are due and payable on the date of this Agreement; 

  

	(a)	that, on or before the service of the Drawdown Notice, the Agent receives: 

  

	 	(i)	the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its lawyers; and 

  

	 	(ii)	payment in full of any expenses payable pursuant to Clause 20.2 which are due and payable on the date of this Agreement; 

that at the date of the Drawdown Notice and at the Drawdown Date: 
  

	 	(i)	no Event of Default or Potential Event of Default has occurred or is continuing or would result from the borrowing of the Loan; and 

  

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

  

	 	(iii)	none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and 

  

	 	(iv)	there has been no material adverse change in the business, management, condition (financial or otherwise), results of operations, state of affairs, operation, performance, prospects or properties of the Borrowers or
either of them and/or the Corporate Guarantor and its affiliates applying as of 30 September 2015; 

  
 24 

 that, if the ratio set out in Clause 15.1 were applied immediately following the making of the
Loan, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause; and 
 that the Agent
has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrowers
prior to the Drawdown Date. 
 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit the Loan to be borrowed before certain of the conditions referred to in Clause 9.1
are satisfied, the Borrowers shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date (or such longer period as the Agent may, with the authority of the Majority Lenders, specify). 

REPRESENTATIONS AND WARRANTIES 

General 
 Each Borrower
represents and warrants (which representations and warranties (other than the ones in Clauses 10.11 and 10.12) shall survive the execution of this Agreement and shall be deemed to be repeated throughout the Security Period on the first day of each
Interest Period with respect to the facts and circumstances then existing) to each Creditor Party as follows. 
 Status 

Each Borrower is duly incorporated and validly existing and in good standing under the laws of the Republic of the Marshall Islands. 

Share capital and ownership 

Each Borrower is authorised to issue 500 registered shares, and in the case of Borrower A 500 registered and/or bearer shares, with a par value
of $1 each, and the ownership of all those shares is held in registered form by the Shareholder, free of any Security Interest or other claim, by the persons disclosed in writing to the Agent prior to the date of this Agreement. 

Corporate power 
 Each
Borrower has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it to (i) continue to own the Ship owned by it under the relevant Approved Flag and (ii) execute the Finance Documents to which
that Borrower is a party. 
 Consents in force 

All the consents referred to in Clause 10.4 remain in force and nothing has occurred which makes any of them liable to revocation. 

Legal validity; effective Security Interests 

The Finance Documents to which that Borrower is a party, do now or, as the case may be, will, upon execution and delivery (and, where
applicable, registration as provided for in the Finance Documents): 
 constitute that Borrower’s legal, valid and binding obligations
enforceable against that Borrower in accordance with their respective terms; and 

  
 25 

 create legal, valid and binding Security Interests enforceable in accordance with their
respective terms over all the assets to which they, by their terms, relate, 
 subject to any relevant insolvency laws affecting
creditors’ rights generally. 
 No third party Security Interests 

Without limiting the generality of Clause 10.6, at the time of the execution and delivery of each Finance Document to which a Borrower is a
party: 
 each Borrower will have the right to create all the Security Interests which that Finance Document purports to create; and 

no third party will have any Security Interest (except for Permitted Security Interests) or any other interest, right or claim (other than in
relation to the Indenture) over, in or in relation to any asset to which any such Security Interest, by its terms, relates. 
 No
conflicts 
 The execution by a Borrower of each Finance Document to which it is a party, and the borrowing by that Borrower of the Loan,
and its compliance with each Finance Document to which it is a party will not involve or lead to a contravention of: 
 any law or
regulation; or 
 the constitutional documents of that Borrower; or 

any contractual or other obligation or restriction which is binding on that Borrower or any of its assets. 

No withholding taxes 
 All
payments which each Borrower is liable to make under the Finance Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of any Pertinent Jurisdiction. 

No default 
 No Event of
Default or Potential Event of Default has occurred and is continuing or would result from the entry into, the performance of, or any transaction contemplated by, any Finance Document. 

Information 
 All
information which has been provided in writing by or on behalf of the Borrowers or any member of the Group to any Creditor Party in connection with any Finance Document satisfied the requirements of Clause 11.5; all audited and unaudited accounts
which have been so provided satisfied the requirements of Clause 11.7; and there has been no material adverse change in the financial position or state of affairs, operation, performance or prospects of the Borrowers or any of them or any Security
Party (excluding the Approved Manager) as of 30 September 2015 from that disclosed to the Agent. 

  
 26 

 No litigation 

No material legal or administrative action involving either Borrower or any Security Party (excluding the Approved Manager) has been commenced
or taken or, to a Borrower’s knowledge, is likely to be commenced or taken. 
 Compliance with certain undertakings 

At the date of this Agreement, each Borrower is in compliance with Clauses 11.2, 11.4, 11.9 and 11.13. 

Taxes paid 
 Each Borrower
has paid all taxes applicable to, or imposed on or in relation to that Borrower, its business or the Ship owned by it. 
 No money
laundering; anti-bribery 
 None of the Borrowers and the Security Parties nor any of their subsidiaries, directors or officers, or, to
their best knowledge, any affiliate or employee of them, have engaged in any activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules in any applicable jurisdiction.

ISM Code, ISPS Code Compliance and Environmental Laws 

All requirements of the ISM Code, ISPS Code and Environmental Laws as they relate to the Borrowers, the Approved Manager and the Ships have
been complied with. 
 No immunity 

Neither Borrower, nor any of its assets is entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding
(which shall include, without limitation, suit attachment prior to judgement, execution or other enforcement). 
 Sanctions 

None of the Borrowers and the Security Parties nor any of their subsidiaries, directors or officers, or, to their best knowledge, any affiliate
or employee of them, is an individual or entity (a “Person”), that is, or is owned or controlled by Persons that are: (i) the target of any Sanctions (a “Sanctioned Person”) or (ii) located, organized or
resident in a country or territory that is, or whose government is, the subject of Sanctions broadly prohibiting dealings with such government, country, or territory (a “Sanctioned Country”). 

Insolvency 
 In relation
to each Borrower, no corporate action, legal proceeding or other procedure or step described in Clause 19.1(g) or creditors’ process described in that clause has been taken or, to its knowledge, threatened in relation to it, and none of the
circumstances described in Clause 19.1(g) applies to it. 
 GENERAL UNDERTAKINGS 

General 
 Each Borrower
undertakes with each Creditor Party to comply with the following provisions of this Clause 11 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 

  
 27 

 Title and negative pledge 

Each Borrower will: 
 hold the
legal title to, and own the entire beneficial interest in the Ship owned by it, the Insurances and Earnings, free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the
effect of assignments contained in the Finance Documents; 
 not create or permit to arise any Security Interest (except for Permitted
Security Interests) over any other asset, present or future; and 
 procure that its liabilities under the Finance Documents to which it is
party do and will rank at least pari passu with all other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law. 

No disposal of assets 
 No
Borrower will transfer, lease or otherwise dispose of: 
 all or a substantial part of its assets, whether by one transaction or a number of
transactions, whether related or not; or 
 any debt payable to it or any other right (present, future or contingent right) to receive a
payment, including any right to damages or compensation, 
 but paragraph (a) does not apply to any charter of a Ship as to which
Clause 14.13 applies. 
 No other liabilities or obligations to be incurred 

No Borrower will incur any liability or obligation except: 

liabilities and obligations under the Finance Documents to which it is a party; 

under the relevant Approved Charter; 

under the Indenture; 
 subject to
other provisions of this Agreement, liabilities or obligations reasonably incurred in the ordinary course of trading, maintaining, repairing, operating and chartering the Ship owned by it; and 

Financial Indebtedness to any other corporation or individual Provided that such Financial Indebtedness shall be fully subordinated to
the Loan and the Borrower shall, promptly following the Agent’s demand, execute or procure the execution of any documents which the Agent specifies to create or maintain the subordination of the rights of the relevant member of the Group
against either Borrower to those of the Creditor Parties under the Finance Documents. 
 Information provided to be accurate 

All financial and other information which is provided in writing by or on behalf of a Borrower under or in connection with any Finance Document
will be true, correct, accurate and not misleading and will not omit any material fact or consideration. 

  
 28 

 Provision of financial statements 

Each Borrower will send or procure that they are sent to the Agent: 

as soon as possible, but in no event later than 180 days after the end of each financial year of the Corporate Guarantor (commencing with the
financial year ending on 31 December 2015), the audited annual consolidated accounts of the Group; and 
 as soon as possible, but in
no event later than 90 days after the end of each 3-month period ending on 31 March, 30 June and 30 September in each financial year of the Corporate Guarantor, the quarterly consolidated management accounts in respect of the Group,
duly certified as to their correctness by a director or officer of the Corporate Guarantor; and 
 promptly after each request by the Agent,
such further financial information about that Borrower, the Ship owned by it and the Corporate Guarantor (including, but not limited to, information regarding the charter arrangements, Financial Indebtedness and operating expenses) as the Agent may
require. 
 Form of financial statements 

All accounts (audited and unaudited) delivered under Clause 11.6 will: 

be prepared in accordance with all applicable laws and US GAAP; 

give a true and fair view of the state of affairs of the relevant person at the date of those accounts and of its profit for the period to
which those accounts relate; and 
 fully disclose or provide for all significant liabilities of the Group. 

Shareholder and creditor notices 

Each Borrower will send to the Agent following a request by the Agent, and at the same time as they are despatched, copies of all
communications which are despatched to that Borrower’s shareholders or creditors or any class of them. 
 Consents 

Each Borrower will, and will procure that each Security Party will, maintain in force and promptly obtain or renew, and will promptly send
certified copies to the Agent of, all consents required: 
 for that Borrower and that Security Party to perform its obligations under any
Finance Document or any Charterparty to which it is party; 
 for the validity or enforceability of any Finance Document and any
Charterparty to which it is party; and 
 for that Borrower to continue to own and operate the Ship owned by it, 

and that Borrower will, and will procure that each Security Party will, comply with the terms of all such consents. 

Maintenance of Security Interests 

Each Borrower will: 
 at its own
cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to create; and 

without limiting the generality of paragraph (a) above, at its own cost, promptly register, file, record or enrol any Finance Document
with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all Pertinent Jurisdictions in respect of any Finance 

  
 29 

 
Document, give any notice or take any other step which, in the opinion of the Majority Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable or
admissible in evidence or to ensure or protect the priority of any Security Interest which it creates. 
 Notification of litigation

 Each Borrower will provide the Agent with details of any legal or administrative action involving that Borrower, any Security Party,
the Approved Manager, the Ship owned by it, the Earnings or the Insurances in respect of that Ship as soon as such action is instituted or it becomes apparent to that Borrower that it is likely to be instituted, unless it is clear that the legal or
administrative action cannot be considered material in the context of any Finance Document. 
 Principal place of business 

Each Borrower will maintain its place of business, and keep its corporate documents and records, at the address stated in Clause 28.2(a);
and neither Borrower will establish, or do anything as a result of which it would be deemed to have, a place of business in the United States or the United Kingdom or any country other than Greece. 

Confirmation of no default 

The Borrower will, within 2 Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by 2
directors of the Borrower and which: 
 states that no Event of Default or Potential Event of Default has occurred; or 

states that no Event of Default or Potential Event of Default has occurred, except for a specified event or matter, of which all material
details are given. 
 The Agent may serve requests under this Clause 11.13 from time to time; this Clause 11.13 does not affect the
Borrowers’ obligations under Clause 11.14. 
 Notification of default 

Each Borrower will notify the Agent as soon as that Borrower becomes aware of: 

the occurrence of an Event of Default or a Potential Event of Default; or 

any matter which indicates that an Event of Default or a Potential Event of Default may have occurred, 

and will thereafter keep the Agent fully up-to-date with all
developments. 
 Provision of further information 

Each Borrower will, as soon as practicable after receiving the request, provide the Agent with any additional financial or other information
relating: 
 to that Borrower, the Ship owned by it, the Insurances, the Earnings or the Corporate Guarantor; or 

to any matter relevant to, or to any provision of, the Approved Charter; 

to any other matter relevant to, or to any provision of, a Finance Document; 

any information requested in respect of that Borrower, the Corporate Guarantor and their respective shareholders (which, in the case of the
Corporate Guarantor, includes any shareholder 

  
 30 

 
owning at least 20 per cent. of its issued shares) in connection with the Creditor Parties’ and/or the Account Bank’s “Know your customer” regulations, including, but not
limited to information required pursuant to all applicable laws and regulations, including, without limitation, the laws of the European Union, Switzerland and the United States of America in connection with that Borrower, the Corporate Guarantor
and any other Security Party and their respective beneficial owners, 
 which may be requested by the Agent, the Security Trustee or any
Lender at any time. 
 Provision of copies and translation of documents 

Each Borrower will supply the Agent with a sufficient number of copies of the documents referred to above to provide 1 copy for each Creditor
Party; if the Agent so requires in respect of any of those documents, that Borrower will provide a certified English translation prepared by a translator approved by the Agent. 

“Know your customer” checks. If: 

the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of
this Agreement; 
 any change in the status of either Borrower or any Security Party after the date of this Agreement; or 

a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior
to such assignment or transfer, 
 obliges the Agent or any Lender (or, in the case of paragraph (c), any prospective new Lender) to comply
with “know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Borrowers shall promptly upon the request of the Agent or any Lender supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or the Lender concerned (for itself or, in the case of the event described in paragraph (c), on behalf of any
prospective new Lender) in order for the Agent, the Lender concerned or, in the case of the event described in paragraph (c), any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your customer”
or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 

Sanctions 
 None of the
Borrowers and the Security Parties will, directly or indirectly, use the proceeds of the loan hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or any other Person, (i) to
fund any activities or business of or with any Person, or in any country or territory, that, at the time of such funding, is, a Sanctioned Person or Sanctioned Country or (ii) in any other manner that would result in a violation of Sanctions by
any Person (including any Person participating in the loan hereunder, whether as underwriter, advisor, investor, lender, hedge provider, facility or security agent or otherwise). 

Hedging of interest rate risks – Right of first refusal 

The Borrowers hereby grant to the Lenders a right of first refusal for the purpose of hedging any part of the interest rate risk under this
Agreement throughout the Security Period. 

  
 31 

 CORPORATE UNDERTAKINGS 

General 
 Each Borrower
also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 at all times during the Security Period except as the Agent may, with the authorisation of the Majority Lenders, otherwise permit. 

Maintenance of status 

Each Borrower will maintain its separate corporate existence and remain in good standing under the laws of the Republic of the Marshall
Islands. 
 Negative undertakings 

No Borrower will: 
 carry on any
business other than the ownership, chartering and operation of the Ship owned by it; or 
 pay any dividend or make any other form of
distribution or effect any form of redemption, purchase or return of share capital if an Event of Default has occurred at such time or would occur as a direct result of such distribution, redemption, purchase or return; or 

provide any form of credit or financial assistance or issue guarantees in favour of any other corporation or individual other than: 

 

	 	(i)	in the normal course of its business; and 

  

	 	(ii)	the unsecured guarantees issued by that Borrower in respect of obligations under the Indenture, 

Provided that that corporation or individual to whom the of credit or financial assistance has been granted or in favour of whom the
guarantee has been issued fully subordinates its rights to the rights of the Creditor Parties under the Finance Documents on terms acceptable to the Agent; 

provide any form of credit or financial assistance to: 
  

	 	(i)	a person who is directly or indirectly interested in that Borrower’s share or loan capital; or 

  

	 	(ii)	any company in or with which such a person is directly or indirectly interested or connected, 

or enter into any transaction with or involving such a person or company on terms which are, in any respect, less favourable to that Borrower
than those which it could obtain in a bargain made at arms’ length; or 
 open or maintain any account with any bank or financial
institution except accounts with the Account Bank for the purposes of the Finance Documents and any accounts disclosed to the Agent on or prior to the date of this Agreement; or 

issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued share capital; or 

acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or
European banks, or enter into any transaction in a derivative; or 
 enter into any form of amalgamation, merger or de-merger or any form of
reconstruction or reorganisation. 

  
 32 

 INSURANCE 

General 
 Each Borrower
undertakes with each Creditor Party to comply with the following provisions of this Clause 13 at all times during the Security Period except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing. 

Maintenance of obligatory insurances 

Each Borrower shall keep the Ship owned by it, at all times during the Security Period, insured at the expense of that Borrower against: 

fire and usual marine risks (including hull and machinery and excess risks); and 

war risks; and 
 protection and
indemnity mean the usual risks including liability for oil pollution and excess war risk P&I cover; and 
 any other risks against which
the Lenders consider, having regard to practices and other circumstances prevailing at the relevant time, it would in the opinion of the Lenders be reasonable for that Borrower to insure and which are specified by the Security Trustee by notice to
that Borrower. 
 Terms of obligatory insurances 

Each Borrower shall effect such insurances: 

in Dollars; 
 in the case of
fire and usual marine risks and war risks, in such amounts as shall from time to time be approved by the Agent but in any event in an amount not less than the greater of (i) the Market Value of the Ship owned by it and (ii) an amount
which, when aggregated with the amount for which the other Ship then subject to a Mortgage is insured, is equal to 120 per cent. of the Loan; and 

in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under
basic protection and indemnity club entry (with the international group of protection and indemnity clubs) and the international marine insurance market (currently $1,000,000,000); 

in relation to protection and indemnity risks in respect of the relevant Ship’s full value and tonnage; 

on such terms as shall from time to time be approved in writing by the Agent (including, without limitation, a blocking and trapping clause);
and 
 through approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and
indemnity risks, in approved war risks and protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Associations. 

  
 33 

 Further protections for the Creditor Parties 

In addition to the terms set out in Clause 13.3, each Borrower shall procure that the obligatory insurances shall: 

subject always to paragraph (b), name that Borrower as the sole named assured unless the interest of every other named assured is limited:

  

	 	(i)	in respect of any obligatory insurances for hull and machinery and war risks; 

  

	 	(A)	to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and 

  

	 	(B)	to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and 

 

	 	(ii)	in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically
against it; 

 name (or be amended to name) the Security Trustee as mortgagee for its rights and interests, warranted no
operational interest and with full waiver of rights of subrogation against the Security Trustee, but without the Security Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such
insurance; 
 name the Security Trustee as sole loss payee with such directions for payment as the Security Trustee may specify; 

provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Trustee shall be made without set-off, counterclaim or deductions or condition whatsoever; 
 provide that the insurers shall waive, to
the fullest extent permitted by English law, their entitlement (if any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies of the Security Trustee in respect of any rights or interests (secured or not)
held by or available to the Security Trustee in respect of the Secured Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall not be restricted by the terms of this paragraph
(d) from making personal claims against persons (other than either Borrower or any Creditor Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; 

provide that such obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the
Security Trustee; 
 provide that the Security Trustee may make proof of loss if that Borrower fails to do so; and 

provide that if any obligatory insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the
interest of the Security Trustee, or if any obligatory insurance is allowed to lapse for non-payment of premium, such cancellation, charge or lapse shall not be effective with respect to the Security Trustee
for 30 days (or 7 days in the case of war risks) after receipt by the Security Trustee of prior written notice from the insurers of such cancellation, change or lapse. 

Renewal of obligatory insurances 

Each Borrower shall: 
 at least
14 days before the expiry of any obligatory insurance: 
  

	 	(i)	notify the Security Trustee of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom that Borrower proposes to renew that insurance and of the proposed terms of
renewal; and 

  

	 	(ii)	in case of any substantial change in insurance cover, obtain the Lenders’ approval to the matters referred to in paragraph (i) above; 

  
 34 

 at least 7 days before the expiry of any obligatory insurance, renew the insurance; and 

procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall
promptly after the renewal notify the Security Trustee in writing of the terms and conditions of the renewal. 
 Copies of policies;
letters of undertaking 
 Each Borrower shall ensure that all approved brokers provide the Security Trustee with copies of all policies
relating to the obligatory insurances which they effect or renew and of a letter or letters or undertaking in a form required by the Lenders and including undertakings by the approved brokers that: 

they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions
of Clause 13.4; 
 they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee in accordance with
the said loss payable clause; 
 they will advise the Security Trustee immediately of any material change to the terms of the obligatory
insurances; 
 they will notify the Security Trustee, not less than 14 days before the expiry of the obligatory insurances, in the event of
their not having received notice of renewal instructions from that Borrower or its agents and, in the event of their receiving instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and 

they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by it under such obligatory insurances any
premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies or, any sums received under them, which they might have in respect of such premiums or other amounts, and
they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of that Ship forthwith upon being so
requested by the Security Trustee. 
 Copies of certificates of entry 

Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provides
the Security Trustee with: 
 a certified copy of the certificate of entry for that Ship; and 

a letter or letters of undertaking in such form as may be required by the Lenders; and 

where required to be issued under the terms of insurance/indemnity provided by that Borrower’s protection and indemnity association, a
certified copy of each United States of America voyage quarterly declaration (or other similar document or documents) made by that Borrower in relation to that Ship in accordance with the requirements of such protection and indemnity association;
and 
 a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material
issued by the relevant certifying authority in relation to that Ship. 

  
 35 

 Deposit of original policies 

Each Borrower shall ensure that all policies relating to obligatory insurances are deposited with the approved brokers through which the
insurances are effected or renewed. 
 Payment of premiums 

Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances and produce all relevant receipts
when so required by the Security Trustee. 
 Guarantees 

Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain
in full force and effect. 
 Restrictions on employment 

No Borrower shall employ the Ship owned by it, nor permit her to be employed, outside the cover provided by any obligatory insurances. 

Compliance with terms of insurances 

No Borrower shall either do or omit to do (or permit to be done or not to be done) any act or thing which would or might render any obligatory
insurance invalid, void, voidable or unenforceable or render any sum payable thereunder repayable in whole or in part; and in particular: 

each Borrower shall take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory
insurances, and (without limiting the obligation contained in Clause 13.6(c) above) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Security Trustee has not given its prior approval; 

no Borrower shall make any changes relating to the classification or classification society or manager or operator of the Ship owned by it
approved by the underwriters of the obligatory insurances; 
 each Borrower shall make all quarterly or other voyage declarations which may
be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990
or any other applicable legislation); and 
 no Borrower shall employ the Ship owned by it, nor allow it to be employed, otherwise than in
conformity with the terms and conditions of the obligatory insurances (including but not limited to any applicable laws and Sanctions), without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or
otherwise) which the insurers specify. 
 Alteration to terms of insurances 

No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory
insurance without the prior written consent of the Security Trustee. 
 Settlement of claims 

No Borrower shall settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do
all things necessary and provide all documents, evidence and information to enable the Security Trustee to collect or recover any moneys which at any time become payable in respect of the obligatory insurances. 

  
 36 

 Provision of copies of communications 

Each Borrower shall provide the Security Trustee, at the time of each such communication, copies of all written communications in case of, but
not limited to, an Event of Default, Total Loss or Major Casualty between that Borrower and: 
 the approved brokers; and 

the approved protection and indemnity and/or war risks associations; and 

the approved insurance companies and/or underwriters, which relate directly or indirectly to: 

 

	 	(i)	that Borrower’s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and 

 

	 	(ii)	any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.

 Provision of information 

In addition, each Borrower shall promptly provide the Security Trustee (or any persons which it may designate) with any information which the
Security Trustee (or any such designated person) requests for the purpose of: 
 obtaining or preparing any report from an independent
marine insurance broker appointed by the Agent as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or 

effecting, maintaining or renewing any such insurances as are referred to in Clause 13.17 below or dealing with or considering any matters
relating to any such insurances, 
 and that Borrower shall, forthwith upon demand, indemnify the Security Trustee in respect of all fees and
other expenses incurred by or for the account of the Security Trustee in connection with any such report as is referred to in paragraph (a) above. 

Mortgagee’s interest and additional perils insurances 

The Security Trustee shall be entitled from time to time to effect, maintain and renew all or any of the following insurances in such amounts,
on such terms, through such insurers and generally in such manner as the Lenders may from time to time consider appropriate: 
 a
mortgagee’s interest marine insurance in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing for the indemnification of the Creditor Parties for any losses under or in connection with any Finance Document which
directly or indirectly result from loss of or damage to a Ship or a liability of that Ship or of the Borrower owning that Ship, being a loss or damage which is prima facie covered by an obligatory insurance but in respect of which there is a
non-payment (or reduced payment) by the underwriters by reason of, or on the basis of an allegation concerning: 
  

	 	(i)	any act or omission on the part of that Borrower, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Borrower or of any such person, including any breach of
warranty or condition or any non-disclosure relating to such obligatory insurance; 

  
 37 

	 	(ii)	any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Borrower, any other person referred to in paragraph (i) above, or of any officer, employee or agent of that
Borrower or of such a person, including the casting away or damaging of that Ship and/or that Ship being unseaworthy; and/or 

  

	 	(iii)	any other matter capable of being insured against under a mortgagee’s interest marine insurance policy whether or not similar to the foregoing; 

a mortgagee’s interest additional perils policy in relation to the Ships in an amount equal to 120 per cent. of the Loan, providing
for the indemnification of the Security Trustee against, among other things, any possible losses or other consequences of any Environmental Claim, including the risk of expropriation, arrest or any form of detention of a Ship, the imposition of any
Security Interest over that Ship and/or any other matter capable of being insured against under a mortgagee’s interest additional perils policy whether or not similar to the foregoing, 

and the Borrowers shall upon demand fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in
connection with or with a view to effecting, maintaining or renewing any such insurance or dealing with, or considering, any matter arising out of any such insurance. 

Review of insurance requirements 

The Lenders shall be entitled to review the requirements of this Clause 13 from time to time in order to take account of any changes in
circumstances after the date of this Agreement which are, in the opinion of the Lenders, significant and capable of affecting either Borrower or either Ship and its or their insurance (including, without limitation, changes in the availability or
the cost of insurance coverage or the risks to which the Borrower owning that Ship may be subject), and may appoint insurance consultants in relation to this review at the cost of the Borrowers, such review to be carried out before the Drawdown Date
and, at the Agent’s request, at any time during the Security Period if the Agent (acting on the instructions of the Lenders) considers necessary (the reasonable fees of the insurance consultants to conduct such review shall be deducted from the
Earnings Account and each Borrower hereby irrevocably authorises the Agent to debit its Earnings Account in order to pay such fees). Provided that the Borrowers shall not be required to pay the fees of the insurance consultants to conduct such
review more often than once a year unless an Even of Default has occurred. 
 Modification of insurance requirements 

The Security Trustee shall notify the Borrowers of any proposed modification under Clause 13.18 to the requirements of this Clause 13 which the
Lenders consider appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrowers as an amendment to this Clause 13 and shall bind the Borrowers accordingly. 

Compliance with mortgagee’s instructions 

The Security Trustee shall be entitled (without prejudice to or limitation of any other rights which it may have or acquire under any Finance
Document) to require a Ship to remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower owning that Ship implements any amendments to the terms of the obligatory insurances and any
operational changes required as a result of a notice served under Clause 13.19. 

  
 38 

 SHIP COVENANTS 

General 
 Each Borrower
also undertakes with each Creditor Party to comply with the following provisions of this Clause 14 at all times during the Security Period except as the Agent, with the authorisation of the Majority Lenders, may otherwise permit in writing. 

Ship’s name and registration 

Each Borrower shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do or allow to be done anything as a
result of which such registration might be cancelled or imperilled; and shall not change the name or port of registry of that Ship. 

Repair and classification 

Each Borrower shall keep the Ship owned by it in a good, safe and seaworthy condition and state of repair: 

consistent with first-class ship ownership and management practice; 

so as to maintain the highest class with a classification society which is a member of IACS acceptable to the Agent (acting with the
authorisation of the Lenders) free of overdue recommendations and conditions of such classification society; 
 so as to comply with all
laws and regulations applicable to vessels registered at ports of the Approved Flag State or to vessels trading to any jurisdiction to which such Ship may trade from time to time, including but not limited to the ISM Code and the ISM Code
Documentation and the ISPS Code; and 
 each Borrower shall use its best efforts to allow the Agent (or its agents), at any time, to inspect
the original class and related records of that Borrower and the Ship owned by it electronically (through the classification society directly) and to take copies of such records. 

Modification 
 Neither
Borrower shall make any modification or repairs to, or replacement of, the Ship or equipment installed on the Ship owned by it which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce
its value. 
 Removal of parts 

Neither Borrower shall remove any material part of the Ship owned by it, or any item of equipment installed on, that Ship unless the part or
item so removed is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or any right in favour of any person other than the Security
Trustee and becomes on installation on the relevant Ship the property of that Borrower and subject to the security constituted by the relevant Mortgage Provided that each Borrower may install equipment owned by a third party if the equipment
can be removed without any risk of damage to its Ship. 
 Surveys 

Each Borrower shall submit the Ship owned by it regularly to all periodical or other surveys which may be required for classification purposes
and, if so required by the Lenders provide the Security Trustee, with copies of all survey reports. 
 Technical Survey 

Without prejudice to each Borrower’s obligations pursuant to Clause 14.6, each Borrower promptly following the request of the Agent will,
submit the Ship for a technical survey by an independent surveyor or surveyors appointed by the Agent (provided such technical survey 

  
 39 

 
does not interfere with the ordinary trading of the Ship owned by it). All fees and expenses incurred in relation to the appointment of the surveyor or surveyors and the preparation and issue of
all technical reports pursuant to this Clause 14.7 shall be for the account of the Borrowers. 
 Inspection 

Each Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that purpose) to board the Ship owned by it
at all times (but in any event without interfering with the ordinary trading of the Ship owned by it) to inspect its condition or to satisfy themselves about proposed or executed repairs, shall afford all proper facilities for such inspections and
pay to the Agent the amount of all fees, costs and expenses incurred in respect of such inspections Provided that so long as no Event of Default shall have occurred that Borrower shall not be obliged to pay any fees and expenses in respect of more
than one inspection of that Ship in any calendar year. 
 Prevention of and release from arrest 

Each Borrower shall promptly discharge: 

all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against the Ship owned by it, the
Earnings or the Insurances; 
 all taxes, dues and other amounts charged in respect of the Ship owned by it, the Earnings or the Insurances;
and 
 all other outgoings whatsoever in respect of the Ship owned by it, the Earnings or the Insurances, 

and, forthwith upon receiving notice of the arrest of that Ship, or of her detention in exercise or purported exercise of any lien or claim,
that Borrower shall procure her release by providing bail or otherwise as the circumstances may require. 
 Compliance with laws etc.
 
 Each Borrower shall: 

comply, or procure compliance with the ISM Code (including, for the avoidance of doubt, by the Approved Manager), all Environmental Laws, the
ISPS Code, Sanctions and all other laws or regulations relating to the Ship owned by it, its ownership, operation and management or to the business of that Borrower; 

not employ the Ship owned by it, nor allow its employment in any manner contrary to any law or regulation in any relevant jurisdiction
including but not limited to the ISM Code and the ISPS Code and Sanctions; and 
 in the event of hostilities in any part of the world
(whether war is declared or not), not cause or permit it to enter or trade to any zone which is declared a war zone by any government or by that Ship’s war risks insurers unless the prior written consent of the Lenders has been given and that
Borrower has (at its expense) effected any special, additional or modified insurance cover which the Lenders may require. 
 Provision of
information 
 Each Borrower shall promptly provide the Security Trustee with any information which the Lenders request regarding: 

the Ship owned by it, its employment, position and engagements; 

  
 40 

 the Earnings and payments and amounts due to that Ship’s master and crew of that Ship; 

any expenses incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made in
respect of that Ship; 
 any towages and salvages; 

any intended dry-docking of that Ship; 

that Borrower’s, the Approved Manager’s compliance or the compliance of that Ship with the ISM Code and the ISPS Code; and 

any other information which the Creditor Parties (or any of them) may reasonably request, 

and, upon the Security Trustee’s request, provide copies of any current charter relating to that Ship, and copies of that Borrower’s
or the Approved Manager’s Document of Compliance or any other document issued under ISM Code Documentation. 
 Notification of
certain events 
 Each Borrower shall immediately notify the Security Trustee by letter of: 

any casualty which is or is likely to be or to become a Major Casualty; 

any occurrence as a result of which the Ship owned by it has become or is, by the passing of time or otherwise, likely to become a Total Loss;

 any requirement or recommendation made by any insurer or classification society or by any competent authority which is not complied with
in accordance with its terms; 
 any arrest or detention of the Ship owned by it, any exercise or purported exercise of any lien on the Ship
or its Earnings or any requisition of such Ship for hire; 
 any dry docking of the Ship owned by it; 

any Environmental Claim made against that Borrower or in connection with the Ship owned by it, or any Environmental Incident; 

any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, the Approved Manager or otherwise in connection with
the Ship owned by it; or 
 any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM
Code or the ISPS Code not being complied with, 
 and that Borrower shall keep the Security Trustee advised in writing on a regular basis and
in such detail as the Security Trustee shall require of that Borrower’s, the Approved Manager’s or any other person’s response to any of those events or matters. 

Restrictions on chartering, appointment of managers etc.  

Neither Borrower shall, in relation to the Ship owned by it: 

let that Ship on demise charter for any period; 

save and except for the relevant Approved Charter, enter into any time or consecutive voyage charter in respect of that Ship for a term which
exceeds, or which by virtue of any optional extensions may exceed, 12 months; 

  
 41 

 enter into any charter in relation to that Ship under which more than 2 months’ hire (or the
equivalent) is payable in advance; 
 charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is
fixed; 
 appoint a manager of that Ship other than the Approved Manager or agree to any alteration to the terms of the Approved
Manager’s appointment which could lead to an Event of Default ( “material alternations” to include, without limitation, alternations concerning fees, duration and parties); 

de-activate or lay up that Ship; or 

put that Ship into the possession of any person for the purpose of work being done upon her in an amount exceeding or likely to exceed
$1,000,000 (or the equivalent in any other currency) unless that person has first given to the Security Trustee and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or her Earnings for the cost of such work or
otherwise. 
 Notice of Mortgage 

Each Borrower shall keep the Mortgage relative to its Ship registered against its Ship as a valid first priority or the case may be preferred
mortgage, carry on board that Ship a certified copy of that Mortgage and place and maintain in a conspicuous place in the navigation room and the Master’s cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that
Borrower to the Security Trustee. 
 Sharing of Earnings 

Neither Borrower shall: 
 enter
into any agreement or arrangement for the sharing of any Earnings; 
 enter into any agreement or arrangement for the postponement of any
date on which any Earnings are due; the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of that Borrower to any Earnings; or 

enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security Interest relating to any
Earnings. 
 Time Charter Assignment 

If a Borrower enters into any Charterparty, that Borrower shall, at the request of the Agent, execute in favour of the Security Trustee a
Charterparty Assignment, and shall deliver to the Agent such other documents equivalent to those referred to at paragraphs 3, 4 and 5 of Part A and 6 of Part B of Schedule 3 hereof as the Agent may require. 

ISM Code, ISPS Code compliance and Environmental Laws 

All requirements of the ISM Code, ISPS Code and Environmental Laws as they relate to each Borrower, the Approved Manager, the Ship owned by the
relevant Borrower shall be complied with at all times. 
 SECURITY COVER 

Minimum required security cover 

Clause 15.2 applies if the Agent notifies the Borrowers that: 

the aggregate Market Value of the Ships; plus 

  
 42 

 the net realisable value of any additional security previously provided under this Clause 15,

 is below 120 per cent. of the Loan. 

Provision of additional security; prepayment 

If the Agent serves a notice on the Borrowers under Clause 15.1, the Borrowers shall prepay such part (at least) of the Loan as will eliminate
the shortfall on or before the date falling 1 month after the date on which the Agent’s notice is served under Clause 15.1 (the “Prepayment Date”) unless at least 1 Business Day before the Prepayment Date it has provided, or
ensured that a third party has provided, additional security which, in the reasonable opinion of the Majority Lenders, has a net realisable value at least equal to the shortfall. 

In this Clause 15.2 “security” means a Security Interest over an asset or assets (whether securing a Borrower’s
liabilities under the Finance Documents or a guarantee in respect of those liabilities), or a guarantee, letter of credit or other security (including any cash pledged to the Security Trustee) in respect of that Borrower’s liabilities under the
Finance Documents. 
 Requirement for additional documents 

The Borrowers shall not be deemed to have complied with Clause 15.2 above until the Agent has received in connection with the additional
security certified copies of documents of the kinds referred to in paragraphs 3, 4 and 5 of Schedule 3, Part A and such legal opinions in terms acceptable to the Majority Lenders from such lawyers as they may select. 

Valuation of Ship 
 The
market value of a Ship at any date is that shown (i) in a valuation or (ii) (at the Agent’s request acting in its sole discretion) by taking the average of 2 valuations, in each case prepared: 

as at a date not more than 30 days previously; 

by an Approved Broker appointed by the Agent; 

with or without physical inspection of that Ship (as the Agent may require); and 

on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between a willing seller and a willing
buyer, free of any existing charter or other contract of employment (as the Agent may require). 
 Value of additional security 

The net realisable value of any additional security which is provided under Clause 15.1 and which consists of a Security Interest over a vessel
shall be that shown by a valuation complying with the requirements of Clause 15.4. 
 Valuations binding 

Any valuation under Clause 15.2, 15.4 or 15.5 shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the
Majority Lenders make of a security which does not consist of or include a Security Interest. 

  
 43 

 Provision of information 

The Borrowers shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.4 or 15.5 with any information which
the Agent or the Approved Broker or expert may request for the purposes of the valuation; and, if the Borrowers fails to provide the information by the date specified in the request, the valuation may be made on any basis and assumptions which the
Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 
 Payment of valuation expenses 

Without prejudice to the generality of the Borrowers’ obligations under Clauses 20.3, 20.4 and 20.5, the Borrowers shall, on demand, pay
the Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause
Provided that (i) so long as no Event of Default shall have occurred and is continuing all valuations of either Ship commissioned by the Lender for the purposes of this Clause 15 confirm that the Borrowers have satisfied the test in
Clause 15.1, neither Borrower shall be obliged to pay any such fees and expenses in respect of more than one valuation or (as applicable) one set of valuations of the Ship owned by it in any calendar year. 

Frequency of valuations 

The Borrowers acknowledge and agree that the Agent may commission valuation(s) of either Ship at such times as the Agent may reasonably request
(including, without limitation, on the occurrence of any breach of obligation under this Agreement, any Finance Document or any other relevant documentation in connection therewith) and, in any event not less than once a year. 

PAYMENTS AND CALCULATIONS 

Currency and method of payments 

All payments to be made: 
 by the
Lenders to the Agent; or 
 by either Borrower to the Agent, the Security Trustee or any Lender, 

under a Finance Document shall be made to the Agent or to the Security Trustee, in the case of an amount payable to it: 

 

	 	(i)	by not later than 11.00 a.m. (New York City time) on the due date; 

  

	 	(ii)	in same day Dollar funds settled through the New York Clearing House Interbank Payments System (or in such other Dollar funds and/or settled in such other manner as the Agent shall specify as being customary at the time
for the settlement of international transactions of the type contemplated by this Agreement); 

  

	 	(iii)	to the account of Agent, as the Agent may from time to time notify to the Borrowers and the other Creditor Parties; and 

  

	 	(iv)	in the case of an amount payable to the Security Trustee, to such account as it may from time to time notify to the Borrowers and the other Creditor Parties. 

Payment on non-Business Day 

If any payment by either Borrower under a Finance Document would otherwise fall due on a day which is not a Business Day: 

the due date shall be extended to the next succeeding Business Day; or 

  
 44 

 if the next succeeding Business Day falls in the next calendar month, the due date shall be
brought forward to the immediately preceding Business Day, 
 and interest shall be payable during any extension under paragraph (a) at
the rate payable on the original due date. 
 Basis for calculation of periodic payments 

All interest and any other payments under any Finance Document which are of an annual or periodic nature shall accrue from day to day and shall
be calculated on the basis of the actual number of days elapsed and a 360 day year. 
 Distribution of payments to Creditor Parties

 Subject to Clauses 16.5, 16.6 and 16.7: 

any amount received by the Agent under a Finance Document for distribution or remittance to a Lender or the Security Trustee shall be made
available by the Agent to that Lender or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have notified to the Agent not less than
5 Business Days previously; and 
 amounts to be applied in satisfying amounts of a particular category which are due to the Lenders
generally shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it. 
 Permitted
deductions by Agent 
 Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making
an amount available to a Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require
that Lender to pay on demand. 
 Agent only obliged to pay when monies received 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent shall not be obliged to make available to the
Borrowers or any Lender any sum which the Agent is expecting to receive for remittance or distribution to the Borrowers or that Lender until the Agent has satisfied itself that it has received that sum. 

Refund to Agent of monies not received 

If and to the extent that the Agent makes available a sum to the Borrowers or a Lender, without first having received that sum, the Borrowers
or (as the case may be) the Lender concerned shall, on demand: 
 refund the sum in full to the Agent; and 

pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding or other loss, liability or expense
incurred by the Agent as a result of making the sum available before receiving it. 

  
 45 

 Agent may assume receipt 

Clause 16.7 shall not affect any claim which the Agent has under the law of restitution, and applies irrespective of whether the Agent had any
form of notice that it had not received the sum which it made available. 
 Creditor Party accounts 

Each Creditor Party shall maintain accounts showing the amounts owing to it by the Borrowers and each Security Party under the Finance
Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 
 Agent’s memorandum account

 The Agent shall maintain a memorandum account showing the amounts advanced by the Lenders and all other sums owing to the Agent, the
Security Trustee and each Lender from the Borrowers and each Security Party under the Finance Documents and all payments in respect of those amounts made by the Borrowers and any Security Party. 

Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 and 16.10 show an amount to be owing by a Borrower or a Security Party to a Creditor Party, those
accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 
 APPLICATION OF RECEIPTS 

Normal order of application 

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any
Finance Document shall be applied: 
 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in
the following proportions: 
  

	 	(i)	first, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under the Finance Documents other than those amounts referred to at (ii) and (iii) below (including, but
without limitation, all amounts payable by either Borrower under Clauses 20, 21 and 22 of this Agreement or by either Borrower or any Security Party under any corresponding or similar provision in any other Finance Document); 

 

	 	(ii)	secondly, in or towards satisfaction pro rata of any and all amounts of interest or default interest payable to the Creditor Parties under the Finance Documents; and 

 

	 	(iii)	thirdly, in or towards satisfaction of the Loan; 

 SECONDLY: in retention of an amount equal to
any amount not then due and payable under any Finance Document but which the Agent, by notice to the Borrowers (or either of them), the Security Parties and the other Creditor Parties, states in its opinion will or may become due and payable in the
future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with the foregoing provisions of this Clause 17.1(a); 

THIRDLY: in or towards satisfaction of any amounts representing management fees then due and payable by the Borrowers (or either of them) to
the Approved Manager in connection with the Ships; and 
 FOURTHLY: any surplus shall be paid to the Borrowers (or either of them) or to any
other person appearing to be entitled to it. 

  
 46 

 Variation of order of application 

The Agent may, with the authorisation of the Majority Lenders by notice to the Borrowers, the Security Parties and the other Creditor Parties
provide for a different manner of application from that set out in Clause 17.1 either as regards a specified sum or sums or as regards sums in a specified category or categories. 

Notice of variation of order of application 

The Agent may give notices under Clause 17.2 from time to time; and such a notice may be stated to apply not only to sums which may be received
or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served. 

Appropriation rights overridden 

This Clause 17 and any notice which the Agent gives under Clause 17.2 shall override any right of appropriation possessed, and any
appropriation made, by either Borrower or any Security Party. 
 APPLICATION OF EARNINGS 

Payment of Earnings 
 Each
Borrower undertakes with the Lenders that money from time to time credited to, or for the time being standing to the credit of, its Earnings Account shall, unless and until an Event of Default shall have occurred (whereupon the provisions of Clause
17.1 shall be and become applicable), be available for application in the following manner: 
 in or towards making payments of all amounts
due and payable by the Borrowers under this Agreement (other than payments of principal and interest); 
 in or towards satisfaction of all
amounts of interest or default interest payable to the Creditor Parties under the Finance Documents; 
 in or towards satisfaction of the
Loan; 
 in or towards making payments of all fees due to the Approved Manager and thereafter meeting the costs and expenses from time to
time incurred by or on behalf of a Borrower in connection with the operation of the Ship owned by it; and 
 as to any surplus from time to
time arising on an Earnings Account following application as aforesaid, to be paid to the Borrower owning that Ship or to whomsoever it may direct. 

Amounts standing to the credit of Earnings Accounts 

Unless an Event of Default has occurred, all amounts standing to the credit of an Earnings Account shall be freely available to the relevant
Borrower. 
 Location of account 

Each Borrower shall promptly: 

comply with any requirement of the Agent as to the location or re-location of the Earnings Account;
and 

  
 47 

 execute any documents which the Agent specifies to create or maintain in favour of the Security
Trustee a Security Interest over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Accounts. 

Debits for expenses etc. 

The Agent shall be entitled (but not obliged) from time to time to debit the Earnings Accounts without prior notice in order to discharge any
amount due and payable under Clause 20 or 21 to a Creditor Party or payment of which any Creditor Party has become entitled to demand under Clause 20 or 21. 

EVENTS OF DEFAULT 

Events of Default 
 An
Event of Default occurs if: 
 either Borrower or any Security Party fails to pay when due or (if so payable) on demand any sum payable
under a Finance Document or under any document relating to a Finance Document; or 
 any breach occurs of Clause 9.2, 10.15, 10.18, 11.2,
11.3, 11.18, 12.2, 12.3, 13.2, 13.3, 14.2 or 15.2 or clause 12.3 (Financial Covenants) of the Corporate Guarantee; or 
 any breach
by either Borrower or any Security Party occurs of any provision of a Finance Document (other than a breach covered by paragraphs (a) or (b) above) if, in the opinion of the Majority Lenders, such default is capable of remedy, and such
default continues unremedied 14 days after the earlier of (i) written notice from the Agent requesting action to remedy the same and (ii) either Borrower becoming aware of such breach; or 

(subject to any applicable grace period specified in the Finance Document) any breach by either Borrower or any Security Party occurs of any
provision of a Finance Document (other than a breach covered by paragraphs (a), (b) or (c) above); or 
 any representation,
warranty or statement made or repeated by, or by an officer of, either Borrower or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading when it is made
or repeated; or 
 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person (for an amount not exceeding
$10,000,000 in aggregate): 
  

	 	(i)	any Financial Indebtedness of a Relevant Person is not paid when due or, if so payable, on demand; or 

  

	 	(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of default unless the Relevant Person
is contesting the declaration of an event of default or of the Financial Indebtedness becoming due and payable in good faith and on substantial grounds by appropriate proceedings and adequate reserves have been set aside for its payment if such
proceedings fail; or 

  

	 	(iii)	a lease, hire purchase agreement or charter creating any Financial Indebtedness of a Relevant Person is terminated by the lessor or owner or becomes capable of being terminated as a consequence of any termination event;
or 

  

	 	(iv)	 any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other
derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases to be 

  
 48 

	 	
available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being required, in respect of such a facility as a result of
any event of default; or 

  

	 	(v)	any Security Interest securing any Financial Indebtedness of a Relevant Person becomes enforceable; or 

any of the following occurs in relation to a Relevant Person: 
  

	 	(i)	a Relevant Person becomes, in the reasonable opinion of the Lenders, unable to pay its debts as they fall due; or 

  

	 	(ii)	any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration or distress in respect of a sum of, or sums aggregating, $10,000,000 or more or the equivalent in another currency
and such execution, attachment, arrest, sequestration or distress is not withdrawn or discharged within thirty (30) days; or 

  

	 	(iii)	any administrative or other receiver is appointed over any asset of a Relevant Person; or 

  

	 	(iv)	an administrator is appointed (whether by the court or otherwise) in respect of a Relevant Person; or 

  

	 	(v)	any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent or likely to become insolvent is made by a Relevant Person or by the directors of a Relevant Person or, in
any proceedings, by a lawyer acting for a Relevant Person; or 

  

	 	(vi)	a provisional liquidator is appointed in respect of a Relevant Person, a winding up order is made in relation to a Relevant Person or a winding up resolution is passed by a Relevant Person; or 

 

	 	(vii)	a resolution is passed, an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by (aa) a Relevant Person, (bb) the members or directors of a
Relevant Person, (cc) a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person, or (dd) a government minister or public or regulatory authority of a Pertinent Jurisdiction for or with a view
to the winding up of that or another Relevant Person or the appointment of a provisional liquidator or administrator in respect of that or another Relevant Person, or that or another Relevant Person ceasing or suspending business operations or
payments to creditors, save that this paragraph does not apply to a fully solvent winding up of a Relevant Person other than either Borrower or the Corporate Guarantor which is, or is to be, effected for the purposes of an amalgamation or
reconstruction previously approved by the Majority Lenders and effected not later than 3 months after the commencement of the winding up; or 

  

	 	(viii)	 an administration notice is given or filed, an application or petition to a court is made or presented or any other step is taken by a creditor of a
Relevant Person (other than a holder of Security Interests which together relate to all or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a provisional liquidator or administrator
in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding up, appointment of a provisional liquidator or administration is being contested in good faith, on substantial grounds and not with a view to some other
insolvency law procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 60 days of being made or presented, or (bb) within 60 days of the

  
 49 

	 	
administration notice being given or filed, or the other relevant steps being taken, other action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb))
the Relevant Person will continue to carry on business in the ordinary way and without being the subject of any actual, interim or pending insolvency law procedure; or 

 

	 	(ix)	a Relevant Person or its directors take any steps (whether by making or presenting an application or petition to a court, or submitting or presenting a document setting out a proposal or proposed terms, or otherwise)
with a view to obtaining, in relation to that or another Relevant Person, any form of moratorium, suspension or deferral of payments, reorganisation of debt (or certain debt) or arrangement with all or a substantial proportion (by number or value)
of creditors or of any class of them or any such moratorium, suspension or deferral of payments, reorganisation or arrangement is effected by court order, by the filing of documents with a court, by means of a contract or in any other way at all; or

  

	 	(x)	any meeting of the members or directors, or of any committee of the board or senior management, of a Relevant Person is held or summoned for the purpose of considering a resolution or proposal to authorise or take any
action of a type described in paragraphs (iv) to (ix) or a step preparatory to such action, or (with or without such a meeting) the members, directors or such a committee resolve or agree that such an action or step should be taken or
should be taken if certain conditions materialise or fail to materialise; or 

  

	 	(xi)	in a country other than England, any event occurs, any proceedings are opened or commenced or any step is taken which, in the reasonable opinion of the Majority Lenders is similar to any of the foregoing; or

 either Borrower or any Security Party ceases or suspends carrying on its business or a part of its business which, in the
reasonable opinion of the Majority Lenders, is material in the context of this Agreement; or 
 it becomes unlawful in any Pertinent
Jurisdiction or impossible: 
  

	 	(i)	for either Borrower or any Security Party to discharge any liability under a Finance Document or to comply with any other obligation which the Majority Lenders consider material under a Finance Document; or

  

	 	(ii)	for the Agent, the Security Trustee or the Lenders to exercise or enforce any right under, or to enforce any Security Interest created by, a Finance Document; or 

any official consent necessary to enable either Borrower to own, operate or charter the Ship owned by it or to enable either Borrower or any
Security Party to comply with any provision which the Majority Lenders reasonably consider material of a Finance Document and the Approved Charter in respect of the Ship owned by it is not granted, expires without being renewed, is revoked or
becomes liable to revocation or any condition of such a consent is not fulfilled, unless the relevant Borrower contests any denial, expiration or revocation (other than with respect to a Finance Documents) and on the condition that, in the
reasonable opinion of the Majority Lenders (i) there are real prospects of such contest being successfully granted/upheld by the relevant Borrower (ii) such contest being made in good faith; or 

it appears to the Majority Lenders that, without their prior written consent: 

 

	 	(i)	a change has occurred or probably has occurred after the date of this Agreement in the legal or direct beneficial ownership of any of the shares in either Borrower or the Shareholder in the voting rights attaching to
any of those shares; or 

  
 50 

	 	(ii)	either Borrower ceases to be a wholly owned indirect subsidiary of the Corporate Guarantor; or 

  

	 	(iii)	Navios Maritime Holdings Inc., Mrs Angeliki Frangou and their respective affiliates own, in aggregate, less than 30 per cent. of the issued and outstanding voting shares in the Corporate Guarantor; or

  

	 	(iv)	the shares of the Corporate Guarantor cease to be listed on the New York Stock Exchange (NYSE) or any other US or European stock exchange acceptable to the Agent; or 

any provision which the Majority Lenders consider material of a Finance Document proves to have been or becomes invalid or unenforceable, or a
Security Interest created by a Finance Document proves to have been or becomes invalid or unenforceable or such a Security Interest proves to have ranked after, or loses its priority to, another Security Interest or any other third party claim or
interest; or 
 the security constituted by a Finance Document is in any way imperilled or in jeopardy; or 

the Approved Charter in respect of each Ship is terminated or rescinded or for any reason ceases to remain in full force and effect prior to
its contractual termination date unless (i) that Approved Charter is replaced within 30 days of the date on which that Approved Charter ceases to be in full force and effect by another time charter on terms and with a first class charterer
acceptable to the Lenders (the “Replacement Charter”) and (ii) either Borrower complies with the provisions of Clause 14.16 in connection with the said Replacement Charter; or 

any other event occurs or any other circumstances arise or develop including, without limitation: 

 

	 	(i)	a material adverse change in the business, condition (financial or otherwise), operation, state of affairs or prospects of either Borrower, the Corporate Guarantor or the Group; or 

 

	 	(ii)	any accident or other event involving either Ship or another vessel owned, chartered or operated by a Relevant Person, 

in the light of which the Majority Lenders reasonably consider that there is a significant risk that any Security Party is, or will later
become, unable to discharge its liabilities under the Finance Documents as they fall due or the enforceability of any Finance Document may be adversely affected; or 

any of the following occurs: 
  

	 	(i)	either Borrower or any of the Security Parties or any of its or their subsidiaries becomes a Restricted Party or becomes owned or controlled by, or acts directly or indirectly on behalf of, a Restricted Party or any of
such persons becomes the owner or controller of a Restricted Party; 

  

	 	(ii)	any proceeds of the Loan are made available, directly or indirectly, to fund any trade, business or other activities involving or for the benefit of a Restricted Party or in any country or territory, that, at the time
of such funding, is a Sanctioned Country or otherwise is, directly or indirectly, applied in a manner that would result in a violation of Sanctions by a Creditor Party, a Borrower or any Security Party or for any purpose prohibited by Sanctions; or

  

	 	(iii)	any of the Security Parties or any of its or their subsidiaries takes any action resulting in a violation by such persons of Sanctions or which constitutes or would constitute any such violation by a Creditor Party, a
Borrower or any Security Party. 

  
 51 

 Actions following an Event of Default 

On, or at any time after, the occurrence of an Event of Default: 

the Agent may, and if so instructed by the Majority Lenders, the Agent shall: 

 

	 	(i)	serve on the Borrowers a notice stating that all or part of the Commitments and all other obligations of each Lender to the Borrowers under this Agreement are terminated; and/or 

 

	 	(ii)	serve on the Borrowers a notice stating that all or part of the Loan, all accrued interest and all other amounts accrued or owing under this Agreement are immediately due and payable or are due and payable on demand;
and/or 

  

	 	(iii)	take any other action which, as a result of the Event of Default or any notice served under paragraph (i) or (ii) above, the Agent and/or the Lenders are entitled to take under any Finance Document or any
applicable law; and/or 

 the Security Trustee may, and if so instructed by the Agent, acting with the authorisation of the
Lenders, the Security Trustee shall take any action which, as a result of the Event of Default or any notice served under paragraph (a) (i) or (ii) above, the Security Trustee, the Agent and/or the Majority Lenders are entitled to
take under any Finance Document or any applicable law. 
 Termination of Commitments 

On the service of a notice under paragraph (a)(i) of Clause 19.2, the Commitments and all other obligations of each Lender to the Borrowers
under this Agreement shall terminate. 
 Acceleration of Loan 

On the service of a notice under paragraph (a)(ii) of Clause 19.2, the Loan, all accrued interest and all other amounts accrued or owing from
the Borrowers or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case may be, payable on demand. 

Multiple notices; action without notice 

The Agent may serve notices under paragraphs (a) (i) and (ii) of Clause 19.2 simultaneously or on different dates and it and/or
the Security Trustee may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after the service of both or either of such notices. 

Notification of Creditor Parties and Security Parties 

The Agent shall send to each Lender, the Security Trustee and each Security Party a copy or the text of any notice which the Agent serves on
the Borrowers under Clause 19.2; but the notice shall become effective when it is served on the Borrowers, and no failure or delay by the Agent to send a copy or the text of the notice to any other person shall invalidate the notice or provide the
Borrowers or any Security Party with any form of claim or defence. 
 Creditor Party’s rights unimpaired 

Nothing in this Clause shall be taken to impair or restrict the exercise of any right given to individual Lenders under a Finance Document or
the general law; and, in particular, this Clause is without prejudice to Clause 3.1. 

  
 52 

 Exclusion of Creditor Party Liability 

No Creditor Party, and no receiver or manager appointed by the Security Trustee, shall have any liability to the Borrowers or a Security Party:

 for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any
failure or delay to exercise such a right or to enforce such a Security Interest; or 
 as mortgagee in possession or otherwise, for any
income or principal amount which might have been produced by or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset, 

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

Relevant Persons 
 In this
Clause 19, a “Relevant Person” means a Borrower, a Security Party (excluding the Approved Manager), and any company which is a subsidiary of either Borrower or of a Security Party or of which either Borrower is a subsidiary. 

Interpretation 
 In Clause
19.1(f) references to an event of default or a termination event include any event, howsoever described, which is similar to an event of default in a facility agreement or a termination event in a finance lease; and in Clause 19.1(g)
“petition” includes an application. 
 FEES AND EXPENSES 

Up-front fee 
 The
Borrowers shall pay to the Agent on or prior to the date of this Agreement, a non-refundable up-front fee in the amount of $440,000 for distribution among the Lenders pro rata to their Commitments. 

Account Bank fee 
 The
Borrowers shall pay to the Account Bank on or prior to the date of this Agreement and on each anniversary thereof a non-refundable annual fee in the amount of $1,500 in respect of each Earnings Account. 

Costs of negotiation, preparation etc.  

The Borrowers shall pay to the Agent on its demand the amount of all expenses incurred by the Agent or the Security Trustee in connection with
the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document (including, without limitation, out of pocket expenses, legal
fees and any related VAT). 
 Costs of variations, amendments, enforcement etc.  

The Borrowers shall pay to the Agent, on the Agent’s demand, the amount of all documented expenses incurred by a Creditor Party in
connection with: 
 any amendment or supplement to a Finance Document, or any proposal for such an amendment to be made; 

  
 53 

 any consent or waiver by the Lenders, the Majority Lenders or the Creditor Party concerned under
or in connection with a Finance Document, or any request for such a consent or waiver; 
 the valuation of any security provided or offered
under Clause 15 or any other matter relating to such security; 
 where the Agent, in its absolute opinion, considers that there has been a
material change to the insurances in respect of a Ship, the review of the insurances of a Ship pursuant to Clause 13.18; 
 the opinions of
the independent insurance consultant referred to in paragraph 5 of Part B, Schedule 3; and 
 any step taken by any Lender concerned with a
view to the protection, exercise or enforcement of any right or Security Interest created by a Finance Document or for any similar purpose. 

There shall be recoverable under paragraph (d) the full amount of all legal expenses, whether or not such as would be allowed under rules
of court or any taxation or other procedure carried out under such rules. 
 Documentary taxes 

The Borrowers shall promptly pay any tax payable on or by reference to any Finance Document, and shall, on the Agent’s demand, fully
indemnify each Creditor Party against any liabilities, claims losses and expenses resulting from any failure or delay by the Borrowers to pay such a tax. 

Certification of amounts 

A notice which is signed by two officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that
Creditor Party under this Clause 20 and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or aggregate amount,
is due. 
 INDEMNITIES 

Indemnities regarding borrowing and repayment of Loan 

The Borrowers shall fully indemnify the Agent and each Lender on the Agent’s demand and the Security Trustee on its demand in respect of
all claims, expenses, liabilities and losses which are made or brought against or incurred by that Creditor Party, or which that Creditor Party reasonably and with due diligence estimates that it will incur, as a result of or in connection with:

 the Loan not being borrowed on the date specified in the Drawdown Notice for any reason other than a default by the Lender claiming the
indemnity; 
 the receipt or recovery of all or any part of the Loan or an overdue sum otherwise than on the last day of an Interest Period
or other relevant period including, without limitation, where such receipt or recovery is made as a result of the voluntary or mandatory repayment or prepayment of the Loan, or any part thereof; 

any failure (for whatever reason) by the Borrowers to make payment of any amount due under a Finance Document on the due date or, if so
payable, on demand (after giving credit for any default interest paid by the Borrowers on the amount concerned under Clause 7); and 

  
 54 

 the occurrence and/or continuance of an Event of Default and/or the acceleration of repayment of
the Loan under Clause 19, 
 and in respect of any tax (other than tax on its overall net income or a FATCA Deduction) for which a Creditor
Party is liable in connection with any amount paid or payable to that Creditor Party (whether for its own account or otherwise) under any Finance Document. 

Breakage costs 
 Without
limiting its generality, Clause 21.1 covers any liability, expense or loss, including a loss of a prospective profit, incurred by a Lender: 

in liquidating or employing deposits from third parties acquired or arranged to fund or maintain all or any part of its Contribution and/or
any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount); and 
 in terminating, or otherwise in
connection with, any interest and/or currency swap or any other transaction entered into (whether with another legal entity or with another office or department of the Lender concerned) to hedge any exposure arising under this Agreement or that part
which the Lender concerned determines is fairly attributable to this Agreement of the amount of the liabilities, expenses or losses (including losses of prospective profits) incurred by it in terminating, or otherwise in connection with, a number of
transactions of which this Agreement is one. 
 Miscellaneous indemnities 

The Borrowers shall fully indemnify each Creditor Party severally on their respective demands in respect of all claims, demands, proceedings,
liabilities, taxes, losses and expenses of every kind (“liability items”) which may be made or brought against, or incurred by, a Creditor Party, in any country, in relation to: 

any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the Agent, the Security Trustee or
any other Creditor Party or by any receiver appointed under a Finance Document; and 
 any other event, matter or question which occurs or
arises at any time during the Security Period and which has any connection with, or any bearing on, any Finance Document, any payment or other transaction relating to a Finance Document or any asset covered (or previously covered) by a Security
Interest created (or intended to be created) by a Finance Document, 
 other than claims, expenses, liabilities and losses which are shown to
have been directly and mainly caused by the dishonesty or wilful misconduct of the officers or employees of the Creditor Party concerned. 

Extension of indemnities; environmental indemnity 

Without prejudice to its generality, Clause 21.3 covers: 

any matter which would be covered by Clause 21.3 if any of the references in that Clause to a Lender were a reference to the Agent or (as the
case may be) to the Security Trustee; and 
 any liability items which arise, or are asserted, under or in connection with any law relating
to safety at sea, pollution or the protection of the environment, the ISM Code, the ISPS Code or any Environmental Law. 

  
 55 

 Currency indemnity 

If any sum due from a Borrower or any Security Party to a Creditor Party under a Finance Document or under any order or judgment relating to a
Finance Document has to be converted from the currency in which the Finance Document provided for the sum to be paid (the “Contractual Currency”) into another currency (the “Payment Currency”) for the purpose of:

 making or lodging any claim or proof against a Borrower or any Security Party, whether in its liquidation, any arrangement involving it
or otherwise; or 
 obtaining an order or judgment from any court or other tribunal; or 

enforcing any such order or judgment, 

the Borrowers shall indemnify the Creditor Party concerned against the loss arising when the amount of the payment actually received by that
Creditor Party is converted at the available rate of exchange into the Contractual Currency. 
 In this Clause 21.5, the “available
rate of exchange” means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.

 This Clause 21.5 creates a separate liability of each Borrower which is distinct from its other liabilities under the Finance Documents
and which shall not be merged in any judgment or order relating to those other liabilities. 
 Certification of amounts 

A notice which is signed by 2 officers of a Creditor Party, which states that a specified amount, or aggregate amount, is due to that Creditor
Party under this Clause 21 and which indicates (without necessarily specifying a detailed breakdown of the amounts due) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the amount, or
aggregate amount, is due. 
 Sums deemed due to a Lender 

For the purposes of this Clause 21, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to a Lender shall be
treated as a sum due to that Lender. 
 Sanctions 

The Borrowers shall, within three (3) Business Days of demand by a Creditor Party, indemnify each Creditor Party against any cost, loss or
liability incurred by it as a result of any civil penalty or fine against, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred in connection with the defence thereof by, the Agent or any Lender as a
result of conduct of the Borrowers or any Security Party or any of their partners, directors, officers, employees, agents or advisors, that violates any Sanctions. 

The indemnity in Clause 21.8(a) above shall cover any losses incurred by each Creditor Party in any jurisdiction arising or asserted under or
in connection with any law relating to any Sanctions. 
 NO SET-OFF OR TAX DEDUCTION 

No deductions 
 All amounts
due from the Borrowers under a Finance Document shall be paid: 
 without any form of set-off,
cross-claim or condition; and 
 free and clear of any tax deduction except a tax deduction which a Borrower is required by law to make.

  
 56 

 Grossing-up for taxes 

If a Borrower is required by law to make a tax deduction from any payment: 

that Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

that Borrower shall pay the tax deducted to the appropriate taxation authority promptly, and in any event before any fine or penalty arises;
and 
 the amount due in respect of the payment shall be increased by the amount necessary to ensure that each Creditor Party receives and
retains (free from any liability relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which it would otherwise have received. 

Evidence of payment of taxes 

Within 1 month after making any tax deduction, the Borrower concerned shall deliver to the Agent documentary evidence satisfactory to the Agent
that the tax had been paid to the appropriate taxation authority. 
 Exclusion of tax on overall net income 

In this Clause 22 “tax deduction” means any deduction or withholding for or on account of any present or future tax except tax
on a Creditor Party’s overall net income or a FATCA Deduction. 
 FATCA information 

 

	(    )	Subject to paragraph (c) below, each party to the Finance Documents shall, within 5 Business Days of a reasonable request by another party to the Finance Documents: 

 

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

  

	 	(A)	a FATCA Exempt Party; or 

  

	 	(B)	not a FATCA Exempt Party; and 

  

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

  

	 	(iii)	supply to that other party such forms, documentation and other information relating to its status as that other party reasonably requests for the purposes of that other party’s compliance with any other law,
regulation or exchange of information regime; 

  

	(a)	if a party to any Finance Document confirms to another party pursuant to sub-paragraph (i) of paragraph (a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased
to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly; 

  

	(b)	paragraph (a) above shall not oblige any Creditor Party, and paragraph (a)(iii) above shall not oblige any other Party to a Finance Document, to do anything which would or might in its reasonable opinion constitute
a breach of: 

  

	 	(i)	any law or regulation; 

  

	 	(ii)	any fiduciary duty; or 

  

	 	(iii)	any duty of confidentiality; 

  
 57 

	(c)	if a party to any Finance Document fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (a)(i) or (ii) above
(including, for the avoidance of doubt, where paragraph (c) above applies), then such party shall be treated for the purposes of the Finance Documents as if it is not a FATCA Exempt Party until such time as the party in question provides the
requested confirmation, forms, documentation or other information. 

  

	(d)	If a Borrower is or becomes a US Tax Obligor or a FATCA FFI, it shall as soon as reasonably practicable inform the Agent of the same; 

 

	(e)	Where the Agent reasonably believes that its obligations under FATCA require it, the relevant Borrower or the relevant Security Party shall provide the Agent, upon request, with a W-8 BEN-E form (or any successor form)
or any other forms or documentation the Agent may reasonably require, as soon as reasonably practicable. The Agent shall not be liable for any action which it takes or refrains from taking under or in connection with this paragraph (f);

  

	(f)	If a Borrower is or becomes a US Tax Obligor or a FATCA FFI, or where the Agent reasonably believes that its obligations under FATCA require it, each Creditor Party shall, within 10 Business Days of the date of a
request from the Agent supply to the Agent: 

  

	 	(i)	a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); and/or 

  

	 	(ii)	any withholding statement and other documentation, authorisations and waivers as the Agent may require to certify or establish the status of such Creditor Party under FATCA, 

the Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives from a
Creditor Party pursuant to this paragraph (g) to that Borrower or the relevant Security Party and shall be entitled to rely on any such withholding certificate, withholding statement, documentation, authorisations and waivers provided without
further verification. The Agent shall not be liable for any action which it takes or refrains from taking under or in connection with this paragraph (g); and 
  

	(g)	The Borrowers, each Security Party and each Creditor Party agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers provided to the Agent pursuant to paragraphs
(f) to (g) above is or becomes materially inaccurate or incomplete, it shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify the Agent in writing of its
legal inability to do so. The Agent shall, if applicable, provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrowers or the relevant Security Party. The Agent shall not be
liable for any action which it takes or refrains from taking under or in connection with this paragraph (h). 

 FATCA
Deduction 
  

	(  )	Each party to a Finance Document may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and shall not be required to increase any payment in
respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

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

ILLEGALITY, ETC 

Illegality 
 This Clause 23
applies if a Lender (the “Notifying Lender”) notifies the Agent that it has become, or will with effect from a specified date, become: 

unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an
existing law is or will be interpreted or applied; or 
 contrary to, or inconsistent with, any regulation, 

for the Notifying Lender to maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement. 
 Notification of illegality 

The Agent shall promptly notify the Borrowers, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1
which the Agent receives from the Notifying Lender. 
 Prepayment; termination of Commitment 

On the Agent notifying the Borrowers under Clause 23.2, the Notifying Lender’s Commitment shall terminate; and thereupon or, if later, on
the date specified in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers shall prepay the Notifying Lender’s Contribution in accordance with Clause 8. 

INCREASED COSTS 

Increased costs 
 Each
Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Creditor Party the amount of any Increased Costs incurred by that Creditor Party or any of its affiliates as a result of: 

 

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or 

  

	 	(ii)	compliance with any law or regulation made, 

 after the date of this Agreement. 

In this Agreement, “Increased Costs” means: 
  

	 	(i)	a reduction in the rate of return from the Loan or on a Creditor Party’s (or its affiliate’s) overall capital; 

  

	 	(ii)	an additional or increased cost; or 

  

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

  
 59 

 which is incurred or suffered by a Creditor Party or any of its affiliates to the extent that it
is attributable to that Creditor Party having entered into its Commitment or funding or performing its obligations under any Finance Document and, for the avoidance of doubt, includes any Increased Costs incurred or suffered by a Creditor Party or
any of its affiliates as a result of or with connection to Basel III, CRD IV or CRR, 
 but not an item attributable to a change in the
rate of tax on the overall net income of the Notifying Lender (aa) (or a parent company of it) or (bb) an item covered by the indemnity for tax in Clause 21.1 or by Clause 22 or (cc) a FATCA Deduction. 

Increased cost claims 
 A
Creditor Party (the “Notifying Lender”) intending to make a claim pursuant to Clause 24.1 (Increased Costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the
Borrower. 
 Each Creditor Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of
its Increased Costs. 
 Notification to Borrowers of claim for increased costs 

The Agent shall promptly notify the Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.2. 
 Payment of increased costs 

The Borrowers shall pay to the Agent, on the Agent’s demand, for the account of the Notifying Lender the amounts which the Agent from time
to time notifies the Borrowers that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 

Notice of prepayment 
 If
the Borrowers are not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrowers may give the Agent not less than 15 days’ notice of their intention to prepay the Notifying Lender’s
Contribution at the end of an Interest Period and/or to cancel the Notifying Lender’s Available Commitment. 
 Prepayment;
termination of Commitment 
 A notice under Clause 24.5 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the
Borrowers’ notice of intended prepayment; and: 
 on the date on which the Agent serves that notice, the Commitment of the Notifying
Lender shall be cancelled; and 
 on the date specified in its notice of intended prepayment, the Borrowers shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin. 

Application of prepayment 

Clause 8 shall apply in relation to the prepayment. 

  
 60 

 SET-OFF 

Application of credit balances 

Each Creditor Party may without prior notice: 

apply any balance (whether or not then due) which at any time stands to the credit of any account in the name of a Borrower at any office in
any country of that Creditor Party in or towards satisfaction of any sum then due from that Borrower to that Creditor Party under any of the Finance Documents; and 

for that purpose: 
  

	 	(i)	break, or alter the maturity of, all or any part of a deposit of that Borrower; 

  

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

  

	 	(iii)	enter into any other transaction or make any entry with regard to the credit balance which the Creditor Party concerned considers appropriate. 

Existing rights unaffected 

No Creditor Party shall be obliged to exercise any of its rights under Clause 25.1; and those rights shall be without prejudice and in addition
to any right of set-off, combination of accounts, charge, lien or other right or remedy to which a Creditor Party is entitled (whether under the general law or any document). 

Sums deemed due to a Lender 

For the purposes of this Clause 25, a sum payable by the Borrowers to the Agent or the Security Trustee for distribution to, or for the account
of, a Lender shall be treated as a sum due to that Lender; and each Lender’s proportion of a sum so payable for distribution to, or for the account of, the Lenders shall be treated as a sum due to such Lender. 

No Security Interest 

This Clause 25 gives the Creditor Parties a contractual right of set off only and does not create any equitable charge or other Security
Interest over any credit balance of either Borrower. 
 TRANSFERS AND CHANGES IN LENDING OFFICES 

Transfer by Borrowers 
 No
Borrower may, without the consent of the Agent, given on the instructions of all the Lenders: 
 transfer any of its rights or obligations
under any Finance Document; or 
 enter into any merger, de-merger or other reorganisation, or carry out any other act, as a result of which
any of its rights or liabilities would vest in, or pass to, another person. 
 Transfer by a Lender 

Subject to Clause 26.4, a Lender (the “Transferor Lender”) may, with the prior written consent of the Borrowers (such consent
not to be unreasonably withheld or delayed), at any time allow: 
 its rights in respect of all or part of its Contribution; or 

its obligations in respect of all or part of its Commitment; or 

  
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 a combination of (a) and (b), 

to be (in the case of its rights) transferred to, or (in the case of its obligations) assumed by, another bank or financial institution (a
“Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 4 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by the
Transferor Lender and the Transferee Lender Provided that the consent of the Borrowers shall not be required: 
  

	 	(i)	if an Event of Default has occurred; or 

  

	 	(ii)	the Transferee Lender is an existing Lender or an affiliate of an existing Lender. 

 However any
rights and obligations of the Transferor Lender in its capacity as Agent or Security Trustee will have to be dealt with separately in accordance with the Agency and Trust Agreement. 

Transfer Certificate, delivery and notification 

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
Transfer Certificate may be defective): 
 sign the Transfer Certificate on behalf of itself, each Borrower, the Security Parties, the
Security Trustee and each of the other Lenders; 
 on behalf of the Transferee Lender, send to each Borrower and each Security Party letters
or faxes notifying them of the Transfer Certificate and attaching a copy of it; and 
 send to the Transferee Lender copies of the letters
or faxes sent under paragraph (b) above. 
 Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that
it is signed by the Agent under Clause 26.3 on or before that date. 
 No transfer without Transfer Certificate 

No assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to, either
Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

Lender re-organisation; waiver of Transfer Certificate 

However, if a Lender enters into any merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in
another person (the “successor”), the Agent may, if it sees fit, by notice to the successor and the Borrowers and the Security Trustee waive the need for the execution and delivery of a Transfer Certificate; and, upon service of the
Agent’s notice, the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender. 

Effect of Transfer Certificate 

A Transfer Certificate takes effect in accordance with English law as follows: 

to the extent specified in the Transfer Certificate, all rights and interests (present, future or contingent) which the Transferor Lender has
under or by virtue of the Finance Documents are assigned to the Transferee Lender absolutely, free of any defects in the Transferor Lender’s title and of any rights or equities which the Borrowers or any Security Party had against the
Transferor Lender; 

  
 62 

 the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer
Certificate; 
 the Transferee Lender becomes a Lender with the Contribution previously held by the Transferor Lender and a Commitment of an
amount specified in the Transfer Certificate; 
 the Transferee Lender becomes bound by all the provisions of the Finance Documents which
are applicable to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent
that the Transferee Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them; 

any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s effective date ranks in point of priority and
security in the same way as it would have ranked had it been advanced by the transferor, assuming that any defects in the transferor’s title and any rights or equities of either Borrower or any Security Party against the Transferor Lender had
not existed; 
 the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to the Lenders
generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled to
them; and 
 in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any
misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount. 
 The rights and equities of either Borrower or any Security Party
referred to above include, but are not limited to, any right of set off and any other kind of cross-claim. 

Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, Commitment, Contribution and administrative
details (including the lending office) from time to time of each Lender holding a Transfer Certificate and the effective date (in accordance with Clause 26.4) of the Transfer Certificate; and the Agent shall make the register available for
inspection by any Lender, the Security Trustee and the Borrowers during normal banking hours, subject to receiving at least 3 Business Days prior notice. 

Reliance on register of Lenders 

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the
amounts of their Commitments and Contributions and the effective dates of Transfer Certificates and may be relied upon by the Agent and the other parties to the Finance Documents for all purposes relating to the Finance Documents. 

Authorisation of Agent to sign Transfer Certificates 

The Borrowers, the Security Trustee and each Lender irrevocably authorise the Agent to sign Transfer Certificates on its behalf. 

  
 63 

 Registration fee 

In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $1,500 (and all costs, fees and expenses
incidental to the transfer (including, but not limited to legal fees and expenses)) from the Transferor Lender or (at the Agent’s option) the Transferee Lender. 

Sub-participation; subrogation assignment 

A Lender may sub-participate all or any part of its rights and/or obligations under or in connection
with the Finance Documents without the consent of, or any notice to, the Borrowers, any Security Party, the Agent or the Security Trustee; and the Lenders may assign, in any manner and terms agreed by the Majority Lenders, the Agent and the Security
Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them. 
 Disclosure of information 

Subject to Clause 26.4, a Lender may, disclose to a potential Transferee Lender or, to any
sub-participant any information which the Lender has received in relation to the Borrowers, any Security Party or their affairs under or in connection with any Finance Document, unless the information is
clearly of a confidential nature. 
 The Borrowers agree that the terms and conditions of this Agreement shall remain confidential and shall
not, or shall procure that the Corporate Guarantor shall not, disclose (whether, without limitation, in writing or orally) to third parties (other than any disclosure to the Corporate Guarantor’s shareholders, officers, employees or
professional advisers Provided that the person to whom disclosure is made agrees to be bound by the terms of the confidentiality undertaking in this Clause 26.13 and any disclosure imposed by law, securities regulations and rules applicable
to the Corporate Guarantor, and any court order) the existence of this Agreement or the terms and conditions contained herein without the prior written consent of the Lenders. 

Change of lending office 

A Lender may change its lending office by giving notice to the Agent and the change shall become effective on the later of: 

the date on which the Agent receives the notice; and 

the date, if any, specified in the notice as the date on which the change will come into effect. 

Notification 
 On
receiving such a notice, the Agent shall notify the Borrowers and the Security Trustee; and, until the Agent receives such a notice, it shall be entitled to assume that a Lender is acting through the lending office of which the Agent last had
notice. 
 Security over Lenders’ rights. 

In addition to the other rights provided to Lenders under this Clause 26, each Lender may without consulting with or obtaining consent from
either Borrower or any Security Party, at any time charge, assign or otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender
including, without limitation: 
 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central
bank; and 

  
 64 

 in the case of any Lender which is a fund, any charge, assignment or other Security Interest
granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities; 

except that no such charge, assignment or Security Interest shall: 
  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents;
or 

  

	 	(ii)	require any payments to be made by the Borrowers or any Security Party or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

 VARIATIONS AND WAIVERS BY MAJORITY LENDERS 

Variations, waivers etc. by Lenders 

Subject to Clause 27.2, a document shall be effective to vary, waive, suspend or limit any provision of a Finance Document, or any Creditor
Party’s rights or remedies under such a provision or the general law, only if the document is signed, or specifically agreed to by fax, by the Borrowers, by the Agent on behalf of the Majority Lenders, by the Agent and the Security Trustee in
their own rights, and, if the document relates to a Finance Document to which a Security Party is party, by that Security Party. 

Variations, waivers etc. requiring agreement of all Lenders 

However, as regards the following, Clause 27.1 applies as if the words “by the Agent on behalf of the Majority Lenders” were replaced
by the words “by or on behalf of every Lender”: 
 a reduction in the Margin; 

a postponement to the date for, or a reduction in the amount of, any payment of principal, interest, fees or other sum payable under this
Agreement; 
 an increase in any Lender’s Commitment; 

a change to the definition of “Majority Lenders”; 

a change to Clause 3 or this Clause 27; 

any release of, or material variation to, a Security Interest, guarantee, indemnity or subordination arrangement set out in a Finance
Document; and 
 any other change or matter as regards which this Agreement or another Finance Document expressly provides that each
Lender’s consent is required. 
 Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 and 27.2, no document, and no act, course of conduct, failure or neglect
to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have
varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 
 a
provision of this Agreement or another Finance Document; or 

  
 65 

 an Event of Default; or 

a breach by either Borrower or a Security Party of an obligation under a Finance Document or the general law; or 

any right or remedy conferred by any Finance Document or by the general law, 

and there shall not be implied into any Finance Document any term or condition requiring any such provision to be enforced, or such right or
remedy to be exercised, within a certain or reasonable time. 
 NOTICES 

General 
 Unless otherwise
specifically provided, any notice under or in connection with any Finance Document shall be given by letter or fax; and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be
construed accordingly. 
 Addresses for communications 

A notice shall be sent: 
  

			
	c/o Navios Shipmanagement Inc.	  	
		  	85 Akti Miaouli
		  	Piraeus 185 38
		
		  	Fax No: +30 210 4172070
		
	for the attention of:	  	Vassiliki Papaefthymiou
		
		  	E-mail: vpapaefthymiou@Navios.com

			
		
	to a Lender:	  	At the address below its name in Schedule 1 or (as the
		  	case may require) in the relevant Transfer Certificate.
		
	to the Agent	  	BNP Paribas
	and the Security Trustee:	  	16, rue de Hanovre
		  	75078 Paris Cedex 02
		  	France
		
		  	Fax:      +33 (0) 1 42984355
		
		  	E-mail: tgmo.shipping@bnpparibas.com

 or to such other address as the relevant party may notify the Agent or, if the relevant party is the Agent or
the Security Trustee, the Borrowers, the Lenders and the Security Parties. 
 Effective date of notices 

Subject to Clauses 28.4 and 28.5: 

a notice which is delivered personally or posted shall be deemed to be served, and shall take effect, at the time when it is delivered; and

  
 66 

 a notice which is sent by fax shall be deemed to be served, and shall take effect, 2 hours after
its transmission is completed. 
 Service outside business hours 

However, if under Clause 28.3 a notice would be deemed to be served: 

on a day which is not a business day in the place of receipt; or 

on such a business day, but after 5 p.m. local time, 

the notice shall (subject to Clause 28.5) be deemed to be served, and shall take effect, at 9 a.m. on the next day which is such a business
day. 
 Illegible notices 

Clauses 28.3 and 28.4 do not apply if the recipient of a notice notifies the sender within one hour after the time at which the notice would
otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect. 
 Valid notices

 A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it
do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 
 the
failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or 

in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the
correct or missing particulars should have been. 
 English language 

Any notice under or in connection with a Finance Document shall be in English. 

Meaning of “notice” 

In this Clause “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 

SUPPLEMENTAL 
 Rights
cumulative, non-exclusive 
 The rights and remedies which the Finance Documents give to each Creditor Party are: 

cumulative; 
 may be exercised as
often as appears expedient; and 
 shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit
any right or remedy conferred by any law. 

  
 67 

 Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 
 Third
party rights 
 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to
enforce or to enjoy the benefit of any term of this Agreement. 
 Waiver of Banking Secrecy 

The Borrowers hereby irrevocably authorise and give consent to the Agent and, each of its affiliates, and their respective subsidiaries,
branches and representative offices and their respective directors, officers, employees and agents (the “Authorised Persons” and each an “Authorised Person”), to disclose and transmit to the Applicable Persons,
whether orally, in writing or by any other means, information and documents which relates to, or are connected with, the Borrowers, their beneficial owner, any other member of the Group, their business, dealings or assets (the
“Information”), from time to time and to the extent that the Authorised Person deems such disclosure or transmission to be necessary or desirable for or incidental to the carrying out of its duties, obligations, commitments and
activities whether arising under contract or by operation of law and/or consolidated supervision and risk management policy, to the extent that the Information is covered by banking secrecy under any applicable law in general and Swiss banking
secrecy rules in particular and/or: 
  

	 	(a)	necessary or desirable for the purposes of its internal cross-selling enabling the Borrowers and/or any other member of the Group to benefit from the Agent’s or any other Authorised Person’s business
activities; and/or 

  

	 	(b)	necessary or desirable to insure a risk related to the Borrowers and/or any other member of the Group; and/or 

  

	 	(c)	necessary or desirable to syndicate a risk related to the Borrowers and/or any other member of the Group; and/or 

  

	 	(d)	necessary or desirable to securitise a risk related to the Borrowers and/or any other member of the Group; and/or 

  

	 	(e)	necessary or desirable to open an account or to start a business relation with the Agent’s or any other Authorised Person’s parent company or any of its subsidiaries or branches. 

In this Clause 29.4, “Applicable Person” means any or all of the following persons: 

 

	 	(i)	any authority or person against which, pursuant to any applicable law, administrative order or court ruling, banking secrecy may not be validly asserted by an Authorised Person; 

 

	 	(ii)	the Agent’s or any other Authorised Person’s parent company, any of its subsidiaries, branches or representative offices; 

  

	 	(iii)	any rating agency, auditor, insurance and reinsurance company, broker or professional adviser, to the extent such entity or person is bound by a statutory or contractual duty of confidentiality; 

  
 68 

	 	(iv)	any financial institution and institutional or other investor who is or might be involved in securitisation schemes, hedging agreements, participations, credit derivatives or any other risk transfer or sharing
arrangements, including, inter alia, a bank and/or other financial institution’s participation in, or syndication in respect of, the Loan; 

  

	 	(v)	any potential assignee or transferee or person who has entered into or is proposing to enter into contractual arrangements with the Authorised Person in relation to a Borrower; and 

 

	 	(vi)	any external computer services provider, for the purpose of maintenance or repair of the Agent’s or any other Authorised Person’s computer systems and date provided that such external computer services
provider is bound by the confidentiality policy of BNP Paribas. 

 Reference Banks 

If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an affiliate) ceases to be a Lender, the Agent shall
(in consultation with the Borrowers) appoint another Lender or an affiliate of a Lender to replace that Reference Bank. 
 Role of
Reference Banks 
 No Reference Bank is under any obligation to provide a quotation or any other information to the Agent but may do so
at the Agent’s request. 
 No Reference Bank will be liable for any action taken by it under or in connection with any Finance
Document, or for any quotation provided to the Agent. 
 No Party (other than the relevant Reference Bank) may take any proceedings against
any officer, employee or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any
quotation provided to the Agent, and any officer, employee or agent of each Reference Bank may rely on this clause subject to clause 29.3 and the provisions of the Third Parties Act. 

Third party Reference Banks 

Any Reference Bank which is not a party to this Agreement may rely on clause 29.6 and clause 5.16 subject to clause 29.3 and the provisions of
the Third Parties Act. 
 Counterparts 

A Finance Document may be executed in any number of counterparts. 

CONFIDENTIALITY 

Confidential Information 

Each Creditor Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by
Clauses 30.2 and 30.3 and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information taking also into account the public nature of the Corporate
Guarantor. 

  
 69 

 Disclosure of Confidential Information 

Any Creditor Party may disclose: 

to any of its affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners
and Representatives such Confidential Information as that Creditor Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential
nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of
the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information; 
 to any person: 

 

	 	(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed)
it as Agent and, in each case, to any of that person’s affiliates, Related Funds, Representatives and professional advisers; 

  

	 	(ii)	with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by
reference to, one or more Finance Documents and/or the Borrowers and/or any Security Party and to any of that person’s affiliates, Related Funds, Representatives and professional advisers; 

 

	 	(iii)	appointed by any Creditor Party or by a person to whom paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf;

  

	 	(iv)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph (b)(i) or (b)(ii) above; 

 

	 	(v)	to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
exchange or pursuant to any applicable law or regulation; 

  

	 	(vi)	to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; 

 

	 	(vii)	to whom or for whose benefit that Creditor Party charges, assigns or otherwise creates a Security Interest (or may do so) pursuant to Clause 26.17; 

 

	 	(viii)	who is a party to a Finance Document, a member of the Group or any related entity of the Borrowers or any Security Party; or 

  

	 	(ix)	with the consent of the Borrowers; 

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

	 	(A)	in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a
Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information; 

  
 70 

	 	(B)	in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation
to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information; 

  

	 	(C)	in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information
may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Creditor Party, it is not practicable so to do in the circumstances; 

to any person appointed by that Creditor Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or
settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed
to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form
of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Creditor Party; and 

to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such
rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Borrowers and/or the Security Parties. 

Disclosure to numbering service providers 

Any Creditor Party may disclose to any national or international numbering service provider appointed by that Creditor Party to provide
identification numbering services in respect of this Agreement, the Loan and/or the Borrowers and/or the Security Parties the following information: 
  

	 	(i)	names of the Borrowers and the Security Parties; 

  

	 	(ii)	country of domicile of the Borrowers and the Security Parties; 

  

	 	(iii)	place of incorporation of the Borrowers and the Security Parties; 

  

	 	(iv)	date of this Agreement; 

  

	 	(v)	governing law; 

  

	 	(vi)	the name of the Agent; 

  

	 	(vii)	date of each amendment and restatement of this Agreement; 

  

	 	(viii)	amount of the Loan; 

  

	 	(ix)	amount of Total Commitments; 

  

	 	(x)	currency of the Loan; 

  

	 	(xi)	type of facility; 

  

	 	(xii)	ranking of facility; 

  

	 	(xiii)	final Repayment Date; 

  
 71 

	 	(xiv)	changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and 

  

	 	(xv)	such other information agreed between such Creditor Party and the Borrowers, 

 to enable such
numbering service provider to provide its usual syndicated loan numbering identification services. 
 The parties to this Agreement
acknowledge and agree that each identification number assigned to this Agreement, the Loan and/or the Borrowers and/or any Security Party by a numbering service provider and the information associated with each such number may be disclosed to users
of its services in accordance with the standard terms and conditions of that numbering service provider. 
 The Borrowers represent that
none of the information set out in paragraphs (a)(i) to (a)(xv) above is, nor will at any time be, unpublished price-sensitive information. 

The Agent shall notify the Borrowers and the other Creditor Parties of: 

 

	 	(i)	the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Loan and/or the Borrowers and/or the Security Parties; and 

 

	 	(ii)	the number or, as the case may be, numbers assigned to this Agreement, the Loan and/or the Borrowers and/or the Security Parties by such numbering service provider. 

Entire agreement 
 This
Clause 30 constitutes the entire agreement between the parties to this Agreement in relation to the obligations of the Creditor Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether
express or implied, regarding Confidential Information. 
 Inside information 

Each of the Creditor Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that
the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Creditor Parties undertakes not to use any Confidential Information for any
unlawful purpose. 
 Notification of disclosure 

Each of the Creditor Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers: 

of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 30.2 except where such
disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and 

upon becoming aware that Confidential Information has been disclosed in breach of this Clause 30. 

  
 72 

 Continuing obligations 

The obligations in this Clause 30 are continuing and, in particular, shall survive and remain binding on each Creditor Party for a period of 12
months from the earlier of: 
 the date on which all amounts payable by the Borrowers and the Security Parties under or in connection with
this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and 
 the date on which
such Creditor Party otherwise ceases to be a Creditor Party. 
 LAW AND JURISDICTION 

English law 
 This
Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by, and construed in accordance with, English law. 

Exclusive English jurisdiction 

Subject to Clause 31.3, the courts of England shall have exclusive jurisdiction to settle any Dispute. 

Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 31.2 is for the exclusive benefit of the Creditor Parties, each of which reserves the right: 

to commence proceedings in relation to any Dispute in the courts of any country other than England and which have or claim jurisdiction to
that Dispute; and 
 to commence such proceedings in the courts of any such country or countries concurrently with or in addition to
proceedings in England or without commencing proceedings in England. 
 No Borrower shall commence any proceedings in any country other than
England in relation to a Dispute. 
 Process agent 

Each Borrower irrevocably appoints HFW Nominees Ltd at their office for the time being, presently at Friary Court, 65 Crutched Friars, London,
EC3N 2AE, England to act as its agent to receive and accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute. 

Creditor Party rights unaffected 

Nothing in this Clause 31 shall exclude or limit any right which any Creditor Party may have (whether under the law of any country, an
international convention or otherwise) with regard to the bringing of proceedings, the service of process, the recognition or enforcement of a judgment or any similar or related matter in any jurisdiction. 

Meaning of “proceedings” and “Dispute” 

In this Clause 31, “proceedings” means proceedings of any kind, including an application for a provisional or protective
measure and a “Dispute” means any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination of this Agreement or any non-contractual obligation arising out of
or in connection with this Agreement. 
 THIS AGREEMENT has been entered into on the date stated at the beginning of this Agreement. 

  
 73 

 EXECUTION PAGE 
  

					
	BORROWERS	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	/s/ Todd Johnson
	TINOS SHIPPING CORPORATION	 	)	  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	/s/ Todd Johnson
	ANTIPAXOS SHIPPING CORPORATION	 	)	  	
			
	LENDERS	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	/s/ Andreas Giakoumelos
	BNP PARIBAS	 	)	  	
			
	AGENT	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	/s/ Andreas Giakoumelos
	BNP PARIBAS	 	)	  	
			
	SECURITY TRUSTEE	 		  	
			
	SIGNED by	 	)	  	
	for and on behalf of	 	)	  	/s/ Andreas Giakoumelos
	BNP PARIBAS	 	)	  	

  
 74Exhibit 4.1

 

THIS WARRANT AND THE SHARES ISSUABLE
UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL SATISFACTORY
TO THE COMPANY TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

 

EZTD,
INC.

 

COMMON STOCK PURCHASE WARRANT

 

	Warrant
    No.:22122015-1	 	Original
    Issue Date: December 31, 2015
	Initial
    Holder: Gustavo Perrotta	Initial
    Exercisable Date: Exercisable immediately upon grant
	 	No.
    of Shares Subject to Warrant: 1,000,000
	Address:

        15 inverness Terace,

        London W23Jl

         
	Exercise
    Price Per Share: $0.25
	 	Expiration
    Date: 4 p.m., New York time, on December 31, 2017 
	 

 

EZTD, Inc., a Delaware
corporation (the ”Company”), hereby certifies that, for value received, the Initial Holder shown above, or
its permitted registered assigns (the ”Holder”), is entitled to purchase from the Company up to the number
of shares of its common stock shown above (the ”Common Stock”) (each such share, a “Warrant Share”
and all such shares, the “Warrant Shares”) at the exercise price shown above (as may be adjusted from time
to time as provided herein, the ”Exercise Price”), at any time and from time to time on or after the Initial
Exercisable Date shown above and through and including the Expiration Date shown above (the “Expiration Date”),
and subject to the following terms and conditions:

 

This Warrant is
being issued in connection with the Initial Holder's advise and assistance with respect to certain financing transactions. 

 

1.            
Definitions. The terms defined in this Warrant.

 

     

    2

    

 

2.            
List of Warrant Holders.  The Company shall register this Warrant, upon records to be maintained by the Company for
that purpose (the “Warrant Register”), in the name of the record Holder (which shall include the Initial Holder
or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder from time to time). 
The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise
hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.           
List of Transfers; Restrictions on Transfer. The Company shall register any transfer of all or any portion of this Warrant
in the Warrant Register, upon surrender of this Warrant, with the Form of Assignment attached hereto duly completed and signed,
to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock,
in substantially the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing the portion of
this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion of this Warrant
not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof
shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of the New Warrant that the
Holder has in respect of this Warrant.

 

4.            
Exercise and Duration of Warrant.

 

(a)         
All or any part of this Warrant shall be exercisable by the registered Holder in any manner permitted by Section 10 of this
Warrant at any time and from time to time on or after the Initial Exercisable Date and through and including the Expiration Date.
Subject to Section 11 hereof, at the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become
void and of no value and this Warrant shall be terminated and shall no longer be outstanding.

 

(b)          
The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached hereto (the ”Exercise
Notice”), completed and duly signed by the Holder, and (ii) payment of the Exercise Price for the number of Warrant
Shares as to which this Warrant is being exercised. The date such items are delivered to the Company (as determined in accordance
with the notice provisions hereof) shall be referred to as an "Exercise Date”. The Holder shall not be required
to deliver the original Warrant in order to effect an exercise hereunder, but if it is not so delivered then such exercise shall
constitute an agreement by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter. 
Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance
of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

 

     

    3

    

 

5.            
Delivery of Warrant Shares.

 

(a)          
Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise
Date) issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names
as the Holder may designate, a certificate for the Warrant Shares issuable upon such exercise. “Trading Day”
shall mean a date on which the Company’s Common Stock trades on its principal trading market ("Trading Market").
The Holder, or any person and\or entity permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to
have become the holder of record of such Warrant Shares as of the Exercise Date. The Company shall, upon the written request
of the Holder, use its best efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through the
Depository Trust and Clearing Corporation or another established clearing corporation performing similar functions, if available;
provided, that, the Company may, but will not be required to, change its transfer agent if its current transfer agent cannot
deliver Warrant Shares electronically through the Depository Trust and Clearing Corporation.  If as of the time of exercise
the Warrant Shares constitute restricted or control securities, the Holder, by exercising, agrees not to resell them except in
compliance with all applicable securities laws.

 

(b)          
To the extent permitted by law, the Company’s obligations to issue and deliver Warrant Shares in accordance with the terms
hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce the same, any waiver or
consent with respect to any provision hereof, the recovery of any judgment against any person and\or entity or any action to enforce
the same, or any set-off, counterclaim, recoupment, limitation or termination, or any breach or alleged breach by the Holder or
any other person and\or entity of any obligation to the Company or any violation or alleged violation of law by the Holder or
any other person and\or entity, and irrespective of any other circumstance that might otherwise limit such obligation of the Company
to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit a Holder’s right to pursue any
other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance
and/or injunctive relief with respect to the Company’s failure to timely deliver certificates representing shares of Common
Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

6.            
Charges, Taxes and Expenses. The Company shall not be required to pay any tax that may be payable in respect of any transfer
involved in the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder. The
Holder shall be responsible for all other tax liabilities that may arise as a result of holding or transferring this Warrant or
receiving Warrant Shares upon the exercise hereof.

 

7.            
Replacement of Warrant.  If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause
to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a
New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary
and reasonable indemnity, if requested. Applicants for a New Warrant under such circumstances shall also comply with such other
reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant
is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company
as a condition precedent to the Company’s obligation to issue the New Warrant.

 

     

    4

    

 

8.            
Reservation of Warrant Shares. The Company covenants that it will, at all times, reserve and keep available out of the
aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue
Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are then issuable and deliverable
upon the exercise of this entire Warrant, free from any preemptive rights or any other contingent purchase rights of any person
and\or entity other than the Holder (taking into account the adjustments and restrictions of Section 9 herein). The Company covenants
that all Warrant Shares so issuable and deliverable shall, upon issuance thereof and the payment of the applicable Exercise Price
in accordance with the terms hereof, shall be duly and validly authorized, issued and fully paid and non-assessable.

 

9.            
Certain Adjustments; Termination under Certain Circumstances. The Exercise Price and number of Warrant Shares issuable
upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a)          
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on
its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii)
subdivides outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock
into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding immediately before such event and of which the denominator shall be
the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this
paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such
dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately
after the effective date of such subdivision or combination.

 

(b)        
  Pro Rata Distributions.  If the Company, at any time while this Warrant is outstanding, distributes to
all holders of Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution
of Common Stock covered by the preceding paragraph), (iii) rights or warrants to subscribe for or purchase any security, or (iv)
any other asset besides cash (in each case, ”Distributed Property”), then either upon any exercise of this
Warrant that occurs after the record date fixed for determination of stockholders entitled to receive such distribution or, at
the option of the Company, concurrently with such distribution, the Holder shall be entitled to receive, in addition to the Warrant
Shares otherwise issuable upon such exercise (if applicable), the Distributed Property that such Holder would have been entitled
to receive in respect of such number of Warrant Shares had the Holder been the record holder of such Warrant Shares immediately
prior to such record date.

 

     

    5

    

 

(c)          
Fundamental Transactions. As used herein, “Fundamental Transaction” means  at any time while
this Warrant is outstanding  (i) the Company effects any merger of the Company with another entity, in which the shareholders
of the Company immediately prior to the transaction own immediately after the transaction less than a majority of the outstanding
stock of the successor entity, or its parent if applicable, (ii) the Company effects any sale of all or substantially all of its
assets in one or a series of related transactions, (iii) any tender offer or exchange offer approved or authorized by the Company’s
Board of Directors is completed pursuant to which holders of at least a majority of the outstanding Common Stock tender or exchange
their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any
compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities,
cash or property.  In the event of a Fundamental Transaction pursuant to which the securities, cash or property issuable
with respect to the outstanding Common Stock consist solely of cash and/or securities traded on a national securities exchange
or an established over-the-counter market (the “Alternate Consideration”), this Warrant shall expire immediately prior
to the closing of the Fundamental Transaction.  The Company shall not effect any such Fundamental Transaction unless
prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation purchasing
or otherwise acquiring such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Holder,
such Alternate Consideration as, in accordance with the foregoing provisions, the Holder shall be entitled to receive upon proper
exercise of this Warrant prior to such closing.

 

(d)          
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section
9, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be
the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)          
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share,
as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(f)          
 Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense
will, at the written request of the Holder, promptly compute such adjustment in accordance with the terms of this Warrant and
prepare a certificate setting forth such adjustment, in good faith, including a statement of the adjusted Exercise Price and adjusted
number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions
giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the
Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent for the
Common Stock.

 

(g)          
Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) authorizes or approves, enters into
any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (ii) authorizes the voluntary
dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall
be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice describing the material
terms and conditions of such transaction at least ten (10) Trading Days prior to the applicable record or effective date on which
a person and\or entity would need to hold Common Stock in order to participate in or vote with respect to such transaction, and
the Company will take all reasonable steps to give Holder the practical opportunity to exercise this Warrant prior to such time; provided,
however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action
required to be described in such notice.

 

     

    6

    

 

10.        
Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds.

 

11.         Reserved.

 

12.         No
Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant. In lieu of
any fractional shares that would otherwise be issuable, the Company shall pay cash equal to the product of such fraction multiplied
by the closing price of one Warrant Share as reported by the applicable Trading Market on the applicable Exercise Date.

 

13.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication
is delivered via facsimile at the facsimile number specified in this Section at or prior to 10:00 a.m. (New York City time) on
a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via fax
at the fax number specified in this Section on a day that is not a Trading Day or later than 10:00 a.m. (New York City time) on
any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service,
or (iv) upon actual receipt by the party to whom such notice is required to be given. The addresses for such notices or communications
shall be:  if to the Company, to 1811 Silverside Road, city of Wilmington, country of new castle, state of Delaware, 19810.
(or such other address as the Company shall indicate in writing in accordance with this Section) or (ii) if to the Holder, to
the address or facsimile number appearing on the Warrant Register (or such other address as the Holder shall indicate in writing
in accordance with this Section).

 

14.          Warrant
Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the
Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any
corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation
to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business
shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly
cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s
last address as shown on the Warrant Register.

 

     

    7

    

 

15.          
Miscellaneous.

 

(a)          
This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any person and\or entity other than the Company
and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in
writing signed by the Company and the Holder, or their successors and assigns.

 

(b)          
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of this Warrant
and the transactions herein contemplated (“Proceedings”) (whether brought against a party hereto or its respective
affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each party hereto hereby irrevocably submits
to the exclusive jurisdiction of the New York Courts for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any Proceeding,
any claim that it is not personally subject to the jurisdiction of any New York Court, or that such Proceeding has been commenced
in an improper or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to
process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Warrant and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit
in any way any right to serve process in any manner permitted by law. Each party hereto hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Warrant or the transactions contemplated hereby. If either party shall commence a Proceeding to enforce any provisions of this
Warrant, then the prevailing party in such Proceeding shall be reimbursed by the other party for its attorney’s fees and
other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding.

 

(c)          
The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect
any of the provisions hereof.

 

(d)          
In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefore,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)           
Prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a
stockholder with respect to the Warrant Shares.

 

     

    8

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

 

	 	EZTD INC. 

	 	 
	 	By:	/s/ Shimon
    Citron
	 	Name:	Shimon
    Citron
	 	Title:	Chief
    Executive Officer

  

     

    9

    

 

EZTD, INC.

 

EXERCISE NOTICE

 

WARRANT
ORIGINALLY ISSUED ON __________

 

WARRANT NO. __________

 

Ladies and Gentlemen:

 

(1)          
The undersigned hereby elects to exercise the above-referenced Warrant with respect to shares of Common Stock.  Capitalized
terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

 

(2)          
The Holder intends that payment of the Exercise Price shall be made as:

               
Cash Exercise under Section 10 of the Warrant.

 

(3)           
The holder shall pay the sum of $ __________ to
the Company in accordance with the terms of the Warrant.

 

(4)           
Pursuant to this Exercise Notice, the Company shall deliver to the Holder the number of Warrant Shares determined in accordance
with the terms of the Warrant.

 

(5)           
By its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934) permitted to be owned under Section 11 of the Warrant to which this
notice relates. 

 

	Dated:	 	 	HOLDER:

 

	 	 	 
	 	 	Print
    name 
	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 

 

 

     

    10

    

 

EZTD, INC.

 

WARRANT
ORIGINALLY ISSUED ON __________

 

WARRANT NO. _______________

 

FORM OF ASSIGNMENT

 

To be completed and signed only upon
transfer of Warrant

 

FOR VALUE RECEIVED, the undersigned
hereby sells, assigns and transfers unto _________________ the right represented by the above-referenced Warrant to purchase _________________
shares of Common Stock to which the within Warrant relates and appoints __________________ attorney to transfer said right on
the books of the Company with full power of substitution in the premises.

 

	Dated: _____________________	 	TRANSFEROR:
	 	 	 
	 	 	Print
    name 
	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	 	 	 	 
	 	 	TRANSFEREE:
	 	 	 
	 	 	Print
    name 
	 	 	 
	 	 	By:	 
	 	 	 	 
	 	 	Title:	 
	WITNESS:	 	 	 
	 	 	Address
    of Transferee:
	 	 	 	 
	Print
    name

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