Document:

EX-4.3

 Exhibit 4.3 

Private and Confidential 
 Date 25th August 2021 
 NAVIOS MARITIME ACQUISITION CORPORATION (1) 

as Borrower 
 -and- 

NAVIOS SHIPMANAGEMENT HOLDINGS CORPORATION (2) 

as Lender 
  

 
 SUPPLEMENTAL
AGREEMENT 
  
  

in relation to a Loan Agreement 

dated 19 March 2021 
  

 
 PIRAEUS 

 Index 
  

							
	Clause	 	 	  	Page No	 
			
	 1
	 	INTERPRETATION	  	 	2	 
			
	 2
	 	AGREEMENT OF THE LENDER	  	 	2	 
			
	 3
	 	CONDITIONS PRECEDENT	  	 	2	 
			
	 4
	 	REPRESENTATIONS AND WARRANTIES	  	 	3	 
			
	 5
	 	AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS	  	 	4	 
			
	 6
	 	FURTHER ASSURANCES	  	 	5	 
			
	 7
	 	FEES AND EXPENSES	  	 	5	 
			
	 8
	 	NOTICES	  	 	5	 
			
	 9
	 	SUPPLEMENTAL	  	 	6	 
			
	 10
	 	LAW AND JURISDICTION	  	 	6	 

 THIS SUPPLEMENTAL AGREEMENT is made on 25th
August 2021 
 BETWEEN 
  

	(1)	 NAVIOS MARITIME ACQUISITION CORPORATION, a corporation incorporated in the Marshall Islands and
having its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as borrower (hereinafter called, the “Borrower”); and 

 

	(2)	 NAVIOS SHIPMANAGEMENT HOLDINGS CORPORATION a corporation incorporated in the Marshall Islands and having
its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as lender (hereinafter called, the “Lender”). 

BACKGROUND 
  

	(A)	 By a loan agreement dated 19 March 2021 (the “Loan Agreement”) and made between
(1) the Borrower as borrower and (2) the Lender as lender, the Lender made available to the Borrower a term loan facility of up to USD100,000,000 upon the terms and for the purposes therein specified. 

 

	(B)	 As security for the Borrower’s obligations under the Loan Agreement the following (amongst others)
security documents have been executed in favour of the Lender (together, the “Existing Security Documents”): 

  

	 	(a)	 a first priority pledge dated 22 March 2021 of all of the partnership interests of and in Navios Maritime
Midstream Partners L.P. of the Marshall Islands (“Midstream”) made by the Borrower and Navios Maritime Midstream Partners GP LLC (“GP LLC”) in favour of the Lender; 

 

	 	(b)	 an exchange option agreement (the “Exchange Option Agreement”) dated 22 March 2021 in
respect of all of the partnership interests of and in Midstream made by the Borrower and Midstream with the Lender; 

  

	 	(c)	 a first priority charge dated 22 March 2021 of the shares of and in Cyrus Investments Corp. of Liberia
made by Aegean Sea Maritime Holdings Inc. of the Marshall Islands (“Aegean”) in favour of the Lender; 

  

	 	(d)	 a first priority charge dated 22 March 2021 of the shares of and in Olivia Enterprises Corp. of Liberia
made by Aegean in favour of the Lender; and 

  

	 	(e)	 an account pledge dated 22 March 2021 of an account of the Borrower with UBS AG in favour of the Lender.

  

	(C)	 The Borrower has requested that the Lender to give its consent to the following (together, the
“Requests”): (a) release of the Existing Security Documents, (b) deletion of clause 4.7 (Exchange option – Midstream) of the Loan Agreement and (c) amendment of the repayment schedule of the Loan as follows:

  

	 	(i)	 USD30,000,000 to be deemed to be on receipt by the Lender of 8,823,529 shares of and in the Borrower (the
“Shares”); 

  

	 	(ii)	 USD35,000,000 to be prepaid on the date of this Supplemental Agreement; and 

  
 1 

	 	(iii)	 USD33,112,000 to be repaid on 7 January 2022. 

 

	(D)	 This Supplemental Agreement sets out the terms and conditions on which the Lender agrees, with effect on and
from the Effective Date (as hereinafter defined), to the requests of the Borrower set out in Recital (C) and to the consequential amendments to the Loan Agreement. 

IT IS AGREED as follows: 
  

	1	 INTERPRETATION 

 

	1.1	 Defined expressions. Words and expressions defined in the Loan Agreement shall have the same meaning
when used in this Supplemental Agreement unless the context otherwise requires. 

  

	1.2	 Definitions. In this Supplemental Agreement, unless the contrary intention appears:

 “Effective Date” means the Banking Day on which all the conditions precedent referred to in Clause 3.1
have been fulfilled by the Borrower; 
 “New Facility Agreements” means together (a) a facility agreement made or to be
made between (i) the Borrower (as borrower) and (ii) Navios Maritime Partners LP, of the Marshall Islands (as lender) for a loan of up to USD45,000,000 and (b) two facility agreements made or to be made between (amongst
others) (i) the Borrower (as borrower) and BNP Paribas S.A. (as lender) and (ii) the Borrower (as Borrower) and Hamburg Commercial Bank AG (as lender) for loans of up to USD 291,385,000 and in the singular means any of them; and 

“Released Parties” means together, the Borrower, Midstream, GP LLC and Aegean and in the singular means any one of them. 

 

	1.3	 Application of construction and Interpretation provisions of Loan Agreement. Clause 1.3 of the Loan
Agreement apply, with any necessary modifications, to this Supplemental Agreement. 

  

	2	 AGREEMENT OF THE LENDER 

 

	2.1	 Agreement of the Lender. The consent of the Lender to the Requests is conditional upon:

  

	2.1.1	 the Lender having received the documents and evidence specified in Clause 3.1 in form and substance
satisfactory to the Lender; 

  

	2.1.2	 the representations and warranties contained in Clause 4 being then true and correct as if each was made with
respect to the facts and circumstances existing at such time; and 

  

	2.1.3	 no Event of Default having occurred or will arise following the amendment of the Loan Agreement pursuant to
this Supplemental Agreement. 

  

	2.2	 Effective Date. The agreement of the Lender contained in Clause 2.1 shall have effect on and from the
Effective Date. 

  

	3	 CONDITIONS PRECEDENT 

 

	3.1	 Conditions Precedent. The conditions referred to in Clause 2.1 are that the Lender shall have received
the following documents: 

  
 2 

	3.1.1	 Corporate documents 

  

	(a)	 a certificate from a duly authorised officer of the Borrower confirming that none of the documents delivered to
the Lender pursuant to paragraph (a) of schedule 2 of the Loan Agreement have been amended or modified in any way since the date of their delivery to the Lender, or copies, certified by a duly authorised officer of the Borrower as true,
complete, accurate and neither amended nor revoked, of any documents which have been amended or modified; 

  

	3.1.2	 Corporate authorities 

 

	(a)	 a list of directors and officers of the Borrower specifying the names and positions of such persons, certified
by an officer of the Borrower to be true, complete and up to date; 

  

	(b)	 original resolutions of the directors of the Borrower approving this Supplemental Agreement and authorising the
execution and delivery hereof and performance of the Borrower’s obligations hereunder, additionally certified by an officer of the Borrower as having been duly passed at a duly convened meeting of the directors and shareholders of Borrower and
not having been amended, modified or revoked and being in full force and effect; and 

  

	(c)	 an original of any power of attorney issued by the Borrower pursuant to such resolutions stated above;

  

	3.1.3	 New Facility Agreements 

copies of the New Facility Agreements; 
  

	3.1.4	 Prepayment of the Loan 

 

	(a)	 evidence of the transfer of the Shares from the Borrower to the Lender; and 

 

	(b)	 a prepayment of the Loan in an amount of USD35,000,000; 

 

	3.1.5	 English legal opinion 

if requested by the Lender, an opinion of Messrs Ince, special legal advisers to the Lender in respect of English law or confirmation that such
opinion will be issued in the form required by the Lender; 
  

	3.1.6	 London agent 

documentary evidence that the agent for service of process named in Clause 18.2.1 of the Loan Agreement has accepted its appointment in respect
of this Supplemental Agreement; and 
  

	3.2	 Conditions Subsequent. The Borrower shall deliver or cause to be delivered to the Lender on, or as soon
as practicable after, the Effective Date, the following additional documents and evidence: 

  

	3.2.1	 the legal opinion referred to in Clause 3.1.5; and 

 

	3.2.2	 the process agent acceptance letter referred to in Clause 3.1.6. 

 

	4	 REPRESENTATIONS AND WARRANTIES 

  
 3 

 Repetition of Loan Agreement representations and warranties. The Borrower
represents and warrants to the Lender that the representations and warranties in Clause 7 of the Loan Agreement, updated with appropriate modifications to refer to this Supplemental Agreement, remain true and not misleading if repeated on the date
of this Supplemental Agreement with reference to the circumstances now existing. 
  

	5	 AMENDMENTS TO LOAN AGREEMENT AND OTHER SECURITY DOCUMENTS 

 

	5.1	 Specific amendments to Loan Agreement. With effect on and from the Effective Date the Loan Agreement
shall be, and shall be deemed by this Supplemental Agreement to be, amended as follows: 

  

	5.1.1	 by deleting Clause 4.1 thereof and replacing it with the following: 

“4.1 Repayment 
 Subject as otherwise
provided in this Agreement, the Borrower will repay the Loan in full on 7 January 2022”; 
  

	5.1.2	 by deleting (a) the following definitions contained in clause 1.2 (Definitions) thereof: Gross
Aggregate Asset Value, Limited Partnership Agreement, Midstream Partnership Interests Pledge, Partnership Interests and Springing Maturity Date and all such references throughout the Loan Agreement and (b) clause 4.7 (Exchange option –
Midstream) and sub-clause 4.4.5 of clause 4.4 (Mandatory Prepayment) thereof; and 

  

	5.1.3	 by construing references throughout to “this Agreement”, “hereunder” and other like
expressions as if the same referred to the Loan Agreement as amended and supplemented by this Supplemental Agreement. 

All other terms and conditions of the Loan Agreement shall remain unaltered and in full force and effect. 

 

	5.2	 Repayment of USD30,000,000 of the Loan 

With effect from the Effective Date and in consideration of the transfer of the Shares from the Borrower to the Lender, the Lender hereby
agrees that part of the Loan in the amount of USD30,000,000 shall be deemed to have been repaid. 
  

	5.3	 Release of Released Parties 

With effect on and from the Effective Date and without prejudice to the obligations of the Borrower under the Loan Agreement the Lender hereby:

  

	 	(a)	 releases and discharges each Released Party from all its obligations under the Existing Security Documents with
the exception of any indemnities contained in any of the Existing Security Documents which are intended to survive; and 

  

	 	(b)	 reassigns and releases to each Released Party all its right, title and interest in and to all the property
assigned to the Lender or charged in favour of the Lender under the Existing Security Documents including, without limitation, any insurances. 

The Lender makes and gives no representation, warranty or covenant in relation to the property reassigned herein except that they have not
assigned or charged that property. 

  
 4 

	6	 FURTHER ASSURANCES 

 

	6.1	 Borrower to execute further documents etc. The Borrower shall: 

 

	 	(a)	 execute and deliver to the Lender (or as it may direct) any assignment, mortgage, power of attorney, proxy or
other document, governed by the law of England or such other country as the Lender may, in any particular case, specify; and 

  

	 	(b)	 effect any registration or notarisation, give any notice or take any other step, which the Lender may, by
notice to the Borrower or other party, specify 

 for any of the purposes described in Clause 6.2 or for any similar
or related purpose. 
  

	6.2	 Purposes of further assurances. Those purposes are: 

 

	 	(a)	 validly and effectively to create any Encumbrance or right of any kind which the Lender intended should be
created by or pursuant to the Loan Agreement or any other Security Document, each as amended and supplemented by this Supplemental Agreement; and 

  

	 	(b)	 implementing the terms and provisions of this Supplemental Agreement. 

 

	6.3	 Terms of further assurances. The Lender may specify the terms of any document to be executed by the
Borrower or any other party under Clause 6.1, and those terms may include any covenants, powers and provisions which the Lender considers appropriate to protect its interests. 

 

	6.4	 Obligation to comply with notice. The Borrower shall comply with a notice under Clause 6.1 by the date
specified in the notice. 

  

	6.5	 Additional corporate action. At the same time as the Borrower or any other party deliver to the Lender
any document executed under Clause 6.1(a), the Borrower or such other party shall also deliver to the Lender a certificate signed by the Borrower’s directors, or 2 of that other party’s directors which shall: 

 

	 	(a)	 set out the text of resolutions of the Borrower or that other party’s directors specifically authorising
the execution of the document specified by the Lender; and 

  

	 	(b)	 state that either the resolution was duly passed at a meeting of the directors validly convened and held
throughout which a quorum of directors entitled to vote on the resolution was present or that the resolution has been signed by all the directors and is valid under the Borrower’s or that other party’s articles of association or other
constitutional documents. 

  

	7	 FEES AND EXPENSES 

 

	7.1	 Fees and Expenses. The provisions of Clause 5 (Fees and expenses) of the Loan Agreement shall
apply to this Supplemental Agreement as if they were expressly incorporated in this Supplemental Agreement with any necessary modifications. 

  

	8	 NOTICES 

General. The provisions of Clause 16 (Notices) of the Loan Agreement (as amended by this Supplemental Agreement) shall apply to
this Supplemental Agreement as if they were expressly incorporated in this Supplemental Agreement with any necessary modifications. 

  
 5 

	9	 SUPPLEMENTAL 

  

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

  

	9.2	 Third party rights. A person who is not a party to this Supplemental 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 Supplemental Agreement. 

  

	10	 LAW AND JURISDICTION 

Incorporation of the Loan Agreement provisions. The provisions of Clause 17 (Governing Law) and Clause 18
(Jurisdiction) of the Loan Agreement shall apply to this Supplemental Agreement as if they were expressly incorporated in this Supplemental Agreement with any necessary modifications. 

  
 6 

 IN WITNESS whereof the parties to this Supplemental Agreement have caused this Supplemental Agreement to
be duly executed as a deed on the date first above written. 
 THE BORROWER 

 

					
	SIGNED and delivered as a Deed	  	)	  	/s/ Leonidas Korres                
	by Leonidas Korres	  	)	  	
	for and on behalf of	  	)	  	
	NAVIOS MARITIME ACQUISITION	  	)	  	
	CORPORATION	  	)	  	
	Witnessed by: Foteini Papargyri	  	)	  	/s/ Foteini Papargyri                

 Signature 
 Name: 

Address: Akti Miaouli 85 Piraeus 
 THE LENDER

  

					
	SIGNED and delivered as a Deed by	  	)	  	/s/ George Akhniotis                
	and by George Akhniotis	  	)	  	
	for and on behalf of	  	)	  	
	 NAVIOS SHIPMANAGEMENT
 HOLDINGS
CORPORATION
	  	)	  	
	Witnessed by: Foteini Papargyri	  	)	  	/s/ Foteini Papargyri                

 Signature 
 Name: 

Address: Akti Miaouli 85 Piraeus 

  
 7EX-4.4

 Exhibit 4.4 

Dated 23 August 2021 

NAVIOS MARITIME ACQUISITION CORPORATION 

as Borrower 
 and 

THE BANKS AND FINANCIAL INSTITUTIONS 

listed in Schedule 1 
 as Lenders

 and 
 HAMBURG COMMERCIAL
BANK AG 
 as Agent, Mandated Lead Arranger 

and Security Trustee 
 LOAN
AGREEMENT 
 relating to a secured term 

loan facility of up to US$195,385,000 

to provide finance secured on seven tankers 
  

 

 Index 
  

							
	Clause	 	 	  	Page	 
			
	 1
	 	Intepretation	  	 	3	 
	 2
	 	Facility	  	 	25	 
	 3
	 	Position of the Lenders	  	 	25	 
	 4
	 	Drawdown	  	 	26	 
	 5
	 	Interest	  	 	27	 
	 6
	 	Interest Periods	  	 	30	 
	 7
	 	Default Interest	  	 	30	 
	 8
	 	Repayment and Prepayment	  	 	32	 
	 9
	 	Conditions Precedent	  	 	35	 
	 10
	 	Representations and Warranties	  	 	36	 
	 11
	 	General Undertakings	  	 	40	 
	 12
	 	Corporate Undertakings	  	 	46	 
	 13
	 	Insurance	  	 	47	 
	 14
	 	Ship Covenants	  	 	54	 
	 15
	 	Security Cover	  	 	60	 
	 16
	 	Payments and Calculations	  	 	63	 
	 17
	 	Application of Receipts	  	 	65	 
	 18
	 	Application of Earnings	  	 	66	 
	 19
	 	Events of Default	  	 	69	 
	 20
	 	Fees and Expenses	  	 	74	 
	 21
	 	Indemnities	  	 	75	 
	 22
	 	No Set-Off or Tax Deduction	  	 	78	 
	 23
	 	Illegality, etc.	  	 	81	 
	 24
	 	Increased Costs	  	 	81	 
	 25
	 	Set-Off	  	 	83	 
	 26
	 	Transfers and Changes in Lending Offices	  	 	84	 
	 27
	 	Variations and Waivers	  	 	89	 
	 28
	 	Notices	  	 	92	 
	 29
	 	Supplemental	  	 	95	 
	 30
	 	Law and Jurisdiction	  	 	96	 
		
	 Schedules
	  			
		
	 Schedule 1 Lenders and Commitments
	  	 	98	 
	 Schedule 2 Drawdown Notice
	  	 	100	 
	 Schedule 3 Condition Precedent Documents
	  	 	102	 
	 Part A
	  	 	104	 
	 Part B
	  	 	106	 
	 Schedule 4 Mandatory Cost Formula
	  	 	108	 
	 Schedule 5 Transfer Certificate
	  	 	110	 
	 Schedule 6 Power of Attorney
	  	 	112	 
	 Schedule 7 Details of Ships and other definitions
	  	 	114	 
	 Schedule 8 Form of Compliance Certificate
	  	 	116	 

  

					
	Execution	  	 	 
	 Execution Pages
	  	 	118	 

 THIS AGREEMENT is made on          August 2021 

PARTIES 
  

	(1)	 Navios Maritime Acquisition Corporation, a corporation incorporated in the Republic of the Marshall
Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960, as Borrower; 

  

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

  

	(3)	 HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg,
Germany, as Agent; 

  

	(4)	 HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg,
Germany, as Mandated Lead Arranger; and 

  

	(5)	 HAMBURG COMMERCIAL BANK AG acting through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg,
Germany, as Security Trustee. 

 BACKGROUND 

The Lenders have agreed to make available to the Borrower a secured post-delivery term loan facility in: 

 

	(a)	 one senior advance in an amount of up to the lesser of (i) US$164,310,000 and (ii) 62.5 per cent. of
the aggregate Initial Market Value of the Ships; and 

  

	(b)	 one junior advance in an amount of up to the lesser of (i) US$31,075,000 and (ii) 12.5 per cent. of
the aggregate Initial Market Value of the Ships, 

 for the purpose of refinancing the Existing Indebtedness secured on Ship A, Ship B,
Ship C, Ship D, Ship E, Ship F and Ship G. 
 OPERATIVE PROVISIONS 

IT IS AGREED as follows: 
  

	1	 INTEPRETATION 

 

	1.1	 Definitions 

Subject to Clause 1.5 (General Interpretation), in this Agreement: 

“Account” means each of the Earnings Accounts, the Minimum Liquidity Account, the Reserve Account and the Retention Account
and, in the plural, means all of them; 
 “Account Bank” means Hamburg Commercial Bank AG, acting in such capacity through
its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, or any successor; 
 “Account Pledge” means, in relation
to each Account, a pledge agreement creating security in respect of that Account and/or any time deposit held with the Account Bank in the Agreed Form and, in the plural, means all of them; 

  
 3 

 “Accounting Information” means the annual audited consolidated accounts or,
as the case may be, the semi–annual unaudited consolidated accounts to be provided by the Borrower to the Agent in accordance with Clause 11.6 (Provision of financial statements) and 11.7 (Form of financial statements),
respectively, of the Loan Agreement; 
 “Additional Minimum Liquidity Amount” has the meaning given to such term in Schedule
7 (Details of Ship and other definitions); 
 “Advance” means a Senior Advance or a Junior Advance (as the case may
be); 
 “Affected Lender” has the meaning given in Clause 5.7 (Market disruption); 

“Agency and Trust Agreement” means the agency and trust agreement executed or to be executed between the Borrower and the
Creditor Parties in the Agreed Form; 
 “Agent” means Hamburg Commercial Bank AG, acting in such capacity through its office
at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Agreed Form” means in relation to any document, that document in the form approved in writing by the Agent (acting on the
instructions of the Majority Lenders) or as otherwise approved in accordance with any other approval procedure specified in any relevant provisions of any Finance Document; 

“Applicable Lender” has the meaning given in Clause 5.2 (Normal rate of interest); 

“Approved Broker” means each of Arrow Valuations Ltd, Barry Rogliano Salles, H. Clarkson & Co. Ltd., Maersk Brokers
K/S, Howe Robinson & Co Ltd London, Fearnleys and Simpson Spence Young and, in the plural, means all of them; 
 “Approved
Classification Society” means a first class classification society acceptable to the Agent, being one of Lloyd’s Registry, American Bureau of Shipping (ABS), Det Norske Veritas (DNV), Bureau Veritas (BV), Korean Registry of Shipping,
Nippon Kaiji Kyoykai, Registro Italiano Navale or China Classification or any other member of the International Association of Classification Societies; 

“Approved Flag” means, in relation to a Ship, the Hong Kong, Liberian, Maltese, Marshall Islands flag or such other flag as
the Agent may approve (with the authorisation of the Majority Lenders) 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, Hong Kong, the Republic of Liberia, Malta, the Republic of the Marshall
Islands or any other country in which the Agent may approve (with the authorisation of the Majority Lenders) that that Ship is or, as the case may be, shall be registered; 

“Approved Manager” means: 
  

	 	(a)	 in respect of a Ship, Navios Tankers Management Inc., a corporation incorporated in the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960, or any other company which is a subsidiary or affiliate of Navios Shipmanagement Inc. or of Angeliki Frangou
or any other company or sub-manager which the Agent (acting on the instructions of the Majority Lenders) may approve from time to time as the commercial and/or technical manager of that Ship;

  
 4 

	 	(b)	 in respect of Ship A, each of Synergy Marine Ptd Ltd., Synergy Maritime Private Limited and Synergy Maritime
Recruitment Services Private Limited as the sub-managers of Ship A; 

  

	 	(c)	 in respect of Ship B and Ship C, each of Anglo-Eastern (Labuan) Limited, Anglo-eastern Tanker Management (Hong
Kong) Limited, Anglo-eastern Ship Management (India) Pvt. Ltd and Anglo-Eastern Tanker Crew Management Philippines Inc. as the sub-managers of Ship B and Ship C; 

 

	 	(d)	 in respect of Ship D and Ship E, Synergy Maritime Recruitment Services Private Limited as the crew sub-manager of Ship D and Ship E; 

 “Approved Manager’s
Undertaking” means, in relation to a Ship, a letter of undertaking including (inter alia) an assignment of the Approved Manager’s rights, title and interest in the Insurances of that Ship executed or to be executed by the
Approved Manager in favour of the Security Trustee in the Agreed Form agreeing certain matters in relation to the Approved Manager serving as manager and subordinating its rights against that Ship and the Owner which is the owner thereof to the
rights of the Creditor Parties under the Finance Documents and, in the plural, means all of them; 
 “Assignable Charter”
means any time charterparty, consecutive voyage charter or contract of affreightment in respect of a Ship having a duration (or capable of exceeding a duration) equal or more than 12 months and any guarantee of the obligations of the charterer under
such charter or any bareboat charter in respect of that Ship and any guarantee of the obligations of the charterer under such bareboat charter, entered or to be entered into by the Owner which is the owner thereof and a charterer or, as the context
may require, bareboat charterer and, in the plural, means all of them; 
 “Availability Period” means the period commencing
on the date of this Agreement and ending on: 
  

	 	(a)	 15 December 2021 (or such later date as the Agent may, with the authorisation of the Majority Lenders,
agree with the Borrower); or 

  

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

 “Basel III” means, together: 
  

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

  

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

  
 5 

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

 “Break Costs” has the meaning given in Clause 21.2 (Break costs); 

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business: 

 

	 	(a)	 in Hamburg, Piraeus, Athens, New York and London regarding the fixing of any interest rate which is required to
be determined under this Agreement or any Finance Document; 

  

	 	(b)	 in Hamburg, New York, Athens and Piraeus in respect of any payment which is required to be made under a Finance
Document; and 

  

	 	(c)	 in Hamburg, Athens and Piraeus regarding any other action to be taken under this Agreement or any other Finance
Document; 

 “Cancellation Notice” has the meaning given in Clause 8.6 (Optional facility
cancellation); 
 “Change of Control” means, in relation to: 

 

	 	(a)	 an Owner, a change in: 

 

	 	(i)	 the beneficial ownership of any of the shares in that Owner; or 

 

	 	(ii)	 the legal ownership of any of those shares; or 

 

	 	(b)	 the Borrower, a change which results in Mrs Angeliki Frangou either directly or indirectly (through entities
owned and controlled by her or trusts or foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. or any of their affiliates together being the ultimate beneficial owners of, or having ultimate control of the voting rights
attaching to, less than 10 per cent. of all the issued shares in the Borrower. 

 “Charterparty
Assignment” means, in relation to an Assignable Charter, an assignment of the rights of the Owner who is a party to that Assignable Charter under that Assignable Charter and any guarantee of such Assignable Charter executed or to be
executed by that Owner in favour of the Security Trustee in the Agreed Form and, in the plural, means all of them; 
 “Code”
means the US Internal Revenue Code of 1986; 
 “Collateral Guarantee” means, in relation to each Owner, a guarantee of the
obligations of the Borrower under this Agreement and the other Finance Documents to which the Borrower is a party, in the Agreed Form; 

“Commitment” means, in relation to a Lender, the amount in respect of each Advance set opposite its name in Schedule 1
(Lenders and commitments), 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); 

  
 6 

 “Compliance Certificate” means a certificate in the form set out in
Schedule 8 (Form of Compliance Certificate) (or in any other form which the Agent approves or requires) to be provided at the times and in the manner set out in Clause 11.22 (Compliance Certificate); 

“Contractual Currency” has the meaning given in Clause 21.6 (Currency Indemnity); 

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

“Correction Rate” means, at any relevant time in relation to an Applicable Lender, the amount (expressed as a rate per annum)
by which that Lender’s Cost of Funding exceeds LIBOR; 
 “Cost of Funding” means, in relation to a Lender, the rate per
annum determined by that Lender to be the rate at which deposits in Dollars are offered to that Lender by leading banks in the Relevant Interbank Market at that Lender’s request at or about the Specified Time on the Quotation Date for an
Interest Period and for a period equal to that Interest Period and for delivery on the first Business Day of it, or, if that Lender uses other ways to fund deposits in Dollars, such rate as determined by that Lender to be the Lender’s cost of
funding deposits in Dollars for that Interest Period, such determination being conclusive and binding in the absence of manifest error; 

“Creditor Party” means the Agent, the Security Trustee, the Mandated Lead Arranger or any Lender, whether as at the
date of this Agreement or at any later time and, in the plural, means all of them; 
 “Disruption Event” means either or
both of: 
  

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

  

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

  

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

 

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

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are
disrupted; 
 “Dollars” and “$” means the lawful currency for the time being of the United States of
America; 
 “Drawdown Date” means, the date requested by the Borrower for the Advances to be borrowed, or (as the context
requires) the date on which the Advances are actually borrowed; 
 “Drawdown Notice” means a notice in the form set out in
Schedule 2 (Drawdown Notice )(or in any other form which the Agent approves or reasonably requires); 

  
 7 

 “Earnings” means, in relation to a Ship, all moneys whatsoever which are
now, or later become, payable (actually or contingently) to the Owner 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)	 except to the extent that they fall within paragraph (b); 

 

	 	(i)	 all freight, hire and passage moneys; 

 

	 	(ii)	 compensation payable to that Owner or the Security Trustee in the event of requisition of its Ship for hire;

  

	 	(iii)	 remuneration for salvage and towage services; 

 

	 	(iv)	 demurrage and detention moneys; 

 

	 	(v)	 damages for breach (or payments for variation or termination) of any charterparty or other contract for the
employment of that Ship; and 

  

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

  

	 	(b)	 if and whenever that Ship is employed on terms whereby any moneys falling within paragraphs (a)(i) to
(vi) 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 the Ship; 

“Earnings Account” means, in relation to a Ship, an account in the name of the Owner owning that Ship with the Account Bank
designated “[name of relevant Owner] - Earnings Account”, or any other account (with that or another office of the Account Bank) which replaces such account and is designated by the Agent as
that Earnings Account for the purposes of this Agreement; 
 “Environmental Claim” means: 

 

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

  

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

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

 

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

  
 8 

	 	(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 or
injuncted and/or that Ship and/or the Owner 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 Owner 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, regulation, convention and agreement 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 (Events of Default); 
 “Existing
Bond” means the indenture dated as of 13 November 2013, as amended and supplemented entered into by NMAC and Navios Acquisition Finance (US) Inc. in respect of the 8.125% First Priority Ship Mortgage Notes due 2021 in respect of
Ship A, Ship B, Ship, C and Ship E. 
 “Existing Bond Indebtedness” means, at any date, any outstanding Financial
Indebtedness (or part thereof) on that date under the Existing Bond. 
 “Existing Indebtedness” means together the Existing
Bond Indebtedness and the Existing Loan Indebtedness. 
 “Existing Loan Indebtedness” means, at any date, any outstanding
Financial Indebtedness (or part thereof) on that date under the Existing Loan Agreements; 
 “Existing Loan Agreements”
means together: 
  

	 	(a)	 the loan agreement dated 7 June 2017 secured against Ship F and Ship G and made between (i) Amorgos
Shipping Corporation and Andros Shipping Corporation as joint and several borrowers and (ii) Hamburg Commercial Bank AG as lender, agent and security trustee; and 

 

	 	(b)	 the loan agreement dated 8 October 2019 (as amended and restated on 16 October 2020) secured against
Ship D and made between (i) Lefkada Shipping Corporation as borrower and (ii) Hamburg Commercial Bank AG as lender, agent and security trustee. 

“Existing Security Interest” means any Security Interest created pursuant to the Existing Loan Agreements or the Existing
Bond; 
 “FATCA” means: 
  

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

  
 9 

	 	(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; 

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA; 

“FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction; 

“Final Repayment Date” means: 
  

	 	(a)	 in respect of the Senior Advance, the date falling on the earlier of (i) 29 April 2025 and (ii) 4 years
from the Drawdown Date; and 

  

	 	(b)	 in respect of the Junior Advance, the date falling on the earlier of (i) 29 April 2024 and (ii) 3 years
from the Drawdown Date. 

 “Finance Documents” means together: 

 

	 	(a)	 this Agreement; 

  

	 	(b)	 the Agency and Trust Agreement; 

 

	 	(c)	 the Account Pledges; 

 

	 	(d)	 the Collateral Guarantees; 

 

	 	(e)	 the Mortgages; 

  

	 	(f)	 the General Assignments; 

 

	 	(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 the Borrower,
an Owner, 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 and, in the singular, means any of them; 

 “Financial Indebtedness” means, in relation
to a person (the “debtor”), any actual or contingent 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; 

  
 10 

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

  

	 	(d)	 under a financial lease, a deferred purchase consideration arrangement (in each case, other than in respect of
assets or services obtained on normal commercial terms in the ordinary course of business) 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, exchange 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 receivables sold or discounted (other than any receivables to the extent that they are sold on a non-recourse basis); or 

  

	 	(g)	 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 (f) if the references to the debtor referred to the other person; 

“Financial Year” means, in relation to the Borrower, an Owner and the Group, each period of one year commencing on
1 January in respect of which its individual or, as the case may be, consolidated accounts are or ought to be prepared; 

“Fleet Vessels” means all of the vessels (including, but not limited to, the Ships) from time to time wholly owned by members
of the Group and, in the singular, means any of them; 
 “General Assignment” means, in relation to a Ship, a general
assignment of (inter alia) the Earnings, the Insurances and any Requisition Compensation relative to that Ship in the Agreed Form and, in the plural, means all of them; 

“Group” means the Borrower, each Owner and all subsidiaries directly or indirectly owned by the Borrower and “member
of the Group” shall be construed accordingly; 
 “Initial Market Value” means, in relation to a Ship, the Market
Value thereof calculated in accordance with the valuation(s) relative thereto referred to in paragraph 5 of Schedule 3 (Condition Precedent Documents), Schedule 1Part B; 

“Instalment” has the meaning given in Clause 8.1 (Amount of Instalments); 

“Insurances” means, in relation to a Ship: 
  

	 	(a)	 all policies and contracts of insurance (including, without limitation, any loss of hire insurance) and any
reinsurance, policies or contracts, including entries of that Ship in any protection and indemnity or war risks association, effected in respect of that Ship, its Earnings or otherwise in relation to it whether before, on or after the date of this
Agreement; and 

  

	 	(b)	 all rights (including, without limitation, any and all rights or claims which the Owner owning that Ship may
have under or in connection with any cut-through clause relative to any reinsurance contract relating to the aforesaid policies or contracts of insurance) 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; 

  
 11 

 “Interest Period” means a period determined in accordance with Clause 6
(Interest Periods); 
 “Interpolated Screen Rate” means, in relation to an Interest Period, the rate
which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
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 the Specified Time on the Quotation Date for that Interest Period; 

“ISM Code” means the International Safety Management Code (including the guidelines on its implementation), adopted by the
International Maritime Organisation as the same may be amended or supplemented from time to time (and the terms “safety management system”, “Safety Management Certificate” and “Document of
Compliance” have the same meanings as are given to them in the ISM Code); 
 “ISPS Code” means the International
Ship and Port Facility Security Code as adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time; 

“ISSC” means a valid and current International Ship Security Certificate issued under the ISPS Code; 

“Junior Advance” means the Maximum Junior Advance Amount borrowed or to be borrowed by the Borrower under this Agreement or,
as the context may require, the principal amount outstanding of the Junior Advance under this Agreement; 
 “Junior Repayment
Date” means 29 October 2021 and the dates falling at three-monthly intervals thereafter and the Final Repayment Date in respect of the Junior Advance; 

“Lender” means, subject to Clause 26.6 (Lenders re – Organisation), a bank or financial institution listed in
Schedule 1 (Lenders and Commitments)and acting through its branch indicated in Schedule 1 (Lenders and Commitment) (or through another branch notified to the Agent under Clause 26.16 (Change of Lending office)) or its
transferee, successor or assign; 
 “LIBOR” means, for an Interest Period: 

 

	 	(a)	 the rate per annum equal to the offered quotation for deposits in Dollars for a period equal to, or as near as
possible equal to, the relevant Interest Period which appears on the Screen Rate; or; 

  

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

  
 12 

	 	(c)	 if no Screen Rate is available and it is not possible to calculate an Interpolated Screen Rate for that
Interest Period, the rate per annum determined by the Agent to be the arithmetic mean (rounded upwards, if necessary, to the nearest fifth decimal point) of the rate(s) per annum notified to the Agent by each, or if there is only one Reference Bank,
that Reference Bank as the rate at which deposits in Dollars are offered to that Reference Bank by leading banks in the Relevant Interbank Market at that Reference Bank’s request, 

at or about the Specified Time on the Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on
the first Business Day of it and, if any such rate is below zero, LIBOR will be deemed to be zero; 
 “Liquid Funds” means,
as at the date of calculation or, as the case may be, for any accounting period, the aggregate of any cash deposits legally or beneficially held by all members of the Group which are freely available at the relevant member’s disposal and
including any funds held with the Agent and other banks from time to time as minimum liquidity requirements. 
 “Loan” means
the principal amount for the time being outstanding under this Agreement; 
 “Loan Shortfall Prepayment Date” has the
meaning given in Clause 15.2 (Prepayment; provision of additional security); 
 “LSW 1189” means the London Standard
Wording for marine insurances which incorporates the German Direct Mortgage Clause; 
 “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 $500,000 or the equivalent in any other currency; 

“Majority Lenders” means: 
  

	 	(a)	 before an Advance is made, Lenders whose Commitments total 66
2/3 per cent. of the Total Commitments; and 

  

	 	(b)	 after an Advance is made, Lenders whose Contributions total 66
2/3 per cent. of the Loan; 

 “Mandated Lead
Arranger” means Hamburg Commercial Bank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095 Hamburg, Germany, or any successor; 

“Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 4 (Mandatory Cost
Formula); 
 “Mandatory Minimum Liquidity Amount” has the meaning given to such term in Schedule 7 (Details of
Ship and other definitions); 
 “Margin” means: 

 

	 	(a)	 in respect of the Senior Advance, 3.90 per cent. per annum; and 

 

	 	(b)	 in respect of the Junior Advance, 7.00 per cent. per annum. 

“Market Value” means, in relation to a Ship or a Fleet Vessel, the market value thereof determined in accordance with Clause
15.3 (Valuation of Ships); 

  
 13 

 “Market Value Adjusted Leverage” means, at any relevant time, the ratio of:

  

	 	(a)	 the Total Debt less cash (which shall have the meaning given thereto under the US GAAP); to

  

	 	(b)	 the Market Value Adjusted Total Assets less cash (which shall have the meaning given thereto under the US
GAAP). 

 “Market Value Adjusted Total Assets” means, at any time, Total Assets adjusted to reflect the
difference between the book values of all Fleet Vessels and the aggregate Market Value of all Fleet Vessels (taking into account the benefit of any charters). 

“Material Adverse Change” means any event or series of events which, in the opinion of the Majority Lenders, is likely to have
a Material Adverse Effect; 
 “Material Adverse Effect” means, in the reasonable opinion of the Majority Lenders, a material
adverse effect on: 
  

	 	(a)	 the business, property, assets, liabilities, operations or condition (financial or otherwise) of the Borrower
and/or any Security Party taken as a whole; 

  

	 	(b)	 the ability of the Borrower, the Approved Manager and/or any Security Party to (i) comply with or perform
any of its obligations or (ii) discharge any of its liabilities, under any Finance Document as they fall due; or 

  

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

“Maximum Junior Advance Amount” means an amount of up to the lesser of (i) US$31,075,000 and (ii) 12.5 per cent. of
the aggregate Initial Market Value of the Ships; 
 “Maximum Senior Advance Amount” means an amount up to the lesser of
(i) US$164,310,000 and (ii) 62.5 per cent. of the aggregate Initial Market Value of the Ships; 
 “Minimum Liquidity
Account” means an account in the name of the Borrower with the Account Bank designated “Navios Maritime Acquisition Corporation – Minimum Liquidity Account”, or any other account (with that or another office of the Account
Bank) which replaces such account and is designated by the Agent as the Minimum Liquidity Account for the purposes of this Agreement; 

“Mortgage” means, in relation to a Ship, the first preferred ship mortgage or, as the case may be, first priority ship
mortgage and deed of covenants collateral thereto, on that Ship in the Agreed Form and, in the plural, means all of them; 

“Mortgaged Ship” means a Ship which is subject to a Mortgage at the relevant time and, in the plural, means all of them; 

“Negotiation Period” has the meaning given in Clause 5.10 (Negotiation of alternative rate of interest); 

  
 14 

 “Net Worth” means the amount by which the Total Assets (based on book
values) exceed the Total Liabilities on a consolidated group level. 
 “Notifying Lender” has the meaning given in Clause
21.2 (Break costs), Clause 23.1 (Illegality) or Clause 24.1 (Increased costs) as the context requires; 

“Owner” means each of Owner A, Owner B, Owner C, Owner D, Owner E, Owner F and Owner G, and, in the plural, means all of them;

 “Owner A” means Samos Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Owner B” means Shinyo Saowalak Limited, a corporation incorporated and existing under the laws of the British Virgin Islands
whose registered address is at Kingston Chambers, PO Box 173, Tortola, Road Town, BVI; 
 “Owner C” means Shinyo Kieran
Limited, a corporation incorporated and existing under the laws of the British Virgin Islands whose registered address is at Kingston Chambers, PO Box 173, Tortola, Road Town, BVI; 

“Owner D” means Lefkada Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Owner E” means Tilos Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Owner F” means Amorgos Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Owner G” means Andros Shipping Corporation, a corporation incorporated and existing under the laws of the Republic of the
Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, the Marshall Islands MH96960; 

“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in
accordance with legislation of the European Union relating to Economic and Monetary Union; 
 “Party” means a party to a
Finance Document; 
 “Payment Currency” has the meaning given in Clause 21.6 (Currency Indemnity); 

“Permitted Security Interests” means: 
  

	 	(a)	 Security Interests created by the Finance Documents; 

 

	 	(b)	 at any time prior to or on the Drawdown Date, any Existing Security Interest; 

 

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

  
 15 

	 	(d)	 liens for salvage; 

  

	 	(e)	 liens arising by operation of law for not more than one month’s prepaid hire under any charter in relation
to a Ship not prohibited by this Agreement; 

  

	 	(f)	 liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by
operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship, provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the relevant Owner in good
faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.15(d) (Restrictions on Chartering, appointment of managers etc.); 

 

	 	(g)	 any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as
security for costs and expenses while an Owner is actively prosecuting or defending such proceedings or arbitration in good faith; and 

  

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

“Pertinent Document” means: 
  

	 	(a)	 any Finance Document; 

 

	 	(b)	 any policy or contract of insurance contemplated by or referred to in Clause 13 (Insurance)or any other
provision of this Agreement or another Finance Document; 

  

	 	(c)	 any other document contemplated by or referred to in any Finance Document; and 

 

	 	(d)	 any document which has been or is at any time sent by or to a Servicing Bank in contemplation of or in
connection with any Finance Document or any policy, contract or document falling within paragraphs (b) or (c); 

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

 

	 	(a)	 England and Wales; 

  

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

 

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

  

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

  

	 	(e)	 a country in which assets of the company (other than securities issued by, or loans to, related companies)
having a substantial value are situated, in which the company maintains a branch or 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

  
 16 

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

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

“Prepayment Notice” has the meaning given in Clause 8.5 (Conditions for voluntary prepayment); 

“Quotation Date” means, in relation to any Interest Period (or any other period for which an interest rate is to be determined
under any provision of a Finance Document), the day on which quotations would ordinarily be given by leading banks in the Relevant Interbank Market for deposits in the currency in relation to which such rate is to be determined for delivery on the
first day of that Interest Period or other period; 
 “Reference Banks” means, subject to Clause 26.19 (Replacement of a
Reference Bank), together, the Hamburg branch of Hamburg Commercial Bank AG, the head office of any other bank which is a Lender at the relevant time (unless such Lender has advised the Agent in writing that it does not wish to be a Reference
Bank) and any of their respective successors; 
 “Relevant Interbank Market” means the London interbank market; 

“Relevant Nominating Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or
any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board; 

“Relevant Person” has the meaning given in Clause 19.9 (Relevant Persons); 

“Replacement Benchmark” means a benchmark rate which is: 

 

	 	(a)	 formally designated, nominated or recommended as the replacement for a Screen Rate by: 

 

	 	(i)	 the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate
measures is the same as that measured by that Screen Rate); or 

  

	 	(ii)	 any Relevant Nominating Body, 

and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the
“Replacement Benchmark” will be the replacement under paragraph (ii) above; 
  

	 	(b)	 in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to that Screen Rate; or 

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrower, an appropriate successor to a Screen Rate.

  
 17 

 “Repayment Date” means the Senior Repayment Date or the Junior Repayment
Date (as the case may be); 
 “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”; 
 “Reserve
Account” means an account in the name of the Borrower with the Account Bank designated “Navios Maritime Acquisition Corporation – Reserve Account”, or any other account (with that or another office of the Account Bank) which
replaces this account and is designated by the Agent as the Reserve Account for the purposes of this Agreement; 
 “Reserve
Amount” has the meaning given to such term in Schedule 7(Details of Ship and other definitions); 
 “Retention
Account” means an account in the name of the Borrower with the Account Bank designated “ Navios Maritime Acquisition Corporation – Retention Account”, or any other account (with that or another office of the Account Bank)
which replaces this account and is designated by the Agent as the Retention Account for the purposes of this Agreement; 

“Screen Rate” means the London interbank offered rate administered by the ICE Benchmark Administration Limited (or any
other person which takes over the administration of that rate) for Dollars for the relevant 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
Borrower; 
 “Screen Rate Replacement Event” means, in relation to a Screen Rate: 

 

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders, and the Borrower materially changed; 

  

	 	(b)	 

  

	 	(i)	 

  

	 	(A)	 the administrator of that Screen Rate or its supervisor publicly announces that such administrator is
insolvent; or 

  

	 	(B)	 information is published in any order, decree, notice, petition or filing, however described, of or filed with
a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent, 

provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate; 

 

	 	(ii)	 the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that
Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate; 

  
 18 

	 	(iii)	 the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or
will be permanently or indefinitely discontinued; or 

  

	 	(iv)	 the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used;
or 

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrower, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement. 

 “Secured Liabilities” means all
liabilities which the Borrower, the Security Parties or any of them have, at the date of this Agreement or at any later time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document; 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 Cover Ratio” means, at any relevant time, the aggregate of (i) the aggregate of the Market
Value of the Mortgaged Ships, (ii) the aggregate credit balances standing at such time to the credit of the Retention Account and the Reserve Account and (iii) the net realisable value of any additional security provided at that time under
Clause 15 (Security Cover) at that time expressed as a percentage of the Loan; 
 “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 a plaintiff under an action in rem; 

“Security Party” means the Borrower, each Owner and any other person (except a Creditor Party or the Approved Manager) 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”; 

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

	 	(a)	 all amounts which have become due for payment by the Borrower, the Approved Manager 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)	 neither the Borrower, the Approved Manager nor any Security Party has any future or contingent liability under
Clauses 20 (Fees and Expenses), 21 (Indemnities) or 22 (No Set-Off of Tax Deduction) or any other provision of this Agreement or another Finance Document; and 

 

	 	(d)	 the Agent, the Mandated Lead Arranger, the Security Trustee and the Majority Lenders do not consider that there
is a significant risk that any payment or transaction under a Finance Document would be set aside, or would have to be reversed or adjusted, in any present or possible future bankruptcy of the Borrower, the Approved Manager 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; 

  
 19 

 “Security Trustee” means Hamburg Commercial Bank AG, acting in such
capacity through its office at Gerhart-Hauptmann-Platz 50, D-20095, Hamburg, Germany, or any successor of it appointed under clause 5 of the Agency and Trust Agreement; 

“Senior Advance” means the Maximum Senior Advance Amount borrowed or to be borrowed by the Borrower under this Agreement or,
as the context may require, the principal amount outstanding of the Senior Advance under this Agreement; 
 “Senior Advance Security
Cover Ratio” means, at any relevant time, the aggregate of (i) the aggregate of the Market Value of the Mortgaged Ships, (ii) the aggregate credit balances standing at such time to the credit of the Retention Account and the
Reserve Account and (iii) the net realisable value of any additional security provided at that time under Clause 15 (Security Cover) at that time expressed as a percentage of the Senior Advance; 

“Senior Advance Shortfall Prepayment Date” has the meaning given in Clause 15.2 (Prepayment; provision of additional
security); 
 “Senior Balloon Instalment” has the meaning given in Clause 8.1 (Amount of Instalments);

 “Senior Repayment Date” means 29 October 2021 and the dates falling at three-monthly intervals thereafter and the
Final Repayment Date in respect of the Senior Advance; 
 “Servicing Bank” means the Agent or the Security Trustee; 

“Ship” means each of Ship A, Ship B, Ship C, Ship D, Ship E, Ship F and Ship G, and, in the plural, means all of them; 

“Ship A” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship B” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship C” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship D” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship E” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship F” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

“Ship G” has the meaning ascribed thereto in Schedule 7 (Details of Ships); 

  
 20 

 “Specified Time” means 11.00 a.m. London time; 

“Total Assets” means, as at the date of calculation or, as the case may be, for any accounting period, the total assets of the
Group (including, without limitation, the Ships) as at that date or for that period as shown in the most recent Accounting Information delivered by the Borrower pursuant to Clause 11.6 (Provision of financial statements); 

“Total Debt” means, as at the date of calculation or, as the case may be, for any accounting period, the total debt of the
Group as at that date or for that period as shown in the most recent Accounting Information delivered by the Borrower pursuant to Clause 11.6 (Provision of financial statements); 

“Total Liabilities” means, as at the date of calculation or, as the case may be, for any accounting period, the total
liabilities of the Group as at that date or for that period as shown in the most recent Accounting Information delivered by the Borrower pursuant to Clause 11.6 (Provision of financial statements); 

“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 or part
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 unless it is within one month from the date of such occurrence redelivered to the full control of the Owner owning that Ship excluding a requisition for hire a fixed period not exceeding 90 days without any right to an extension;

  

	 	(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, confiscation or detention of that Ship (including any hijacking or theft) unless
it is within the Relevant Period redelivered to the full control of the Owner owning that Ship; 

 “Relevant
Period” means: 
  

	 	(a)	 in the case of any arrest, capture, seizure, confiscation or detention of a Ship (including any hijacking or
theft), other than piracy, within 90 days; and 

  

	 	(b)	 in the case of piracy, if the relevant underwriters confirm to the Agent in writing prior to the end of the 90-day period referred to in (i) above that the relevant Ship is subject to an approved piracy insurance cover, the earlier of 270 days after the date on which that Ship is captured by pirates and the date on
which the piracy insurance cover expires; 

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

 

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

  
 21 

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

  

	 	(i)	 30 days after 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 Owner owning that Ship with
that Ship’s insurers in which the insurers agree to treat the Ship as a total loss; and 

  

	 	(c)	 in the case of any other type of total loss, on the date (or the most likely date) on which it appears to the
Agent that the event constituting the total loss occurred; 

 “Transfer Certificate” has the meaning given
in Clause 26.2 (Transfer by a Lender); 
 “Trust Property” has the meaning given in clause 3.1 of the Agency and
Trust Agreement; 
 “Underlying Documents” means any Assignable Charters and, in the singular, means any of them; 

“US” means the United States of America; 

“US GAAP” means generally accepted accounting principles as from time to time in effect in the US; and 

“US Tax Obligor” means: 
  

	 	(a)	 the Borrower if it is resident for tax purposes in the US; or 

 

	 	(b)	 the Borrower or a Security Party some or all whose payments under the Finance Documents are from sources within
the US for US federal income tax purposes. 

  

	1.2	 Construction of certain terms 

In this Agreement: 

“administration notice” means a notice appointing an administrator, a notice of intended appointment and any other notice
which is required by law (generally or in the case concerned) to be filed with the court or given to a person prior to, or in connection with, the appointment of an administrator; 

“approved” means, for the purposes of Clause 13 (Insurance), approved in writing by the Agent at its discretion; 

“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; 

  
 22 

 “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 that Ship in consequence of its insured value being less than the value at which that 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; 
 “gross negligence” means a form of negligence which is distinct from ordinary negligence, in which
the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody has not been followed; 

“law” includes any order or decree, any form of delegated legislation, any treaty or international convention and any
regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council; 

“legal or administrative action” means any legal proceeding or arbitration and any administrative or regulatory action or
investigation; 
 “liability” includes every kind of debt or liability (present or future, certain or contingent), whether
incurred as principal or surety or otherwise; 
 “months” shall be construed in accordance with Clause 1.3 (Meaning of
“month”); 
 “obligatory insurances” means, in relation to a Ship, all insurances effected, or which the Owner
owning that Ship is obliged to effect in respect of that Ship, under Clause 13 (Insurance) or any other provision of this Agreement or another Finance Document; 

“parent company” has the meaning given in Clause 1.4 (Meaning of “Subsidiary”); 

“person” includes any individual, any partnership, any company; any state, political
sub-division of a state and local or municipal authority; and any international organisation; 

“policy” in relation to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the
contract of insurance or its terms; 
 “protection and indemnity risks” means the usual risks covered
by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of clause 1 of the Institute Time Clauses (Hulls) (1/10/83) or clause 6 of the International Hull Clauses (1/11/02) (1/11/03) 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 (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency (monetary or otherwise), department, central bank, regulatory, self-regulatory or other authority
or organisation; 
 “subsidiary” has the meaning given in Clause 1.4 (Meaning of “Subsidiary”); 

  
 23 

 “successor” includes any person who is entitled (by assignment, novation,
merger or otherwise) to any 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; and 

“war risks” includes the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses
(1/11/02), clauses 29 or 30 of the International Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision. 

 

	1.3	 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: 
  

	(a)	 on the Business Day following the numerically corresponding day if the numerically corresponding day is not a
Business Day or, if there is no later Business Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or 

  

	(b)	 on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a
calendar month or if the last calendar month of the period has no numerically corresponding day, 

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

	1.4	 Meaning of “subsidiary” 

A company (S) is a subsidiary of another company (P) if a 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 and any company of which S is a subsidiary is a parent company of S. 

 

	1.5	 General Interpretation 

In this Agreement: 
  

	(a)	 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; 

  

	(b)	 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; 

  

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

  
 24 

	(d)	 Clauses 1.1 (Definitions) to 1.5 (General Interpretation) apply unless the contrary intention
appears. 

  

	1.6	 Headings 

In interpreting a Finance Document or any provision of a Finance Document, all clause, sub-clause and
other headings in that and any other Finance Document shall be entirely disregarded. 
  

	2	 FACILITY 

  

	2.1	 Amount of facility 

Subject to the other provisions of this Agreement, the Lenders shall make available to the Borrower a secured term loan facility of up to
US$195,385,000 in two Advances. 
  

	2.2	 Lenders’ participations in the Advances 

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

	2.3	 Purpose of the Advances 

The Borrower undertakes with each Creditor Party to use the Advances only for the purpose stated in the preamble to this Agreement. 

 

	3	 POSITION OF THE LENDERS 

 

	3.1	 Interests several 

The rights of the Lenders under this Agreement are several. 
  

	3.2	 Individual right of action 

Each Lender shall be entitled to sue for any amount which has become due and payable by the Borrower to it under this Agreement without joining
the Agent, the Security Trustee or any other Lender as additional parties in the proceedings. 
  

	3.3	 Proceedings requiring Majority Lender consent 

Except as provided in Clause 3.2 (Individual right of action) no Lender may commence proceedings against the Borrower, the Approved
Manager or any Security Party in connection with a Finance Document without the prior consent of the Majority Lenders. 
  

	3.4	 Obligations 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: 
  

	(a)	 the obligations of the other Lenders being increased; nor 

 

	(b)	 the Borrower, the Approved Manager, any Security Party or any other Lender being discharged (in whole or in
part) from its obligations under any Finance Document; 

  
 25 

 and in no circumstances shall a Lender have any responsibility for a failure of another
Lender to perform its obligations under this Agreement.  
  

	4	 DRAWDOWN 

  

	4.1	 Request for an Advance 

Subject to the following conditions, the Borrower may request an Advance to be borrowed by ensuring that the Agent receives a completed
Drawdown Notice not later than 11.00 a.m. (Hamburg time) three Business Days prior to the Drawdown Date. 
  

	4.2	 Availability 

The conditions referred to in Clause 4.1 (Request for an Advance) are that: 

 

	(a)	 the Drawdown Date has to be a Business Day during the Availability Period; 

 

	(b)	 both Advances shall be borrowed on the Drawdown Date; 

 

	(c)	 the Senior Advance shall not exceed the Maximum Senior Advance Amount; 

 

	(d)	 the Junior Advance shall not exceed the Maximum Junior Advance Amount; 

 

	(e)	 any undrawn portion of the Total Commitments in respect of an Advance, upon the determination of the aggregate
Initial Market Value of the Ships, shall be automatically cancelled as at the Drawdown Date; and 

  

	(f)	 the aggregate amount of the Advances shall not exceed the Total Commitments. 

 

	4.3	 Notification to Lenders of receipt of a Drawdown Notice 

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

  

	(a)	 the amount of that Advance and the Drawdown Date; 

 

	(b)	 the amount of that Lender’s participation in that Advance; and 

 

	(c)	 the duration of the first Interest Period in respect of that Advance. 

 

	4.4	 Drawdown Notice irrevocable 

The Drawdown Notice must be signed by a duly authorised signatory of the Borrower; and once served, the Drawdown Notice cannot be revoked
without the prior consent of the Agent, acting on the authority of the Lenders. 
  

	4.5	 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 Borrower the amount due from that Lender in respect of each Advance on the Drawdown Date under Clause 2.2 (Lenders’ participation in the Advances). 

  
 26 

	4.6	 Disbursement of an Advance 

Subject to the provisions of this Agreement, the Agent shall on the Drawdown Date pay to the Borrower the amounts in respect of each Advance
which the Agent receives from the Lenders under Clause 4.5 (Lenders to make available Contributions) and that payment to the Borrower shall be made: 
  

	(a)	 to the account which the Borrower specifies in the Drawdown Notice; and 

 

	(b)	 in like funds as the Agent received the payments from the Lenders. 

The payment by the Agent under this Clause 4.6 (Disbursement of an Advance) shall constitute the making of the relevant Advance and the
Borrower shall at that time become indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender’s participation in the relevant Advance. 
  

	5	 INTEREST 

  

	5.1	 Payment of normal interest 

Subject to the provisions of this Agreement, interest on each Advance in respect of each Interest Period shall be paid by the Borrower on the
last day of that Interest Period. 
  

	5.2	 Normal rate of interest 

Subject to the provisions of this Agreement, the rate of interest on an Advance in respect of an Interest Period shall be the aggregate of
(i) the Margin, (ii) the Mandatory Cost (if any), (iii) LIBOR for that Interest Period and (iv) if a Lender (the “Applicable Lender”) notifies the Agent at least 5 Business Days before the start of that Interest
Period that its Cost of Funding exceeds LIBOR (including the amount of such excess) on the Quotation Date for that Interest Period, additionally in respect of that Applicable Lender’s Contribution in the relevant Advance, the Correction Rate
applicable to the Applicable Lender for that Interest Period. 
  

	5.3	 Payment of accrued interest 

In the case of an Interest Period of longer than three months (subject to the prior agreement of the Agent in accordance with Clause 5.4(b)
(Notification of Interest Periods and rates of normal interest)), accrued interest shall be paid every three months during that Interest Period and on the last day of that Interest Period. 

 

	5.4	 Notification of Interest Periods and rates of normal interest 

The Agent shall notify the Borrower and each Lender of: 
  

	(a)	 each rate of interest; and 

 

	(b)	 the duration of each Interest Period, 

as soon as reasonably practicable after each is determined. 
  

	5.5	 Obligation of Reference Banks to quote 

A Reference Bank 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 26.19 (Replacement of a Reference Bank). 

  
 27 

	5.6	 Absence of quotations by Reference Banks 

If any Reference Bank fails to supply a quotation, the Agent shall determine the relevant LIBOR on the basis of the quotations supplied by the
other Reference Bank(s) but if two or more of the Reference Banks fail (or, if at any time there is only one Reference Bank, that Reference Bank fails) to provide a quotation, the relevant rate of interest shall be set in accordance with the
following provisions of this Clause 5 (Interest). 
  

	5.7	 Market disruption 

The following provisions of this Clause 5 (Interest )apply if: 
  

	(a)	 no rate is quoted on the Screen Rate, it is not possible to calculate an Interpolated Screen Rate for that
Interest Period and two or more of the Reference Banks do not (or, if at any time there is only one Reference Bank, that Reference Bank does not), before 1.00 p.m. (London time) on the Quotation Date for an Interest Period, provide a quotation to
the Agent in order to fix LIBOR; or 

  

	(b)	 at least three Business Days 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 Relevant Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period. 

 

	5.8	 Notification of market disruption 

The Agent shall promptly notify the Borrower and each of the Lenders stating the circumstances falling within Clause 5.7 (Market
disruption) which have caused its notice to be given. 
  

	5.9	 Suspension of drawdown 

If the Agent’s notice under Clause 5.8 (Notification of market disruption) is served before an Advance is made: 

 

	(a)	 In a case falling within Clause 5.7(a) (Market disruption), the Lender’s obligation to make that
Advance; and 

  

	(b)	 In a case falling within Clause 5.7(b) (Market disruption)5.7(b), the Affected Lender’s obligation
to participate in that Advance, 

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

	5.10	 Negotiation of alternative rate of interest 

 

	(a)	 If the Agent’s notice under Clause 5.8 (Notification of market disruption) is served after an
Advance is borrowed, the Borrower, the Agent, the Lenders (subject to Clause 27.5 (Replacement of Screen Rate)) or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within 30 days after the date on which the
Agent serves its notice under Clause 5.8 (Notification of market disruption )(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. 

  
 28 

	(b)	 During the Negotiation Period the Agent shall, with the agreement of each Lender or (as the case may be) the
Affected Lender, set an interest period and interest rate representing the Cost of Funding of the Lenders or (as the case may be) the Affected Lender in Dollars, in each case as determined by the relevant Lender, or in any available currency of
their or its Contribution plus the Margin and the Mandatory Cost (if any). 

  

	5.11	 Application of agreed alternative rate of interest 

Subject to Clause 27.5 (Replacement of Screen Rate), any alternative interest rate or an alternative basis which is agreed during the
Negotiation Period shall take effect in accordance with the terms agreed. 
  

	5.12	 Alternative rate of interest in absence of agreement 

Subject to Clause 27.5 (Replacement of Screen Rate), 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 procedure provided for in Clause 5.10(b) (Negotiation of alternative rate of interest) shall be repeated at the end of the
interest period set by the Agent pursuant to that Clause. 
  

	5.13	 Notice of prepayment 

If the Borrower does not agree with an interest rate set by the Agent under Clause 5.12 (Alternative rate of interest in absence of
agreement), the Borrower may give the Agent not less than 5 Business Days’ notice of its intention to prepay the Loan at the end of the interest period set by the Agent. 

 

	5.14	 Prepayment; termination of Commitments 

A notice under Clause 5.13 (Notice of prepayment) shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may
require) the Affected Lender of the Borrower’s notice of intended prepayment; and: 
  

	(a)	 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 

  

	(b)	 on the last Business Day of the interest period set by the Agent, the Borrower 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 and the Mandatory Cost (if any). 

 

	5.15	 Application of prepayment 

The provisions of Clause 8 (Repayment and Prepayment) shall apply in relation to the prepayment. 

  
 29 

	6	 INTEREST PERIODS 

 

	6.1	 Commencement of Interest Periods 

The first Interest Period applicable to an Advance shall commence on the Drawdown Date and each subsequent Interest Period shall commence on
the expiry of the preceding Interest Period. 
  

	6.2	 Duration of normal Interest Periods 

Subject to Clauses 6.3 (Duration if interest Periods for Instalments) and 6.4
(Non-availability of matching deposits for interests Periods selected), each Interest Period in respect of an Advance shall be: 
  

	(a)	 3 months; 

  

	(b)	 6 months; or 

  

	(c)	 such other period (as proposed by the Borrower to the Agent not later than 11:00 a.m. (Hamburg time) 5 Business
Days before the commencement of the Interest Period in respect of that Advance) as the Agent may, with the authorisation of the Majority Lenders, agree with the Borrower (failing which the Interest Period shall be three months).

  

	6.3	 Duration of Interest Periods for Instalments 

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

	6.4	 Non-availability of matching deposits for Interest Period selected

 If, after the Borrower has proposed and the Lenders have agreed an Interest Period longer than three months, any
Lender notifies the Agent by 11.00 a.m. (Hamburg 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 Relevant Interbank Market when the Interest Period commences, the Interest Period shall be of three months. 
  

	7	 DEFAULT INTEREST 

 

	7.1	 Payment of default interest on overdue amounts 

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

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

 

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

  

	(c)	 if such amount has become immediately due and payable under Clause 19.4 (Acceleration of Loan) the date
on which it became immediately due and payable. 

  
 30 

	7.2	 Default rate of interest 

Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before
judgment) at the rate per annum determined by the Agent to be 2.00 per cent. above: 
  

	(a)	 in the case of an overdue amount of principal, the higher of the rates set out at Clauses 7.3(a) and 7.3(b)
(Calculation of Default rate of interest); or 

  

	(b)	 in the case of any other overdue amount, the rate set out at Clause 7.3(b) (Calculation of Default rate of
interest). 7.3(b) 

  

	7.3	 Calculation of default rate of interest 

The rates referred to in Clause 7.2 (Default rate of interest) are: 

 

	(a)	 the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any
unexpired part of any then current Interest Period applicable to it); 

  

	(b)	 the aggregate of the Margin, any Correction Rate and the Mandatory Cost (if any) plus, in respect of successive
periods of any duration (including at call) up to three months which the Agent may select from time to time: 

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

	7.4	 Notification of interest periods and default rates 

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

	7.5	 Payment of accrued default interest 

Subject to the other provisions of this Agreement, any interest 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. 
  

	7.6	 Compounding of default interest 

Any such interest which is not paid at the end of the period by reference to which it was determined shall be compounded every 6 months and
shall be payable on demand. 

  
 31 

	8	 REPAYMENT AND PREPAYMENT 

 

	8.1	 Amount of Instalments 

 

	(a)	 The Borrower shall repay the Senior Advance by: 

(i) 15 consecutive instalments, each of which shall be in the amount of US$4,665,000 (each a “Senior Instalment” and,
together, the “Senior Instalments”); and 
 (ii) together with the last Senior Instalment, a balloon instalment in
the amount of US$94,335,000 (the “Senior Balloon Instalment”), 
 Provided that, if the Senior Advance advanced is
less than US$164,310,000, the aggregate amount of the Senior Instalments and the Senior Balloon Instalment shall be reduced by an amount equal to the undrawn amount on a pro rata basis. 

 

	(b)	 The Borrower shall repay the Junior Advance by 11 consecutive instalments, each of which shall be in the amount
of US$2,825,00] (each a “Junior Instalment” and, together, the “Junior Instalments” and together with the Senior Instalments, the “Instalments”), Provided that, if the Junior Advance
advanced is less than US$31,075,000, the aggregate amount of the Junior Instalments shall be reduced by an amount equal to the undrawn amount on a pro rata basis. 

 

	8.2	 Repayment Dates 

 

	(a)	 The first Senior Instalment shall be repaid on 29 October 2021, each subsequent Senior Instalment shall be
repaid at three-monthly intervals thereafter and the last Senior Instalment, shall be repaid together with the Senior Balloon Instalment, on the Final Repayment Date in respect of the Senior Advance; and 

 

	(b)	 The first Junior Instalment shall be repaid on 29 October 2021, each subsequent Junior Instalment shall be
repaid at three-monthly intervals thereafter and the last Junior Instalment, shall be repaid on the Final Repayment Date in respect of the Junior Advance. 

  

	8.3	 Final Repayment Date in respect of Senior Advance 

On the Final Repayment Date in respect of the Senior Advance, the Borrower shall additionally pay to the Agent for the account of the Creditor
Parties all other sums then accrued or owing under any Finance Document. 
  

	8.4	 Voluntary prepayment 

Subject to the following conditions, the Borrower may prepay the whole or any part of the Loan on the last day of an Interest Period or on such
other date agreed between the Borrower and the Agent. 
  

	8.5	 Conditions for voluntary prepayment 

The conditions referred to in Clause 8.4 (Voluntary prepayment) are as follows: 

 

	(a)	 the Agent has received from the Borrower at least 3 Business Days’ prior irrevocable written notice (each,
a “Prepayment Notice”) specifying the amount to be prepaid, the date on which the prepayment is to be made and against which advance the Prepayment needs to be applied; 

  
 32 

	(b)	 the Borrower has provided evidence satisfactory to the Agent that any consent required by any Owner or any
Security Party in connection with the prepayment has been obtained and remains in force, and that any regulation relevant to this Agreement which affects any Owner or any Security Party has been complied with; 

 

	(c)	 the Borrower is in compliance with Clause 8.10 (Amounts payable on prepayment) on or prior to the date
of prepayment; 

  

	(d)	 In respect of the Senior Advance a partial prepayment shall be $500,000 or a higher integral multiple thereof
(or such other amount acceptable to the Agent in its sole discretion); 

  

	(e)	 In respect of the Junior Advance: 

 

	 	(i)	 the prepayment is made after 29 April 2022; 

 

	 	(ii)	 a partial prepayment shall be $500,000 or a higher integral multiple thereof (or such other amount acceptable
to the Agent in its sole discretion) with; and 

  

	 	(iii)	 the Borrower shall pay to the Agent a prepayment fee of 2.00 per cent on such prepayment amount.

  

	8.6	 Optional facility cancellation 

The Borrower shall be entitled, upon giving to the Agent not less than 5 Business Days’ prior written notice, to cancel, in whole or in
part, and, if in part, by an aggregate amount not less than $500,000 or a higher integral multiple thereof (or such other amount acceptable to the Agent in its sole discretion), the undrawn balance of the Total Commitments (the “Cancellation
Notice”) which notice shall be irrevocable. Upon such cancellation taking effect on expiry of a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion of the
Total Commitments to which such Cancellation Notice relates shall terminate. 
  

	8.7	 Cancellation Notice or Prepayment Notice 

The Agent shall notify the Lenders promptly upon receiving a Cancellation Notice or Prepayment Notice, and shall provide, in the case of a
Prepayment Notice, any Lender which so requests with a copy of any document delivered by the Borrower under Clauses 8.5(a) (Conditions for voluntary prepayment) and 8.5(b) (Conditions for voluntary prepayment). 

 

	8.8	 Mandatory prepayment 

The Borrower shall be obliged to prepay the Relevant Amount: 
  

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

  

	(b)	 if a Ship becomes a Total Loss, on the earlier of the date falling 90 days after the Total Loss Date and the
date of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss. 

 In this Clause 8.8
(Mandatory prepayment) 

  
 33 

 “Relevant Amount” means: 

 

	 	(i)	 an amount equal to the Relevant Fraction of the Loan on the date on which (1) the relevant Ship is sold or
(2) the relevant Ship becomes a Total Loss; or 

  

	 	(i)	 if the relevant Ship is the last Ship subject to a Mortgage, the whole of the Loan. 

“Relevant Fraction” means a fraction of which the numerator is the Market Value of that Ship, being sold or which has become a
Total Loss and the denominator is the aggregate Market Value of all Mortgaged Ships at the relevant time. 
  

	8.9	 Effect of Prepayment Notice and Cancellation Notice 

Neither a Prepayment Notice nor a Cancellation Notice may be withdrawn or amended without the consent of the Agent, given with the
authorisation of the Majority Lenders, and: 
  

	(a)	 in the case of a Prepayment Notice, the amount specified in that Prepayment Notice shall become due and payable
by the Borrower on the date for prepayment specified in that Prepayment Notice; and 

  

	(b)	 in the case of a Cancellation Notice, the amount cancelled shall be permanently cancelled and may not be
borrowed. 

  

	8.10	 Amounts payable on prepayment 

A prepayment shall be made together with accrued interest (and any other amount payable under Clause 21 (Indemnities) or otherwise) in
respect of the amount prepaid, the prepayment fee set out in Clause 8.5(e)(i) (Conditions for voluntary prepayment )(if applicable) and, if the prepayment is not made on the last day of an Interest Period together with any sums payable under
Clause 21.2 (Break costs) but without premium or penalty. 
  

	8.11	 Application of partial prepayment or cancellation 

Each partial prepayment shall be applied: 
  

	(a)	 if made pursuant to Clauses 5.13 (Notice of prepayment), 8.8 (Repayment and prepayment), 15.2
(Prepayment; provision of additional security), 19.2 (Actions following an Event of Default), 23.3 (Prepayment; termination of Commitment) or 24.6 (Prepayment; termination of Commitment), pro rata against the Senior
Advance and the Junior advance and thereafter, pro rata against the relevant Instalments and, in the case of the Senior Advance, the Senior Balloon Instalment; and 

 

	(b)	 if made pursuant to Clause 8.4 (Voluntary Prepayment) against the Advance being prepaid in order of
maturity of the relevant Instalments and, in the case of the Senior Advance, the Senior Balloon Instalment. 

  

	8.12	 No reborrowing 

No amount prepaid or cancelled may be (re)borrowed. 

  
 34 

	9	 CONDITIONS PRECEDENT 

 

	9.1	 Documents, fees and no default 

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

 

	(a)	 that, on or before the date of this Agreement, the Agent receives the documents described in Part A of Schedule
3(Condition Precedent Documents) in form and substance satisfactory to the Agent and its lawyers; and 

  

	(b)	 that, on the Drawdown Date, the Agent receives: 

 

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

  

	 	(ii)	 any fee payable pursuant to Clause 20.1 (Fees); and 

 

	 	(iii)	 payment of any expenses payable pursuant to Clause 20.2 (Costs of negotiation, preparation) which are
due and payable on the Drawdown Date; 

  

	(c)	 that both 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 would result from the borrowing of the
relevant Advance; 

  

	 	(ii)	 the representations and warranties in Clause 10 (Representation and Warranties) and those of the
Borrower, the Approved Manager 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 (Market Disruption) has occurred and is continuing;
and 

  

	 	(iv)	 there has been no Material Adverse Change; and 

 

	(d)	 that, if the Senior Advance Security Cover Ratio were applied immediately following the making of the Senior
Advance and the Security Cover Ratio were applied immediately following the making of both Advances, the Borrower would not be obliged to provide additional security or prepay part of the Senior Advance or the Loan respectively under that Clause;
and 

  

	(e)	 that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and
documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrower prior to the Drawdown Date. 

 

	9.2	 Waiver of conditions precedent 

If the Majority Lenders, at their discretion, permit the relevant Advance to be borrowed before certain of the conditions referred to in Clause
9.1 (Document, fees and no default) are satisfied, the Borrower 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 authorisation of the Majority
Lenders, specify). 

  
 35 

	10	 REPRESENTATIONS AND WARRANTIES 

 

	10.1	 General 

The Borrower represents and warrants to each Creditor Party as follows. 

 

	10.2	 Status 

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

 

	10.3	 Share capital and ownership 

 

	(a)	 The Borrower is authorised to issue 250,000,000 shares of common stock with a par value of US$.0001 per share
and 10,000,000 shares of preferred stock with a par value of US$.0001 per share, of which 17,735,966 common shares are issued and outstanding at the date hereof. Mrs Angeliki Frangou either directly or indirectly (through entities owned and
controlled by her or trusts or foundations of which she is the beneficiary) and/or Navios Maritime Holdings Inc. or any of their affiliates together being the ultimate beneficial owners of, or having ultimate control of the voting rights attaching
to, less than 10 per cent. of all the issued shares in the Borrower. 

  

	(b)	 Each of Owner A, Owner D and Owner E is authorised to issue 500 registered shares, with a par value of one
US Dollar (US$1.00) per share, all of which shares have been issued in registered form and are fully paid and are held, free of any Security Interest or other claim on and from the Drawdown Date, by the Borrower. 

 

	(c)	 Each of Owner F and Owner G is authorised to issue 500 registered and/or bearer shares, with a par value of one
US Dollar (US$1.00) per share, all of which shares have been issued in registered form and are fully paid and are held, free of any Security Interest or other claim on and from the Drawdown Date, by the Borrower. 

 

	(d)	 Each of Owner B and Owner C is authorised to issue 50,000 ordinary shares with a par value of US$1.0 per share,
of which one share of US$1.0 has been issued and is fully paid and are held, free of any Security Interest or other claim on and from the Drawdown Date, by the Borrower. 

 

	10.4	 Corporate power 

The Borrower or, as the case may be, each Owner has the corporate capacity, and has taken all corporate action and obtained all consents
necessary for it: 
  

	(a)	 in the case of each Owner, to execute the Underlying Documents to which it is a party and to maintain the
relevant Ship in its ownership under the applicable Approved Flag; 

  

	(b)	 to execute the Finance Documents to which it is a party; and 

 

	(c)	 in the case of the Borrower, to borrow under this Agreement and, in the case of the Borrower and/or each Owner
to make all the payments contemplated by, and to comply with, those Finance Documents to which it is a party. 

  
 36 

	10.5	 Consents in force 

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

	10.6	 Legal validity; effective Security Interests 

The Finance Documents to which the Borrower or, as the case may be, each Owner 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): 
  

	(a)	 constitute the Borrower’s or that Owner’s legal, valid and binding obligations enforceable against
the Borrower or that Owner in accordance with their respective terms (having the requisite corporate benefit which is legally and economically sufficient); and 

 

	(b)	 create legal, valid and binding Security Interests (having the priority specified in the relevant Finance
Document) 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. 

 

	10.7	 No third party Security Interests 

Without limiting the generality of Clause 10.6 (Legal validity; effective security interests) at the time of the execution and delivery
of each Finance Document to which the Borrower and each other Security Party is a party: 
  

	(a)	 the Borrower, or as the case may be, each other Security Party will have the right to create all the Security
Interests which that Finance Document purports to create; and 

  

	(b)	 no third party will have any Security Interest (except for Permitted Security Interests) or any other interest,
right or claim over, in or in relation to any asset to which any such Security Interest, by its terms, relates. 

  

	10.8	 No conflicts 

The execution by the Borrower, the Approved Manager and each other Security Party of each Finance Document and each Underlying Document to
which it is a party, and the borrowing by the Borrower of the Loan (or any part thereof), and the compliance by the Borrower, the Approved Manager and each other Security Party with each Finance Document and each Underlying Document to which it is a
party: 
  

	(a)	 will not involve or lead to a contravention of: 

 

	 	(i)	 any law or regulation; or 

 

	 	(ii)	 the constitutional documents of the Borrower, the Approved Manager or other Security Party (as the case may
be); or 

  

	 	(iii)	 any contractual or other obligation or restriction which is binding on the Borrower, the Approved Manager or
other Security Party (as the case may be) or any of its assets, and 

  
 37 

	(b)	 will not have a Material Adverse Effect; and 

 

	(c)	 is for the corporate benefit of the Borrower, the Approved Manager and/or each other Security Party.

  

	10.9	 No withholding taxes 

All payments which the Borrower or any Owner 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. 
  

	10.10	 No default 

No Event of Default or Potential Event of Default has occurred. 
  

	10.11	 Information 

All information which has been provided in writing by or on behalf of the Borrower, the Approved Manager or any Security Party to any Creditor
Party in connection with any Finance Document satisfied the requirements of Clause 11.5 (Information provided to be accurate); all audited and unaudited accounts and financial statements which have been so provided satisfied the requirements
of Clause 11.7 (Form of financial statements)and are true, correct and not misleading and present fairly and accurately the financial position of the Borrower, the Owners or the Group (as the case may be); and there has been no change in the
financial position or state of affairs of the Borrower, the Owners or the Group (or any member thereof) from that disclosed in the latest of those accounts which is likely to have a Material Adverse Effect. 

 

	10.12	 No litigation 

No legal or administrative action involving the Borrower, the Approved Manager or any Security Party (including action relating to any alleged
or actual breach of the ISM Code or the ISPS Code) has been commenced or taken or, to the Borrower’s knowledge, is likely to be commenced or taken which would, in either case, be likely to have a Material Adverse Effect. 

 

	10.13	 Validity and completeness of Underlying Documents 

Each Underlying Document constitutes valid, binding and enforceable obligations of the parties thereto in accordance with its terms and: 

 

	(a)	 each of the copies of that Underlying Document delivered to the Agent before the date of this Agreement is a
true and complete copy; and 

  

	(b)	 no amendments or additions to that Underlying Document have been agreed nor has any party which is the party to
that Underlying Document, waived any of their respective rights thereunder. 

  

	10.14	 Compliance with certain undertakings 

At the date of this Agreement, the Borrower and, as the case may be, the Owners are in compliance with Clauses 11.2 (Title and negative
Pledge), 11.3(b)(i) (No disposal of assets), 11.10 (Maintenance of Security Interest), 11.11 (Notification of litigation), 13.3 (Terms of obligatory insurances) 14.3 (Repair and classification) and 14.12
(Compliance with laws) and none of the events listed in Clause 19.1(f) (Events of Default) has occurred in respect of the Borrower or any Security Party. 

  
 38 

	10.15	 Taxes paid 

The Borrower has paid all taxes applicable to, or imposed on or in relation to the Borrower and its business. 

 

	10.16	 ISM Code and ISPS Code compliance 

All requirements of the ISM Code and the ISPS Code as they relate to the Borrower, the Owners, the Approved Manager and the Ships have been
complied with. 
  

	10.17	 No Money laundering 

The Borrower: 
  

	(a)	 will not, and will procure that neither the Approved Manager nor a Security Party, to the extent applicable,
will, in connection with this Agreement or any of the other Finance Documents, contravene or permit any subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat “money
laundering” (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the Council of the European Communities) and comparable United States Federal and state laws. The Borrower shall further submit any documents
and declarations on request, if such documents or declarations are required by any Creditor Party to comply with its domestic money laundering and/or legal identification requirements; and 

 

	(b)	 confirms that it is the beneficiary within the meaning of the German Anti Money Laundering Act (Gesetz
über das Aufspüren von Gewinnen aus schweren Straftaten (Geldwäschegesetz)), acting for its own account and not for or on behalf of any other person for each part of the Loan made or to be made available to it under this Agreement.
That is to say, it acts for its own account and not for or on behalf of anyone else. 

 The Borrower will promptly inform
the Agent by written notice, if it is not or ceases to be the beneficiary and will provide in writing the name and address of the beneficiary. 

The Agent shall promptly notify the Lenders of any written notice it receives under this Clause 10.17 (No Money laundering). 

 

	10.18	 No immunity 

Neither the Borrower, nor any Owner or any of their respective assets is entitled to immunity on grounds of sovereignty or otherwise from any
legal action or proceeding (including, without limitation, suit, attachment prior to judgement, execution or other enforcement). 
  

	10.19	 Choice of law 

The choice of the laws of England to govern this Agreement and those other Finance Documents which are expressed to be governed by the laws of
England, the laws of Germany to govern the Account Pledges and the laws of the applicable Approved Flag State to govern the Mortgages, constitutes a valid choice of law and the submission by the Borrower or, as the case may be, the relevant Security
Parties thereunder to the non-exclusive jurisdiction of the Courts of England and, in the case of the Account Pledges, Germany or, in the case of the Mortgages, the applicable Approved Flag State is a valid
submission and does not contravene the laws of England or, in the case of the Account Pledges, Germany or, in the case of the 

  
 39 

 
Mortgages, the applicable Approved Flag State or the laws of any other Pertinent Jurisdiction, will be applied by the courts of any Pertinent Jurisdiction if this Agreement or those other Finance
Documents or any claim thereunder comes under their jurisdiction upon proof of the relevant provisions of the laws of England or, in the case of the Account Pledges, Germany or, in the case of the Mortgages, the applicable Approved Flag State. 

 

	10.20	 Pari passu ranking 

The obligations of the Borrower and each Security Party under the Finance Documents to which it is a party are direct, general and
unconditional obligations and rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except for obligations mandatorily preferred by law applying to companies generally. 

 

	10.21	 Repetition 

The representations and warranties in this Clause 10 (Representations and Warranties) shall be deemed to be repeated by the Borrower:

  

	(a)	 on the date of service of the Drawdown Notice; 

 

	(b)	 on the Drawdown Date; and 

 

	(c)	 with the exception of Clauses 10.9 (No withholding taxes) and 10.14 (Compliance with certain
undertakings), on the first day of each Interest Period and on the date of any Compliance Certificate issued pursuant to Clause 11.22 (Compliance Certificate). 

as if made with reference to the facts and circumstances existing on each such day. 

 

	11	 GENERAL UNDERTAKINGS 

 

	11.1	 General 

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

	11.2	 Title and negative pledge 

The Borrower will: 
  

	(a)	 procure that no Owner shall create or permit to arise any Security Interest in respect of any asset, property
or revenue present or future, except for those created by the Finance Documents and the effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and 

 

	(b)	 not create or permit to arise any Security Interest (except for Permitted Security Interests) over any other
asset, present or future of each of the Owners, other than Security Interests arising in the normal course of the Borrower’s business of acquiring, operating and (re)financing vessels. 

  
 40 

	11.3	 No disposal of assets 

The Borrower will procure that no Owner will, transfer, lease or otherwise dispose of: 

 

	(a)	 all or a substantial part of its assets, whether by one transaction or a number of transactions, whether
related or not; or 

  

	(b)	 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, 

 provided that: 

 

	 	(i)	 in the case of an Owner, paragraph (a) does not apply to any charter of a Ship or any sale of a Ship,
subject to: 

  

	 	(A)	 the Owner making the mandatory prepayment of the Relevant Amount pursuant to Clause 8.8 (Mandatory
prepayment); and 

  

	 	(B)	 no Event of Default having occurred, which is continuing at the relevant time; and 

 

	 	(ii)	 in the case of the Borrower, paragraphs (a) and (b) do not apply unless such transfer, lease or disposal
constitutes or results in a Material Adverse Change. 

  

	11.4	 No other liabilities or obligations to be incurred 

The Borrower will procure that no Owner will enter into any other investments, any sale or leaseback agreements, any off-balance sheet transaction or incur any other liability or obligation (including, without limitation, any Financial Indebtedness or any obligations under a guarantee or speculative transactions) except: 

 

	(a)	 liabilities and obligations under the Finance Documents and the Underlying Documents to which it is or, as the
case may be, will be a party; 

  

	(b)	 at any time prior to or on the Drawdown Date, the Existing Indebtedness; 

 

	(c)	 liabilities or obligations reasonably incurred in the normal course of its business of trading, operating and
chartering, maintaining and repairing the Ship owned by it; and 

  

	(d)	 liabilities or obligations reasonably incurred in the normal course of its business of acquiring, operating and
financing or refinancing vessels (and issuing relevant guarantees), acquiring shares in vessel owning companies (or their holding companies) and Financial Indebtedness from any type of lender or lessor for such acquisitions and all other matters
incidental thereto. 

  

	11.5	 Information provided to be accurate 

All financial and other information, including but not limited to factual information, exhibits and reports, which is provided in writing by or
on behalf of the Borrower under or in connection with any Finance Document will be true, correct and not misleading and will not omit any material fact or consideration. 

  
 41 

	11.6	 Provision of financial statements 

The Borrower will send or procure that there are sent to the Agent: 
  

	(a)	 as soon as possible, but in no event later than 180 days after the end of each Financial Year of the Borrower,
the consolidated audited annual financial statements of the Borrower for that Financial Year (commencing with the financial statements for the Financial Year which ended on 31 December 2020); and 

 

	(b)	 as soon as possible, but in no event later than 90 days after the end of the
6-month period ending on 30 June in each Financial Year of the Borrower, the semi-annual consolidated unaudited financial statements of the Borrower, for that
6-month period (commencing with the financial statements for the 6-month period ended on 30 June 2021), duly certified as to their correctness by the Chief
Financial Officer or other officer of the Borrower; and 

  

	(c)	 promptly after each request by the Agent, such further financial or other information in respect of the
Borrower, a Ship, the other Security Parties and the Group (including, without limitation, any information regarding any sale and purchase agreements, investment brochures, shipbuilding contracts, charter agreements and other contracts of employment
having a duration of 12 months or longer and operational expenditures for the Ships) as may be requested by the Agent. 

  

	11.7	 Form of financial statements 

All financial statements delivered under Clause 11.6 (Provision of financial statements) will: 

 

	(a)	 be prepared in accordance with all applicable laws and US GAAP and, in the case of any audited financial
statements, be certified by an independent and reputable auditor having requisite experience selected and appointed by the Borrower; 

  

	(b)	 fairly represent the financial condition of the Borrower and the Group at the date of those accounts and of
their profit for the period to which those accounts relate; and 

  

	(c)	 fully disclose or provide for all significant liabilities of the Borrower and the Group and each of its/their
subsidiaries. 

  

	11.8	 Shareholder and creditor notices 

The Borrower will send the Agent copies of any relevant press releases in respect of an Owner and, promptly upon its request, copies of all
communications which are received by it in its capacity as indirect shareholder of each Owner or dispatched to the Owners’ creditors or any class of them. 
  

	11.9	 Consents 

The Borrower will and shall procure, where applicable, that each Owner shall maintain in force and promptly obtain or renew, and will promptly
send certified copies to the Agent of, all consents required: 
  

	(a)	 for the Borrower and that Owner to perform their respective obligations under any Finance Document and/or any
Underlying Document to which each is, or as the case may be, will be a party; 

  

	(b)	 for the validity or enforceability of any Finance Document and/or any Underlying Document to which each is, or
as the case may be, will be a party; and 

  

	(c)	 for that Owner to continue to own and operate the Ship owned by it, 

and the Borrower will and shall procure that each Owner will comply (or procure compliance as the case may be) with the terms of all such
consents. 

  
 42 

	11.10	 Maintenance of Security Interests 

The Borrower will: 
  

	(a)	 at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the
obligations and the Security Interests which it purports to create; and 

  

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

 

	11.11	 Notification of litigation 

The Borrower will provide the Agent with details of any legal or administrative action involving the Borrower, each Owner and the Ship owned by
it, the Earnings or the Insurances in respect of that Ship, any other Security Party or the Approved Manager, as soon as such action is instituted or it becomes apparent to the Borrower that it is likely to be instituted, unless it is clear that the
legal or administrative action cannot be considered material in the context of any Finance Document, and the Borrower shall procure that all reasonable measures are taken to defend any such legal or administrative action. 

 

	11.12	 No amendment to Underlying Documents 

The Borrower shall not, and shall procure that no Owner shall, waive or fail to enforce, the Underlying Documents to which it is a party or any
of its provisions and shall promptly notify the Agent of any amendment or supplement to any Underlying Document. 
  

	11.13	 Principal place of business 

The Borrower will maintain its place of business, and keep its corporate documents and records, at the address stated in Clause 28.2(b)
(Addresses for communications); and the Borrower will not establish, or do anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States. 

 

	11.14	 Confirmation of no default 

The Borrower will, within two Business Days after service by the Agent of a written request, serve on the Agent a notice which is signed by an
authorised representative of the Borrower and which: 
  

	(a)	 states that no Event of Default or Potential Event of Default has occurred; or 

 

	(b)	 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. 

  
 43 

 The Agent may serve requests under this Clause 11.14 (Confirmation of no default)
from time to time but only if asked to do so by a Lender or Lenders having Contributions exceeding 10 per cent. of the Loan or (if no Advances have been made) Commitments exceeding 10 per cent. of the Total Commitments; and this Clause
11.14 (Confirmation of no default )does not affect the Borrower’s obligations under Clause 11.15 (Notification of default). 
  

	11.15	 Notification of default 

The Borrower will notify the Agent as soon as the Borrower becomes aware of: 

 

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

 

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

 and will keep the Agent fully up-to-date
with all developments. 
  

	11.16	 Provision of further information 

The Borrower shall, and shall procure that each Owner will, as soon as practicable after receiving the request, provide the Agent with any
additional financial or other information relating: 
  

	(a)	 to the Borrower, that Owner and the Ship owned by it, the Earnings or the Insurances or any Ship; or

  

	(b)	 to any other matter relevant to, or to any provision of, a Finance Document, 

which may be requested by the Agent, the Security Trustee or any Lender at any time. 

 

	11.17	 Provision of copies and translation of documents 

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

 

	11.18	 General and administrative costs 

The Borrower shall ensure that the payment of all the general and administrative costs of the Borrower and any Owner in connection with the
ownership and operation of the Ship owned by it (including, without limitation, the payment of the fees payable to an Approved Manager for the services provided pursuant to any management agreement) shall be fully subordinated to the payment
obligations of the Borrower and that Owner under this Agreement or the Collateral Guarantee to which it is a party (as the case may be) and the other Finance Documents to which it is a party throughout the Security Period. 

 

	11.19	 “Know your customer” checks 

If: 
  

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

  
 44 

	(b)	 any change in the composition of the shareholders of the Borrower or any Security Party after the date of this
Agreement; or 

  

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

 obliges the Agent or any Lender (or, in the case of
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 Borrower shall promptly upon the
request of the Agent or the Lender concerned 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. 

 

	11.20	 Minimum Liquidity 

The Borrower shall maintain in the Minimum Liquidity Account: 
  

	(a)	 credit balances in an amount equal to the aggregate of not less than the applicable Mandatory Minimum Liquidity
Amount commencing from the Drawdown Date and at all times thereafter throughout the remainder of the Security Period; and 

  

	(b)	 credit balances in an amount equal to the aggregate of not less than the applicable Additional Minimum
Liquidity Amount commencing from the Drawdown Date and at all times thereafter until 29 April 2022. 

  

	11.21	 Reserve Amounts 

 

	(a)	 The Borrower shall accumulate and maintain the applicable Reserve Amounts into the Reserve Account, starting
from the first Senior Repayment Date and thereafter on a quarterly basis until the Final Repayment Date in respect of the Senior Advance. 

  

	(b)	 Any part of the Reserve Amounts may only be withdrawn from the Reserve Account with the prior written consent
of the Agent for the purpose of covering the incurred and documented (by providing evidence satisfactory to the Agent) costs and expenses for the next special survey, dry-docking and installation of the
Ballast Water Treatment System of each Ship, Provided that no Event of Default or Potential Event of Default has occurred or is continuing at that time or will occur as a result of any such withdrawal. 

 

	11.22	 Compliance Certificate 

 

	(a)	 The Borrower shall supply to the Agent, a Compliance Certificate together with each set of financial statements
delivered pursuant to paragraphs (a) and (b) of Clause 11.6 (Provision of financial statements) (commencing with the financial statements of the Borrower to be provided after the 6-month period
ending after the Drawdown Date). 

  

	(b)	 Each Compliance Certificate shall be duly signed by the chief financial officer of the Borrower, evidencing
(inter alia) the Borrower’s compliance (or not, as the case may be) with the provisions of Clause 12.5 (Financial Covenants), Clause 11.20 (Minimum Liquidity), Clause 11.21 (Reserve Amounts) and Clause 15.1
(Minimum required security cover). 

  
 45 

	12	 CORPORATE UNDERTAKINGS 

The Borrower also undertakes with each Creditor Party to comply with the following provisions of this Clause 12 (Corporate Undertakings)
at all times during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing. 
  

	12.1	 Maintenance of status 

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

  

	12.2	 Negative undertakings 

The Borrower will not:  

 

	(a)	 change the nature of its business or allow any Owner to change the nature of its business;

  

	(b)	 pay any dividend or make any other form of distribution or effect any form of redemption, purchase or return of
its issued shares if an Event of Default has occurred and is continuing at the relevant time or an Event of Default will result from the payment of a dividend or the making of any other form of distribution, Provided that no dividends or any
other form of distribution may be paid or made until the Junior Advance has been repaid in full; 

  

	(c)	 allow the Owners to provide any form of credit or financial assistance to: 

 

	 	(i)	 a person who is directly or indirectly interested in that Owner’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 Owner than those which it could obtain in a bargain made at arms’ length; 
  

	(d)	 allow the Owners to open or maintain any account with any bank or financial institution except accounts with
the Agent, the Account Bank and the Security Trustee for the purposes of the Finance Documents; 

  

	(e)	 change, or allow an Owner to change, its Financial Year; 

 

	(f)	 allow the Owners to issue, allot or grant any person a right to any shares or repurchase or reduce its issued
shares; 

  

	(g)	 allow the Owners to acquire any shares or other securities other than short term debt obligations or Treasury
bills issued by the US, the UK or a Participating Member State and certificates of deposit issued by major North American or European banks, or enter into any transaction in a derivative; or 

  
 46 

	(h)	 and procure that the Owners will not enter into any form of amalgamation, merger or de-merger, acquisition, divesture, split-up or any form of reconstruction or reorganisation, which in respect of the Borrower would result in the occurrence of an Event of
Default as a result of such amalgamation, merger or de-merger, acquisition, divesture, split-up or any form of reconstruction or reorganisation. 

 

	12.3	 Subordination 

All rights which the Borrower at any time has against an Owner or its assets shall be fully subordinated to the rights of the Lenders under the
Finance Documents; and in particular, the Borrower shall not during the Security Period: 
  

	(a)	 claim, or in a bankruptcy of an Owner prove for, any amount payable to the Borrower by that Owner, whether in
respect of this or any other transaction; 

  

	(b)	 take or enforce any Security Interest for any such amount; or 

 

	(c)	 claim to set-off any such amount against any amount payable by the
Borrower to that Owner. 

  

	12.4	 Borrower’s Subsidiaries 

The Borrower shall provide the Agent with a list of the Borrower’s (direct and indirect) subsidiaries at the date of this Agreement
(together with information requested by the Agent pursuant to Clause 11.6(c) (Provision of financial statements) in respect of such subsidiaries) and shall promptly update this list from time to time to advise the Agent of any amendments to
the information included in the original list delivered to the Agent, unless such information is included in the financial statement or periodic public filings of the Borrower. 

 

	12.5	 Financial Covenants 

The Borrower shall ensure that at all times: 
  

	(a)	 the Market Value Adjusted Leverage shall be no greater than 80 per cent.; 

 

	(b)	 the Net Worth of the Group shall not be less than $125,000,000; and 

 

	(c)	 the members of the Group will maintain Liquid Funds in an amount, in aggregate, of not less than the product of
$400,000 and the total number of the Fleet Vessels at that time. 

  

	13	 INSURANCE 

  

	13.1	 General 

The Borrower also undertakes with each Creditor Party, on and from the Drawdown Date, to comply with the following provisions of this Clause 13
(Insurance), except as the Agent may, with the authority of the Majority Lenders, otherwise permit in writing (such permission not to be unreasonably withheld in respect of a change relating to the class or classification society under Clause
13.11(b) (Compliance with terms of insurances)). 

  
 47 

	13.2	 Maintenance of obligatory insurances 

The Borrower shall procure that each Owner keeps the Ship owned by it insured at the expense of that Owner Borrower against: 

 

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

 

	(b)	 war risks (including, without limitation, protection and indemnity war risks with a separate limit not less
than hull value of the relevant Ship); 

  

	(c)	 protection and indemnity risks (including, without limitation, protection and indemnity war risks in excess of
the amount for war risks (hull) and oil pollution liability risks) in each case in the highest amount available in the international insurance market; and 

  

	(d)	 any other risks the insurance of which the Security Trustee (acting on the instructions of the Majority
Lenders), having regard to practices, recommendations and other circumstances prevailing at the relevant time, may from time to time require by notice to that Owner. 

 

	13.3	 Terms of obligatory insurances 

The Borrower shall procure that each Owner shall effect such insurances in such amounts in such currency and upon such terms and conditions
(including, without limitation, any LSW 1189 or, in the opinion of the Security Trustee, comparable mortgage clause) as shall from time to time be approved in writing by the Security Trustee in its sole discretion, but in any event as follows: 

 

	(a)	 in Dollars; 

  

	(b)	 in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal to at
least the higher of (i) an amount which is equal to 120 per cent. of the aggregate of (A) the Loan multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and (2) denominator is the
Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking Security Interest on that Ship and (ii) the Market Value of that Ship; 

 

	(c)	 in the case of oil pollution liability risks, for an 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 for any one accident or occurrence);

  

	(d)	 in relation to protection and indemnity risks in respect of the full value and tonnage of that Ship;

  

	(e)	 in relation to war risks insurance, extended to cover piracy and terrorism where excluded under the fire and
usual marine risks insurance; 

  

	(f)	 on approved terms and conditions; 

 

	(g)	 such other risks of whatever nature and howsoever arising in respect of which insurance would be maintained by
a prudent owner of a vessel similar to that Ship; and 

  

	(h)	 through approved brokers and with approved insurance companies and/or underwriters which have a
Standard & Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting on the instructions of the Majority Lenders) 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 Clubs. 

  
 48 

	13.4	 Further protections for the Creditor Parties 

In addition to the terms set out in Clause 13.3 (Terms of obligatory insurances), the Borrower shall procure that each Owner ensures
that: 
  

	(a)	 it and any and all third parties who are named assured or co-assured
under any obligatory insurance shall assign their interest in any and all obligatory insurances and other Insurances if so required by the Agent; 

  

	(b)	 whenever the Security Trustee requires, the obligatory insurances name (or be amended to name) the Security
Trustee as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation they may have under any applicable law 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; 

  

	(c)	 the interest of the Security Trustee as assignee and as loss payee shall be duly endorsed on all slips, cover
notes, policies, certificates of entry or other instruments of insurance in respect of the obligatory insurances; 

  

	(d)	 the obligatory insurances shall name the Security Trustee as sole loss payee with such directions for payment
as the Security Trustee may specify; 

  

	(e)	 the obligatory insurances shall 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; 

  

	(f)	 the obligatory insurances shall 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 (f) from making personal claims
against persons (other than the Owners or any Creditor Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances; 

 

	(g)	 the obligatory insurances shall provide that the obligatory insurances shall be primary without right of
contribution from other insurances effected by the Security Trustee or any other Creditor Party; 

  

	(h)	 the obligatory insurances shall provide that the Security Trustee may make proof of loss if that Owner fails to
do so; and 

  

	(i)	 the obligatory insurances shall 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 only be effective against the Security Trustee 14 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. 

  
 49 

	13.5	 Renewal of obligatory insurances 

The Borrower shall procure that each Owner: 
  

	(a)	 at least 14 days before the expiry of any obligatory insurance effected by it: 

 

	 	(i)	 notifies the Security Trustee of the brokers, underwriters, insurance companies and any protection and
indemnity or war risks association through or with whom that Owner proposes to renew that obligatory insurance and of the proposed terms and conditions of renewal; and 

 

	 	(ii)	 seeks the Security Trustee’s approval to the matters referred to in paragraph (i); 

 

	(b)	 at least 7 days before the expiry of any obligatory insurance, renews that obligatory insurance in accordance
with the Security Trustee’s approval pursuant to paragraph (a); and 

  

	(c)	 procures 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. 

  

	13.6	 Copies of policies; letters of undertaking 

The Borrower shall procure that each Owner ensures that that all approved brokers provide the Security Trustee with pro forma copies of all
cover notes and policies relating to the obligatory insurances which they are to effect or renew and of a letter or letters of undertaking in a form required by the Security Trustee and including undertakings by the approved brokers that: 

 

	(a)	 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 (Further protections for the Creditor Parties); 

  

	(b)	 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; 

  

	(c)	 they will advise the Security Trustee immediately of any material change to the terms of the obligatory
insurances; 

  

	(d)	 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

  

	(e)	 they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that
Borrower 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. 

  
 50 

	13.7	 Copies of certificates of entry; letters of undertaking 

The Borrower shall procure that each Owner ensures that any protection and indemnity and/or war risks associations in which the Ship owned by
that Owner is entered provides the Security Trustee with: 
  

	(a)	 a certified copy of the certificate of entry for that Ship; 

 

	(b)	 a letter or letters of undertaking in such form as may be required by the Security Trustee;

  

	(c)	 where required to be issued under the terms of insurance/indemnity provided by that Owner’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 Owner in accordance with the requirements of such protection and indemnity association; and

  

	(d)	 a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority or, as the case may be, protection and indemnity associations in relation to that Ship (if applicable). 

 

	13.8	 Deposit of original policies 

The Borrower shall procure that each Owner ensures that all policies relating to obligatory insurances effected by it are deposited with the
approved brokers through which the insurances are effected or renewed. 
  

	13.9	 Payment of premiums 

The Borrower shall procure that each Owner punctually pays all premiums or other sums payable in respect of the obligatory insurances effected
by it and produce all relevant receipts when so required by the Security Trustee. 
  

	13.10	 Guarantees 

The Borrower shall procure that each Owner ensures that any guarantees required by a protection and indemnity or war risks association are
promptly issued and remain in full force and effect. 
  

	13.11	 Compliance with terms of insurances 

The Borrower shall procure that no Owner does or omits to do (or permits 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 under an obligatory insurance repayable in whole or in part; and, in particular it shall procure that each Owner: 

 

	(a)	 takes 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)) (Copies of policies; letters of undertaking) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the
Security Trustee has not given its prior approval; 

  

	(b)	 does not 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; 

  
 51 

	(c)	 makes (and promptly supplies copies to the Agent) of all quarterly or other voyage declarations which may be
required by the protection and indemnity risks association in which that Ship 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, if applicable, shall procure that the Approved Manager complies with this requirement; and 

  

	(d)	 does not employ that Ship, nor allows it to be employed, otherwise than in conformity with the terms and
conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify. 

 

	13.12	 Alteration to terms of insurances 

The Borrower shall procure that no Owner either makes or agrees to any alteration to the terms of any obligatory insurance or waives any right
relating to any obligatory insurance. 
  

	13.13	 Settlement of claims 

The Borrower shall procure that no Owner 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 and shall
do all things necessary to ensure such collection or recovery is made. 
  

	13.14	 Provision of copies of communications 

The Borrower shall procure that each Owner provides the Security Trustee, when so requested, copies of all written communications between that
Owner and: 
  

	(a)	 the approved brokers; 

 

	(b)	 the approved protection and indemnity and/or war risks associations; and 

 

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

  

	 	(i)	 that Owner’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 Owner and any of the persons referred to in paragraphs (a) or
(b) relating wholly or partly to the effecting or maintenance of the obligatory insurances. 

  

	13.15	 Provision of information and further undertakings 

In addition, the Borrower shall procure that each Owner 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: 
  

	(a)	 obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the
obligatory insurances effected or proposed to be effected; and/or 

  
 52 

	(b)	 effecting, maintaining or renewing any such insurances as are referred to in Clause 13.16 (Mortgagee’s
interest and additional perils insurances) or dealing with or considering any matters relating to any such insurances, 

and that Owner shall: 
  

	 	(i)	 do all things necessary and provide the Agent and the Security Trustee with all documents and information to
enable the Security Trustee to collect or recover any moneys in respect of the Insurances which are payable to the Security Trustee pursuant to the Finance Documents; and 

 

	 	(ii)	 promptly provide the Agent with full information regarding any Major Casualty in consequence whereof the Ship
owned by that Owner has become or may become a Total Loss and agree to any settlement of such casualty or other accident or damage to that Ship only with the Agent’s prior written consent, 

and that Owner 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). 
  

	13.16	 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 Majority Lenders may from time to time consider appropriate: 
  

	(a)	 a mortgagee’s interest insurance providing for the indemnification of the Creditor Parties for any losses
under or in connection with any Finance Document (in an amount which is equal to 120 per cent. of the aggregate of (A) the Loan multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and
(2) denominator is the Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking Security Interest on that Ship) which directly or indirectly result from loss of or damage to a Ship or a
liability of that Ship or of the Owner 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 Owner, of any operator, charterer, manager or sub-manager of that Ship or of any officer, employee or agent of that Owner or of any such person, including any breach of warranty or condition or any non-disclosure relating
to such obligatory insurance; 

  

	 	(ii)	 any act or omission, whether deliberate, negligent or accidental, or any knowledge or privity of that Owner,
any other person referred to in paragraph (i) above, or of any officer, employee or agent of that Owner 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; and 

  
 53 

	(b)	 a mortgagee’s interest additional perils insurance providing for the indemnification of the Creditor
Parties 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 in an amount which is equal to 110 per cent. of the aggregate of (A) the Loan
multiplied by a fraction whose: (1) nominator is the Market Value of the Ship owned by that Owner; and (2) denominator is the Market Value of all Mortgaged Ships and (B) the principal amount secured by any equal or prior ranking
Security Interest on that Ship, 

 and the Borrower 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. 

 

	13.17	 Review of insurance requirements 

The Security Trustee shall be entitled to review the requirements of this Clause 13 (Insurance) 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 Agent (acting on the instructions of the Majority Lenders), significant and capable of affecting the Owners, each Ship and its Insurances
(including, without limitation, changes in the availability or the cost of insurance coverage or the risks to which the Owner owning that Ship may be subject) and the Borrower shall upon demand fully indemnify the Agent in respect of all fees and
other expenses incurred by or for the account of the Agent in appointing an independent marine insurance broker or adviser to conduct such review. 
  

	13.18	 Modification of insurance requirements 

The Security Trustee shall notify the Borrower of any proposed modification under Clause 13.17 (Review of insurance requirements ) to
the requirements of this Clause 13 (Insurance) which the Security Trustee reasonably considers appropriate in the circumstances, and such modification shall take effect on and from the date it is notified in writing to the Borrower as an
amendment to this Clause 13 (Insurance) and shall bind the Borrower accordingly. 
  

	13.19	 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 Owner 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 13.18 (Modification of insurance requirements). 
  

	14	 SHIP COVENANTS 

 

	14.1	 General 

The Borrower also undertakes with each Creditor Party on and from the Drawdown Date to comply or to procure that each Owner complies with the
following provisions of this Clause 14 (Ship covenants) at all times during the Security Period except as the Agent, acting with the authorisation of the Majority Lenders, may otherwise permit in writing (such permission not to be
unreasonably withheld in respect of a change of an Approved Flag under Clause 14.2) (Ship’s name and registration). 

  
 54 

	14.2	 Ship’s name and registration 

The Borrower shall procure that each Owner shall keep the Ship owned by it registered in its name under an Approved Flag; shall not do, omit to
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. 
  

	14.3	 Repair and classification 

The Borrower shall procure that each Owner ensures that the Approved Manager shall, keep the Ship owned by that Owner in a good and safe
condition and state of repair, sea and cargo worthy in all respects: 
  

	(a)	 consistent with first-class ship ownership and management practice; 

 

	(b)	 so as to maintain the highest class free of overdue recommendations and conditions, with an Approved
Classification Society; and 

  

	(c)	 so as to comply with all laws and regulations applicable to vessels registered at ports in the applicable
Approved Flag State or to vessels trading to any jurisdiction to which that Ship may trade from time to time, including but not limited to the ISM Code and the ISPS Code, 

and the Agent shall be given power of attorney in the form attached as Schedule 6to act on behalf of the relevant Owner in order to, inspect
the class records and any files held by the classification society and to require the classification society to provide the Agent or any of its nominees with any information, document or file, it might request and the classification society shall be
fully entitled to rely hereon without any further inquiry. 
  

	14.4	 Classification society undertaking 

The Borrower shall procure that each Owner instructs the classification society referred to in Clause 14.3 (Repair and classification)
(and procure that the classification society undertakes with the Security Trustee) in relation to its Ship: 
  

	(a)	 to send to the Security Trustee, following receipt of a written request from the Security Trustee, certified
true copies of all original class records and any other related records held by the classification society in relation to the Ship owned by that Owner; 

  

	(b)	 to allow the Security Trustee (or its agents), at any time and from time to time, to inspect the original class
and related records of that Ship at the offices of the classification society and to take copies of them; 

  

	(c)	 to notify the Security Trustee immediately in writing if the classification society: 

 

	 	(i)	 receives notification from that Owner or any person that that Ship’s classification society is to be
changed; or 

  

	 	(ii)	 becomes aware of any facts or matters which may result in or have resulted in a change, suspension,
discontinuance, withdrawal or expiry of that Ship’s class under the rules or terms and conditions of that Owner’s or that Ship’s membership of the classification society; 

  
 55 

	(d)	 following receipt of a written request from the Security Trustee: 

 

	 	(i)	 to confirm that that Owner is not in default of any of its contractual obligations or liabilities to the
classification society and, without limiting the foregoing, that it has paid in full all fees or other charges due and payable to the classification society; or 

 

	 	(ii)	 if that Owner is in default of any of its contractual obligations or liabilities to the classification society,
to specify to the Security Trustee in reasonable detail the facts and circumstances of such default, the consequences thereof, and any remedy period agreed or allowed by the classification society. 

 

	14.5	 Hazardous materials and sustainable dismantling 

 

	(a)	 The Borrower shall procure that each Owner carries on board of its Ship the inventory of hazardous materials
required by the classification society of the Ship on board that Ship. 

  

	(b)	 The Borrower shall procure that each Owner ensures that in the event its Ship is permanently put out of
service, it is dismantled at, or sold for dismantling only to buyers that undertake to dismantle the Ship at, a ship yard complying with such standards as are required by the Hong Kong International Convention for the safe and environmentally sound
recycling of ships of 15 May 2009 or by the regulation (EG) no 1013/2006 of the European Parliament and of the Council of 14 June 2006 on shipments of waste. 

 

	14.6	 Sustainability reporting 

 

	(a)	 The Borrower shall, at its own cost, starting with the calendar year ending 31 December 2021, supply or
procure the supply by the Approved Classification Society to the Agent of all information regarding the annual emissions in respect of each Ship for the preceding calendar year as provided to the IMO and shall issue and publish a sustainability
report necessary in order for any Lender to comply with its obligations regarding that Lender’s portfolio climate alignment. 

  

	14.7	 Modification 

The Borrower shall procure that no Owner shall make any modification or repairs to, or replacement of, its Ship or equipment installed on it
which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value. 
  

	14.8	 Removal of parts 

The Borrower shall procure that no Owner shall remove any material part of its Ship, 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 that Ship the property of that Owner and subject to the security constituted by the relevant Mortgage Provided that an Owner may install equipment owned by a third party if the equipment can be
removed without any risk of damage to the Ship owned by it. 
  

	14.9	 Surveys 

The Borrower shall procure that each Owner submits 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 Security Trustee provide the Security Trustee, with copies of all survey reports. 

  
 56 

	14.10	 Inspection 

The Borrower shall procure that each Owner permits the Security Trustee (by surveyors or other persons appointed by it for that purpose) to
board the Ship owned by that Owner at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections at the Borrower’s expense (which if no
Event of Default has occurred and is continuing shall be limited to once in each calendar year). 
  

	14.11	 Prevention of and release from arrest 

The Borrower shall procure that each Owner promptly discharges: 
  

	(a)	 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; 

  

	(b)	 all taxes, dues and other amounts charged in respect of that Ship, the Earnings or the Insurances; and

  

	(c)	 all other outgoings whatsoever in respect of that Ship, the Earnings or the Insurances, 

and, forthwith upon receiving notice of the arrest of that Ship, or of its detention in exercise or purported exercise of any lien or claim,
that Owner shall procure its release by providing bail or otherwise as the circumstances may require. 
  

	14.12	 Compliance with laws etc. 

The Borrower shall procure that each Owner shall: 
  

	(a)	 comply, or procure compliance with the ISM Code, the ISPS Code, all Environmental Laws and all other laws or
regulations relating to the Ship owned by it, its ownership, operation and management or to the business of that Owner; 

  

	(b)	 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 

  

	(c)	 in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit that
Ship to enter or trade to any zone which is declared a war zone by any government or by the Ship’s war risks insurers unless the prior written consent of the Security Trustee has been given and that Borrower has (at its expense) effected any
special, additional or modified insurance cover which the Security Trustee may require. 

  

	14.13	 Provision of information 

The Borrower shall procure that each Owner shall promptly provide the Security Trustee with any information which it requests regarding: 

 

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

 

	(b)	 the Earnings and payments and amounts due to the master and crew of that Ship; 

  
 57 

	(c)	 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; 

  

	(d)	 any towages and salvages; and 

 

	(e)	 its compliance, the Approved Manager’s compliance and the compliance of that Ship with the ISM Code and
the ISPS Code, 

 and, upon the Security Trustee’s request, provide copies of any current charter relating to that
Ship, of any current charter guarantee and copies of that Owner’s or the Approved Manager’s Document of Compliance, Safety Management Certificate and the ISSC. 
  

	14.14	 Notification of certain events 

The Borrower shall procure each Owner: 
  

	(a)	 before entering into: 

 

	 	(i)	 any demise charter for any period in respect of its Ship; or 

 

	 	(ii)	 any other Assignable Charter, 

shall notify the Agent and provide copies of any draft charter relating to its Ship and, if applicable, any draft charter guarantee and that
Owner shall be entitled to enter into such charter without the consent of the Creditor Parties Provided that: 
  

	 	(A)	 that Owner executes in favour of the Security Trustee a specific assignment of all its rights, title and
interest in and to such charter and any charter guarantee in the form of a Charterparty Assignment; 

  

	 	(B)	 the charterer and any charter guarantor receive a notice (1) of the specific assignment of such charter
and charter guarantee and (2) that the Mortgage over that Ship has been registered prior to the entry into such charter; 

  

	 	(C)	 in the case where such charter is a demise charter the charterer undertakes to the Security Trustee (1) to
comply with all of that Owner’s undertakings with regard to the employment, insurances, operation, repairs and maintenance of its Ship contained in this Agreement, the Mortgage and the General Assignment in relation to that Ship and (2) to
provide an assignment of its interest in the insurances of the Ship in the Agreed Form; 

  

	 	(D)	 the relevant Owner provides certified true and complete copies of the charter relating to its Ship and of any
current charter guarantee, if any, promptly after its execution; 

  

	 	(E)	 the Agent’s receipt of a copy of the charter and its failure or neglect to act, delay or acquiescence in
connection with the relevant Owner’s entering into such charter shall not in any way constitute an acceptance by the Agent of whether or not the Earnings under the charter are sufficient to meet the debt service requirements under this
Agreement nor shall it in any way affect the Agent’s or the Security Trustee’s entitlement to exercise its rights under the Finance Documents pursuant to Clause 19 (Events of default) upon the occurrence of an Event of Default
arising as a result of an act or omission of the charterer; and 

  
 58 

	 	(F)	 the Borrower delivers to the Agent such other documents equivalent to those referred to at paragraphs 2, 3, 4,
5, 7, 8 and 9 of Schedule 3 (Condition Precedent Documents), Schedule 1Part A as the Agent may require; and 

  

	(b)	 shall immediately notify the Security Trustee by letter, of: 

 

	 	(i)	 its entry 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 Owner to any Earnings; 

  

	 	(ii)	 its entry 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; 

  

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

 

	 	(iv)	 any material insurance claim in relation to a Ship; 

 

	 	(v)	 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; 

  

	 	(vi)	 any requirement, overdue condition or recommendation made by any insurer or classification society or by any
competent authority which is not complied with in accordance with its terms; 

  

	 	(vii)	 any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or its
Earnings or any requisition of that Ship for hire; 

  

	 	(viii)	 any unscheduled dry docking of that Ship; 

 

	 	(ix)	 any Environmental Claim made against that Owner or in connection with that Ship, or any Environmental Incident;

  

	 	(x)	 any claim for breach of the ISM Code or the ISPS Code being made against that Owner, the Approved Manager or
otherwise in connection with that Ship; 

  

	 	(xi)	 its intention to de-activate or lay up its Ship; or

  

	 	(xii)	 any other matter, event or incident, the effect of which will or could lead to the ISM Code or the ISPS Code
not being complied with, 

 and that Owner shall keep the Security Trustee advised in writing on a regular basis and in
such detail as the Security Trustee shall require of that Owner’s, the Approved Manager’s or any other person’s response to any of those events or matters. 
  

	14.15	 Restrictions on chartering, appointment of managers etc. 

The Borrower shall procure that no Owner shall, in relation to the Ship owned by it: 

 

	(a)	 enter into any charter in relation to that Ship under which more than two months’ hire (or the equivalent)
is payable in advance; 

  
 59 

	(b)	 charter that Ship otherwise than on bona fide arm’s length terms at the time when that Ship is fixed;

  

	(c)	 appoint a manager of that Ship other than the Approved Manager; or 

 

	(d)	 put that Ship into the possession of any person for the purpose of work being done upon it in an amount
exceeding or likely to exceed $500,000 (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 its Earnings
for the cost of such work or for any other reason. 

  

	14.16	 Notice of Mortgage 

The Borrower shall procure that each Owner shall keep the Mortgage relative to its Ship registered against that Ship as a valid first preferred
or, as the case may be, priority 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 Owner to the Security Trustee. 
  

	14.17	 Sharing of Earnings 

The Borrower shall procure that no Owner shall enter into any agreement or arrangement for the sharing of any Earnings (other than (i) any
profit sharing agreement with a charterer which takes effect above an agreed minimum charter hire rate payable to the relevant Owner under a charter to which that Owner is a party and (ii) any pool agreement, in either case, on bona fide
arm’s length terms). 
  

	14.18	 ISPS Code 

The Borrower shall procure that each Owner shall comply with the ISPS Code and in particular, without limitation, shall: 

 

	(a)	 procure that the Ship owned by it and the company responsible for that Ship’s compliance with the ISPS
Code comply with the ISPS Code; and 

  

	(b)	 maintain for that Ship an ISSC; and 

 

	(c)	 notify the Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or
modification of the ISSC. 

  

	15	 SECURITY COVER 

 

	15.1	 Minimum required security cover 

 

	(a)	 Clause 15.2(a) (Prepayment; provision of additional security) applies if the Agent notifies the Borrower
that the Senior Advance Security Cover Ratio is below 135 per cent at any time during the Security Period; and 

  

	(b)	 Clause 15.2(b) (Prepayment; provision of additional security )applies if the Agent notifies the Borrower
that the Security Cover Ratio is: 

  

	 	(i)	 for the period starting on the Drawdown Date and ending on 29 April 2022 inclusive, below 118%; or

  
 60 

	 	(ii)	 at all times thereafter, below 125%. 

 

	15.2	 Prepayment; provision of additional security 

 

	(a)	 If the Agent serves a notice on the Borrower under Clause 15.1(a) (Minimum required security cover) the
Borrower shall prepay such part at least of the Senior Advance as will eliminate the shortfall on or before the date falling 14 Business Days after the date on which the Agent’s notice is served under Clause 15.1(a) (Minimum required
security cover) (the “Senior Advance Shortfall Prepayment Date”) unless at least five calendar days before the Senior Advance Shortfall Prepayment Date the Borrower 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 and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders,
approve or require. 

  

	(b)	 If the Agent serves a notice on the Borrower under Clause 15.1(b) (Minimum required security
cover)15.1(a), the Borrower shall prepay such part at least of the Loan as will eliminate the shortfall on or before the date falling 14 Business Days after the date on which the Agent’s notice is served under Clause 15.1(a) (Minimum
required security cover) (the “Loan Shortfall Prepayment Date”) unless at least five calendar days before the Loan Shortfall Prepayment Date the Borrower 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 and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders, approve or
require. 

  

	15.3	 Valuation of Ships 

The Market Value of a Ship: 
  

	(a)	 for the purposes of the Initial Market Value, is that shown in one valuation addressed to the Agent issued by
one Approved Broker to be nominated and appointed by the Agent. If the Borrower does not agree with such valuation, the Borrower can nominate another Approved Broker to provide a second valuation addressed to the Agent and appointed by the Agent, in
which case the Initial Market Value is that shown by taking the arithmetic average of such two valuations. If the difference between these two valuations is greater than 15 per cent. paragraph (d) of this Clause 15.3 (Valuation of
Ships) shall be applicable; and 

  

	(b)	 at any other date, is that shown in one valuation addressed to the Agent to be issued by an Approved Broker,
nominated and appointed by the Borrower and addressed to the Agent (the “First Valuation”) unless the Agent obtains a second valuation issued by an Approved Broker nominated and appointed by the Agent (the “Second
Valuation”) in which case the Market Value of the relevant Ship at the relevant date is that shown: 

  

	 	(i)	 if the difference between the First Valuation and the Second Valuation is less than 10 per cent., by the
First Valuation; and 

  

	 	(ii)	 if the difference between the First Valuation and the Second Valuation is greater than 10 per cent. but
less than 15 per cent. or less, by taking the arithmetic average of such two valuations, 

  

	(c)	 each valuation issued pursuant to paragraphs (a) and (b) of this Clause 15.3 (Valuation of Ships)
to be prepared: 

  

	 	(A)	 as at a date not more than 30 days previously; 

  
 61 

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

  

	 	(C)	 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; and 

  

	(d)	 if the difference between 2 valuations in respect of a Ship obtained at any one time, in each case, pursuant to
this Clause 15.3 (Valuation of Ships) is greater than 15 per cent. a valuation shall be commissioned from a third Approved Broker selected and appointed by the Agent. Such valuation to be conducted in accordance with this Clause 15.3
(Valuation of Ships) and the Market Value of that Ship in such circumstances shall be the arithmetic average of all three valuations. 

  

	15.4	 Value of additional vessel security 

The net realisable value of any additional security which is provided under Clause 15.2 (Prepayment; provision of additional security)
and which consists of a Security Interest over a vessel shall be that shown by a valuation complying with the requirements of Clause 15.3 (Valuation of Ships). 
  

	15.5	 Valuations binding 

Any valuation under Clause 15.2 (Prepayment; provision of additional security), 15.3 (Valuation of Ships ) or 15.4 (Value of
additional vessel security) shall be binding and conclusive as regards the Borrower, as shall be any valuation which the Majority Lenders make of any additional security which does not consist of or include a Security Interest. 

 

	15.6	 Provision of information 

The Borrower shall promptly provide the Agent and any Approved Broker or expert acting under Clause 15.3 (Valuation of Ships) or 15.4
(Value of additional vessel security) with any information which the Agent or that Approved Broker or expert may request for the purposes of the valuation; and, if the Borrower fails to provide the information by the date specified in the
request, the valuation may be made on any basis and assumptions which that Approved Broker or the Majority Lenders (or the expert appointed by them) consider prudent. 
  

	15.7	 Payment of valuation expenses 

Without prejudice to the generality of the Borrower’s obligations under Clauses 20.2 (Costs of negotiation, preparation etc.), 20.3
(Costs of variations, amendments enforcement etc.) and 21.3 (Other breakage), the Borrower 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. 
  

	15.8	 Frequency of valuations 

The Borrower shall provide the Agent with a valuation of each Ship, dated as of June or, as the case may be, December of each calendar year
during the Security Period, within the month of July or January following thereafter respectively and the Agent may, otherwise, request valuations to determine the Borrower’s compliance under Clause 15.1 (Minimum required security cover)
not less than twice during each 12-month period during the Security Period. 

  
 62 

	16	 PAYMENTS AND CALCULATIONS 

 

	16.1	 Currency and method of payments 

All payments to be made by the Lenders or by the Borrower or any Owner under a Finance Document shall be made to the Agent or to the Security
Trustee, in the case of an amount payable to it: 
  

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

 

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

 

	(c)	 in the case of an amount payable by a Lender to the Agent or by the Borrower or any Owner to the Agent or any
Lender, to the account of the Agent at J.P. Morgan Chase Bank (SWIFT Code CHASUS33) (Account No. 001 1331 808 in favour of Hamburg Commercial Bank AG, SWIFT Code HSHNDEHH; Reference “Navios Maritime Acquisition Corporation”) or to
such other account with such other bank as the Agent may from time to time notify to the Borrower and the other Creditor Parties; and 

  

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

  

	16.2	 Payment on non-Business Day 

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

 

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

 

	(b)	 if the next succeeding Business Day falls in the next calendar month, the due date shall be brought forward to
the immediately preceding Business Day, 

 and interest shall be payable during any extension under paragraph (a) at
the rate payable on the original due date. 
  

	16.3	 Basis for calculation of periodic payments 

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

	16.4	 Distribution of payments to Creditor Parties 

Subject to Clauses 16.5 (Permitted deductions by Agent), 16.6 (Agent only obliged to pay when monies received) and 16.7
(Refund to Agent of monies not received): 
  

	(a)	 any amount received by the Agent under a Finance Document for distribution or remittance to a Lender or the
Security Trustee shall be made available by the Agent to that Lender or, as the case may be, the Security Trustee by payment, with funds having the same value as the funds received, to such account as the Lender or the Security Trustee may have
notified to the Agent not less than five Business Days previously; and 

  
 63 

	(b)	 amounts to be applied in satisfying amounts of a particular category which are due to the Lenders generally
shall be distributed by the Agent to each Lender pro rata to the amount in that category which is due to it. 

  

	16.5	 Permitted deductions by Agent 

Notwithstanding any other provision of this Agreement or any other Finance Document, the Agent may, before making an amount available to a
Lender, deduct and withhold from that amount any sum which is then due and payable to the Agent from that Lender under any Finance Document or any sum which the Agent is then entitled under any Finance Document to require that Lender to pay on
demand. 
  

	16.6	 Agent only obliged to pay when monies received 

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

 

	16.7	 Refund to Agent of monies not received 

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

	(a)	 refund the sum in full to the Agent; and 

 

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

  

	16.8	 Agent may assume receipt 

Clause 16.7 (Refund to Agent of monies not received) shall not affect any claim which the Agent has under the law of restitution, and
applies irrespective of whether the Agent had any form of notice that it had not received the sum which it made available. 
  

	16.9	 Creditor Party accounts 

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

	16.10	 Agent’s memorandum account 

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

  
 64 

	16.11	 Accounts prima facie evidence 

If any accounts maintained under Clauses 16.9 (Creditor Party accounts) and 16.10 (Agent’s memorandum account) show an
amount to be owing by the Borrower or a Security Party to a Creditor Party, those accounts shall be prima facie evidence that that amount is owing to that Creditor Party. 

 

	17	 APPLICATION OF RECEIPTS 

 

	17.1	 Normal order of application 

Except as any Finance Document may otherwise provide, any sums which are received or recovered by any Creditor Party under or by virtue of any
Finance Document shall be applied: 
  

	(a)	 FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the
following order and proportions: 

  

	 	(i)	 firstly, in or towards satisfaction pro rata of all amounts then due and payable to the Creditor Parties under
the Finance Documents (including, but without limitation, all amounts payable by any Borrower under Clauses 20 (Fees and Expenses), 21 (Indemnities) and 22 (No set-Off or Tax deduction)of
this Agreement or by the Borrower or any Security Party under any corresponding or similar provision in any other Finance Document) other than those amounts referred to at paragraphs (ii) and (iii); 

 

	 	(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 in respect of the Senior Advance; 

  

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

 

	 	(iv)	 fourthly, 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 in respect of the Junior Advance; and 

  

	 	(v)	 fifthly, in or towards satisfaction of the Junior Advance; and 

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 Borrower, the Security Parties and the other Creditor Parties, states in its opinion will either or may become due and payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them in accordance with
the provisions of Clause 17.1(a) (Normal order of application); and 
  

	(b)	 THIRDLY: any surplus shall be paid to the Borrower or to any other person appearing to be entitled to it.

  

	17.2	 Application by any covered bond Lender 

If and to the extent that any Lender includes the Loan and/or a Mortgage in its covered bond register, any enforcement proceeds recovered under
the Finance Documents and attributable to it under the relevant Finance Document shall, notwithstanding the provisions of Clause 17.1(a) (Normal order of application), be applied by it first to the part of the Loan that corresponds to that
Lender’s Contribution registered in its covered bond register and thereafter in the following order: 
  

	(a)	 firstly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(i); 

  
 65 

	(b)	 secondly, in or towards satisfaction of the amounts set out under Clause 17.1(a)(ii); and

  

	(c)	 thirdly, in or towards satisfaction of any part of the Loan that corresponds to any unregistered part of that
Lender’s contribution. 

  

	17.3	 Variation of order of application 

The Agent may, with the authorisation of the Majority Lenders, by notice to the Borrower, the Security Parties and the other Creditor Parties
provide for a different manner of application from that set out in Clause 17.1 (Normal order of application) but not, for the avoidance of doubt, that set out in Clause 17.2 (Application by any covered bond Lender) either as regards a
specified sum or sums or as regards sums in a specified category or categories. 
  

	17.4	 Notice of variation of order of application 

The Agent may give notices under Clause 17.3 (Variation of order of application)from time to time; and such a notice may be stated to
apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Business Day before the date on which the notice is served. 

 

	17.5	 Appropriation rights overridden 

This Clause 17 (Application of Receipts) and any notice which the Agent gives under Clause 17.3 (Variation of order of
application) shall override any right of appropriation possessed, and any appropriation made, by the Borrower or either Security Party. 
  

	18	 APPLICATION OF EARNINGS 

 

	18.1	 Payment of Earnings 

The Borrower undertakes with each Creditor Party that, throughout the Security Period (and subject only to the provisions of the General
Assignment to which it is a party): 
  

	(a)	 the Accounts shall be maintained with the Account Bank; and 

 

	(b)	 all Earnings of the Ship shall be paid to the Earnings Account for that Ship; 

 

	(c)	 the applicable Mandatory Minimum Liquidity Amount and Additional Minimum Liquidity Amount required pursuant to
Clause 11.20(Minimum Liquidity) shall be maintained in the Minimum Liquidity Account. 

  

	(d)	 the applicable Reserve Amounts required pursuant to Clause 11.21(Reserve Amounts) shall be accumulated
and maintained in the Reserve Account. 

  
 66 

	18.2	 Monthly retentions 

The Borrower undertakes with each Creditor Party to ensure that, on and from the date falling one month after the Drawdown Date and at monthly
intervals thereafter during the Security Period, there are transferred to the Retention Account out of the Earnings received in the relevant Earnings Account during the preceding month: 

 

	(a)	 one-third of the amount of the relevant Instalment falling due under
Clause 8.1 (Amount of Instalments) on the next Repayment Date; and 

  

	(b)	 the relevant fraction of the aggregate amount of interest which is payable on the next due date for payment of
interest under this Agreement, 

 and the Borrower irrevocably authorises the Agent to make those transfers on behalf of
the Owners (in its sole discretion and without any obligation) if the Owners fail to do so. 
 The “relevant fraction”, in
relation to paragraph (b), is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period (or if the current Interest Period ends after the next due date for payment of interest under
this Agreement, the number of months from the later of the commencement of the current Interest Period or the last due date for payment of interest to the next due date for payment of interest under this Agreement). 

 

	18.3	 Shortfall in Earnings 

If the aggregate Earnings received in each Earnings Account are insufficient at any time for the required amount to be transferred to the
Retention Account under Clause 18.2 (Monthly retentions), the Borrower shall procure that the Owners shall immediately pay the amount of the insufficiency into the Retention Account. 

 

	18.4	 Application of retentions 

Until an Event of Default or a Potential Event of Default occurs, the Agent shall, to the extent there are sufficient funds standing to the
credit of the Retention Account, on each Repayment Date and on each due date for the payment of interest under this Agreement distribute to the Lenders in accordance with Clause 16.4 (Distribution of Payments to Creditor Parties)so much of
the then balance on the Retention Account as equals: 
  

	(a)	 the Instalment due on that Repayment Date pursuant to Clause 8.1 (Amount of Instalments); or

  

	(b)	 the amount of interest in respect of the Loan payable on that interest payment date, 

in discharge of the Borrower’s liability for that Instalment or that interest. 

 

	18.5	 Interest accrued on the Accounts 

Any credit balance on each Account shall bear interest at the rate from time to time offered by the Agent to its customers for Dollar deposits
of similar amounts and for periods similar to those for which such balances appear to the Agent likely to remain on that Account. 
  

	18.6	 Release of accrued interest 

Interest accruing under Clause 18.5 (Interest accrued on the Accounts) shall be credited to the relevant Account and may be released to
the relevant Owner pursuant to Clause 18.10 (Restriction on withdrawal). 

  
 67 

	18.7	 Location of Accounts 

The Borrower shall, and shall procure that each Owner will, promptly: 
  

	(a)	 comply with any requirement of the Agent as to the location or
re-location of the Accounts (or any of them); and 

  

	(b)	 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 Accounts. 

  

	18.8	 Debits for fees, expenses etc. 

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

	18.9	 Borrower’s obligations unaffected 

The provisions of this Clause 18 (Application of Earnings) (as distinct from a distribution effected under Clause 18.4 (Application
of retentions)) do not affect: 
  

	(a)	 the liability of the Borrower to make payments of principal and interest on the due dates; or

  

	(b)	 any other liability or obligation of the Borrower or any Security Party under any Finance Document.

  

	18.10	 Restriction on withdrawal 

During the Security Period no sum may be withdrawn by the Borrower or an Owner from the Retention Account (other than interest pursuant to
Clause 18.6 (Release of accrued interest), provided that no Event of Default or Potential Event of Default has occurred which is continuing), without the prior written consent of the Agent. 

The Borrower or the Owners may, in any calendar month, after having transferred and/or after having taken into account all amounts due or which
will become due to be transferred to the Retention Account in such calendar month in accordance with Clause 18.2 (Monthly retentions), withdraw any surplus (a “Surplus”) from the Earnings Accounts (or any of them) as they may
think fit for purposes permitted by this Agreement and the other Finance Documents Provided always no Event of Default or Potential Event of Default has occurred which is continuing in which case any Surplus shall remain on the relevant
Earnings Account and the Borrower or Owners may only withdraw the Surplus (or any part thereof) with the prior written consent of the Agent (acting upon the instructions of the Majority Lenders) in order to satisfy the documented and properly
incurred operating expenses of the Ships (or any of them). 

  
 68 

	19	 EVENTS OF DEFAULT 

 

	19.1	 Events of Default 

An Event of Default occurs if: 
  

	(a)	 any 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 unless: 

  

	 	(i)	 its failure to pay is caused by administrative or technical error or a Disruption Event; and

  

	 	(ii)	 payment is made within 3 Business Days; or 

 

	(b)	 any breach by the Borrower, the Approved Manager or any Security Party occurs of any provision of a Finance
Document (other than a breach covered by paragraph (a)) which, in the reasonable opinion of the Majority Lenders, is capable of remedy, and such default continues unremedied 30 Business Days (or any other grace period agreed by the Agent) after
written notice from the Agent requesting action to remedy the same; or 

  

	(c)	 (subject to any applicable grace period specified in the Finance Documents) any material breach by the
Borrower, the Approved Manager or any Security Party occurs of any provision of a Finance Document (other than a breach falling within paragraphs (a) or (b)); or 

 

	(d)	 any representation, warranty or statement made or repeated by, or by an officer of, the Borrower, the Approved
Manager or a Security Party in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is untrue or misleading in any material respect when it is made or repeated; or 

 

	(e)	 any of the following occurs in relation to any Financial Indebtedness of a Relevant Person:

  

	 	(i)	 any Financial Indebtedness of a Relevant Person is not paid when due unless the Relevant Person is contesting
its obligation to pay the relevant amount in good faith and on substantial grounds and by appropriate proceedings and adequate reserves have been set aside for its payment if such proceedings fail; or 

 

	 	(ii)	 any Financial Indebtedness of a Relevant Person which in the case of any Relevant Person other than any Owner
exceeds $15,000,000 (or the equivalent in any other currency in aggregate), becomes due and payable or capable of being declared due and payable prior to its stated maturity date as a consequence of any event of default; or 

 

	 	(iii)	 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 which in the case of any Relevant Person other than any Owner exceeds $15,000,000 (or the equivalent in any other currency
in aggregate) ceases to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable of being required, in respect of such a facility as a result of any event of default; or

  

	 	(iv)	 any Security Interest securing any Financial Indebtedness of a Relevant Person, which in the case of any
Relevant Person other than any Owner exceeds an amount of $15,000,000 (or the equivalent in any other currency in aggregate), becomes enforceable; or 

  
 69 

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

 

	 	(i)	 a Relevant Person becomes, in the reasonable opinion of the Majority 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 or any form of freezing order which in the case of any Relevant Person other than any Owner exceeds $15,000,000 (or the equivalent in any other currency in aggregate), and such execution, attachment, arrest, sequestration, distress or
freezing order is not withdrawn within thirty (30) Business 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 or officers 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 shareholders, directors or officers 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
the Borrower which is, or is to be, effected for the purposes of an amalgamation or reconstruction previously approved by the Majority Lenders and effected not later than three 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 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 

  
 70 

	 	(ix)	 a Relevant Person or its directors or officers 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 shareholders 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 shareholders, 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 Pertinent Jurisdiction 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 

  

	(g)	 the Borrower or any Owner 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 

  

	(h)	 it becomes unlawful in any Pertinent Jurisdiction or impossible: 

 

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

  

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

  

	(i)	 any official consent necessary to enable any Owner to own, operate or charter the Ship owned by it or to enable
any Owner, the Approved Manager or any Security Party to comply with any provision which the Majority Lenders reasonably consider material of a Finance Document or any Underlying Document 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 such revocation is validly contested in good faith by the Borrower, the Approved Manager or, as the case may be, that Security Party; or 

 

	(j)	 it appears to the Majority Lenders that, without their prior consent, a Change of Control has occurred after
the date of this Agreement; or 

  

	(k)	 any provision which the Majority Lenders reasonably 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 (excluding any Permitted Security Interests); or 

  
 71 

	(l)	 the security constituted by a Finance Document is in any way imperilled or in jeopardy; or

  

	(m)	 the Borrower, the Approved Manager or any Security Party or any other person (other than a Creditor Party)
repudiates any of the Finance Documents to which the Borrower, the Approved Manager or that Security Party or person is a party or evidences an intention to do so; or 

 

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

  

	 	(i)	 a change in the financial position, state of affairs or prospects of the Borrower or any other Security Party;
or 

  

	 	(ii)	 the commencement of legal or administrative action involving the Borrower, a Ship, either of the Approved
Manager or any Security Party; or 

  

	 	(iii)	 the withdrawal of any material license or governmental or regulatory approval in respect of a Ship, an Owner,
the Approved Manager or any Owner’s or Approved Manager’s business (unless such withdrawal can be contested with the effect of suspension and is in fact so contested in good faith by the Borrower or the Approved Manager),

 which in the reasonable opinion of the Lenders constitutes a Material Adverse Change. 

 

	19.2	 Actions following an Event of Default 

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

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

 

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

  

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

  

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

  

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

  
 72 

	19.3	 Termination of Commitments 

On the service of a notice under Clause 19.2(a)(i) (Actions following an Event of Default), the Commitments and all other obligations of
each Lender to the Borrower under this Agreement shall be cancelled. 
  

	19.4	 Acceleration of Loan 

On the service of a notice under Clause 19.2(a)(ii) (Actions following an Event of Default), all or, as the case may be, the part of the
Loan specified in the notice together with accrued interest and all other amounts accrued or owing from the Borrower or any Security Party under this Agreement and every other Finance Document shall become immediately due and payable or, as the case
may be, payable on demand. 
  

	19.5	 Multiple notices; action without notice 

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

	19.6	 Notification of Creditor Parties and Security Parties 

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

	19.7	 Creditor Party rights unimpaired 

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

	19.8	 Exclusion of Creditor Party liability 

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

  

	(a)	 for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance
Document or by any failure or delay to exercise such a right or to enforce such a Security Interest; or 

  

	(b)	 as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by
or realised from any asset comprised in such a Security Interest or for any reduction (however caused) in the value of such an asset, 

  
 73 

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

	19.9	 Relevant Persons 

In this Clause 19 (Events of default), a “Relevant Person” means a Borrower or any Security Party. 

 

	19.10	 Interpretation 

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

 

	20	 FEES AND EXPENSES 

 

	20.1	 Fees 

The Borrower shall pay to the Agent a non-refundable commitment fee, at the rate of 1.00 per cent.
per annum on the undrawn or uncancelled amount of the Total Commitments, payable quarterly in arrears for distribution among the Lenders pro rata to their Commitments (being from 7 May 2021 until 29 July 2021 US$152,875,000 in relation to
Hamburg Commercial Bank AG and US$50,000,000 in relation to Alpha Bank A.E. and thereafter US$147,230,964.26 in relation to Hamburg Commercial Bank AG and US$48,154,035.74 in relation to Alpha Bank A.E.), during the period from 7 May 2021 to
the earlier of (i) the Drawdown Date and (ii) the last day of the Availability Period. 
  

	20.2	 Costs of negotiation, preparation etc. 

The Borrower shall pay to the Agent on its demand the amount of all legal and other expenses incurred by the Agent or the Security Trustee in
connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any transaction contemplated by a Finance Document or a related document. 

 

	20.3	 Costs of variations, amendments, enforcement etc. 

The Borrower shall pay to the Agent, on the Agent’s demand, for the account of the Creditor Party concerned, the amount of all legal and
other expenses incurred by a Creditor Party in connection with: 
  

	(a)	 any amendment or supplement (or any proposal for such an amendment or supplement) requested (or, in the case of
a proposal, made) by or on behalf of the Borrower and relating to a Finance Document or any other Pertinent Document contemplated in Clause 27.5 (Replacement of Screen Rate); 

 

	(b)	 any consent, waiver or suspension of rights by the Lenders, the Majority Lenders or the Creditor Party
concerned or any proposal for any of the foregoing requested (or, in the case of a proposal, made) by or on behalf of the Borrower under or in connection with a Finance Document or any other Pertinent Document; 

 

	(c)	 the valuation of any security provided or offered under and pursuant to Clause 15 (Security Cover) or
any other matter relating to such security; 

  
 74 

	(d)	 any step taken by the Creditor Party concerned with a view to the preservation, protection, exercise or
enforcement of any rights or Security Interest created by a Finance Document or for any similar purpose including, without limitation, any proceedings to recover or retain proceeds of enforcement or any other proceedings following enforcement
proceedings until the date all outstanding indebtedness to the Creditor Parties under the Finance Documents and any other Pertinent Document is repaid in full; or 

 

	(e)	 any amendment or supplement (or any proposal for such an amendment or supplement) in connection with a Finance
Document or any other Pertinent Document required as contemplated in Clause 27.5 (Replacement of Screen Rate). 

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. 
  

	20.4	 Documentary taxes 

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

	20.5	 Certification of amounts 

A notice which is signed by 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 (Fees and Expenses) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence
that the amount, or aggregate amount, is due. 
  

	21	 INDEMNITIES 

  

	21.1	 Indemnities regarding borrowing and repayment of Loan 

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

  

	(a)	 the relevant Advance not being borrowed on the date specified in the relevant Drawdown Notice for any reason
other than a default by the Lender claiming the indemnity after the relevant Drawdown Notice has been served in accordance with the provisions of this Agreement; 

 

	(b)	 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; 

  

	(c)	 any failure (for whatever reason) by the Borrower (or any of them) to make payment of any amount due under a
Finance Document on the due date or, if so payable, on demand (after giving credit for any default interest paid by the Borrower on the amount concerned under Clause 7 (Default Interest) including but not limited to any costs and expenses of
enforcing any Security Interests created by the Finance Documents and any claims, liabilities and losses which may be brought against, or incurred by, a Creditor Party when enforcing any Security Interests created by the Finance Documents; and

  
 75 

	(d)	 the occurrence and/or continuance of an Event of Default or a Potential Event of Default and/or the
acceleration of repayment of the Loan under Clause 19 (Event of default), 

 and in respect of any tax (other than
tax on its overall net income and 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. 

 

	21.2	 Break Costs 

If a Lender (the “Notifying Lender”) notifies the Agent that as a consequence of receipt or recovery of all or any part of the
Loan (a “Payment”) on a day other than the last day of an Interest Period applicable to the sum received or recovered the Notifying Lender has or will, with effect from a specified date, incur Break Costs: 

 

	(a)	 the Agent shall promptly notify the Borrower of a notice it receives from a Notifying Lender under this Clause
21.2 (Break costs); 

  

	(b)	 the Borrower shall, within five Business Days of the Agent’s demand, pay to the Agent for the account of
the Notifying Lender the amount of such Break Costs; and 

  

	(c)	 the Notifying Lender shall, as soon as reasonably practicable, following a request by the Borrower, provide a
certificate confirming the amount of the Notifying Lender’s Break Costs for the Interest Period in which they accrue, such certificate to be, in the absence of manifest error, conclusive and binding on the Borrower. 

In this Clause 21.2 (Break costs), “Break Costs” means, in relation to a Payment the amount (if any) by which: 

 

	 	(i)	 the interest which the Notifying Lender, should have received in accordance with Clause 5 (Interest) in
respect of the sum received or recovered from the date of receipt or recovery of such Payment to the last day of the then current Interest Period applicable to the sum received or recovered had such Payment been made on the last day of such Interest
Period; 

 exceeds 
  

	 	(ii)	 the amount which the Notifying Lender, would be able to obtain by placing an amount equal to such Payment on
deposit with a leading bank in the Relevant Interbank Market for a period commencing on the Business Day following receipt or recovery of such Payment (as the case may be) and ending on the last day of the then current Interest Period applicable to
the sum received or recovered. 

  

	21.3	 Other breakage costs 

Without limiting its generality, Clause 21.1 (Indemnities regarding borrowing and repayment of Loan) covers any claim, expense,
liability or loss, including (without limitation) (i) a loss of a prospective profit, incurred by a Lender in borrowing, liquidating or re-employing deposits from third parties acquired, contracted for or
arranged to fund, effect 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) other than claims, expenses, liabilities and losses which are shown to
have been directly and mainly caused by the gross negligence or wilful misconduct of the officers or employees of the Creditor Party concerned and (ii) any applicable legal fees. 

  
 76 

	21.4	 Miscellaneous indemnities 

The Borrower shall fully indemnify each Creditor Party severally on their respective demands, without prejudice to any of their other rights
under any of the Finance Documents, in respect of all claims, expenses, liabilities and losses which may be made or brought against or sustained or incurred by a Creditor Party, in any country, as a result of or in connection with: 

 

	(a)	 any action taken, or omitted or neglected to be taken, under or in connection with any Finance Document by the
Agent, the Security Trustee or any other Creditor Party or by any receiver appointed under a Finance Document; 

  

	(b)	 investigating any event which the Creditor Party concerned reasonably believes constitutes an Event of Default
or Potential Event of Default; or 

  

	(c)	 acting or relying on any notice, request or instruction which the Creditor Party concerned reasonably believes
to be genuine, correct and appropriately authorised, 

 other than claims, expenses, liabilities and losses which are shown
to have been directly and mainly caused by the dishonesty, gross negligence or wilful misconduct of the officers or employees of the Creditor Party concerned. 
  

	21.5	 Environmental Indemnity 

Without prejudice to the generality of Clause 21.4 (Miscellaneous indemnities), this Clause 21.5 (Environmental Indemnity) covers
any claims, demands, proceedings, liabilities, taxes, losses, liabilities or expenses of every kind which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code or the ISPS Code, any Environmental Law.

  

	21.6	 Currency indemnity 

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

	(a)	 making, filing or lodging any claim or proof against the Borrower or any Security Party, whether in its
liquidation, any arrangement involving it or otherwise; or 

  

	(b)	 obtaining an order, judgment or award from any court or other tribunal in relation to any litigation or
arbitration proceedings; or 

  

	(c)	 enforcing any such order, judgment or award, 

the Borrower shall as an independent obligation, within three Business Days of demand, indemnify the Creditor Party to whom that Sum is due
against any cost, loss or liability arising when the payment actually received by that Creditor Party is converted at the available rate of exchange back into the Contractual Currency including any discrepancy between (A) the rate of exchange
actually used to convert the Sum from the Payment Currency into the Contractual Currency and (B) the available rate of exchange. 

  
 77 

 In this Clause 21.6 (Currency Indemnity), 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 to purchase the Contractual Currency with the Payment Currency. 

The Borrower waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency other than that in
which it is expressed to be payable. 
 If any Creditor Party receives any Sum in a currency other than the Contractual Currency, the
Borrower shall indemnify in full the Creditor Party concerned against any cost, loss or liability arising directly or indirectly from any conversion of such Sum to the Contractual Currency. 

This Clause 21.6 (Currency Indemnity) creates a separate liability of the Borrower which is distinct from its other liabilities under
the Finance Documents and which shall not be merged in any judgment or order relating to those other liabilities. 
  

	21.7	 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 21 (Indemnities) and which indicates (without necessarily specifying a detailed breakdown) the matters in respect of which the amount, or aggregate amount, is due shall be prima facie evidence that the
amount, or aggregate amount, is due. 
  

	21.8	 Sums deemed due to a Lender 

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

	22	 NO SET-OFF OR TAX DEDUCTION 

 

	22.1	 No deductions 

All amounts due from the Borrower under a Finance Document shall be paid: 

 

	(a)	 without any form of set-off, counter-claim, cross-claim or condition;
and 

  

	(b)	 free and clear of any tax deduction except a tax deduction which the Borrower is required by law to make.

  

	22.2	 Grossing-up for taxes 

If, at any time, the Borrower is required by law, regulation or regulatory requirement to make a tax deduction from any payment due under a
Finance Document: 
  

	(a)	 the Borrower shall notify the Agent as soon as it becomes aware of the requirement; 

 

	(b)	 the amount due in respect of the payment shall be increased by the amount necessary to ensure that, after the
making of such tax deduction, each Creditor Party receives on the due date for such payment (and retains free from any liability relating to the tax deduction) a net amount which is equal to the full amount which it would have received had no such
tax deduction been required to be made; and 

  
 78 

	(c)	 the Borrower shall pay the full amount of the tax required to be deducted to the appropriate taxation authority
promptly in accordance with the relevant law, regulation or regulatory requirement, and in any event before any fine or penalty arises. 

  

	22.3	 Indemnity and evidence of payment of taxes 

The Borrower shall fully indemnify each Creditor Party on the Agent’s demand in respect of all claims, expenses, liabilities and losses
incurred by any Creditor Party by reason of any failure of the Borrower to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause 22.2 (Grossing – up taxes).
Within 30 days after making any tax deduction, the Borrower shall deliver to the Agent any receipts, certificates or other documentary evidence satisfactory to the Agent that the tax had been paid to the appropriate taxation authority. 

 

	22.4	 Exclusion of tax on overall net income 

In this Clause 22 (No set – Off or Tax deduction) “tax deduction” means any deduction or withholding from any
payment due under a Finance Document for or on account of any present or future tax except: 
  

	(a)	 tax on a Creditor Party’s overall net income; and 

 

	(b)	 a FATCA Deduction. 

  

	22.5	 FATCA Information 

 

	(a)	 Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by
another Party: 

  

	 	(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. 

  

	(b)	 If a Party 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. 

 

	(c)	 Paragraph (a) above shall not oblige any Creditor Party to do anything and
sub-paragraph (iii) of paragraph (a) above shall not oblige any other Party to do anything which would or might in its reasonable opinion constitute a breach of: 

 

	 	(i)	 any law or regulation; 

  
 79 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with sub-paragraphs (i) or (ii) of paragraph (a) 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 (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.

  

	(e)	 If a Lender knows or has reason to know that the Borrower is a US Tax Obligor, or where the Agent reasonably
believes that its obligations under FATCA require it, each Lender shall, within ten Business Days of: 

  

	 	(i)	 where the Lender knows or has reason to know that the Borrower is a US Tax Obligor and the relevant Lender is a
Party as at the date of this Agreement, the date of this Agreement; 

  

	 	(ii)	 where the Lender knows or has reason to know that a Borrower is a US Tax Obligor and the relevant Lender became
a Party after the date of this Agreement, the date on which the relevant Transfer Certificate became effective; or 

  

	 	(iii)	 the date of a request from the Agent, 

supply to the Agent: 
  

	 	(iv)	 a withholding certificate on US Internal Revenue Service Form W-8 or
Form W-9 (or any successor form) (as applicable); or 

  

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

 The Agent shall provide any withholding certificate,
withholding statement, documentation, authorisations and waivers it receives from a Lender pursuant to this paragraph (e) to the Borrower, to the extent required for compliance with FATCA or any other law or regulation, 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 taken by it under or in connection with this paragraph
(e). 
  

	(f)	 Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations
and waivers provided to the Agent pursuant to paragraph (e) 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 provide any such updated withholding certificate, withholding statement, documentation, authorisations and waivers to the Borrower, to the extent required for
compliance with FATCA or any other law or regulation. The Agent shall not be liable for any action taken by it under or in connection with this paragraph (f). 

  
 80 

	22.6	 FATCA Deduction 

 

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

  

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

  

	23	 ILLEGALITY, ETC. 

 

	23.1	 Illegality 

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

	(a)	 unlawful or prohibited as a result of the introduction of a new law, an amendment to an existing law or a
change in the manner in which an existing law is or will be interpreted or applied; or 

  

	(b)	 contrary to, or inconsistent with, any regulation, 

for the Notifying Lender to perform, maintain or give effect to any of its obligations under this Agreement in the manner contemplated by this
Agreement or to fund or maintain the Loan. 
  

	23.2	 Notification of illegality 

The Agent shall promptly notify the Borrower, the Security Parties, the Security Trustee and the other Lenders of the notice under Clause 23.1
(Illegality) which the Agent receives from the Notifying Lender. 
  

	23.3	 Prepayment; termination of Commitment 

On the Agent notifying the Borrower under Clause 23.2 (Notification of Illegality), the Notifying Lender’s Commitment shall be
immediately cancelled; and thereupon or, if later, on the date specified in the Notifying Lender’s notice under Clause 23.1 (Illegality) as the date on which the notified event would become effective the Borrower shall prepay the
Notifying Lender’s Contribution on the last day of the then current Interest Period in accordance with Clauses 8.10 (Amounts payable on prepayment) and 8.11 (Application of partial prepayment of cancellation). 

 

	24	 INCREASED COSTS 

 

	24.1	 Increased costs 

This Clause 24 (Increased costs) applies if a Lender (the “Notifying Lender”) notifies the Agent that the Notifying
Lender considers that as a result of: 
  

	(a)	 the introduction or alteration after the date of this Agreement of a law or an alteration after the date of
this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the application to payments under this Agreement of a tax on the Lender’s overall net income); or 

  
 81 

	(b)	 complying with any regulation (including any which relates to capital adequacy or liquidity controls or which
affects the manner in which the Notifying Lender allocates capital resources to its obligations under this Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement; or

  

	(c)	 the implementation or application of or compliance with the “International Convergence of Capital
Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (the “Basel II Accord”) or any other law or
regulation implementing the Basel II Accord or any of the approaches provided for and allowed to be used by banks under or in connection with the Basel II Accord, in each case when compared to the cost of complying with such regulations as
determined by the Agent (or parent company of it) on the date of this Agreement (whether such implementation, application or compliance is by a government, regulator, supervisory authority, the Notifying Lender or its holding company); or

  

	(d)	 the implementation or application of or compliance with Basel III or any law or regulation which implements or
applies Basel III (regardless of the date on which it is enacted, adopted or issued and regardless of whether any such implementation, application or compliance is by a government, regulator, the Notifying Lender or any of its affiliates),

 the Notifying Lender (or a parent company of it) has incurred or will incur an “increased cost”. 

24.2 Meaning of “increased cost” 

In this Clause 24 (Increased costs), “increased cost” means, in relation to a Notifying Lender: 

 

	(a)	 an additional or increased cost incurred as a result of, or in connection with, the Notifying Lender having
entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution or
other unpaid sums; 

  

	(b)	 a reduction in the amount of any payment to the Notifying Lender under this Agreement or in the effective
return which such a payment represents to the Notifying Lender or on its capital; 

  

	(c)	 an additional or increased cost of funding all or maintaining all or any of the advances comprised in a class
of advances formed by or including the Notifying Lender’s Contribution or (as the case may require) the proportion of that cost attributable to the Contribution; or 

 

	(d)	 a liability to make a payment, or a return foregone, which is calculated by reference to any amounts received
or receivable by the Notifying Lender under this Agreement, 

 but not an item attributable to a change in the rate of tax
on the overall net income of the Notifying Lender (or a parent company of it) or an item covered by the indemnity for tax in Clause 21.1 (Indemnities regarding borrowing and repayment of Loan)or by Clause 22 (No Set – Off or Tax
Deduction) or a FATCA Deduction required to be made by a Party. 
 For the purposes of this Clause 24.2 (Meaning of “Increased
cost”)the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets and liabilities) on such basis as it considers appropriate. 

  
 82 

	24.3	 Notification to Borrower of claim for increased costs 

The Agent shall promptly notify the Borrower and the Security Parties of the notice which the Agent received from the Notifying Lender under
Clause 24.1 (Increased costs). 
  

	24.4	 Payment of increased costs 

The Borrower shall pay to the Agent within 5 Business Days after the Agent’s demand, for the account of the Notifying Lender the amounts
which the Agent from time to time notifies the Borrower that the Notifying Lender has specified to be necessary to compensate the Notifying Lender for the increased cost. 
  

	24.5	 Notice of prepayment 

If the Borrower is not willing to continue to compensate the Notifying Lender for the increased cost under Clause 24.4 (Payment of increased
costs), the Borrower may give the Agent not less than 14 days’ notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period. 

 

	24.6	 Prepayment; termination of Commitment 

A notice under Clause 24.5 (Notice of Prepayment) shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the
Borrower’s notice of intended prepayment; and: 
  

	(a)	 on the date on which the Agent serves that notice, the Commitment of the Notifying Lender shall be cancelled;
and 

  

	(b)	 on the date specified in its notice of intended prepayment, the Borrower shall prepay (without premium or
penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable rate plus the Margin and the Mandatory Cost (if any). 

 

	24.7	 Application of prepayment 

Clause 8 (Repayment and Prepayment) shall apply in relation to the prepayment. 

 

	25	 SET-OFF 

 

	25.1	 Application of credit balances 

Each Creditor Party may without prior notice to the Borrower but with prior notice to the Agent: 

 

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

 

	(b)	 for that purpose: 

  

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

 

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

  
 83 

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

  

	25.2	 Existing rights unaffected 

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

	25.3	 Sums deemed due to a Lender 

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

	25.4	 No Security Interest 

This Clause 25 (Set-Off), gives the Creditor Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest over any credit balance of the Borrower. 
  

	26	 TRANSFERS AND CHANGES IN LENDING OFFICES 

 

	26.1	 Transfer by Borrower 

The Borrower may not assign or transfer any of its rights, liabilities or obligations under any Finance Document. 

 

	26.2	 Transfer by a Lender 

Subject to Clause 26.4 (Effective Date of Transfer certificate), a Lender (the “Transferor Lender”) may at any time,
without the consent of the Borrower or any Security Party but after consultation with the Borrower, cause: 
  

	(a)	 its rights in respect of all or part of its Contribution; or 

 

	(b)	 its obligations in respect of all or part of its Commitment; or 

 

	(c)	 a combination of (a) and (b); or 

 

	(d)	 all or part of its credit risk under this Agreement and the other Finance Documents, 

to be syndicated to or, (in the case of its rights) assigned, pledged or transferred to, or (in the case of its obligations) pledged or assumed
by, any other bank or financial institution or to a trust, fund or other entity, provided such other entity is regularly engaged in, or established for the purpose of, making, purchasing or investing in loans, securities or other financial assets (a
“Transferee Lender”) by delivering to the Agent a completed certificate in the form set out in Schedule 5 with any modifications approved or required by the Agent (a “Transfer Certificate”) executed by the
Transferor Lender and the Transferee Lender. 

  
 84 

 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. 
 All costs and expenses relating
to a transfer effected pursuant to this Clause 26.2 (Transfer by a Lender) shall be borne by the Transferee Lender. 
  

	26.3	 Transfer Certificate, delivery and notification 

As soon as reasonably practicable after a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the
Transfer Certificate may be defective): 
  

	(a)	 sign the Transfer Certificate on behalf of itself, the Borrower, the Security Parties, the Security Trustee and
each of the other Lenders; 

  

	(b)	 on behalf of the Transferee Lender, send to the Borrower and each Security Party letters or faxes notifying
them of the Transfer Certificate and attaching a copy of it; and 

  

	(c)	 send to the Transferee Lender copies of the letters or faxes sent under paragraph (b) above.

  

	26.4	 Effective Date of Transfer Certificate 

A Transfer Certificate becomes effective on the date, if any, specified in the Transfer Certificate as its effective date Provided that
it is signed by the Agent under Clause 26.3 (Transfer certificate, delivery and notification) on or before that date. 
  

	26.5	 No transfer without Transfer Certificate 

Except as provided in Clause 26.18 (Security over Lender’s right) no assignment or transfer of any right or obligation of a Lender
under any Finance Document is binding on, or effective in relation to, the Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate. 

 

	26.6	 Lender re-organisation 

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 successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender only upon receipt by the Agent of a notice to
this effect and evidence that all rights and obligations have automatically and by operation of law vested in the successor by virtue of the merger, de-merger or other reorganisation, without the need for the
execution and delivery of a Transfer Certificate; the Agent shall in that event inform the Borrower and the Security Trustee accordingly. 
  

	26.7	 Effect of Transfer Certificate 

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

 

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

  
 85 

	(b)	 the Transferor Lender’s Commitment is discharged to the extent specified in the Transfer Certificate;

  

	(c)	 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; 

  

	(d)	 the Transferee Lender becomes bound by all the provisions of the Finance Documents which are applicable to the
Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee
Lender becomes bound by those provisions (other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them; 

  

	(e)	 any part of the 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 the Borrower or any Security Party against
the Transferor Lender had not existed; 

  

	(f)	 the Transferee Lender becomes entitled to all the rights under the Finance Documents which are applicable to
the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause 5.7 (Market Disruption) and Clause 20 (Fees and Expenses), and to the extent that the Transferee Lender becomes entitled
to such rights, the Transferor Lender ceases to be entitled to them; and 

  

	(g)	 in respect of any breach of a warranty, undertaking, condition or other provision of a Finance Document or any
misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount. 

 The rights and equities of the Borrower or any
Security Party referred to above include, but are not limited to, any right of set off and any other kind of cross-claim. 
  

	26.8	 Maintenance of register of Lenders 

During the Security Period the Agent shall maintain a register in which it shall record the name, 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(Effective Date of Transfer certificate)) of the Transfer Certificate; and the Agent
shall make the register available for inspection by any Lender, the Security Trustee and the Borrower during normal banking hours, subject to receiving at least three Business Days’ prior notice. 

 

	26.9	 Reliance on register of Lenders 

The entries on that register shall, in the absence of manifest error, be conclusive in determining the identities of the Lenders and the
amounts of their 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. 

  
 86 

	26.10	 Authorisation of Agent to sign Transfer Certificates 

The Borrower, the Security Trustee and each Lender irrevocably authorises the Agent to sign Transfer Certificates on its behalf. The Borrower
and each Security Party irrevocably agree to the transfer procedures set out in this Clause 26 (Transfers and Changes in Lending Offices) and to the extent the cooperation of the Borrower and/or any Security Party shall be required to effect
any such transfer, the Borrower and such Security Party shall take all necessary steps to afford such cooperation Provided that this shall not result in any additional costs to the Borrower or such Security Party. 

 

	26.11	 Sub-participation; subrogation assignment 

A Lender may sub-participate or include in a securitisation or similar transaction all or any part of
its rights and/or obligations under or in connection with the Finance Documents without the Borrower’s prior consent and without serving a notice thereon; the Lenders may assign without the Borrower’s prior consent but after consultation
with the Borrower, in any manner and terms agreed by the Majority Lenders, the Agent and the Security Trustee, all or any part of those rights to an insurer or surety who has become subrogated to them.     

 

	26.12	 Registration fee 

In respect of any Transfer Certificate, the Agent shall be entitled to recover a registration fee of $2,500 from the Transferee Lender. 

 

	26.13	 Sub-division, split, modification or
re-tranching 

 Any Lender may, in its sole discretion, sub-divide, split, sever, modify or re-tranche its Contribution into one or more parts subject to the overall cost of its Contribution to the Borrower remaining unchanged, if
such changes are necessary in order to achieve a successful execution of a securitisation, syndication or any other capital market exit in respect of its Contribution (or any applicable part thereof). 

 

	26.14	 Disclosure of information 

A Lender may, without the prior consent of the Borrower, or any other Security Party, disclose to a potential Transferee Lender or sub
participant as well as, where relevant, to rating agencies, trustees and accountants, any financial or other information which that Lender has received in relation to the Loan, the Borrower and any other Security Party or their affairs and
collateral or security provided under or in connection with any Finance Document, their financial circumstances and any other information whatsoever, as that Lender may deem reasonably necessary or appropriate in connection with the potential
syndication, the assessment of the credit risk and the ongoing monitoring of the Loan by any potential Transferee Lender and that Lender shall be released from its obligation of secrecy and from banking confidentiality. 

This permission is given for the purposes of giving relief from banking secrecy and confidentiality requirements. It is not intended as and is
no declaration of consent in accordance with the DS_GVO (DS-GVO refers to Datenschutz-Grundverordnung, the German term for General Data Protection Regulation) (EU Regulation 2016/679, General Data Protection
Regulation). 

  
 87 

 In the event any such potential Transferee Lender,
sub-participant, rating agency, trustee or accountant is not already bound by any legal obligation of secrecy or banking confidentiality, the Lender concerned may only give, disclose or reveal such information
as the Borrower is entitled to disclose by rules and regulations of the SEC and any US Stock Exchange applicable to the Borrower and shall require such other party to sign a confidentiality agreement. The Borrower shall, and shall procure that any
other Security Party shall: 
  

	(a)	 provide the Creditor Parties (or any of them) with all information deemed, reasonably, necessary by the
Creditor Parties (or any of them) for the purposes of any transfer, syndication or sub-participation to be effected pursuant to this Clause 26 (Transfers and Changes in Lending Offices);

  

	(b)	 if requested to do so by a Lender, jointly with that Lender approach relationship banks of the Group for the
purposes of a potential syndication and assisting the Mandated Lead Arranger in the preparation of an information memorandum for a potential syndication; 

  

	(c)	 procure that the directors and officers of the Borrower or any other Security Party, are available to
participate in any meeting with any Transferee Lender or any rating agency at such times and places as the Creditor Parties may reasonably request following prior notice (to be served on the Borrower reasonably in advance) to the Borrower or that
Security Party; and 

  

	(d)	 permit any Transferee Lender to board the Ship at all reasonable times and locations to inspect its condition
in accordance with Clause 14.10 (Insperation). 

  

	26.15	 Confidentiality 

Any publicity regarding the Loan or any of the terms thereof shall be agreed in advance by the Agent (acting on the instructions of the
Majority Lenders) unless otherwise required in connection with the Borrower’s reporting obligations under or in connection with the rules and regulations of the SEC and any US Stock Exchange applicable to the Borrower. 

 

	26.16	 Change of lending office 

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

 

	(a)	 the date on which the Agent receives the notice; and 

 

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

  

	26.17	 Notification 

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

	26.18	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 26 (Transfer and Changes in Lending Offices), each Lender may
without consulting with or obtaining consent from, the 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: 
  

	(a)	 any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank;
and 

  
 88 

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

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

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

  

	 	(ii)	 require any payments to be made by the Borrower 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. 

  

	26.19	 Replacement of a Reference Bank 

If any Reference Bank ceases to be a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5
(Interest) then, unless the Borrower, the Agent and the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and after consulting with the Borrower, shall appoint another bank (whether or not a
Lender) to be a replacement Reference Bank; and, when that appointment comes into effect, the first-mentioned Reference Bank’s appointment shall cease to be effective. 

 

	26.20	 Securitisation 

The Borrower shall, and the Borrower shall procure that each Security Party will, assist the Agent and/or any Lender in achieving a successful
securitisation (or similar transaction) in respect of the Loan and the Finance Documents and such Security Party’s reasonable costs for providing such assistance shall be met by the relevant Lender. 

 

	26.21	 No additional costs 

If a Transferor Lender assigns or transfers any of its rights or obligations under the Finance Documents and as a result of circumstances
existing at the date the assignment or transfer occurs, the Borrower or a Security Party would be obliged to make a payment to the Transferee Lender under Clause 22.2 (Grossing -up for taxes) or under
that clause as incorporated by reference or in full in any other Finance Document, then the Transferee Lender is only entitled to receive payment under that clause to the same extent as the Transferor Lender would have been if the assignment or
transfer had not occurred. 
  

	27	 VARIATIONS AND WAIVERS 

 

	27.1	 Required consents 

 

	(a)	 Subject to Clause 27.2 (Exceptions) any term of the Finance Documents may be amended or waived only with
the consent of the Majority Lenders and the Borrower and any such amendment or waiver will be binding on all Creditor Parties and the Borrower. 

  

	(b)	 Any instructions given by the Majority Lenders will be binding on all the Creditor Parties.

  
 89 

	(c)	 The Agent may effect, on behalf of any Creditor Party, any amendment or waiver permitted by this Clause.

  

	27.2	 Exceptions 

  

	(a)	 An amendment or waiver that has the effect of changing or which relates to: 

 

	 	(i)	 the definition of “Change of Control”, “Majority Lenders” or “Finance Documents”
in Clause 1.1 (Definition); 

  

	 	(ii)	 an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(iii)	 a reduction in the Margin or a reduction in the amount of any payment of principal, interest fees, commission
or other amount payable under any of the Finance Documents; 

  

	 	(iv)	 an increase in or an extension of any Lender’s Commitment; 

 

	 	(v)	 any provision which expressly requires the consent of all the Lenders; 

 

	 	(vi)	 Clause 3 (Position of the Lenders), Clause 11.5 (Information provided to be accurate), Clause
11.6 (Provision of financial statements), Clause 11.7 (Form of financial statements), Clause 11.16 (Provision of further information), Clause 26 (Transfers and Changes in Lending Offices) or this Clause 27.2
(Exceptions); 

  

	 	(vii)	 any release of any Security Interest, guarantee, indemnities or subordination arrangement created by any
Finance Document; 

  

	 	(viii)	 any change of the currency in which the Loan is provided or any amount is payable under any of the Finance
Documents; 

  

	 	(ix)	 an extension of the Availability Period; or 

 

	 	(x)	 a change in Clauses 16.4 (Distribution of payment to Creditor Parties) or 22 (Grossing-up), 

 may not be effected without the prior written consent of all
Lenders. 
  

	(b)	 An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or the Security
Trustee may not be effected without the consent of the Agent, the Arranger or the Security Trustee, as the case may be. 

  

	27.3	 Exclusion of other or implied variations 

Except for a document which satisfies the requirements of Clauses 27.1 (Required consents) and 27.2 (Exceptions), no document,
and, subject to Clause 27.4 (Deemed consent), no act, course of conduct, failure or neglect to act, delay or acquiescence on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the
Creditor Parties or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded (permanently or temporarily) from enforcing, relying on or exercising: 

 

	(a)	 a provision of this Agreement or another Finance Document; or 

  
 90 

	(b)	 an Event of Default; or 

 

	(c)	 a breach by the Borrower, the Approved Manager or a Security Party of an obligation under a Finance Document or
the general law; or 

  

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

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

	27.4	 Deemed consent 

With respect to any amendment, variation, waiver, suspension or limit requested by any Party and which requires the approval of all the Lenders
or the Majority Lenders (as the case may be), other than an amendment or supplement (or any proposal for such an amendment or supplement) in connection with a Finance Document or any other Pertinent Document required as contemplated in Clause 27.5
(Replacement of screen rate), the Agent shall provide each Lender with written notice of such request accompanied by such detailed background information as may be reasonably necessary (in the opinion of the Agent) to determine whether to
approve such action. A Lender shall be deemed to have approved such action if such Lender fails to object to such action by written notice to the Agent within 10 days of that Lender’s receipt of the Agent’s notice or such other time as the
Agent may state in the relevant notice as being the time available for approval of such action. 
  

	27.5	 Replacement of Screen Rate 

 

	(a)	 Subject to paragraph (b) of Clause 27.2 (Exceptions), if a Screen Rate Replacement Event has
occurred in relation to the Screen Rate for dollars, any amendment or waiver which relates to: 

  

	 	(i)	 providing for the use of a Replacement Benchmark in relation to (or in addition to) that currency in place of
that Screen Rate; and 

  

	 	(ii)	 

  

	 	(A)	 aligning any provision of any Finance Document to the use of that Replacement Benchmark; 

 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 

 

	 	(D)	 providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

  

	 	(E)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

  
 91 

 may be made with the consent of the Agent (acting on the instructions of the Majority
Lenders) and in consultation with the Borrower. 
  

	(b)	 If, as at 1 January 2023 this Agreement provides that the rate of interest for the Loan in dollars is to
be determined by reference to the Screen Rate for LIBOR: 

  

	 	(i)	 a Screen Rate Replacement Event shall be deemed to have occurred on that date in relation to the Screen Rate
for dollars; and 

  

	 	(ii)	 the Agent, (acting on the instructions of the Majority Lenders) and the Borrower shall enter into negotiations
in good faith with a view to agreeing the use of a Replacement Benchmark in relation to dollars in place of that Screen Rate from and including a date no later than 31 May 2023. 

 

	(c)	 If any Lender fails to respond to a request for an amendment or waiver described in, or for any other
vote of Lenders in relation to, paragraphs (a) or (b) above within 5 Business Days (or such longer time period in relation to any request which the Borrower and the Agent may agree) of that request being made: 

 

	 	(i)	 its Commitment shall not be included for the purpose of calculating the Total Commitments when ascertaining
whether any relevant percentage of Total Commitments has been obtained to approve that request; and 

  

	 	(ii)	 its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request. 

  

	28	 NOTICES 

  

	28.1	 General 

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

	28.2	 Addresses for communications 

A notice by letter, fax or e-mail shall be sent: 

 

					
	(a)	  	to the Borrower:	  	Strathvale House, 90 N Church Street
		  		  	P.O. Box 309, Grand Cayman
		  		  	KY1-1104 Cayman Islands
		  		  	Email: tbush@navios.com

  
 92 

					
		  	for the attention of:	  	Theresa Bush
			
	(b)	  	to a Lender:	  	At the address below its name in Schedule 1 (Lenders and Commitments) or (as the case may require) in the relevant Transfer Certificate.
			
	(c)	  	to the Agent and Security Trustee:	  	
			
		  	for general matters:	  	Hamburg Commercial Bank AG
		  		  	BU Asset Based Finance / Shipping
		  		  	Gerhart-Hauptmann-Platz 50
		  		  	20095 Hamburg 
		  		  	Germany
			
		  		  	Fax No: +302104295323
			
		  		  	Attn: Mr Loukas Lagaras / Mr Solon Merikas
			
		  	for credit administrative matters:	  	Hamburg Commercial Bank AG
		  		  	BU Business Operations
		  		  	Loan & Collateral Operations
		  		  	Gerhart-Hauptmann-Platz 50
		  		  	20095 Hamburg 
		  		  	Germany
			
		  		  	Fax No: +49 40 3333 34167

 or to such other address as the relevant Party may notify the Agent or, if the relevant Party is the Agent or
the Security Trustee, the Borrower, the Lenders and the Security Parties. 
  

	28.3	 Effective date of notices 

Subject to Clauses 28.4 (Service outside business hours) and 28.5 (Illegible notices): 

 

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

  

	(b)	 a notice which is sent by fax shall be deemed to be served, and shall take effect, two hours after its
transmission is completed. 

  

	28.4	 Service outside business hours 

However, if under Clause 28.3 (Effective date of notices) a notice would be deemed to be served: 

 

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

 

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

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

  
 93 

	28.5	 Illegible notices 

Clauses 28.3 (Effective date of notices) and 28.4( Service outside business hours) 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. 

 

	28.6	 Valid notices 

A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the manner of serving it do not
comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if: 
  

	(a)	 the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the
case may be, has not caused any party to suffer any significant loss or prejudice; or 

  

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

  

	28.7	 Electronic communication 

Any communication from the Agent or the other Creditor Parties made by electronic means will be sent unsecured and without electronic
signature, however, the Borrower may request the Agent and the other Creditor Parties at any time in writing to change the method of electronic communication from unsecured to secured electronic mail communication. 

The Borrower hereby acknowledges and accepts the risks associated with the use of unsecured electronic mail communication including, without
limitation, risk of delay, loss of data, confidentiality breach, forgery, falsification and malicious software. The Agent and the other Creditor Parties shall not be liable in any way for any loss or damage or any other disadvantage suffered by the
Borrower resulting from such unsecured electronic mail communication. 
 If the Borrower or any other Security Party wishes to cease all
electronic communication, it shall give written notice to the Agent and the other Creditor Parties accordingly after receipt of which notice the Parties shall cease all electronic communication. 

For as long as electronic communication is an accepted form of communication, the Parties shall: 

 

	(a)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the sending and receipt of information by that means; and 

  

	(b)	 notify each other of any change to their respective addresses or any other such information supplied to them;
and 

 in case electronic communication is sent to recipients with the domain <domain with ending>, the parties shall
without undue delay inform each other if there are changes to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses. 

  
 94 

	28.8	 English language 

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

28.9 Meaning of “notice” 
 In
this Clause 28 (Notices), “notice” includes any demand, consent, authorisation, approval, instruction, waiver or other communication. 
  

	29	 SUPPLEMENTAL 

  

	29.1	 Rights cumulative, non-exclusive 

The rights and remedies which the Finance Documents give to each Creditor Party are: 

 

	(a)	 cumulative; 

  

	(b)	 may be exercised as often as appears expedient; and 

 

	(c)	 shall not, unless a Finance Document explicitly and specifically states so, be taken to exclude or limit any
right or remedy conferred by any law. 

  

	29.2	 Severability of provisions 

If any provision of a Finance Document is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity,
enforceability or legality of the other provisions of that Finance Document or of the provisions of any other Finance Document. 
  

	29.3	 Counterparts 

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

	29.4	 Third party rights 

A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the
benefit of any term of this Agreement. 
  

	29.5	 Benefit and binding effect 

The terms of this Agreement shall be binding upon, and shall enure to the benefit of, the Parties and their respective (including subsequent)
successors and permitted assigns and transferees. 
  

	29.6	 Electronic disclosure 

 

	(a)	 The Borrower hereby recognises as binding any relevant documents (whether signed or not) to fulfil the
disclosure of the financial circumstances in accordance with Sec. 18 of the German Banking Act (KWG) that were or are, after the date of this Agreement, submitted to Hamburg Commercial Bank AG electronically or on data carriers through the Borrower,
any Security Party or any third party and declares such documents as complete and correct. 

  

	(b)	 Any documents submitted to Hamburg Commercial Bank AG electronically or on data carriers in accordance with
Sec. 18 of the German Banking Act (KWG) have the same legal significance as any signed documents in paper form. 

  
 95 

	30	 LAW AND JURISDICTION 

 

	30.1	 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. 
  

	30.2	 Exclusive English jurisdiction 

Subject to Clause 30.3 (Choice of forum of the exclusive benefit of the creditor parties), the courts of England shall have exclusive
jurisdiction to settle any Dispute. 
  

	30.3	 Choice of forum for the exclusive benefit of the Creditor Parties 

Clause 30.2 (Exclusive English Jurisdiction) is for the exclusive benefit of the Creditor Parties, each of which reserves the right:

  

	(a)	 to commence proceedings in relation to any Dispute in the courts of any country other than England and which
have or claim jurisdiction to that Dispute; and 

  

	(b)	 to commence such proceedings in the courts of any such country or countries concurrently with or in addition to
proceedings in England or without commencing proceedings in England. 

 The Borrower shall not commence any proceedings in
any country other than England in relation to a Dispute. 
  

	30.4	 Process agent 

The Borrower irrevocably appoints Hill Dickinson LLP at their office for the time being, presently at The Broadgate Tower, 20 Primrose Street,
London EC2A 2EW, 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. 

 

	30.5	 Creditor Party rights unaffected 

Nothing in this Clause 30 (Law and Jurisdiction) 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. 

 

	30.6	 Meaning of “proceedings” and “Dispute” 

In this Clause 30 (Law and Jurisdiction), “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. 

  
 96 

 EXECUTION PAGES 

 

	BORROWER	 

  

					
	SIGNED by Georgios Pannagakis	  	)	  	
	as attorney-in-fact	  	)	  	
	for and on behalf of	  	)	  	/s/ Georgios Pannagakis
	NAVIOS MARITIME ACQUISITION	  	)	  	
	CORPORATION	  	)	  	
	in the presence of: Maria Trivela	  	)	  	/s/ Maria Trivela
			
	LENDERS	  		  	
			
	SIGNED by Eleni Antonakou	  	)	  	/s/ Eleni Antonakou
	for and on behalf of	  	)	  	
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of: Charalampos Kazantzis	  	)	  	/s/ Charalampos Kazantzis
			
	SIGNED by Aikaterini Daivianida and	  	)	  	/s/ Aikaterini Daivianida
	Chrysanthi Papathanasopoulou	  	)	  	/s/ Chrysanthi Papathanasopoulou
	for and on behalf of	  	)	  	
	ALPHA BANK A.E.	  	)	  	
	in the presence of: Charalampos Kazantzis	  	)	  	/s/ Charalampos Kazantzis
			
	AGENT	  		  	
			
	SIGNED by Eleni Antonokou	  	)	  	/s/ Eleni Antonakou
	for and on behalf of	  	)	  	
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of: Charalampos Kazantzis	  	)	  	/s/ Charalampos Kazantzis

  
 97 

 EXECUTION PAGES 

 

	MANDATED	 LEAD ARRANGER 

 

					
	SIGNED by Eleni Antonakou	  	)	  	
	for and on behalf of	  	)	  	/s/ Eleni Antonakou
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of: Charalampos Kazantzis	  	)	  	/s/ Charalampos Kazantzis
			
	SECURITY TRUSTEE	  		  	
			
	SIGNED by Eleni Antonakou	  	)	  	
	for and on behalf of	  	)	  	/s/ Eleni Antonakou
	HAMBURG COMMERCIAL BANK AG	  	)	  	
	in the presence of: Charalampos Kazantzis	  	)	  	/s/ Charalampos Kazantzis

  
 98

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]