Document:

Exhibit 4.22

 

Private & Confidential

 

SPECIFIC TERMS IN THIS EXHIBIT HAVE BEEN
REDACTED BECAUSE CONFIDENTIAL TREATMENT FOR THOSE TERMS HAS BEEN REQUESTED. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH
THE SECURITIES AND EXCHANGE COMMISSION, AND THE TERMS HAVE BEEN MARKED AT THE APPROPRIATE PLACE WITH FIVE ASTERISKS (*****).

 

Dated 12 November
2014

 

 

 

THE ENTITIES LISTED IN SCHEDULE 1

as Borrowers

 

arranged by

CITIBANK, N.A., LONDON BRANCH

NORDEA BANK FINLAND PLC, LONDON BRANCH

DVB BANK AMERICA N.V.

ABN AMRO BANK N.V.

SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)

and

BNP PARIBAS

 

with

CITIBANK, N.A.,
LONDON BRANCH

as Bookrunner

 

CITIBANK INTERNATIONAL LIMITED

as Agent

 

CITIBANK, N.A.,
LONDON BRANCH

as Security Agent

 

THE FINANCIAL INSTITUTIONS
LISTED IN SCHEDULE 1

as Lenders

 

FACILITY AGREEMENT

for

up to $450,000,000
Loan Facility

 

    	 

    	

    

	Section 1 - INTERPRETATION	1
	 	 
	Section 2 - THE FACILITY	24
	 	 
	Section 3 - UTILISATION	28
	 	 
	Section 4 - REPAYMENT, PREPAYMENT AND CANCELLATION	30
	 	 
	Section 5 - COSTS OF UTILISATION	35
	 	 
	Section 6 - ADDITIONAL PAYMENT OBLIGATIONS	38
	 	 
	Section 7 - REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	48
	 	 
	Section 8 - CHANGES TO PARTIES	86
	 	 
	Section 9 - THE FINANCE PARTIES	91
	 	 
	Section 10 - ADMINISTRATION	114
	 	 
	Section 11 - GOVERNING LAW AND ENFORCEMENT	126
	 	 
	Schedule 1 The original parties	127
	 	 
	Schedule 2 Ship information	131
	 	 
	Schedule 3 Conditions precedent	133
	 	 
	Schedule 4 Utilisation Request	139
	 	 
	Schedule 5 Selection Notice	140
	 	 
	Schedule 6 Form of Transfer Certificate	141
	 	 
	Schedule 7 Forms of Notifiable Debt Purchase Transaction Notice	144

    	2

    	

    

THIS AGREEMENT is dated 12 November
2014, and made between:

 

		(1)	THE ENTITIES listed in Schedule 1
                                         (The original parties) as borrowers (the Borrowers);

 

		(2)	CITIBANK, N.A., LONDON BRANCH,
                                         NORDEA BANK FINLAND PLC, LONDON BRANCH, DVB BANK AMERICA N.V., ABN AMRO
                                         BANK N.V., SKANDINAVISKA ENSKILDA BANKEN AB (PUBL) and BNP PARIBAS as
                                         mandated lead arrangers (whether acting individually or together, the Arranger);

 

		(3)	THE FINANCIAL INSTITUTIONS
                                         listed in Schedule 1 (The original parties) as lenders (the Original Lenders);

 

		(4)	CITIBANK, N.A., LONDON BRANCH
                                         as bookrunner (the Bookrunner);

 

		(5)	CITIBANK INTERNATIONAL LIMITED
                                         as agent of the other Finance Parties (the Agent); and

 

		(6)	CITIBANK, N.A., LONDON BRANCH
                                         as security agent and trustee for and on behalf of the other Finance Parties (the
                                         Security Agent). 

 

	 IT IS AGREED as follows:

 

Section 1 -
INTERPRETATION

 

	1	 	Definitions and interpretation

 

	1.1	 	Definitions

 

In this Agreement and (unless
otherwise defined in the relevant Finance Document) the other Finance Documents:

 

Acceptable Bank means:

 

		(a)	a bank or financial institution
                                         which has a rating for its long-term unsecured and non credit-enhanced debt obligations
                                         of “A-” or higher by Standard & Poor’s Rating Services or Fitch Ratings
                                         Ltd or “Baa1” or higher by Moody’s Investor Services Limited or a comparable
                                         rating from another internationally recognised credit rating agency; or

 

		(b)	any other bank or financial institution
                                         approved by the Majority Lenders,

 

and which is approved by the
Borrowers.

 

Account means any bank
account, deposit or certificate of deposit opened, made or established in accordance with clause 25 (Bank accounts).

 

Account Bank means,
in relation to any Account, Citibank International Limited, acting through its branch at 47-49 Akti Miaouli, 185 36 Piraeus, Greece
or another bank or financial institution approved by the Majority Lenders at the request of the Borrowers.

 

Account Holder(s) means,
in relation to any Account, the Obligor(s) in whose name(s) that Account is held.

 

Account Security means,
in relation to an Account, a deed or other instrument executed by the relevant Account Holder(s) in favour of the Security Agent
and/or any other Finance Parties in an agreed form conferring a Security Interest over that Account.

 

Accounting Reference Date
means 31 December or such other date as may be approved by the Majority Lenders.

    	 

    	

    

Affiliate means, in
relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
Company.

 

Agent includes any person
who may be appointed as agent under clause 30.12 (Resignation of the Agent) or any other provision of this Agreement.

 

Annual Financial Statements
has the meaning given to it in clause 18 (Information undertakings).

 

Approved Exchange means
NYSE or NASDAQ or any other reputable stock exchange agreed by GLOP and the Majority Lenders.

 

Approved Flag State
means each of the Bahamas, Hong Kong or the Marshall Islands.

 

Approved Valuer means
any one of E.A. Gibson Shipbrokers Limited, Clarkson plc, Poten & Partners Inc., Fearnleys AS. Simpson, Spence & Young
Limited, R.S. Platou ASA, Pareto Shipping A.S. and Braemar Seascope Limited or such other independent reputable ship broker in
respect of LNG ships agreed between the Borrowers and the Majority Lenders from time to time.

 

Auditors means one of
Moore Stephens, PricewaterhouseCoopers, Ernst & Young, KPMG or Deloitte & Touche or any other reputable firm of international
auditors appointed by the Group after consultation with the Agent and with the approval of the Majority Lenders (provided that
if the approval of Auditors as set out in this definition becomes contrary to any applicable law, directive or regulation, and
the Majority Lenders so require, the Obligors agree that they will make such amendment to this definition as will be agreed between
the Borrowers and the Majority Lenders so as to ensure compliance with such law, directive or regulation).

 

Available Facility means,
at any relevant time, such part of the Total Commitments which is available for borrowing under this Agreement at such time in
accordance with clause 4 (Conditions of Utilisation) to the extent that such part of the Total Commitments is not cancelled
or reduced under this Agreement.

 

Basel II Accord means
the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel
Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding
any amendment thereto arising out of the Basel III Accord.

 

Basel II Approach means,
in relation to any Finance Party, either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined
in the Basel II Accord) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying
with the Basel II Accord.

 

Basel II Regulation
means:

 

		(a)	any law or regulation implementing
                                         the Basel II Accord (including the relevant provisions of directive 2013/36/EU (CRD
                                         IV) and regulation 575/2013 (CRR) of the European Union); or

 

		(b)	any Basel II Approach adopted
                                         by a Finance Party or any of its Affiliates,

 

but excludes any law or regulation
implementing the Basel III Accord save and to the extent that it is a re-enactment of any law or regulation referred to in paragraph
(a) of this definition.

 

Basel III Accord 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 

    	2

    	

    

by the Basel Committee on Banking Supervision
in December 2010, each as amended, supplemented or restated;

 

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

 

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

 

Basel III Increased Cost
means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel III Regulation
(whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

 

Basel III Regulation
means any law or regulation implementing the Basel III Accord (including CRD IV and CRR) save and to the extent that it re-enacts
a Basel II Regulation.

 

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

 

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

 

exceeds:

 

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

 

Business Day means a
day (other than a Saturday or Sunday) on which banks are open for general business in London, Athens, Piraeus, Monaco, Frankfurt
(Main), Curacao, Stockholm, Amsterdam, Paris and (in relation to any date for payment of purchase of dollars) New York.

 

Change of Control occurs
if:

 

		(a)	GasLog cease to control, directly
                                         or indirectly, the affairs or the composition of the board of directors (or equivalent,
                                         as applicable) of GasLog Partners GP LLC; or

 

		(b)	GasLog Partners GP LLC ceases
                                         to be a direct wholly-owned subsidiary of GasLog; or

 

		(c)	GasLog Partners GP LLC ceases
                                         to be the general partner of GLOP,

 

in any case
without the prior written consent of the Agent (acting with the authorisation of the Majority Lenders).

 

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

 

Charter means, in relation
to a Ship, the charter commitment for that Ship details of which are provided in Schedule 2 (Ship information) and
Charters means all of them.

 

Charter Assignment means,
in relation to a Ship and its Charter Documents, an assignment by the relevant Owner of its interest in such Charter Documents
in favour of the Security Agent in the agreed form.

    	3

    	

    

 

Charter Documents means,
in relation to a Ship, the Charter (if any) of that Ship, any documents supplementing it and any guarantee or security given by
any person for the Charterer’s obligations under it.

 

Charterer means, in
relation to a Ship and a Charter of that Ship, the charterer named in Schedule 2 (Ship information) as charterer of
that Ship.

 

CISADA means the United
States Comprehensive Iran Sanctions, Accountability and Divestment Act of 2010.

 

Classification means,
in relation to a Ship, the classification specified in respect of such Ship in Schedule 2 (Ship information)) with
the relevant Classification Society or another classification approved by the Majority Lenders (such approval not to be unreasonably
withheld) as its classification, at the request of the relevant Owner.

 

Classification Society
means, in relation to a Ship, the classification society specified in respect of such Ship in Schedule 2 (Ship information)
or another classification society (being a member of the International Association of Classification Societies (IACS) or, if such
association no longer exists, any similar association nominated by the Agent) approved by the Majority Lenders (such approval
not to be unreasonably withheld) as its Classification Society, at the request of the relevant Owner.

 

Code means the US Internal
Revenue Code of 1986.

 

Commercial Manager means,
in relation to a Ship, GasLog or another manager appointed as the commercial manager of that Ship by the relevant Owner in accordance
with clause 20.3 (Manager).

 

Commitment means:

 

		(a)	in relation to an Original Lender,
                                         the amount set opposite its name under the heading “Commitment” in Schedule 1
                                         (The original parties) and the amount of any other Commitment assigned to it under
                                         this Agreement; and

 

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

 

to the extent:

 

		(i)	not cancelled, reduced or assigned
                                         by it under this Agreement; and

 

		(ii)	not deemed to be zero pursuant
                                         to clauses 29.2.2 to 29.2.5.

 

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

 

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

 

		(b)	another Finance Party, if the
                                         information was obtained by that Finance Party directly or indirectly from any member
                                         of the Group or any of its advisers, in whatever form, and includes
information given orally and any document, electronic file or any other way of representing or recording information which contains
or is derived or copied from such information but excludes information that:

 

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

    	4

    	

    

 

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

 

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

 

Constitutional Documents
means, in respect of an Obligor, such Obligor’s memorandum and articles of association, by-laws or other constitutional
documents including as referred to in any certificate relating to an Obligor delivered pursuant to Schedule 3 (Conditions
precedent).

 

Debt Purchase Transaction
means, in relation to a person, a transaction where such person:

 

		(a)	purchases by way of assignment
                                         or transfer;

 

		(b)	enters into any sub-participation
                                         in respect of; or

 

		(c)	enters into any other agreement
                                         or arrangement having an economic effect substantially similar to a sub-participation
                                         in respect of,

 

any Commitment or amount outstanding
under this Agreement.

 

Deed of Covenant means,
in relation to a Ship, a first deed of covenant in respect of such Ship by the relevant Owner in favour of the Security Agent
in the agreed form.

 

Default means an Event
of Default or any event or circumstance which would (with the expiry of a grace period, the giving of notice, the making of any
determination under the Finance Documents or any combination of them) be an Event of Default.

 

Defaulting Lender means
any Lender:

 

		(a)	which has failed to make its
                                         participation in the Loan or any part thereof available or has notified the Agent that
                                         it will not make its participation in any part of the Loan available by the Utilisation
                                         Date of that part of the Loan in accordance with clause 5.4 (Lenders’ participation);

 

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

 

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

 

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

 

		(i)	its failure to pay is caused
                                         by:

 

		(A)	administrative or technical
                                         error; or

 

		(B)	a Disruption Event; and,

 

payment is made within 3 Business
Days of its due date; or

 

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

 

    	5

    	

    

Disposal Repayment Date
means, in relation to:

 

		(a)	a Total Loss of a Mortgaged Ship,
                                         the applicable Total Loss Repayment Date; or

 

		(b)	a sale of a Mortgaged Ship by
                                         the relevant Owner, the date upon which such sale is completed by the transfer of title
                                         to the purchaser in exchange for payment of all or part of the relevant purchase price.

 

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 Facility
                                         (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.

 

Earnings means, in relation
to a Ship and a person, all money at any time payable to that person for or in relation to the use or operation of such Ship including
(without limitation) freight, hire and passage moneys, money payable to that person for the provision of services by or from such
Ship or under any charter commitment, requisition for hire compensation, remuneration for salvage and towage services, demurrage
and detention moneys and damages for breach and payments for termination or variation of any charter commitment.

 

Enforcement Costs means
any costs, expenses, liabilities or other amounts in respect of which any amount is payable under clauses 14.4 (Indemnity concerning
security) or 16.3 (Enforcement preservation and other costs) or under any other Finance Document to which those provisions
apply and any remuneration payable to a Receiver in connection with any Security Documents.

 

Environmental Claims
means:

 

		(a)	enforcement, clean-up, removal
                                         or other governmental or regulatory action or orders or claims instituted or made pursuant
                                         to any Environmental Laws or resulting from a Spill; or

 

		(b)	any claim made by any other person
                                         relating to a Spill.

 

Environmental Incident
means any Spill from any Fleet Vessel in circumstances where:

 

		(a)	any Fleet Vessel or its owner,
                                         operator or manager may be liable for Environmental Claims arising from the Spill (other
                                         than Environmental Claims arising and fully satisfied before the date of this Agreement);
                                         and/or

 

		(b)	any Fleet Vessel may be arrested
                                         or attached in connection with any such Environmental Claim.

 

Environmental Laws means
all laws, regulations and conventions concerning pollution or protection of human health or the environment.

    	6

    	

    
 

Event of Default means
any event or circumstance specified as such in clause 27 (Events of Default).

 

Existing Indebtedness
means, at any relevant time, the total principal amount outstanding and owing by the Borrowers and secured on the Ships under:

 

		(a)	a $325,500,000 facility agreement
                                         dated 1 April 2014 made between (inter alios) Citibank International Limited (formerly
                                         Citibank International plc) as agent and certain of the Borrowers, excluding a principal
                                         amount of $108,500,000;

 

		(b)	a $132,389,709 facility agreement
                                         dated 18 April 2014 made between (inter alios) Nordea Bank Finland Plc, London Branch
                                         as agent and certain of the Borrowers; and

 

		(c)	a $272,500,000 facility agreement
                                         dated 14 March 2012 (as amended) made between (inter alios) DNB Bank ASA, as agent and
                                         certain of the Borrowers,

 

respectively, each as amended
and/or supplemented and/or restated from time to time. 

 

Facility means the term
loan facility made available under this Agreement as described in clause 2 (The Facility).

 

Facility Office means:

 

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

 

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

 

Facility Period
means the period from and including the date of this Agreement to and including the date on which the Total Commitments have reduced
to zero and all indebtedness of the Obligors under the Finance Documents has irrevocably and unconditionally been fully paid and
discharged.

 

FATCA means:

 

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

 

		(b)	any treaty, law or a regulation
                                         of any 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 a 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 Application Date means:

 

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

 

		(b)	in relation to a “withholdable
                                         payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross
                                         proceeds” from the disposition of property of a type that can produce interest from
                                         sources within the US), 1 January 2017; or

                                         
    	7

    	

    

 

		(c)	in relation to a “passthru
                                         payment” described in section 1471(d)(7) of the Code not falling within paragraphs
                                         (a) or (b) above, 1 January 2017,

 

or, in each case, such other
date from which such payment may become subject to a deduction or withholding required by FATCA as a result of any change in FATCA
after the date of this Agreement.

 

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.

 

FATCA Protected Lender
means any Lender irrevocably designated as a “FATCA Protected Lender” by the Borrowers by notice to that Lender and
the Agent at least six months prior to the earliest FATCA Application Date for a payment by a Party to that Lender (or to the
Agent for the account of that Lender).

 

Fee Letters means the
letters dated on or about the date of this Agreement between the Arranger and the Borrowers (or the Agent and the Borrowers or
the Security Agent and the Borrowers) setting out any of the fees referred to in clause 11 (Fees) and Fee Letter means
any one of them.

 

Final Repayment Date
means, subject to clause 33.7 (Business Days), the date falling 60 months after the date of this Agreement.

 

Finance Documents means
this Agreement, the Fee Letters, the Security Documents and any other document designated as such by the Agent and the Borrowers.

 

Finance Party means
the Agent, the Security Agent, the Arranger or a Lender.

 

Financial Indebtedness
means any indebtedness for or in respect of:

 

		(a)	monies borrowed;

 

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

 

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

 

		(d)	any liability in respect of any
                                         lease or hire purchase contract which would, in accordance with GAAP, be treated as a
                                         finance or capital lease;

                                          

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

 

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

 

		(g)	any counter-indemnity obligation
                                         in respect of a guarantee, bond, standby or documentary letter of credit or any other
                                         instrument issued by a bank or financial institution;

 

		(h)	any amount of any liability under
                                         an advance or deferred purchase agreement if (a) one of the primary reasons behind entering
                                         into the agreement is to raise finance or (b) the agreement is in respect of the supply
                                         of assets or services and payment is due more than 180 days after the date of supply;

    	8

    	

    
 

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

 

		(j)	the amount of any liability in
                                         respect of any guarantee for any of the items referred to in paragraphs (a) to (i)
                                         above.

 

First Repayment Date
means, subject to clause 33.7 (Business Days), the date falling 3 months after the date of this Agreement.

 

Flag State means, in
relation to a Ship, the country specified in respect of such Ship in Schedule 2 (Ship information) or another Approved
Flag State (provided that the provisions of clause 20.1(b) are complied with), or such other state or territory as may be approved
by the Agent (acting on the instructions of the Majority Lenders), at the request of the relevant Owner, as being the Flag
State of such Ship for the purposes of the Finance Documents.

 

Fleet Vessel means each
Mortgaged Ship and any other vessel directly or indirectly owned by any Obligor or any Subsidiary of an Obligor.

 

GAAP means International
Accounting Standards, International Financial Reporting Standards and related interpretations as amended, supplemented, issued
or adopted from time to time by the International Accounting Standards Board to the extent applicable to the relevant financial
statements.

 

GasLog means GasLog
Ltd. of Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda.

 

GLOP means GasLog Partners
LP of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

 

GLOP Guarantee means
the guarantee executed by GLOP in favour of the Security Agent in the agreed form.

 

GPHL means GasLog Partners
Holdings LLC of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

 

GPHL Guarantee means
the guarantee executed by GPHL in favour of the Security Agent in the agreed form.

 

Group means GLOP and
its Subsidiaries for the time being and, for the purposes of clause 18.1 (Financial statements) or clause 5 (Financial
covenants) of the GLOP Guarantee, any other entity required
to be treated as a subsidiary in its consolidated accounts in accordance with GAAP and/or any applicable law.

 

Group Member means any
Obligor and any other entity which is part of the Group.

 

Guarantees means the
GPHL Guarantee and the GLOP Guarantee and Guarantee means either of them.

 

Guarantors means GPHL
and GLOP and Guarantor means either of them.

 

Half-Yearly Financial Statements
has the meaning given to it in clause 18 (Information undertakings).

 

Holding Company means,
in relation to a company or corporation or other person, any other company or corporation or other person in respect of which
it is a Subsidiary.

    	9

    	

    

 

Impaired Agent means
the Agent at any time when:

 

		(a)	it has failed to make (or has
                                         notified a Party that it will not make) a payment required to be made by it under the
                                         Finance Documents by the due date for payment;

 

		(b)	the Agent otherwise rescinds
                                         or repudiates a Finance Document;

 

		(c)	(if the Agent is also a Lender)
                                         it is a Defaulting Lender under paragraph (a) or (b) of the definition of Defaulting
                                         Lender; or

 

		(d)	an Insolvency Event has occurred
                                         and is continuing with respect to the Agent;

 

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

 

		(i)	its failure to pay is caused
                                         by:

 

		(A)	administrative or technical
                                         error; or

 

		(B)	a Payment Disruption Event;
                                         and

 

payment is made within 3 Business
Days of its due date; or

 

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

 

Increased Costs has
the meaning given to it in clause 13.1.2 (Increased Costs).

 

Indemnified Person means:

 

		(a)	each Finance Party and each Receiver
                                         and any attorney, agent or other person appointed by them under the Finance Documents;

 

		(b)	each Affiliate of those persons;
                                         and

 

		(c)	any officers, employees or agents
                                         of any of the above persons.

 

Insolvency Event in
relation to a Finance Party means that the Finance Party:

 

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

 

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

 

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

 

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

 

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

    	10

    	

    
 

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

 

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

 

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

 

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

 

		(h)	seeks or becomes subject to the
                                         appointment of an administrator, provisional liquidator, conservator, receiver, trustee,
                                         custodian or other similar official for it or for all or substantially all its assets;

 

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

 

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

 

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

 

Insurance Notice means,
in relation to a Ship, a notice of assignment in the form scheduled to the Deed of Covenant for that Ship or in another approved
form.

 

Insurances means, in
relation to a Ship:

 

		(a)	all policies and contracts of
                                         insurance; and

 

		(b)	all entries in a protection and
                                         indemnity or war risks or other mutual insurance association

 

in the name of such Ship’s
Owner or the joint names of its Owner and any other person in respect of or in connection with such Ship and/or its Owner’s Earnings
from the Ship and includes all benefits thereof (including the right to receive claims and to return of premiums).

 

Interbank Market means
the London interbank market.

 

Interest Period means,
in relation to the Loan or any part thereof, each period determined in accordance with clause 9 (Interest Periods) and,
in relation to an Unpaid Sum, each period determined in accordance with clause 8.3 (Default interest).

 

Interpolated Screen Rate
means in relation to LIBOR and the Loan or any part of it or any Unpaid Sum, the rate (rounded to the same number of decimal
places as the two (2) relevant Screen Rates) which results from interpolating on a linear basis between:

 

		(a)	the applicable Screen Rate for
                                         the longest period (for which that Screen Rate is available) which is less than the relevant
                                         Interest Period for the Loan (or the relevant part of it) or the relevant Unpaid Sum;
                                         and

                                         
    	11

    	

    

 

		(b)	the applicable Screen Rate for
                                         the shortest period (for which that Screen Rate is available) which exceeds the relevant
                                         Interest Period for the Loan (or the relevant part of it) or the relevant Unpaid Sum,

 

each as of 11:00 am on the
relevant Quotation Day.

 

Last Availability Date
means 21 November 2014 (or such later date as may be approved by all the Lenders).

 

Legal Reservations means:

 

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

 

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

 

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

 

		(d)	any other matters which are set
                                         out as qualifications or reservations as to matters of law of general application in
                                         a legal opinion provided to the Agent pursuant to the conditions precedents set out in
                                         Schedule 3 (Conditions precedent).

 

Lender means:

 

		(a)	any Original Lender; and

 

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

 

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

 

LIBOR means, in relation
to the Loan or any part of it or any Unpaid Sum:

 

		(a)	the applicable Screen Rate; or

 

		(b)	if no Screen Rate is available
                                         for the relevant Interest Period, the Interpolated Screen Rate for the Loan (or the relevant
                                         part of it) or that Unpaid Sum,

 

as of 11:00 a.m. on the Quotation
Day for the offering of deposits in dollars for a period comparable to the Interest Period for the Loan or relevant part of it
or Unpaid Sum and if that rate is less than zero, LIBOR shall be deemed to be zero.

 

Loan means the loan
made or to be made available under the Facility or the principal amount outstanding for the time being of that loan.

 

Loss Payable Clauses
means, in relation to a Ship, the provisions concerning payment of claims under the Ship’s Insurances in the form scheduled to
the Ship’s Deed of Covenant or in another approved form.

 

Losses means any costs,
expenses (including, but not limited to, legal fees), payments, charges, losses, demands, liabilities, taxes (including VAT),
claims, actions, proceedings, penalties, fines, damages, judgments, orders or other sanctions.

 

Major Casualty means
any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed the Major Casualty
Amount.

    	12

    	

    
 

Major Casualty Amount
means, in relation to a Ship, the amount specified as such against the name of that Ship in Schedule 2 (Ship information)
or the equivalent in any other currency.

 

Majority Lenders means:

 

		(a)	if no part of the Loan is then
                                         outstanding, a Lender or Lenders whose Commitments aggregate more than 66.67% of the
                                         Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated
                                         more than 66.67% of the Total Commitments immediately prior to the reduction); or

 

		(b)	at any other time, a Lender or
                                         Lenders whose participations in the Loan aggregate more than 66.67% of the Loan.

 

Manager means the Commercial
Manager or the Technical Manager (as the case may be) and Managers means both of them.

 

Manager’s Undertaking
means, in relation to a Ship, an undertaking by any manager of the Ship to the Security Agent in the agreed form pursuant to clause
20.3 (Manager).

 

Margin means 2.60% per
annum.

 

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

 

		(a)	the business, operations, property,
                                         performance or condition (financial or otherwise) of any of the Borrowers and/or the
                                         Guarantors; or

 

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

 

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

 

Minimum Value means
the amount in dollars which is at any relevant time 120% of the Loan.

 

Mortgage means, in relation
to a Ship, a first priority mortgage of the Ship in the agreed form by the relevant Owner in favour of the Security
Agent.

 

Mortgage Period means,
in relation to a Mortgaged Ship, the period from the date the Mortgage over that Ship is executed and registered until the date
such Mortgage is released and discharged or, if earlier, its Total Loss Repayment Date.

 

Mortgaged Ship means,
at any relevant time, any Ship which is subject to a Mortgage and/or whose Earnings, Insurances and Requisition Compensation are
subject to a Security Interest under the Finance Documents.

 

Notifiable Debt Purchase
Transaction has the meaning given to that term in clause 29.2 (Prohibition on Debt Purchase Transactions by the Group).

 

Obligors means the parties
to the Finance Documents (other than Finance Parties and the Managers of each Ship) and Obligor means any one of them.

 

Original Financial Statements
means:

 

		(a)	the unaudited consolidated financial
                                         statements of the Group for its financial half-year ended 30 June 2014; and

                                         
    	13

    	

    

 

		(b)	the audited financial statements
                                         of the Borrowers for the financial year ended 31 December 2013.

 

Original Jurisdiction
means, in relation to an Original Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this
Agreement or, in the case of any other Obligor, as at the date on which that Obligor becomes an Obligor.

 

Original Obligor means
each party to this Agreement and the Original Security Documents (other than a Finance Party and the Managers).

 

Original Security Documents
means:

 

		(a)	the GLOP Guarantee and the GPHL
                                         Guarantee;

 

		(b)	the Mortgages;

 

		(c)	the Deeds of Covenant;

 

		(d)	the Charter Assignment in relation
                                         to each Ship’s Charter Documents;

 

		(e)	the Account Security;

 

		(f)	each Quiet Enjoyment Agreement;
                                         and

 

		(g)	a Manager’s Undertaking by each
                                         Manager.

 

Owner means, in relation
to a Ship, the Borrower specified against the name of that Ship in Schedule 2 (Ship information).

 

Participating Member State
means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance with
legislation of the European Union relating to Economic and Monetary Union.

 

Party means a party
to this Agreement.

 

Payment 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 Facility
                                         (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.

    	14

    	

    

 

Permitted Maritime Liens
means, in relation to a vessel:

 

		(a)	unless a Default is continuing,
                                         any ship repairer’s or outfitter’s possessory lien in respect of such vessel for an amount
                                         not exceeding the Major Casualty Amount for such vessel;

 

		(b)	any lien on such vessel for master’s,
                                         officer’s or crew’s wages outstanding in the ordinary course of its trading;

 

		(c)	liens for master’s disbursements
                                         incurred in the ordinary course of business and any other lien arising by statute or
                                         by operation of law in the ordinary course of the business, repair or maintenance of
                                         such vessel, each securing obligations not more than 30 days overdue;

 

		(d)	any lien on such vessel for salvage;
                                         and

 

		(e)	any other lien on such vessel
                                         arising in the ordinary course of trading by statute or by operation of law which has
                                         been contested in good faith by appropriate proceedings (and for the payment of which
                                         adequate reserves have been provided) provided that any such proceedings or the continued
                                         existence of such lien do not involve any likelihood of the sale, forfeiture or loss
                                         of, or of any interest in, such vessel.

 

Permitted Security Interests
means, in relation to any Mortgaged Ship, any Security Interest over it which is:

 

		(a)	a Permitted Maritime Lien; or

 

		(b)	granted by the Finance Documents;
                                         or

 

		(c)	created in favour of a claimant
                                         or defendant in any proceedings or arbitration as security for costs and expenses while
                                         the relevant Owner is actively pursuing a claim or defending such proceedings or arbitration
                                         in good faith; or

 

		(d)	created 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; or

 

		(e)	approved by the Majority Lenders.

 

PROVIDED that in the case of
(c) and (d) above the relevant liens (or any claim relating thereto) are, in the reasonable opinion of the Agent, covered by insurance
or, as the case may be, appropriate reserves held with the Account Bank in an Account acceptable to the Agent.

 

Pollutant means and
includes crude oil and its products, any other polluting, toxic or hazardous substance and any other substance whose release into
the environment is regulated or penalised by Environmental Laws.

 

Quiet Enjoyment Agreement
means, in respect of each Charter, a letter by the Security Agent addressed to, and acknowledged by, the relevant Charterer
and the relevant Owner in the agreed form.

 

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

 

Receiver means a receiver
or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any Charged Property
under any relevant Security Document.

    	15

    	

    

 

Registry means,
in relation to each Ship, such registrar, commissioner or representative of the relevant Flag State who is duly authorised and
empowered to register the relevant Ship, the relevant Owner’s title to such Ship and the relevant Mortgage under the laws of its
Flag State.

 

Relevant Jurisdiction
means, in relation to an Obligor:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where any Charged
                                         Property owned by it is situated;

 

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

 

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

 

Repayment Date means,
subject to clause 33.7 (Business Days):

 

		(a)	the First Repayment Date;

 

		(b)	each of the dates falling at
                                         3 monthly intervals thereafter up to but not including the Final Repayment Date; and

 

		(c)	the Final Repayment Date,

 

being the due dates of the
repayment instalments referred to in clause 6.2 (Scheduled repayment of Facility).

 

Repeating Representations
means each of the representations and warranties set out in clauses 17.1 (Status) to 17.10 (Ranking and effectiveness
of security), 17.17 (No breach of laws), 17.19 (Taxation), 17.20 (Security and Financial Indebtedness),
17.21 (Legal and beneficial ownership), 17.22 (Shares), 17.24 (No adverse consequences), 17.25 (Copies
of documents), 17.27 (No immunity) and 17.31 (Money Laundering, bribery and corruption).

 

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

 

Requisition Compensation
means, in relation to a Ship, any compensation paid or payable by a government entity for the requisition for title, confiscation
or compulsory acquisition of such Ship.

 

Revenue Account means
an Account designated as a “Revenue Account” under clause 25 (Bank accounts).

 

Sanctions has the meaning
given to it in clause 19.12 (Sanctions).

 

Sanctions Program has
the meaning given to it in clause 19.12 (Sanctions).

 

Screen Rate means the
London Interbank offered rate administered by ICE Benchmark Administration Limited (or if ICE Benchmark Administration Limited
ceases to act in the role of administering and publishing LIBOR rates, the equivalent rate published by a subsequently appointed
administrator of LIBOR) for dollars for the relevant period displayed on the appropriate page of the Reuters screen. If the agreed
page is replaced or service ceases to be available, the Agent may specify another page or service displaying the appropriate rate
after consultation with the Borrowers and the Lenders.

 

Security Agent includes
any person as may be appointed security agent and trustee for the other Finance Parties under this Agreement.

    	16

    	

    

 

Security Documents means:

 

		(a)	the Original Security Documents;

 

		(b)	any other document as may after
                                         the date of this Agreement be executed to guarantee and/or secure any amounts owing to
                                         the Finance Parties under this Agreement or any other Finance Document.

 

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

 

Security Value
means, at any time, the amount in dollars which, at that time, is the aggregate of (a) the value of all of the Mortgaged
Ships which have not then become a Total Loss (or, if less, the maximum amount capable of being secured by the Mortgages over
the Mortgaged Ships) and (b) the value of any additional security then held by the Security Agent or any other Finance Party
provided under clause 24 (Minimum security value), in each case as most recently determined in accordance with this
Agreement.

 

Selection Notice means
a notice substantially in the form set out in Schedule 5 (Selection Notice) given in accordance with clause 9 (Interest
Periods).

 

Ship Representations
means each of the representations and warranties set out in clauses 17.28 (Ship status) and 17.29 (Ship’s employment).

 

Ships means each of
the ships described in Schedule 2 (Ship information), and Ship means any of them.

 

Spill means any spill,
release or discharge of a Pollutant into the environment.

 

Subsidiary of a person
means any other person:

 

	 	(a)	directly or indirectly controlled
                                         by such person; or

 

	 	(b)	of whose dividends or distributions
                                         on ordinary voting share capital such person is entitled to receive more than 50%.

 

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

 

Technical Manager means,
in relation to a Ship, GasLog LNG Services Ltd. or another manager appointed as the technical manager of that Ship by the relevant
Owner in accordance with clause 20.3 (Manager).

 

Total Commitments means
the aggregate of the Commitments, being $450,000,000 at the date of this Agreement.

 

Total Loss means, in
relation to a vessel, its:

 

		(a)	actual, constructive, compromised
                                         or arranged total loss; or

 

		(b)	requisition for title, confiscation
                                         or other compulsory acquisition by a government entity; or

 

		(c)	condemnation, capture, seizure,
                                         arrest or detention for more than 30 days; or

 

		(d)	hijacking or theft for more than
                                         60 days.

    	17

    	

    
 

Total Loss Date means,
in relation to the Total Loss of a vessel:

 

		(a)	in the case of an actual total
                                         loss, the date it happened or, if such date is not known, the date on which the vessel
                                         was last reported;

 

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

 

		(i)	the date notice of abandonment
                                         of the vessel is given to its insurers; or

 

		(ii)	if the insurers do not admit
                                         such a claim, the date later determined by a competent court of law to have been the
                                         date on which the total loss happened; or

 

		(iii)	the date upon which a binding
                                         agreement as to such compromised or arranged total loss has been entered into by the
                                         vessel’s insurers;

 

		(c)	in the case of a requisition
                                         for title, confiscation or compulsory acquisition, the date it happened;

 

		(d)	in the case of condemnation,
                                         capture, seizure, arrest or detention, the date 30 days after the date upon which it
                                         happened; and

 

		(e)	in the case of hijacking or theft,
                                         the date 60 days after the date upon which it happened.

 

Total Loss Repayment Date
means, where a Mortgaged Ship has become a Total Loss, the earlier of:

 

		(a)	the date 180 days after its Total
                                         Loss Date; and

 

		(b)	the date upon which insurance
                                         proceeds or Requisition Compensation for such Total Loss are paid by insurers or the
                                         relevant government entity.

 

Transfer Certificate
means a certificate substantially in the form set out in Schedule 6 (Form of Transfer Certificate) or any other form agreed
between the Agent and the Borrowers or, at any time after the occurrence of an Event of Default, required by the Agent.

 

Transfer Date means,
in relation to a transfer pursuant to a Transfer Certificate, the later of:

 

		(a)	the proposed Transfer Date specified
                                         in the Transfer Certificate; and

 

		(b)	the date on which the Agent executes
                                         the Transfer Certificate.

 

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

 

Trust Property means,
collectively:

 

		(a)	all moneys duly received by the
                                         Security Agent under or in respect of the Finance Documents;

 

		(b)	any portion of the balance on
                                         any Account held by or charged to the Security Agent at any time;

 

		(c)	the Security Interests, guarantees,
                                         security, powers and rights given to the Security Agent under and pursuant to the Finance
                                         Documents including, without limitation, the covenants given to the Security Agent in
                                         respect of all obligations of any Obligor and any Manager;

                                         
    	18

    	

    

 

		(d)	all assets paid or transferred
                                         to or vested in the Security Agent or its agent or received or recovered by the Security
                                         Agent or its agent in connection with any of the Finance Documents whether from any Obligor,
                                         any Manager or any other person; and

 

		(e)	all or any part of any rights,
                                         benefits, interests and other assets at any time representing or deriving from any of
                                         the above, including all income and other sums at any time received or receivable by
                                         the Security Agent or its agent in respect of the same (or any part thereof).

 

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

 

US Tax Obligor means:

 

		(a)	a Borrower if it is resident
                                         for tax purposes in the United States of America; or

 

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

 

Utilisation means the
making of the Loan.

 

Utilisation Date means
the date on which the Utilisation is made.

 

Utilisation Request
means a notice substantially in the form set out in Schedule 4 (Utilisation Request).

 

VAT means:

 

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

 

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

 

	1.2	 	Construction

 

	1.2.1	 	Unless a contrary indication
                                         appears, any reference in any of the Finance Documents to:

 

		(a)	Sections, clauses and Schedules
                                         are to be construed as references to the Sections and clauses of, and the Schedules to,
                                         the relevant Finance Document and references to a Finance Document include its Schedules;

 

		(b)	a Finance Document or
                                         any other agreement or instrument is a reference to that Finance Document or other agreement
                                         or instrument as it may from time to time be amended, restated, novated or replaced,
                                         however fundamentally;

 

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

 

		(d)	a time of day is to London
                                         time;

 

		(e)	any person includes its successors
                                         in title, permitted assignees or transferees;

 

		(f)	the knowledge, awareness and/or
                                         beliefs (and similar expressions) of any Obligor shall be construed so as to mean the
                                         knowledge, awareness and beliefs of the director and officers of such Obligor, having
                                         made due and careful enquiry;

 

		(g)	two or more persons are acting
                                         in concert if pursuant to an agreement or understanding (whether formal or informal)
                                         they actively co-operate, through the acquisition (directly or

    	19

    	

    

		 	indirectly) of shares,
                                         partnership interest or unit or limited liability interests in an entity by any of them,
                                         either directly or indirectly to obtain or consolidate control of that entity;

                                          

		(h)	agreed form means:

 

		(i)	where a Finance Document has
                                         already been executed by all of the relevant parties to it, such Finance Document in
                                         its executed form;

 

		(ii)	prior to the execution of a
                                         Finance Document, the form of such Finance Document separately agreed in writing between
                                         the Agent (acting on the instructions of all the Lenders) and the Borrowers, whether
                                         before or after the date of this Agreement, as the form in which that Finance Document
                                         is to be executed or another form approved at the request of the Borrowers or, if not
                                         so agreed or approved, in the form reasonably required by the Agent;

 

		(i)	approved by the Majority
                                         Lenders or approved by the Lenders means approved in writing by the Agent
                                         acting on the instructions of the Majority Lenders or, as the case may be, all of the
                                         Lenders (on such conditions as they may respectively impose) and otherwise approved
                                         means approved in writing by the Agent acting on the instructions of the Majority
                                         Lenders (on such conditions as the Agent (acting on the instructions of the Majority
                                         Lenders) may impose) and approval and approve shall be construed accordingly;

 

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

 

		(k)	an authorisation means
                                         any authorisation, consent, concession, approval, resolution, licence, exemption, filing,
                                         notarisation or registration;

 

		(l)	charter commitment means,
                                         in relation to a vessel, any charter or contract for the use, employment or operation
                                         of that vessel or the carriage of people and/or cargo or the provision of services by
                                         or from it and includes any agreement for pooling or sharing income derived from any
                                         such charter or contract;

 

		(m)	control of an entity
                                         means:

 

		(i)	the power (whether by way of
                                         ownership of shares, partnership interest or unit or limited liability company interest
                                         or by proxy, contract, agency or otherwise) to:

 

		A)	cast, or control the casting
                                         of, more than 50% of the maximum number of votes that might be cast at a general meeting
                                         (or equivalent) of that entity; or

 

		B)	appoint or remove all, or the
                                         majority, of the directors or other equivalent officers of that entity; or

 

		C)	give directions with respect
                                         to the operating and financial policies of that entity with which the directors or other
                                         equivalent officers of that entity are obliged to comply; and/or

 

		(ii)	the holding beneficially of
                                         more than 50% of the issued share capital, partnership interest or unit or limited liability
                                         company interest of that entity, as the case may be, (excluding any part of that issued
                                         share capital, partnership interest or unit or limited liability company interest that
                                         carries no right to participate beyond a specified amount in a distribution of either
                                         profits or capital) (and, for this purpose, a Security Interest over share capital, partnership
                                         interest or unit or limited liability company interest shall be disregarded in determining
                                         the beneficial ownership of such share capital, partnership interest or unit or limited
                                         liability company interest),

 

and controlled shall
be construed accordingly;

    	20

    	

    
 

		(n)	the term disposal or
                                         dispose means a sale, transfer or other disposal (including by way of lease or
                                         loan but not including by way of loan of money) by a person of all or part of its assets,
                                         whether by one transaction or a series of transactions and whether at the same time or
                                         over a period of time, but not the creation of a Security Interest;

 

		(o)	dollar, $ and USD
                                         means the lawful currency of the United States of America;

 

		(p)	the equivalent of an
                                         amount specified in a particular currency (the specified currency amount) shall
                                         be construed as a reference to the amount of the other relevant currency which can be
                                         purchased with the specified currency amount in the London foreign exchange market at
                                         or about 11:00 a.m. on the date the calculation falls to be made for spot delivery, as
                                         conclusively determined by the Agent (with the relevant exchange rate of any such purchase
                                         being the Agent’s spot rate of exchange);

 

		(q)	a government entity
                                         means any government, state or agency of a state;

 

		(r)	a group of Lenders includes
                                         all the Lenders;

 

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

 

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

 

		(u)	month means a period
                                         starting on one day in a calendar month and ending on the numerically corresponding day
                                         in the next calendar month or the calendar month in which it is to end, except that:

 

		(i)	if the numerically corresponding
                                         day is not a Business Day, that period shall end on the next Business Day in that month
                                         (if there is one) or on the immediately preceding Business Day (if there is not); and

 

		(ii)	if there is no numerically
                                         corresponding day in that month, that period shall end on the last Business Day in that
                                         month,

 

and the above rules in paragraphs
(i) to (ii) will only apply to the last month of any period;

 

		(v)	an obligation means
                                         any duty, obligation or liability of any kind;

 

		(w)	something being in the ordinary
                                         course of business of a person means something that is in the ordinary course of
                                         that person’s current day-to-day operational business (and not merely anything
                                         which that person is entitled to do under its Constitutional Documents);

 

		(x)	pay, prepay or
                                         repay in clause 26 (Business restrictions) includes by way of set-off,
                                         combination of accounts or otherwise;

 

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

 

		(z)	a regulation includes
                                         any regulation, rule, official directive, request or guideline (whether or not having
                                         the force of law) of any governmental, intergovernmental or supranational body, agency,
                                         department or regulatory, self-regulatory or other authority or organisation and includes
                                         (without limitation) any Basel II Regulation or Basel III Regulation;

                                         
    	21

    	

    

 

		(aa)	right means any right,
                                         privilege, power or remedy, any proprietary interest in any asset and any other interest
                                         or remedy of any kind, whether actual or contingent, present or future, arising under
                                         contract or law, or in equity;

 

		(bb)	trustee, fiduciary
                                         and fiduciary duty has in each case the meaning given to such term under applicable
                                         law;

 

		(cc)	(i) the liquidation,
                                         winding up, dissolution, or administration of person or (ii) a receiver
                                         or administrative receiver or administrator in the context of insolvency
                                         proceedings or security enforcement actions in respect of a person shall be construed
                                         so as to include any equivalent or analogous proceedings or any equivalent and analogous
                                         person or appointee (respectively) under the law of the jurisdiction in which such person
                                         is established or incorporated or any jurisdiction in which such person carries on business
                                         including (in respect of proceedings) the seeking or occurrences of liquidation, winding-up,
                                         reorganisation, dissolution, administration, arrangement, adjustment, protection or relief
                                         of debtors;

 

		(dd)	an entity is a wholly-owned
                                         subsidiary of another entity if it has no members except that other entity and that
                                         other entity’s wholly-owned Subsidiaries or persons acting on behalf of that other
                                         entity or its wholly-owned Subsidiaries; and

 

		(ee)	a provision of law is a reference
                                         to that provision as amended or re-enacted.

 

	1.2.2	 	Where in this Agreement a provision
                                         includes a monetary reference level in one currency, unless a contrary indication appears,
                                         such reference level is intended to apply equally to its equivalent in other currencies as of the relevant
                                         time for the purposes of applying such reference level to any other currencies.

 

	1.2.3	 	Section, clause and Schedule
                                         headings are for ease of reference only.

 

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

 

	1.2.5	 	A Default (other than an Event
                                         of Default) is continuing if it has not been remedied or waived and an Event of
                                         Default is continuing if it has not been waived or remedied to the satisfaction
                                         of the Agent acting on the instructions of the Lenders.

 

	1.2.6	 	Unless a contrary indication
                                         appears, in the event of any inconsistency between the terms of this Agreement and the
                                         terms of any other Finance Document when dealing with the same or similar subject matter,
                                         the terms of this Agreement shall prevail.

 

	1.3	 	Third party rights

 

	1.3.1	 	Unless expressly provided to
                                         the contrary in a Finance Document for the benefit of a Finance Party or another Indemnified
                                         Person, a person who is not a party to a Finance Document has no right under the Contracts
                                         (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or to enjoy
                                         the benefit of any term of the relevant Finance Document.

 

	1.3.2	 	Any Finance Document may be
                                         rescinded or varied by the parties to it without the consent of any person who is not
                                         a party to it (unless otherwise provided by this Agreement).

 

	1.3.3	 	An Indemnified Person who is
                                         not a party to a Finance Document may only enforce its rights under that Finance Document
                                         through a Finance Party and if and to the extent and in such manner as the Finance Party
                                         may determine.

                                         
    	22

    	

    

 

	1.4	 	Finance Documents

 

Where any other Finance Document
provides that this clause 1.4 shall apply to that Finance Document, any other provision of this Agreement which, by its terms,
purports to apply to all or any of the Finance Documents and/or any Obligor shall apply to that Finance Document as if set out
in it but with all necessary changes.

 

	1.5	 	Conflict of documents

 

The terms of the Finance Documents
(other than as relates to the creation and/or perfection of security) are subject to the terms of this Agreement and, in the event
of any conflict between any provision of this Agreement and any provision of any Finance Document (other than in relation to the
creation and/or perfection of security) the provisions of this Agreement shall prevail.

    	23

    	

    

Section 2 - THE FACILITY

 

	2	 	The Facility

 

	2.1	 	The Facility

 

Subject to the terms of this
Agreement, the Lenders make available to the Borrowers a term loan facility in an aggregate amount equal to the Total Commitments.

 

	2.2	 	Finance Parties’
                                         rights and obligations

 

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

 

	2.2.2	 	The rights of each Finance
                                         Party under or in connection with the Finance Documents are separate and independent
                                         rights and any debt arising under the Finance Documents to a Finance Party from an Obligor
                                         shall be a separate and independent debt.

 

	2.2.3	 	A Finance Party may, except
                                         as otherwise stated in the Finance Documents (including clauses 30.25 (All enforcement
                                         action through the Security Agent) and 31.2 (Finance Parties acting together)),
                                         separately enforce its rights under the Finance Documents.

 

	2.3	 	Borrowers’ rights
                                         and obligations

 

	2.3.1	 	The obligations of each Borrower
                                         under this Agreement are joint and several. Failure by a Borrower to perform its obligations
                                         under this Agreement shall constitute a failure by all of the Borrowers.

 

	2.3.2	 	Each Borrower irrevocably and
                                         unconditionally jointly and severally with each other Borrower:

 

		(a)	agrees that it is responsible
                                         for the performance of the obligations of each other Borrower under this Agreement;

 

		(b)	acknowledges and agrees that
                                         it is a principal and original debtor in respect of all amounts due from the Borrowers
                                         under this Agreement; and

 

		(c)	agrees with each Finance Party
                                         that, if any obligation of another Borrower under this Agreement is or becomes unenforceable,
                                         invalid or illegal for any reason it will, as an independent and primary obligation,
                                         indemnify that Finance Party immediately on demand against any and all Losses it incurs
                                         as a result of another Borrower not paying any amount which would, but for such unenforceability,
                                         invalidity or illegality, have been payable by that other Borrower under this Agreement.
                                         The amount payable under this indemnity shall be equal to the amount which that Finance
                                         Party would otherwise have been entitled to recover.

 

	2.3.3	 	The obligations of each Borrower
                                         under the Finance Documents shall continue until all amounts which may be or become payable
                                         by the Borrowers under or in connection with the Finance Documents have been irrevocably
                                         and unconditionally paid or discharged in full, regardless of any intermediate payment
                                         or discharge in whole or in part.

 

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

 

    	24

    	

    

 

	2.3.5	 	The obligations of each Borrower
                                         under the Finance Documents shall not be affected by an act, omission, matter or thing
                                         which, but for this clause (whether or not known to it or any Finance Party), would reduce,
                                         release or prejudice any of its obligations under the Finance Documents including:

 

		(a)	any time, waiver or consent
                                         granted to, or composition with, any Obligor or other person;

 

		(b)	the release of any other Obligor
                                         or any other person under the terms of any composition or arrangement with any creditor
                                         of any other Obligor;

 

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

 

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

 

		(e)	any amendment, novation, supplement,
                                         extension, restatement (however fundamental and whether or not more onerous) or replacement
                                         of a Finance Document or any other document or security;

 

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

 

		(g)	any insolvency or similar proceedings.

 

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

 

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

 

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

 

		(b)	hold in an interest-bearing
                                         suspense account any money received from any Borrower or on account of any Borrower’s
                                         liability under any Finance Document.

 

	2.3.8	 	Until all amounts which may
                                         be or become payable by the Obligors under or in connection with the Finance Documents
                                         have been irrevocably paid in full and unless the Agent otherwise directs (on such terms
                                         as it may require), no Borrower shall exercise any rights (including rights of set-off)
                                         which it may have by reason of performance by it of its obligations under the Finance
                                         Documents:

 

		(a)	to be indemnified by another
                                         Obligor;

 

		(b)	to claim any contribution from
                                         any other Obligor or any guarantor of any Obligor’s obligations under the Finance
                                         Documents; and/or

 

		(c)	to take the benefit (in whole
                                         or in part and whether by way of subrogation or otherwise) of any rights of the Finance
                                         Parties under the Finance Documents or of any guarantee or

                                         
    	25

    	

    
    		 	security taken pursuant to,
                                         or in connection with, the Finance Documents by any Finance Party; and/or

 

		(d)	to bring legal or other proceedings
                                         for an order requiring any Obligor to make any payment, or perform any obligation, in
                                         respect of which that Borrower is liable under this Agreement or any of the other Finance
                                         Documents; and/or

 

		(e)	to exercise any right of set-off
                                         against any other Obligor; and/or

 

		(f)	to claim or prove as a creditor
                                         of any other Obligor in competition with any Finance Party.

 

If a Borrower receives any
benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to the Agent for application
in accordance with clause 33 (Payment mechanics). This only applies until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been irrevocably paid in full.

 

	3	 	Purpose

 

	3.1	 	Purpose

 

The Borrowers shall apply all
amounts borrowed under the Facility solely for the purpose of re-financing in full the Existing Indebtedness.

 

	3.2	 	Monitoring

 

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

 

	4	 	Conditions of Utilisation

 

	4.1	 	Initial conditions
                                         precedent

 

The Borrowers may not deliver
a Utilisation Request unless the Agent, or its duly authorised representative, has received all of the documents and other evidence
listed in Part 1 of Schedule 3 (Conditions precedent) in form and substance satisfactory to the Agent.

 

	4.2	 	Ship and security conditions
                                         precedent

 

The Total Commitments may only
be drawn down under this Agreement if on or before the Utilisation, the Agent, or its duly authorised representative, has received
all of the documents and evidence listed in Part 2 of Schedule 3 (Ship and security conditions precedent) in relation to
each Ship in form and substance satisfactory to the Agent.

 

	4.3	 	Notice to Lenders

 

The Agent shall notify the
Borrowers and the Lenders promptly after receipt by it of the documents and evidence referred to in this clause 4 in form and
substance satisfactory to it. Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before
the Agent gives any such notification, the Lenders authorise (but do not require) the Agent to give that notification. The Agent
shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

 

	4.4	 	Further conditions
                                         precedent

 

The Lenders will only be obliged
to comply with clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the proposed
Utilisation Date:

 

		(a)	no Default is continuing or
                                         would result from the proposed Utilisation;

                                         
    	26

    	

    

 

		(b)	all of the representations
                                         set out in clause 17 (Representations), are true;

 

		(c)	no events, facts, conditions
                                         or circumstances shall exist or have arisen or occurred (and neither the Agent nor any
                                         Lender shall have become aware of other events, facts, conditions or circumstances not
                                         previously known to it), which the Agent (acting on the instructions of the Majority
                                         Lenders) shall determine, have had or could reasonably be expected to have, a Material
                                         Adverse Effect; and

 

		(d)	no Total Loss Date has occurred
                                         in relation to any Ship.

 

	4.5	 	Waiver of conditions
                                         precedent

 

The conditions in this clause
4 are inserted solely for the benefit of the Finance Parties and may be waived on their behalf in whole or in part and with or
without conditions by the Agent acting on the instructions of the Majority Lenders.

    	27

    	

    

Section 3 - UTILISATION

 

	5	 	Utilisation

 

	5.1	 	Delivery of a Utilisation
                                         Request

 

The Borrowers may utilise the
Facility in a single Utilisation by delivery to the Agent of a duly completed Utilisation Request not later than 11:00 a.m. three
(3) Business Days before the proposed Utilisation Date.

 

	5.2	 	Completion of a Utilisation
                                         Request

 

	5.2.1	 	A Utilisation Request is irrevocable
                                         and will not be regarded as having been duly completed unless:

 

		(a)	the proposed Utilisation Date
                                         is a Business Day falling not later than the Last Availability Date;

 

		(b)	the currency and amount of
                                         the Utilisation comply with clause 5.3 (Currency and amount);

 

		(c)	the proposed Interest Period
                                         complies with clause 9 (Interest Periods); and

 

		(d)	it identifies the purpose for
                                         the Utilisation and that purpose complies with clause 3 (Purpose).

 

	5.2.2	 	The Total Commitments may only
                                         be drawn down in a single amount in a single Utilisation.

 

	5.3	 	Currency and amount

 

	5.3.1	 	The currency specified in a
                                         Utilisation Request must be dollars.

 

	5.3.2	 	The proposed amount of the
                                         Loan specified in a Utilisation Request and advanced, shall not exceed the lower of:

 

		(a)	$450,000,000;

 

		(b)	the amount in dollars which
                                         is equal to 50% of the aggregate market value of all the Ships as determined pursuant
                                         to the valuations of the Ships obtained under Part 2 of Schedule 3 (Conditions precedent);
                                         and

 

		(c)	the amount of the Available
                                         Facility.

 

	5.4	 	Lenders’ participation

 

	5.4.1	 	If the conditions set out in
                                         this Agreement have been met, each Lender shall make its participation in the Loan available
                                         by the Utilisation Date through its Facility Office.

 

	5.4.2	 	The amount of each Lender’s
                                         participation in the Loan will be equal to the proportion borne by its undrawn Commitment
                                         to the undrawn Total Commitments immediately prior to making the Loan.

 

	5.4.3	 	The Agent shall promptly notify
                                         each Lender of the amount of the Loan and the amount of its participation in the Loan,
                                         in each case three (3) Business Days before the proposed Utilisation Date.

 

	5.4.4	 	The Agent shall pay all amounts
                                         received by it in respect of the Loan (and its own participation in it, if any) to the
                                         Borrowers or for the account of any of them in accordance with the instructions contained
                                         in the Utilisation Request.

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	5.5	 	Pre-placement

 

	5.5.1	 	Notwithstanding that the Borrowers
                                         may have not yet satisfied all of the conditions precedent set out in Schedule 3 (Conditions
                                         precedent), and provided that:

 

		(a)	the Borrowers have submitted
                                         a Utilisation Request in accordance with this clause 5;

 

		(b)	the Borrowers have satisfied
                                         the conditions precedent set out in paragraphs 1, 2, 3(a), 3(b), 3(f), 3(g), 4, 5 and
                                         6 of Part 1 of Schedule 3 (Initial conditions precedent) and clause 4.4
                                         (Further conditions precedent); and

 

		(c)	in the opinion of the Agent
                                         (acting on the instructions of the Majority Lenders) the Borrowers are reasonably likely
                                         to satisfy all remaining and outstanding conditions precedent set out in Part 1 of Schedule
                                         3 (Initial conditions precedent), Part 2 of Schedule 3 (Ship and security
                                         conditions precedent) and clause 4.4 (Further conditions precedent) within
                                         two (2) Business Days from the Utilisation Date,

 

the Agent (acting on the instructions
of the Majority Lenders) may, subject to the other terms and conditions of this clause 5.5 and the other provisions of this Agreement,
make the Loan on the date specified in the relevant Utilisation Request.

 

	5.5.2	 	The Loan, if utilised pursuant
                                         to this clause 5.5 (the Pre-placed Loan), shall (subject to the other provisions
                                         of this Agreement) be remitted by the Agent to the Revenue Accounts or any one of them
                                         and, in that case, each Borrower hereby irrevocably and unconditionally undertakes with
                                         the Finance Parties, forthwith upon satisfaction of all conditions precedent set out
                                         in Part 1 of Schedule 3 (Initial conditions precedent), Part 2 of Schedule
                                         3 (Ship and security conditions precedent) and clause 4.4 (Further conditions
                                         precedent), to instruct the Account Bank to immediately pay the Pre-placed Loan to
                                         the relevant lenders of the Existing Indebtedness in accordance with instructions in
                                         this respect addressed from the Borrowers to the Account Bank in all respects satisfactory
                                         to the Agent (the Instructions).

 

	5.5.3	 	Notwithstanding any such Instructions,
                                         the Agent and the Account Bank shall not pay or authorise payment of the Pre-placed Loan
                                         from any Revenue Account to the relevant lenders of the Existing Indebtedness or otherwise
                                         to the order of the Borrowers unless and until the Agent is satisfied that all the conditions
                                         precedent set out in Part 1 of Schedule 3 (Initial conditions precedent),
                                         Part 2 of Schedule 3 (Ship and security conditions precedent) and clause 4.4 (Further
                                         conditions precedent) in relation to such Ship have been satisfied in full.

 

	5.5.4	 	If the Borrowers fail to give
                                         the relevant Instructions in accordance with clause 5.5.2 or otherwise fail to satisfy
                                         the remaining conditions precedent set out in Part 1 of Schedule 3 (Initial conditions
                                         precedent), Part 2 of Schedule 3 (Ship and security conditions precedent)
                                         and clause 4.4 (Further conditions precedent) referred to in clause 5.5.1(c) above,
                                         in each case within two (2) Business Days from the Utilisation Date, the Borrowers shall
                                         immediately prepay the Pre-placed Loan, together with interest thereon (calculated in
                                         accordance with clause 8.1 (Calculation of interest)), provided that any moneys
                                         held in the Revenue Accounts at the time shall be applied by the Agent (and the Borrowers
                                         hereby irrevocably and unconditionally instruct the Agent to so apply the same at the
                                         time) in satisfaction of such prepayment obligation of the Borrowers and in payment of
                                         any amounts payable by the Borrowers under clause 7.8 (Restrictions) as a result
                                         of such prepayment.

 

	5.5.5	 	In case of application of this
                                         clause 5.5 in respect of any Pre-placed Loan, such Pre-placed Loan shall accrue interest
                                         in accordance with the terms of clause 8.1 (Calculation of interest) from the
                                         Utilisation Date.

 

	5.5.6	 	Any amount prepaid under clause
                                         5.5.4 in respect of the Loan shall be, subject to the other terms of this Agreement,
                                         available to be redrawn by the Borrowers.

    	29

    	

    

Section 4 - REPAYMENT,
PREPAYMENT AND CANCELLATION

 

	6	 	Repayment

 

	6.1	 	Repayment

 

The Borrowers shall repay on
each Repayment Date such part of the Loan as is required to be repaid by clause 6.2 (Scheduled repayment of Facility).

 

	6.2	 	Scheduled repayment
                                         of Facility

 

To the extent not previously
reduced, the Loan shall be repaid by instalments on each Repayment Date by the amount specified in the table below (the Repayment
Table) (as revised by clause 6.3 (Adjustment of scheduled repayments)):

 

	Repayment Date	 	Amount $
	First	 	5,625,000
	Second	 	5,625,000
	Third	 	5,625,000
	Fourth	 	5,625,000
	Fifth	 	5,625,000
	Sixth	 	5,625,000
	Seventh	 	5,625,000
	Eighth	 	5,625,000
	Ninth	 	5,625,000
	Tenth	 	5,625,000
	Eleventh	 	5,625,000
	Twelfth	 	5,625,000
	Thirteenth	 	5,625,000
	Fourteenth	 	5,625,000
	Fifteenth	 	5,625,000
	Sixteenth	 	5,625,000
	Seventeenth	 	5,625,000
	Eighteenth	 	5,625,000
	Nineteen	 	5,625,000
	Twentieth	 	343,125,000
	TOTAL	 	450,000,000

 

The twentieth instalment referred
to above is comprised of two parts, a repayment instalment in the amount of $5,625,000 and a balloon instalment in the amount
of $337,500,000 (the Balloon Instalment).

    	30

    	

    

On the Final Repayment Date
(without prejudice to any other provision of this Agreement), the Loan shall be repaid in full.

 

	6.3	 	Adjustment of scheduled
                                         repayments

 

If the Total Commitments have
been partially reduced under this Agreement and/or any part of the Loan is prepaid (other than under clause 6.2 (Scheduled
repayment of Facility)) before any Repayment Date, the amount of the instalments (including the Balloon Instalment) by which
the Loan shall be repaid under clause 6.2 (Scheduled repayment of Facility)) on any such Repayment Date (as reduced by
any earlier operation of this clause 6.3) shall be reduced pro rata to such reduction in the Total Commitments and/or the Loan.

 

	6.4	 	Revision of table

 

At the time of the Utilisation
and at the time of any reduction in the amount of the Total Commitments and/or prepayment of the Loan, the Agent shall be entitled
to produce a revised Repayment Table and deliver the same to the Borrowers and the Lenders showing the amount of each instalment
to be repaid on each Repayment Date and any such revised Repayment Table shall, in the absence of manifest error, be binding on
each of the Parties.

 

	7	 	Illegality, prepayment and cancellation

 

	7.1	 	Illegality

 

If it becomes unlawful or otherwise
impossible in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or
any of the other Finance Documents, or for any Lender to fund or maintain its participation in the Loan:

 

		(a)	that Lender shall promptly
                                         notify the Agent upon becoming aware of that event;

 

		(b)	upon the Agent notifying the
                                         Borrowers, the Commitment of that Lender will be immediately cancelled and the remaining
                                         Total Commitments shall each be reduced rateably; and

 

		(c)	the Borrowers shall repay that
                                         Lender’s participation in the Loan on the last day of the Interest Period occurring
                                         after the Agent has notified the Borrowers or, if earlier, the date specified by the
                                         Lender in the notice delivered to the Agent (being no earlier than the last day of any
                                         applicable grace period permitted by law).

 

	7.2	 	Change of Control

 

	7.2.1	 	If there is a Change of Control:

 

		(a)	the Borrowers shall promptly
                                         notify the Agent of the same upon its occurrence; and

 

		(b)	the Agent, upon becoming notified
                                         by any Party of a Change of Control may, and if instructed by the Majority Lenders shall,
                                         by notice to the Borrowers cancel the Total Commitments, with effect from the date on
                                         which such Change of Control occurs, and the Borrowers shall forthwith prepay the Loan
                                         in full together with all other amounts outstanding under this Agreement and the other
                                         Finance Documents.

 

	7.2.2	 	If GLOP ceases to be listed
                                         on an Approved Exchange, the Borrowers shall notify the Agent of the same upon its occurrence,
                                         and the Agent, upon being notified may, and if instructed by the Majority Lenders shall,
                                         cancel the Total Commitments, with effect from the date on which such de-listing occurs,
                                         and the Borrowers shall forthwith prepay the Loan in full together with all other amounts
                                         outstanding under this Agreement and the other Finance Documents.

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	7.3	 	Voluntary cancellation

 

The Borrowers may, if they
give the Agent not less than ten (10) Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice,
cancel the whole or any part (being a minimum amount of $5,000,000) of the Facility. Upon any such cancellation the Total Commitments
shall be reduced by the same amount and the relevant Commitments of the Lenders reduced pro rata.

 

	7.4	 	Voluntary prepayment

 

The Borrowers may, if they
give the Agent not less than five (5) Business Days’ (or such shorter period as the Majority Lenders may agree) prior written
notice, prepay the whole or any part of the Loan (but if in part, being an amount that reduces the amount of the Loan by a minimum
amount of $5,000,000 and is a multiple of $5,000,000), on the last day of an Interest Period in respect of the amount to be prepaid
or on any other date subject to paying any Break Costs.

 

	7.5	 	Right of replacement
                                         or cancellation and prepayment in relation to a single Lender/right of cancellation in
                                         relation to a Defaulting Lender

 

	7.5.1	 	If:

 

		(a)	any sum payable to any Lender
                                         by an Obligor is required to be increased under clause 12.2 (Tax gross-up); or

 

		(b)	any Lender claims indemnification
                                         from the Borrowers under clause 12.3 (Tax indemnity) or clause 13.1 (Increased
                                         Costs); or

 

		(c)	any FATCA Protected Lender
                                         notifies the Agent of a FATCA Event pursuant to clause 7.9 (Mandatory repayment and
                                         cancellation of FATCA Protected Lenders),

 

the Borrowers may, whilst the
circumstance giving rise to the requirement for that increase or indemnification or FATCA Event continues for a maximum period
of 30 days, give the Agent notice of cancellation of the Commitment of that Lender and their intention to procure the repayment
of that Lender’s participation in the Loan or give the Agent notice of their intention to replace that Lender in accordance
with clause 7.5.4.

 

	7.5.2	 	On receipt of a notice referred
                                         to in clause 7.5.1 above, the Commitment of that Lender shall immediately be reduced
                                         to zero and (unless the Commitment of the relevant Lender is replaced in accordance with
                                         clause 7.5.4) the remaining Total Commitments shall each be reduced rateably.

 

	7.5.3	 	On the last day of each Interest
                                         Period which ends after the Borrowers have given notice under clause 7.5.1 above in relation
                                         to a Lender (or, if earlier, the date specified by the Borrowers in that notice), the
                                         Borrowers shall repay that Lender’s participation in the Loan.

 

	7.5.4	 	The Borrowers may, in the circumstances
                                         set out in clause 7.5.1, on 15 Business Days’ prior notice to the Agent and that
                                         Lender, replace that Lender by requiring that Lender to transfer (and, to the extent
                                         permitted by law, that Lender shall transfer) pursuant to clause 28 (Changes to the
                                         Lenders) all (and not part only) of its rights under this Agreement to a Lender or
                                         other bank, financial institution, trust, fund or other entity selected by the Borrowers
                                         which confirms its willingness to assume and does assume all the obligations of the transferring
                                         Lender in accordance with clause 28 (Changes to the Lenders) for a purchase price
                                         in cash or other cash payment payable at the time of the transfer equal to the aggregate
                                         of:

 

		(a)	the outstanding principal amount
                                         of such Lender’s participation in the Loan;

 

		(b)	all accrued interest owing
                                         to such Lender to the extent that the Agent has not given a notification under clause
                                         28.8 (Pro-rata interest settlement);

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		(c)	the Break Costs which would
                                         have been payable to such Lender pursuant to clause 10.3 (Break Costs) had the
                                         Borrowers prepaid in full that Lender’s participation in the Loan on the date of
                                         the transfer; and

 

		(d)	all other amounts payable to
                                         that Lender under the Finance Documents on the date of the transfer.

 

	7.5.5	 	The replacement of a Lender
                                         pursuant to clause 7.5.4 shall be subject to the following conditions:

 

		(a)	the Borrowers shall have no
                                         right to replace the Agent;

 

		(b)	neither the Agent nor any Lender
                                         shall have any obligation to find a replacement Lender;

 

		(c)	in no event shall the Lender
                                         replaced under clause 7.5.4 be required to pay or surrender any of the fees received
                                         by such Lender pursuant to the Finance Documents; and

 

		(d)	the Lender shall only be obliged
                                         to transfer its rights pursuant to clause 7.5.4 above once it is satisfied that it has
                                         complied with all necessary “know your customer” or other similar checks
                                         under all applicable laws and regulations in relation to that transfer.

 

	7.5.6	 	If any Lender becomes a Defaulting
                                         Lender, the Borrowers may, at any time whilst the Lender continues to be a Defaulting
                                         Lender, give the Agent 5 Business Days’ notice of cancellation of the Commitment
                                         of that Lender.

 

	7.5.7	 	On the notice referred to in
                                         clause 7.5.6 above becoming effective, the Commitment of the Defaulting Lender shall
                                         immediately be reduced to zero and (unless the Commitment of the relevant Lender is replaced
                                         in accordance with clause 39.6 (Replacement of a Defaulting Lender)) the Total
                                         Commitments shall be reduced rateably.

 

	7.5.8	 	A Lender shall perform the
                                         checks described in clause 7.5.5(d) above as soon as reasonably practicable following
                                         delivery of a notice referred to in clause 7.5.4 above and shall notify the Agent and
                                         the Borrowers when it is satisfied that it has complied with those checks.

 

	7.6	 	Sale or Total Loss

 

	7.6.1	 	On a Mortgaged Ship’s
                                         Disposal Repayment Date the Borrowers shall prepay the Loan by an amount equal to the
                                         Relevant Amount.

 

	7.6.2	 	For the purposes of this clause
                                         7.6, Relevant Amount means, in respect of a Mortgaged Ship which has become a
                                         Total Loss or is sold, a part of the Loan equal to the total amount of the Loan multiplied
                                         by a fraction having as its numerator the market value of the relevant Mortgaged Ship
                                         lost or sold and as its denominator the aggregate of the market values of all Mortgaged
                                         Ships (including the Mortgaged Ship lost or sold), as such market values are then most
                                         recently determined in the manner set out in clause 24 (Minimum security value).

 

	7.7	 	Automatic cancellation

 

Any part of the Total Commitments
which has neither become available nor been utilised by the Last Availability Date shall be automatically cancelled at close of
business in London on the Last Availability Date.

 

	7.8	 	Restrictions

 

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

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

 

	7.8.3	 	The Borrowers may not re-borrow
                                         any part of the Facility which is repaid or prepaid (subject as provided in clause 5.5.6).

 

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

 

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

 

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

 

	7.8.7	 	If the Total Commitments are
                                         partially reduced under this Agreement (other than under clause 7.1 (Illegality),
                                         clause 7.5 (Right of replacement or cancellation and prepayment in relation to a single
                                         Lender/Right of cancellation in relation to a Defaulting Lender) and clause 7.9 (Mandatory
                                         repayment and cancellation of FATCA Protected Lenders)), the Commitments of the Lenders
                                         shall be reduced rateably.

 

	7.8.8	 	If the Loan is partially prepaid
                                         under this Agreement (other than under clause 7.1 (Illegality), clause 7.5 (Right
                                         of replacement or cancellation and prepayment in relation to a single Lender/Right of
                                         cancellation in relation to a Defaulting Lender) and clause 7.9 (Mandatory repayment
                                         and cancellation of FATCA Protected Lenders)), the amount prepaid shall reduce the
                                         participation of the Lenders in the Loan rateably.

 

	7.9	 	Mandatory repayment
                                         and cancellation of FATCA Protected Lenders

 

	7.9.1	 	If on the date falling three
                                         months before the earliest FATCA Application Date for any payment by a Party to a FATCA
                                         Protected Lender (or to the Agent for the account of that Lender), that Lender is not
                                         a FATCA Exempt Party and, in the opinion of that Lender (acting reasonably), that Party
                                         will, as a consequence, be required to make a FATCA Deduction from a payment to that
                                         Lender (or to the Agent for the account of that Lender) on or after that FATCA Application
                                         Date (a FATCA Event):

 

		(a)	that Lender shall, reasonably
                                         promptly after that date, notify the Agent of that FATCA Event and the relevant FATCA
                                         Application Date;

 

		(b)	if, on the date falling one
                                         month before such FATCA Application Date, that FATCA Event is continuing and that Lender
                                         has not been repaid or replaced pursuant to clause 7.5 (Right of replacement or cancellation
                                         and prepayment in relation to a single Lender / Right of cancellation in relation to
                                         a Defaulting Lender) (other than by reason of that Lender’s failure to comply
                                         with its obligations pursuant to clause 7.5.4):

 

		(i)	that Lender may, at any time
                                         between one month and two weeks before such FATCA Application Date, notify the Agent;

 

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

 

		(iii)	the Borrowers shall repay
                                         that Lender’s participation in the Loan made to the Borrowers on the last day of
                                         the Interest Period for the Loan occurring after the Agent has notified the Borrowers
                                         or, if earlier, the last Business Day before the relevant FATCA Application Date.

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Section 5 - COSTS
OF UTILISATION

 

	8	 	Interest

 

	8.1	 	Calculation of interest

 

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

 

		(a)	Margin; and

 

		(b)	LIBOR.

 

	8.2	 	Payment of interest

 

The Borrowers shall pay accrued
interest on the Loan on the last day of each Interest Period (and, if an Interest Period is longer than three months, on the dates
falling at three monthly intervals after the first day of that Interest Period).

 

	8.3	 	Default interest

 

	8.3.1	 	If an Obligor fails to pay
                                         any amount payable by it under a Finance Document on its due date, interest shall accrue
                                         on the overdue amount from the due date up to the date of actual payment (both before
                                         and after judgment) at a rate which, subject to clause 8.3.2 below, is 2 per cent. higher
                                         than the rate which would have been payable if the overdue amount had, during the period
                                         of non-payment, constituted the Loan for successive Interest Periods, each of a duration
                                         selected by the Agent (acting reasonably). Any interest accruing in accordance with this
                                         clause 8.3 shall be immediately payable by the Obligors on demand by the Agent.

 

	8.3.2	 	If any overdue amount consists
                                         of all or part of the Loan which became due on a day which was not the last day of an
                                         Interest Period relating to the Loan or the relevant part of it:

 

		(a)	the first Interest Period for
                                         that overdue amount shall have a duration equal to the unexpired portion of the current
                                         Interest Period relating to the Loan; and

 

		(b)	the rate of interest applying
                                         to the overdue amount during that first Interest Period shall be 2 per cent. higher than
                                         the rate which would have applied if the overdue amount had not become due.

 

	8.3.3	 	Default interest (if unpaid)
                                         arising on an overdue amount will be compounded with the overdue amount at the end of
                                         each Interest Period applicable to that overdue amount but will remain immediately due
                                         and payable.

 

	8.4	 	Notification of rates
                                         of interest

 

The Agent shall notify the
Lenders and the Borrowers of the determination of a rate of interest under this Agreement on the Quotation Day.

 

	9	 	Interest Periods

 

	9.1	 	Selection of Interest
                                         Periods

 

	9.1.1	 	The Borrowers may select an
                                         Interest Period for the Loan in the Utilisation Request or (if the Loan has already been
                                         borrowed) in a Selection Notice.

 

	9.1.2	 	Each Selection Notice is irrevocable
                                         and must be delivered to the Agent by the Borrowers not later than 11:00 a.m. three (3)
                                         Business Days before the last day of the then current Interest Period.

                                         
    	35

    	

    

 

	9.1.3	 	If the Borrowers fail to deliver
                                         a Selection Notice to the Agent in accordance with clause 9.1.2, the relevant Interest
                                         Period will be 3 months.

 

	9.1.4	 	Subject to this clause 9, the
                                         Borrowers may select an Interest Period of 3 months or any other period not exceeding
                                         12 months agreed between the Borrowers and the Agent on the instructions of all the Lenders.

 

	9.1.5	 	No Interest Period shall extend
                                         beyond the Final Repayment Date.

 

	9.1.6	 	The first Interest Period for
                                         the Loan shall start on the Utilisation Date and each subsequent Interest Period for
                                         the Loan shall start on the last day of its preceding Interest Period.

 

	9.2	 	Interest Periods overrunning
                                         Repayment Dates

 

If the Borrowers select an
Interest Period which would overrun any later Repayment Date, the Loan shall be divided into parts corresponding to the amounts
by which the Total Commitments are scheduled to be reduced under clause 6.2 (Scheduled repayment of Facility) on each of
the Repayment Dates falling during such Interest Period (each of which shall have a separate Interest Period ending on the relevant
Repayment Date) and to the balance of the Loan (which shall have the Interest Period selected by the Borrowers).

 

	9.3	 	Non-Business Days

 

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

 

	10	 	Changes to the calculation of
                                         interest

 

	10.1	 	Market Disruption
                                         Event

 

	10.1.1	 	If a Market Disruption Event
                                         occurs in relation to the Loan for any Interest Period, then the rate of interest on
                                         each Lender’s share of the Loan for the Interest Period shall be the percentage
                                         rate per annum which is the sum of:

 

		(a)	the Margin; and

 

		(b)	the rate notified to the Agent
                                         by that Lender as soon as practicable and in any event before interest is due to be paid
                                         in respect of that Interest Period, to be that which expresses as a percentage rate per
                                         annum the cost to that Lender of funding its participation in the Loan from whatever
                                         source it may reasonably select.

 

	10.1.2	 	If a Market Disruption Event
                                         occurs the Agent shall, as soon as practicable, notify the Borrowers.

 

	10.1.3	 	In this Agreement Market
                                         Disruption Event means that:

 

		(a)	at or about noon on the Quotation
                                         Day the Screen Rate is not available for the relevant currency; or

 

		(b)	before close of business in
                                         London on the Quotation Day for the relevant Interest Period, the Agent receives notifications
                                         from a Lender or Lenders (whose participations in the Loan equal or exceed 50% of the
                                         Loan) or, if prior to the Utilisation Date, whose Commitments equal or exceed 50% of the Total
                                         Commitments) that the cost to it of funding its participation in the Loan from whatever
                                         source it may reasonably select would be in excess of LIBOR.

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	10.2	 	Alternative basis
                                         of interest or funding

 

	10.2.1	 	If a Market Disruption Event
                                         occurs and the Agent or the Borrowers so require, the Agent and the Borrowers shall enter
                                         into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute
                                         basis for determining the rate of interest.

 

	10.2.2	 	Any alternative basis agreed
                                         pursuant to clause 10.2.1 above shall, with the prior consent of all the Lenders be binding
                                         on all Parties.

 

	10.3	 	Break Costs

 

	10.3.1	 	The Borrowers shall, within
                                         three (3) Business Days of demand by a Finance Party, pay to that Finance Party its Break
                                         Costs attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrowers
                                         on a day other than the last day of an Interest Period for the Loan or Unpaid Sum or
                                         relevant part of it.

 

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

 

	11	 	Fees

 

	11.1	 	Commitment commission

 

	11.1.1	 	The Borrowers shall pay to
                                         the Agent (for the account of each Lender) a fee in dollars computed at the rate of 1.04%
                                         per annum on the undrawn and uncancelled portion of that Lender’s Commitment calculated
                                         on a daily basis from the date of this Agreement (the start date).

 

	11.1.2	 	The Borrowers shall pay the
                                         accrued commitment commission on (a) the earlier of (i) the Utilisation Date and (ii)
                                         the last day of the period of three months commencing on the start date, (b) on the last
                                         day of each successive period of three months and (c) on the Last Availability Date to
                                         occur and, if cancelled in full, on the cancelled amount of the relevant Lender’s
                                         Commitment at the time the cancellation is effective.

 

	11.1.3	 	No commitment commission is
                                         payable to the Agent (for the account of a Lender) on the undrawn portion of the Commitment
                                         of that Lender for any day on which that Lender is a Defaulting Lender.

 

	11.2	 	Arrangement fee

 

The Borrowers shall pay to
the Arranger (for distribution to the Arranger and the Lenders in a manner agreed between the Arranger and the Lenders in the
Arranger’s discretion) an arrangement fee in the amount and at the times agreed in a Fee Letter.

 

	11.3	 	Agency fees

 

The Borrowers shall pay to
the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

 

	11.4	 	Security agency fee

 

The Borrowers shall pay to
the Security Agent (for its own account) a security agency fee in the amount and at the times agreed in a Fee Letter.

    	37

    	

    

Section 6 - ADDITIONAL
PAYMENT OBLIGATIONS

 

	12	 	Tax gross-up and indemnities

 

	12.1	 	Definitions

 

	12.1.1	 	In this Agreement:

 

Protected Party means
a Finance Party or, in relation to clause 14.4 (Indemnity concerning security) and clause 14.7
(Interest) insofar as it relates to interest on any amount demanded by that Indemnified Person under clause
14.4 (Indemnity concerning security), and any Indemnified Person, which is or will be subject to any liability, or
required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the
purposes of Tax to be received or receivable) under a Finance Document.

 

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

 

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

 

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

 

	12.2	 	Tax gross-up

 

	12.2.1	 	Each Obligor shall make all
                                         payments to be made by it under any Finance Document without any Tax Deduction, unless
                                         a Tax Deduction is required by law.

 

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

 

	12.2.3	 	If a Tax Deduction is required
                                         by law to be made by an Obligor, the amount of the payment due from that Obligor under
                                         the relevant Finance Document shall be increased to an amount which (after making any
                                         Tax Deduction) leaves an amount equal to the payment which would have been due if no
                                         Tax Deduction had been required.

 

	12.2.4	 	If an Obligor is required
                                         to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required
                                         in connection with that Tax Deduction within the time allowed and in the minimum amount
                                         required by law.

 

	12.2.5	 	Within 30 days of making either
                                         a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor
                                         making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to
                                         the payment evidence reasonably satisfactory to that Finance Party (including by way
                                         of receipts) that the Tax Deduction has been made or (as applicable) any appropriate
                                         payment paid to the relevant taxing authority.

 

	12.3	 	Tax indemnity

 

	12.3.1	 	The Borrowers shall (within
                                         three (3) Business Days of demand by the Agent) pay to a Protected Party an amount equal
                                         to the loss, liability or cost which that Protected Party determines will be or has been
                                         (directly or indirectly) suffered for or on account of Tax by that Protected Party in
                                         respect of a Finance Document.

    	38

    	

    

	12.3.2	 	Clause 12.3.1 above shall
                                         not apply:

 

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

 

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

 

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

 

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

 

		(b)	to the extent a loss, liability
                                         or cost is compensated for by an increased payment under clause 12.2 (Tax gross-up);

 

		(c)	to the extent a loss, liability
                                         or cost is compensated for by a payment under clause 12.4 (Indemnities on after Tax
                                         basis); or

 

		(d)	to the extent a loss, liability
                                         or cost relates to a FATCA Deduction required to be made by a Party.

 

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

 

	12.3.4	 	A Protected Party shall, on
                                         receiving a payment from an Obligor under this clause 12.3, notify the Agent.

 

	12.4	 	Indemnities on after
                                         Tax basis

 

	12.4.1	 	If and to the extent that
                                         any sum payable to any Protected Party by the Borrowers under any Finance Document by
                                         way of indemnity or reimbursement proves to be insufficient, by reason of any Tax suffered
                                         thereon, for that Protected Party to discharge the corresponding liability to a third
                                         party, or to reimburse that Protected Party for the cost incurred by it in discharging
                                         the corresponding liability to a third party, the Borrowers shall pay that Protected
                                         Party such additional sum as (after taking into account any Tax suffered by that Protected
                                         Party on such additional sum) shall be required to make up the relevant deficit.

 

	12.4.2	 	If and to the extent that
                                         any sum (the Indemnity Sum) constituting (directly or indirectly) an indemnity
                                         to any Protected Party but paid by the Borrowers to any person other than that Protected
                                         Party, shall be treated as taxable in the hands of the Protected Party, the Borrowers
                                         shall pay to that Protected Party such sum (the Compensating Sum) as (after taking
                                         into account any Tax suffered by that Protected Party on the Compensating Sum) shall
                                         reimburse that Protected Party for any Tax suffered by it in respect of the Indemnity
                                         Sum.

 

	12.4.3	 	For the purposes of this clause
                                         12.4 a sum shall be deemed to be taxable in the hands of a Protected Party if it falls
                                         to be taken into account in computing the profits or gains of that Protected Party for
                                         the purposes of Tax and, if so, that Protected Party shall be deemed to have suffered
                                         Tax on the relevant sum at the rate of Tax applicable to that Protected Party’s
                                         profits or gains for the period in which the payment of the relevant sum falls to be
                                         taken into account for the purposes of such Tax.

 

	12.5	 	FATCA Information

 

	12.5.1	 	Subject to clause 12.5.3 below,
                                         each Party shall, within ten Business Days of a reasonable request by another Party:

                                         
    	39

    	

    

 

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

 

		(i)	a FATCA Exempt Party; or

 

		(ii)	not a FATCA Exempt Party;

 

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

 

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

 

	12.5.2	 	If a Party confirms to another
                                         Party pursuant to clause 12.5.1(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.

 

	12.5.3	 	Clause 12.5.1 above shall
                                         not oblige any Finance Party to do anything, and clause 12.5.1(c) above shall not oblige
                                         any other Party to do anything, which would or might in its reasonable opinion constitute
                                         a breach of:

 

		(a)	any law or regulation;

 

		(b)	any fiduciary duty; or

 

		(c)	any duty of confidentiality.

 

	12.5.4	 	If a Party fails to confirm
                                         whether or not it is a FATCA Exempt Party or to supply forms, documentation or other
                                         information requested in accordance with clause 12.5.1 above (including, for the avoidance
                                         of doubt, where clause 12.5.3 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.

 

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

 

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

 

		(b)	where a Borrower is a US Tax
                                         Obligor and the relevant Lender is a New Lender, the relevant Transfer Date;

 

		(c)	the date a new US Tax Obligor
                                         accedes as a Borrower; or

 

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

 

supply to
the Agent:

 

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

 

		(f)	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 or that other law or regulation.

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The Agent
shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives from a
Lender pursuant to this paragraph 12.5.5 to the Borrowers.

 

	12.5.6	 	If any withholding certificate,
                                         withholding statement, document, authorisation or waiver provided to the Agent by a Lender
                                         pursuant to paragraph 12.5.5 above is or becomes materially inaccurate or incomplete,
                                         that Lender shall promptly update it and provide such updated withholding certificate,
                                         withholding statement, document, authorisation or waiver to the relevant Borrower.

 

	12.6	 	FATCA Deduction

 

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

 

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

 

	12.7	 	Stamp taxes

 

The Borrowers shall pay and,
within three (3) Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party
incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.

 

	12.8	 	Value added tax

 

	12.8.1	 	All amounts set out, or expressed
                                         in a Finance Document to be payable by any party to a Finance Party which (in whole or
                                         in part) constitute the consideration for a supply or supplies for VAT purposes shall
                                         be deemed to be exclusive of any VAT which is chargeable on such supply or supplies,
                                         and accordingly, subject to clause 12.8.3 below, if VAT is or becomes chargeable on any
                                         supply made by any Finance Party to any party under a Finance Document, and such Finance
                                         Party is required to account to the relevant tax authority for the VAT, that party shall
                                         pay to the Finance Party (in addition to and at the same time as paying any other consideration
                                         for such supply) an amount equal to the amount of such VAT (and such Finance Party shall
                                         promptly provide an appropriate VAT invoice to such party).

 

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

 

		(a)	(where the Supplier is the
                                         person required to account to the relevant tax authority for the VAT) the Subject Party
                                         must also pay to the Supplier (at the same time as paying that amount) an additional
                                         amount equal to the amount of the VAT. The Recipient must (where this paragraph (a) applies)
                                         promptly pay to the Subject Party an amount equal to any credit or repayment the Recipient
                                         receives from the relevant tax authority which the Recipient reasonably determines relates
                                         to the VAT chargeable on that supply; and

 

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

                                         
    	41

    	

    

 

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

 

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

 

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

 

	13	 	Increased Costs

 

	13.1	 	Increased Costs

 

	13.1.1	 	Subject to clause 13.3 (Exceptions),
                                         the Borrowers shall, within three (3) Business Days of a demand by the Agent, pay for
                                         the account of a Finance Party the amount of any Increased Cost incurred by that Finance
                                         Party or any of its Affiliates which:

 

		(a)	arises as a result of (i) the
                                         introduction of or any change in (or in the interpretation, administration or application
                                         of) any law or regulation or (ii) compliance with any law or regulation made after the
                                         date of this Agreement; and/or

 

		(b)	is a Basel III Increased Cost
                                         and is generally ascribed to borrowers as a matter of market practice.

 

	13.1.2	 	In this Agreement Increased
                                         Costs means:

 

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

 

		(b)	an additional or increased
                                         cost; or

 

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

 

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

 

	13.2	 	Increased Cost claims

 

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

 

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

 

	13.3	 	Exceptions

 

	13.3.1	 	Clause 13.1 (Increased
                                         Costs) does not apply to the extent any Increased Cost is:

 

		(a)	attributable to a Tax Deduction
                                         required by law to be made by an Obligor;

                                         
    	42

    	

    

 

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

 

		(c)	attributable to a FATCA Deduction
                                         required to be made by a Party; or

 

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

 

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

 

	14	 	Other indemnities

 

	14.1	 	Currency indemnity

 

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

 

		(a)	making or filing a claim or
                                         proof against that Obligor; and/or

 

		(b)	obtaining or enforcing an order,
                                         judgment or award in relation to any litigation or arbitration proceedings,

 

that Obligor shall, as an independent
obligation, within three (3) Business Days of demand by a Finance Party, indemnify each Finance Party to whom that Sum is due
against any Losses arising out of or as a result of the conversion including any discrepancy between (i) the rate of exchange
used to convert that Sum from the First Currency into the Second Currency and (ii) the rate or rates of exchange available to
that person at the time of its receipt of that Sum.

 

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

 

	14.2	 	Other indemnities

 

	14.2.1	 	The Borrowers shall (or shall
                                         procure that another Obligor will), within three (3) Business Days of demand by a Finance
                                         Party, indemnify each Finance Party against any Losses incurred by that Finance Party
                                         as a result of:

 

		(a)	a breach of clause 19.12 (Sanctions);

 

		(b)	the occurrence of any Event
                                         of Default;

 

		(c)	a failure by an Obligor to
                                         pay any amount due under a Finance Document on its due date, including without limitation,
                                         any and all Losses arising as a result of clause 32 (Sharing among the Finance Parties);

 

		(d)	funding, or making arrangements
                                         to fund, its participation in the Loan requested by the Borrowers in a Utilisation Request
                                         but not made by reason of the operation of any one or more of the provisions of this
                                         Agreement (other than by reason of default or negligence by that Finance Party alone);
                                         or

 

		(e)	the Loan (or part of the Loan)
                                         not being prepaid in accordance with a notice of prepayment given by the Borrowers.

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	14.2.2	 	The Borrowers shall (or shall
                                         procure that another Obligor will), within three (3) Business Days of demand by an Indemnified
                                         Person, indemnify each Indemnified Person against any and all Losses, joint or several
                                         that may be incurred by or asserted or awarded against any Indemnified Person, in each
                                         case arising out of or in connection with or relating to any claim investigation, litigation
                                         or proceeding (or the preparation of any defence with respect thereto) commenced or threatened
                                         in relation to this Agreement (or the transactions contemplated hereby) or any use made
                                         or proposed to be made with the proceeds of the Facility (including an Environmental
                                         Claim made or asserted against such Indemnified Person if such Environmental Claim would
                                         not have been, or been capable of being, made or asserted against such Indemnified Person
                                         if the Finance Parties had not entered into any of the Finance Documents and/or exercised
                                         any of their rights, powers and discretions thereby conferred and/or performed any of
                                         their obligations thereunder and/or been involved in any of the transactions contemplated
                                         by the Finance Documents). This indemnity shall apply whether or not such claims, investigation,
                                         litigation or proceedings is brought by any Obligor, any other Group Member, any of their
                                         shareholders, their Affiliates, or creditors, or an Indemnified Person or any other person,
                                         or an Indemnified Person is otherwise a party thereto, except to the extent such Losses
                                         are found in a final non-appealable judgement by a court of competent jurisdiction to
                                         have resulted from such Indemnified Person’s gross negligence or wilful default.
                                         Each Indemnified Person may enforce and enjoy the benefit of this clause 14.2.2 under
                                         the Third Parties Act.

 

	14.3	 	Indemnity to the Agent
                                         and the Security Agent

 

The Borrowers shall within
three (3) Business Days of demand by the Agent or the Security Agent indemnify the Agent and the Security Agent against:

 

	14.3.1	 	any and all Losses incurred
                                         by the Agent or the Security Agent as a result of:

 

		(a)	without prejudice to clause
                                         30.7.2(a) as extended to the Security Agent by clause 30.22 (Application of certain
                                         clauses to Security Agent), investigating any event which it reasonably believes
                                         is a Default;

 

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

 

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

 

		(d)	any action taken by the Agent
                                         or the Security Agent or any of their representatives, agents or contractors in connection
                                         with any powers conferred by any Security Document to enforce any Security Interest thereunder
                                         or to remedy any breach of any Obligor’s obligations under the Finance Documents;
                                         and

 

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

 

	14.4	 	Indemnity concerning
                                         security

 

	14.4.1	 	The Borrowers shall (or shall
                                         procure that another Obligor will) within three (3) Business Days of demand by an Indemnified
                                         Person indemnify that Indemnified Person against any and all Losses incurred by it in
                                         connection with:

 

		(a)	any failure by the Borrowers
                                         to comply with clause 16 (Costs and expenses);

    	44

    	

    
 

 

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

 

		(c)	the taking, holding, protection
                                         or enforcement of the Security Documents;

 

		(d)	the exercise or purported exercise
                                         of any of the rights, powers, discretions, authorities and remedies vested in the Security
                                         Agent and/or any other Finance Party and each Receiver by the Finance Documents or by
                                         law unless and to the extent that it was caused by its gross negligence or wilful default;

 

		(e)	any claim (whether relating
                                         to the environment or otherwise) made or asserted against the Indemnified Person which
                                         would not have arisen but for the execution or enforcement of one or more Finance Documents
                                         (unless and to the extent it is caused by the gross negligence or wilful default of that
                                         Indemnified Person); or

 

		(f)	any breach by an Obligor of
                                         any of its obligations expressed to be assumed by it in the Finance Documents.

 

	14.4.2	 	The Security Agent may, in
                                         priority to any payment to the other Finance Parties, indemnify itself out of the Trust
                                         Property in respect of, and pay and retain, all sums necessary to give effect to the
                                         indemnity in this clause 14.4 and shall have a lien on the Security Documents and the
                                         proceeds of the enforcement of those Security Documents for all moneys payable to it.

 

	14.5	 	Continuation of indemnities

 

The indemnities by the Borrowers
in favour of the Indemnified Persons contained in this Agreement shall continue in full force and effect notwithstanding any breach
by any Finance Party or any Borrower of the terms of this Agreement, the repayment or prepayment of the Loan, the cancellation
of the Total Commitments or the repudiation by the Agent or any Borrower of this Agreement.

 

	14.6	 	Third Parties Act

 

Each Indemnified Person
may rely on the terms of clause 14.4 (Indemnity concerning security) and clauses 12 (Tax gross-up and
indemnities) and 14.7 (Interest) insofar as it relates to interest on any amount demanded by that Indemnified
Person under clause 14.4 (Indemnity concerning security), subject to clause 1.3 (Third party rights) and the
provisions of the Third Parties Act.

 

	14.7	 	Interest

 

Moneys becoming due by the
Borrowers to any Indemnified Person under the indemnities contained in this clause 14 or elsewhere in this Agreement shall be
paid on demand made by such Indemnified Person and shall be paid together with interest on the sum demanded from the date of demand therefor to the date
of reimbursement by the Borrowers to such Indemnified Person (both before and after judgment) at the rate referred to in clause
8.3 (Default interest)

 

	14.8	 	Exclusion of liability

 

No Indemnified Person will
be in any way liable or responsible to any Obligor (whether as mortgagee in possession or otherwise) who is a Party or is a party
to a Finance Document to which this clause applies for any loss or liability arising from any act, default, omission or misconduct
of that Indemnified Person, except to the extent caused by its own gross negligence or wilful default. Any Indemnified Person
may rely on this clause 14.8 subject to clause 1.3 (Third party rights) and the provisions of the Third Parties Act.

    	45

    	

    
 

	14.9	 	Fax and email indemnity

 

The Borrowers shall indemnify
each Finance Party against any and all Losses together with any VAT thereon which any of the Finance Parties may sustain or incur
as a consequence of any fax or email communication purporting to originate from the Borrowers to the Agent or the Security Agent
being made or delivered fraudulently or without proper authorisation (unless such Losses are the direct result of the gross negligence
or wilful default of the relevant Finance Party or the Agent or the Security Agent).

 

	14.10	 	Waiver

 

In no event shall any of the
Finance Parties be liable on any theory of liability for any special, indirect, consequential or punitive damages and the Obligors
hereby waive, release and agree (for and on behalf of themselves and on behalf of the other Group Members and their respective
Affiliates and shareholders) not to sue upon any such claim for any such damages, whether or not accrued and whether or not known
or suspected to exist in their favour.

 

	15	 	Mitigation by the Lenders

 

	15.1	 	Mitigation

 

	15.1.1	 	Each Finance Party shall,
                                         in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances
                                         which arise and which would result in any amount becoming payable under or pursuant to,
                                         or cancelled pursuant to, any of clause 7.1 (Illegality), clause 12 (Tax gross-up
                                         and indemnities), clause 13 (Increased Costs) including (but not limited to)
                                         transferring its rights and obligations under the Finance Documents to another Affiliate
                                         or Facility Office.

 

	15.1.2	 	Clause 15.1.1 does not in
                                         any way limit the obligations of any Obligor under the Finance Documents.

 

	15.2	 	Limitation of liability

 

	15.2.1	 	The Borrowers shall within
                                         three (3) Business Days of demand by a Finance Party indemnify such Finance Party for
                                         all costs and expenses incurred by that Finance Party as a result of steps taken by it
                                         under clause 15.1 (Mitigation).

 

	15.2.2	 	A Finance Party is not obliged
                                         to take any steps under clause 15.1 (Mitigation) if, in the opinion of that Finance
                                         Party (acting reasonably), to do so might be prejudicial to it.

 

	16	 	Costs and expenses

 

	16.1	 	Transaction expenses

 

The Borrowers shall promptly
within five Business Days of demand pay the Agent, the Arranger and the Security Agent the amount of all costs and expenses (including
fees, costs and expenses of legal advisers and, subject to clause 23.17 (Independent report), insurance and other consultants
and advisers) properly incurred by any of them (and by any Receiver) in connection with the negotiation, preparation, printing,
execution, syndication, registration and perfection and any release, discharge or reassignment of:

 

		(a)	this Agreement and any other
                                         documents referred to in this Agreement and the Original Security Documents;

 

		(b)	any other Finance Documents
                                         executed or proposed to be executed after the date of this Agreement including any executed
                                         to provide additional security under clause 24 (Minimum security value);or

 

		(c)	any Security Interest expressed
                                         or intended to be granted by a Finance Document.

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	16.2	 	Amendment costs

 

If an Obligor requests an amendment,
waiver or consent, the Borrowers shall, within five (5) Business Days of demand by the Agent or the Security Agent, reimburse
the Agent or the Security Agent for the amount of all costs and expenses (including fees, costs and expenses of legal advisers
and insurance and other consultants and advisers) reasonably incurred by the Agent or properly incurred by the Security Agent
(and by any Receiver) in responding to, evaluating, negotiating or complying with that request or requirement.

 

	16.3	 	Enforcement, preservation
                                         and other costs

 

The Borrowers shall within
five (5) Business Days from demand by a Finance Party, pay to each Finance Party (through the Agent, except where a payment is
to be made to the Security Agent, in which case such payment shall be made directly to the Security Agent) the amount of all costs
and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants, brokers, surveyors and
advisers) properly incurred by that Finance Party in connection with:

 

		(a)	the enforcement of, or the
                                         preservation of any rights under, any Finance Document and any proceedings initiated
                                         by or against any Indemnified Person and as a consequence of holding the Charged Property
                                         or enforcing those rights and any proceedings instituted by or against any Indemnified
                                         Person as a consequence of taking or holding the Security Documents or enforcing those
                                         rights;

 

		(b)	any valuation carried out under
                                         clause 24 (Minimum security value); or

 

		(c)	any inspection carried out
                                         under clause 22.8 (Inspection and notice of drydockings) or any survey carried
                                         out under clause 22.16 (Survey report).

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Section 7 - REPRESENTATIONS,
UNDERTAKINGS AND EVENTS OF DEFAULT

 

	17	 	Representations

 

Each Borrower makes and repeats
the representations and warranties set out in this clause 17 to each Finance Party at the times specified in clause 17.35 (Times
when representations are made).

 

	17.1	 	Status

 

	17.1.1	 	Each Obligor and each Manager is duly incorporated or established and validly existing under the
laws of the jurisdiction of its incorporation or establishment as a limited liability company or corporation or limited partnership
(as the case may be) and has no centre of main interests, permanent establishment or place of business outside the jurisdiction
in which it is incorporated (save as notified to the Agent) and is in compliance with its Constitutional Documents.

 

	17.1.2	 	Each Obligor and each Manager has power and authority to carry on its business as it is now being
conducted and to own its property and other assets.

 

	17.1.3	 	No Obligor is a FATCA FFI or a US Tax Obligor.

 

	17.2	 	Binding obligations

 

Subject to the Legal Reservations,
the obligations expressed to be assumed by each Obligor in each Finance Document or any Charter Document to which it is, or is
to be, a party are or, when entered into by it, will be legal, valid, binding and enforceable obligations and each Security Document
to which an Obligor is, or will be, a party, creates or will create the Security Interests which that Security Document purports
to create and those Security Interests are or will be valid and effective.

 

	17.3	 	Power and authority

 

	17.3.1	 	Each Obligor has, or will have when entered into by it, power to enter into, perform and deliver
and comply with its obligations under, and has taken, or will take when entered into by it, all necessary action to authorise its
entry into, each Finance Document and any Charter Document to which it is or is to be a party.

 

	17.3.2	 	No limitation on any Obligor’s powers to borrow, create security or give guarantees will
be exceeded as a result of any transaction under, or the entry into of, any Finance Document to which such Obligor is, or is to
be, a party with effect on and from the date of the relevant Finance Document.

 

	17.4	 	Non-conflict

 

The entry into and performance
by each Obligor and any Manager of, and the transactions contemplated by the Finance Documents and the granting of the Security
Interests purported to be created by the Security Documents do not and will not conflict with:

 

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

 

		(b)	the Constitutional Documents of any Obligor or any Manager; or

 

		(c)	any agreement or other instrument binding upon any Obligor or any Manager or its assets or constitute
a default or termination event (however described) under any such agreement or instrument, or

 

result in the creation of any
Security Interest (save for a Permitted Maritime Lien or under a Security Document) on such Obligor’s or such Manager’s
assets, rights or revenues.

    	48

    	

    

 

	17.5	 	Validity and admissibility in evidence

 

	17.5.1	 	All authorisations required or desirable:

 

		(a)	to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations
under each Finance Document and any Charter Document to which it is a party;

 

		(b)	to make each Finance Document and any Charter Document to which it is a party admissible in evidence
in its Relevant Jurisdiction; and

 

		(c)	to ensure that each of the Security Interests created under the Security Documents has the priority
and ranking contemplated by them,

 

have been obtained or effected
or (as the case may be) will be obtained or effected when entered into, and are, or (as the case may be) will be when entered into,
in full force and effect except any authorisation or filing referred to in clause 17.12 (No filing or stamp taxes), which
authorisation or filing will be promptly obtained or effected within any applicable period.

 

	17.5.2	 	All authorisations necessary for the conduct of the business, trade and ordinary activities of
each Obligor and each Manager have been obtained or effected and are in full force and effect if failure to obtain or effect those
authorisations might have a Material Adverse Effect.

 

	17.6	 	Governing law and enforcement

 

	17.6.1	 	The choice of governing law as provided in any Finance Document and any Charter Document will be recognised
and enforced in each Obligor’s Relevant Jurisdictions.

 

	17.6.2	 	Any judgment obtained in England in relation to an Obligor will be recognised and enforced in each
Obligor’s Relevant Jurisdictions.

 

	17.7	 	Information

 

	17.7.1	 	Any Information is true and accurate in all material respects at the time it was given or made.

 

	17.7.2	 	There are no facts or circumstances or any other information which could make the Information incomplete,
untrue, inaccurate or misleading in any material respect.

 

	17.7.3	 	The Information does not omit anything which could make the Information incomplete, untrue, inaccurate
or misleading in any material respect.

 

	17.7.4	 	All opinions, projections, forecasts or expressions of intention contained in the Information and
the assumptions on which they are based have been arrived at after due and careful enquiry and consideration and were believed
to be reasonable by the person who provided that Information as at the date it was given or made.

 

	17.7.5	 	For the purposes of this clause 17.7, Information means: any information provided by any
Obligor to any of the Finance Parties in connection with the Finance Documents or the Charter Documents or the transactions referred
to in them (including that contained in any information memorandum).

 

	17.8	 	Original Financial Statements

 

	17.8.1	 	The Original Financial Statements were prepared in accordance with GAAP consistently applied.

 

	17.8.2	 	The Original Financial Statements give a true and fair view of the financial condition and results
of operations of the relevant Obligors and the Group during the relevant financial year.

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	17.8.3	 	There has been no material adverse change in its assets, business or financial condition (or the
assets, business or consolidated financial condition of any of the Obligors or the Group) since the date of the Original Financial
Statements.

 

	17.9	 	Pari passu ranking

 

Each Obligor’s payment
obligations under the Finance Documents to which it is a party rank at least pari passu with all its other present and future unsecured
and unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

 

	17.10	 	Ranking and effectiveness of security

 

Subject to the Legal Reservations
and any filing, registration or notice requirements which is referred to in any legal opinion delivered to the Arranger, the Security
Agent and the Agent under clause 4.1 (Initial conditions precedent), the security created by the Security Documents has
(or will have when the Security Documents have been executed) the priority which it is expressed to have in the Security Documents,
the Charged Property is not subject to any Security Interest other than Permitted Security Interests and such security will constitute
perfected security on the assets described in the Security Documents.

 

	17.11	 	No insolvency

 

No corporate action, legal proceeding
or other procedure or step described in clause 27.9 (Insolvency proceedings) or creditors’ process described in clause
27.10 (Creditors’ process) has been taken or, to the knowledge of any Obligor or any Manager, threatened in relation
to an Obligor or a Manager or a Subsidiary of an Obligor or a Manager and none of the circumstances described in clause 27.8 (Insolvency)
applies to an Obligor or a Manager or a Subsidiary of an Obligor or any Finance Document to which it is, or is to be, a party.

 

	17.12	 	No filing or stamp taxes

 

Under the laws of each Obligor’s
Relevant Jurisdictions it is not necessary that any Finance Document or any Charter Document which it is, or is to be, party be
filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or
similar Taxes or fees be paid on or in relation to any such Finance Document or any Charter Document or the transactions contemplated
by the Finance Documents except any filing, recording or enrolling or any tax or fee payable in relation to any Finance Document
which is referred to in any legal opinion delivered to the Agent under clause 4.1 (Initial conditions precedent) and which
will be made or paid promptly after the date of the relevant Finance Document.

 

	17.13	 	Tax

 

No Obligor is required to make
any deduction for or on account of Tax from any payment it may make under any Finance Document to which it is, or is to be, a party
and no other party is required to make any such deduction from any payment it may make under any Charter Document.

 

	17.14	 	Centre of main interests and establishments

 

For the purposes of The Council
of the European Union Regulation No. 1346/2000 on Insolvency Proceedings (the Regulation), its centre of main interest (as
that term is used in Article 3(1) of the Regulation) is situated in its
Original Jurisdiction and it has no “establishment” (as that term is used in Article 2(h) of the Regulation) in any
other jurisdiction.

 

	17.15	 	No Default

 

	17.15.1	 	No Default is continuing or is reasonably likely to result from the making of the Utilisation or
the entry into, the performance of, or any transaction contemplated by, any Finance Document or any Charter Document.

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	17.15.2	 	No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace
period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default
or termination event (however described) under any other agreement or instrument which is binding on any Obligor or any Manager
or to which any Obligor’s or Manager’s assets are subject which might have a Material Adverse Effect.

 

	17.15.3	 	No other events, conditions, facts or circumstances exist or have arisen or occurred since 31 December
2013, which have had or could reasonably be expected to have a Material Adverse Effect.

 

	17.16	 	No proceedings pending or threatened

 

No litigation, arbitration or
administrative proceedings or investigations of, or before, any court, arbitral body or agency (including, without limitation,
investigative proceedings) which, if adversely determined, might reasonably be expected to have a Material Adverse Effect, have
(to the best of any Obligor’s or Manager’s knowledge and belief) been started or threatened against any Obligor or
any Manager or any Subsidiary of an Obligor.

 

	17.17	 	No breach of laws

 

	17.17.1	 	No Obligor or Manager or Subsidiary of an Obligor or a Manager has breached any law or regulation
which might have a Material Adverse Effect.

 

	17.17.2	 	No labour dispute is current or, to the best of any Obligor’s or any Manager’s knowledge
and belief (having made due and careful enquiry), threatened against any Obligor or any Manager or any Subsidiary of an Obligor
which may have a Material Adverse Effect.

 

	17.18	 	Environmental matters

 

	17.18.1	 	No Environmental Law applicable to any Fleet Vessel and/or any Obligor or any Manager or any Subsidiary
of an Obligor has been violated in a manner or circumstances which might have, a Material Adverse Effect.

 

	17.18.2	 	All consents, licences and approvals required under such Environmental Laws have been obtained
and are currently in force.

 

	17.18.3	 	No Environmental Claim has been made or threatened or is pending against any Obligor or any Manager
or any Subsidiary of an Obligor or any Fleet Vessel where that claim might have a Material Adverse Effect and there has been no
Environmental Incident which has given, or might give, rise to such a claim.

 

	17.19	 	Taxation

 

	17.19.1	 	No Obligor or Manager or Subsidiary of an Obligor is materially overdue in the filing of any Tax
returns or overdue in the payment of any amount in respect of Tax.

 

	17.19.2	 	No claims or investigations are being, or are reasonably likely to be, made or conducted against
any Obligor or any Manager or any Subsidiary of an Obligor with respect to Taxes such that a liability of, or claim against, any
Obligor or any Manager or any Subsidiary of an Obligor is reasonably likely to arise for an amount for which adequate reserves
have not been provided in the Original Financial Statements and which might have a Material Adverse Effect.

 

	17.19.3	 	Except as advised in writing to the Agent prior to the date of this Agreement, each Obligor and
each Manager is resident for Tax purposes only in the jurisdiction of its incorporation.

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	17.20	 	Security and Financial Indebtedness

 

	17.20.1	 	No Security Interest exists over all or any of the present or future assets of any Borrower in breach
of this Agreement, other than the Permitted Security Interests.

 

	17.20.2	 	No Borrower has any Financial Indebtedness outstanding in breach of this Agreement.

 

	17.21	 	Legal and beneficial ownership

 

	17.21.1	 	The Borrowers are direct wholly-owned subsidiaries of GPHL.

 

	17.21.2	 	GPHL is a direct wholly-owned subsidiary of GLOP.

 

	17.21.3	 	GasLog Partners GP LLC is a direct wholly-owned subsidiary of GasLog.

 

	17.21.4	 	GasLog Partners GP LLC is the general partner of GLOP.

 

	17.22	 	Shares

 

The shares of each Borrower
are fully paid and not subject to any option to purchase or similar rights. The Constitutional Documents of each Borrower do not
and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Security Documents. There are
no agreements in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment
of, any share or loan capital of any Borrower (including any option or right of pre-emption or conversion).

 

	17.23	 	Accounting Reference Date

 

The financial year-end of each
Obligor is the Accounting Reference Date.

 

	17.24	 	No adverse consequences

 

	17.24.1	 	It is not necessary under the laws of the Relevant Jurisdictions of any Obligor:

 

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

 

		 	(b)	by reason of the execution of any Finance Document or the performance by any Obligor of its obligations
under any Finance Document to which it is a party,

 

that any Finance Party should
be licensed, qualified or otherwise entitled to carry on business in any of such Relevant Jurisdictions.

 

	17.24.2	 	No Finance Party is or will be deemed to be resident, domiciled or carrying on business in any
Relevant Jurisdiction by reason only of the execution, performance and/or enforcement of any Finance Document.

 

	17.25	 	Copies of documents

 

The copies of the Charter Documents
and the Constitutional Documents of the Obligors delivered to the Agent under clause 4 (Conditions of Utilisation) will
be true, complete and accurate copies of such documents and include all amendments and supplements to them as at the time of such
delivery and no other agreements or arrangements exist between any of the parties to any Charter Document which would materially
affect the transactions or arrangements contemplated by any Charter Document or modify or release the obligations of any party
under that Charter Document.

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	17.26	 	No breach of any Charter Document

 

No Obligor nor (so far as the
Obligors are aware) any other person is in breach of any Charter Document to which it is a party nor has anything occurred which
entitles or may entitle any party to any Charter Document to rescind or terminate it or decline to perform their obligations under
it.

 

	17.27	 	No immunity

 

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

 

	17.28	 	Ship status

 

Each Ship will on the first
day of the relevant Mortgage Period be:

 

		(a)	registered provisionally in the name of the relevant Owner through the relevant Registry as a Bermudian
registered ship under the laws and flag of the relevant Flag State;

 

		(b)	operationally seaworthy and in every way fit for service;

 

		(c)	classed with the relevant Classification free of all requirements and recommendations of the relevant
Classification Society; and

 

		(d)	insured in the manner required by the Finance Documents.

 

	17.29	 	Ship’s employment

 

Each Ship shall, on the first
day of the relevant Mortgage Period:

 

		(a)	have been delivered, and accepted for service, under its Charter; and

 

		(b)	be free of any other charter commitment which, if entered into after that date, would require approval
under the Finance Documents.

 

	17.30	 	Address commission

 

Save for any brokerage fees
paid to Poten & Partners Inc., there are no rebates, commissions or other payments in connection with any Charter other than
those referred to in it.

 

	17.31	 	Money Laundering, bribery and corruption

 

		(a)	In relation to the borrowing by each Borrower of the Loan, the performance and discharge of its
obligations and liabilities under the Finance Documents, and the transactions and other arrangements effected or contemplated by
the Finance Documents to which each Borrower is a party, each Borrower confirms (i) that it is acting for its own account; (ii)
that it will use the proceeds of the Loan for its own benefit, under its full responsibility and exclusively for the purposes specified
in this Agreement; and (iii) that the foregoing will not involve or lead to a contravention of any law, official requirement or
other regulatory measure or procedure which has been implemented to combat Money Laundering (as defined in clause 19.15 (Bribery
and corruption)).

 

		(b)	No Obligor nor any other Group Member, or, to the best knowledge of the Obligors, any directors,
officers, or employees or Affiliates of it, has engaged in any activity or conduct which would violate any applicable anti-bribery,
anti-corruption or anti-money laundering  laws or regulations in any applicable jurisdiction and each Obligor has instituted and
maintains policies and procedures designated to prevent violation of such laws, regulations and rules.

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	17.32	 	CISADA

 

		(a)	The Loan shall not be used by any Obligor:

 

		(i)	to finance equipment or sectors under embargo decisions of the United Nations or the World Bank;
or

 

		(ii)	in breach of the provisions of CISADA.

 

		(b)	No Obligor has been designated as a “designated person” under CISADA.

 

		(c)	This clause 17.32 is without prejudice to the generality of clause 17.33 (Sanctions).

 

	17.33	 	Sanctions

 

		(a)	No Ship is a vessel with which any individual, entity or any other person is prohibited or restricted
from dealing with under any Sanctions or Sanctions Program;

 

		(b)	No Obligor nor any other Group Member nor any Affiliate of any Group Member, nor any of their respective
directors, officers or employees nor, to the best of the knowledge of any Obligor, any persons acting on any of their behalf:

 

		(i)	is a Prohibited Person;

 

		(ii)	is subject to or the target of any United Nations, United States, European Union, or any of the
member states of the European Union or the United Kingdom or any other sanctions regime regarding in particular, but not exclusively,
economic sanctions against Iran, including, without limitation, the Sanctions Program;

 

		(iii)	is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of,
a Prohibited Person;

 

		(iv)	owns or controls a Prohibited Person;

 

		(v)	is located or resident in, or doing business or operating from, organised or incorporated under
the laws of, a country or territory which is, or whose government is, the subject of Sanctions (including, without limitation,
Cuba, Iran, Burma (Myanmar), North Korea, Sudan and Syria as at the date of this Agreement);

 

		(vi)	is in breach of Sanctions or any other Sanctions Program; or

 

		(vii)	has received notice of or is aware of any claim, action, suit, proceeding or investigation against
it with respect to Sanctions by any Sanctions Authority.

 

		(c)	No proceeds of the Loan shall be made available, directly or indirectly, to any Affiliate, joint
venture partner or other person to fund any trade, business or other activities involving or for the benefit of a Prohibited Person
or in any country or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions (including
without limitation, Cuba, Iran, Burma (Myanmar), North Korea, Sudan and Syria as at the date of this Agreement)
nor shall they be otherwise directly or indirectly, applied in a manner that would result in a violation of Sanctions by an Obligor
or any Finance Party or for any purpose prohibited by Sanctions.

 

		(d)	No Obligor nor any of their Affiliates, nor any of their respective directors, officers, employees
(nor to the knowledge of such Obligor, any of their affiliates, agents or representatives) has taken any action resulting in a
violation by such persons of Sanctions or which constitutes or would constitute any such violation by an Obligor or any Finance
Party.

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		(e)	Any capitalised terms referred to in paragraphs (b) - (d) above shall have the meanings given to
them in clause 19.12 (Sanctions).

 

		(f)	This clause 17.33 is without prejudice to clause 17.32 (CISADA).

 

	17.34	 	Use of proceeds

 

The proceeds of the Utilisation
have been or (as the case may be) on the Utilisation Date will be used exclusively for the purposes specified in clause 3 (Purpose).

 

	17.35	 	Times when representations are made

 

	17.35.1	 	All of the representations and warranties set out in this clause 17 (other than Ship Representations)
are deemed to be made and repeated on the dates of:

 

		(a)	this Agreement;

 

		(b)	the Utilisation Request; and

 

		(c)	the Utilisation.

 

	17.35.2	 	The Repeating Representations are also deemed to be made and repeated on the first day of each
Interest Period and, in the case of the representation in clause 17.7 (Information), on the date of primary syndication
of the Facility.

 

	17.35.3	 	All of the Ship Representations are deemed to be made and repeated on the first day of the Mortgage
Period for the relevant Ship.

 

	17.35.4	 	Each representation or warranty deemed to be made after the date of this Agreement shall be deemed
to be made by reference to the facts and circumstances then existing at the date the representation or warranty is deemed to be
made.

 

	18	 	Information undertakings

 

Each Borrower undertakes that
this clause 18 will be complied with throughout the Facility Period.

 

In this clause 18:

 

Annual Financial Statements
means each of the financial statements for a financial year of the Group, the Borrowers and the Guarantors, respectively, delivered
pursuant to clause 18.1.1 (Financial statements).

 

Half-Yearly Financial Statements
means each of the financial statements for a financial half year to 30 June of the relevant year of the Guarantors, respectively,
delivered pursuant to clause 18.1.2 (Financial statements).

 

	18.1	 	Financial statements

 

	18.1.1	 	The Borrowers shall supply to the Agent or, as the case may be, shall procure that the Agent is
supplied with, as soon as the same become available, but in any event within 150 days after the end of the relevant financial years:

 

		(a)	the audited consolidated financial statements of the Group for that financial year; and

 

		(b)	the audited financial statements (consolidated if appropriate) of each of the Borrowers and the
Guarantors for that financial year.

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	18.1.2	 	The Borrowers shall supply to the Agent or, as the case may be, shall procure that the Agent is
supplied with, as soon as the same become available, but in any event within 120 days after the end of each half year of the relevant
financial year, the unaudited consolidated financial statements of the Guarantors for that financial half year. The Borrowers shall
also supply to the Agent budget and cashflow projections for the Borrowers and the Guarantors for each period of 12 months prior
to each financial year.

 

	18.2	 	Requirements as to financial statements

 

	18.2.1	 	The Borrowers shall procure that each set of Annual Financial Statements and Half-Yearly Financial
Statements includes a profit and loss account, a balance sheet and a cashflow statement and that, in addition, each set of Annual
Financial Statements shall be audited by the Auditors.

 

	18.2.2	 	Each set of financial statements delivered pursuant to clause 18.1 (Financial statements)
shall:

 

		(a)	be prepared in accordance with GAAP;

 

		(b)	give a true and fair view of (in the case of Annual Financial Statements for any financial year),
or fairly represent (in other cases), the financial condition and operations of the Group or (as the case may be) relevant Obligor
as at the date as at which those financial statements were drawn up; and

 

		(c)	in the case of annual audited financial statements, not be the subject of any qualification in
the Auditors’ opinion.

 

	18.2.3	 	The Borrowers shall procure that each set of financial statements delivered pursuant to clause
18.1 (Financial statements) shall be prepared using GAAP, accounting practices and financial reference periods consistent
with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of financial statements,
the Borrowers notify the Agent that there has been a change in GAAP or the accounting practices and the Auditors deliver to the
Agent:

 

		(a)	a description of any change necessary for those financial statements to reflect the GAAP or accounting
practices and reference periods upon which corresponding Original Financial Statements were prepared; and

 

		(b)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable
the Lenders to determine whether clause 5 (Financial covenants) of the GLOP Guarantee has been complied with and to make
an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

 

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

 

	18.3	 	Year-end

 

	18.3.1	 	The Borrowers shall procure that each financial year-end of each Obligor falls on the Accounting
Reference Date.

 

	18.3.2	 	The Borrowers shall procure that each accounting period ends on an accounting date.

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	18.4	 	Information: miscellaneous

 

The Borrowers shall supply to
the Agent:

 

		(a)	at the same time as they are dispatched, copies of all material documents dispatched by any Obligor
to its creditors or shareholders, members or partners generally (or any class of them);

 

		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative
proceedings which are current, threatened or pending against any Obligor or any Manager, and which, if adversely determined, might
have a Material Adverse Effect;

 

		(c)	promptly, such information as the Agent may reasonably require about the Charged Property and compliance
of the Obligors with the terms of any Security Documents; and

 

		(d)	promptly on request, such further information regarding the financial condition, assets and operations
of the Obligors as any Finance Party through the Agent may reasonably request,

 

provided that, in the case of
(a) to (d) above, the supply of such information would not result in the breach of any confidentiality undertakings granted by
the Obligors or Managers to third parties from time to time.

 

	18.5	 	Notification of Default

 

The Borrowers shall notify the
Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon any Borrower becoming aware of its occurrence
(unless the Borrowers are aware that a notification has already been provided by another Obligor).

 

	18.6	 	Sufficient copies

 

The Borrowers, if so requested
by the Agent, shall deliver sufficient copies of each document to be supplied under the Finance Documents to the Agent to distribute
to each of the Lenders.

 

	18.7	 	Use of websites

 

	18.7.1	 	The Borrowers may satisfy their obligation under this Agreement to deliver any information in relation
to those Lenders (the Website Lenders) who accept this method of communication by posting this information onto an electronic
website designated by the Borrowers and the Agent (the Designated Website) if:

 

		(a)	the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication
of the information by this method;

 

		(b)	both the Borrowers and the Agent are aware of the address of and any relevant password specifications
for the Designated Website; and

 

		(c)	the information is in a format previously agreed between the Borrowers and the Agent.

 

If any Lender (a Paper Form
Lender) does not agree to the delivery of information electronically then the Agent shall notify the Borrowers accordingly
and the Borrowers shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In
any event the Borrowers shall supply
the Agent with at least one copy in paper form of any information required to be provided by it.

 

	18.7.2	 	The Agent shall supply each Website Lender with the address of and any relevant password specifications
for the Designated Website following designation of that website by the Borrowers and the Agent.

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	18.7.3	 	The Borrowers shall promptly upon any of them becoming aware of its occurrence notify the Agent
if:

 

		(a)	the Designated Website cannot be accessed due to technical failure;

 

		(b)	the password specifications for the Designated Website change;

 

		(c)	any new information which is required to be provided under this Agreement is posted onto the Designated
Website;

 

		(d)	any existing information which has been provided under this Agreement and posted onto the Designated
Website is amended; or

 

		(e)	any Borrower becomes aware that the Designated Website or any information posted onto the Designated
Website is or has been infected by any electronic virus or similar software.

 

If the Borrowers notify the
Agent under paragraphs (a) or (e) above, all information to be provided by the Borrowers under this Agreement after the date of
that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances
giving rise to the notification are no longer continuing.

 

	18.7.4	 	Any Website Lender may request, through the Agent, one paper copy of any information required to
be provided under this Agreement which is posted onto the Designated Website. The Borrowers shall comply with any such request
within ten Business Days.

 

	18.8	 	“Know your customer” checks

 

	18.8.1	 	If:

 

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

 

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

 

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

 

obliges the Agent, the Security
Agent or any Lender (or, in the case of paragraph (c) above, any prospective new Lender, the Security Agent) to comply with “know
your customer” or similar identification procedures in circumstances where the necessary information is not already available
to it, each Obligor shall as soon as reasonably possible after the request of the Agent or the Security Agent or any Lender supply,
or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf
of any Lender or the Security Agent) or any Lender or the Security Agent Provider (for itself or, in the case of the event described
in paragraph (c) above, on behalf of any prospective new Lender or the Security Agent) in order for the Agent, the Security Agent
or such Lender or, in the case of the event described in paragraph (c) above, 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.

 

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

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	18.9	 	Money Laundering

 

The Borrowers will:

 

	18.9.1	 	provide the Agent with information, certificates and any documents required by the Agent or any
other Finance Party to ensure compliance with any law official requirement or other regulatory measure or procedure implemented
to combat Money Laundering (as defined in clause 19.15 (Bribery and corruption)) throughout the Facility Period; and

 

	18.9.2	 	notify the Agent as soon as it becomes aware of any matters evidencing that a breach of any law
official requirement or other regulatory measure or procedure implemented to combat Money Laundering (as defined in clause 19.15
(Bribery and corruption) may or is about to occur or that the person(s) who have or will receive the commercial benefit
of this Agreement have changed from the date hereof.

 

	19	 	General undertakings

 

Each Borrower undertakes or,
as the case may be, shall procure, that this clause 19 will be complied with throughout the Facility Period.

 

	19.1	 	Use of proceeds

 

The proceeds of the Utilisation
will be used exclusively for the purposes specified in clause 3 (Purpose).

 

	19.2	 	Authorisations

 

Each Obligor will promptly (and
in connection with any Finance Document, as soon as such Finance Document is entered into):

 

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

 

		(b)	supply
certified copies to the Agent of,

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

 

		(i)	enable it to perform its obligations under the Finance Documents, the Charter Documents;

 

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

 

		(iii)	carry on its business, where failure to do so has, or is reasonably likely to have, a Material
Adverse Effect.

 

	19.3	 	Compliance with laws

 

Each Obligor and each Manager
will comply in all respects with all laws and regulations (including Environmental Laws) to which it may be subject.

 

	19.4	 	Taxation

 

	19.4.1	 	Each Obligor and each Manager shall pay and discharge all Taxes imposed upon it or its assets within
such time period as may be allowed by law without incurring penalties unless and only to the extent that:

 

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

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		(b)	adequate reserves are being maintained for those Taxes and the costs required to contest them which
have been disclosed in its latest financial statements delivered to the Agent under clause 18.1 (Financial statements);
and

 

		(c)	such payment can be lawfully withheld.

 

	19.4.2	 	Unless otherwise approved by the Majority Lenders, each Obligor shall maintain its residence for
Tax purposes in the jurisdiction in which it is incorporated and ensure that it is not resident for Tax purposes in any other jurisdiction.

 

	19.5	 	Change of business

 

	19.5.1	 	Except as approved by the Majority Lenders or otherwise permitted by the terms of this Agreement,
no material change will be made to the nature of the business of the Obligors from that carried on at the date of this Agreement.

 

	19.5.2	 	Except as approved by the Majority Lenders or otherwise permitted by the terms of this Agreement,
no material change will be made to the corporate structure of the Obligors from that as at the date of this Agreement, provided
always that such approval shall not be unreasonably withheld as long as GLOP remains the Holding Company of the Group. For the
avoidance of doubt, the acquisition or establishment by GLOP (directly or indirectly) of additional subsidiaries for the purpose
of acquiring or owning Fleet Vessels shall not be considered a material change to the corporate structure of the Obligors under
this clause 19.5.2.

 

	19.6	 	Merger

 

Unless otherwise approved by
the Majority Lenders, no Obligor will enter into any amalgamation, demerger, merger, consolidation, redomiciliation, legal migration
or corporate reconstruction.

 

	19.7	 	Further assurance

 

	19.7.1	 	Each Obligor shall promptly do all such acts or execute all such documents (including assignments,
transfers, mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the Agent may
reasonably require) in favour of the Security Agent or its nominee(s) as provided under each Finance Document, as applicable:

 

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

 

		(b)	to confer on the Security Agent or on the other Finance Parties’ Security Interests over
any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security Interest intended to
be conferred by or pursuant to the Security Documents;

 

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

 

		(d)	to facilitate the accession by a New Lender to any Security Document following an assignment in
accordance with clause 28.1 (Assignments and transfers by the Lenders).

 

	19.7.2	 	Each Obligor shall take all such action as is available to it (including making all filings and
registrations, but excluding registration of the Guarantees with the respective Companies Registry) as may be necessary for the
purpose of the creation, perfection, protection or maintenance of any

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	 	 	Security Interest (or the priority of any Security Interest)
conferred or intended to be conferred on the Security Agent or the other Finance Parties by or pursuant to the relevant Finance
Documents.

 

	19.8	 	Negative pledge in respect of Charged Property or Borrowers’ shares

 

	19.8.1	 	Except as approved by the Majority Lenders and for Permitted Maritime Liens, no Obligor will grant
or allow to exist any Security Interest over any Charged Property.

 

	19.8.2	 	Except under the Finance Documents, no Obligor will grant or allow to exist any Security Interest
over any of the shares in any of the Borrowers or over any of the rights deriving from or related to such shares.

 

	19.9	 	Environmental matters

 

	19.9.1	 	Without prejudice to clause 18.4 (Information: miscellaneous), the Borrowers will notify
the Agent as soon as reasonably practicable of any Environmental Claim being made against any Fleet Vessel or the owner of any
Fleet Vessel or any Manager which, if successful to any extent, might reasonably be expected to have a Material Adverse Effect
and of any Environmental Incident which may give rise to such a claim and will be kept regularly and promptly informed in reasonable
detail of the nature of, and response to, any such Environmental Incident and the defence to any such claim.

 

	19.9.2	 	The Borrowers will procure that all Environmental Laws (and any consents, licences or approvals
obtained under them) applicable to Fleet Vessels will not be violated in a way which might have a Material Adverse Effect.

 

	19.10	 	Pari passu

 

Each Borrower will, and it will
procure that each other Obligor shall, ensure that its obligations under the Finance Documents shall, without prejudice to the
Security Interests intended to be created by the Security Documents, at all times rank at least pari passu with all its other present
and future unsecured and unsubordinated Indebtedness with the exception of any obligations which are mandatorily preferred by law
and not by contract.

 

	19.11	 	Syndication

 

The Borrowers will provide reasonable
assistance to the Arranger in the preparation of any information memorandum and the primary syndication of the Facility and will
comply with all reasonable requests for information from potential syndicate members prior to completion of syndication.

 

	19.12	 	Sanctions

 

	19.12.1	 	No Obligor nor any other Group Member nor any Affiliate of any Group Member will, directly or indirectly,
make any proceeds of the Loan available to, or for the benefit of, a Prohibited Person or any individual, entity or any other person
in any country or territory which is or whose government is, the subject of country–wide or territory–wide Sanctions
(including, without limitation, Cuba, Iran, Burma (Myanmar), North Korea, Sudan and Syria as at the date of this Agreement), or
any persons owned or controlled by or acting on behalf of such persons, or permit or authorise any such proceeds to be applied
in a manner or for a purpose prohibited by Sanctions.

 

	19.12.2	 	The Borrowers will prevent any Mortgaged Ship from being used, directly or indirectly:

 

		(a)	by, or for the benefit of, any Prohibited Person or any person owned or controlled by any Prohibited
Person (including from being sold, chartered, leased or otherwise provided directly or indirectly to any Prohibited Person);

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		(b)	in any trade which could expose the relevant Ship, any Finance Party, any manager of the Ships,
the ships’ crew or the Ships’ insurers to enforcement proceedings or any other consequences whatsoever arising from
Sanctions; and/or

 

		(c)	in any transport of any goods that are prohibited to be sold, supplied, transferred, purchased,
exported or imported under the Sanctions Program.

 

	19.12.3	 	The Borrowers will prevent each Mortgaged Ship from trading to ports in any country or territory
which is, or whose government is, the subject of Sanctions (including, without limitation, Cuba, Iran, Burma (Myanmar), North Korea,
Sudan and Syria as at the date of this Agreement) or carrying crude oil, petroleum products or petrochemical products or natural
gas if they originate in any such country or territory, or are being exported from any such country or territory to any other country.

 

	19.12.4	 	Without prejudice to the rights of the Finance Parties under any other provisions of this Agreement
and the other Finance Documents, if an Owner finds out that its Ship, without its knowledge, has been sold, chartered, conferred,
leased or otherwise provided directly or indirectly to any Prohibited Person, it shall terminate as soon as possible and in any
case within thirty (30) days after the day it finds out that any of the events described in this clause has occurred the relationship
with the Prohibited Person under the premise that the Finance Parties may commit a breach of law by this behaviour. In this case
the Borrowers will also inform the Finance Parties immediately.

 

	19.12.5	 	Each Owner will provide the Finance Parties upon their request with all relevant documentation
related to its Mortgaged Ship, and the transported goods:

 

		(a)	to demonstrate that such Owner is not acting in breach of the Sanctions Program; and

 

		(b)	which a Finance Party is required to disclose to any regulatory authority pursuant to the Sanctions
Program.

 

	19.12.6	 	For the purposes of this clause 19.12 the following words shall have the following meanings:

 

Prohibited Person means
any person with whom transactions are currently prohibited or restricted under:

 

		(a)	the Office of Foreign Assets Control of the US Department of Treasury (OFAC); or

 

		(b)	any other United States of America government sanction, export or procurement laws including, without
limitation, the Sanctions Program; or

 

		(c)	any other sanctions or other such restrictions on business dealings imposed by a member state of
the European Union; or

 

		(d)	any other sanctions or other restrictions on business dealings imposed by Switzerland,

 

		(e)	including a person on any list of restricted entities, persons or organisations published by the
United States of America government, the United Nations or the European Union or any member state of the European Union or Switzerland,
including without limitation:

 

		(i)	the United States of America Government’s List of Specially Designated Nationals and Blocked
Persons, Denied Persons List, Entities List, Debarred Parties List, Excluded Parties List and Terrorism Exclusion List;

 

		(ii)	Her Majesty’s Treasury’s Consolidated List of Financial Sanctions Targets;

 

		(iii)	the European Union Restricted Person Lists issued under Council Regulation (EC) No. 881/2002 of
27 May 2002, Council Regulation (EC) No. 2580/2001 of 27 December 2001 and Council Common Position 2005/725/CFSP of 17 October
2005;

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		(iv)	the United Nations Consolidated List established and maintained by the 1267 Committee; and

 

		(v)	the sanctions lists issued and administered by the State Secretariat for Economic Affairs of Switzerland.

 

Sanctions means any economic
or trade sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by any Sanctions Authority
or any other relevant sanctions authority (whether or not any Obligor, any other Group Member or any Affiliate of any Group Member
is legally bound to comply with such laws, regulations, embargoes or measures).

 

Sanctions Authority means
any of:

 

		(a)	the United States government;

 

		(b)	the United Nations;

 

		(c)	the United Kingdom;

 

		(d)	the European Union (or any member state thereof); or

 

		(e)	Switzerland,

 

and includes any government
entity of any of the above, including, without limitation OFAC, the United States Department of State, Her Majesty’s Treasury
(HMT) and the State Secretariat for Economic Affairs of Switzerland (SECO).

 

Sanctions Program means:

 

		(a)	CISADA; and

 

		(b)	any other Sanctions.

 

	19.13	 	Borrowers’ own account

 

Each Obligor will ensure that
any borrowing by it and/or the performance of its obligations hereunder and under the other Finance Documents to which it is a
party will be for its own account and will not involve any breach by it of any law, or regulatory measure relating to money laundering
as defined in the provisions of the directive (2005/60/EC) of the European Parliament and of the Council or any equivalent law
or regulatory measure in any other jurisdiction.

 

	19.14	 	Inspection

 

Each Obligor undertakes with
the Finance Parties that, from the date of this Agreement and so long as any moneys are owing under any of the Finance Documents,
upon the request of the Agent it shall provide the Finance Parties or any of their representatives, professional advisors and contractors
with access to, and permit inspection of, books and records of any Group Member, in each case at reasonable times and upon reasonable
notice.

 

	19.15	 	Bribery and corruption

 

	19.15.1	 	No Obligor shall engage in:

 

		(a)	Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices, including the
procurement or the execution of any contract for goods or works relating to its functions;

 

		(b)	Money Laundering or acted in breach of any applicable law relating to Money Laundering; or

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		(c)	the Financing of Terrorism.

 

	19.15.2	 	Without prejudice to the generality of clause 19.15.1:

 

		(a)	no Obligor or other Group Member will directly or indirectly use the proceeds of the Facility for
any purpose which would breach the Bribery Act 2010 or the United States Foreign Corrupt Practices Act of 1977; and

 

		(b)	the Borrowers shall procure that GLOP shall (and GLOP will procure that each other Group Member
will):

 

		(i)	conduct its business in compliance with the Bribery Act 2010 or the United States Foreign Corrupt
Practices Act of 1977; and

 

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

 

	19.15.3	 	For the purposes of this clause 19.15 and clause 18.9 (Money Laundering), the following
definitions shall apply:

 

Collusive Practice means
an arrangement between two or more parties without the knowledge, but designed to improperly influence the actions, of another
party.

 

Corrupt Practice means
the offering, giving, receiving, or soliciting, directly or indirectly, anything of value to improperly influence the actions of
another party.

 

Coercive Practice means
impairing or harming or threatening to impair or harm, directly or indirectly, any party or its property or to improperly influence
the actions of that party.

 

Financing of Terrorism
means the act of providing or collecting funds with the intention that they be used, or in the knowledge that they are to be used,
in order to carry out terrorist acts.

 

Fraudulent Practice means
any action, including misrepresentation, to obtain a financial or other benefit or avoid an obligation, by deception.

 

Money Laundering means:

 

		(a)	the conversion or transfer of property, knowing it is derived from a criminal offence, for the
purpose of concealing or disguising its illegal origin or of assisting any person who is involved in the commission of the crime
to evade the legal consequences of its actions;

 

		(b)	the concealment or disguise of the true nature, source, location, disposition, movement, rights
with respect to, or ownership of, property knowing that it is derived from a criminal offence; or

 

		(c)	the acquisition, possession or use of property knowing at the time of its receipt that it is derived
from a criminal offence.

 

	20	 	Dealings with Ships

 

Each Borrower undertakes that
this clause 20 will be complied with in relation to each Mortgaged Ship throughout the relevant Ship’s Mortgage Period.

 

	20.1	 	Ship’s name and registration

 

		(a)	The Ship’s name shall only be changed after prior notice to the Agent.

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		(b)	The Ship shall be permanently registered with the relevant Registry under the laws of its Flag
State. Except with approval, the Ship shall not be registered under any other flag or at any other port or fly any other flag (other
than that of its Flag State) provided that no such approval shall be required for the registration of the Ship under the flag of
another Approved Flag State as long as replacement Security Interests are granted in respect of the Ship (which are, in the opinion
of the Majority Lenders, equivalent to those in place prior to such registration) in favour of the Security Agent and the other
Finance Parties immediately following the registration of the Ship under the flag of that Approved Flag State. If that registration
is for a limited period, it shall be renewed at least 45 days before the date it is due to expire and the Agent shall be notified
of that renewal at least 30 days before that date.

 

		(c)	Nothing will be done and no action will be omitted if that might result in such registration being
forfeited or imperilled or the Ship being required to be registered under the laws of another state of registry.

 

	20.2	 	Sale or other disposal of Ship

 

Except with approval of the
Agent (acting on the instructions of all the Lenders), no Owner will sell, or agree to transfer, abandon or otherwise dispose of
its Ship or any share or interest in it if the net proceeds of sale would be insufficient to discharge the prepayment obligations
of the Borrowers in respect of such sale under clause 7.6 (Sale or Total Loss). Where no approval is required under this
clause, the Borrowers shall provide advance notice to the Agent of any such proposed sale and such sale shall be subject to the
provisions (including the Borrowers’ prepayment obligations) of the same clause 7.6 (Sale or Total Loss) and the other
payment obligations of the Borrowers under this Agreement resulting from such prepayment.

 

	20.3	 	Manager

 

A manager of the Ship (other
than the Managers) shall not be appointed unless that manager and the terms of its appointment are approved by all the Lenders,
such approval not to be unreasonably withheld and it has delivered a duly executed Manager’s Undertaking to the Security
Agent. The relevant Owner shall not agree to any material change to the terms of appointment of a manager whose appointment has
been approved unless such change is also approved by all the Lenders, such approval not to be unreasonably withheld.

 

	20.4	 	Copy of Mortgage on board

 

A properly certified copy of
the relevant Mortgage shall be kept on board the Ship with its papers and shown to anyone having business with the Ship which might
create or imply any commitment or Security Interest over or in respect of the Ship (other than a lien for crew’s wages and
salvage) and to any representative of the Agent or the Security Agent.

 

	20.5	 	Notice of Mortgage

 

A framed printed notice of the
Ship’s Mortgage shall be prominently displayed in the navigation room and in the Master’s cabin of the Ship. The notice
must be in plain type and read as follows:

 

“NOTICE OF MORTGAGE

 

This Ship is subject to a first
mortgage in favour of [here insert name of mortgagee] of [here insert address of mortgagee]. Under the said mortgage
and related documents, neither the Owner nor any charterer nor the Master of this Ship has any right, power or authority to create,
incur or permit to be imposed upon this Ship any commitments or encumbrances whatsoever other than for crew’s wages and salvage”.

 

No-one will have any right,
power or authority to create, incur or permit to be imposed upon the Ship any lien whatsoever other than for crew’s wages
and salvage.

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	20.6	 	Conveyance on default

 

Where the Ship is (or is to
be) sold in exercise of any power conferred by the Security Documents, the relevant Owner shall, upon the Agent’s request,
immediately execute such form of transfer of title to the Ship as the Agent may require.

 

	20.7	 	Chartering

 

	20.7.1	 	Except with approval of the Majority Lenders and other than the relevant Charter, the relevant
Owner shall not enter into any charter commitment for the Ship, which is:

 

		(a)	a bareboat or demise charter or passes possession and operational control of the Ship to another
person;

 

		(b)	capable of lasting more than 12 calendar months (excluding any optional additional period not exceeding
30 days);

 

		(c)	on terms as to payment or amount of hire which are materially less beneficial to it than the terms
which at that time could reasonably be expected to be obtained on the open market for vessels of the same age and type as the Ship
under charter commitments of a similar type and period; or

 

		(d)	to an Affiliate.

 

	20.8	 	Lay up

 

Except with approval by the
Majority Lenders (such approval not to be unreasonably withheld), no Ship shall be laid up or deactivated.

 

	20.9	 	Merchant use

 

The relevant Owner shall use
the Ship only as a civil merchant trading ship.

 

	20.10	 	Sharing of Earnings

 

Except with approval by the
Majority Lenders, the relevant Owner shall not enter into any arrangement under which its Earnings from the Ship may be shared
with anyone else.

 

	20.11	 	Payment of Earnings

 

The relevant Owner’s Earnings
from the Ship shall be paid in the way required by the Ship’s Deed of Covenant and any Charter Assignment. If any Earnings
are held by brokers or other agents, they shall be paid to the Security Agent, if it requires this after the Earnings have become
payable to it under the Ship’s Deed of Covenant and any Charter Assignment.

 

	21	 	Chartering undertakings

 

Each Borrower undertakes that
this clause 21 will be complied with in relation to each Mortgaged Ship and its Charter Documents throughout the Facility Period.

 

	21.1	 	Variations

 

Except with approval by the
Majority Lenders (not to be unreasonably withheld or delayed), the Charter Documents shall not be varied (and, for the avoidance
of doubt, any assignment, transfer or novation of a Charter Document, whether from the relevant Owner or the relevant Charterer,
without approval shall constitute a variation).

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	21.2	 	Release of waivers

 

Except with approval, there
shall be no release by the relevant Owner of any obligation of any other person under the Charter Documents (including by way of
novation, assignment or transfer), no waiver of any breach of any such obligation and no consent to anything which would otherwise
be such a breach.

 

	21.3	 	Termination by Owner

 

Except with approval, the relevant
Owner shall not terminate or rescind any Charter Document or withdraw the Ship from service under the Charter or take any similar
action.

 

	21.4	 	Charter performance

 

The relevant Owner shall perform
its obligations under the Charter Documents and use its reasonable endeavours to ensure that each other party to them performs
their obligations under the Charter Documents.

 

	21.5	 	Notice of assignment

 

The relevant Owner shall give
notice of assignment of the Charter Documents to the other parties to such documents in the form specified by the Charter Assignment
for that Ship and shall ensure that the Agent receives a copy of that notice acknowledged by each addressee in the form specified
therein at the times required under clause 4 (Conditions of Utilisation) and Schedule 3 (Conditions precedent).

 

	21.6	 	Payment of Charter Earnings

 

All Earnings which the relevant
Owner is entitled to receive under the Charter Documents shall be paid in the manner required by the Finance Documents.

 

	21.7	 	Termination Cure

 

Without prejudice to the Obligors’
other obligations under the Finance Documents, if a Charter is cancelled or rescinded or (except as a result of the relevant Ship
being a Total Loss) frustrated, or if any Ship is withdrawn from service under a Charter before the time that Charter was scheduled
to expire, then the Borrowers shall use their best endeavours to ensure that:

 

		(a)	as soon as possible after such cancellation, rescission, frustration or withdrawal, the relevant
Owner of that Ship will enter into an approved time charter commitment in respect of that Ship on terms (including as to tenor,
charter hire and credit standing of the charterer) which are in the opinion of the Agent (acting on the instructions of the Majority
Lenders in their absolute and unfettered discretion) not less favourable to the relevant Owner, the Group and the Finance Parties
than those of the original Charter for that Ship; and

 

		(b)	forthwith after the entry into such charter commitment, the relevant Owner will grant in favour
of the Security Agent a Security Interest in respect of such charter commitment in a document in such form as approved by the Lenders
and the Security Agent and will provide and deliver to the Agent in respect of the same, any documents and evidence of the nature
described in Schedule 3 (Conditions precedent) as required by the Agent.

 

	21.8	 	Quiet Enjoyment

 

If required by the charterer
of a replacement charter commitment referred to in clause 21.7 (Termination Cure) as a condition to entering into the same,
the Lenders agree to instruct the Security Agent to enter into a quiet enjoyment agreement with such charterer on substantially
the same terms as the Quiet Enjoyment Agreements in respect of any such replacement charter commitment.

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	22	 	Condition and operation of Ships

 

Each Borrower undertakes that
this clause 22 will be complied with in relation to each Mortgaged Ship throughout the relevant Ship’s Mortgage Period.

 

	22.1	 	Defined terms

 

In this clause 22 and in Schedule
3 (Conditions precedent):

 

applicable code means
any code or prescribed procedures required to be observed by the Ship or the persons responsible for its operation under any applicable
law (including but not limited to those currently known as the ISM Code and the ISPS Code).

 

applicable law means
all laws and regulations applicable to vessels registered in the Ship’s Flag State or which for any other reason apply to
the Ship or to its condition or operation at any relevant time.

 

applicable operating certificate
means any certificates or other document relating to the Ship or its condition or operation required to be in force under any applicable
law or any applicable code.

 

	22.2	 	Repair

 

The Ship shall be kept in a
good, safe and efficient state of repair. The quality of workmanship and materials used to repair the Ship or replace any damaged,
worn or lost parts or equipment shall be sufficient to ensure that the Ship’s value is not reduced.

 

	22.3	 	Modification

 

Except with approval by the
Majority Lenders, the structure, type or performance characteristics of the Ship shall not be modified in a way which could or
might materially alter the Ship or materially reduce its value.

 

	22.4	 	Removal of parts

 

Except with approval by the
Majority Lenders, no material part of the Ship or any equipment shall be removed from the Ship if to do so would materially reduce
its value (unless at the same time it is replaced with equivalent parts or equipment owned by the relevant Owner free of any Security
Interest except under the Security Documents).

 

	22.5	 	Third party owned equipment

 

Except with approval by the
Majority Lenders, equipment owned by a third party shall not be installed on the Ship unless it can be removed without risk of
causing damage to the structure or fabric of the Ship or without incurring significant expense.

 

	22.6	 	Maintenance of class; compliance with laws and codes

 

The Ship’s class shall
be the relevant Classification with the relevant Classification Society and neither the Classification nor the Classification Society
of the Ship shall be changed without approval. The Ship and every person who owns, operates or manages the Ship shall comply with
all laws applicable to vessels in the Flag State of the Ship or which for any other reason apply to the Ship or to its condition
or operation and the requirements of all applicable codes. There shall be kept in force and on board the Ship or in such person’s
custody any applicable operating certificates which are required by applicable laws or applicable codes to be carried on board
the Ship or to be in such person’s custody.

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	22.7	 	Surveys

 

The Ship shall be submitted
to continuous surveys and any other surveys which are required for it to maintain the Classification as its class. Copies of reports
of those surveys shall be provided promptly to the Agent if it so requests.

 

	22.8	 	Inspection and notice of drydockings

 

The Agent and/or surveyors or
other persons appointed by it for such purpose shall be allowed to board the Ship at all reasonable times, subject to prior notice
to the relevant Owner and without hindering the Ship’s operations, to inspect it and given all proper facilities needed for
that purpose. The Agent shall be given reasonable advance notice of any intended drydocking of the Ship (whatever the purpose of
that drydocking). The Borrowers shall bear the cost of only one such inspection of the Ship per calendar year unless there is an
Event of Default.

 

	22.9	 	Prevention of arrest

 

All debts, damages, liabilities
and outgoings (due and payable and not contested by the relevant Borrower in good faith) which have given, or may reasonably give,
rise to maritime, statutory or possessory liens on, or claims enforceable against, the Ship, its Earnings or Insurances shall be
promptly paid and discharged.

 

	22.10	 	Release from arrest

 

The Ship, its Earnings and Insurances
shall promptly within 15 days (or such longer period as may be approved) be released from any arrest, detention, attachment or
levy, and any legal process against the Ship shall be promptly within 15 days (or such longer period as may be approved) discharged,
by whatever action is required to achieve that release or discharge.

 

	22.11	 	Information about Ship

 

The Agent shall promptly be
given any information which it may reasonably require about the Ship or its employment, position, use or operation, including details
of towages and salvages, and copies of all its charter commitments entered into by or on behalf of any Obligor or any Manager,
and copies of any applicable operating certificates.

 

	22.12	 	Notification of certain events

 

The Agent shall promptly be
notified of:

 

		(a)	any damage to the Ship where the cost of the resulting repairs may exceed the Major Casualty Amount
for such Ship;

 

		(b)	any occurrence which may result in the Ship becoming a Total Loss;

 

		(c)	any requisition of the Ship for hire;

 

		(d)	any Environmental Incident involving the Ship and Environmental Claim being made in relation to
such an incident;

 

		(e)	any withdrawal of any applicable operating certificate;

 

		(f)	the receipt of notification that any application for such a certificate has been refused;

 

		(g)	any requirement or recommendation made in relation to the Ship by any insurer or the Ship’s
Classification Society or by any competent authority which is not, or cannot be, complied with in the manner or time required or
recommended; and

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		(h)	any arrest or detention of the Ship or any exercise or purported exercise of a lien or other claim
on the Ship or its Earnings or Insurances.

 

	22.13	 	Payment of outgoings

 

All tolls, dues and other outgoings
whatsoever in respect of the Ship and its Earnings and Insurances shall be paid promptly. Proper accounting records shall be kept
of the Ship and its Earnings.

 

	22.14	 	Evidence of payments

 

The Agent shall be allowed proper
and reasonable access, subject to prior written notice and provided that the operations of the relevant Borrower are not in any
way hindered, to those accounting records when it reasonably requests it and, when it reasonably requires it, shall be given satisfactory
evidence that:

 

		(a)	the wages and allotments and the insurance and pension contributions of the Ship’s crew are
being promptly and regularly paid;

 

		(b)	all deductions from its crew’s wages in respect of any applicable Tax liability are being
properly accounted for; and

 

		(c)	the Ship’s master has no claim for disbursements other than those incurred by him in the
ordinary course of trading on the voyage then in progress.

 

	22.15	 	Repairers’ liens

 

Except with approval by the
Majority Lenders, the Ship shall not be put into any other person’s possession for work to be done on the Ship if the cost
of that work will exceed or is likely to exceed the Major Casualty Amount unless the relevant Borrower has established to the reasonable
satisfaction of the Agent that it has sufficient reserves with the Account Bank to pay for or that person gives the Security Agent
a written undertaking in approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work.

 

	22.16	 	Survey report

 

As soon as reasonably practicable
after the Agent requests it, the Agent shall be given a report on the seaworthiness and/or safe operation of the Ship, from approved
surveyors or inspectors. If any recommendations are made in such a report they shall be complied with in the way and by the time
recommended in the report.

 

	22.17	 	Lawful use

 

The Ship shall not be employed:

 

		(a)	in any way or in any activity which is unlawful under international law or the domestic laws of
any relevant country;

 

		(b)	in carrying illicit or prohibited goods;

 

		(c)	in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated;
or

 

		(d)	if there are hostilities in any part of the world (whether war has been declared or not), in carrying
contraband goods

 

and the persons responsible
for the operation of the Ship shall take all necessary and proper precautions to ensure that this does not happen, including participation
in industry or other

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    voluntary schemes available to the Ship and in which leading operators of ships operating under the same flag
or engaged in similar trades generally participate at the relevant time.

 

	22.18	 	War zones

 

Except with approval of the
Majority Lenders, no Ship shall enter or remain in any zone which has been declared a war zone by any government entity or that
Ship’s war risk insurers except if any requirements of that Ship’s insurers necessary to ensure that such Ship remains
properly insured in accordance with the Finance Documents and complies with any requirements (including any requirement for the
payment of extra insurance premiums) which the insurers specify have been satisfied and written notice has been given to the Agent.

 

	23	 	Insurance

 

Each Borrower undertakes that
this clause 23 shall be complied with in relation to each Mortgaged Ship and its Insurances throughout the relevant Ship’s
Mortgage Period.

 

	23.1	 	Insurance terms

 

In this clause 23:

 

excess risks means the
proportion (if any) of claims for general average, salvage and salvage charges not recoverable under the hull and machinery insurances
of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its insured value.

 

excess war risk P&I cover
means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but not limited to) hull
and machinery, crew and protection and indemnity risks.

 

hull cover means insurance
cover against the risks identified in clause 23.2(a).

 

minimum hull cover means,
in relation to a Mortgaged Ship, an amount equal at the relevant time to 120% of such proportion of the Loan as is equal to the
proportion which the market value of such Mortgaged Ship bears to the aggregate of the market values of all of the Mortgaged Ships
at the relevant time.

 

P&I risks means the
usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association
which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to
exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance)
(including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover).

 

	23.2	 	Coverage required

 

The Ship shall at all times
be insured, at the Borrowers’ own cost:

 

		(a)	against fire and usual marine risks (including excess risks) and war risks (including war protection
and indemnity risks and terrorism risks) on an agreed value basis, for at least its minimum hull cover and no less than its market
value and the hull and machinery policy shall be for no less than 66.66% of the agreed insurable value);

 

		(b)	against P&I risks for the highest amount then available in the insurance market for vessels
of similar age, size and type as the Ship (but, in relation to liability for oil pollution, for an amount of not less than $1,000,000,000);

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		(c)	against such other risks and matters which the Agent (acting on the instructions of all Lenders)
notifies it that it considers reasonable for a prudent shipowner or operator to insure against at the time of that notice; and

 

		(d)	on terms which comply with the other provisions of this clause 23.

 

	23.3	 	Placing of cover

 

The insurance coverage required
by clause 23.2 (Coverage required) shall be:

 

		(a)	in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other
person (other than any of the Finance Parties if required by the Majority Lenders) (unless such other person is approved and, if
so required by the Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances
to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as
the Agent requires);

 

		(b)	if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and,
to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for premiums
or calls);

 

		(c)	in dollars or another approved currency;

 

		(d)	arranged through approved brokers or direct with approved insurers or protection and indemnity
or war risks associations; and

 

		(e)	on approved terms and with approved insurers or associations.

 

	23.4	 	Deductibles

 

The aggregate amount of any
excess or deductible under the Ship’s hull cover shall not exceed $1,000,000 without the Majority Lender’s approval.

 

	23.5	 	Mortgagee’s insurance

 

The Borrowers shall promptly
reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force (unless the Borrowers
have already taken out at their own cost in a manner previously approved by the Majority Lenders) in respect of the Ship and the
other Mortgaged Ships on terms approved by the Agent (acting on the instructions of the Majority Lenders), or in considering or
making claims under:

 

		(a)	a mortgagee’s interest insurance and a mortgagee’s additional perils (all P&I risks)
cover for the benefit of the Finance Parties for an aggregate amount of 110% of the Loan at such time; and

 

		(b)	any other insurance cover which the Agent reasonably requires in respect of any Finance Party’s
interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).

 

	23.6	 	Fleet liens, set off and cancellations

 

If the Ship’s hull cover
also insures other vessels, the Security Agent shall either be given an undertaking in approved terms by the brokers or (if such
cover is not placed through brokers or the brokers do not, under any applicable laws or insurance terms, have such rights of set
off and cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not:

 

		(a)	set off against any claims in respect of the Ship any premiums due in respect of any of such other
vessels insured (other than other Mortgaged Ships); or

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		(b)	cancel that cover because of non-payment of premiums in respect of such other vessels,
	 	 	 
	 	or the Borrowers shall ensure
that hull cover for the Ship and any other Mortgaged Ships is provided under a separate policy from any other vessels.

 

	23.7	 	Payment of premiums

 

All premiums, calls, contributions
or other sums payable in respect of the Insurances shall be paid punctually by the Borrowers and the Agent shall be provided with
all relevant receipts or other evidence of payment upon request.

 

	23.8	 	Details of proposed renewal of Insurances

 

At least 14 days before any
of the Ship’s Insurances are due to expire, the Agent shall be notified of the names of the brokers, insurers and associations
proposed to be used for the renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances
are proposed to be renewed.

 

	23.9	 	Instructions for renewal

 

At least seven days before any
of the Ship’s Insurances are due to expire, instructions shall be given to brokers, insurers and associations for them to
be renewed or replaced on or before their expiry.

 

	23.10	 	Confirmation of renewal

 

The Ship’s Insurances
shall be renewed upon their expiry in a manner and on terms which comply with this clause 23 and confirmation of such renewal given
by approved brokers or insurers to the Agent at least seven days (or such shorter period as may be approved) before such expiry.

 

	23.11	 	P&I guarantees

 

Any guarantee or undertaking
required by any protection and indemnity or war risks association in relation to the Ship shall be provided by the relevant Owner
when required by the association.

 

	23.12	 	Insurance documents

 

The Agent shall be provided
with pro forma copies of all insurance policies and other documentation issued by brokers, insurers and associations in connection
with the Ship’s Insurances as soon as they are available after they have been placed or renewed and all insurance policies
and other documents relating to the Ship’s Insurances shall be deposited with any approved brokers or (if not deposited with
approved brokers) the Agent or some other approved person.

 

	23.13	 	Letters of undertaking

 

Unless otherwise approved where
the Agent (upon the instructions of the Majority Lenders) is satisfied that equivalent protection is afforded by the terms of the
relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal
of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form (having regard to general
insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations.

 

	23.14	 	Insurance Notices and Loss Payable Clauses

 

The interest of the Security
Agent as assignee of the Insurances shall be endorsed on all insurance policies and other documents by the incorporation of a Loss
Payable Clause and an Insurance Notice in respect of the Ship and its Insurances signed by its Owner and, unless otherwise

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approved,
each other person assured under the relevant cover (other than the Security Agent, if it is itself an assured).

 

	23.15	 	Insurance correspondence

 

If so required by the Agent,
the Agent shall promptly be provided with copies of all written communications between the assureds and brokers, insurers and associations
relating to any of the Ship’s Insurances as soon as they are available.

 

	23.16	 	Qualifications and exclusions

 

All requirements applicable
to the Ship’s Insurances shall be complied with and the Ship’s Insurances shall only be subject to approved exclusions
or qualifications.

 

	23.17	 	Independent report

 

The Agent, if required by a
Lender, may, at the cost of the Borrowers, request and obtain a detailed report from an approved independent firm of marine insurance
brokers giving their opinion on the adequacy of the Insurances. The Borrowers shall not bear the cost of more than one such report
per Ship per calendar year, unless there is an Event of Default.

 

	23.18	 	Collection of claims

 

All documents and other information
and all assistance required by the Agent to assist it and/or the Security Agent in trying to collect or recover any claims under
the Ship’s Insurances shall be provided promptly.

 

	23.19	 	Employment of Ship

 

The Ship shall only be employed
or operated in conformity with the terms of the Ship’s Insurances (including any express or implied warranties) and not in
any other way (unless the insurers have consented and any additional requirements of the insurers have been satisfied).

 

	23.20	 	Declarations and returns

 

If any of the Ship’s Insurances
are on terms that require a declaration, certificate or other document to be made or filed before the Ship sails to, or operates
within, an area, those terms shall be complied with within the time and in the manner required by those Insurances.

 

	23.21	 	Application of recoveries

 

All sums paid under the Ship’s
Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability
in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already
discharged in which case such sums shall be applied in reimbursement of such costs incurred.

 

	23.22	 	Settlement of claims

 

Any claim under the Ship’s
Insurances for a Total Loss or Major Casualty shall only be settled, compromised or abandoned with prior approval.

 

	24	 	Minimum security value

 

Each Borrower undertakes that
this clause 24 will be complied with throughout the Facility Period.

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	24.1	 	Valuation of assets

 

For the purpose of the Finance
Documents, the value at any time of any Mortgaged Ship or a Ship before the Utilisation or any other asset over which additional
security is provided under this clause 24 will be its value as most recently determined in accordance with this clause 24.

 

	24.2	 	Valuation frequency

 

Valuation of each Mortgaged
Ship and each such other asset in accordance with this clause 24 may be required by the Agent at any time and shall be requested
at least semi-annually.

 

	24.3	 	Expenses of valuation

 

The Borrowers shall bear, and
reimburse to the Agent where incurred by the Agent, all costs and expenses of providing:

 

		(a)	one set of valuations of each Mortgaged Ship per half-year (which shall not include the costs and
expenses of providing any valuations required under clause 4 (Conditions of Utilisation) which shall also be for the account
of the Borrowers); and

 

		(b)	in addition to those referred to in (a) above, any sets of valuations carried out at any time when
an Event of Default has occurred and is continuing.

 

	24.4	 	Valuations procedure

 

The value of any Mortgaged Ship
and each Ship before the Utilisation shall be determined in accordance with this clause 24 and by valuers which are Approved Valuers.
Additional security provided under this clause 24 shall be valued in such a way, on such a basis and by such persons (including
the Agent itself) as may be approved by the Majority Lenders or as may be agreed in writing by the Borrowers and the Agent (acting
on the instructions of the Majority Lenders).

 

	24.5	 	Currency of valuation

 

Valuations shall be provided
by valuers in dollars or, if a valuer is of the view that the relevant type of vessel is generally bought and sold in another currency,
in that other currency. If a valuation is provided in another currency, for the purposes of this Agreement it shall be converted
into dollars at the Agent’s spot rate of exchange for the purchase of dollars with that other currency as at the date to
which the valuation relates.

 

	24.6	 	Basis of valuation

 

Each valuation will be addressed
to the Agent in its capacity as such, it will be not more than 6 weeks old from its delivery to the Agent and made:

 

		(a)	without physical inspection (unless required by the Agent, acting on the instructions of the Majority
Lenders);

 

		(b)	on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm’s
length on normal commercial terms between a willing buyer and a willing seller; and

 

		(c)	without taking into account the benefit (but taking into account the burden) of any charter commitment.

 

	24.7	 	Information required for valuation

 

The Borrowers shall promptly
provide to the Agent and any such valuer any information which they reasonably require for the purposes of providing such a valuation.

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	24.8	 	Approval of valuers

 

All valuers must be Approved
Valuers.

 

	24.9	 	Appointment of valuers

 

When a valuation is required
for the purposes of this clause 24, the Agent or the Borrowers shall promptly appoint Approved Valuers to provide such a valuation.
If the Borrowers fail to do so promptly, the Agent may appoint Approved Valuers to provide that valuation.

 

	24.10	 	Number of valuers

 

Each valuation must be carried
out by two Approved Valuers, both nominated by the Borrowers. If the Borrowers fail promptly to nominate any Approved Valuer then
the Agent may nominate that Approved Valuer.

 

	24.11	 	Differences in valuations

 

If valuations provided by individual
Approved Valuers differ, the value of the relevant Ship for the purposes of the Finance Documents will be the mean average of those
valuations. If the higher of the two valuations obtained pursuant to clause 24.10 (Number of valuers) in respect of a Ship
is more than 115% of the lower of the two valuations then a third valuation of that Ship shall be obtained from an Approved Valuer
nominated by the Borrowers (failing which, nominated by the Majority Lenders) and the value of that Ship for the purposes of the
Finance Documents will be the mean average of those three valuations.

 

	24.12	 	Security shortfall

 

If at any time the Security
Value is less than the Minimum Value, the Agent may, and shall, if so directed by the Majority Lenders, by notice to the Borrowers
require that such deficiency be remedied. The Borrowers shall then within 30 days of receipt of such notice ensure that the Security
Value equals or exceeds the Minimum Value. For this purpose, the Borrowers may, at their option:

 

		(a)	provide additional security over other assets approved by the Majority Lenders in accordance with
this clause 24; and/or

 

		(b)	prepay a part of the Loan under clause 7.4 (Voluntary prepayment) but on five Business Days’
notice instead of the period required by such clause.

 

	24.13	 	Creation of additional security

 

The value of any additional
security which the Borrowers offer to provide to remedy all or part of a shortfall in the amount of the Security Value will only
be taken into account for the purposes of determining the Security Value if and when:

 

		(a)	that additional security, its value and the method of its valuation have been approved by the Majority
Lenders;

 

		(b)	a Security Interest over that security has been constituted in favour of the Security Agent and/or
the other Finance Parties in an approved form and manner;

 

		(c)	this Agreement has been unconditionally amended in such manner as the Agent requires in consequence
of that additional security being provided; and

 

		(d)	the Agent, or its duly authorised representative, has received such documents and evidence it may
require in relation to that amendment and additional security including documents and

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		 	evidence of the type referred to in Schedule
3 (Conditions precedent) in relation to that amendment and additional security and its execution and (if applicable) registration.
	 	 	 

	24.14	 	Security release

 

If the Security Value shall
at any time exceed the Minimum Value, and the Borrowers shall previously have provided further security to the Security Agent and/or
the other Finance Parties pursuant to clause 24.12 (Security shortfall), the Security Agent (on the instructions of the
Agent) and the other Finance Parties shall, as soon as reasonably practicable after notice from the Borrowers to do so and subject
to being indemnified to their satisfaction against the cost of doing so, release any such further security specified by the Borrowers
provided that the Agent (acting on the instructions of the Majority Lenders) is satisfied that, immediately following such release,
the Security Value will equal or exceed the Minimum Value and no other Event of Default shall have occurred and be continuing.

 

	25	 	Bank accounts

 

Each Borrower undertakes that
this clause 25 will be complied with throughout the Facility Period.

 

	25.1	 	Revenue Account

 

	25.1.1	 	Each Borrower shall be the holder of one or more Accounts with an Account Bank, each designated
as a “Revenue Account” of that Borrower and its Ship for the purposes of the Finance Documents.

 

	25.1.2	 	The Earnings of each Mortgaged Ship and all moneys payable to each Borrower under each Ship’s
Insurances shall be paid by the persons from whom they are due to the relevant Revenue Account unless required to be paid to the
Security Agent or any other Finance Parties under the relevant Finance Documents.

 

	25.1.3	 	The Borrowers shall not withdraw amounts standing to the credit of a Revenue Account except as
permitted by clause 25.1.4.

 

	25.1.4	 	If there is no Event of Default which is continuing, a Borrower may withdraw any amounts from a
Revenue Account for any purpose not prohibited by this Agreement and the other Finance Documents.

 

	25.2	 	Other provisions

 

	25.2.1	 	An Account may only be designated for the purposes described in this clause 25.2 if:

 

		(a)	such designation is made in writing by the Agent and acknowledged by the Borrowers and specifies
the names and addresses of the relevant Account Bank and the Account Holder(s) and the number and any designation or other reference
attributed to the Account;

 

		(b)	an Account Security has been duly executed and delivered by the relevant Account Holder(s) in favour
of the Security Agent and/or any other Finance Parties;

 

		(c)	any notice required by the Account Security to be given to an Account Bank has been given to, and
acknowledged by, the Account Bank in the form required by the relevant Account Security; and

 

		(d)	the Agent, or its duly authorised representative, has received such documents and evidence it may
require in relation to the Account and the Account Security including documents and evidence of the type referred to in Schedule
3 (Conditions precedent) in relation to the Account and the relevant Account Security.

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	25.2.2	 	The rates of payment of interest and other terms regulating any Account will be a matter of separate
agreement between the relevant Account Holder(s) and an Account Bank. If an Account is a fixed
term deposit account, the relevant Account Holder(s) may select the terms of deposits until the relevant Account Security has become
enforceable and the Security Agent directs otherwise.

 

	25.2.3	 	The relevant Account Holder(s) shall not close any Account or alter the terms of any Account from
those in force at the time it is designated for the purposes of this clause 25 or waive any of its rights in relation to an Account
except with approval.

 

	25.2.4	 	The relevant Account Holder(s) shall deposit with the Security Agent all certificates of deposit,
receipts or other instruments or securities relating to any Account, notify the Security Agent of any claim or notice relating
to an Account from any other party and provide the Agent with any other information it may request concerning any Account.

 

	25.2.5	 	The Agent agrees that if it is an Account Bank in respect of an Account then there will be no restrictions
on creating a Security Interest over that Account as contemplated by this Agreement and it shall not (except with the approval
of the Majority Lenders) exercise any right of combination, consolidation or set-off which it may have in respect of that Account
in a manner adverse to the rights of the other Finance Parties.

 

	26	 	Business restrictions

 

Except as otherwise approved
by the Majority Lenders each Borrower undertakes that throughout the Facility Period this clause 26 will be complied with by and
in respect of each Obligor and their Affiliates (to the extent applicable).

 

	26.1	 	General negative pledge

 

No Borrower shall permit any
Security Interest to exist, arise or be created or extended over all or any part of its assets except for Permitted Security Interests.

 

	26.2	 	Transactions similar to security

 

	26.2.1	 	(Without prejudice to clauses 26.3 (Financial Indebtedness) and 26.6 (Disposals)),
no Borrower shall:

 

		(a)	sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may
be leased to, or re-acquired by, any Affiliate other than pursuant to disposals permitted under clause 26.6 (Disposals);

 

		(b)	sell, transfer, factor or otherwise dispose of any of its receivables;

 

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

 

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

 

	26.3	 	Financial Indebtedness

 

No Borrower shall incur or permit
to exist, any Financial Indebtedness owed by it to anyone else except:

 

		(a)	Financial Indebtedness incurred under the Finance Documents;

 

		(b)	Financial Indebtedness owed to another Obligor which is subordinated to the Finance Documents on
approved terms;

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		(c)	Financial Indebtedness owed to trade creditors of that Borrower given in the ordinary course of
its business; and

 

		(d)	Financial Indebtedness permitted under clause 26.4 (Guarantees).

 

	26.4	 	Guarantees

 

No Borrower shall give or permit
to exist, any guarantee by it in respect of indebtedness of any person or allow any of its indebtedness to be guaranteed by anyone
else except:

 

		(a)	guarantees of obligations of Affiliates that are not Financial Indebtedness or obligations prohibited
by any Finance Document;

 

		(b)	guarantees in favour of its own trade creditors given in the ordinary course of its business or
in order to avoid the creation of, or to release, a Permitted Maritime Lien; and

 

		(c)	guarantees which are Financial Indebtedness permitted under clause 26.3 (Financial Indebtedness).

 

	26.5	 	Bank accounts and other financial transactions

 

No Borrower shall:

 

		(a)	maintain any bank accounts with a bank or financial institution except for the Accounts;

 

		(b)	hold cash in any account other than in an Account; and

 

		(c)	be party to any banking or financial transaction, whether on or off balance sheet, that is not
expressly permitted under this clause 26.

 

	26.6	 	Disposals

 

No Borrower shall enter into
a single transaction or a series of transactions, whether related or not and whether voluntarily or involuntarily, to dispose of
any asset except for any of the following disposals so long as they are not prohibited by any other provision of the Finance Documents
(including but not limited to 20.2 (Sale or other disposal of Ship):

 

		(a)	disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing
entity;

 

		(b)	disposals of obsolete assets, or assets which are no longer required for the purpose of the business
of the relevant Borrower, in each case for cash on normal commercial terms and on an arm’s length basis;

 

		(c)	disposals permitted by clause 20.2 (Sale or other disposal of Ship);

 

		(d)	dealings with its own trade creditors with respect to book debts in the ordinary course of trading;
and

 

		(e)	the application of cash or cash equivalents in the acquisition of assets or services in the ordinary
course of its business.

 

	26.7	 	Contracts and arrangements with Affiliates

 

No Borrower shall be party to
any arrangement or contract with any of its Affiliates unless such arrangement or contract is on an arm’s length basis.

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	26.8	 	Subsidiaries

 

No Borrower shall establish
or acquire a company or other entity.

 

	26.9	 	Acquisitions and investments

 

Except with approval from the
Majority Lenders, no Borrower shall acquire any person, business, assets or liabilities or make any investment in any person or
business or enter into any joint-venture arrangement except:

 

		(a)	acquisitions of assets in the ordinary course of business (not being new businesses or vessels);

 

		(b)	the incurrence of liabilities in the ordinary course of its business;

 

		(c)	any loan or credit not otherwise prohibited under this Agreement; or

 

		(d)	pursuant to any Finance Documents or Charter Documents to which it is party.

 

	26.10	 	Reduction of capital

 

No Borrower shall redeem or
purchase or otherwise reduce any of its equity or any other share capital or any warrants or any uncalled or unpaid liability in
respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or
capital redemption or other undistributable reserve in any manner.

 

	26.11	 	Increase in capital

 

No Borrower shall issue shares
or other equity interests to anyone in a manner which constitutes a Change of Control or an Event of Default under clause 27.21
(Legal and beneficial ownership).

 

	26.12	 	Distributions and other payments

 

None of the Borrowers shall:

 

		(a)	declare or pay (including by way of set-off, combination of accounts or otherwise) any dividend
or redeem or make any other distribution or payment (whether in cash or in specie), including any interest and/or unpaid dividends,
in respect of its equity or any other share capital or any warrants for the time being in issue; or

 

		(b)	make any payment (including by way of set-off, combination of accounts or otherwise) by way
                                                             of interest, or repayment, redemption, purchase or other payment, in respect of any shareholder loan, loan stock or similar
                                                             instrument,

 

except to its respective Holding
Company and provided no Default is continuing or would result from the making of such payment or declaration and such a dividend,
distribution or payment is declared and made.

 

	27	 	Events of Default

 

Each of the events or circumstances
set out in clauses 27.1 (Non-payment) to 27.22 (Charters) is an Event of Default.

 

	27.1	 	Non-payment

 

An Obligor does not pay on the
due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable
provided however that no

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Event of Default shall occur if a Disruption Event has occurred and such payment is made within three
(3) Business Days of the due date.

 

	27.2	 	Value of security

 

The Borrowers do not comply
with clause 24.12 (Security shortfall).

 

	27.3	 	Insurance

 

	27.3.1	 	The Insurances of a Mortgaged Ship are not placed and kept in force in the manner required by clause
23 (Insurance).

 

	27.3.2	 	Any insurer either:

 

		(a)	cancels any such Insurances and such Insurances are not immediately replaced by the Borrowers to
the full satisfaction of the Lenders; or

 

		(b)	disclaims liability under them by reason of any mis-statement or failure or default by any person.

 

	27.4	 	Financial covenants

 

The Obligors do not comply with
clause 19.12 (Sanctions); GLOP does not comply with any financial covenant pursuant to clause 5 (Financial covenants)
of the GLOP Guarantee or makes a representation or statement pursuant to clause 5 (Financial covenants) of the GLOP Guarantee,
which is or proves to have been incorrect or misleading in any material respect when made or deemed to be made.

 

	27.5	 	Other obligations

 

	27.5.1	 	An Obligor or the Manager does not comply with any provision of the Finance Documents other than
those referred to in clauses 27.1 (Non-payment), 27.2 (Value of security), 27.3 (Insurance) and 27.4 (Financial
covenants)).

 

	27.5.2	 	No Event of Default under clause 27.5.1 above will occur if the Agent (acting on the instructions
of the Majority Lenders) considers that the failure to comply is capable of remedy and the failure is remedied within ten (10)
Business Days of the Agent giving notice to the Borrowers.

 

	27.6	 	Misrepresentation

 

Any representation or statement
made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor
under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made.

 

	27.7	 	Cross default

 

	27.7.1	 	Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable
grace period.

 

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

 

	27.7.3	 	The counterparty to a Treasury Transaction entered into by any Obligor becomes entitled to terminate
that Treasury Transaction early by reason of an event of default (however described).

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	27.7.4	 	Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of that Obligor
due and payable prior to its specified maturity as a result of an event of default (however described).

 

	27.7.5	 	No Event of Default will occur under this clause 27.7 if the aggregate amount of Financial Indebtedness
falling within clauses 27.7.1 to 27.7.4 above is:

 

		(a)	less than $5,000,000 (or the equivalent in any other currency) in respect of the Guarantors; and/or

 

		(b)	less than $1,000,000 (or the equivalent in any other currency) in respect of any Borrower.

 

	27.8	 	Insolvency

 

	27.8.1	 	An Obligor is unable or admits inability to pay its debts as they fall due, suspends making payments
on any of its debts or, by reason of actual financial difficulties, commences negotiations with one or more of its creditors with
a view to rescheduling any of its indebtedness.

 

	27.8.2	 	The value of the assets of any Obligor is less than its liabilities (taking into account contingent
and prospective liabilities).

 

	27.8.3	 	A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium occurs,
the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

	27.9	 	Insolvency proceedings

 

	27.9.1	 	Any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

		(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Obligor;

 

		(b)	a composition, compromise, assignment or arrangement with any creditor of any Obligor;

 

		(c)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager
or other similar officer in respect of any Obligor or any of its assets (including the directors of any Obligor requesting a person
to appoint any such officer in relation to it or any of its assets); or

 

		(d)	enforcement of any Security Interest over any assets of any Obligor, or any analogous procedure or
step is taken in any jurisdiction.

 

	27.9.2	 	Clause 27.9.1 shall not apply to any winding-up petition (or analogous procedure or step) which
is frivolous or vexatious and is discharged, stayed or dismissed within seven days of commencement or, if earlier, the date on
which it is advertised.

 

	27.10	 	Creditors’ process

 

	27.10.1	 	Any expropriation, attachment, sequestration, distress, execution or analogous process affects
any asset or assets of any Obligor (having an aggregate value equal to or in excess of $5,000,000 (or the equivalent in any other
currency) in respect of any of the Guarantors and $1,000,000  equivalent in any other currency) in respect of any other Obligor) and is not discharged within seven days.
(or the

 

	27.10.2	 	Any judgment or order for an amount in excess of $5,000,000 (or the equivalent in any other currency)
in respect of any of the Guarantors and $1,000,000 (or the equivalent in any other

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    	 	 	currency) in respect of any other Obligor) is
made against any Obligor and is not stayed or complied with within thirty (30) days.

 

	27.11	 	Unlawfulness and invalidity

 

	27.11.1	 	It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents
or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be effective.

 

	27.11.2	 	Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the
Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially
and adversely affects the interests of the Lenders under the Finance Documents.

 

	27.11.3	 	Any Finance Document or any Security Interest created or expressed to be created or evidenced by
the Security Documents ceases to be in full force and effect or is alleged by a party to it (other than a Finance Party) to be
ineffective for any reason.

 

	27.11.4	 	Any Security Document does not create legal, valid, binding and enforceable security over the assets
charged under that Security Document or the ranking or priority of such security is adversely affected.

 

	27.12	 	Cessation of business

 

Any Obligor suspends or ceases
to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

 

	27.13	 	Expropriation

 

The authority or ability of
any Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation,
intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in
relation to any Obligor or any of its assets.

 

	27.14	 	Repudiation and rescission of Finance Documents

 

An Obligor rescinds or repudiates
a Finance Document.

 

	27.15	 	Litigation

 

Any litigation, alternative
dispute resolution, arbitration or administrative proceeding is taking place against any Obligor or any of its assets, rights or
revenues which, if adversely determined, might reasonably be expected to have a Material Adverse Effect.

 

	27.16	 	Material Adverse Effect

 

Any Environmental Incident or
other event or circumstance or series of events (including any change of law) occurs which the Majority Lenders reasonably believe
has, or is reasonably expected to have, a Material Adverse Effect.

 

	27.17	 	Security enforceable

 

Any Security Interest (other
than a Permitted Maritime Lien) in respect of Charged Property becomes enforceable.

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	27.18	 	Arrest of Ship

 

Any Mortgaged Ship is arrested,
confiscated, seized, taken in execution, impounded, forfeited, detained in exercise or purported exercise of any possessory lien
or other claim and the relevant Owner fails to procure the release of such Ship within a period of 30 days thereafter (or such
longer period as may be approved).

 

	27.19	 	Ship registration

 

Except with approval, the registration
of any Mortgaged Ship under the laws and flag of its Flag State is cancelled or terminated or, where applicable, not renewed or,
if such Ship is only provisionally registered on the date of its Mortgage, such Ship is not permanently registered under such laws
within 90 days of such date.

 

	27.20	 	Political risk

 

The Flag State of any Mortgaged
Ship or any Relevant Jurisdiction of an Obligor becomes involved in hostilities or civil war or there is a seizure of power in
the Flag State or any such Relevant Jurisdiction by unconstitutional means if, in any such case, such event, in the reasonable
opinion of the Agent, has or is reasonably expected to have, a Material Adverse Effect and, within 15 days of notice from the Agent
to do so (or such longer period as may be approved), such action as the Agent may require to ensure that such event will not have
such an effect has not been taken by the Borrowers.

 

	27.21	 	Legal and beneficial ownership

 

	27.21.1	 	Any Borrower ceases to be a direct or indirect wholly-owned subsidiary of GPHL; or

 

	27.21.2	 	GPHL ceases to be a direct or indirect wholly-owned subsidiary of GLOP,

 

without the
prior written consent of the Majority Lenders.

 

	27.22	 	Charters

 

Except with approval by the
Majority Lenders, a Charter of any Ship is cancelled or rescinded or (except as a result of the relevant Ship being a Total Loss)
frustrated, or any Ship is withdrawn from service under its Charter before the time that Charter was scheduled to expire (any such
Ship, an Affected Ship), provided however that no Event of Default shall occur under this clause 27.22 in relation
to an Affected Ship, if the conditions under either paragraph (a) or paragraph (b) below are satisfied in respect of that Affected
Ship:

 

		(a)	within ***** days of such cancellation, rescission, frustration or withdrawal, the Borrowers
at their option have:

 

		(i)	prepaid the Loan by an amount equal to the total amount of the Loan multiplied by a fraction having
as its numerator the market value of the relevant Affected Ship and as its denominator the aggregate of the market values of all
Mortgaged Ships (including the relevant Affected Ship) (the Reduction Amount), each such market value as most recently determined
in the manner set out in clause 24 (Minimum security value) and otherwise in accordance with clause 7.4 (Voluntary prepayment);
or

 

		(ii)	granted in favour of the Finance Parties cash collateral in the form of pledged or charged Dollar
cash deposits in an amount which is no less than the Reduction

 

Amount
and in such manner and form as acceptable to the Majority Lenders and, at their own cost and expense; or

 

		(b)	within ***** days of such cancellation, rescission, frustration or withdrawal, the relevant
Owner has entered into a new charter commitment in accordance with clause 21.7

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    		 	(Termination Cure) in respect of the Affected
Ship, the Affected Ship has been delivered for service under such charter commitment, and the Borrowers are otherwise in compliance
with such clause 21.7 (Termination Cure) in respect of such charter commitment.

 

	27.23	 	Acceleration

 

On and at any time after the
occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice
to the Borrowers:

 

		(a)	cancel the Total Commitments at which time they shall immediately be cancelled; and/or

 

		(b)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued
or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and
payable; and/or

 

		(c)	declare that all or part of the Loan be payable on demand, at which time it shall immediately become
payable on demand by the Agent on the instructions of the Majority Lenders; and/or

 

		(d)	declare that no withdrawals be made from any Account; and/or

 

		(e)	exercise or direct the Security Agent and/or any other beneficiary of the Security Documents to
exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

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Section 8 - CHANGES TO PARTIES

 

	28	 	Changes to the Lenders

 

	28.1	 	Assignments and transfers by the Lenders

 

Subject to this clause 28, a
Lender (the Existing Lender) may assign any of its rights to another bank or financial institution, trust, fund or other
entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or
other financial assets (the New Lender).

 

	28.2	 	Conditions of assignment

 

	28.2.1	 	The prior written consent of the Borrowers is required for an assignment by a Lender, unless the
assignment is to another Lender or an Affiliate of a Lender or a Default is continuing or imminent. The Agent will immediately
advise the Borrowers of the assignment.

 

	28.2.2	 	The Borrowers’ consent may not be unreasonably withheld or delayed and will be deemed to have been
given five (5) Business Days after the Lender has requested consent unless consent is expressly refused within that time, Provided
however that the Borrowers shall be entitled to withhold consent in its discretion if the assignment is to a trust or fund.

 

	28.2.3	 	An assignment will only be effective:

 

		(a)	on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory
to the Agent) that the New Lender will assume the same obligations to the Borrowers and the other Finance Parties as it would have
been under if it was an Original Lender;

 

		(b)	on the New Lender entering into any documentation required for it to accede as a party to any Security
Document to which the Original Lender is a party in its capacity as a Lender and, in relation to such Security Documents, completing
any filing, registration or notice requirements;

 

		(c)	on the performance by the Agent of all “know your customer” or other checks under all
applicable laws and regulations relating to any person that it is required to carry out in relation to such assignment to a New
Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and

 

		(d)	if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan
(if drawn) under the Facility.

 

	28.2.4	 	If:

 

		(a)	a Lender transfers any of its rights or obligations or assigns any of its rights under the Finance
Documents or changes its Facility Office; and

 

		(b)	as a result of circumstances existing at the date the transfer, assignment or change occurs, an
Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under clause 12 (Tax
gross-up and indemnities) or clause 13 (Increased Costs),

 

then the New Lender or Lender
acting through its new Facility Office is only entitled to receive payment under those clauses to the same extent as the Existing
Lender or Lender acting through its previous Facility
Office would have been if the transfer, assignment or change had not occurred unless the transfer, assignment or change is made
by the Lender with the

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Borrowers’ agreement to mitigate any circumstances giving rise to a Tax Payment or increased cost, or a
right to be prepaid and/or cancelled by reason of illegality.

 

	28.2.5	 	Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of
doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of
the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the assignment and/or transfer
becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender
would have been had it remained a Lender.

 

	28.3	 	Fee

 

The New Lender shall, on each
date upon which an assignment takes effect, pay to the Agent (for its own account) a fee of $3,000 per such assignment.

 

	28.4	 	Limitation of responsibility of Existing Lenders

 

	28.4.1	 	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty
and assumes no responsibility to a New Lender for:

 

		(a)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any
other documents;

 

		(b)	the financial condition of any Obligor;

 

		(c)	the performance and observance by any Obligor or any other person of its obligations under the
Finance Documents or any other documents;

 

		(d)	the application of any Basel II Regulation or any Basel III Regulation to the transactions contemplated
by the Finance Documents; or

 

		(e)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance
Document or any other document,

 

and any representations or warranties
implied by law are excluded.

 

	28.4.2	 	Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

 

		(a)	has made (and shall continue to make) its own independent investigation and assessment of:

 

		(i)	the financial condition and affairs of the Obligors and their related entities in connection with
its participation in this Agreement; and

 

		(ii)	the application of any Basel II Regulation or any Basel III Regulation to the transactions contemplated
by the Finance Documents;

 

and has not relied exclusively
on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document;

 

		(b)	will continue to make its own independent appraisal of the application of any Basel II Regulation
or Basel III Regulation to the transactions contemplated by the Finance Documents; and

 

		(c)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and
its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

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	28.4.3	 	Nothing in any Finance Document obliges an Existing Lender to:

 

		(a)	accept a re-assignment from a New Lender of any of the rights assigned under this clause 28; or

 

		(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II Regulation or Basel
III Regulation to the transactions contemplated by the Finance Documents or otherwise.

 

	28.5	 	Procedure for transfer

 

	28.5.1	 	Subject to the conditions set out in clause 28.2 (Conditions of assignment) an assignment
is effected in accordance with clause 28.5.4 below when (a) the Agent executes an otherwise duly completed Transfer Certificate
and (b) the Agent executes any document required under clause 28.2.3 which it may be necessary for it to execute in each case delivered
to it by the Existing Lender and the New Lender duly executed by them and, in the case of any such other document, any other relevant
person. The Agent shall, as soon as reasonably practicable after receipt by it of a Transfer Certificate and any such other document
each duly completed, appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms
of this Agreement, execute that Transfer Certificate and such other document. The Obligors and the other Finance Parties irrevocably
authorise the Agent to execute any Transfer Certificate on their behalf without any consultations with them.

 

	28.5.2	 	The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar
checks under all applicable laws and regulations in relation to the assignment to such New Lender.

 

	28.5.3	 	The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer
Certificate on their behalf without any consultations with them.

 

	28.5.4	 	Subject to clause 28.8 (Pro rata interest settlement), on the Transfer Date:

 

		(a)	the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents
expressed to be the subject of the assignment in the Transfer Certificate;

 

		(b)	the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
owed by it (the Relevant Obligations) and expressed to be the subject of the release in the Transfer Certificate (but the
obligations owed by the Obligors under the Finance Documents shall not be released); and

 

		(c)	the New Lender shall become a Party to the Finance Documents as a “Lender” for the purposes
of all the Finance Documents and will be bound by obligations equivalent to the Relevant Obligations.

 

	28.5.5	 	Lenders may utilise procedures other
than those set out in this clause 28.5 (Procedure for transfer) to assign their rights under the Finance Documents (but
not, without the consent of the relevant Obligor or unless in accordance with clause 28.5 (Procedure for transfer),
to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders or the assumption of equivalent obligations by a New Lender provided that they comply with the conditions
set out in clause 28.2 (Conditions of assignment).

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	28.6	 	Copy of Transfer Certificate to Borrowers

 

The Agent shall, as soon as
reasonably practicable after it has executed a Transfer Certificate and any other document required under clause 28.2.3, send a
copy of that Transfer Certificate and such other documents to the Borrowers.

 

	28.7	 	Security over Lenders’ rights

 

In addition to the other rights
provided to Lenders under this clause 28, each Lender may without consulting with or obtaining consent from an Obligor, 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

 

		(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 an Obligor other than or in excess of, or grant to any person
any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

 

	28.8	 	Pro rata interest settlement

 

If the Agent has notified the
Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders then
(in respect of any assignment pursuant to clause 28.5 (Procedure for transfer) the Transfer Date of which, in each case,
is after the date of such notification and is not on the last day of an Interest Period):

 

	28.8.1	 	any interest or fees in respect of the relevant participation which are expressed to accrue by
reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date
(Accrued Amounts) and shall become due and payable to the Existing Lender (without further interest accruing on them) on
the last day of the current Interest Period (or, if the Interest Period is longer than six months, on the next of the dates which
falls at six monthly intervals after the first day of that Interest Period); and

 

	28.8.2	 	the rights assigned or transferred by the Existing Lender will not include the right to the Accrued
Amounts, so that, for the avoidance of doubt:

 

		(a)	when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing
Lender; and

 

		(b)	the amount payable to the New Lender on that date will be the amount which would, but for the application
of this clause 28.8, have been payable to it on that date, but after deduction of the Accrued Amounts.

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	29	 	Changes to the Obligors/Restriction on Debt Purchase Transactions

 

	29.1	 	Changes to the Obligors

 

Except with the prior written
consent of all the Lenders, no Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance
Documents.

 

	29.2	 	Prohibition on Debt Purchase Transactions by the Group

 

	29.2.1	 	The Obligors shall not, and shall procure that each Group Member shall not, enter into any Debt
Purchase Transaction or be a Lender or beneficially own all or any part of the share capital of a company that is a Lender or a
party to a Debt Purchase Transaction of the type referred to in paragraphs (b) or (c) of the definition of Debt Purchase Transaction.

 

	29.2.2	 	For so long as a Borrower’s Affiliate (i) beneficially owns a Commitment or (ii) has entered
into a sub-participation agreement relating to a Commitment or other agreement or arrangement having a substantially similar economic
effect and such agreement or arrangement has not been terminated:

 

		(a)	in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance
of doubt, unanimity) of the Total Commitments has been obtained to approve any request for a consent, waiver, amendment or other
vote under the Finance Documents, such Commitment shall be deemed to be zero; and

 

		(b)	for the purposes of clause 39.3 (All Lenders matters), such Borrower’s Affiliate or
the person with whom it has entered into such sub-participation, other agreement or arrangement shall be deemed not to be a Lender
(unless, in the case of a person not being a Borrower’s Affiliate, it is a Lender by virtue otherwise than by beneficially
owning the relevant Commitment).

 

	29.2.3	 	Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly
notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Borrower’s Affiliate (a Notifiable
Debt Purchase Transaction), such notification to be substantially in the form set out in Part 1 of Schedule 7 (Forms
of Notifiable Debt Purchase Transaction Notice).

 

	29.2.4	 	A Lender shall promptly notify the Agent if a Notifiable Debt Purchase Transaction to which it
is a party:

 

		(a)	is terminated; or

 

		(b)	ceases to be with a Borrower’s Affiliate,

 

such notification to be substantially
in the form set out in Part 2 of Schedule 7 (Forms of Notifiable Debt Purchase Transaction Notice).

 

	29.2.5	 	Each Borrower’s Affiliate that is a Lender agrees that:

 

		(a)	in relation to any meeting or conference call to which all the Lenders are invited to attend or
participate, it shall not attend or participate in the same if so requested by the Agent or, unless the Agent otherwise agrees,
be entitled to receive the agenda or any minutes of the same; and

 

		(b)	in its capacity as Lender, unless the Agent otherwise agrees, it shall not be entitled to receive
any report or other document prepared at the behest of, or on the instructions of, the Agent or one or more of the Lenders.

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Section 9 - THE FINANCE PARTIES

 

	30	 	Roles of Agent, Security Agent and Arranger

 

	30.1	 	Appointment of the Agent

 

	30.1.1	 	Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent
under and in connection with the Finance Documents.

 

	30.1.2	 	Each such other Finance Party (other than the Security Agent) authorises the Agent:

 

		(a)	to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities
and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other incidental
rights, powers, authorities and discretions; and

 

		(b)	to execute each of the Security Documents and all other documents that may be approved by the Majority
Lenders for execution by it.

 

	30.2	 	Instructions to Agent

 

	30.2.1	 	The Agent shall:

 

		(a)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising
any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

 

		(i)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

 

		(ii)	in all other cases, the Majority Lenders; and

 

		(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
paragraph (a) above.

 

	30.2.2	 	The Agent shall be entitled to request instructions, or clarification of any instruction, from
the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of
Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising
any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives those instructions
or that clarification.

 

	30.2.3	 	Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders
under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the
Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties.

 

	30.2.4	 	The Agent may refrain from acting in accordance with any instructions of any Lender or group of
Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in
extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which
it may incur in complying with those instructions.

 

	30.2.5	 	In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be
in the best interest of the Lenders.

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	30.2.6	 	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
consent) in any legal or arbitration proceedings relating to any Finance Document. This clause 30.2.6 shall not apply to any legal
or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement
of the Security Documents.

 

	30.3	 	Duties of the Agent

 

	30.3.1	 	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.

 

	30.3.2	 	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered
to the Agent for that Party by any other Party.

 

	30.3.3	 	Without prejudice to clause 28.6 (Copy of Transfer Certificate to Borrowers), clause 30.3.2
shall not apply to any Transfer Certificate.

 

	30.3.4	 	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review
or check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

	30.3.5	 	If the Agent receives notice from a Party referring to this Agreement, describing a Default and
stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

 

	30.3.6	 	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee
payable to a Finance Party (other than the Agent or the Arranger or the Security Agent for their own account) under this Agreement
it shall promptly notify the other Finance Parties.

 

	30.3.7	 	The Agent shall have only those duties, obligations and responsibilities expressly specified in
the Finance Documents to which it is expressed to be a party (and no others shall be implied).

 

	30.4	 	Role of the Arranger and Bookrunner

 

Except as specifically provided
in the Finance Documents, neither the Arranger nor the Bookrunner has any obligations of any kind to any other Party under or in
connection with any Finance Document or the transactions contemplated by the Finance Documents.

 

	30.5	 	No fiduciary duties

 

	30.5.1	 	Nothing in this Agreement constitutes the Agent, the Arranger or the Bookrunner as a trustee or
fiduciary of any other person.

 

	30.5.2	 	None of the Agent, the Security Agent, the Arranger or the Bookrunner shall be bound to account
to any Lender for any sum or the profit element of any sum received by it for its own account or have any obligations to the other
Finance Parties beyond those expressly stated in the Finance Documents.

 

	30.6	 	Business with the Group

 

The Agent, the Security Agent,
the Arranger and the Bookrunner may accept deposits from, lend money to and generally engage in any kind of banking or other business
with any Obligor or their Affiliates and shall
not be obliged to account to the other Finance Parties for any profits.

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	30.7	 	Rights and discretions of the Agent

 

	30.7.1	 	The Agent may:

 

		(a)	rely on any representation, communication, notice or document (including, without limitation, any
notice given by a Lender pursuant to clauses 29.2.3 and 29.2.4) believed by it to be genuine, correct and appropriately authorised;

 

		(b)	assume that:

 

		(i)	any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders
are duly given in accordance with the terms of the Finance Documents; and

 

		(ii)	unless it has received notice of revocation, that those instructions have not been revoked; and

 

		(c)	rely on a certificate from any person:

 

		(i)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

 

		(ii)	to the effect that such person approves of any particular dealing, transaction, step, action or
thing,

 

as sufficient evidence that that
is the case and, in the case of paragraph (i) above, may assume the truth and accuracy of that certificate.

 

	30.7.2	 	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for
the other Finance Parties) that:

 

		(a)	no Default has occurred (unless it has actual knowledge of a Default arising under clause 27.1
(Non-payment));

 

		(b)	any right, power, authority or discretion vested in any Party or any group of Lenders has not been
exercised;

 

		(c)	any notice or request made by the Borrowers or any of them (other than a Utilisation Request or
Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors; and

 

		(d)	no Notifiable Debt Purchase Transaction:

 

		(i)	has been entered into;

 

		(ii)	has been terminated; or

 

		(iii)	has ceased to be with a Borrower Affiliate.

 

	30.7.3	 	The Agent may engage, and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts in the conduct of its obligations and responsibilities under the Finance Documents.

 

	30.7.4	 	Without prejudice to the generality of clause 30.7.3 or clause 30.7.5, the Agent may at any time
engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers instructed
by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

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	30.7.5	 	The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any
damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

 

	30.7.6	 	The Agent may act in relation to the Finance Documents through its officers, employees and agents
and the Agent shall not:

 

		(a)	be liable for any error of judgment made by any such person; or

 

		(b)	be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct,
omission or default on the part, of any such person,

 

unless such error or such loss
was directly caused by the Agent’s gross negligence or wilful default.

 

	30.7.7	 	Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party
any information it reasonably believes it has received as agent under this Agreement.

 

	30.7.8	 	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent,
nor the Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of
any law or regulation or a breach of a fiduciary duty or duty of confidentiality. The Agent and the Arranger may do anything which
in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction.

 

	30.7.9	 	Without prejudice to the generality of clause 30.7.7, the Agent may disclose the identity of a
Defaulting Lender to the other Finance Parties and the Borrowers and shall disclose the same upon the written request of the Majority
Lenders.

 

	30.7.10	 	Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged
to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities
or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate
indemnity against, or security for, such risk or liability is not reasonably assured to it.

 

	30.7.11	 	Neither the Agent nor the Arranger shall be obliged to request any certificate, opinion or other
information under clause 18 (Information undertakings) unless so required in writing by a Lender, in which case the Agent
shall promptly make the appropriate request of the Borrowers if such request would be in accordance with the terms of this Agreement.

 

	30.8	 	Responsibility for documentation and other matters

 

Neither the Agent nor the Arranger
is responsible or liable for:

 

		(a)	the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied
by the Agent, the Arranger, an Obligor or any other person given in or in connection with any Finance Document or the transactions
contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or of any representations in
any Finance Document or of any copy of any document delivered under any Finance Document;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any
Charter Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or any Charter Document;

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		(c)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated
by the Finance Documents;

 

		(d)	any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any
Charged Property or any investments made or retained in good faith or by reason of any other matter or thing;

 

		(e)	accounting to any person for any sum or the profit element of any sum received by it for its own
account;

 

		(f)	the failure of any Obligor or any other party to perform its obligations under any Finance Document
or any Charter Document or the financial condition of any such person;

 

		(g)	ascertaining whether all deeds and documents which should have been deposited with it (or
the Security Agent) under or pursuant to any of the Security Documents have been so deposited;

 

		(h)	investigating or making any enquiry into the title of any Obligor to any of the Charged Property
or any of its other property or assets;

 

		(i)	failing to register any of the Security Documents with the Registrar of Companies or any other
public office;

 

		(j)	failing to register any of the Security Documents in accordance with the provisions of the documents
of title of any Obligor to any of the Charged Property;

 

		(k)	failing to take or require any Obligor to take any steps to render any of the Security Documents
effective as regards property or assets outside England or Wales or to secure the creation of any ancillary charge under the laws
of the jurisdiction concerned;

 

		(l)	(unless it is the same entity as the Security Agent) the Security Agent and/or any other beneficiary
of a Security Document failing to perform or discharge any of its duties or obligations under the Security Documents;

 

		(m)	any determination as to whether any information provided or to be provided to any Finance Party
is non-public information the use of which may be regulated or prohibited by any applicable law or regulation relating to insider
dealing or otherwise;

 

		(n)	making any investigation in respect of or in any way be liable whatsoever for the existence, accuracy
or sufficiency of any legal or other opinions, reports, certificates or investigations delivered or obtained or required to be
delivered or obtained at any time in connection herewith;

 

		(o)	any unsuitability, inadequacy or unfitness of any Charged Property as security for the Loan and
shall not be obliged to make any investigation into, and shall be entitled to assume, the suitability, adequacy and fitness of
the Charged Property as security for the Loan; or

 

		(p)	any damage to or any unauthorised dealing with the Charged Property nor shall it have any responsibility
or liability arising from the fact that the Charged Property, or documents relating thereto, may be registered in its name or held
by it or any other bank or agent selected by the Agent or the Security Agent.

 

	30.9	 	No duty to monitor

 

The Agent shall not be bound
to enquire:

 

		(a)	whether or not any Default has occurred;

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		(b)	as to the performance, default or any breach by any Party of its obligations under any Finance
Document; or

 

		(c)	whether any other event specified in any Finance Document has occurred.

 

	30.10	 	Exclusion of liability

 

	30.10.1	 	Without limiting clause 30.10.2 (and without prejudice to any other provision of the Finance Documents
excluding or limiting the liability of the Agent) the Agent will not be liable (including, without limitation, for negligence or
any other category of liability whatsoever) for:

 

		(a)	any damages, costs or losses to any person, any diminution in value, or any liability whatsoever
arising as a result of taking or not taking any action under or in connection with any Finance Document or the Charged Property,
unless directly caused by its gross negligence or wilful default. For the avoidance of doubt and notwithstanding anything contained
in the Finance Documents, the Agent shall not in any event be liable for any indirect or consequential loss (including, without
limitation, loss of profit, business or goodwill) regardless of whether it was informed of the likelihood of such loss and irrespective
of whether any such claim is made for breach of contract, in tort or otherwise;

 

		(b)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in
connection with, any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made
or executed in anticipation of, under or in connection with, any Finance Document or the Charged Property, unless directly caused
by the gross negligence or wilful default of the Agent and in the course of the exercise or non exercise by it of any right, power,
authority or discretion given to it expressly under a Finance Document; or

 

		(c)	without prejudice to the generality of paragraphs (a) and (b) above, any damages, costs or losses
to any person, any diminution in value or any liability whatsoever arising as a result of:

 

		(d)	any act, event or circumstance not reasonably within its control; or

 

		(e)	the general risks of investment in, or the holding of assets in, any jurisdiction,

 

including (in each case and without
limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the
execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or malfunction
of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism,
insurrection or revolution; or strikes or industrial action.

 

	30.10.2	 	No Party (other than the Agent) may take any proceedings against any officer, employee or agent
of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer,
employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this clause 30.10
subject to clause 1.3 (Third party rights) and the provisions of the Third Parties Act.

 

	30.10.3	 	The Agent will not be liable for any delay (or any related consequences) in crediting an account
with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon
as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system
used by the Agent for that purpose.

 

	30.10.4	 	Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:

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		(a)	any “know your customer” or other checks in relation to any person; or

 

		(b)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful
for any Lender,

 

on behalf of any Lender and
each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks it is required to carry out
and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.

 

	30.10.5	 	Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability,
any liability of the Agent arising under or in connection with any Finance Document or the Charged Property shall be limited to
the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the
date of default of the Agent or, if later, the date on which the loss arises as a result of such default) but without reference
to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss. In no event shall
the Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special,
punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

 

	30.11	 	Lenders’ indemnity to the Agent

 

	30.11.1	 	Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments
are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within
three (3) Business Days of demand, against:

 

		(a)	any Losses for negligence or any other category of liability whatsoever incurred by the Agent in
the circumstances contemplated pursuant to clause 33.11 (Disruption to payment systems etc) notwithstanding the Agent’s
negligence, gross negligence, or any other category of liability whatsoever but not including any claim based on the fraud of the
Agent); and

 

		(b)	any other Losses (otherwise than by reason of the Agent’s gross negligence or wilful default) including
the costs of any person engaged in accordance with clause 30.7 (Rights and discretions of the Agent) and any Receiver in
acting as its agent under the Finance Documents,

 

in each case incurred by the
Agent in acting as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document
or out of the Trust Property) and this clause 30.11 as applied in favour of the Security Agent pursuant to clause 30.21 (Application
of certain clauses to Security Agent) shall be without prejudice to any right to indemnity by law given to trustees generally
and any other indemnity in the Security Agent’s favour in any other Finance Document.

 

The indemnities contained in
this clause 30.11 shall survive the termination or discharge of this Agreement.

 

	30.11.2	 	Subject to clause 30.11.3, the Borrowers shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Agent pursuant to clause 30.11.1.

 

	30.11.3	 	Clause 30.11.2 shall not apply to the extent that the indemnity payment in respect of which the
Lender claims reimbursement relates to a liability of the Agent to an Obligor.

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	30.12	 	Resignation of the Agent

 

	30.12.1	 	The Agent may resign without giving any reason therefor and appoint one of its Affiliates as successor
by giving notice to the Lenders, the Security Agent and the Borrowers.

 

	30.12.2	 	Alternatively the Agent may resign without giving any reason therefor by giving 30 day’s notice
to the other Finance Parties and the Borrowers, in which case the Majority Lenders (after consultation with the Borrowers) may
appoint a successor Agent.

 

	30.12.3	 	If the Majority Lenders have not appointed a successor Agent in accordance with clause 30.12.2
above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrowers) may appoint
a successor Agent.

 

	30.12.4	 	If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer
appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under clause 30.12.3, the Agent may
(if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become
a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this clause 30 and any other term of
this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment
and protection of corporate trustees together with any reasonable amendments to the agency fee payable under this Agreement which
are consistent with the successor Agent’s normal fee rates and those amendments will (subject to approval by the Majority Lenders,
which approval shall not be unreasonably withheld or delayed) bind the Parties.

 

	30.12.5	 	The retiring Agent shall, either at the Lenders’ expense if it has been required to resign pursuant
to clause 30.13 (Replacement of the Agent) or otherwise at its own cost, make available to the successor Agent such documents
and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions
as Agent under the Finance Documents. The Borrowers shall, within three (3) Business Days of demand, reimburse the retiring Agent
for the amount of all costs and expenses (including legal fees) properly incurred by it in making available such documents and
records and providing such assistance.

 

	30.12.6	 	The Agent’s resignation notice shall only take effect upon the appointment of a successor.

 

	30.12.7	 	The appointment of the successor Agent shall take effect on the date specified in the notice from
the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be discharged from any further obligation
in respect of the Finance Documents (other than its obligations under clause 30.12.5) but shall remain entitled to the benefit
of clause 14.3 (Indemnity to the Agent and the Security Agent) and this clause 30 (and any agency fees for the account
of the retiring Agent shall cease to accrue from (and shall be payable on) that  date). Any successor and each of the other Parties
shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

 

	30.13	 	Replacement of the Agent

 

	30.13.1	 	After consultation with the Borrowers, the Majority Lenders may, by giving 30 days’ notice to the
Agent (or, at any time the Agent is an Impaired Agent, by giving any shorter notice determined by the Majority Lenders) replace
the Agent by appointing a successor Agent.

 

	30.13.2	 	The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense
of the Lenders) make available to the successor Agent such documents and records and provide such assistance as the successor Agent
may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

 

	30.13.3	 	The appointment of the successor Agent shall take effect on the date specified in the notice from
the Majority Lenders to the retiring Agent. As from this date, the retiring Agent shall be

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    	 	 	discharged from any further obligation
in respect of the Finance Documents (other than its obligations under clause 30.13.2) but shall remain entitled to the benefit
of clause 14.3 (Indemnity to the Agent and the Security Agent) and this clause 30 (and any agency fees for the account of
the retiring Agent shall cease to accrue from (and shall be payable on) that date).

 

	30.13.4	 	Any successor Agent and each of the other Parties shall have the same rights and obligations amongst
themselves as they would have had if such successor had been an original Party.

 

	30.14	 	Confidentiality

 

	30.14.1	 	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department,
division or team directly responsible for the management of the Finance Documents which shall be treated as a separate entity from
any other of its divisions, departments or teams.

 

	30.14.2	 	If information is received by another division or department of the Agent, it may be treated as
confidential to that division or department and the Agent shall not be deemed to have notice of it.

 

	30.14.3	 	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent
nor the Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the
disclosure would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty.

 

	30.15	 	Relationship with the Lenders

 

	30.15.1	 	Subject to clause 28.8 (Pro rata interest settlement) the Agent may treat the person shown
in its records as Lender at the opening of business (in the place of the Agent’s principal office as notified to the Finance Parties
from time to time) as a Lender acting through its Facility Office:

 

		(a)	entitled to or liable for any payment due under any Finance Document on that day; and

 

		(b)	entitled to receive and act upon any notice, request, document or communication or make any decision
or determination under any Finance Document made or delivered on that day,

 

unless it has received not less
than five Business Days prior notice from that Lender to the contrary in accordance with the terms of this Agreement.

 

	30.15.2	 	Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications,
information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address,
fax number and (where communication by electronic mail or other electronic means is permitted under clause 35.5 (Electronic
communication)) electronic mail address and/or any other information required to enable the sending and receipt of information
by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated
as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes
of clause 35.2 (Addresses) and clause 35.5 (Electronic communication) and the Agent shall be entitled to treat such
person as the person entitled to receive all such notices, communications, information and documents as though that person were
that Lender.

 

	30.15.3	 	Each Lender shall supply the Agent with any information that the Agent may reasonably specify as
being necessary or desirable to enable the Agent or the Security Agent to perform its functions as Agent or Security Agent.

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	30.15.4	 	Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal
directly with the Security Agent.

 

	30.16	 	Credit appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
each other Finance Party that it has been, and will continue to be, solely responsible for making its own independent appraisal
and investigation of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition, status and nature of each Obligor and other Group Member;

 

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any
Charter Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document or any Charter Document;

 

		(c)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated
by the Finance Documents;

 

		(d)	whether any Finance Party has recourse, and the nature and extent of that recourse, against any
Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
with any Finance Document or the Charged Property;

 

		(e)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party
or by any other person under or in connection with any Finance Document or any Charter Document, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Finance Document or any Charter Document; and

 

		(f)	the right or title of any person in or to, or the value or sufficiency of, any part of the Charged
Property, the priority of the Security Documents or the existence of any Security Interest affecting the Charged Property.

 

	30.17	 	Agent’s management time and additional remuneration

 

Any amount payable to the Agent
under clause 14.3 (Indemnity to the Agent and the Security Agent), clause 16 (Costs and expenses) and clause 30.11
(Lenders’ indemnity to the Agent) (and in the case of the Security Agent, as extended to it by virtue of clause 30.21 (Application
of certain clauses to Security Agent)) shall include the cost of utilising the Agent’s management time or other resources and
will be calculated on the basis of such reasonable daily or hourly rates as the Agent may notify to the Borrowers and the Lenders,
and is in addition to any fee paid or payable to the Agent under clause 11 (Fees).

 

	30.18	 	Deduction from amounts payable by the Agent

 

If any Party owes an amount
to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that
amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply
the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be
regarded as having received any amount so deducted.

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	30.19	 	Common parties

 

Although the Agent and the Security
Agent may from time to time be the same entity, that entity will have entered into the Finance Documents (to which it is party)
in its separate capacities as agent for the Finance Parties and (as appropriate) security agent and trustee for the Finance Parties.
Where any Finance Document provides for the Agent or Security Agent to communicate with or provide instructions to the other, while
they are the same entity, such communication or instructions will not be necessary.

 

	30.20	 	Security Agent

 

	30.20.1	 	Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted
under any applicable law) trustee under and in connection with the Security Documents and confirms that the Security Agent shall
have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to
the beneficiaries of those Security Documents.

 

	30.20.2	 	Each other Finance Party authorises the Security Agent:

 

		(a)	to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities
and discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any other
incidental rights, powers, authorities and discretions; and

 

		(b)	to execute each of the Security Documents and all other documents that may be approved by the Agent
for execution by it.

 

	30.20.3	 	The Security Agent accepts its appointment under clause 30.20 (Security Agent) as trustee
of the Trust Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust for itself
and the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in clauses 30.20 (Security
Agent) - 30.27 (Indemnity from Trust Property) (inclusive) and the Security Documents to which it is a party.

 

	30.21	 	Application of certain clauses to Security Agent

 

	30.21.1	 	Clauses 30.7 (Rights and discretions of the Agent), 30.8 (Responsibility for documentation
and other matters), clause 30.9 (No duty to monitor), 30.10 (Exclusion of liability), 30.11 (Lenders’ indemnity
to the Agent), 30.12 (Resignation of the Agent), 30.13 (Replacement of the Agent) 30.14 (Confidentiality),
30.15 (Relationship with the Lenders), 30.16 (Credit appraisal by the Lenders), 30.17 (Agent’s management time
and additional remuneration) and 30.18 (Deduction from amounts payable by the Agent) shall each extend so as to apply
to the Security Agent in its capacity as such and for that purpose each reference to the “Agent” in these clauses shall
extend to include in addition a reference to the “Security Agent” in its capacity as such and, in clause 30.7 (Rights
and discretions of the Agent), references to the Lenders and a group of Lenders shall refer to the Agent.

 

	30.21.2	 	In addition, clause 30.12 (Resignation of the Agent) and clause 30.13 (Replacement of
Agent) shall, for the purposes of their application to the Security Agent pursuant to clause 30.21.1, have the following additional
sub-clause inserted after them:

 

At any time after the appointment
of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably required by its successor
to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security
Agent pursuant to the Security Documents and which shall not have vested in its successor by operation of law. All such acts, deeds
and documents shall be done or, as the case may be, executed at the cost of the Borrowers (except where the Security Agent is retiring
under clause 30.12.1 as extended to it by clause 30.21.1, in which case such costs

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shall be borne by the Lenders (in proportion
(if no part of the Loan is then outstanding) to their shares of the Total Commitments or (at any other time) to their participation
in the Loan).

 

	30.21.3	 	Clause 30.7 (Rights and discretions of the Agent) shall, for the purposes of its application
to the Security Agent pursuant to clause 30.21.1, read as follows:

 

“The Security Agent may,
at the cost of the Borrowers, rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional
advisers or experts (whether obtained by the Security Agent or by any other Party), whether or not liability thereunder is limited
by reference to monetary cap or otherwise, and shall not be liable for any damages, costs or losses to any person, any diminution
in value or any liability whatsoever arising as a result of its so relying.”.

 

	30.21.4	 	Clause 30.10 (Exclusion of liability) shall, for the purposes of its application to the
Security Agent pursuant to clause 30.21.1, include the following after sub clause 30.10.1(b):

 

“(c) any shortfall
which arises on the enforcement or realisation of the Security Interests created by the Finance Documents.”.

 

	30.21.5	 	Clause 30.14 (Confidentiality) shall, for the purposes of its application to the Security
Agent pursuant to clause 30.21.1, be read and construed as to refer to “its agency and trust department” instead of “its
department, division or team directly responsible for the management of the Finance Documents”.

 

	30.21.6	 	Without prejudice to the generality of any other provision of this Agreement or any other Security
Document, the entry into possession of the Charged Property shall not render the Security Agent or any Receiver liable to account
as mortgagee in possession thereunder (or its equivalent in any other applicable jurisdiction) or take any action which would expose
it to any liability in respect of Environmental Claims in respect of which it has not been indemnified and/or secured and/or pre-funded
to its satisfaction or to be liable for any loss on realisation or for any default or omission on realisation or for any default
or omission for which a mortgagee in possession might be liable unless such loss, default or omission is caused by its own gross
negligence or wilful default.

 

	30.21.7	 	The Security Agent shall not be bound to take any steps to ascertain whether any event, condition
or act, the happening of which would cause a right or remedy to become exercisable by the Security Agent or any agent under this
Agreement or the other Security Documents has happened or to monitor or supervise the observance and performance by the Borrowers,
any agent or any of the other parties thereto of their respective obligations thereunder and, until it shall have actual knowledge
or express notice to the contrary, the Security Agent shall be entitled to assume that no such event, condition or act has happened
and that the Borrowers, the agents and the other parties thereto are observing and performing all their respective obligations
thereunder.

 

	30.22	 	Instructions to Security Agent

 

	30.22.1	 	The Security Agent shall:

 

		(a)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising
any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by the
Agent; and

 

		(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
paragraph (a) above even though it may subsequently be found that there was a defect on the giving of such instruction.

 

	30.22.2	 	The Security Agent shall be entitled to (but not obliged to) request instructions, or clarification
of any instruction, from the Agent as to whether, and in what manner, it should exercise or

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	 	 	refrain from exercising any right,
power, authority or discretion and the Security Agent may refrain from acting unless and until it receives those instructions or
that clarification.

 

	30.22.3	 	Unless a contrary indication appears in a Finance Document, any instructions given to the Security
Agent by the Agent shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties.

 

	30.22.4	 	The Security Agent may refrain from acting in accordance with any instructions of the Agent until
it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than
that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability (together with
any associated VAT or other applicable tax) which it may incur in complying with those instructions.

 

	30.22.5	 	For the avoidance of doubt, no provision of this Agreement shall require the Security Agent to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
and/or security and/or prefunding against such risk or liability is not assured to it.

 

	30.22.6	 	In the absence of instructions, the Security Agent may act (or refrain from acting) as it considers
to be in the best interest of the Finance Parties.

 

	30.22.7	 	The Security Agent is not authorised to act on behalf of a Lender (without first obtaining that
Lender’s consent) in any legal or arbitration proceedings relating to any Finance Document. This clause 30.22.7 shall not apply
to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents
or enforcement of the Security Documents.

 

	30.22.8	 	The Security Agent shall have no responsibility whatsoever to the Borrowers, the Agent, or any
Finance Party as regards any deficiency which might arise because the Security Agent is subject to any Tax in respect
of all or any of the Charged Property, the income therefrom or the proceeds thereof.

 

 

	30.22.9	 	Until the delivery of an enforcement notice pursuant to clause 27.23 (Acceleration), the
moneys standing to the credit of any accounts comprised in the Security Documents shall be dealt with in accordance with the provisions
of this Agreement and the Security Documents and the Security Agent shall not be responsible in such circumstances or at any other
time for any liabilities (howsoever described) suffered by any person, whether by reason of depreciation in value or by fluctuation
in exchange rates or otherwise.

 

	30.23	 	Order of application

 

	30.23.1	 	The Security Agent agrees to apply the Trust Property and each other beneficiary of the Security
Documents agrees to apply all moneys received by it in the exercise of its rights under the Security Documents in accordance with
the following respective claims:

 

		(a)	first, as to a sum equivalent to the amounts payable to the Security Agent under the Finance
Documents (excluding any amounts received by the Security Agent pursuant to clause 30.11 (Lenders’ indemnity to the Agent)
as extended to the Security Agent pursuant to clause 30.21 (Application of certain clauses to Security Agent)), for
the Security Agent absolutely;

 

		(b)	secondly, as to a sum equivalent to the amounts payable to the Agent under the Finance Documents
(excluding any amounts received by the Agent pursuant to clause 30.11 (Lenders’ indemnity to the Agent)), for the Agent
absolutely;

 

		(c)	thirdly, as to a sum equivalent to the aggregate amount then due and owing to the other
Finance Parties under the Finance Documents, for those Finance Parties

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		 	absolutely for application between them in accordance with
clause 33.5 (Partial payments);

 

		(d)	fourthly, until such time as the Security Agent is satisfied that all obligations owed to
the Finance Parties have been irrevocably and unconditionally discharged in full, held by the Security Agent on a suspense account
for payment of any further amounts owing to the Finance Parties under the Finance Documents and further application in accordance
with this clause 30.23.1 as and when any such amounts later fall due;

 

		(e)	fifthly, to such other persons (if any) as are legally entitled thereto in priority to the
Obligors; and

 

		(f)	sixthly, as to the balance (if any), for the Obligors by or from whom or from whose
assets the relevant amounts were paid, received or recovered or other person entitled to them.

 

	30.23.2	 	The Security Agent and each other beneficiary of the Security Documents shall make each application
as soon as is practicable after the relevant moneys are received by, or otherwise become available to, it save that (without prejudice
to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent),
any other beneficiary of the Security Documents or any receiver or administrator may credit any moneys received by it to a suspense
account for so long and in such manner as the Security Agent, any other beneficiary of the Security Documents or such receiver
or administrator may from time to time determine with a view to preserving the rights of the Finance Parties or any of them to
prove for the whole of their respective claims against the Borrowers or any other person liable.

 

	30.23.3	 	The Security Agent and/or any other beneficiary of the Security Documents shall obtain a good discharge
in respect of the amounts expressed to be due to the other Finance Parties as referred to in this clause 30.23 by paying such amounts
to the Agent for distribution in accordance with clause 33 (Payment mechanics).

 

	30.24	 	Powers and duties of the Security Agent as trustee of the security

 

In its capacity as trustee in
relation to the Trust Property, the Security Agent:

 

		(a)	shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees
by law (and to the extent not inconsistent with the provisions of this Agreement or any of the Security Documents), have all the
same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the
Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise such powers and
discretions to the extent that it is authorised to do so by the provisions of this Agreement;

 

		(b)	shall (subject to clause 30.23 (Order of application)) be entitled (in its own name or in
the names of nominees) to invest moneys from time to time forming part of the Trust Property or otherwise held by it as a consequence
of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion of the Security Agent,
it would not be practicable to distribute immediately, by placing the same on deposit in the name or under the control of the Security
Agent as the Security Agent may think fit without being under any duty to diversify the same and the Security Agent shall not be
responsible for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Agent’s
gross negligence or wilful default and shall not be liable to account for an amount of interest greater than the standard amount
that would be payable to an independent customer;

 

		(c)	may, in the conduct of its obligations under and in respect of the Security Documents instead of
acting personally, employ and pay any agent (whether being a lawyer or any

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    		 	other person) to transact or concur in transacting any
business and to do or concur in doing any acts required to be done by the Security Agent (including the receipt and payment of
money) or may delegate to any person on any terms (including the power to sub-delegate) and on the basis that (i) any such agent
or delegate engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business
transacted and acts done by him or any partner or employee of his or her in connection with such employment and (ii) the Security
Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such agent
or delegate if the Security Agent shall have exercised reasonable care in the selection of such agent; and

 

		(d)	may place all deeds and other documents relating to the Trust Property which are from time to time
deposited with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security Agent or
with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security
Agent and may make any such arrangements as it thinks fit for allowing Obligors access to, or its solicitors or auditors possession
of, such documents when necessary or convenient and the Security Agent shall not be responsible for any loss incurred in connection
with any such deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle
or firm of solicitors or company;

 

		(e)	may, unless and to the extent the express provisions of any Security Document provide otherwise,
do any act or thing in the exercise of any of its duties under the Finance Documents which in its absolute discretion (in the absence
of any instructions of the Agent as to the doing of such
act or thing) it deems advisable for the protection and benefit of all the Finance Parties;

 

		(f)	may, unless the express provisions of any such Security Document provide otherwise, if authorised
by the Agent, amend or vary the terms of or waive breaches of or defaults under, or otherwise excuse performance of any provision
of, or grant consents under any of the Security Documents to which it is a party, any such amendment, variation, waiver or consent
so authorised to be binding on all the parties hereto and that Security Agent to be under no liability whatsoever in respect thereof;

 

		(g)	shall not be bound to disclose to any other person (including but not limited to any other Finance
Party) (i) any confidential information or (ii) any other information, if disclosure would, or might in its reasonable opinion,
constitute a breach of any law or be a breach of fiduciary duty;

 

		(h)	shall have no responsibility to make any payment, deduction or withholding of any Tax or governmental
charge as a result of the Security Agent (i) holding the Security Interests created by the Finance Documents or (ii) enforcing
such Security Interests created by the Finance Documents;

 

		(i)	shall not have, or be deemed to have, any relationship of trust or agency with any Obligor; and

 

		(j)	shall have only those duties, obligations and responsibilities expressly specified in the Finance
Documents to which it is expressed to be a party (and no others shall be implied) and the role and functions of the Security Agent
under this Agreement shall be purely mechanical and administrative in nature and, subject to the terms of this Agreement, acting
on the instructions of the Agent.

 

	30.24.2	 	The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be
supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent
by general law or otherwise. Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation
to the trusts

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	 	 	constituted by this Agreement. Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act
2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in
the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement shall constitute a restriction or exclusion
for the purposes of that Act.

 

	30.25	 	All enforcement action through the Security Agent

 

	30.25.1	 	None of the other Finance Parties shall have any independent power to enforce any of those Security
Documents which are executed in favour of the Security Agent only, or to exercise any rights, discretions or powers or to grant
any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or
guarantees constituted by such Security Documents except through the Security Agent.

 

	30.25.2	 	None of the other Finance Parties shall have any independent power to enforce any of those Security
Documents which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents or releases
under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by
such Security Documents except with the prior written consent of the Agent (acting through the Security Agent and on the instructions
of the Majority Lenders). If any Finance Party (other than the Security Agent) is a party to any Security Document it shall promptly
upon being requested by the Agent to do so grant a power of attorney or other sufficient authority to the Security Agent

 

to enable the Security Agent
to exercise any rights, discretions or powers or to grant any consents or releases under such Security Document.

 

	30.26	 	Co-operation to achieve agreed priorities of application

 

The other Finance Parties shall
co-operate with each other and with the Security Agent and any receiver or administrator under the Security Documents in realising
the property and assets subject to the Security Documents and in ensuring that the net proceeds realised under the Security Documents
after deduction of the expenses of realisation are applied in accordance with clause 30.23 (Order of application).

 

	30.27	 	Indemnity from Trust Property

 

	30.27.1	 	In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement,
the Security Agent and each Affiliate of the Security Agent and each officer or employee of the Security Agent or its Affiliate
(each a Relevant Person) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages,
costs, claims, charges or expenses whatsoever properly incurred or suffered by such Relevant Person:

 

		(a)	in the execution or exercise or bona fide purported execution or exercise of the trusts, rights,
powers, authorities, discretions and duties created or conferred by or pursuant to the Finance Documents;

 

		(b)	as a result of any breach by an Obligor of any of its obligations under any Finance Document;

 

		(c)	in respect of any Environmental Claim made or asserted against a Relevant Person which would not
have arisen if the Finance Documents had not been executed; and

 

		(d)	in respect of any matter or thing done or omitted in any way in accordance with the terms of the
Finance Documents relating to the Trust Property or the provisions of any of the Finance Documents.

 

	30.27.2	 	The rights conferred by this clause 30.27 are without prejudice to any right to indemnity by law
given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to an
indemnity in respect of, and/or reimbursement of,

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	 	 	any liabilities, costs or expenses incurred or suffered by it in connection with
any of the Finance Documents or the performance of any duties under any of the Finance Documents. Nothing contained in this clause
30.27 shall entitle the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims,
charges or expenses to the extent that the same arise from such person’s own gross negligence or wilful default.

 

	30.28	 	Finance Parties to provide information

 

The other Finance Parties shall
provide the Security Agent with such written information as it may reasonably require for the purposes of carrying out its duties
and obligations under the Security Documents and, in particular, with such necessary directions in writing so as to enable the
Security Agent to make the calculations and applications contemplated by clause 30.23 (Order of application) above
and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security
Documents, clause 33.5 (Partial payments) and clause 30.23 (Order of application).

 

	30.29	 	No Reliance on Security Agent

 

It is understood and agreed
by each Finance Party (other than the Security Agent) that it has itself been, and will continue to be, solely responsible for
making its own independent appraisal of and investigations into the financial condition, creditworthiness, condition, affairs,
status and nature of each Obligor and, accordingly, each other Finance Party warrants to the Security Agent that it has not relied
and will not hereafter rely on the Security Agent:

 

		(a)	to check or enquire on its behalf into the adequacy, accuracy or completeness of any information
provided to it by the Obligors or any other person in connection with any of the Finance Documents, the Charged Property or the
transactions therein contemplated (whether or not such information has been or is hereafter circulated to such Finance Party by
the Security Agent);

 

		(b)	to check or enquire on its behalf into the adequacy, accuracy or completeness of any communication
delivered to it under any of the Finance Documents, the Charged Property, any legal or other opinions, reports, valuations, certificates,
appraisals or other documents delivered or made or required to be delivered or made at any time in connection with any of the Finance
Documents, the Charged Property, any security to be constituted thereby or any other report or other document, statement or information
circulated, delivered or made, whether orally or otherwise and whether before, on or after the date of this Agreement;

 

		(c)	to check or enquire on its behalf into the due execution, delivery, validity, legality, adequacy,
suitability, performance, enforceability or admissibility in evidence of any of the Finance Documents, the Charged Property or
any other document referred to in paragraph (b) above or of any guarantee, indemnity or security given or created thereby or any
obligations imposed thereby or assumed thereunder;

 

		(d)	to check or enquire on its behalf into the ownership, value, existence or sufficiency of any Charged
Property, the priority of any of the Security Interests, the right or title of any person in or to any property comprised therein
or the existence of any encumbrance affecting the same; or

 

		(e)	to assess or keep under review on its behalf the identity, financial condition, creditworthiness,
condition, affairs, status or nature of any Obligor or other Group Member.

 

	30.30	 	Release to facilitate enforcement and realisation

 

Each Finance Party acknowledges
that pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on the instructions of the Agent it
may be desirable for the 

 

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purpose of such enforcement and/or maximising the realisation of the Charged Property being enforced against,
that any rights or claims of or by the Security Agent (for the benefit of the Finance Parties) and/or any Finance Parties against
any Obligor and/or any Security Interest over any assets of any Obligor (in each case) as contained in or created by any Finance
Document, other than such rights or claims or security being enforced, be released in order to facilitate such enforcement action
and/or realisation and, notwithstanding any other provision of the Finance Documents, each Finance Party hereby irrevocably authorises
the Security Agent (acting on the instructions of the Agent) to grant any such releases to the extent necessary to
fully effect such enforcement action and realisation including, without limitation, to the extent necessary for such purposes to
execute release documents in the name of and on behalf of the Finance Parties. Where the relevant enforcement is by way of disposal
of shares in a Borrower, the requisite release shall include releases of all claims (including under guarantees) of the Finance
Parties and/or the Security Agent against that Borrower and of all Security Interests over the assets of that Borrower.

 

	30.31	 	Undertaking to pay

 

Each Obligor which is a Party
undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by the Security Agent, pay to the Security
Agent all money from time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection
with the Finance Documents.

 

	30.32	 	Additional trustees

 

The Security Agent shall have
power by notice in writing to the other Finance Parties and the Borrowers to appoint any person either to act as separate trustee
or as co-trustee jointly with the Security Agent:

 

		(a)	if the Security Agent reasonably considers such appointment to be in the best interests of the
Finance Parties;

 

		(b)	for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction
in which any particular act is to be performed; or

 

		(c)	for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction
against any person of a judgment already obtained,

 

and any person so appointed
shall (subject to the provisions of this Agreement) have such rights (including as to reasonable remuneration), powers, duties
and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove
any person so appointed. At the request of the Security Agent, the other parties to this Agreement shall forthwith execute all
such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably
authorises the Security Agent in its name and on its behalf to do the same. Such a person shall accede to this Agreement as a Security
Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the provisions
of this Agreement) have such trusts, powers, authorities, liabilities and discretions (not exceeding those conferred on the Security
Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be conferred or imposed by the
instrument of appointment (being no less onerous than would have applied to the Security Agent but for the appointment). The Security
Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such person
if the Security Agent shall have exercised reasonable care in the selection of such person.

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	30.33	 	Non-recognition of trust

 

It is agreed by all the parties
to this Agreement that:

 

		(a)	in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts
expressed to be constituted by this clause 30, the relationship of the Security Agent and the other Finance Parties shall be construed
as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions of this
Agreement shall have full force and effect between the parties to this Agreement; and

 

		(b)	the provisions of this clause 30 insofar as they relate to the Security Agent in its capacity as
trustee for the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be amended
by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to
effect the alteration of the relationship between the Security Agent and the other Finance Parties and each such other party irrevocably
authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such amendments.

 

	30.34	 	Security Agent’s Ongoing Fees

 

	30.34.1	 	The Borrowers shall pay to the Agent and the Security Agent certain fees in accordance with clause
11 (Fees).

 

	30.34.2	 	If:

 

		(a)	a Default has occurred; or

 

		(b)	the Security Agent considers it expedient and/or necessary or is requested by the Borrowers or
any Finance Party or group of Finance Parties to undertake duties which the Security Agent considers to be of an exceptional nature
and/or outside the scope of the normal duties of the Security Agent under the Finance Documents (which for the avoidance of doubt
shall include any amendments to the Finance Documents and the time incurred in relation thereto),

 

the Borrowers shall pay to the
Security Agent any additional remuneration (together with any applicable taxes thereon) which shall be calculated by reference
to its hourly rates in force from time to time.

 

	30.35	 	Insurance by Security Agent

 

Where the Security Agent is
named on any insurance policy (including the Insurances) as an insured party and/or loss payee, the Security Agent shall not be
responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any
material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Agent shall have requested
it to do so in writing and the Security Agent shall have failed to do so within fourteen (14) days after receipt of that request.
The Security Agent shall have no obligation to, nor any liability for any failure to, insure any of the Charged Property.

 

	30.36	 	Custodians and nominees

 

The Security Agent may (to the
extent legally permitted) appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of
the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document
relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense,
demand, cost, claim or proceedings

 

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incurred by reason of the misconduct, omission or default on the part of any person appointed
by it under this Agreement or be bound to supervise the proceedings or acts of any person.

 

	30.37	 	Acceptance of title

 

The Security Agent shall be
entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Obligors have
to any of the Charged Property and shall not be liable for or bound to require any Debtor to remedy any defect in its right or
title.

 

	30.38	 	Refrain from illegality

 

Notwithstanding anything to
the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion
will or may be contrary to any relevant law, directive or regulation of any applicable jurisdiction and the Security Agent may do anything which is, in
its opinion, necessary to comply with any such law, directive or regulation.

 

	30.39	 	Interest on Demand

 

If the Borrowers fail to pay
any amount payable by them to the Security Agent under this Agreement on its due date, interest shall accrue on the overdue amount
(and be compounded with it) from the due date up to the date of actual payment (both before and after judgment and to the extent
interest at a default rate is not otherwise being paid on such sum) at the rate which is two per cent. (2%) per annum over the
rate at which the Security Agent was being offered, by prime banks in the London interbank market, deposits in an amount comparable
to the unpaid amounts in the currencies of those amounts for such period(s) as the Security Agent may from time to time select.

 

	30.40	 	Release of Security

 

If the Agent, with the approval
of all the other Finance Parties, shall determine that all of the amounts owing under the Finance Documents and all other obligations
the discharge of which is secured by any of the Security Documents have been fully and finally discharged and none of the Finance
Parties is under any commitment, obligation or liability (whether actual or contingent) to make advances or provide other financial
accommodation to the Borrowers under or pursuant to this Agreement or any other Finance Document, the trusts herein set out shall
be wound up and the Security Agent shall, at the request and cost of the Borrowers and acting on the instructions of the Agent,
release, without recourse or warranty, all of the security then held by it, whereupon the Security Agent, the Agent, the Lenders
and the Obligors shall be released from their obligations hereunder (save for those which arose prior to such winding up).

 

	31	 	Conduct of business by the Finance Parties

 

	31.1	 	Finance Parties tax affairs

 

No provision of this Agreement
will:

 

		(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever
manner it thinks fit;

 

		(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available
to it or the extent, order and manner of any claim; or

 

		(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise)
or any computations in respect of Tax.

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	31.2	 	Finance Parties acting together

 

Notwithstanding clause 2.2 (Finance
Parties’ rights and obligations), if the Agent makes a declaration under clause 27.23 (Acceleration) the Agent
shall, in the names of all the Finance Parties, take such action on behalf of the Finance Parties and conduct such negotiations
with the Borrowers, any Obligors or any Subsidiaries of an Obligor and generally administer the Facility in accordance with the
wishes of the Majority Lenders. All the Finance Parties shall be bound by the provisions of this clause and no Finance Party
shall be entitled to take action independently against any Obligor or any of its assets without the prior consent of the Majority
Lenders.

 

This clause shall not override
clause 30 (Roles of Agent, Security Agent and Arranger) as it applies to the Security Agent.

 

	31.3	 	Majority Lenders

 

	31.3.1	 	Where any Finance Document provides for any matter to be determined by reference to the opinion
of, or to be subject to the consent, approval or request of, the Majority Lenders or for any action to be taken on the instructions
of the Majority Lenders (a majority decision), such majority decision shall (as between the Lenders) only be regarded as
having been validly given or issued by the Majority Lenders if all the Lenders shall have received prior notice of the matter on
which such majority decision is required and the relevant majority of Lenders shall have given or issued such majority decision.
However (as between any Obligor and the Finance Parties) the relevant Obligor shall be entitled (and bound) to assume that such
notice shall have been duly received by each Lender and that the relevant majority shall have been obtained to constitute Majority
Lenders when notified to this effect by the Agent whether or not this is the case.

 

	31.3.2	 	If, within ten Business Days of the Agent despatching to each Lender a notice requesting instructions
(or confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification, waiver, variation
or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the Agent has not received a reply
specifically giving or confirming or refusing to give or confirm the relevant instructions or, as the case may be, approving or
refusing to approve the proposed amendment, modification, waiver, variation or excuse of performance, then (irrespective of whether
such Lender responds at a later date) the Agent shall treat any Lender which has not so responded as having indicated a desire
to be bound by the wishes of 66 2/3 per cent. of those Lenders (measured in terms of the total Commitments of those Lenders) which
have so responded.

 

	31.3.3	 	For the purposes of clause 31.3.2, any Lender which notifies the Agent of a wish or intention to
abstain on any particular issue shall be treated as if it had not responded.

 

	31.3.4	 	Clauses 31.3.2 and 31.3.3 shall not apply in relation to those matters referred to in, or the subject
of, clause 39.2 (Exceptions).

 

	31.4	 	Conflicts

 

	31.4.1	 	Each Borrower acknowledges that the Arranger and its parent undertaking, subsidiary undertakings
and fellow subsidiary undertakings (together an Arranger Group) may be providing debt finance, equity capital or other services
(including financial advisory services) to other persons with which the Borrowers may have conflicting interests in respect of
the Facility or otherwise.

 

	31.4.2	 	No member of an Arranger Group shall use confidential information gained from any Obligor by virtue
of the Facility or its relationships with any Obligor in connection with their performance of services for other persons. This
shall not, however, affect any obligations that any member of the Arranger Group has as Agent in respect of the Finance Documents.
The

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	 	 	Borrowers also acknowledge that no member of an Arranger Group has any obligation to use or furnish to any Obligor information
obtained from other persons for their benefit.

 

	31.4.3	 	The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking
when used in this clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006.

 

	32	 	Sharing among the Finance Parties

 

	32.1	 	Payments to Finance Parties

 

If a Finance Party (a Recovering
Finance Party) receives or recovers any amount from an Obligor other than in accordance with clause 33 (Payment mechanics)
(a Recovered Amount) and applies that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Finance Party shall, within three (3) Business Days, notify details of the receipt
or recovery, to the Agent;

 

		(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance
with clause 33 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to
the receipt, recovery or distribution; and

 

		(c)	the Recovering Finance Party shall, within three (3) Business Days of demand by the Agent, pay
to the Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount which the Agent determines
may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 33.5 (Partial
payments).

 

	32.2	 	Redistribution of payments

 

The Agent shall treat the Sharing
Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering
Finance Party) (the Sharing Finance Parties) in accordance with clause 33.5 (Partial payments) towards the obligations
of that Obligor to the Sharing Finance Parties.

 

	32.3	 	Recovering Finance Party’s rights

 

On a distribution by the Agent
under clause 32.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between
the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated
as not having been paid by that Obligor.

 

	32.4	 	Reversal of redistribution

 

If any part of the Sharing Payment
received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

		(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of
that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount
as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that
Recovering Finance Party is required to pay) (the Redistributed Amount); and

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		(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the
relevant Redistributed Amount will be treated as not having been paid by that Obligor.

 

	32.5	 	Exceptions

 

	32.5.1	 	This clause 32 shall not apply to the extent that the Recovering Finance Party would not, after
making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

 

	32.5.2	 	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which
the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings in accordance with
the terms of this Agreement, if:

 

		(a)	it notified that other Finance Party of the legal or arbitration proceedings; and

 

		(b)	the taking legal or arbitration proceedings was in accordance with the terms of this Agreement;
and

 

that other Finance Party had
an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having
received notice and did not take separate legal or arbitration proceedings.

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Section 10 - ADMINISTRATION

 

	33	 	Payment mechanics

 

	33.1	 	Payments to the Agent

 

	33.1.1	 	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document,
that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document)
for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of
transactions in the relevant currency in the place of payment.

 

	33.1.2	 	Payment shall be made to such account in the principal financial centre of the country of that
currency (or, in relation to euro, in a principal financial centre in a Participating Member State or London as specified by the
Agent) with such bank as the Agent, in each case specifies.

 

	33.2	 	Distributions by the Agent

 

Each payment received by the
Agent under the Finance Documents for another Party shall, subject to clause 33.3 (Distributions to an Obligor) and clause
33.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment
in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party
may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the principal
financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating
Member State or London as specified by that Party).

 

	33.3	 	Distributions to an Obligor

 

The Agent may (with the consent
of the Obligor or in accordance with clause 34 (Set-off)) apply any amount received by it for that Obligor in or towards
payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents
or in or towards purchase of any amount of any currency to be so applied.

 

	33.4	 	Clawback

 

	33.4.1	 	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent
is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been
able to establish to its satisfaction that it has actually received that sum.

 

	33.4.2	 	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not
actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by
the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date
of receipt by the Agent, calculated by the Agent to reflect its cost of funds.

 

	33.5	 	Partial payments

 

	33.5.1	 	If the Agent receives a payment for application against amounts due under the Finance Documents
that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the Agent shall
apply that payment towards the obligations of that Obligor under those Finance Documents in the following order:

 

		(a)	first, in or towards payment pro rata of any unpaid amount owing to the Agent, the Security
Agent or the Arranger under those Finance Documents;

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		(b)	secondly, in or towards payment to the Lenders pro rata of any amount owing to the Lenders
under clause 30.11 (Lenders’ indemnity to the Agent) including any amount resulting from the indemnity
to the Security Agent under clause 30.21.1 (Application of certain clauses to Security Agent);

 

		(c)	thirdly, in or towards payment to the Lenders pro rata of any accrued interest, fee or commission
due but unpaid under those Finance Documents;

 

		(d)	fourthly, in or towards payment to the Lenders pro rata of any principal which is due but
unpaid under those Finance Documents; and

 

		(e)	fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance
Documents.

 

	33.5.2	 	The Agent shall, if so directed by all the Lenders, vary the order set out in paragraphs (b) to
(d) of clause 33.5.1.

 

	33.5.3	 	Clauses 33.5.1 and 33.5.2 above will override any appropriation made by an Obligor.

 

	33.6	 	No set-off by Obligors

 

All payments to be made by an
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or
counterclaim.

 

	33.7	 	Business Days

 

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

 

	33.7.2	 	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

 

	33.8	 	Payments on demand

 

For the purposes of clause 27.1
(Non-payment) and subject to the Agent’s right to demand interest under clause 8.3 (Default interest), payments
on demand shall be treated as paid when due if paid within three (3) Business Days of demand.

 

	33.9	 	Currency of account

 

	33.9.1	 	Subject to clauses 33.9.2 to 33.9.3, dollars is the currency of account and payment for any sum
due from an Obligor under any Finance Document.

 

	33.9.2	 	A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made
in dollars on its due date.

 

	33.9.3	 	Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be
made in dollars and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents shall
be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred.

 

	33.9.4	 	All moneys received or held by the Security Agent or by a Receiver under a Security Document in
a currency other than dollars may be sold for dollars and the Obligor which executed that Security Document shall indemnify the
Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability
to that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the sale.

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	33.10	 	Change of currency

 

	33.10.1	 	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same
time recognised by the central bank of any country as the lawful currency of that country, then:

 

		(a)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents
in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated
by the Agent (after consultation with the Borrowers); and

 

		(b)	any translation from one currency or currency unit to another shall be at the official rate of
exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down
by the Agent (acting reasonably).

 

	33.10.2	 	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting
reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice in the London interbank market and otherwise to reflect the change in currency.

 

	33.11	 	Disruption to Payment Systems etc.

 

If either the Agent determines
(in its discretion) that a Payment Disruption Event has occurred or the Agent is notified by the Borrowers that a Payment Disruption
Event has occurred:

 

		(a)	the Agent may, and shall if requested to do so by the Borrowers, consult with the Borrowers with
a view to agreeing with the Borrowers such changes to the operation or administration of the Facility as the Agent may deem necessary
in the circumstances;

 

		(b)	the Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned
in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no
obligation to agree to such changes;

 

		(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph
(a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

 

		(d)	any such changes agreed upon by the Agent and the Borrowers shall (whether or not it is finally
determined that a Payment Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be,
waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 39 (Amendments and grant of waivers);

 

		(e)	the Agent shall not be liable for any damages, costs or losses to any person, or for any diminution
in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this clause 33.11; and

 

		(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

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	33.12	 	Impaired Agent

 

	33.12.1	 	If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required
to make a payment under the Finance Documents to the Agent in accordance with clause 33.1 (Payments to the Agent) may instead
either pay that amount direct to the required recipient or pay that amount to an interest-bearing account held with an Acceptable
Bank within the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to which no Insolvency Event
has occurred and is continuing, in the name of the Obligor or the Lender making the payment and designated as a trust account for
the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents. In each case such payments
must be made on the due date for payment under the Finance Documents.

 

	33.12.2	 	All interest accrued on the amount standing to the credit of the trust account shall be for the
benefit of the beneficiaries of that trust account pro rata to their respective entitlements.

 

	33.12.3	 	A Party which has made a payment in accordance with clause 33.1 (Payments to the Agent)
shall be discharged of the relevant payment obligation under the Finance Documents and shall not take any credit risk with respect
to the amounts standing to the credit of the trust account.

 

	33.12.4	 	Promptly upon the appointment of a successor Agent in accordance with clause 30.13 (Replacement
of the Agent), each Party which has made a payment to a trust account in accordance with clause 33.1 (Payments to the Agent)
shall give all requisite instructions to the bank with whom the trust account is held to transfer the amount (together with any
accrued interest) to the successor Agent for distribution in accordance with clause 33.2 (Distributions by the Agent).

 

	34	 	Set-off

 

A Finance Party may set off
any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party)
against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or
currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation
at a market rate of exchange in its usual course of business for the purpose of the set-off. For the purpose of this clause the
term “Finance Party” includes each of the relevant Finance Party’s holding companies and its subsidiaries and
each subsidiary of the relevant Finance Party’s holding companies (as defined in the Companies Act 2006).

 

	35	 	Notices

 

	35.1	 	Communications in writing

 

Any communication to be made
under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or
letter sent by registered post.

 

	35.2	 	Addresses

 

The address, and fax number
(and the department or officer, if any, for whose attention the communication is to be made) of each Obligor or Finance Party for
any communication or document to be made or delivered under or in connection with the Finance Documents is:

 

		(a)	in the case of any Obligor which is a Party, that identified with its name in Schedule 1 (The
original parties);

 

		(b)	in the case of any Obligor which is not a Party, that identified in any Finance Document to which
it is a party;

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		(c)	in the case of any Original Lender, the Security Agent, the Agent and any other original Finance
Party that identified with its name in Schedule 1 (The original parties); and

 

		(d)	in the case of each other Lender or Finance Party, that notified in writing to the Agent on or
prior to the date on which it becomes a Party in the relevant capacity,

 

or, in each case, any substitute
address, fax number, or department or officer as an Obligor or Finance Party may notify to the Agent (or the Agent may notify to
the other Parties, if a change is made by the Agent) by no less than five Business Days’ notice.

 

	35.3	 	Delivery

 

	35.3.1	 	Any communication or document made or delivered by one person to another under or in connection
with the Finance Documents will only be effective:

 

		(a)	if by way of fax, when received in legible form; or

 

		(b)	if by way of letter sent by registered post, when it has been left at the relevant address or five
Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address;

 

and, if a particular department
or officer is specified as part of its address details provided under clause 35.2 (Addresses), if addressed to that department
or officer.

 

	35.3.2	 	Any communication or document to be made or delivered to the Agent or the Security Agent will be
effective only when actually received by the Agent or the Security Agent and then only if it is expressly marked for the attention
of the department or officer identified in Schedule 1 (The original parties) (or any substitute department or officer as
the Agent or the Security Agent shall specify for this purpose).

 

	35.3.3	 	All notices from or to an Obligor shall be sent through the Agent.

 

	35.3.4	 	Any communication or document made or delivered to the Borrowers in accordance with this clause
will be deemed to have been made or delivered to each of the Obligors.

 

	35.3.5	 	Any communication or document which becomes effective, in accordance with clauses 35.3.1 to 35.3.4
above, after 5:00 pm in the place of receipt shall be deemed only to become effective on the following day.

 

	35.4	 	Notification of address and fax number

 

Promptly upon changing its own
address or fax number pursuant to clause 35.2 (Addresses), the Agent shall notify the other Parties.

 

	35.5	 	Electronic communication

 

	35.5.1	 	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means to the extent that those two Parties:

 

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

 

		(b)	notify each other in writing of their electronic mail address and/or any other information required
to enable the sending and receipt of information by that means; and

 

		(c)	notify each other of any change to their address or any other such information supplied by them
by not less than five Business Days notice.

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

 

	35.5.3	 	Any electronic communication which becomes effective, in accordance with clause 35.5.2 above, after
5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

 

	35.5.4	 	In particular, the Obligors are aware and acknowledge that:

 

		(a)	the unencrypted information is transported over an open, publicly accessible network and can, in
principle, be viewed by others, thereby allowing conclusions to be drawn about a banking relationship;

 

		(b)	the information can be changed and manipulated by a third party;

 

		(c)	the sender’s identity (sender of any electronic communication) can be assumed or otherwise
manipulated;

 

		(d)	the exchange of information can be delayed or disrupted due to transmission errors, technical faults,
disruptions, malfunctions, illegal interventions, network overload, the malicious blocking of electronic access by third parties,
or other shortcomings on the part of the network provider. In certain situations, time-critical orders and instructions might not
be processed on time; and

 

		(e)	the Finance Parties assume no liability for any loss incurred as a result of manipulation of the
electronic address or content nor is it liable for any loss incurred by the Borrowers or any other Obligor due to interruptions
and delays in transmission caused by technical problems.

 

	35.5.5	 	The Finance Parties are entitled to assume that all the orders and instructions, and communications
in general, received from the Borrowers or any other Obligor or a third party are from an authorised individual, irrespective of
the existing signatory rights in accordance with the commercial register (or any other applicable equivalent document) or the specimen
signature provided to any Finance Party. The Obligors shall further procure that all third parties referred to herein agree with
the use of electronic communication and are aware of the above terms and conditions related to the use of electronic communication.

 

	35.6	 	English language

 

	35.6.1	 	Any notice given under or in connection with any Finance Document shall be in English.

 

	35.6.2	 	All other documents provided under or in connection with any Finance Document shall be:

 

		(a)	in English; or

 

		(b)	if not in English, and if so required by the Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.

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	35.7	 	Communication with Agent when Agent is Impaired Agent

 

If the Agent is an Impaired
Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other directly and (while
the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices
to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the relevant parties
directly. This provision shall not operate after a replacement Agent has been appointed.

 

	36	 	Calculations and certificates

 

	36.1	 	Accounts

 

In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party
are prima facie evidence of the matters to which they relate.

 

	36.2	 	Certificates and determinations

 

Any certification
or determination by the Agent of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence
of the matters to which it relates.

 

	36.3	 	Day count convention

 

Any interest, commission or
fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the Interbank Market differs, in accordance with that market practice.

 

	37	 	Partial invalidity

 

If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither
the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision
under the law of any other jurisdiction will in any way be affected or impaired.

 

	38	 	Remedies and waivers

 

No failure to exercise, nor
any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver,
nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the exercise of any other
right or remedy. The rights and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or remedies
provided by law.

 

	39	 	Amendments and grant of waivers

 

	39.1	 	Required consents

 

	39.1.1	 	Subject to clauses 39.2 (Exceptions), 39.3 (All Lenders matters) and 39.4 (Other
exceptions), any term of the Finance Documents may be amended or waived with the consent of the Agent (acting on the instructions
of the Majority Lenders and, if it affects the rights and obligations
of the Agent or the Security Agent, the consent of the Agent or the Security Agent) and any such amendment or waiver agreed or
given by the Agent will be binding on all the Finance Parties.

 

	39.1.2	 	The Agent may (or, in the case of the Security Documents, instruct the Security Agent to) effect,
on behalf of any Finance Party, any amendment or waiver permitted by this clause.

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	39.2	 	Exceptions

 

	39.2.1	 	No amendment or waiver may be made before the date falling ten (10) Business Days after the terms
of that amendment or waiver have been notified by the Agent to the Lenders, unless each Lender is a FATCA Protected Lender. The
Agent shall notify the Lenders reasonably promptly of any amendments or waivers proposed by the Borrowers.

 

	39.2.2	 	Without prejudice to the generality of sub-clauses 30.7.2(d), 30.7.4 and 30.7.5 of clause 30.7
(Rights and discretions of Agent), the Agent may engage, pay for and rely on the services of lawyers in determining the
consent level required for and effecting any amendment, waiver or consent under this Agreement.

 

	39.2.3	 	Each Obligor agrees to any such amendment or waiver permitted by this clause 39 which is agreed
to by the Borrowers. This includes any amendment or waiver which would, but for this clause 39.2.3, require the consent of the
Guarantors.

 

	39.3	 	All Lenders matters

 

	39.3.1	 	An amendment, waiver or discharge or release or a consent of, or in relation to, the terms of any
Finance Document that has the effect of changing or which relates to:

 

		(a)	the definition of “Majority Lenders” in clause 1.1 (Definitions);

 

		(b)	the definition of “Last Availability Date” in clause 1.1 (Definitions);

 

		(c)	an extension to the date of payment of any amount under the Finance Documents or an extension of
any period within which the Facility is available;

 

		(d)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees
or commission payable or the rate at which they are calculated;

 

		(e)	an increase in, or an extension of, any Commitment or any requirement that a cancellation of Commitments
reduces the Commitments of the Lenders pro rata under the Facility;

 

		(f)	a change to the Borrowers or any other Obligor;

 

		(g)	any provision which expressly requires the consent or approval of all the Lenders;

 

		(h)	clause 2.2 (Finance Parties’ rights and obligations), clause 17.32 (CISADA),
clause 17.33 (Sanctions), clause 19.12 (Sanctions), clause 28 (Changes to the Lenders), clause 32.1 (Payments
to Finance Parties), this clause 39, clause 42 (Governing Law) or clause 43 (Enforcement);

 

		(i)	the order of distribution under clause 33.5.1;

 

		(j)	the order of distribution under clause 30.23.1;

 

		(k)	the currency in which any amount is payable under any Finance Document;

 

		(l)	the nature or scope of the Charged Property or any Guarantee or the manner in which the proceeds
of enforcement of the Security Documents are distributed; or

 

		(m)	the circumstances in which the security constituted by the Security Documents (including the Guarantees)
are permitted or required to be released or reassigned under any of the Finance Documents,

 

shall not be made, or given,
without the prior consent of all the Lenders.

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	39.4	 	Other exceptions

 

	39.4.1	 	If the Agent or a Lender reasonably believes that an amendment or waiver to any term of this Agreement,
may constitute a “material modification” for the purposes of FATCA that may result (directly or indirectly) in a Party
being required to make a FATCA Deduction and the Agent or that Lender (as the case may be) notifies the Borrowers and the Agent
accordingly, that amendment or waiver may not be effected without the consent of the Agent or that Lender (as the case may be).
The consent of a Lender shall not be required pursuant to this clause if that Lender is a FATCA Protected Lender.

 

	39.4.2	 	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent
or the Arranger in their respective capacities as such (and not just as a Lender) may not be effected without the consent of the
Agent, the Security Agent or the Arranger (as the case may be).

 

	39.4.3	 	Notwithstanding clauses 39.1 (Required consents), 39.3 (All Lenders matters) and
39.4 (Other exceptions) (inclusive), the Agent may make technical amendments to the Finance Documents arising out of manifest
errors on the face of the Finance Documents, where such amendments would not prejudice or otherwise be adverse to the interests
of any Finance Party without any reference or consent of the Finance Parties.

 

	39.5	 	Disenfranchisement of Defaulting Lenders

 

	39.5.1	 	For so long as a Defaulting Lender has any Commitment, in ascertaining the Majority Lenders or
whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitment has been obtained to approve
any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitment
will be reduced by the amount of its Commitment.

 

	39.5.2	 	For the purposes of this clause 39.5, the Agent may assume that the following Lenders are Defaulting
Lenders:

 

		(a)	any Lender which has notified the Agent that it has become a Defaulting Lender; and

 

		(b)	any Lender in relation to which it is aware that any of the events or circumstances referred to
in paragraphs (a), (b) or (c) of the definition of Defaulting Lender has occurred, unless it has received notice to the
contrary from the Lender concerned (together with any supporting evidence reasonably requested by the Agent) or the Agent is otherwise
aware that the Lender has ceased to be a Defaulting Lender.

 

	39.6	 	Replacement of a Defaulting Lender

 

	39.6.1	 	The Borrowers may, at any time a Lender has become and continues to be a Defaulting Lender, by
giving 10 Business Days’ prior written notice to the Agent and such Lender replace such Lender by requiring such Lender to
(and, to the extent permitted by law such Lender shall) transfer pursuant
to clause 28 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender
or other bank, financial institution, trust, fund or other entity (a Replacement Lender) selected by the Borrowers, and
which (unless the Agent is an Impaired Agent) is acceptable to the Agent (acting reasonably) and which confirms its willingness
to assume and does assume all the obligations or all the relevant obligations of the transferring Lender (including the assumption
of the transferring Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring
Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s
participation in the Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance
Documents (or at any other purchase price approved by all of the other Lenders who are not Defaulting Lenders at the time).

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	39.6.2	 	Any transfer of rights and obligations of a Defaulting Lender pursuant to this clause shall be
subject to the following conditions:

 

		(a)	the Borrowers shall have no right to replace the Agent or Security Agent;

 

		(b)	neither the Agent nor the Defaulting Lender shall have any obligation to the Borrowers to find
a Replacement Lender;

 

		(c)	the transfer must take place no later than 14 days after the notice referred to in clause 39.6.1
above; and

 

		(d)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender
any of the fees received by the Defaulting Lender pursuant to the Finance Documents.

 

	39.7	 	Releases

 

Except with the approval of
all the Lenders or for a release which is expressly permitted or required by the Finance Documents, the Agent shall not have authority
to authorise the Security Agent to release:

 

		(a)	any Charged Property from the security constituted by any Security Document; or

 

		(b)	any Obligor from any of its guarantee or other obligations under any Finance Document.

 

	40	 	Counterparts

 

Each Finance Document may be
executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single
copy of the Finance Document.

 

	41	 	Confidentiality

 

	41.1	 	Confidential Information

 

Each Finance Party agrees to
keep all Confidential Information confidential at all times and not to disclose it to anyone, save to the extent permitted by clause
41.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security
measures and a degree of care that would apply to its own confidential information.

 

	41.2	 	Disclosure of Confidential Information

 

Any Finance Party may disclose
(without the consent of the Obligors) to any of its Affiliates, employees (including service and settlement employees), or any
of its employees, officers, directors, representatives or advisers, and to any other person:

 

		(a)	in the case of a Lender, to (or through) whom that Lender assigns (or may potentially assign) all
or any of its rights and obligations under the Finance Documents;

 

		(b)	in the case of a Lender, to whom or for whose benefit that Finance Party charges, assigns or otherwise
creates Security (or may do so) pursuant to clause 28.7 (Security over Lenders’ rights);

 

		(c)	in the case of a Lender, with (or through) whom that Lender enters into (or may potentially enter
into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Finance
Documents or any Obligor;

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		(d)	to whom, and to the extent that, information is required to be disclosed by any applicable law
or regulation;

 

		(e)	in order to preserve or enforce any rights any Finance Party may have under the Security Documents;

 

		(f)	which is such Finance Party’s professional advisers (including auditors, lawyers, accountants,
surveyors, valuers, insurers, insurance advisors and brokers);

 

		(g)	which is a rating agency (including its professional advisers); or

 

		(h)	in the case of the Security Agent, in the course of the performance of its functions under the
Finance Documents,

 

any information about any Obligor,
the Group and the Finance Documents as that Finance Party shall consider appropriate; and any Finance Party may disclose (with
the consent of the Borrowers) to any other person not included in paragraphs (a) - (h) above, any information about any Obligor,
the Group and the Finance Documents as that Finance Party shall consider appropriate; and, in the case of any advisers or persons
under paragraph (f) and (g) who do not already owe a duty of confidentiality to that Finance Party or any of the persons described
in paragraphs (a) and (c) above, subject to the entry into a confidentiality undertaking by any such persons.

 

	41.3	 	Disclosure to numbering service providers

 

	41.3.1	 	Any Finance Party may disclose to any national or international numbering service provider appointed
by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more
Obligors the following information:

 

		(a)	names of Obligors;

 

		(b)	country of domicile of Obligors;

 

		(c)	place of incorporation of Obligors;

 

		(d)	date of this Agreement;

 

		(e)	clause 42 (Governing law);

 

		(f)	the names of the Agent and the Arranger;

 

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

 

		(h)	amount of Total Commitments;

 

		(i)	currency of the Facility;

 

		(j)	type of the Facility;

 

		(k)	ranking of the Facility;

 

		(l)	the term of the Facility;

 

		(m)	changes to any of the information previously supplied pursuant to paragraphs (a) to (l) above;
and

 

		(n)	such other information agreed between such Finance Party and the Borrowers,

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to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.

 

	41.3.2	 	The Parties acknowledge and agree that each identification number assigned to this Agreement, the
Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be
disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

 

	41.3.3	 	The Borrowers represent that none of the information set out in clauses 41.3.1(a) to 41.3.1(m)
above is, nor will at any time be, unpublished price-sensitive information.

 

	41.3.4	 	The Agent shall notify the Borrowers and the other Finance Parties of:

 

		(a)	the name of any numbering service provider appointed by the Agent in respect of this Agreement,
the Facility and/or one or more Obligors; and

 

		(b)	the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one
or more Obligors by such numbering service provider.

 

	41.4	 	Entire agreement

 

This clause 41 constitutes the
entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding
Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

 

	41.5	 	Inside information

 

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

 

	41.6	 	Continuing obligations

 

The obligations in this clause
41 are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from
the earlier of:

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with the Finance Documents
have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

 

		(b)	the date on which such Finance Party otherwise ceases to be a Finance Party.

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Section 11 -
GOVERNING LAW AND ENFORCEMENT

 

	42	 	Governing law
	 	 	 
	 	 	This Agreement and any non-contractual obligations connected with it are governed by English law.
	 	 	 
	43	 	Enforcement
	 	 	 
	43.1	 	Jurisdiction of English courts
	 	 	 
	43.1.1	 	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination of this Agreement) (a Dispute).
	 	 	 
	43.1.2	 	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.
	 	 	 
	43.1.3	 	This clause 43.1 is for the benefit of the Finance Parties only.  As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.
	 	 	 
	43.2	 	Service of process
	 	 	 
	 	 	Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party:
	 	 	 
	 	 	(a)	irrevocably appoints the person named in Schedule 1 (The original parties) as that Obligor’s English process agent as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document;
	 	 	 	 
	 	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and
	 	 	 	 
	 	 	(c)	if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must immediately (and in any event within ten days of such event taking place) appoint another agent on terms acceptable to the Agent.  Failing this, the Agent may appoint another agent for this purpose.

 

This Agreement has been entered into on
the date stated at the beginning of this Agreement.

    	126

    	

    

Schedule 1

The original parties

 

Borrowers

 

	Name:	GAS-three Ltd.
	Jurisdiction of incorporation	Bermuda
	Registration number (or equivalent, if any)	44211
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
	Address for service of notices	
        Simon Crowe, c/o GasLog Monaco SAM, Gildo Pastor
        Center, 7, rue du Gabian, MC98000, Monaco

 

	Name:	GAS-four Ltd.
	Jurisdiction of incorporation	Bermuda
	Registration number (or equivalent, if any)	44210
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
	Address for service of notices	
        Simon Crowe, c/o GasLog Monaco SAM, Gildo Pastor
        Center, 7, rue du Gabian, MC98000, Monaco

 

	Name:	GAS-five Ltd.
	Jurisdiction of incorporation	Bermuda
	Registration number (or equivalent, if any)	45104
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
	Address for service of notices	Simon Crowe, c/o GasLog Monaco SAM, Gildo Pastor Center, 7, rue du Gabian, MC98000, Monaco

    	127

    	

    

	Name:	GAS-sixteen Ltd.
	Jurisdiction of incorporation	Bermuda
	Registration number (or equivalent, if any)	48624
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
	Address for service of notices	
        Simon Crowe, c/o GasLog Monaco SAM, Gildo Pastor
        Center, 7, rue du Gabian, MC98000, Monaco

	 	 

	Name:	GAS-seventeen Ltd.
	Jurisdiction of incorporation	Bermuda
	Registration number (or equivalent, if any)	48625
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda
	Address for service of notices	Simon Crowe, c/o GasLog Monaco SAM, Gildo Pastor Center, 7, rue du Gabian, MC98000, Monaco

 

GLOP

 

	Name of GLOP	GasLog Partners LP
	Jurisdiction of incorporation	Marshall Islands
	Registration number (or equivalent, if any)	950063
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
	Address for service of notices	Simon Crowe, c/o Gaslog Monaco SAM, Gildo Pastor Center, 7, rue du Gabian, MC98000, Monaco

 

GPHL

 

	Name of GPHL	GasLog Partners Holdings LLC

    	128

    	

    

 

	Jurisdiction of incorporation	Marshall Islands
	Registration number (or equivalent, if any)	962930
	English process agent (if not incorporated in England)	
        GasLog Services UK Ltd.

        C/O 48 Dover Street, 1st Floor, London,
        W1S 4FF

	Registered office	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960
	Address for service of notices	Simon Crowe, c/o Gaslog Monaco SAM, Gildo Pastor Center, 7, rue du Gabian, MC98000, Monaco

 

The Agent

 

	Name	Citibank International Limited
	Facility Office, address, fax number and attention details for notices and account details for payments	
        Address:       Loans
        Agency (AO), 5th Floor, Citigroup Centre, 25 Canada Square, Canary Wharf, London E14 5LB, United Kingdom

         

        Fax:              +44 20 7492 3980

         

        Attention:      Loans Agency, Agent Office

 

The Security Agent

 

	Name	Citibank, N.A., London Branch
	Facility Office, address, fax number and attention details for notices and account details for payments	
        Address:       Citigroup
        Centre, 33 Canada Square, Canary Wharf, London E14 5LB, United Kingdom

         

        Fax:              +44(0) 207 500 5877

         

        Attention:      Agency & Trust

 

The Original Lenders

 

	Name	Citibank, N.A., London Branch
	Commitment ($)	$75,000,000
	Name	Nordea Bank Finland Plc, London Branch
	Commitment ($)	$75,000,000
	Name	DVB Bank America N.V.
	Commitment ($)	$75,000,000
	 	 
	Name	ABN AMRO Bank N.V.

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	Commitment ($)	$75,000,000
	Name	Skandinaviska Enskilda Banken AB (publ)
	Commitment ($)	$75,000,000
	Name	BNP Paribas
	Commitment ($)	$75,000,000
	TOTAL	$450,000,000

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Schedule 2

Ship information

 

	Owner:	GAS-three
    Ltd.
	Name:	m.v. “GasLog Shanghai”
	Flag State	Bermuda
	Charter description:	time charter dated 9 May
    2011
	Charterer:	Methane Services Limited,
    a company incorporated under the laws of England and Wales
	Classification:	XA1,
    Liquefied Natural Gas Carrier, , XAMS,
    DFD, XACCU, XAPS, NIBS, PORT, TCM,
    SH, SH-DLA, ENVIRO+, RES, SHCM
	Classification Society:	American Bureau of Shipping
	Major Casualty Amount:	$2,000,000

 

 

	Owner:	GAS-four Ltd.
	Name:	m.v. “GasLog Santiago”
	Flag State	Bermuda
	Charter description:	time charter dated 9 May
    2011
	Charterer:	Methane Services Limited,
    a company incorporated under the laws of England and Wales

 

	Classification:	XA1,
    Liquefied Natural Gas Carrier, , XAMS,
    DFD, XACCU, XAPS, NIBS, PORT, TCM,
    SH, SH-DLA, ENVIRO+, RES, SHCM
	Classification Society:	American Bureau of Shipping
	Major Casualty Amount:	$2,000,000

 

 

	Owner:	GAS-five Ltd.
	Name:	m.v. “GasLog Sydney”
	Flag State	Bermuda
	Charter description:	time charter dated 9 May 2011
	Charterer:	Methane Services Limited, a company incorporated under the laws of England and Wales

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	Classification:	XA1,
    Liquefied Natural Gas Carrier, , XAMS,
    DFD, XACCU, XAPS, NIBS, PORT, TCM,
    SH, SH-DLA, ENVIRO+, RES, SHCM
	Classification Society:	American Bureau of Shipping
	Major Casualty Amount:	$2,000,000

 

 

	Owner:	GAS-sixteen Ltd.
	Name:	m.v. “Methane Rita Andrea”
	Flag State	Bermuda
	Charter description:	time charter dated 4 April 2014
	Charterer:	Methane Services Limited, a company incorporated under the laws of England and Wales
	Classification:	
        †A1,Liquefied Gas Carrier, (E), +AMS, +ACCU,NIBS,TCM,

        FL 40,SH,SH-DLA,SHCM

        Additional Notations: RRDA, PMP+, CRC, SFA 40

	Classification Society:	ABS
	Major Casualty Amount:	$2,000,000

 

 

	Owner:	GAS-seventeen Ltd.
	Name:	m.v. “Methane Jane Elizabeth”
	Flag State	Bermuda
	Charter description:	time charter dated 4 April 2014
	Charterer:	Methane Services Limited, a company incorporated under the laws of England and Wales
	Classification:	
        †A1,Liquefied Gas Carrier, (E), +AMS, +ACCU,NIBS,TCM,

        FL 40,SH,SH-DLA,SHCM

        Additional Notations: RRDA, PMP+, CRC, SFA 40

	Classification Society:	ABS
	Major Casualty Amount:	$2,000,000

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Schedule 3

Conditions precedent

 

Part 1

 

Initial conditions precedent

 

	1	Original Obligors’ corporate documents
	 	 
	 	(a)	A copy of the Constitutional Documents of each Original Obligor.
	 	 	 
	 	(b)	A copy of a resolution of the board of directors or managers (as applicable) of each Original Obligor (or any committee of such board empowered to approve and authorise the following matters):
	 	 	 
	 	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents and the Charter Document for each Ship (Relevant Documents) to which it is a party and resolving that it execute the Relevant Documents;
	 	 	 	 
	 	 	(ii)	authorising a specified person or persons to execute the Relevant Documents on its behalf; and
	 	 	 	 
	 	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under or in connection with the Relevant Documents to which it is a party.
	 	 	 	 
	 	(c)	If applicable, a copy of a resolution of the board of directors or managers (as applicable) of the relevant company, establishing any committee referred to in paragraph (b) above and conferring authority on that committee.
	 	 	 
	 	(d)	(If a requirement under the Constitutional Documents of each Original Obligor or under Bermudian law) A copy of a resolution signed by all the holders of the issued shares or partnership interest or units or limited liability company interest of each Original Obligor, approving the terms of, and the transactions contemplated by, the Relevant Documents to which such Obligor is a party.
	 	 	 
	 	(e)	(If a requirement under the Constitutional Documents of each Original Obligor or under Bermudian law) A copy of a resolution of the board of directors or managers (as applicable) of each corporate shareholder of each Original Obligor approving the terms of the resolution referred to in paragraph (e) above.
	 	 	 
	 	(f)	A copy of any power of attorney under which any person is to execute any of the Relevant Documents on behalf of any Original Obligor.
	 	 	 
	2	Legal opinions
	 	 
	 	(a)	A legal opinion of Norton Rose Fulbright Greece addressed to the Arranger, the Security Agent and the Agent on matters of English law, substantially in the form approved by the Agent and the Security Agent.
	 	 	 
	 	(b)	A legal opinion of the legal advisers to the Arranger, the Security Agent and the Agent in England and also each jurisdiction in which an Obligor is incorporated or established and/or which is or is to be the Flag State of a Ship, or in which an Account opened at Utilisation is established or which governs any assets which are to be the subject of a Security Interest substantially in the form approved by the Agent and the Security Agent.

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	3	Miscellaneous documents and evidence
	 	 
	 	(a)	Evidence that any process agent referred to in clause 43.2 (Service of process) or any equivalent provision of any other Finance Document entered into on or before the Utilisation Date, if not an Original Obligor, has accepted its appointment.
	 	 	 
	 	(b)	A certificate of GLOP (signed by an officer) confirming that borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on any other Original Obligor to be exceeded.
	 	 	 
	 	(c)	A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in Part 1 of this Schedule is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked.
	 	 	 
	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1(b) of Part 1 of this Schedule and executing any of the Relevant Documents on behalf of any Original Obligor.
	 	 	 
	 	(e)	A copy of any other authorisation or other document, opinion or assurance which the Agent (acting on the instructions of the Majority Lenders) considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.
	 	 	 
	 	(f)	The Original Financial Statements.
	 	 	 
	 	(g)	Any Fee Letters duly executed and evidence that the fees, commissions, costs and expenses then due from the Borrowers pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been paid or will be paid by the Utilisation Date.
	 	 	 
	4	Bank Accounts
	 	 
	 	Evidence that any Account required to be established under clause 25 (Bank accounts) has been opened and established, that any Account Security in respect of each such Account has been executed and delivered by the relevant Account Holder(s) in favour of the Security Agent and/or any other Finance Party and that any notice required to be given to an Account Bank under that Account Security has been given to it and acknowledged by it in the manner required by that Account Security and that an amount has been credited to it.
	 	 
	5	“Know your customer” information
	 	 
	 	Such documentation and information as any Finance Party may reasonably request through the Agent or as the Security Agent may reasonably require (including specimen signatures) to comply with “know your customer” or similar identification procedures under all laws and regulations applicable to that Finance Party.
	 	 
	6	Finance Documents
	 	 
	 	(a)	The Guarantees duly executed by the Obligors.
	 	 	 
	 	(b)	Duly executed notices of assignment and acknowledgements of those notices as required by any of the Security Documents referred to in this Part 1.

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Part 2

 

Ship and security conditions precedent

 

	1	Existing Indebtedness
	 	 
	 	(a)	Evidence in all respects satisfactory to the Lenders that the Existing Indebtedness has been, or will be immediately following the Utilisation and with the proceeds of the same, repaid in full, together with interest thereon and any other amounts in relation to it owing by the Owners, and that any undrawn or available commitments in relation to it have been cancelled.
	 	 	 
	 	(b)	Evidence that all Security Interests created by the Owners over or in relation to the Ships in respect of the Existing Indebtedness have been discharged.
	 	 	 
	2	Security
	 	 
	 	(a)	The Mortgage, the Deed of Covenant and the Charter Assignment in respect of each Ship, each duly executed by the relevant Owner.
	 	 	 
	 	(b)	The Quiet Enjoyment Agreement in respect of each Ship, each duly executed by the relevant Charterer, the Security Agent and the relevant Owner.
	 	 	 
	 	(c)	A Manager’s Undertaking duly executed by each Manager of each Ship.
	 	 	 
	 	(d)	Duly executed notices of assignment and acknowledgements of those notices as required by any of the above Security Documents or this Agreement.
	 	 	 
	3	Registration of Ships
	 	 
	 	Evidence that each Ship:
	 	 
	 	(a)	is legally and beneficially owned by the relevant Owner and registered provisionally in the name of the relevant Owner through the relevant Registry as a Bermudian flagged ship under the laws and flag of the relevant Flag State;
	 	 	 
	 	(b)	is operationally seaworthy and in every way fit for service;
	 	 	 
	 	(c)	is classed with the relevant Classification free of all overdue requirements and recommendations of the relevant Classification Society;
	 	 	 
	 	(d)	is insured in the manner required by the Finance Documents; 
	 	 	 
	 	(e)	is free of any other charter commitment which would require approval under the Finance Documents; and
	 	 	 
	 	(f)	has been delivered for service to the relevant Charterer under its Charter,
	 	 	 
	 	and there is no Event of Default under clause 27.22 (Charters) nor would result from, or occur immediately after, the Utilisation.
	 	 
	4	Mortgage registration
	 	 
	 	Evidence that the Mortgage in respect of each Ship has been registered against the relevant Ship as a first priority mortgage through the relevant Registry under the laws and flag of the relevant Flag State.

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	5	Legal opinions
	 	 
	 	The following further legal opinions, each addressed to the Arranger and the Security Agent:
	 	 
	 	(a)	a legal opinion of Norton Rose Fulbright Greece on matters of English law, substantially in the form approved by the Agent and the Security Agent in relation to Security Documents.
	 	 	 
	 	(b)	a legal opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction in which an Obligor is incorporated or established and/or which is or is to be the Flag State of the Ship, approved by the Agent and the Security Agent.
	 	 	 
	6	Insurance
	 	 
	 	In relation to each Ship’s Insurances:
	 	 
	 	(a)	an opinion from insurance consultants appointed by the Arranger on such Insurances;
	 	 	 
	 	(b)	evidence that such Insurances have been placed in accordance with clause 23 (Insurance); and
	 	 	 
	 	(c)	evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved form in relation to the Insurances.
	 	 	 
	7	ISM and ISPS Code
	 	 
	 	Copies of:
	 	 
	 	(a)	the document of compliance issued in accordance with the ISM Code to the person who is the operator of each Ship for the purposes of that code;
	 	 	 
	 	(b)	the safety management certificate in respect of each Ship issued in accordance with the ISM Code;
	 	 	 
	 	(c)	the international ship security certificate in respect of each Ship issued under the ISPS Code;
	 	 	 
	 	(d)	If so requested by the Agent, any other certificates issued under any applicable code required to be observed by the relevant Ship or in relation to its operation under any applicable law.
	 	 	 
	8	Fees and expenses
	 	 
	 	Evidence that the fees, commissions, costs and expenses that are due from the Borrowers pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been paid or will be paid by the Utilisation Date.
	 	 
	9	Environmental matters
	 	 
	 	If requested by a Lender, copies of each Ship’s certificate of financial responsibility and vessel response plan required under United States law and evidence of their approval by the appropriate United States government entity and (if requested by the Agent) an environmental report in respect of each Ship from an approved person.
	 	 
	10	Withholding Tax
	 	 
	 	If relevant, assurance that any withholding tax will be paid or application to the tax authorities in any Relevant Jurisdiction is or will be sent.

    	136

    	

    

	11	Value of Security
	 	 
	 	Valuations of each Ship obtained (not earlier than 30 June 2014) in accordance with clause 24 (Minimum security value) evidencing compliance with clause 5.3 (Currency and amount) and clause 24 (Minimum security value) (including immediately after the Utilisation).
	 	 
	12	Additional opinions
	 	 
	 	Any other document, authorisation, opinion or assurance, if required by a Lender.
	 	 
	13	Charters

 

	 	(a)	The Charters for each of the Ships duly executed and providing for the following terms:
	 	 	 
	 	 	(i)	with the relevant Charterers as charterers;
	 	 	 	 
	 	 	(ii)	with charter rates which shall reflect a net daily charter hire as follows:
	 	 	 	 
	 	 	 	A	in relation to m.v. “GasLog Shanghai”:
	 	 	 	 	 
	 	 	 	 	1	***** at ***** and *****, from year 2014 onwards, at ***** (***** during charter period and options);
	 	 	 	 	 	 
	 	 	 	 	2	***** in first optional period at *****; and
	 	 	 	 	 	 
	 	 	 	 	3	***** in second optional period at *****;
	 	 	 	 	 	 
	 	 	 	B	in relation to m.v. “GasLog Santiago”:
	 	 	 	 	 
	 	 	 	 	1	***** at ***** and *****, from year 2014 onwards, at ***** (***** during charter period and options);
	 	 	 	 	 	 
	 	 	 	 	2	***** in first optional period at *****; and
	 	 	 	 	 	 
	 	 	 	 	3	***** in second optional period at *****;
	 	 	 	 	 	 
	 	 	 	C	in relation to m.v. “GasLog Sydney”:
	 	 	 	 	 
	 	 	 	 	1	***** at ***** and *****, from year 2014 onwards, at ***** (***** during charter period and options);
	 	 	 	 	 	 
	 	 	 	 	2	***** in first optional period at *****; and
	 	 	 	 	 	 
	 	 	 	 	3	***** in second optional period at *****;
	 	 	 	 	 	 
	 	 	 	D	in relation to m.v. “Methane Rita Andrea”:
	 	 	 	 	 
	 	 	 	 	1	*****; and
	 	 	 	 	 	 
	 	 	 	 	2	***** for any optional period; and
	 	 	 	 	 	 
	 	 	 	E	in relation to m.v. “Methane Jane Elizabeth”:
	 	 	 	 	 
	 	 	 	 	1	*****; and
	 	 	 	 	 	 
	 	 	 	 	2	***** for any optional period;
	 	 	 	 	 	 

    	137

    	

    

	 	 	(iii)	with charter tenors which in any event will be no less than: 
	 	 	 	 	 
	 	 	 	A	60 months under each of the Charters in relation to m.v. “GasLog Shanghai” (commencing from ***** January 2013) and m.v. “GasLog Santiago” (commencing from ***** March 2013);
	 	 	 	 	 
	 	 	 	B	72 months under the Charter in relation to m.v. “GasLog Sydney” (commencing from ***** May 2013),
	 	 	 	 	 
	 	 	 	 	and, in respect of each of the Charters in A and B above, including a Charterer’s option to extend for either 36 months or 48 months;
	 	 	 	 	 
	 	 	 	C	72 months under the Charter in relation to m.v. “Methane Rita Andrea” (commencing from 10 April 2014); and
	 	 	 	 	 
	 	 	 	D	66 months under the Charter in relation to m.v. “Methane Jane Elizabeth” (commencing from 10 April 2014),
	 	 	 	 	 
	 	 	 	and, in respect of at least two of the Charters in C and D above and a charterparty in relation to m.v. “Methane Lydon Volney”, including a Charterer’s option to extend for at least 36 months,
	 	 	 	 
	 	 	and otherwise in form and substance satisfactory to the Majority Lenders in their absolute discretion.
	 	 	 
	 	(b)	The Quiet Enjoyment Agreements for each Ship duly executed by the relevant Owners, the Security Agent and the relevant Charterers.
	 	 	 
	 	(c)	Such evidence as a Lender may require (to be arranged by Norton Rose Fulbright) as to the due execution of each of the Charter Documents and the Quiet Enjoyment Agreements for each Ship, as to the due incorporation of the relevant Charterer and any other party to the Charter Documents (other than an Obligor) and the Quiet Enjoyment Agreements in relation to each Ship, their power and authority to enter into and perform those documents and the authorisation of their entry into them.

 

	14	Charter Documents and managements agreements
	 	 
	 	A copy, certified by an approved person to be a true and complete copy, of any Charter Documents and of any management agreements entered into between each Borrower and a Manager (or another approved manager), each to be in an approved form.

    	138

    	

    

Schedule 4

Utilisation Request

 

	From:	GAS-three Ltd.
	 	GAS-four Ltd.
	 	GAS-five Ltd.
	 	GAS-sixteen Ltd.
	 	GAS-seventeen Ltd.
	 	 
	To:	Citibank International Limited
	 	(as Agent)
	 	 
	Dated:	[l] 2014

 

Dear Sirs

 

$450,000,000

 

Facility Agreement dated [·]
2014 (the Agreement)

 

	1	We refer to the Agreement.  This is a Utilisation Request.  Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.
	 	 
	2	We wish to borrow the Loan on the following terms:

 

	 	Proposed Utilisation Date:	[·] (or, if that is not a Business Day, the next Business Day)
	 	 	 
	 	Amount:	$[·]
	 	 	 
	 	Interest Period:	3 months
	 	 	 
	 	Payment instructions	[·]

 

	3	We confirm that each condition specified in clause 4.4 (Further conditions precedent) is satisfied on the date of this Utilisation Request.
	 	 
	4	The purpose of the Loan is [specify purpose complying with clause 3 of the Agreement] and its proceeds should be credited to [·] [specify account].
	 	 
	5	This Utilisation Request is irrevocable.

 

Yours faithfully

 

 

authorised signatory for

GAS-three Ltd.

GAS-four Ltd.

GAS-five Ltd.

GAS-sixteen Ltd.

GAS-seventeen Ltd.

    	139

    	

    

Schedule 5

Selection Notice

 

	From:	GAS-three Ltd.
	 	GAS-four Ltd.
	 	GAS-five Ltd.
	 	GAS-sixteen Ltd.
	 	GAS-seventeen Ltd.
	 	 
	To:	Citibank International Limited
	 	(as Agent)
	 	 
	Dated:	[l] 2014

 

Dear Sirs

 

$450,000,000

 

Facility Agreement dated [·]
2014 (the Agreement)

 

	1	We refer to the Agreement.  This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.
	 	 
	2	We request that the next Interest Period be [l] months.
	 	 
	3	This Selection Notice is irrevocable.

 

Yours faithfully

 

 

authorised signatory for

GAS-three Ltd.

GAS-four Ltd.

GAS-five Ltd.

GAS-sixteen Ltd.

GAS-seventeen Ltd.

    	140

    	

    

Schedule 6

Form of Transfer Certificate

 

To:     [Citibank International Limited]
as Agent

 

From: [The Existing Lender] (the Existing
Lender) and [The New Lender] (the New Lender)

 

Dated:

 

$450,000,000 Facility Agreement dated [·]
2014 as amended, supplemented and restated to date (the “Agreement”)

 

	1	We refer to the Agreement.  This is a Transfer Certificate.  Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.
	 	 
	2	We refer to clause 28.5 (Procedure for transfer):
	 	 
	 	(a)	The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement as specified in the Schedule.
	 	 	 
	 	(b)	The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender’s Commitment(s) and participations in the Loan under the Agreement specified in the Schedule.
	 	 	 
	 	(c)	The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.
	 	 	 
	 	(d)	The proposed Transfer Date is [·].
	 	 	 
	 	(e)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of clause 35.2 (Addresses) are set out in the Schedule.
	 	 	 
	3	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in clause 28.4 (Limitation of responsibility of Existing Lenders).
	 	 
	4	The New Lender confirms that it is [not] a Borrower’s Affiliate.
	 	 
	5	This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.
	 	 
	6	[Consider including reference to accession to an intercreditor agreement, mortgage or other Finance Documents to which Lenders may need to be party and checklist of steps necessary for the New Lender to obtain the benefit of the Security Documents.]
	 	 
	7	This Transfer Certificate and any non-contractual obligations connected with it are governed by English law.
	 	 
	8	This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.

 

Note: The execution of this Transfer
Certificate alone may not assign a proportionate share of the Existing Lender’s interest in the Security Interests constituted
by the Security Documents in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents
or other formalities are required to perfect an assignment of such a share in the Existing Lender’s interest in the Security Interests
constituted by the Security Documents in

    	141

    	

    

any jurisdiction and, if so, to arrange for execution of those documents and completion
of those formalities.

    	142

    	

    

The Schedule

 

Commitment/rights to be assigned and obligations
to be assumed

 

[insert relevant details]

 

Facility Office address, fax number

 

and attention details for notices and account
details for payments

 

[insert relevant details]

 

	[Existing Lender]	[New Lender]
	 	 
	By:	By:

 

This Transfer Certificate is accepted by the
Agent and the Transfer Date is confirmed to be as stated above.

 

[Agent]

 

By:

    	143

    	

    

Schedule 7

Forms of Notifiable Debt Purchase Transaction Notice

 

Part 1

 

Form of Notice on Entering into Notifiable
Debt Purchase Transaction

 

	To:	Citibank International Limited as Agent
	 	 
	From:	[The Lender]

 

Dated:

 

$450,000,000 Facility Agreement dated [·]
2014 as amended, supplemented and restated to date (the “Facility Agreement”)

 

	1	We refer to clause 29.2.3 of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this notice unless given a different meaning in this notice.
	 	 
	2	We have entered into a Notifiable Debt Purchase Transaction.
	 	 
	3	The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our Commitment(s) as set out below.

 

	 	Commitment	Amount of our Commitment to which Notifiable Debt Purchase Transaction relates
	 	 	 
	 	[·]	[insert amount (of Commitment) to which the relevant Debt Purchase Transaction applies]

 

[Lender]

 

By:

    	144

    	

    

Part 2

 

Form of Notice on Termination of Notifiable
Debt Purchase Transaction / Notifiable Debt

Purchase Transaction ceasing to be with Borrower Affiliate

 

	To:	Citibank International Limited as Agent
	 	 
	From:	[The Lender]

 

Dated:

 

$450,000,000 Facility Agreement dated [·]
2014 as amended, supplemented and restated to date (the “Facility Agreement”)

 

	1	We refer to clause 29.2.4 of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this notice unless given a different meaning in this notice.
	 	 
	2	A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a notice dated [ ] has [terminated]/[ceased to be with a Borrower Affiliate].
	 	 
	3	The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our Commitment(s) as set out below.

 

	 	Commitment	Amount of our Commitment to which Notifiable Debt Purchase Transaction relates (Base Currency)
	 	 	 
	 	[·]	[insert amount (of Commitment) to which the relevant Debt Purchase Transaction applies]

 

[Lender]

 

By

    	145

    	

    

	SIGNATURES	 	 	 
	 	 	 	 
	THE BORROWERS	 	 	 
	 	 	 	 
	GAS-three Ltd.	)	/s/ Simon Crowe	 
	By: Simon Crowe	)	 	 
	 	 	 	 
	GAS-four Ltd.	)	/s/ Simon Crowe	 
	By: Simon Crowe	)	 	 
	 	 	 	 
	GAS-five Ltd.	)	/s/ Simon Crowe	 
	By: Simon Crowe	)	 	 
	 	 	 	 
	GAS-sixteen Ltd.	)	/s/ Simon Crowe	 
	By: Simon Crowe	)	 	 
	 	 	 	 
	GAS-seventeen Ltd.	)	/s/ Simon Crowe	 
	By: Simon Crowe	)	 	 
	 	 	 	 
	THE ARRANGER	 	 	 
	 	 	 	 
	CITIBANK, N.A., LONDON BRANCH	)	/s/ V. Maroulas	 
	By: V. Maroulas	)	 	 
	 	 	 	 
	NORDEA BANK FINLAND PLC, LONDON BRANCH	)	 	 
	By:	)	/s/ Ariana Georgallis	 
	 	 	 	 
	DVB BANK AMERICA N.V.	)	 	 
	By:	)	/s/ Ariana Georgallis	 
	 	 	 	 
	ABN AMRO BANK N.V.	)	 	 
	By:	)	/s/ Ariana Georgallis	 
	 	 	 	 
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	)	/s/ Ariana Georgallis	 
	By:	)	 	 
	 	 	 	 
	BNP PARIBAS	)	/s/ Ariana Georgallis	 
	By:	)	 	 
	 	 	 	 
	THE BOOKRUNNER	 	 	 
	 	 	 	 
	CITIBANK, N.A., LONDON BRANCH	)	/s/ V. Maroulas	 
	By: V. Maroulas	)	 	 

    	146

    	

    

	THE AGENT	 	 	 
	 	 	 	 
	CITIBANK INTERNATIONAL LIMITED	)	/s/ Steve Wright	 
	By: 	)	 	 
	 	 	 	 
	THE SECURITY AGENT	 	 	 
	 	 	 	 
	CITIBANK, N.A., LONDON BRANCH	)	/s/ Angela Benetazzo	 
	By:	)	 	 
	 	 	 	 
	THE ORIGINAL LENDERS	 	 	 
	 	 	 	 
	CITIBANK, N.A., LONDON BRANCH	)	/s/ V. Maroulas	 
	By: V. Maroulas	)	 	 
	 	 	 	 
	NORDEA BANK FINLAND PLC, LONDON BRANCH	)	 	 
	By:	)	/s/ Ariana Georgallis	 
	 	 	 	 
	DVB BANK AMERICA N.V.	)	 	 
	By:	)	/s/ Ariana Georgallis	 
	 	 	 	 
	ABN AMRO BANK N.V.	)	 	 
	By:	)	/s/ Ariana Georgallis	 
	 	 	 	 
	SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)	)	/s/ Ariana Georgallis	 
	By:	)	 	 
	 	 	 	 
	BNP PARIBAS	)	/s/ Ariana Georgallis	 
	By:	)	 	 

    	147Exhibit 4.23

 

Private & Confidential

 

 Dated 12 November
2014 

 

Guarantor

GASLOG PARTNERS LP

 

Mortgagee

CITIBANK, N.A., LONDON BRANCH

 

 

CORPORATE GUARANTEE

 

 

    	 

    	

    

Contents

 

	Clause	Page
	 	 
	1	Definitions and interpretation	1
	 	 	 
	2	Guarantee	1
	 	 	 
	3	Perfection and protection of Guarantee	2
	 	 	 
	4	Guarantee protections	2
	 	 	 
	5	Financial covenants	4
	 	 	 
	6	Negative Covenants	6
	 	 	 
	7	Benefit of Deed	7
	 	 	 
	8	Governing law and enforcement	7
	 	 	 
	Schedule 1 Guarantor Information	8
	 	 
	Schedule 2 Form of Compliance Certificate	10

    	 

    	

    

     THIS
DEED is dated 12 November 2014 and made between:

 

		     (1)	GASLOG PARTNERS LP (as described in more detail in Schedule 1) (the Guarantor); and

 

		     (2)	CITIBANK, N.A., LONDON BRANCH acting in its capacity as security agent and as trustee for
the Finance Parties (the Mortgagee).

 

     IT IS AGREED as follows:

 

		    1	Definitions and interpretation

 

		  1.1	Terms defined in the Facility Agreement have, unless defined differently in this Deed, the same
meaning when used in this Deed. In addition, in this Deed:

 

Facility Agreement means
the agreement described in Schedule 1 as it may from time to time be amended, restated, novated or replaced (however fundamentally,
including by an increase of any size in any facility made available under it, the alteration of the nature, purpose or period of
any such facility or the change of its parties).

 

Secured Obligations means
the indebtedness and obligations undertaken to be paid or discharged by the Obligors under the Finance Documents.

 

		  1.2	Clauses 1.2 (Construction), 1.3 (Third party rights) and 1.4 (Finance Documents)
of the Facility Agreement and any other provision of the Facility Agreement which, by its terms, purports to apply to all of the
Finance Documents and/or any Obligor shall apply to this Deed as if set out in it but with all necessary changes and as if references
in the provision to Finance Documents referred to this Deed. For the avoidance of doubt, by virtue of clause 1.4 of the Facility
Agreement (Finance Documents), the Guarantor confirms that the representations and warranties and undertakings concerning
the Guarantor and/or this Deed made or deemed repeated under the Facility Agreement are true and correct.

 

		  1.3	The Guarantor confirms it has read and agrees the terms of the Facility Agreement.

 

		    2	Guarantee

 

		  2.1	The Guarantor irrevocably and unconditionally:

 

		(a)	guarantees to the Mortgagee that it shall, on demand by the Mortgagee, pay or otherwise discharge
the Secured Obligations of each other Obligor;

 

		(b)	undertakes with the Mortgagee that whenever another Obligor does not pay or discharge any of the
Secured Obligations when they become due for payment or discharge, it shall immediately on demand do so itself, as if it was the
principal obligor; and

 

		(c)	agrees that it will, as an independent and primary obligation, indemnify the Mortgagee immediately
on demand against any cost, loss or liability it incurs (i) if any obligation guaranteed by it is or becomes unenforceable, invalid
or illegal where such cost, loss or liability arises as a result of the Borrowers not paying any amount which would, but for such
unenforceability, invalidity or illegality have been payable by them under any Finance Document on the date when it would have
been due, or (ii) if as a result (directly or indirectly) of the introduction of or any change in (or the interpretation, administration
or application of) any law or regulation, or compliance with any law, regulation or administrative procedure made after entry into
this Deed (a Change in Law), there is a change in the currency, the value of the currency or the timing, place or manner
in which any obligation guaranteed by the Guarantor is payable.

    	1

    	

    

The amount payable by the Guarantor
under this indemnity:

 

		(A)	in respect of paragraph (i) above, shall be the amount it would have had to pay under this clause
2 if the amount claimed had been recoverable on the basis of a guarantee but for any relevant unenforceability, invalidity or illegality,
and

 

		(B)	in respect of paragraph (ii) above, shall include (1) the difference between (x) the amount (if
any) received by the Mortgagee and the other Finance Parties from the Borrowers and (y) the amount that the Borrowers were obliged
to pay under the original express terms of the Finance Documents in the currency specified in the Finance Documents, disregarding
any Change in Law (the Original Currency), and (2) all further costs, losses and liabilities suffered or incurred by the
Mortgagee and the other Finance Parties as a result of a Change in Law.

 

For the purposes of (1)(x) above,
if payment was not received by the Mortgagee or the other Finance Parties in the Original Currency, the amount received by the
Mortgagee and the other Finance Parties shall be deemed to be that payment’s equivalent in the Original Currency converted,
actually or notionally at the Mortgagee’s discretion, on the day of receipt at the then prevailing spot rate of exchange
of the Mortgagee or if, in the Mortgagee’s opinion, it could not reasonably or properly have made a conversion on the day
of receipt of the equivalent of that payment in the Original Currency, that payment’s equivalent as soon as the Mortgagee
could, in its opinion, reasonably and properly have made a conversion of the Original Currency with the currency of payment.

 

If the Original Currency no longer
exists, the Guarantor shall make such payment in such currency as is, in the reasonable opinion of the Mortgagee, required, after
taking into account any payments by the Borrowers, to place the Mortgagee and the other Finance Parties in a position reasonably
comparable to that it would have been in had the Original Currency continued to exist.

 

		  2.2	Nothing in clause 2.1 shall be construed as constituting a guarantee by any Obligor of its own
obligations.

 

		  2.3	The undertakings of the Guarantor under this clause 2 and the other provisions of this Deed are
given to the Mortgagee as security agent and trustee for the Finance Parties.

 

		  2.4	The guarantee provided hereunder is given with the benefit of clause 4 (Guarantee protections)
and the other provisions of this Deed.

 

		    3	Perfection and protection of Guarantee

 

Without prejudice to clause
19.7 of the Facility Agreement (Further assurance) the Guarantor shall, as soon as reasonably practicable, execute all such
documents (including notices), deposit all such documents and do all such things as the Mortgagee may reasonably require in order
to facilitate the enforcement of this Deed or the exercise of any rights held by the Mortgagee under this Deed.

 

		    4	Guarantee protections

 

		  4.1	This Deed and the obligations of the Guarantor under this Deed are a continuing guarantee and shall
extend to the ultimate balance owing in respect of the Secured Obligations, regardless of any intermediate payment or discharge
in whole or in part.

 

		  4.2	If any payment by an Obligor or any discharge given by a Finance Party (whether in respect of the
Secured Obligations or any security for them or otherwise) is avoided or reduced as a result of insolvency or any similar event:

 

		(a)	the liability of the Guarantor under this Deed shall continue as if the payment, release, avoidance
or reduction had not occurred; and

    	2

    	

    

		(b)	the Mortgagee shall be entitled to recover the value or amount of that security or payment from
the Guarantor, as if the payment, discharge, avoidance or reduction had not occurred.

 

		  4.3	The obligations of the Guarantor under this Deed shall not be affected by any act, omission, matter
or thing which, but for this clause, would reduce, release or prejudice any of its obligations under this Deed (without limitation
and whether or not known to it or to the Mortgagee or any other Finance Party) including:

 

		(a)	any time, waiver or consent granted to, or composition with, any Obligor or any other person;

 

		(b)	the release of any other Obligor or any other person under the terms of any composition or arrangement
with any creditor of any other Obligor;

 

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

 

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

 

		(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or
not more onerous) or replacement of any Finance Document or any other document or security;

 

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

 

		(g)	any insolvency or similar proceedings.

 

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

 

		  4.5	Until the Secured Obligations have been irrevocably and unconditionally discharged in full, the
Mortgagee and each other Finance Party (or any trustee or agent on its behalf) may:

 

		(a)	refrain from applying or enforcing any other money, security or rights held or received by it (or
any trustee or agent on its behalf) in respect of the Secured Obligations, or apply and enforce the same in the manner and order
it thinks fit (whether against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same;
and

 

		(b)	hold in an interest-bearing suspense account any money received from the Guarantor or on account
of its liability under this Deed.

 

		  4.6	Until all the Secured Obligations have irrevocably been paid in full and unless the Mortgagee otherwise
directs, the Guarantor shall not exercise any rights (including rights of set-off) which it may have by reason of performance by
it of its obligations under the Finance Documents:

 

		(a)	to be indemnified or reimbursed by another Obligor;

 

		(b)	to claim any contribution from any other guarantor of any Obligor’s obligations under the
Finance Documents; or

    	3

    	

    

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

 

If the Guarantor receives any
benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to the Mortgagee for application
in accordance with clause 30.23 (Order of Application) of the Facility Agreement. This only applies until all amounts which
may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full.

 

		  4.7	Until all the Secured Obligations have irrevocably and unconditionally been paid in full and unless
the Mortgagee otherwise directs, the Guarantor shall be entitled to declare and pay dividends or other distributions or payments
(whether in cash or in specie), including any interest and/or unpaid dividends, to its partners, unit holders or holders of “Incentive
Distribution Rights”, in respect of its equity or any other share capital or warrants for the time being in issue, provided
that no Default shall have occurred at the time of declaration or payment of such dividend, distribution or payment nor would occur
as a result of the declaration or payment of such dividend, distribution or payment.

 

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

 

		  4.9	The Guarantor shall ensure that the partnership interest and units of the Guarantor shall be and
remain listed on an Approved Exchange.

 

		4.10	The Guarantor shall not (without the prior written consent of the Mortgagee) issue shares, partnership
interest or units or other equity interests to anyone in a manner that causes or permits a Change of Control or an Event of Default
under clause 27.21 (Legal and beneficial ownership).

 

		    5	Financial covenants

 

The undertakings in this clause
5 remain in force during the Facility Period.

 

		  5.1	Financial definitions

 

In this clause 5:

 

Cash and Cash Equivalents
means cash in hand, deposits with banks which are repayable on demand, short term, highly liquid investments which are readily
convertible into known amounts of cash with original maturities of three months or less that are subject to an insignificant risk
of change in value but exclude (a) any cash that is specifically blocked and charged and (b) cash standing to the credit of any
blocked account and charged to the Mortgagee and/or any other Finance Party pursuant to any Finance Document.

 

Compliance Certificate means
the certificate substantially in the form set out in Schedule 2 to this Guarantee (Form of Compliance Certificate) or otherwise
approved.

 

Debt Service means, for
any financial period of the Group, the sum to be the aggregate amount of principal, interest thereon and all other amounts which
shall fall due and will be paid by the Guarantor and its Subsidiaries in such period in respect of Total Indebtedness;

 

EBITDA means, in respect
of any period, the consolidated profit on ordinary activities of the Group before taxation for such period:

 

		(a)	adjusted to exclude Interest Receivable and Interest Payable and other similar income or costs
to the extent not already excluded;

    	4

    	

    

		(b)	adjusted to exclude any gain or loss realised on the disposal of fixed assets (whether tangible
or intangible);

 

		(c)	after adding back depreciation and amortisation charged which relates to such period;

 

		(d)	adjusted to exclude any exceptional or extraordinary costs or income; and

 

		(e)	after deducting any profit arising out of the release of any provisions against a liability or
charge and adding back any provision relating to long term assets or contracts.

 

Group means the Guarantor
and its Subsidiaries for the time being and, for the purposes of this clause 5, any other entity required to be treated as a subsidiary
in its consolidated accounts in accordance with GAAP and/or any applicable law.

 

Interest means, in respect
of any specified Financial Indebtedness, all continuing regular or periodic costs, charges and expenses incurred in effecting,
servicing or maintaining such Financial Indebtedness including:

 

		(a)	gross interest, commitment fees, discount and acceptance fees and guarantee, fronting and ancillary
facility fees payable or incurred on any form of such Financial Indebtedness; and

 

		(b)	arrangement fees or other up front fees.

 

Interest Payable means,
in respect of any period, the aggregate (calculated on a consolidated basis) of:

 

		(a)	the amounts charged and posted (or estimated to be charged and posted) as a current accrual accrued
during such period in respect of members of the Group by way of Interest on all Financial Indebtedness, but excluding any amount
accruing as interest in-kind (and not as cash pay) to the extent capitalised as principal during such period; and

 

		(b)	net payments in relation to interest rate or currency hedging arrangements in respect of Financial
Indebtedness (after deducting net income in relation to such interest rate or currency hedging arrangements).

 

Interest Receivable means,
in respect of any period, the amount of Interest accrued on cash balances of the Group (including the amount of interest accrued
on the Accounts, to the extent that the account holder is entitled to receive such interest) during such period.

 

Maximum Leverage means
the figure calculated using the following formula:

 

	Maximum Leverage =  	Total Indebtedness
	Total Assets

 

Total Assets means the
amount of total assets of the Group on a consolidated basis as determined in accordance with GAAP and calculated in the same manner
as demonstrated by the Annual Financial Statements and Half-Yearly Financial Statements of the Group delivered pursuant to clause
18.1 of the Facility Agreement (Financial statements).

 

Total Indebtedness means
the aggregate Financial Indebtedness (on a consolidated basis) of the Group as demonstrated by the Annual Financial Statements
and Half-Yearly Financial Statements of the Group delivered pursuant to clause 18.1 of the Facility Agreement (Financial statements). 

    	5

    	

    

		  5.2	Financial condition

 

The Guarantor shall ensure that
at all times:

 

		(a)	in respect of any three month period, the ratio of EBITDA: Debt Service, on a trailing four quarter
basis, shall be no less than 1.10:1;

 

		(b)	Maximum Leverage shall be less than 60%; and

 

		(c)	Cash and Cash Equivalents shall be at least the greater of (a) $15,000,000 and (b) three per cent
of Total Indebtedness.

 

		  5.3	Amendments to the financial covenants

 

		(a)	The Guarantor shall comply with any and all financial covenants made or given by the Guarantor
in favour of persons to whom any Financial Indebtedness (whether actual or contingent) may have arisen after the date of this Guarantee,
which financial covenants shall, in addition to clause 5.2 (Financial condition), apply mutatis mutandis as if set
out in full herein.

 

		(b)	The Guarantor shall notify the Agent from time to time promptly after the Guarantor makes or gives
such financial covenants to such persons.

 

		(c)	At the request of the Agent (acting on the instructions of the Lenders), the Guarantor shall enter
into a supplemental agreement or amendments to this Deed to evidence any changes to this Deed pursuant to clause 5.3(a).

 

		  5.4	Financial testing and provision and contents of Compliance Certificate

 

		(a)	The Guarantor shall supply a Compliance Certificate to the Agent, with each set of audited consolidated
Annual Financial Statements and unaudited Half-Yearly Financial Statements for the Group delivered by the Borrowers pursuant to
clause 18.1 of the Facility Agreement (Financial statements).

 

		(b)	Each Compliance Certificate shall set out (in reasonable detail) computations as to compliance
with this clause 5 and provide the most recent annual valuations of all the vessels owned by the Group.

 

		(c)	Each Compliance Certificate shall be signed by the Chief Financial Officer of the Guarantor.

 

		(d)	The financial covenants set out in clause 5.2 (Financial condition) shall be calculated
in accordance with GAAP and tested upon receipt of the Annual Financial Statements and Half-Yearly Financial Statements of the
Group by reference to each Compliance Certificate delivered pursuant to clause 5.4(a).

 

		    6	Negative Covenants

 

		  6.1	Negative Pledge

 

The Guarantor will not grant,
create, permit, cause or allow to exist, any Security Interest over any of the shares or limited liability company interests in
any of the Borrowers or GPHL.

 

		  6.2	Dividends

 

The Guarantor shall not declare
or pay any dividends or distributions, unless no Default has occurred at the time of declaration or payment of such dividends
or distributions or would occur as a result of the same. 

    	6

    	

    

		    7	Benefit of Deed

 

The Mortgagee may assign its
rights under this Deed to any person appointed as Security Agent under the Facility Agreement. It is intended that this document
takes effect as a deed even though the Mortgagee may only execute it under hand.

 

		    8	Governing law and enforcement

 

		  8.1	This Deed and any non-contractual obligations connected with it are governed by English law.

 

		  8.2	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection
with this Deed or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or termination
of this Deed) (a Dispute).

 

		  8.3	The parties agree that the courts of England are the most appropriate and convenient courts to
settle Disputes and, accordingly, that they shall not argue to the contrary.

 

		  8.4	Clauses 8.1 and 8.2 are for the benefit of the Mortgagee only. As a result, the Mortgagee shall
not be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by
law, the Mortgagee may take concurrent proceedings in any number of jurisdictions.

 

		  8.5	Without prejudice to any other mode of service allowed under any relevant law, the Guarantor:

 

		(a)	irrevocably appoints the person named in Schedule 1 as its agent for service of process in relation
to any proceedings before the English courts in connection with this Deed;

 

		(b)	agrees that failure by the process agent to notify the Guarantor of the process shall not invalidate
the proceedings concerned; and

 

		(c)	if any person appointed as process agent for the Guarantor is unable for any reason to act as agent
for service of process, the Guarantor must immediately (and in any event within ten days of such event taking place) appoint another
agent on terms acceptable to the Mortgagee. Failing this, the Mortgagee may appoint another agent for this purpose.

 

This Deed has been executed as a deed,
and it has been delivered on the date stated at the beginning of this Deed. 

    	7

    	

    

Schedule 1

 

Guarantor Information

 

	Guarantor	 
	 	 
	Name:	GasLog Partners LP
	 	 
	Country of incorporation:	Marshall Islands.
	 	 
	Registered number:	950063.
	 	 
	Registered office:	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.
	 	 
	Process agent	 
	 	 
	Name:	GasLog Services UK Ltd.
	 	 
	Address: 	C/O 49 Dover Street, 1st Floor, London, W1S 4FF
	 	 
	Address for service of notices	 
	 	 
	Address:	c/o GasLog Monaco SAM
	 	Gildo Pastor Center 7
	 	rue du Gabian
	 	MC98000
	 	Monaco.
	 	 
	Fax:	+377 97975124
	 	 
	Attention:	Simon Crowe
	 	 
	Facility Agreement	 
	 	 
	Description:	Facility Agreement.
	 	 
	Date:	       November 2014.
	 	 
	Amount of Facility:	Up to $450,000,000.
	 	 
	Parties:	 
	 	 
	(a)   Borrowers:	GAS-three Ltd., GAS-four Ltd., GAS-five Ltd., Gas-sixteen Ltd. and Gas-seventeen Ltd.
	 	 
	(b)   Arranger:	Citibank, N.A., London Branch, Nordea Bank Finland plc, London Branch, DVB Bank S.E., ABN AMRO Bank N.V., Skandinaviska Enskilda Banken AB (publ) and BNP Paribas.
	 	 
	(c)   Original Lenders:	The banks and other financial institutions whose names and addresses are set out as Lenders in Schedule 1 to the Facility Agreement.
	 	 
	(d)   Bookrunner:	Citibank, N.A., London Branch.
	 	 
	(e)   Agent:	Citibank International Limited as agent for the other Finance Parties from time to time.
	 	 

    	8

    	

    

	(f)   Security Agent:	Citibank, N.A., London Branch as security agent for the other Finance Parties from time to time.

    	9

    	

    

Schedule 2

 

Form of Compliance Certificate

 

	To:	CITIBANK, N.A., LONDON BRANCH
	 	 
	From:	GasLog Partners LP
	 	 
	Dated:	[·]

 

Dear Sirs

 

Corporate Guarantee dated [·]
2014 (the Guarantee) issued in connection with 

a $450,000,000 Facility Agreement dated [·]
2014

 

	1	We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.
	 	 
	2	We confirm that by reference to the [Half-Yearly][Annual] Financial Statements for the Group for the financial period ending on [·] attached hereto:
	 	 
	 	(a)	the ratio of EBITDA: Debt Service has been [·] calculated on a four quarter trailing basis (being $[•] EBITDA and $[•] Debt Service) [Requirement being that the ratio of EBITDA to Debt Service is not less than 1.10:1 in each quarter.];
	 	 	 
	 	(b)	the Maximum Leverage is [·]% (being $[•] Total Indebtedness divided by $[•] Total Assets). [Requirement being that the Maximum Leverage shall be less than 60%];
	 	 	 
	 	(c)	our Cash and Cash Equivalents is $[·] (which represents [•]% of Total Indebtedness and more than $15,000,000). [Requirement that Cash and Cash Equivalents is, at all times, not less than the greater of (i) $15,000,000 and (ii) three per cent. of Total Indebtedness]; and
	 	 	 
	 	(d)	the Security Value (as most recently determined on the basis of valuations prepared in accordance with clause 24 (Minimum security value) of the Facility Agreement) is $[l] [Requirement being that the Security Value is, at all times, not less than 120% of the Loan].
	 	 	 
	3	We confirm that no Event of Default is continuing. [If this statement cannot be made, the certificate should identify any Event of Default that is continuing and the steps, if any, being taken to remedy it.]

 

Signed by:

 

 

Chief Financial Officer 

For and on behalf of

GasLog Partners LP

    	10

    	

    

SIGNATORIES

 

The Guarantor

 

	EXECUTED and DELIVERED as a DEED	 	 
	by	 	)	 
	for and on behalf of	 	)	/s/ Simon Crowe
	GASLOG PARTNERS LP	 	)	Attorney-in-fact
	(signed at	)	)	 
	in the presence of:	 	)	 
	 	 	 	 
	/s/ Ariana Georgallis	 	 	 
	Witness	 	 	 
	Name: Ariana Georgallis	 	 	 
	Address:	 	 	 
	Occupation: 	Associate	 	 
	 	Norton Rose Fulbright Greece	 	 
	 	 	 	 	 
	The Mortgagee	 	 	 
	 	 	 	 
	Signed by	 	)	 
	CITIBANK, N.A., LONDON BRANCH	)	/s/ Angela Benetazzo
	 	 	 	By: Angela Benetazzo
	 	 	 	       Vice President

    	11

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