Document:

Exhibit 4.9

Dated 13 April 2021

US$51,700,000

TERM LOAN FACILITY

PENELOPE MARINE LLC 

as Borrower

and

GLOBAL SHIP LEASE, INC.

POSEIDON CONTAINERS HOLDINGS LLC 

as Guarantors

and

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Part B of Schedule 1

as Lenders

and

CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK 

as Bookrunner and Arranger

and

CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK

CTBC BANK CO., LTD.

BANK SINOPAC CO., LTD. 

as Mandated Lead Arrangers

and

CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK 

as Facility Agent

and

CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK 

as Security Agent

FACILITY AGREEMENT

relating to

refinancing part of certain existing indebtedness

secured on (inter alia) the Ship and

for general corporate purposes

 

WATSON FARLEY

&

WILLIAMS

    	 

    	 

    

Index

	Clause	Page
	 	 
	Section 1 Interpretation	2
	1Definitions and Interpretation	2
	Section 2 The Facility	30
	2The Facility	30
	3Purpose	31
	4Conditions of Utilisation	31
	Section 3 Utilisation	33
	5Utilisation	33
	Section 4 Repayment, Prepayment and Cancellation	35
	6Repayment	35
	7Prepayment and Cancellation	35
	Section 5 Costs of Utilisation	40
	8Interest	40
	9Interest Periods	41
	10Changes to the Calculation of Interest	42
	11Fees	44
	Section 6 Additional Payment Obligations	45
	12Tax Gross Up and Indemnities	45
	13Increased Costs	49
	14Other Indemnities	51
	15Mitigation by the Finance Parties	54
	16Costs and Expenses	55
	Section 7 Guarantees	56
	17Guarantee and Indemnity	56
	Section 8 Representations, Undertakings and Events of Default	59
	18Representations	59
	19Information Undertakings	66
	20Financial Covenants	70
	21General Undertakings	71
	22Insurance Undertakings	78
	23General Ship Undertakings	84
	24Security Cover	90
	25Accounts, application of Earnings	92
	26Events of Default	94
	Section 9 Changes to Parties	100
	27Changes to the Lenders	100
	28Changes to the Transaction Obligors	105
	Section 10 The Finance Parties	107
	29The Facility Agent, the Arranger and the Reference Banks	107
	30The Security Agent	117
	31Conduct of Business by the Finance Parties	131
	32Sharing among the Finance Parties	132
	Section 11 Administration	134
	33Payment Mechanics	134
	34Set-Off	137
	35Bail-In	137
	36Notices	138
	37Calculations and Certificates	140

    	 

    	 

    

 

 

	38Partial Invalidity	140
	39Remedies and Waivers	140
	40Settlement or Discharge Conditional	140
	41Irrevocable Payment	141
	42Amendments and Waivers	141
	43Confidential Information	144
	44Confidentiality of Funding Rates and Reference Bank Quotations	148
	45Counterparts	149
	Section 12 Governing Law and Enforcement	150
	46Governing Law	150
	47Enforcement	150
	 	 
	Schedules	 
	 	 
	Schedule 1 The Parties	151
	Part A The Obligors	151
	Part B The Lenders	152
	Part C The Servicing Parties	157
	Schedule 2 Conditions Precedent	158
	Part A Conditions Precedent to Utilisation Request	158
	Part B Conditions Precedent to Utilisation	161
	Schedule 3 Requests	163
	Part A Utilisation Request	163
	Part B Selection Notice	164
	Schedule 4 Form of Transfer Certificate	165
	Schedule 5 Form of Assignment Agreement	167
	Schedule 6 Form of Compliance Certificate	170
	Schedule 7 Details of the Ship	171
	Schedule 8 Accounts	172
	Schedule 9 Timetables	173
	 	 
	Execution	 
	 	 
	Execution Pages	174

 

    	 

    	 

    

THIS AGREEMENT is
made on 13 April 2021

PARTIES

		(1)	PENELOPE MARINE LLC, a limited liability company duly formed in the Republic of the Marshall Islands
whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 and registered as
a foreign maritime entity in the Republic of Liberia as borrower (the “Borrower”)

		(2)	GLOBAL SHIP LEASE, INC., a corporation incorporated in the Republic of the Marshall Islands, whose
registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 as a guarantor (“GSL”)

		(3)	POSEIDON CONTAINERS HOLDINGS LLC, a limited liability company formed in the Republic of the Marshall
Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as the
parent guarantor (the “Parent Guarantor”)

		(4)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 1 (The Parties) as lenders
(the “Original Lenders”)

		(5)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK as bookrunner (the “Bookrunner”)

		(6)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK as arranger (the “Arranger”)

		(7)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK and CTBC BANK CO., LTD. and BANK SINOPAC
CO., LTD., as mandated lead arrangers (each a “Mandated Lead Arranger” and together, the “Mandated Lead
Arrangers”)

		(8)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK as agent of the other Finance Parties (the “Facility
Agent”)

		(9)	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK as security agent for the Secured Parties (the “Security
Agent”)

BACKGROUND

The Lenders have agreed to make available
to the Borrower a senior secured term loan facility in an amount of up to the lower of (i) $51,700,000 and (ii) 65 per cent. of the Initial
Market Value of the Ship for the purposes of refinancing part of the Existing Indebtedness secured on (inter alia) the Ship and for general
corporate purposes.

OPERATIVE PROVISIONS

    	 

    	 

    

 

SECTION 1

INTERPRETATION

		1	DEFINITIONS AND INTERPRETATION

		1.1	Definitions

In this Agreement:

“Account Bank” means
Credit Agricole Corporate and Investment Bank, a French societe anonyme, acting in such capacity through its office at 12, place des Etats-Unis,
CS 70052, 92547 Montrouge Cedex, France, registered under the SIREN No. 304 187 701 of the Registre du Commerce et des Societes of Nanterre
or any replacement bank or other financial institution as may be approved by the Facility Agent acting with the authorisation of the Majority
Lenders.

“Accounts” means the
Earnings Account and the Retention Account, as specified in Schedule 7 (Accounts).

“Account Security” means
a document creating Security over any Account in agreed form.

“Accounting Period” means
each consecutive period of (a) in the case of the Parent Guarantor, six (6) months or (b) in the case of GSL, three (3) months of each
of the Parent Guarantor’s and GSL’s financial years (as the case may be) during the Security Period for which each of the
Parent Guarantor and GSL is required to deliver financial statements pursuant to Clause 19.2 (Financial statements).

“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.

“Approved Brokers” means
any firm or firms of insurance brokers approved in writing by the Facility Agent, such approval not to be unreasonably withheld.

“Approved Classification”
means, as at the date of this Agreement, the classification in relation to the Ship specified in Schedule 7 (Details of the Ship)
or the equivalent classification with another Approved Classification Society.

“Approved Classification Society”
means, as at the date of this Agreement, the classification society in relation to the Ship specified in Schedule 7 (Details of
the Ship) or any other classification society which is a member of the International Association of Classification Societies (but
excluding the Russian Register of Shipping and China Classification Society) approved in writing by the Facility Agent acting with the
authorisation of the Majority Lenders.

“Approved Commercial Manager”
means, as at the date of this Agreement, Conchart Commercial Inc. or any other person approved in writing by the Facility Agent acting
with the authorisation of the Majority Lenders as the commercial manager of the Ship.

“Approved Flag” means,
as at the date of this Agreement, the flag of the Republic of Liberia or such other flag approved in writing by the Facility Agent acting
with the authorisation of the Majority Lenders.

“Approved Manager” means
the Approved Commercial Manager or the Approved Technical Manager of the Ship.

    	 	2	 

     

    

 

“Approved Technical Manager”
means, as at the date of this Agreement, Technomar Shipping Inc. or any other person approved in writing by the Facility Agent acting
with the authorisation of the Majority Lenders as the technical manager of the Ship.

“Approved Valuer” means
any of Maersk Brokers K/S, Barry Rogliano Salles, Kontiki Valuations Ltd, Howe Robinson and, in the event that three or more (or, in relation
to the proviso contained in the definition of market value, two or more) of such sale and purchase shipbrokers cease, or are unable, to
provide a valuation:

		(i)	in relation to the Ship, any other firm or firms of independent and reputable sale and purchase shipbrokers
which have knowledge and experience of valuing new design wide beam-high specification-reefers or containerships; or

		(ii)	in relation to any other vessel which does not have the same characteristics as the Ship, any other firm
or firms of independent and reputable sale and purchase shipbrokers, which is, or as the case may be, are mutually agreed in writing by
the Borrower and the Facility Agent (with the authorisation of the Lenders with such approval not to be unreasonably withheld).

“Article 55 BRRD” means
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

“Assignable Charter” means
a Charter in respect of the Ship which has or is capable of having, by virtue of any optional extensions, a duration of 12 months or more.

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

“Authorisation” means
an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.

“Availability Period” means
the period from and including the date of this Agreement to and including the earlier of:

		(a)	the date falling 30 days after the Closing Date;

		(b)	15 May 2021;

		(c)	the Utilisation Date; and

		(d)	the date on which the Lenders’ obligation to advance the Loan is cancelled or terminated,

or such longer period as the Facility
Agent may accept in writing on the instruction of all the Lenders.

“Available Facility” means
the aggregate for the time being of each Lender’s Commitment in respect of the Loan.

“Bail-In Action” means
the exercise of any Write-down and Conversion Powers.

    	 	3	 

     

    

 

“Bail-In Legislation”
means:

		(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

		(b)	in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom
is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition
of any Write-down and Conversion Powers contained in that law or regulation.

“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 an Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant
part of the Loan or that 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 Relevant 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, Paris, Athens and New York.

“Carbon Intensity and Climate
Alignment Certificate” means a certificate from a Recognised Organisation relating to the Ship and a calendar year setting out:

		(a)	the average efficiency ratio of the Ship for all voyages performed by it over that calendar year using
ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that
calendar year; and

		(b)	the climate alignment of the Ship for such calendar year: in each case as calculated in accordance with
the Poseidon Principles.

“Charter” means any
charter relating to the Ship (including, without limitation, the Initial Charter or any Assignable Charter relating to the Ship), or other
contract for its employment, whether or not already in existence.

“Charter Guarantee”
means any guarantee, bond, letter of credit or other instrument (if any and whether or not already issued) supporting a Charter, the form
of which shall not be subject to the Facility Agent’s prior approval.

“Charterparty Assignment”
means, in relation to the Initial Charter or an Assignable Charter, a specific deed of assignment of the rights, title and interests of
the Borrower under the Initial Charter or that Assignable Charter (as the case may be) in the agreed form.

    	 	4	 

     

    

 

“Closing Date” means
the earlier of (i) the date on which all conditions precedent are satisfied pursuant to Part A of Schedule 2 (Conditions Precedent)
and (ii) 15 April 2021.

“Code” means the US
Internal Revenue Code of 1986.

“Commercial Management Agreement”
means the agreement entered into between the Parent Guarantor for and on behalf of the Borrower and the Approved Commercial Manager
regarding the commercial management of the Ship.

“Commitment” means:

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

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

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

“Compliance Certificate”
means a certificate in the form set out in Schedule 6 (Form of Compliance Certificate) or in any other form agreed between
the Parent Guarantor, GSL and the Facility Agent.

“Confidential Information”
means all information relating to any Transaction 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:

		(i)	information that:

		(A)	is or becomes public information other than as a direct or indirect result of any breach by that Finance
Party of Clause 43 (Confidential Information); or

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

		(C)	is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph
(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,

    	 	5	 

     

    

has not been obtained in breach of, and
is not otherwise subject to, any obligation of confidentiality; and

		(ii)	any Funding Rate or Reference Bank Quotation.

“Confidentiality Undertaking”
means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other
form agreed between the Borrower and the Facility Agent.

“Consolidated Liquidity”
means, in respect of an Accounting Period of the Parent Guarantor, the aggregate amount of free, unencumbered cash held by the Parent
Guarantor and/or its Subsidiaries, including cash equivalents.

“Corresponding Debt” means
any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with the Finance Documents.

“Deed of Release” means
a partial deed of release and reassignment in a form acceptable to the Facility Agent releasing and discharging (inter alios) the Borrower
from its obligations and liabilities under each of the Existing Facility Agreements and releasing, discharging and reassigning (as the
case may be) the Existing Security and, in the plural means, all of them.

“Default” means an
Event of Default or a Potential Event of Default.

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

“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, if applicable, any Transaction Obligor; 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 or, if applicable, any Transaction Obligor preventing that, or any other, Party or,
if applicable, any Transaction Obligor:

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

		(ii)	from communicating with other Parties or, if applicable, any Transaction Obligor 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 or, if applicable,
any Transaction Obligor whose operations are disrupted.

“Dividend Payment” means,
in relation to an Obligor, any of the following:

		(a)	a declaration, making or payment of any dividend, charge, fee or other distribution (or interest on any
unpaid dividend, charge, fee or other distribution) (whether in cash or in kind) on or in respect of its equity interests;

    	 	6	 

     

    

 

		(b)	a repayment or distribution of any dividend or share premium reserve; or

		(c)	a redemption, repurchase, defeasance, retirement or repayment of any of its issued shares or a resolution
to do any of the foregoing.

“Document of Compliance”
has the meaning given to it in the ISM Code.

“dollars” and “$”
mean the lawful currency, for the time being, of the United States of America.

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

		(a)	the following, save to the extent that any of them is, with the prior written consent of the Facility
Agent, pooled or shared with any other person:

		(i)	all freight, hire and passage moneys including, without limitation, all moneys payable under, arising
out of or in connection with a Charter or a Charter Guarantee;

		(ii)	the proceeds of the exercise of any lien on sub-freights;

		(iii)	compensation payable to the Borrower or the Security Agent in the event of requisition of the Ship for
hire or use;

		(iv)	remuneration for salvage and towage services;

		(v)	demurrage and detention moneys;

		(vi)	without prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments for variation
or termination) of any charterparty or other contract for the employment of the Ship;

		(vii)	all moneys which are at any time payable under any Insurances in relation to loss of hire;

		(viii)	all monies which are at any time payable to the Borrower in relation to general average contribution;
and

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

“Earnings Account”
means:

		(a)	an account in the name of the Borrower with the Account Bank designated “Earnings Account”;

		(b)	any other account in the name of the Borrower with the Account Bank which may, with the prior written
consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective of the number or
designation of such replacement account; or

    	 	7	 

     

    

 

		(c)	any sub-account of any account referred to in paragraph (a) or (b) above

“EBITDA” means, for
the relevant period, the sum of the Earnings, less the sum of the Operating Expenses (excluding drydocking expenses or other capitalised
expenses and non-cash items) of the Borrower as the same are shown in the Borrower’s profit and loss statements.

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

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

“Environmental Claim” means
any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an
alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, “claim” includes a
claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation
to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to
desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.

“Environmental Incident”
means:

		(a)	any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Ship
or from the Ship into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or

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

		(c)	any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged
into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from the Ship and in connection with
which the Ship is actually or potentially liable to be arrested and/or where any Transaction Obligor and/or any operator or manager of
the Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an
Environmental Approval.

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

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

    	 	8	 

     

    

 

“EU Bail-In Legislation Schedule”
means the document described as such and published by the LMA from time to time.

“Event of Default” means
any event or circumstance specified as such in Clause 26 (Events of Default).

“Existing Facility Agreement”
mean:

		(a)	the senior facility agreement dated 9 November 2018 (as from time to time amended and/or supplemented)
and made among, (i) the Borrower as borrower, (ii) certain banks and financial institutions, as lenders and (iii) Deutsche Bank AG, London
Branch, as arranger and (iv) Wilmington Trust (London) Limited as facility agent and security agent, in respect of a facility of (originally)
up to US$180,500,000; and

		(b)	the junior facility agreement dated 31 December 2018 (as from time to time amended and/or supplemented)
and made among, (i) the Borrower as borrower, (ii) certain banks and financial institutions, as lenders and (iii) Wilmington Trust (London)
Limited as facility agent and security agent, in respect of a facility of (originally) up to US$38,600,000, and in plural means both of
them.

“Existing Indebtedness”
means, at the Utilisation Date, any outstanding indebtedness attributable to the Borrower on that date under the relevant Existing
Facility Agreement.

“Existing Security” means
any Security relating to the Borrower and the Ship created to secure the Existing Indebtedness.

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

“Facility Office” means
the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that
date, by not less than 5 Business Days’ written notice) as the office or offices through which it will perform its obligations under
this Agreement.

“FATCA” means:

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

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

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

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

    	 	9	 

     

    

 

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

“Fee Letter” means
any letter or letters dated on or about the date of this Agreement between any of the Mandated Lead Arrangers, the Facility Agent and
the Security Agent and any Obligor setting out the amount of any of the fees referred to in Clause 11 (Fees) and the time of payment
of the same.

“Finance Document” means:

		(a)	this Agreement;

		(b)	any Fee Letter;

		(c)	the Utilisation Request;

		(d)	any Security Document;

		(e)	any Managers’ Undertaking;

		(f)	any Subordination Agreement;

		(g)	any other document which is executed for the purpose of establishing any priority or subordination arrangement
in relation to the Secured Liabilities; or

		(h)	any other document designated as such by the Facility Agent and the Borrower.

“Finance Party” means
the Facility Agent, the Security Agent, the Bookrunner, the Arranger, a Mandated Lead Arranger, the Account Bank and/or a Lender.

“Financial Indebtedness”
means any indebtedness for or in relation to:

		(a)	moneys 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)	the amount of any liability in relation to any lease or hire purchase contract which would, in accordance
with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would,
in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);

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

		(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) of a
type not referred to in any other paragraph of this definition having the commercial effect of a borrowing;

		(g)	any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price (and, when calculating the value of any

    	 	10	 

     

    

derivative transaction, only the marked
to market value (or, if any actual amount is due as a result of the termination or close-out of that derivative transaction, that amount)
shall be taken into account);

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

		(i)	the amount of any liability in relation to any guarantee or indemnity for any of the items referred to
in paragraphs (a) to (h) above.

“Fleet Vessels” means,
together, the Ship and all of the ships from time to time wholly owned by Subsidiaries of the Parent Guarantor and, in the singular, means
any of them.

“Funding Rate” means
any individual rate notified by a Lender to the Facility Agent pursuant to paragraph Clause 10 (Changes to the calculation of interest).

“GAAP” means generally
accepted accounting principles in the United States of America including IFRS.

“General Assignment” means
the general assignment creating first ranking Security over:

		(a)	the Earnings, the Insurances and any Requisition Compensation in relation to the Ship; and

		(b)	any Assignable Charter and any Charter Guarantee in relation to any Assignable Charter in respect of the
Ship,

in agreed form.

“Green Passport” means,
in relation to the Ship, a green passport statement of compliance or any other equivalent or superseding document acceptable to the Facility
Agent (acting on the instructions of the Majority Lenders), issued by a classification society being a member of the International Association
of Classification Societies (IACS) which includes a list of any and all materials known to be potentially hazardous utilised in the construction
of the Ship and specifies their precise location on board the Ship.

“Group” means the Parent
Guarantor, GSL and their Subsidiaries for the time being.

“Guarantor” means the
Parent Guarantor or GSL and, in the plural, means both of them.

“Holding Company” means,
in relation to a person, any other person in relation to which it is a Subsidiary.

“IFRS” means international
accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.

“Indemnified Person” has
the meaning given to it in Clause 14.2 (Other indemnities).

“Initial Market Value”
means, in relation to the Ship, the Market Value thereof determined pursuant to paragraph 6.2 of Part A of Schedule 2 (Conditions
Precedent).

    	 	11	 

     

    

 

“Initial Charter” means,
in relation to the Ship, a time charter dated 30 July 2020 and made between the Borrower and the Initial Charterer, for a period of up
to 23 months having an actual commencement date of 11 August 2020 with an earliest expiration date of 11 April 2022 at a gross charter
hire rate of $31,650 per day.

“Initial Charterer” means
Ocean Network Express Pte. Ltd., of 7 Straits View, Marine One East Tower, #16-01, Singapore, 018936.

“Insurances” means:

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

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

“Interest Payment Date”
has the meaning given to it in paragraph (a) of Clause 8.2 (Payment of interest).

“Interest Period” means,
in relation to the Loan or any part of the Loan, 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 the Loan or any part of the Loan, the rate (rounded to the same number of decimal places as the two relevant
Screen Rates) which results from interpolating on a linear basis between:

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

		(b)	the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds
the Interest Period of the Loan or that part of the Loan, each as of the Specified Time for dollars.

“ISM Code” means the
International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation),
adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.

“ISPS Code” means the
International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization’s (IMO) Diplomatic
Conference of December 2002, as the same may be amended or supplemented from time to time.

“ISSC” means an International
Ship Security Certificate issued under the ISPS Code.

“Legal Reservations” means:

    	 	12	 

     

    

 

		(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 any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation).

“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 27 (Changes to the Lenders), which in each case has not ceased to be a Party as such in accordance with this Agreement.

“LIBOR” means, in relation
to the Loan or any part of the Loan:

		(a)	the applicable Screen Rate as of the Specified Time for dollars and for a period equal in length to the
Interest Period of the Loan or that part of the Loan; or

		(b)	as otherwise determined pursuant to Clause 42.5 (Replacement of Screen Rate), and if, in either
case, that rate is less than zero, LIBOR shall be deemed to be zero.

“LLC Shares” means,
in respect of the Borrower and the Parent Guarantor, shall have the meaning ascribed thereto in the Borrower’s or the Parent Guarantor’s
limited liability company agreement.

“LMA” means the Loan
Market Association or any successor organisation.

“Loan” means the principal
amount for the time being outstanding of the borrowings advanced under the Facility and a “part of the Loan” any part
of the Loan as the context may require.

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

“Majority Lenders” means:

		(a)	if the Loan has not yet been made, a Lender or Lenders whose Commitments aggregate more than 66% per cent.
of the Total Commitments; or

		(b)	at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66% per cent.
of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations
in the Loan

    	 	13	 

     

    

immediately before repayment or prepayment
aggregate more than 66% per cent. of the Loan immediately before such repayment.

“Management Agreement”
means a Technical Management Agreement or a Commercial Management Agreement.

“Manager’s Undertaking”
means the letter of undertaking from the Approved Technical Manager and the letter of undertaking from the Approved Commercial Manager
subordinating the rights of the Approved Technical Manager and the Approved Commercial Manager respectively against the Ship and the Borrower
to the rights of the Finance Parties in agreed form.

“Margin” means 2.75
per cent. per annum.

“Market Value” means,
in relation to the Ship or any other vessel (including, without limitation, any Fleet Vessel), at any date, an amount equal to the market
value of the Ship or that vessel shown by the arithmetic average of two valuations, addressed and provided to the Facility Agent and prepared:

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

		(b)	by two Approved Valuers;

		(c)	with or without physical inspection of the Ship or that vessel (as the Facility Agent may require (acting
on the instructions of the Majority Lenders)); and

		(d)	on the basis of a sale for prompt delivery for cash on normal arm’s length commercial terms as between
a willing seller and a willing buyer, free of any Charter.

Provided that if the higher of
the two valuations is more than 110 per cent. of the lower of the two valuations, a third valuation shall be carried out at the Borrower’s
cost and on the same terms as the first two valuations. The Market Value of the Ship or that vessel shall then be determined as the arithmetic
average of the three valuations.

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

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

		(b)	the ability of any Transaction Obligor to perform its obligations under any Finance Document to which
it is a party; or

		(c)	the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended
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.

“Member” means Odyssia
NB LLC, a Marshall Islands limited liability company, as holder of all 500 LLC Shares in the Borrower and being a wholly owned Subsidiary
of Odyssia Containers Holdings LLC, which is a wholly owned Subsidiary of K&T Marine LLC, being a wholly owned Subsidiary of the Parent
Guarantor.

    	 	14	 

     

    

 

“Merger” means a reverse
triangular merger involving the Parent Guarantor and GSL, as a result of which the Parent Guarantor became the indirect, wholly-owned
Subsidiary of GSL.

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

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

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

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

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

“Mortgage” means a
first preferred Liberian ship mortgage on the Ship in agreed form.

“Net Worth” means equity
payments already advanced in respect of the Fleet Vessels less accumulated dividends plus retained earnings of the Fleet Vessels as such
term is defined in the applicable financial statements of the Parent Guarantor determined in accordance with GAAP.

“Obligor” means the
Borrower or a Guarantor.

“Operating Expenses” means
the aggregate expenditure necessarily incurred by the Borrower in operating, insuring, maintaining, repairing and generally trading the
Ship (including, without limitation any crewing fees paid under a Management Agreement) and general and administrative expenses paid in
respect of the Ship.

“Original Financial Statements”
means, in relation to GSL, the audited consolidated financial statements of the Group for its financial year ended 2020.

“Original Jurisdiction”
means, in relation to an Obligor, the jurisdiction under whose laws that Obligor is formed as at the date of this Agreement.

“Overseas Regulations”
means the Overseas Companies Regulations 2009 (SI 2009/1801)

“Parallel Debt” means
any amount which an Obligor owes to the Security Agent under Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent)) or
under that Clause as incorporated by reference or in full in any other Finance Document.

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

“Party” means a party
to this Agreement.

    	 	15	 

     

    

 

“Perfection Requirements”
means the making or procuring of filings, stampings, registrations, notarisations, endorsements, translations and/or notifications
of any Finance Document (and/or any Security created under it) necessary for the validity, enforceability (as against the relevant Obligor
or any relevant third party) and/or perfection of that Finance Document.

“Permitted Charter” means
a Charter (other than an Initial Charter or an Assignable Charter relative thereto):

		(a)	which is a time, voyage or consecutive voyage charter;

		(b)	the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions,
12 months plus a redelivery allowance of not more than 30 days unless prior approval has been obtained from the Facility Agent;

		(c)	which is entered into on bona fide arm’s length terms at the time at which the Ship is fixed;
and

		(d)	in relation to which not more than two months’ hire is payable in advance, and any other Charter
which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders which authorisation no Lender
shall unreasonably withhold or delay.

“Permitted Financial Indebtedness”
means:

		(a)	until (and including) the Utilisation Date, any Existing Indebtedness;

		(b)	any Financial Indebtedness incurred under the Finance Documents;

		(c)	any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance
Documents pursuant to a Subordination Agreement and which is, in the case of any such Financial Indebtedness of the Borrower, the subject
of Subordinated Debt Security;

		(d)	any normal trading debt of the Borrower incurred in the ordinary course of its business operations of
owning and operating the Ship and issuing guarantees thereunder; and

		(e)	in respect of the Parent Guarantor, any guarantees that have already been issued or may be issued in the
context of supporting its respective Subsidiaries (including Subsidiaries formed after the date of this Agreement) in obtaining financing
or acquiring vessels.

“Permitted Security”
means:

		(a)	until the Utilisation Date, any Existing Security;

		(b)	Security created by the Finance Documents;

		(c)	liens for unpaid master’s and crew’s wages in accordance with first class ship ownership and
management practice and not being enforced through arrest;

		(d)	liens for salvage;

    	 	16	 

     

    

 

		(e)	liens for master’s disbursements incurred in the ordinary course of trading in accordance with first
class ship ownership and management practice; and

		(f)	any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair
or maintenance of any Ship:

		(i)	not as a result of any default or omission by the Borrower; and

		(ii)	subject, in the case of liens for repair or maintenance, to Clause 23.14 (Restrictions on chartering,
appointment of managers etc.), 

provided such lien does not secure amounts
more than 60 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment of which
adequate reserves are held and provided further that such proceedings do not give rise to a material risk of the relevant Ship or any
interest in it being seized, sold, forfeited or lost).

“Poseidon Principles” means
the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019
as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory
requirements of the International Maritime Organisation from time to time.

“Potential Event of Default”
means any event or circumstance specified in Clause 26 (Events of Default) which would (with the expiry of a grace period,
the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event
of Default.

“Prohibited Person” means
a person that is:

		(a)	listed on, or owned or controlled by a person listed on any Sanctions List;

		(b)	located in, incorporated under the laws of, or owned or controlled by, or acting on behalf of, a person
located in or organised under the laws of a Sanctioned Country; or

		(c)	otherwise a target of Sanctions

“Protected Party” has
the meaning given to it in Clause 12.1 (Definitions).

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

“Receiver” means a
receiver or receiver and manager or administrative receiver of the whole or any part of the Security Assets.

“Recognised Organisation”
means an organisation representing the Ship’s flag state and, for the purposes of Clause 23.21 (Poseidon Principles) duly
authorized to determine whether the Borrower has complied with regulation 22A of Annex VI.

    	 	17	 

     

    

 

“Reference Bank Quotation”
means any quotation supplied to the Facility Agent by a Reference Bank.

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

		(a)	if:

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

		(ii)	it consists of a single figure,

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

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

“Reference Banks” means
any banks as may be appointed by the Facility Agent (acting on the instructions of the Majority Lenders) in consultation with the Borrower.

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

“Relevant Interbank Market”
means the London interbank market.

“Relevant Jurisdiction”
means, in relation to a Transaction Obligor:

		(a)	its Original Jurisdiction;

		(b)	any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security
created, or intended to be created, by it is situated;

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

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

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

“Repayment Date” means
each date on which a Repayment Instalment is required to be paid under Clause 6.1 (Repayment of Loan).

“Repayment Instalment”
has the meaning given to it in Clause 6.1 (Repayment of Loan).

“Repeating Representation”
means each of the representations set out in Clause 18 (Representations) except Clause 18.10 (Insolvency), Clause 18.11
(No filing or stamp taxes),

    	 	18	 

     

    

 

Clause 18.12 (Deduction of Tax) and
Clause 19.20 (Initial Charter) and any representation of any Transaction Obligor made in any other Finance Document that is expressed
to be a “Repeating Representation” or is otherwise expressed to be repeated.

“Replacement Benchmark”
means a benchmark rate which is:

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

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

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

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

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

“Replacement Charter” shall
have the meaning given to this term in Clause 7.6(b) (Termination of Initial Charter).

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

“Requisition” means:

		(a)	any expropriation, confiscation, requisition (excluding a requisition for hire or use which does not involve
a requisition for title) or acquisition of the Ship, whether for full consideration, a consideration less than its proper value, a nominal
consideration or without any consideration, which is effected (whether de jure or de facto) by any government or official
authority or by any person or persons claiming to be or to represent a government or official authority unless it is within 45 days redelivered
to the full control of Borrower (or any other longer period as the Facility Agent may agree at the request of the Borrower); and

		(b)	any capture or seizure of the Ship (including any hijacking or theft) by any person whatsoever (unless
it is within 45 days redelivered to the full control of the Borrower (or any other longer period as the Facility Agent may agree at the
request of the Borrower)).

“Requisition Compensation”
includes all compensation or other moneys payable to the Borrower by reason of any Requisition or any arrest or detention of the Ship
in the exercise or purported exercise of any lien or claim.

    	 	19	 

     

    

 

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

“Retention Account” means:

		(a)	an account in the name of the Borrower with the Account Bank designated “Retention Account”;

		(b)	any other account in the name of the Borrower with the Account Bank which may, with the prior written
consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective of the number or
designation of such replacement account; or

		(c)	any sub-account of any account referred to in paragraph (a) or (b) above.

“Safety Management Certificate”
has the meaning given to it in the ISM Code.

“Safety Management System”
has the meaning given to it in the ISM Code.

“Sanctions” means any
trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions
Authority.

“Sanctions Authority” means:

		(a)	the Security Council of the United Nations;

		(b)	the United States;

		(c)	the United Kingdom;

		(d)	the European Union;

		(e)	any member state of the European Union (including, without limitation, The Netherlands and France);

		(f)	any country to which any member of the Group or an Approved Manager is registered or has material (financial
or otherwise) interests or operations; and

		(g)	the governments and official institutions or agencies of any of the foregoing paragraphs, including without
limitation the U.S. Office of Foreign Asset Control (“OFAC”), the U.S. Department of State, and Her Majesty’s
Treasury (“HMT”).

“Sanctioned Country” means
a country or territory that is the subject or the target of Sanctions (including, without limitation, Cuba, Iran, North Korea, Syria,
Sudan and Crimea).

“Sanctions List” means
the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained
by HMT, or any similar list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended,
supplemented or substituted from time to time.

“Screen Rate” means
the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration
of that rate) for dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator)
on page LIBOR01 or LIBOR02 of the Thomson Reuters

    	 	20	 

     

    

screen (or any replacement Thomson Reuters
page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time
in place of Thomson Reuters. If such page or service ceases to be available, the Facility Agent may specify another page or service displaying
the relevant rate after consultation with the Borrower.

“Screen Rate Replacement Event”
means, in relation to a Screen Rate:

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

		(b)	

		(i)	

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

		(B)	information is published in any order, decree, notice, petition or filing, however described, of or filed
with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably confirms
that the administrator of that Screen Rate is insolvent, provided that, in each case, at that time, there is no successor administrator
to continue to provide that Screen Rate; or

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

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

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

		(c)	the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance
with its reduced submissions or other contingency or fallback policies or arrangements and either:

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority
Lenders and the Borrower) temporary; or

		(ii)	that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less
than 15 Business Days; or

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

    	 	21	 

     

    

 

“Secured Liabilities” means
all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any other
capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection with each Finance Document.

“Secured Party” means
each Finance Party from time to time party to this Agreement, a Receiver or any Delegate.

“Security” means a
mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect
of conferring security.

“Security Assets” means
all of the assets of the Transaction Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security.

“Security Document” means:

		(a)	the Shares Security;

		(b)	the Mortgage;

		(c)	the General Assignment;

		(d)	any Charterparty Assignment;

		(e)	any Account Security;

		(f)	any Subordinated Debt Security;

		(g)	any other document (whether or not it creates Security) which is executed as security for the Secured
Liabilities; or

		(h)	any other document designated as such by the Facility Agent and the Borrower.

“Security Period” means
the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied that there is no outstanding
Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.

“Security Property” means:

		(a)	the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured
Parties and all proceeds of that Transaction Security;

		(b)	all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the
Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with all
representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security Agent as trustee
for the Secured Parties;

		(c)	the Security Agent’s interest in any turnover trust created under the Finance Documents;

    	 	22	 

     

    

 

		(d)	any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or
contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties,

except:

		(i)	rights intended for the sole benefit of the Security Agent; and

		(ii)	any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled
to do so) has retained in accordance with the provisions of this Agreement.

“Selection Notice” means
a notice substantially in the form set out in Part B of Schedule 3 (Requests) given in accordance with Clause 9 (Interest Periods).

“Servicing Party” means
the Facility Agent or the Security Agent.

“Shares Security” means
a document creating Security over the LLC Shares in the Borrower in agreed form.

“Ship” means m.v. “MAIRA
XL”, details of which are set out opposite its name in Schedule 7 (Details of the Ship).

“Specified Time” means
a day or time determined in accordance with Schedule 9 (Timetables).

“Subordinated Creditor”
means:

		(a)	a Transaction Obligor; or

		(b)	any other person who becomes a Subordinated Creditor in accordance with this Agreement.

“Subordinated Debt Security”
means a Security over Subordinated Liabilities entered into or to be entered into by a Subordinated Creditor in favour of the Security
Agent in an agreed form.

“Subordinated Finance Document”
means:

		(a)	a Subordinated Loan Agreement; and

		(b)	any other document relating to or evidencing Subordinated Liabilities.

“Subordinated Liabilities”
means all indebtedness owed or expressed to be owed by the Borrower to a Subordinated Creditor whether under the Subordinated Finance
Documents or otherwise.

“Subordinated Loan Agreement”
means any loan agreement made between (i) the Borrower and (ii) a Subordinated Creditor.

“Subordination Agreement”
means a subordination agreement entered into or to be entered into by a Subordinated Creditor and the Security Agent, subordinating,
inter alia all the Subordinated Creditor’s rights and interests under any Subordinated Loan Agreement to the rights and interests
of the Finance Parties in agreed form.

    	 	23	 

     

    

 

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

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

“Tax Credit” has the
meaning given to it in Clause 12.1 (Definitions).

“Tax Deduction” has
the meaning given to it in Clause 12.1 (Definitions).

“Tax Payment” has the
meaning given to it in Clause 12.1 (Definitions).

“Technical Management Agreement”
means the agreement entered into between the Borrower and the Approved Technical Manager regarding the technical management of the
Ship.

“Termination Date” means
the date falling on the earlier of (i) the fifth anniversary of the Utilisation Date and (ii) 30 July 2026.

“Testing Date” means
each date falling on the earlier of (a) the date on which the audited or, as the case may be, unaudited, financial statements referred
to in Clause 20.2 (Financial statements) are actually delivered to the Facility Agent pursuant to the provisions of that Clause
and (b) the latest date by which each such financial statements are required to be delivered to the Facility Agent pursuant to Clause
20.2 (Financial statements), commencing with the financial statements for the 3-month period ending on 30 June 2021 in relation
to GSL and the 6-month period ending on 30 June 2021 in relation to the Parent Guarantor.

“Third Parties Act” has
the meaning given to it in Clause 1.5 (Third party rights).

“Total Assets” means,
in respect of each Accounting Period, the total assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial
statements produced in accordance with Clause 18.15 (Financial Statements).

“Total Borrowings” means
at any relevant time the total long-term borrowings, inclusive of current portion of long-term borrowings as stated in the most recent
financial statements of the Parent Guarantor on a consolidated basis produced in accordance with Clause 18.15 (Financial Statements).

“Total Commitments” means
the aggregate of the Commitments, being $51,700,000.

“Total Loss” means:

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

		(b)	any Requisition of the Ship unless the Ship is returned to the full control of the Borrower within 45
days of such Requisition (or such longer period as may be requested by the Borrower and agreed to by the Facility Agent).

“Total Loss Date” means,
in relation to the Total Loss:

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

    	 	24	 

     

    

 

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

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

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

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

“Transaction Document”
means:

		(a)	a Finance Document;

		(b)	a Subordinated Finance Document;

		(c)	any Assignable Charter; or

		(d)	any other document designated as such by the Facility Agent and the Borrower.

“Transaction Obligor” means
an Obligor or any other member of the Group who executes a Transaction Document.

“Transaction Security”
means the Security created or evidenced or expressed to be created or evidenced under the Security Documents.

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

“Transfer Date” means,
in relation to an assignment or a transfer, the later of:

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

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

“UK Bail-In Legislation”
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part
1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of
unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration
or other insolvency proceedings).

“UK Establishment” means
a UK establishment as defined in the Overseas Regulations.

“Unpaid Sum” means
any sum due and payable but unpaid by a Transaction Obligor under the Finance Documents.

“US” means the United
States of America.

    	 	25	 

     

    

 

“US Tax Obligor” means:

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

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

“Utilisation” means
the utilisation of any part of the Facility.

“Utilisation Date”
means the date of the Utilisation, being the date on which the Loan is to be made.

“Utilisation Request”
means the notice substantially in the form set out in Part A of Schedule 3 (Requests).

“Value Adjusted Leverage Ratio”
means at any time the ratio (expressed as a percentage) of:

		(a)	the Total Borrowings divided by

		(b)	the Value Adjusted Total Assets.

“Value Adjusted Total Assets”
means the Total Assets of the Parent Guarantor adjusted (upwards or downwards) in each case for the difference of the book value of all
Fleet Vessels (as evidenced in the most recent financial statements produced in accordance with Clause 18.15 (Financial Statements))
and the aggregate Market Value of all Fleet Vessels.

“VAT” means:

		(a)	any value added tax imposed by the Value Added Tax Act 1994;

		(b)	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

		(c)	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.

“Write-down and Conversion Powers”
means:

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

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

		(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any
such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect

    	 	26	 

     

    

 

of that liability or any of the powers
under that Bail-In Legislation that are related to or ancillary to any of those powers; and

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

		(c)	in relation to any UK Bail In Legislation:

		(i)	any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises,
to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any
such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and

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

		1.2	Construction

		(a)	Unless a contrary indication appears, a reference in this Agreement to:

		(i)	the “Account Bank”, any “Arranger”, any “Mandated Lead
Arranger”, any “Bookrunner”, the “Facility Agent”, any “Finance Party”,
any “Lender”, any “Obligor”, any “Party”, any “Secured Party”,
the “Security Agent”, any “Transaction Obligor” or any other person shall be construed so as to
include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance
Documents;

		(ii)	“assets” includes present and future properties, revenues and rights of every description;

		(iii)	a liability which is “contingent” means a liability which is not certain to arise and/or
the amount of which remains unascertained;

		(iv)	“document” includes a deed and also a letter, fax, email or telex;

		(v)	“expense” means any kind of cost, charge or expense (including all legal costs, charges
and expenses) and any applicable Tax including VAT;

		(vi)	a “Finance Document”, a “Security Document” or “Transaction
Document” or any other agreement or instrument is a reference to that Finance Document, Security Document or Transaction Document
or other agreement or instrument as amended, novated, supplemented, extended or restated;

		(vii)	a “group of Lenders” includes all the Lenders;

		(viii)	“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;

    	 	27	 

     

    

 

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

		(x)	“proceedings” means, in relation to any enforcement provision of a Finance Document,
proceedings of any kind, including an application for a provisional or protective measure;

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

		(xii)	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;

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

		(xiv)	a time of day is a reference to London time;

		(xv)	any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status,
court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which
most nearly approximates in that jurisdiction to the English legal term;

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

		(xvii)	“including” and “in particular” (and other similar expressions)
shall be construed as not limiting any general words or expressions in connection with which they are used.

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

		(c)	Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes
of construction or interpretation of the Finance Documents.

		(d)	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.

		(e)	A Potential Event of Default is “continuing” if it has not been remedied or waived
and an Event of Default is “continuing” if it has not been waived or, if the Facility Agent deems that is capable of
remedy, has not been remedied within the period of time specified by the Facility Agent.

		1.3	Construction of insurance terms

In this Agreement:

“approved” means, for
the purposes of Clause 22 (Insurance Undertakings), approved in writing by the Facility Agent.

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

“obligatory insurances”
means all insurances effected, or which the Borrower is obliged to effect, under Clause 22 (Insurance Undertakings) or any
other provision of this Agreement or of another Finance Document.

“policy” includes a
slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms.

“protection and indemnity risks”
means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion
(if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery
policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute
Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.

“war risks” includes
the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute
Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83).

		1.4	Agreed forms of Finance Documents

References in Clause 1.1 (Definitions)
to any Finance Document being in “agreed form” are to that Finance Document:

		(a)	in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrower
and the Facility Agent); or

		(b)	in any other form agreed in writing between the Borrower and the Facility Agent acting with the authorisation
of the Majority Lenders or, where Clause 42.2 (All Lender matters) applies, all the Lenders.

		1.5	Third party rights

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

		(b)	Subject to Clause 42.3 (Other exceptions) but otherwise notwithstanding any term of any Finance
Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.

		(c)	Any Affiliate, Receiver, Delegate or any other person described in paragraph (d) of Clause 14.2 (Other
indemnities), paragraph (b) of Clause 29.11 (Exclusion of liability), or paragraph (b) of Clause 30.11 (Exclusion of liability),
Clause 29.19 (Role of Reference Banks), Clause 29.20 (Third Party Reference Banks) or paragraph (b) of Clause 29.11
(Exclusion of liability), may subject to this Clause 1.5 (Third party rights) and the Third Parties Act, rely on any Clause
of this Agreement which expressly confers rights on it.

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SECTION 2

THE FACILITY

		2	THE FACILITY

		2.1	The Facility

Subject to the terms of this Agreement,
the Lenders make available to the Borrower a dollar term loan facility in an amount not exceeding the Total Commitments.

		2.2	Finance Parties’ rights and obligations

		(a)	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.

		(b)	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 a Transaction Obligor is a separate and independent debt
in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each
Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of the
Loan or any other amount owed by a Transaction Obligor which relates to a Finance Party’s participation in the Facility or its role
under a Finance Document (including any such amount payable to the Facility Agent on its behalf) is a debt owing to that Finance Party
by that Transaction Obligor.

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

		2.3	Borrower’s Agent

		(a)	The Borrower by its execution of this Agreement irrevocably appoints the Parent Guarantor to act on its
behalf as its agent in relation to the Finance Documents and irrevocably authorises:

		(i)	the Parent Guarantor on its behalf to supply all information concerning itself contemplated by this Agreement
to the Finance Parties and to give all notices and instructions (including the Utilisation Request), to make such agreements and to effect
the relevant amendments, supplements and variations capable of being given, made or effected by the Borrower notwithstanding that they
may affect the Borrower, without further reference to or the consent of the Borrower; and

		(ii)	each Finance Party to give any notice, demand or other communication to the Borrower pursuant to the Finance
Documents to the Parent Guarantor,

and in each case the Borrower shall be
bound as though the Borrower itself had given the notices and instructions (including, without limitation, the Utilisation Request) or
executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other
communication.

		(b)	Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice
or other communication given or made by the Parent Guarantor or given to

    	 	30	 

     

    

the Parent Guarantor under any Finance
Document on behalf of the Borrower or in connection with any Finance Document (whether or not known to any Borrower) shall be binding
for all purposes on the Borrower as if the Borrower had expressly made, given or concurred with it. In the event of any conflict between
any notices or other communications of the Parent Guarantor and the Borrower, those of the Parent Guarantor shall prevail.

		3	PURPOSE

		3.1	Purpose

The Borrower shall apply all amounts borrowed
by it under the Facility only for the purposes stated in the preamble (Background) to this Agreement.

		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 Borrower may not deliver the Utilisation
Request unless the Facility Agent has received all of the documents and other evidence listed in Part A of Schedule 2 (Conditions Precedent)
in form and substance satisfactory to the Facility Agent.

		4.2	Further conditions precedent

The Lenders will only be obliged to comply
with Clause 5.4 (Lenders’ participation) if:

		(a)	on the date of the Utilisation Request and on the proposed Utilisation Date and before the Loan is made
available:

		(i)	no Default is continuing or would result from the borrowing of the Loan;

		(ii)	the Repeating Representations to be made by each Obligor on its own behalf or on behalf of any other Transaction
Obligor or any Approved Manager are true;

		(iii)	the know-your-customer checks for each of the Obligors have been conducted to the Facility Agent’s
and the Lenders’ satisfaction; and

		(b)	the Facility Agent has received on or before the Utilisation Date, or is satisfied it will receive when
the Loan is made available, all of the documents and other evidence listed in Part B of Schedule 2 (Conditions Precedent) in form
and substance satisfactory to the Facility Agent.

		4.3	Notification of satisfaction of conditions precedent

		(a)	The Facility Agent shall notify the Borrower and the Lenders promptly upon being satisfied as to the satisfaction
of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent).

		(b)	Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary
before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility
Agent to give that notification. The Facility

    	 	31	 

     

    

 

Agent shall not be liable for any damages,
costs or losses whatsoever as a result of giving any such notification.

		4.4	Waiver of conditions precedent

If the Majority Lenders, at their discretion,
permit the Loan to be borrowed before any of the conditions precedent referred to in Clause 4.1 (Initial conditions precedent) or
Clause 4.2 (Further conditions precedent) has been satisfied, the Borrower shall ensure that that condition is satisfied within
five Business Days after the Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Majority
Lenders, may agree in writing with the Borrower.

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SECTION 3

UTILISATION

		5	UTILISATION

		5.1	Delivery of Utilisation Request

		(a)	The Borrower may utilise the Loan by delivery to the Facility Agent of a duly completed Utilisation Request
not later than the Specified Time.

		(b)	The Borrower may not deliver more than one Utilisation Request.

		5.2	Completion of Utilisation Request

		(a)	The Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

		(i)	the proposed Utilisation Date is a Business Day within the Availability Period;

		(ii)	the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);

		(iii)	all applicable deductible items have been completed; and

		(iv)	the proposed Interest Period complies with Clause 9 (Interest Periods).

		(b)	There will be only one Utilisation in respect of the Loan.

		5.3	Currency and amount

		(a)	The currency specified in the Utilisation Request must be dollars.

		(b)	The amount of the Loan shall not exceed the lesser of (i) $51,700,000 and (ii) 65 per cent. of the Initial
Market Value of the Ship.

		5.4	Lenders’ participation

		(a)	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.

		(b)	The amount of each Lender’s participation in the Loan will be equal to the proportion borne by its
Commitment to the Available Facility immediately before making the Loan.

		(c)	The Facility Agent shall notify each Lender of the amount of the Loan and the amount of its participation
in the Loan by the Specified Time.

		5.5	Cancellation of Commitments

The Commitments which are not utilised
at the end of the Availability Period shall then be cancelled.

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		5.6	Payment to third parties

The Borrower irrevocably authorises the
Facility Agent on the Utilisation Date, to pay to, or for the account of, the Borrower the amounts which the Facility Agent receives from
the Lenders in respect of the Loan. That payment shall be made in like funds as the Facility Agent received from the Lenders to any of
the accounts which the Borrower specifies in the Utilisation Request for the purpose of refinancing part of the Existing Indebtedness
and for general corporate purposes.

		5.7	Disbursement of Loan to third party

Payment by the Facility Agent under Clause
5.6 (Payment to third parties) to a person other than the Borrower shall constitute the making of the Loan and the Borrower shall
at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender’s participation
in the Loan.

		5.8	Prepositioning of funds

If required, the Lenders, at the request
of the Borrower and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with any bank, the Borrower
and each Guarantor:

		(a)	agrees to pay interest on the amount of the funds so prepositioned at the rate described in Clause 8.1
(Calculation of interest) on the basis of successive interest periods of one day and so that interest shall be paid together with
the first payment of interest on the Loan after the Utilisation Date or, if such Utilisation Date does not occur, within three Business
Days of demand by the Facility Agent; and

		(b)	shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur
in connection with such arrangement.

    	 	34	 

     

    

 

SECTION 4

REPAYMENT, PREPAYMENT AND CANCELLATION

		6	REPAYMENT

		6.1	Repayment of Loan

The Borrower shall repay the Loan by 20
equal consecutive quarterly repayment instalments, each in an amount of $1,275,000, the first of which shall be repaid on the date falling
three Months after the Utilisation Date, each subsequent repayment instalment shall be repaid at three-monthly intervals thereafter and
the last one together with a balloon instalment in the amount of $26,200,000 (the “Balloon”) on the Termination Date;
and each such instalment shall be a “Repayment Instalment”.

		6.2	Effect of cancellation and prepayment on scheduled repayments

		(a)	If the Borrower cancels the whole or any part of any Commitment in accordance with Clause 7.5 (Right
of repayment and cancellation in relation to a single Lender) or if the Available Commitment of any Lender is cancelled under Clause
7.1 (Illegality) then the Repayment Instalments falling after that cancellation will be reduced pro rata by the amount of
the Available Commitments so cancelled.

		(b)	If any part of any Commitment is cancelled pursuant to Clause 5.5 (Cancellation of Commitments), the
Repayment Instalments for each Repayment Date falling after that cancellation will be reduced pro rata by the amount of the Commitments
so cancelled.

		(c)	If any part of the Loan is repaid or prepaid in accordance with Clause 7.5 (Right of repayment and
cancellation in relation to a single Lender) or Clause 7.1 (Illegality) then the Repayment Instalments (including the Balloon)
for each Repayment Date falling due after that repayment or prepayment will be reduced pro rata by the amount of the Loan repaid
or prepaid.

		(d)	If any part of the Loan is prepaid in accordance with Clause 7.2 (Voluntary prepayment of Loan) then
the Repayment Instalments falling after that prepayment will be reduced according to the Borrower’s determination.

		6.3	Termination Date

On the Termination Date, the Borrower
shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance
Documents.

		6.4	Reborrowing

The Borrower may not reborrow any part
of the Facility which is repaid

		7	PREPAYMENT AND CANCELLATION

		7.1	Illegality

If it becomes unlawful in any applicable
jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation
in the

    	 	35	 

     

    

 

Loan or any part of the Loan or any part
thereof or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:

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

		(b)	upon the Facility Agent notifying the Borrower, the Available Commitment of that Lender will be immediately
cancelled; and

		(c)	the Borrower shall prepay that Lender’s participation in the Loan on the last day of the Interest
Period applicable to the Loan occurring after the Facility Agent has notified the Borrower or, if earlier, the date specified by that
Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law)
and that Lender’s corresponding Commitment shall be cancelled in the amount of the participation prepaid.

		7.2	Voluntary prepayment of Loan

The Borrower may, if it gives the Facility
Agent not less than 15 Business Day’s prior indicative notice and 10 Business Days’ prior confirmative and irrevocable notice,
prepay the whole or any part of the Loan (but, if in part, being a minimum amount of $1,000,000 or a multiple of that amount).

		7.3	Mandatory prepayment on sale or Total Loss

		(a)	If the Ship is sold (without prejudice to paragraph (a) of Clause 21.12 (Disposals)) or becomes
a Total Loss the Borrower shall prepay the Loan on the Relevant Date.

		(b)	Provided that no Default has occurred and is continuing, any remaining proceeds of the sale or Total Loss
of the Ship after the prepayment referred to in paragraph (a) above has been made, together with all other amounts that are payable on
any such prepayment pursuant to the Finance Documents, shall be paid to the Borrower.

		(c)	The Borrower undertakes, in the case of a sale or Total Loss of the Ship, to deposit the sale proceeds
relating to such sale or the insurance proceeds relating to such Total Loss (as the case may be) to the Earnings Account to be applied
towards the prepayment of the Loan as required to be made by the Borrower pursuant to paragraph (a) above.

In this Clause 7.3 (Mandatory prepayment
on sale or Total Loss):

“Relevant Date” means:

		(a)	in the case of a sale of the Ship, the date falling on the earlier of:

		(i)	the date on which the sale is completed by delivery of the Ship to the buyer of the Ship; and

		(ii)	the date of receipt by the Borrower or the Security Agent of the proceeds relating to such sale;

		(b)	in the case of a Total Loss of the Ship, the date falling on the earlier of:

		(i)	the date falling 120 days after the Total Loss Date; and

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		(ii)	the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.

		7.4	Change of Control

If a Change of Control occurs the Borrower
and the Guarantors shall promptly notify the Facility Agent upon becoming aware of that event and if the Majority Lenders so require,
the Facility Agent shall (acting on the instructions of the Majority Lenders), by not less than 15 days’ notice to the Borrower,
cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately
due and payable, whereupon the Facility will be cancelled and the Loan and all such outstanding interest and other amounts will become
immediately due and payable.

For the purpose of this clause, a “Change
of Control” occurs if, during the Security Period:

		(a)	a change occurs in the direct or indirect legal or beneficial ownership or control of the Borrower (other
than a change in the legal or beneficial ownership or control of GSL which does not otherwise constitute a Change of Control in accordance
with this definition);

		(b)	the Parent Guarantor ceases to be a wholly-owned direct or indirect Subsidiary of, and controlled by,
GSL;

		(c)	Mr George Giouroukos ceases to own at least 50 per cent. of the number of shares of GSL (either directly
or through one or more affiliates) held by him on the date of the completion of the Merger (excluding any share split or reverse split)
other than by reason of death or other incapacity in managing his affairs;

		(d)	Mr George Giouroukos ceases to be the Executive Chairman of (or to hold an equivalent executive officer
position in) GSL other than by reason of death or other incapacity in managing his affairs; or

		(e)	any person(s) own(s) more than 35 per cent. of the shares in GSL, unless such person(s) owned such shares
on the date of the completion of the Merger.

		7.5	Right of repayment and cancellation in relation to a single Lender

		(a)	If:

		(i)	any sum payable to any Lender by a Transaction Obligor is required to be increased under paragraph (c)
of Clause 12.2 (Tax gross-up) or under that Clause as incorporated by reference or in full in any other Finance Document; or

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

the Borrower may, whilst the circumstance
giving rise to the requirement for that increase or indemnification continues, give the Facility Agent notice of cancellation of the Commitment
of that Lender and its intention to procure the repayment of that Lender’s participation in the Loan.

		(b)	On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender
shall immediately be reduced to zero.

    	 	37	 

     

    

 

		(c)	On the last day of each Interest Period which ends after the Borrower has given notice of cancellation
under paragraph (a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall
repay that Lender’s participation in the Loan.

		7.6	Termination of Initial Charter

		(a)	If the Initial Charter is frustrated, terminated (except by mere effluxion of time or in the case of Total
Loss of the Ship), cancelled or rescinded or purported to be cancelled or rescinded prior to its expiration date, the Borrower shall prepay
the Loan.

		(b)	No such prepayment will need to be made if, as soon as possible after (and in any event within 60 days
after) such cancellation, rescission, termination or withdrawal the Borrower has entered into a charter (which shall, without limitation,
include a binding and unconditional recapitulation of terms, a “Replacement Charter”) in respect of the Ship on terms (including,
without limitation, as to the tenor and charter hire) acceptable to the Facility Agent in its absolute discretion and, promptly after
the entry into such Replacement Charter, the Borrower has granted in favour of the Security Agent a Charterparty Assignment in respect
of such Replacement Charter.

		7.7	Restrictions

		(a)	Any notice of cancellation or prepayment given by any Party under this Clause 7 (Prepayment and Cancellation)
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, the amount of that cancellation or prepayment and, if relevant, the part of the Loan to be prepaid
or cancelled.

		(b)	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.

		(c)	The Borrower may not reborrow any part of the Facility which is prepaid.

		(d)	The Borrower 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.

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

		(f)	If the Facility Agent receives a notice under this Clause 7 (Prepayment and Cancellation) it shall
promptly forward a copy of that notice to either the Borrower and/or the affected Lenders, as appropriate.

		(g)	If all or part of any Lender’s participation in the Loan is repaid or prepaid, an amount of that
Lender’s Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the
date of repayment or prepayment.

		7.8	Application of prepayments

Subject to Clause 6.2 (d) (Effect of
cancellation and prepayment on scheduled repayments), any prepayment of any part of the Loan (other than a prepayment pursuant to
Clause 7.1

    	 	38	 

     

    

 

(Illegality) or Clause 7.5 (Right
of repayment and cancellation in relation to a single Lender)) shall be applied pro rata to each Lender’s participation in that
part of the Loan.

    	 	39	 

     

    

 

SECTION 5

COSTS OF UTILISATION

		8	INTEREST

		8.1	Calculation of interest

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

		(a)	the Margin; and

		(b)	LIBOR.

		8.2	Payment of interest

		(a)	The Borrower shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest
Period (each an “Interest Payment Date”).

		(b)	If an Interest Period is longer than three Months, the Borrower shall also pay interest then accrued on
the Loan or the relevant part of the Loan on the dates falling at three Monthly intervals after the first day of the Interest Period.

		(c)	If an Interest Period is shorter than three Months, the Borrower shall also pay any additional funding
costs of the Lenders.

		8.3	Default interest

		(a)	If a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date,
interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate
which, subject to paragraph (b) below, is 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had,
during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each
of a duration selected by the Facility Agent. Any interest accruing under this Clause 8.3 (Default interest) shall be immediately
payable by the Obligor on demand by the Facility Agent.

		(b)	If an Unpaid Sum 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 that part of the Loan:

		(i)	the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of
the current Interest Period relating to the Loan or that part of the Loan; and

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

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

    	 	40	 

     

    

 

		8.4	Notification of rates of interest

		(a)	The Facility Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of
interest under this Agreement.

		(b)	The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan, any part
of the Loan or any Unpaid Sum.

		9	INTEREST PERIODS

		9.1	Selection of Interest Periods

		(a)	The Borrower may select the Interest Period for the Loan in the Utilisation Request. Subject to paragraph
(f) below and Clause 9.2 (Changes to Interest Periods), the Borrower may select each subsequent Interest Period for the Loan in
a Selection Notice.

		(b)	Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrower not later
than the Specified Time.

		(c)	If the Borrower fails to select an Interest Period in the Utilisation Request or fails to deliver a Selection
Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the relevant Interest Period will, subject to paragraph
(f) below and Clause 9.2 (Changes to Interest Periods), be three Months.

		(d)	Subject to this Clause 9 (Interest Periods), the Borrower may select an Interest Period of 3 Months
or any other period agreed between the Borrower and the Facility Agent (acting on the instructions of all the Lenders).

		(e)	An Interest Period in respect of the Loan or any part of the Loan shall not extend beyond the Termination
Date.

		(f)	In respect of a Repayment Instalment, the Borrower may request in the relevant Selection Notice that an
Interest Period for a part of the Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it and, subject
to paragraph (d) above, select a longer Interest Period for the remaining part of the Loan.

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

		(h)	Except for the purposes of paragraph above and Clause 9.2 (Changes to Interest Periods), the Loan
shall have one Interest Period only at any time.

		9.2	Changes to Interest Periods

		(a)	In respect of a Repayment Instalment, prior to determining the interest rate for the Loan, the Facility
Agent may establish an Interest Period for a part of the Loan equal to such Repayment Instalment to end on the Repayment Date relating
to it and the remaining part of the Loan shall have the Interest Period selected in the relevant Selection Notice, subject to paragraph
(d) of Clause 9.1 (Selection of Interest Periods).

		(b)	If the Facility Agent makes any change to an Interest Period referred to in this Clause 9.2 (Changes
to Interest Periods), it shall promptly notify the Borrower and the Lenders.

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		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

This Clause 10 (Changes to the calculation
of interest) applies if:

		(a)	no Screen Rate is quoted in REUTERS BBA Page LIBOR 01 and no adequate and fair means exist for ascertaining
the interest rate for a selected Interest Period;

		(b)	at least 1 Business Day before the start of an Interest Period, a Lender notifies the Facility Agent that
LIBOR fixed by the Facility Agent would not accurately reflect the cost to that Lender of funding its Commitment (or any part of it) during
the Interest Period in the London Interbank Market at or about 11.00 a.m. (London time) on the Quotation Date for the Interest Period;
or

		(c)	at least 1 Business Day before the start of an Interest Period, the Facility Agent is notified by a Lender
or Lenders (whose Commitments exceed 50 percent of the Total Commitments) (as the case may be) (the “Affected Lender”) that
for any reason it is unable to obtain Dollars in the London Interbank Market in order to fund its Commitment (or any part of it) during
the Interest Period.

		10.2	Notification of market disruption

The Facility Agent shall promptly notify
the Borrower and each of the Lenders stating the circumstances falling within Clause 10.1 (Market disruption) which have caused
its notice to be given.

		10.3	Suspension of drawdown

If the Facility Agent’s notice under
Clause 10.2 (Notification of market disruption) is served before the Loan is advanced:

		(a)	in a case falling within paragraph (a) of Clause 10.1 (Market disruption), the Lenders’ obligations
to advance the Loan;

		(b)	in a case falling within paragraph (b) of Clause 10.1 (Market disruption), the Lenders’ obligations
to advance the Loan or as, the case may be, the concerned Lender’s obligation to participate in the Loan; and

		(c)	in a case falling within paragraph (c) of 10.1 (Market disruption), the Affected Lender’s
obligation to participate in the Loan, shall be suspended while the circumstances referred to in the Facility Agent’s notice continue.

		10.4	Negotiation of alternative rate of interest

Subject to Clause 42.5 (Replacement
of Screen Rate), if the Facility Agent’s notice under Clause 10.2 (Notification of market disruption) is served after
the Loan is advanced, the Borrower, the

    	 	42	 

     

    

 

Facility Agent and the Lenders or (as
the case may be) the Affected Lender shall use reasonable endeavours to agree, within 30 days after the date on which the Facility Agent
serves its notice under Clause 10.2 (Notification of market disruption) (the “Negotiation Period”), an alternative
interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue
to fund their or its Commitment during the Interest Period concerned.

		10.5	Application of agreed alternative rate of interest

Clause 42.5 (Replacement of Screen
Rate), any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance
with the terms agreed.

		10.6	Alternative rate of interest in absence of agreement

If an alternative interest rate or alternative
basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period,
then the Facility Agent shall, with the agreement of each Lender or (as the case may be) the Affected Lender, set an interest period and
interest rate representing the cost of funding of the Lenders or (as the case may be) the Affected Lender in Dollars or in any available
currency of their or its Commitment plus the Margin; and the procedure provided for by this Clause 10.6 (Alternative rate of interest
in absence of agreement) shall be repeated if the relevant circumstances are continuing at the end of the interest period so set by
the Facility Agent.

		10.7	Notice of prepayment

If the Borrower does not agree with an
interest rate set by the Facility Agent under Clause 10.6 (Alternative rate of interest in absence of agreement), the Borrower
may give the Facility Agent not less than 15 Business Days’ notice of their intention to prepay at the end of the interest period
set by the Facility Agent.

		10.8	Prepayment; termination of Commitments

A notice under Clause 10.7 (Notice
of prepayment) shall be irrevocable; the Facility Agent shall promptly notify the Lenders or (as the case may require) the Affected
Lender of the Borrower’s notice of intended prepayment; and:

		(a)	on the date on which the Facility Agent serves that notice, the Total Commitments or (as the case may
require) the Commitment of the Affected Lender shall be cancelled; and

		(b)	on the last Business Day of the interest period set by the Facility Agent, the Borrower shall prepay (without
premium or penalty) the Loan or, as the case may be, the Affected Lender’s Commitment, together with accrued interest thereon at
the applicable rate plus the Margin.

		10.9	Application of prepayment

The provisions of Clause 7 (Prepayment
and cancellation) shall apply in relation to the prepayment under Clause 10.8 (Prepayment; termination of Commitments) (as
applicable).

		10.10	Break Costs

		(a)	The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party
its Break Costs attributable to all or any part of the Loan or Unpaid Sum being

    	 	43	 

     

    

paid by the Borrower on a day other than
the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.

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

		11	FEES

The Borrower shall pay all fees in accordance
with any Fee Letter.

    	 	44	 

     

    

 

SECTION 6

ADDITIONAL PAYMENT OBLIGATIONS

		12	TAX GROSS UP AND INDEMNITIES

		12.1	Definitions

		(a)	In this Agreement:

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

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

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

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

		(b)	Unless a contrary indication appears, in this Clause 12 (Tax Gross Up and Indemnities) reference
to “determines” or “determined” means a determination made in the absolute discretion of the person making the
determination.

		12.2	Tax gross-up

		(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction
is required by law.

		(b)	The Borrower shall promptly upon 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 Facility Agent accordingly. Similarly, a Lender shall notify the
Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from
a Lender it shall notify the Borrower and that Obligor.

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

		(d)	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.

		(e)	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 Facility Agent for the Finance Party entitled to the payment evidence reasonably
satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant
taxing authority.

    	 	45	 

     

    

 

		12.3	Tax indemnity

		(a)	The Obligors shall (within three Business Days of demand by the Facility 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.

		(b)	Paragraph (a) above shall not apply:

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

		(A)	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

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

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

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

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

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

		(c)	A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify
the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the
Obligors.

		(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3 (Tax indemnity),
notify the Facility Agent.

		12.4	Tax Credit

If an Obligor makes a Tax Payment and
the relevant Finance Party determines that:

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

		(b)	that Finance Party has obtained and utilised that Tax Credit,

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

		12.5	Stamp taxes

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

    	 	46	 

     

    

 

		12.6	VAT

		(a)	All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in
whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable
on that supply, and accordingly, subject to paragraph (b) 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
must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal
to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

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

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

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

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

		(d)	Any reference in this Clause 12.6 (VAT) to any Party shall, at any time when that Party is treated
as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires)
a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping
rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union
or equivalent provisions imposed elsewhere) so that a reference to a Party shall be construed as a reference to that Party or the relevant
group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or the relevant representative
member (or representative or head) of that group or unity at the relevant time (as the case may be).

		(e)	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

    	 	47	 

     

    

requested in connection with such Finance
Party’s VAT reporting requirements in relation to such supply.

		12.7	FATCA Information

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

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

		(A)	a FATCA Exempt Party; or

		(B)	not a FATCA Exempt Party; and

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

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

		(b)	If a Party confirms to another Party pursuant to sub-paragraph (i) of paragraph (a) above that it is a
FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly.

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

		(i)	any law or regulation;

		(ii)	any fiduciary duty; or

		(iii)	any duty of confidentiality.

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

		(e)	If the Borrower is a US Tax Obligor, or the Facility 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:

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

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

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

supply to the Facility Agent:

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

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

		(f)	The Facility Agent shall provide any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (e) above to the Borrower.

		(g)	If any withholding certificate, withholding statement, document, authorisation or waiver provided to the
Facility Agent by a Lender pursuant to paragraph (e) 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 Facility Agent
unless it is unlawful for the Lender to do so (in which case the Lender shall promptly notify the Facility Agent). The Facility Agent
shall provide any such updated withholding certificate, withholding statement, document, authorisation or waiver to the Borrower.

		(h)	The Facility Agent may rely on any withholding certificate, withholding statement, document, authorisation
or waiver it receives from a Lender pursuant to paragraph (e) or (g) above without further verification. The Facility Agent shall not
be liable for any action taken by it under or in connection with paragraphs (e), (f) or (g) above.

		12.8	FATCA Deduction

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

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

		13	INCREASED COSTS

		13.1	Increased costs

		(a)	Subject to Clause 13.3 (Exceptions), the Borrower shall, within three Business Days of a demand
by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any
of its Affiliates as a result of:

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

		(ii)	compliance with any law or regulation made,

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in each case after the date of this Agreement;
or

		(iii)	the implementation, application of or compliance with the Dodd-Frank Wall Street Reform and Consumer Protection
Act, Basel III or CRD IV or any requests, rules, guidelines, directives, law or regulation that implements or applies the Dodd-Frank Wall
Street Reform and Consumer Protection Act, Basel III or CRD IV.

		(b)	In this Agreement:

		(i)	“Basel III” means:

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

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

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

		(ii)	“CRD IV” means:

		(A)	Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as amended by Regulation (EU) 2019/876;

		(B)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity
of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing
Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; and

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

		(iii)	“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,

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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

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

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

		13.3	Exceptions

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

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

		(b)	attributable to a FATCA Deduction required to he made by a Party;

		(c)	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 paragraph (b) of Clause 12.3 (Tax indemnity)
applied);

		(d)	compensated for by any payment made pursuant to Clause 14.3 (Mandatory Cost); or

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

		14	OTHER INDEMNITIES

		14.1	Currency indemnity

		(a)	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:

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

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

that Obligor shall, as an independent
obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, loss or liability arising out of or as
a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency
into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.

		(b)	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.

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		14.2	Other indemnities

		(a)	Each Obligor shall within 3 Business Days of any demand, indemnify each Secured Party against any cost,
loss or liability incurred by it as a result of:

		(i)	the occurrence of any Event of Default;

		(ii)	a failure by a Transaction Obligor to pay any amount due under a Finance Document on its due date, including
without limitation, any cost, loss or liability arising as a result of Clause 32 (Sharing among the Finance Parties);

		(iii)	funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in the
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 Secured Party alone); or

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

		(b)	Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each
officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause 14.2 (Other indemnities)
an “Indemnified Person”), against any cost, loss or liability incurred by that Indemnified Person pursuant to or
in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out
of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any Security constituted by the Finance
Documents or which relates to the condition or operation of, or any incident occurring in relation to, any Ship unless such cost, loss
or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.

		(c)	Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in paragraph
(b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:

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

		(ii)	in connection with any Environmental Claim.

		(d)	Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this
Clause 14.2 (Other indemnities) subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.

		14.3	Mandatory Cost

The Borrower shall within 3 Business Days
of any demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any Lender certifies
in a notice to the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with:

		(a)	in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve
requirements (or other requirements having the same or similar purpose) of

    	 	52	 

     

    

the European Central Bank or any other
authority or agency which replaces all or any of its functions in respect of loans made from that Facility Office; and

		(b)	in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special
deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental
authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other
governmental authority or agency which replaces all or any of their functions),

which, in each case, is referable to that
Lender’s participation in the Loan.

		14.4	Indemnity to the Facility Agent

Each Obligor shall within 3 Business Days
of any demand, indemnify the Facility Agent against:

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

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

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

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under the Finance Documents; and

		(b)	any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s
gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 33.11 (Disruption to Payment
Systems etc.) notwithstanding the Facility Agent’s negligence, gross negligence or any other category of liability whatsoever
but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents.

		14.5	Indemnity to the Security Agent

		(a)	Each Obligor shall within 3 Business Days of any demand, indemnify the Security Agent and every Receiver
and Delegate against any cost, loss or liability incurred by any of them:

		(i)	in relation to or as a result of:

		(A)	any failure by the Borrower to comply with its obligations under Clause 16 (Costs and Expenses);

		(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 Finance Documents and the Transaction Security;

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

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		(E)	any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed
by it in the Finance Documents;

		(F)	any action by any Transaction Obligor which vitiates, reduces the value of, or is otherwise prejudicial
to, the Transaction Security; and

		(G)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under the Finance Documents;

		(ii)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates
to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case,
than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct).

		(b)	The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this
Clause 14.5 (Indemnity to the Security Agent) and shall have a lien on the Transaction Security and the proceeds of the enforcement
of the Transaction Security for all monies payable to it.

		15	MITIGATION BY THE FINANCE PARTIES

		15.1	Mitigation

		(a)	Each Finance Party shall, in consultation with the Borrower, 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) or paragraph (a) of
Clause 14.3 (Mandatory Cost) including (but not limited to) transferring its rights and obligations under the Finance Documents
to another Affiliate or Facility Office.

		(b)	Paragraph (a) above does not in any way limit the obligations of any Transaction Obligor under the Finance
Documents.

		15.2	Limitation of liability

		(a)	Each Obligor shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred
by that Finance Party as a result of steps taken by it under Clause 15.1 (Mitigation).

		(b)	A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if either:

		(i)	a Default has occurred and is continuing; or

		(ii)	in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

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		16	COSTS AND EXPENSES

		16.1	Transaction expenses

The Obligors shall, within three days
of any demand, pay the Facility Agent, the Security Agent and the Arrangers the amount of all costs and expenses (including pre-agreed
legal fees) reasonably incurred by any Secured Party in connection with the negotiation, preparation, printing, execution, syndication
and perfection of:

		(a)	this Agreement and any other documents referred to in this Agreement or in a Security Document; and

		(b)	any other Finance Documents executed after the date of this Agreement.

		16.2	Amendment costs

If:

		(a)	a Transaction Obligor requests an amendment, waiver or consent; or

		(b)	an amendment is required either pursuant to Clause 33.9 (Change of currency) or as contemplated
in Clause 42.5 (Replacement of Screen Rate); or

		(c)	a Transaction Obligor requests, and the Security Agent agrees to, the release of all or any part of the
Security Assets from the Transaction Security,

the Obligors shall, within three days
of any demand, reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees)
reasonably incurred by each Secured Party in responding to, evaluating, negotiating or complying with that request or requirement.

		16.3	Enforcement and preservation costs

The Obligors shall within 3 Business Days
of any demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in
connection with the enforcement of, or the preservation of any rights under, any Finance Document or the Transaction Security and with
any proceedings instituted by or against that Secured Party as a consequence of it entering into a Finance Document, taking or holding
the Transaction Security, or enforcing those rights.

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SECTION 7

GUARANTEES

		17	GUARANTEE AND INDEMNITY

		17.1	Guarantee and indemnity

Each Guarantor irrevocably and unconditionally:

		(a)	guarantees to each Finance Party punctual performance by the Borrower of all the Borrower’s obligations
under the Finance Documents;

		(b)	undertakes with each Finance Party that whenever the Borrower does not pay any amount when due under or
in connection with any Finance Document, that Guarantor shall immediately on demand pay that amount as if it were the principal obligor;
and

		(c)	agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid
or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss
or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality,
have been payable by it under any Finance Document on the date when it would have been due. The amount payable by that Guarantor under
this indemnity will not exceed the amount it would have had to pay under this Clause 17 (Guarantee and Indemnity) if the amount
claimed had been recoverable on the basis of a guarantee.

		17.2	Continuing guarantee

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

		17.3	Reinstatement

If any discharge, release or arrangement
(whether in respect of the obligations of any Transaction Obligor or any security for those obligations or otherwise) is made by a Secured
Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency,
liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this Clause 17 (Guarantee
and Indemnity) will continue or be reinstated as if the discharge, release or arrangement had not occurred.

		17.4	Waiver of defences

The obligations of each Guarantor under
this Clause 17 (Guarantee and Indemnity) and in respect of any Transaction Security will not be affected or discharged by an act,
omission, matter or thing which, but for this Clause 17.4 (Waiver of defences), would reduce, release or prejudice any of its obligations
under this Clause 17 (Guarantee and Indemnity) or in respect of any Transaction Security (without limitation and whether or not
known to it or any Secured Party) including:

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

    	 	56	 

     

    

 

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

		(c)	the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or
delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over
assets of, any Transaction 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 a Transaction 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 including, without limitation, any change in the purpose
of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or 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.

		17.5	Immediate recourse

		(a)	Each Guarantor waives any right it may have of first requiring any Secured 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 (including without limitation
to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings
under this Clause 17 (Guarantee and Indemnity). This waiver applies irrespective of any law or any provision of a Finance Document
to the contrary.

		(b)	Each Guarantor acknowledges the rights of the Facility Agent pursuant to Clause 27.19 (Acceleration)
to enforce or direct the Security Agent to enforce or exercise any or all of its rights, remedies powers or directions under any guarantee
or indemnity contained in this Agreement.

		17.6	Appropriations

Until all amounts which may be or become
payable by the Transaction Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Secured
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 Secured
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it
sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

		(b)	hold in an interest-bearing suspense account any moneys received from a Guarantor or on account of that
Guarantor’s liability under this Clause 17 (Guarantee and Indemnity).

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		17.7	Deferral of Guarantor’s rights

All rights which a Guarantor at any time
has (whether in respect of this guarantee, a mortgage or any other transaction) against the Borrower, any other Transaction Obligor or
their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end
of the Security Period and unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have (whether
in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations
under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 17 (Guarantee and Indemnity):

		(a)	to be indemnified by a Transaction Obligor;

		(b)	to claim any contribution from any third party providing security for, or any other guarantor of, any
Transaction Obligor’s obligations under the Finance Documents;

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

		(d)	to bring legal or other proceedings for an order requiring any Transaction Obligor to make any payment,
or perform any obligation, in respect of which the Guarantors have given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee
and indemnity);

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

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

If a Guarantor receives any benefit, payment
or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts
which may be or become payable to the Secured Parties by the Transaction Obligors under or in connection with the Finance Documents to
be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility
Agent may direct for application in accordance with Clause 33 (Payment Mechanics).

		17.8	Additional security

This guarantee and any other Security
given by each Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security
or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts
in connection with the Finance Documents.

		17.9	Applicability of provisions of Guarantee to other Security

Clauses 17.2 (Continuing guarantee), 17.3
(Reinstatement), 17.4 (Waiver of defences), 17.5 (Immediate recourse), 17.6 (Appropriations), 17.7 (Deferral of Parent Guarantor’s
rights) and 17.8 (Additional security) shall apply, with any necessary modifications, to any Security which a Guarantor creates (whether
at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.

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SECTION 8

REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

		18	REPRESENTATIONS

		18.1	General

Each Obligor makes the representations
and warranties set out in this Clause 18 (Representations) to each Finance Party on the date of this Agreement.

		18.2	Status

		(a)	Each Obligor (other than GSL) is a limited liability company formed and validly existing and in good standing
under the law of its Original Jurisdiction.

		(b)	GSL is a corporation incorporated and validly existing and in good standing under the law of its Original
Jurisdiction.

		(c)	It and each Transaction Obligor has the power to own its assets and carry on its business as it is being
conducted.

		18.3	LLC shares and ownership

		(a)	In the case of the Borrower, the aggregate number of limited liability company interests that it is authorised
to issue is 500 LLC Shares, all of which (being 100 per cent. of its limited liability company interests) have been issued to the Member.

		(b)	The aggregate number of limited liability company interests that the Parent Guarantor is authorised to
issue is 100 LLC Shares, all of which (being 100 per cent. of its limited liability company interests) have been issued to GSL ROME LLC,
a Marshall Islands limited liability company.

		(c)	GSL is authorised to issue an aggregate of 249,000,000 common shares, each with a par value $0.01, consisting
of:

		(i)	214,000,000 Class A common shares, $0.01 per share, of which as of 24 March 2021 36,283,468 shares were
issued and outstanding;

		(ii)	20,000,000 Class B common shares, $0.01 per share, of which as of 24 March 2021 none were issued and outstanding;
and

		(iii)	15,000,000 Class C common shares, $0.01 per share, of which as of 24 March 2021none were issued and outstanding.

GSL is authorized to issue an aggregate
of 1,000,000 preferred shares, each with a par value of $0.01, of which as of 24 March 2021:

		(i)	44,000 Series B Preferred Shares, $0.01 per share, of which 29,730.8 shares were issued and outstanding;
and

		(ii)	250,000 Series C Preferred Shares, $0.01 per share, of which as of 24 March 2021 none were issued and
outstanding.

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		(d)	The legal title to and beneficial interest in the LLC Shares in the Borrower is held directly by its Member
and indirectly (as set out under paragraphs (a) to (c) above) by the Guarantors free of any Security or any other claim, except for Permitted
Security.

		(e)	None of the LLC Shares in the Borrower is subject to any option to purchase, pre-emption rights or similar
rights.

		18.4	Binding obligations

The obligations expressed to be assumed
by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable obligations.

		18.5	Validity, effectiveness and ranking of Security

		(a)	Each Finance Document to which it is a party does now or, as the case may be, will upon execution and
delivery create, subject to the Legal Reservations and the Perfection Requirements, the Security it purports to create over any assets
to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.

		(b)	No third party has or will have any Security (except for Permitted Security) over any assets that are
the subject of any Transaction Security granted by it.

		(c)	Subject to the Perfection Requirements, the Transaction Security granted by it to the Security Agent or
any other Secured Party has or will when created or intended to be created have first ranking priority or such other priority it is expressed
to have in the Finance Documents and is not subject to any prior ranking or pari passu ranking security.

		(d)	No concurrence, consent or authorisation of any person is required for the creation of or otherwise in
connection with any Transaction Security.

		18.6	Non-conflict with other obligations

The entry into and performance by it of,
and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict with:

		(a)	any law or regulation applicable to it;

		(b)	its constitutional documents; or

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

		18.7	Power and authority

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

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

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		18.8	Validity and admissibility in evidence

All Authorisations required or desirable:

		(a)	to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction
Documents to which it is a party; and

		(b)	to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,
have been obtained or effected and are in full force and effect.

		18.9	Governing law and enforcement

		(a)	The choice of governing law of each Transaction Document to which it is a party will be recognised and
enforced in its Relevant Jurisdictions.

		(b)	Any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction
of the governing law of that Transaction Document and any arbitral award obtained in relation to a Transaction Document in the seat of
that arbitral tribunal as specified in that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.

		18.10	Insolvency

No:

		(a)	corporate action, legal proceeding or other similar legal procedure or similar legal step described in
paragraph (a) of Clause 26.8 (Insolvency proceedings); or

		(b)	creditors’ process described in Clause 26.9 (Creditors’ process), 

has been taken or, to its knowledge, threatened
in relation to any Transaction Obligor; and none of the circumstances described in Clause 26.7 (Insolvency) applies to any Transaction
Obligor.

		18.11	No filing or stamp taxes

Under the laws of its Relevant Jurisdictions
it is not necessary that the Finance Documents to which it is a party be registered, filed, recorded, notarised 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
the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except the registration of the
Mortgage at the applicable ship registry of the Republic of Liberia; which registration will be made promptly after the date of the relevant
Finance Documents.

		18.12	Deduction of Tax

It is not required to make any Tax Deduction
from any payment it may make under any Finance Document to which it is a party.

		18.13	No default

		(a)	No Event of Default and, on the date of this Agreement and on the Utilisation Date, no Default is continuing
or might reasonably be expected to result from the making of the Utilisation or

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the entry into, the performance of, or
any transaction contemplated by, any Transaction Document.

		(b)	No other event or circumstance is outstanding which constitutes a default or a termination event (however
described) under any other agreement or instrument which is binding on it or to which its assets are subject.

		18.14	No misleading information

		(a)	Any factual information provided by any member of the Group for the purposes of this Agreement was true
and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.

		(b)	The financial projections contained in any such information have been prepared on the basis of recent
historical information and on the basis of reasonable assumptions.

		(c)	Nothing has occurred or been omitted from any such information and no information has been given or withheld
that results in any such information being untrue or misleading in any material respect.

		18.15	Financial Statements

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

		(b)	The Original Financial Statements give a true and fair view of its financial condition as at the end of
the relevant financial year and its results of operations during the relevant financial year.

		(c)	There has been no material adverse change in its assets, business or financial condition (or the assets,
business or consolidated financial condition of the Group) since 31 December 2020.

		(d)	Its most recent financial statements delivered pursuant to Clause 19.2 (Financial statements):

		(i)	have been prepared in accordance with Clause 19.4 (Requirements as to financial statements); and

		(ii)	fairly present its financial condition as at the end of the relevant financial year and operations during
the relevant financial year (consolidated in the case of the Parent Guarantor).

		(e)	Since the date of the most recent financial statements delivered pursuant to Clause 19.2 (Financial
statements) there has been no material adverse change in its business, assets or financial condition (or the business or consolidated
financial condition of the Group, in the case of the Parent Guarantor).

		18.16	Pari passu ranking

Its payment obligations under the Finance
Documents to which it is a party rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors,
except for obligations mandatorily preferred by law applying to companies generally.

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		18.17	No proceedings pending or threatened

		(a)	No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations
relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency which, if
adversely determined, might reasonably be expected to have a Material Adverse Effect have (to the best of its knowledge and belief (having
made due and careful enquiry)) been started or threatened against it or any other Transaction Obligor.

		(b)	No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental
or other regulatory body which might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief
(having made due and careful enquiry)) been made against it or any other Transaction Obligor.

		18.18	Valuations

		(a)	All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation
delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate)
as at the date (if any) at which it is stated 10 be given.

		(b)	It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely
affect any valuation prepared by such Approved Valuer.

		(c)	There has been no change to the factual information provided pursuant to paragraph (a) above in relation
to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information
untrue or misleading in any material respect.

		18.19	No breach of laws

It has not breached any applicable law
or regulation which breach has a Material Adverse Effect.

		18.20	Initial Charter

The Ship is subject to the Initial Charter
and has been delivered to the Initial Charterer.

		18.21	Compliance with Environmental Laws

All Environmental Laws relating to the
ownership, operation and management of the Ship and, to the best of each Obligor’s knowledge, the business of each other Transaction
Obligor (as now conducted and as reasonably anticipated to be conducted in the future) and the terms of all Environmental Approvals have
been complied with.

		18.22	No Environmental Claim

No Environmental Claim has been made or
threatened against any member of the Group or any Ship which is reasonably expected to have a Material Adverse Effect.

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		18.23	No Environmental Incident

No Environmental Incident has occurred
and no person has claimed that an Environmental Incident has occurred which is reasonably expected to have a Material Adverse Effect.

		18.24	ISM and ISPS Code compliance

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

		18.25	Taxes paid

		(a)	It is not and (to the best of its knowledge and belief (having made due and careful enquiry)) no other
Transaction Obligor is materially overdue in the filing of any Tax returns and it is not (and to the best of its knowledge and belief
(having made due and careful enquiry)) and no other Transaction Obligor is overdue in the payment of any amount in respect of Tax unless
and only to the extent that (i) such payment is being contested in good faith, (ii) adequate reserves are being maintained for those Taxes
and the costs required to contest them and (iii) such payment can be lawfully withheld and failure to file such returns or pay those Taxes
does not have a Material Adverse Effect.

		(b)	No claims or investigations are being, made or conducted against it (or (to the best of its knowledge
and belief (having made due and careful enquiry)) against any other Transaction Obligor) with respect to Taxes.

		18.26	Financial Indebtedness

No Obligor (other than GSL) has any Financial
Indebtedness outstanding other than Permitted Financial Indebtedness.

		18.27	Overseas companies

No Obligor has delivered particulars,
whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar of Companies as required
under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable an accurate
search against it to be undertaken by the Lenders at the Companies Registry.

		18.28	Good title to assets

It has good, valid and marketable title
to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently
conducted.

		18.29	Ownership

		(a)	The Borrower is the sole legal and beneficial owner of the Ship, the Earnings and the Insurances.

		(b)	With effect on and from the date of its creation or intended creation, each Transaction Obligor will be
the sole legal and beneficial owner of any asset that is the subject of any Transaction Security created or intended to be created by
such Transaction Obligor.

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		(c)	The constitutional documents of each Transaction Obligor do not and could not restrict or inhibit any
transfer of the LLC Shares of the Borrower on creation or enforcement of the security conferred by the Security Documents.

		18.30	Centre of main interests and establishments

For the purposes of The Council of the
European Union Regulation No. 2015/848 on Insolvency Proceedings (recast) (the “Regulation”), its centre of main interest
(as that term is used in Article 3(1) of the Regulation) is situated in Greece and it has no “establishment” (as that term
is used in Article 2(10) of the Regulation) in any other jurisdiction.

		18.31	Place of business

		(a)	No Obligor has a place of management of its business in any country other than Greece.

		(b)	The Borrower is not a tax resident in the Republic of the Marshall Islands or any other jurisdiction and
it is liable to pay Greek tonnage tax in respect of the Ship as long as the Ship is managed by an Approved Manager whose place of management
of its business is Greece.

		18.32	No employee or pension arrangements

No Obligor has any employees or any liabilities
under any pension scheme.

		18.33	No immunity

No Obligor nor any of its respective assets
are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceedings (which shall include, without
limitation, suit, attachment prior to judgment, execution or other enforcement).

		18.34	Sanctions Representations

		(a)	No Transaction Obligor or Approved Manager:

		(i)	is a Prohibited Person;

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

		(iii)	owns or controls a Prohibited Person; or

		(iv)	has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee.

		(b)	Each Transaction Obligor and Approved Manager has instituted and maintains policies and/or internal procedures
designed to prevent violation of Sanctions.

		(c)	No proceeds of the Loan shall be made available, directly or indirectly, to or for the benefit of a Prohibited
Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.

		18.35	Validity and completeness of the Initial Charter

		(a)	The Initial Charter constitutes legal, valid, binding and enforceable obligations of the Borrower.

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		(b)	The copy of the Initial Charter delivered to the Facility Agent before the date of this Agreement is a
true and complete copy.

		(c)	No amendments or additions to the Initial Charter have been agreed save as otherwise disclosed to the
Facility Agent prior to the execution of this Agreement nor has the Borrower waived any of its rights under the Initial Charter.

		18.36	Anti-bribery, anti-corruption and anti-money laundering

No Transaction Obligor nor any of their
Subsidiaries, directors or officers, or, to the best of their knowledge, any affiliate, agent or employee of them, has engaged in any
activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules
in any applicable jurisdiction (including, without limitation, the US Foreign Corrupt Practices Act of 1977, as amended) and each Transaction
Obligor has instituted and maintain policies and/or internal procedures designed to prevent violation of such laws, regulations and rules.

		18.37	Ship status

The Ship is:

		(a)	registered in the name of the Borrower under the laws and flag of the Approved Flag;

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

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

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

		18.38	Repetition

The Repeating Representations are deemed
to be made by each Obligor by reference to the facts and circumstances then existing on the date of the Utilisation Request and the first
day of each Interest Period.

		19	INFORMATION UNDERTAKINGS

		19.1	General

The undertakings in this Clause 19 (Information
Undertakings) remain in force throughout the Security Period unless the Facility Agent, acting with the authorisation of the Majority
Lenders (or, where specified, all the Lenders), may otherwise permit.

		19.2	Financial statements

The Parent Guarantor shall supply to the
Facility Agent in sufficient copies for all the Lenders:

		(a)	as soon as they become available, but in any event within 180 days after the end of each of its respective
financial years its unaudited consolidated financial statements for that financial year;

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		(b)	as soon as the same become available, but in any event within 90 days after the end of each half of each
of its respective financial years its unaudited consolidated financial statements for that financial half- year; and

		(c)	as soon as they become publicly available, quarterly and annual financial statements of GSL prepared in
accordance with NYSE rules (as shown and available in the website of GSL).

		19.3	Compliance Certificate

		(a)	The Parent Guarantor shall (or shall procure that GSL shall) supply to the Facility Agent, together with
each set of financial statements delivered pursuant to of paragraph (b) of Clause 19.2 (Financial statements) as the case may be,
a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial Covenants) as
at the date at which those financial statements were drawn up.

		(b)	Each Compliance Certificate shall be signed by the chief financial officer of GSL.

		19.4	Requirements as to financial statements

		(a)	Each set of financial statements delivered by the Parent Guarantor pursuant to Clause 19.2 (Financial
statements) shall be certified by an officer of the Parent Guarantor as giving a true and fair view (if audited) or fairly representing
(if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up.

		(b)	The Obligors shall procure that each set of financial statements delivered pursuant to Clause 19.2 (Financial
statements) is 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, they notify the Facility Agent that there
has been a change in GAAP, the accounting practices or reference periods and the auditors of the Parent Guarantor deliver to the Facility
Agent:

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

		(ii)	sufficient information, in form and substance as may be reasonably required by the Facility Agent, to
enable the Lenders to determine whether Clause 20 (Financial Covenants) has been complied with and make an accurate comparison
between the financial position indicated in those financial statements and the Original Financial Statements.

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

		19.5	Information: miscellaneous

Each Obligor shall and shall procure that
each other Transaction Obligor shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so
requests):

		(a)	all documents relevant to this Agreement which are dispatched by it to its members (or any class of them)
or its creditors upon request of the Facility Agent;

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		(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code)
which are current, threatened or pending against any member of the Group, and which might, if adversely determined, have a Material Adverse
Effect;

		(c)	promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral body or
agency which is made against any member of the Group and which might have a Material Adverse Effect;

		(d)	promptly, its constitutional documents where these have been amended or varied;

		(e)	promptly, such further information and/or documents regarding:

		(i)	the Ship, goods transported on the Ship, the Earnings and the Insurances;

		(ii)	the Security Assets;

		(iii)	compliance of the Transaction Obligors with the terms of the Finance Documents;

		(iv)	the financial condition, business and operations of any other Transaction Obligor;

		(v)	the Initial Charter,

as any Finance Party (through the Facility
Agent) may reasonably request; and

		(f)	promptly, such further information and/or documents as any Finance Party (through the Facility Agent)
may reasonably request so as to enable such Finance Party to comply with any laws applicable to it or as may be required by any regulatory
authority.

		19.6	Notification of Default

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Facility Agent
of any Default and provide an early indication thereof if such Default becomes manifest that the financial covenants set out in Clause
20 (Financial Covenants) may not be met (and the steps, if any, being taken to remedy each of them) promptly upon becoming aware
of such occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).

		(b)	Promptly upon a request by the Facility Agent, each Obligor shall supply to the Facility Agent a certificate
signed by an officer on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and
the steps, if any, being taken to remedy it).

		19.7	Notification of litigation

		(a)	The Obligors will provide the Facility Agent with details of any legal action (i) involving any Obligor
and any other Transaction Obligor as soon as such action is instituted and (ii) on becoming aware of the same, involving any Approved
Technical Manager, or the Ship, its Earnings, its Insurances unless in each case it is clear that the legal action could not reasonably
be expected to have a Material Adverse Effect if adversely determined.

		(b)	The Obligors shall and shall procure that any other Transaction Obligor shall supply to the Facility Agent
promptly, to the extent permitted by law, details of any claim, action, suit,

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proceedings or investigation against it
with respect to Sanctions by any Sanctions Authority (in sufficient copies for all the Lenders, if the Facility Agent so requests).

		19.8	Use of websites

		(a)	Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver
any information in relation to those Lenders (the “Website Lenders”) which accept this method of communication by posting
this information onto an electronic website designated by the Borrower and the Facility Agent (the “Designated Website”)
if:

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

		(ii)	both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password
specifications for the Designated Website; and

		(iii)	the information is in a format previously agreed between the relevant Obligor and the Facility Agent.

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

		(b)	The Facility 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 Obligors or any of them and the Facility Agent.

		(c)	An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:

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

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

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

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

		(v)	if that Obligor 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 an Obligor notifies the Facility Agent
under sub-paragraph (i) or (v) of paragraph (c) above, all information to be provided by the Obligors under this Agreement after the date
of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances
giving rise to the notification are no longer continuing.

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

		19.9	“Know your customer” checks

		(a)	If:

		(i)	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;

		(ii)	any change in the status of a Transaction Obligor (or of a Holding Company of a Transaction Obligor) (including,
without limitation, a change of ownership of a Transaction Obligor or of a Holding Company of a Transaction Obligor) after the date of
this Agreement; or

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

obliges a Finance Party (or, in the case
of sub paragraph (iii) above, any prospective new Lender) to comply with “know your customer” or similar identification procedures
in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Finance
Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself
or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in sub-paragraph (iii) above,
on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event described in sub-paragraph (iii)
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.

		(b)	Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party 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.

		20	FINANCIAL COVENANTS

		20.1	Parent Guarantor’s financial covenants

The Parent Guarantor shall, on each Testing
Date and throughout the Security Period, comply with the following covenants:

		(a)	Minimum net worth

The Net Worth of the Parent Guarantor
shall not be less than $50,000,000.

		(b)	Value Adjusted Leverage Ratio

The Value Adjusted Leverage Ratio shall
not exceed 75 per cent.

		(c)	Liquidity Covenant

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The Consolidated Liquidity of the Parent
Guarantor shall, on each Testing Date, be equal to the higher of (i) $6,650,000 and (ii) the product of $350,000 and the number of Fleet
Vessels (other than the Ship) owned by the Subsidiaries of the Parent Guarantor at that time.

		20.2	Borrower’s minimum liquidity

The Borrower shall ensure that from the
date of this Agreement and at all times throughout the Security Period an amount of not less than $500,000 is standing to the credit of
the Earnings Account.

		20.3	GSL minimum liquidity and most favoured nations

At all times during the Security Period,
GSL shall:

		(a)	maintain minimum liquidity in an amount of $20,000,000 or a lesser minimum liquidity amount (if agreed
by all the Lenders); and

		(b)	ensure that the Finance Parties shall receive no less favourable treatment under this Agreement in relation
to any financial covenant relating to it, than any financial covenant provided or to be provided under any credit, loan facility or indenture
agreement (or guarantee thereof) creating Financial Indebtedness to which GSL is a party (or by way of amendment or supplement to that
credit, loan facility or indenture agreement (or guarantee thereof)) or any agreement creating Financial Indebtedness to refinance or
otherwise substitute any existing Financial Indebtedness of, or guarantee by, GSL.

Notwithstanding paragraph (b) above, GSL
shall promptly advise the Facility Agent of those arrangements and covenants in advance and shall, upon the Facility Agent’s request
(acting on the instructions of the Majority Lenders), enter into such documentation which amends and supplements this Agreement and the
other Finance Documents, as the Majority Lenders may require in order to achieve parity with the creditors under the relevant financing
of GSL.

		20.4	Compliance Check

Compliance with the undertakings contained
in this Clause 20 (Financial Covenants) shall be determined on each Testing Date and evidenced by the Compliance Certificate.

		21	GENERAL UNDERTAKINGS

		21.1	General

The undertakings in this Clause 21 (General
Undertakings) remain in force throughout the Security Period except as the Facility Agent, acting with the authorisation of the Majority
Lenders (or, where specified, all the Lenders) may otherwise permit (and in the case of Clause 21.12 (Disposals), 21.13 (Merger),
21.15 (Financial Indebtedness), 21.19 (Other transactions), 21.22 (No amendment to Initial Charter), such permission
not to be unreasonably withheld).

		21.2	Authorisations

Each Obligor shall, and shall procure
that each other Transaction Obligor will, promptly:

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

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		(b)	supply certified copies to the Facility Agent of,

any Authorisation required under any law
or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of the Ship to enable it to:

		(i)	perform its obligations under the Transaction Documents to which it is a party;

		(ii)	ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction
or in the state of the Approved Flag at any time of the Ship, of any Transaction Document to which it is a party; and

		(iii)	own and operate the Ship (in the case of the Borrower).

		21.3	Compliance with laws

Each Obligor shall, and shall procure
that each other Transaction Obligor will, comply in all respects with all laws (including, without limitation, Sanctions) and regulations
to which it may be subject.

		21.4	Environmental compliance

Each Obligor shall, and shall procure
that each other Transaction Obligor will:

		(a)	comply with all Environmental Laws;

		(b)	obtain, maintain and ensure compliance with all requisite Environmental Approvals;

		(c)	implement procedures to monitor compliance with and to prevent liability under any Environmental Law,
where failure to do so has a Material Adverse Effect.

		21.5	Environmental Claims

Each Obligor shall, and shall procure
that each other Transaction Obligor will, promptly upon becoming aware of the same, inform the Facility Agent in writing of:

		(a)	any Environmental Claim against any Transaction Obligor which is current, pending or threatened; and

		(b)	any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced
or threatened against any Transaction Obligor, where the claim, if determined against that Transaction Obligor, has a Material Adverse
Effect.

		21.6	Taxation

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor will, pay and discharge all
Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:

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

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		(ii)	adequate reserves are maintained for those Taxes and the costs required to contest them and both have
been disclosed in its latest financial statements delivered to the Facility Agent under Clause 19.2 (Financial statements); and

		(iii)	such payment can be lawfully withheld.

		(b)	No Obligor shall and the Obligors shall procure that no other Transaction Obligor will, change its residence
for Tax purposes.

		21.7	Overseas companies

Each Obligor shall, and shall procure
that each other Transaction Obligor will, promptly inform the Facility Agent if it delivers to the Registrar particulars required under
the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Facility Agent regarding the
recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of Documents
and Registration of Charges) Regulations 2009.

		21.8	No change to centre of main interests

No Obligor shall change the location of
its centre of main interest (as that term is used in Article 3(1) of the Regulation) from that stated in relation to it in Clause 18.30
(Centre of main interests and establishments) and it will create no “establishment” (as that term is used in
Article 2(10) of the Regulation) in any other jurisdiction.

		21.9	Pari passu ranking

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

		21.10	Title

		(a)	With effect from the Utilisation Date, the Borrower shall hold the legal title to, and own the entire
beneficial interest in the Ship, the Earnings and the Insurances free from any Existing Security.

		(b)	With effect on and from its creation or intended creation, each Obligor shall hold the legal title to,
and own the entire beneficial interest in any other assets which are the subject of any Transaction Security created or intended to be
created by such Obligor.

		21.11	Negative pledge

		(a)	No Obligor shall create or permit to subsist any Security over any of its assets which are the subject
of the Security created or intended to be created by the Finance Documents.

		(b)	The Borrower shall not:

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

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

		(iii)	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

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

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

		(c)	Paragraphs (a) and (b) above do not apply to any Permitted Security.

		21.12	Disposals

		(a)	The Borrower shall not enter into a single transaction or a series of transactions (whether related or
not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation the
Ship, the Earnings or the Insurances).

		(b)	Paragraph (a) above does not apply to any Charter as all Charters are subject to Clause 23.14 (Restrictions
on chartering, appointment of managers etc.) or to a sale of the Ship provided the Borrower complies with the prepayment obligations
of Clause 7 (Prepayment and Cancellation) and the provisions of Clause 7.3 (Mandatory prepayment on sale or Total Loss).

		21.13	Merger

No Obligor shall enter into any amalgamation,
demerger, merger, consolidation or corporate reconstruction (for the purposes of this Clause 21.13 (Merger), each “a process”)
provided that in the case of GSL, such process is permitted without restrictions so long as (i) GSL remains the surviving entity of
any such process, (ii) no Default has occurred at the relevant time or would be triggered as a result of such process and (iii) such process
does not have a Material Adverse Effect.

		21.14	Change of business

		(a)	The Parent Guarantor shall procure that no substantial change is made to the general nature of its business
or the Group from that carried on at the date of this Agreement.

		(b)	The Borrower shall not engage in any business other than the ownership and operation of the Ship.

		21.15	Financial Indebtedness

The Borrower shall not incur or permit
to be outstanding any Financial Indebtedness except Permitted Financial Indebtedness.

		21.16	Expenditure

The Borrower shall not incur any expenditure,
except for expenditure reasonably incurred in the ordinary course of owning, operating, chartering, maintaining and repairing the Ship.

		21.17	LLC interests

The Borrower shall not:

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		(a)	purchase, cancel or redeem any of its LLC Shares;

		(b)	issue any further LLC Shares, except to its Member or the Parent Guarantor as per Clause 18.3 and provided
such LLC Shares are issued subject to the terms of the Shares Security immediately upon the issuance of such LLC Shares in a manner satisfactory
to the Facility Agent and in compliance with the terms of the Shares Security; or

		(c)	appoint any further officer of the Borrower (unless in accordance with the provisions of the Shares Security).

		21.18	Dividends

		(a)	The Borrower may declare and make a Dividend Payment only if (i) no Event of Default has occurred and
is continuing and (ii) the asset cover ratio determined pursuant to Clause 24.1 (Minimum required security cover) is at the relevant
time not less than 140 per cent.

		(b)	The Parent Guarantor may make a Dividend Payment only if all of the following conditions have been met
to the satisfaction of the Facility Agent:

		(i)	the covenants relevant to it as set out in Clause 20 (Financial Covenants) arc all complied with;
and

		(ii)	no Event of Default has occurred and is continuing under this Agreement and under any other loan facility
agreement to which it is a party (in any capacity, including, but not limited to, as guarantor).

		(c)	GSL may make a Dividend Payment only if all of the following conditions have been met to the satisfaction
of the Facility Agent:

		(i)	the covenants relevant to it as set out in Clause 20 (Financial Covenants) are all complied with;
and

		(ii)	no Event of Default has occurred and is continuing under this Agreement or no event of default or termination
event has occurred and is continuing under any other credit, loan facility or indenture agreement (or guarantee thereof) to which it is
a party (in any capacity, including, but not limited to, as guarantor).

		(d)	For the avoidance of doubt, the Dividend Payments allowed to be made pursuant to paragraphs (a) and (b)
above shall be made quarterly per year.

		21.19	Other transactions

The Borrower will not:

		(a)	be the creditor in respect of any loan or any form of credit to any person other than where such loan
or form of credit is Permitted Financial Indebtedness;

		(b)	give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect
of any obligation of any other person or enter into any document under which the Borrower assumes any liability of any other person other
than (i) any guarantee or indemnity given under the Finance Documents or (ii) any guarantee or indemnity issued in the ordinary course
of its business of operating, trading and chartering the Ship;

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		(c)	enter into any material agreement other than:

		(i)	the Transaction Documents;

		(ii)	any other agreement expressly allowed under any other term of this Agreement; and

		(d)	enter into any transaction on terms which are, in any respect, less favourable to the Borrower than those
which it could obtain in a bargain made at arms’ length; or

		(e)	acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit
issued by major North American or European banks.

		21.20	Unlawfulness, invalidity and ranking; Security imperilled

No Obligor shall do (or fail to do) or
cause or permit another person to do (or omit to do) anything which is likely to:

		(a)	make it unlawful for a Transaction Obligor to perform any of its obligations under the Transaction Documents;

		(b)	cause any obligation of a Transaction Obligor under the Transaction Documents to cease to be legal, valid,
binding or enforceable;

		(c)	cause any Transaction Document to cease to be in full force and effect;

		(d)	cause any Transaction Security to rank after, or lose its priority to, any other Security; and

		(e)	imperil or jeopardise the Transaction Security.

		21.21	Further assurance

		(a)	Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly, and in any event
within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation
or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers,
mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in
such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):

		(i)	to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any
right of any kind created or intended to be created under or evidenced by the Finance 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 Transaction
Security) or for the exercise of any rights, powers and remedies of any of the Secured Parties provided by or pursuant to the Finance
Documents or by law;

		(ii)	to confer on the Security Agent or confer on the Secured Parties Security over any property and assets
of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant
to the Finance Documents;

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		(iii)	to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any
interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any
power specified in any Finance Document in respect of which the Security has become enforceable; and/or

		(iv)	to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any
proceedings and/or to take any other action relating to any item of the Security Property.

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

		(c)	At the same time as an Obligor delivers to the Security Agent any document executed by itself or another
Transaction Obligor pursuant to this Clause 21.21 (Further assurance), that Obligor shall deliver, or shall procure that such other
Transaction Obligor will deliver, to the Security Agent a certificate signed by one of that Obligor’s or Transaction Obligor’s
officers which shall:

		(i)	set out the text of a resolution of that Obligor’s or Transaction Obligor’s directors or members,
as applicable, specifically authorising the execution of the document specified by the Security Agent; and

		(ii)	state that either the resolution was duly passed at a meeting of the directors or members, as applicable,
validly convened and held, throughout which a quorum of directors or members, as applicable, entitled to vote on the resolution was present,
or that the resolution has been signed by all the directors or members and is valid under that Obligor’s or Transaction Obligor’s
articles of association, limited liability company agreement or other constitutional documents.

		21.22	No amendment to the Initial Charter

The Borrower will not agree to any material
amendment or supplement to, or waive or fail to enforce, the Initial Charter or any of its provisions (and, without limitation, any reduction
to the charter hire rate or to the fixed duration of the Initial Charter (without taking into account any optional extensions), shall
be considered a material amendment for the purposes of this Clause 21.22 (No amendments to the Initial Charter)) provided that
the Borrower is permitted at any time to enter into an extension of the Initial Charter so long as it is on the same, or more favourable
to the Borrower, terms and conditions without material amendments relating to the Borrower’s rights under the Initial Charter.

		21.23	Sanctions Undertakings

		(a)	Each Obligor undertakes that it shall, and the Parent Guarantor shall procure that each member of the
Group will, comply with all Sanctions.

		(b)	No Obligor shall, and the Parent Guarantor shall procure that no member of the Group shall, become a Prohibited
Person or act on behalf of, or as an agent of, a Prohibited Person.

		(c)	Each Obligor shall procure, and the Parent Guarantor shall procure that each member of the Group shall
procure, that no proceeds from any activity or dealing with a Prohibited Person are credited to any bank account held with any Finance
Party or any Affiliate of a Finance Party.

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		(d)	Each Obligor shall, and the Parent Guarantor shall procure that each member of the Group will, to the
extent permitted by law, promptly upon becoming aware of them supply to the Facility Agent details of any claim, action, suit, proceedings
or investigation against it with respect to Sanctions by any Sanctions Authority.

		(e)	No Obligor shall, and the Parent Guarantor shall procure that no member of the Group will, use any revenue
or benefit derived from any activity or dealing with a Prohibited Person in discharging any obligation due or owing to the Finance Parties.

		21.24	Use of proceeds

No Obligor shall, and the Parent Guarantor
shall procure that no other member of the Group shall, directly or indirectly, use, lend, contribute or otherwise make available any proceeds
of the Loan or other transaction contemplated by this Agreement for the purpose of financing any trade, business or other activities with
any Prohibited Person.

		21.25	EU Anti-Blocking

		(a)	Any provision of this Agreement relating to Sanctions, including, without limitation, the provisions Lorildiried
in Clause 18.34 (Suaiuns Repiesenlalions), Clause 21.23 (Sanctions Undertakings) or Clause 23.20 (Sanctions and Ship
trading), shall not apply to or in favour of any Finance Party that is incorporated in Germany or otherwise notifies the Facility
Agent to this effect if and to the extent that it would result in a breach, by or in respect of that person, of any applicable Blocking
Law.

		(b)	For the purposes of this Clause 21.25 (EU Anti- Blocking), “Blocking Law” means:

		(i)	any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing
such Regulation in any member state of the European Union or the United Kingdom);

		(ii)	section 7 of the German Foreign Trade Regulation (Augenwirtschaftsverordnung); or

		(iii)	any similar blocking or anti-boycott law in the United Kingdom.

		(c)	Solely for purposes of making any determination, decision or direction pursuant to any Finance Document
regarding a breach of this Agreement relating to Sanctions, the Commitments and Loans of all Lenders that are subject to the anti-blocking
provisions of subclause (a) of this Clause 21.25 (EU Anti- Blocking), shall be treated as if they were $0.

		22	INSURANCE UNDERTAKINGS

		22.1	General

The undertakings in this Clause 22 (Insurance
Undertakings) remain in force from the date of this Agreement throughout the rest of the Security Period except as the Facility Agent,
acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit (and in the case of
paragraph (a) of Clause 22.13 (Settlement of claims) such permission not to be unreasonably withheld).

		22.2	Maintenance of obligatory insurances

The Borrower shall keep the Ship insured
at its expense against:

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

		(b)	war risks;

		(c)	protection and indemnity risks; and

		(d)	any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers,
having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for the Borrower to insure
and which are specified by the Facility Agent by notice to the Borrower.

		22.3	Terms of obligatory insurances

The Borrower shall effect such insurances:

		(a)	in dollars;

		(b)	in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least
the greater of:

		(i)	an amount which is equal to 120 per cent. of the Loan; and

		(ii)	the Market Value of the Ship;

		(c)	in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover
from time to time available under basic protection and indemnity club entry;

		(d)	in the case of protection and indemnity risks, in respect of the full tonnage of the Ship;

		(e)	on approved terms; and

		(f)	through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of
war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

		22.4	Further protections for the Finance Parties

In addition to the terms set out in Clause
22.3 (Terms of obligatory insurances), the Borrower shall procure that the obligatory insurances effected by it shall:

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

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

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

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

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

and every other named insured has undertaken
in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between the Borrower and every
other named insured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide
all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable
in respect of the obligatory insurances;

		(b)	whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named
insured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security
Agent, but without the Security Agent being liable to pay (but having the right to pay) premiums, calls or other assessments in respect
of such insurance;

		(c)	name the Security Agent as loss payee with such directions for payment as the Facility Agent may specify;

		(d)	provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security
Agent shall be made without set off, counterclaim or deductions or condition whatsoever;

		(e)	provide that the obligatory insurances shall be primary without right of contribution from other insurances
which may be carried by the Security Agent or any other Finance Party; and

		(f)	provide that the Security Agent may make proof of loss if the Borrower fails to do so.

		22.5	Renewal of obligatory insurances

The Borrower shall:

		(a)	at least 10 days before the expiry of any obligatory insurance effected by it:

		(i)	notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity
or war risks association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; and

		(ii)	obtain the Facility Agents’ approval to the matters referred to in sub-paragraph (i) above;

		(b)	at least 5 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Facility Agent’s approval pursuant to paragraph (a) above; and

		(c)	procure that the Approved Brokers and/or the approved war risks and protection and indemnity associations
with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions
of the renewal.

		22.6	Copies of policies; letters of undertaking

The Borrower shall ensure that the Approved
Brokers provide the Security Agent with:

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		(a)	pro forma copies of all policies relating to the obligatory insurances which they are to effect
or renew; and

		(b)	a letter or letters or undertaking in a form required by the Facility Agent and including undertakings
by the Approved Brokers that:

		(i)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 22.4 (Further protections for the Finance Parties);

		(ii)	they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in
accordance with such loss payable clause;

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

		(iv)	they will, if they have not received notice of renewal instructions from the Borrower or its agents, notify
the Security Agent not less than 14 days before the expiry of the obligatory insurances;

		(v)	if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility
Agent of the terms of the instructions;

		(vi)	they will not set off against any sum recoverable in respect of a claim relating to the Ship under such
obligatory insurances any premiums or other amounts due to them or any other person whether in respect of the Ship or otherwise, they
waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and
they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts;

		(vii)	they will provide notice for any cancellation of policies within the time line standard for industry guidelines;
and

		(viii)	they will arrange for a separate policy to be issued in respect of the Ship forthwith upon being so requested
by the Facility Agent.

		22.7	Copies of certificates of entry

The Borrower shall ensure that any protection
and indemnity and/or war risks associations in which the Ship is entered provide the Security Agent with:

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

		(b)	a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the
instructions of the Majority Lenders; and

		(c)	a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally
Sensitive Material issued by the relevant certifying authority in relation to the Ship.

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		22.8	Deposit of original policies

The Borrower shall ensure that all policies
relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the insurances are effected or
renewed.

		22.9	Payment of premiums

The Borrower shall punctually pay all
premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required
by the Facility Agent or the Security Agent.

		22.10	Guarantees

The Borrower shall use its best endeavours
to procure that a protection and indemnity or war risks association issues any guarantees as may be required always in accordance with
their respective rules and conditions and shall further use its best endeavours to procure that such guarantees are issued as promptly
as practically possible and that they remain in full force and effect.

		22.11	Compliance with terms of insurances

		(a)	The Borrower shall do or omit to do (nor permit to be done or not to be done) any act or thing which would
or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance
repayable in whole or in part.

		(b)	Without limiting paragraph (a) above, the Borrower shall:

		(i)	take all necessary action and comply with all requirements which may from time to time be applicable to
the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 22.6 (Copies
of policies; letters of undertaking)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications
to which the Facility Agent has not given its prior approval;

		(ii)	not make any changes relating to the classification or classification society or manager or operator of
the Ship approved by the underwriters of the obligatory insurances;

		(iii)	make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations
which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for
trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
applicable legislation); and

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

		22.12	Alteration to terms of insurances

The Borrower shall not make or agree to
any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.

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		22.13	Settlement of claims

The Borrower shall:

		(a)	not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major
Casualty; and

		(b)	do all things necessary and provide all documents, evidence and information to enable the Security Agent
to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.

		22.14	Provision of copies of communications

The Borrower shall provide the Security
Agent, upon the Security Agent’s request, with copies of all written communications between the Borrower and:

		(a)	the Approved Brokers;

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

		(c)	the approved insurance companies and/or underwriters,

which relate directly or indirectly to:

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

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

		22.15	Provision of information

The Borrower shall provide the Facility
Agent (or any persons which it may designate) upon the Facility Agent’s request with any information which the Facility Agent (or
any such designated person) requests for the purpose of:

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

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 22.16 (Mortgagee’s
interest and additional perils insurances) or dealing with or considering any matters relating to any such insurances,

and the Borrower shall, forthwith upon
demand, indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in
connection with any such report as is referred to in paragraph (a) above.

		22.16	Mortgagee’s interest and additional perils insurances

		(a)	The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee’s
interest marine insurance and a mortgagee’s interest additional perils insurance in each case, in an amount which is equal to 110
per cent. of the Loan, on such terms, through

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such insurers and generally in such manner
as the Security Agent acting on the instructions of the Majority Lenders may from time to time consider appropriate, acting reasonably.

		(b)	The Borrower shall upon demand fully indemnify the Security Agent in respect of all premiums and other
expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph
(a) above or dealing with, or considering, any matter arising out of any such insurance.

		23	GENERAL SHIP UNDERTAKINGS

		23.1	General

The undertakings in this Clause 23 (General
Ship Undertakings) remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as
the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit
(and in the case of Clauses 23.2 (Ship’s name and registration), 23.3 (Repair and classification), 23.4 (Modifications),
23.5 (Removal and installation of parts), 23.14 (Restrictions on chartering, appointment of managers etc.) and 23.19
(Sharing of Earnings) such permission not to be unreasonably withheld).

		23.2	Ship’s name and registration

The Borrower shall:

		(a)	keep the Ship registered in its name under the Approved Flag from time to time at its port of registration;

		(b)	not do or allow to be done anything as a result of which such registration of the Ship might be suspended,
cancelled or imperilled;

		(c)	not enter into any dual flagging arrangement in respect of the Ship; and

		(d)	not change the name of the Ship, provided that any change of flag of the Ship shall be subject to:

		(i)	the Ship remaining subject to Security securing the Secured Liabilities created by a first priority or
preferred ship mortgage on the Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent
first priority Security) on substantially the same terms as the Mortgage and on such other terms and in such other form as the Facility
Agent, acting with the authorisation of the Majority Lenders, shall approve or require; and

		(ii)	the execution of such other documentation amending and supplementing the Finance Documents as the Facility
Agent, acting with the authorisation of the Majority Lenders, shall approve or require.

		23.3	Repair and classification

The Borrower shall keep the Ship in a
good and safe condition and state of repair:

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

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		(b)	so as to maintain the Approved Classification free of overdue recommendations and conditions.

		23.4	Modifications

The Borrower shall not make any modification
or repairs to, or replacement of, the Ship or equipment installed on it which would or might materially and adversely alter the structure,
type or performance characteristics of the Ship or materially reduce its value.

		23.5	Removal and installation of parts

		(a)	Subject to paragraph (b) below, the Borrower shall not remove any material part of the Ship, or any item
of equipment installed on the Ship unless:

		(i)	the part or item so removed is forthwith replaced by a suitable part or item which is in the same condition
as or better condition than the part or item removed;

		(ii)	the replacement part or item is free from any Security in favour of any person other than the Security
Agent; and

		(iii)	the replacement part or item becomes, on installation on the Ship, the property of the Borrower and subject
to the security constituted by the Mortgage.

		(b)	The Borrower may install equipment owned by a third party if the equipment can be removed without any
risk of damage to the Ship.

		23.6	Surveys

The Borrower shall submit the Ship regularly
to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility Agent, provide
the Facility Agent, with copies of all survey reports.

		23.7	Inspection

The Borrower shall permit the Security
Agent (acting through surveyors or other persons appointed by it for that purpose) to board the Ship at all reasonable times, without
interfering with the Ship’s trading schedule, to inspect its condition or to satisfy themselves about proposed or executed repairs
and shall afford all proper facilities for such inspections. The costs of such inspection (only once in each 12-month period, starting
on the Utilisation Date unless an Event of Default has occurred) shall be for the account of the Borrower.

		23.8	Prevention of and release from arrest

		(a)	The Borrower shall promptly discharge:

		(i)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
the Ship, the Earnings or the Insurances;

		(ii)	all Taxes, dues and other amounts charged in respect of the Ship, the Earnings or the Insurances; and

		(iii)	all other outgoings whatsoever in respect of the Ship, the Earnings or the Insurances.

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		(b)	The Borrower shall as promptly as possible after receiving notice of the arrest of the Ship or of its
detention in exercise or purported exercise of any lien or claim, take all steps necessary to procure its release by providing bail or
otherwise as the circumstances may require.

		23.9	Compliance with laws etc.

The Borrower shall:

		(a)	comply, or procure compliance with all laws or regulations:

		(i)	relating to its business generally;

		(ii)	all Sanctions; and

		(iii)	relating to the Ship, its ownership, employment, operation, management and registration,

including, but not limited to, the ISM
Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;

		(b)	obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental
Approvals; and

		(c)	without limiting paragraph (a) above, not employ the Ship nor allow its employment, operation or management
in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and Sanctions.

		23.10	ISPS Code

Without limiting paragraph (a) of Clause
23.9 (Compliance with laws etc.), the Borrower shall:

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

		(b)	maintain an ISSC for the Ship; and

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

		23.11	Trading in war zones

In the event of hostilities in any part
of the world (whether war is declared or not), the Borrower shall not cause or permit the Ship to enter or trade to any zone which is
declared a war zone by any government or by the Ship’s war risks insurers unless:

		(a)	the prior written consent of the underwriters of the Ship has been given; and

		(b)	the Borrower has (at its expense) effected any special, additional or modified insurance cover (to the
extent not covered by the Ship’s war risks insurances) which the underwriters of the Ship may require.

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		23.12	Provision of information

Without prejudice to Clause 19.5 (Information:
miscellaneous) the Borrower shall promptly provide the Facility Agent with any information which it requests regarding:

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

		(b)	the Earnings and payments and amounts due to its master and crew;

		(c)	any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair
of the Ship and any payments made by it in respect of the Ship;

		(d)	any towages and salvages; and

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

and, upon the Facility Agent’s request,
promptly provide copies of any current Charter, of any current guarantee of any such Charter, the Ship’s Safety Management Certificate
and any relevant Document of Compliance.

		23.13	Notification of certain events

The Borrower shall, as soon as practically
possible notify the Facility Agent by letter or email, of:

		(a)	any casualty to the Ship which is a Major Casualty;

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

		(c)	any requisition of the Ship for hire;

		(d)	any overdue requirement or recommendation made in relation to the Ship by any insurer or classification
society or by any competent authority;

		(e)	any arrest or detention of the Ship or any exercise or purported exercise of any lien on the Ship or the
Earnings;

		(f)	any intended dry docking of the Ship;

		(g)	any Environmental Claim made against the Borrower or in connection with the Ship, or any Environmental
Incident;

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

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

		(j)	and the Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail
as the Facility Agent shall require as to the Borrower’s, any such Approved Manager’s or any other person’s response
to any of those events or matters.

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		23.14	Restrictions on chartering, appointment of managers etc.

The Borrower shall not:

		(a)	let the Ship on demise or bareboat charter for any period;

		(b)	enter into any time, voyage or consecutive voyage charter in respect of the Ship other than a Permitted
Charter;

		(c)	materially amend, supplement or terminate a Management Agreement;

		(d)	appoint a manager of the Ship other than the Approved Commercial Manager and the Approved Technical Manager
or agree to any alteration to the terms of an Approved Manager’s appointment;

		(e)	de activate or layup the Ship; or

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

		23.15	Notice of Mortgage

The Borrower shall keep the Mortgage registered
against the Ship as a valid first preferred mortgage, carry on board the Ship a certified copy of the Mortgage and place and maintain
in a conspicuous place in the navigation room and the master’s cabin of the Ship a framed printed notice stating that the Ship is
mortgaged by the Borrower to the Security Agent.

		23.16	Responsible Ship Recycling

If the Ship is sold for scrapping, the
Borrower shall ensure that the Ship is sold on the basis of a memorandum of agreement that contains language that ensures that the Ship
shall be dismantled in a safe, sustainable and socially and environmentally responsible way and the Borrower shall use its best endeavours
to ensure performance and observance by the buyer of the Ship of its obligations and liabilities under such memorandum of agreement.

		23.17	Green Passport

The Borrower shall procure that the Ship
has (on and from 31 December 2021 and subsequently at all times during the Security Period) obtained a Green Passport, or any equivalent
or superseding document acceptable to the Facility Agent (acting on the instructions of the Majority Lenders), subject to the Classification
Society’s requirements.

		23.18	Charterparty Assignment

If the Borrower enters into any Assignable
Charter and subject to obtaining the prior consent of the Facility Agent in accordance with paragraph (b) of Clause 23.14 (Restrictions
on chartering, appointment of managers etc.), the Borrower shall promptly after the date of entry into such Assignable Charter:

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		(a)	provide the Facility Agent with a certified true copy of such Assignable Charter (or, alternatively if
a copy is not then available, a copy of a binding and unconditional recapitulation of charterparty terms);

		(b)	execute in favour of the Security Agent a Charterparty Assignment in respect of that Assignable Charter
(such Charterparty Assignment to be notified to the relevant charterer and any charter guarantor and use its best endeavours to procure
that an executed acknowledgment of such notice from the relevant charterer and charter guarantor is obtained); and

		(c)	shall deliver to the Facility Agent such other documents as it may reasonably require (including, without
limitation, documents equivalent to those referred to at paragraphs 1, 5 and 6.1 of Part A of Schedule 2 (Conditions Precedent) in
respect of such Charterparty Assignment).

		23.19	Sharing of Earnings

The Borrower shall not enter into any
agreement or arrangement for the sharing of the Earnings other than for the purposes of this Agreement.

		23.20	Sanctions and Ship Trading

Without limiting Clause 23.9 (Compliance
with laws etc.), the Borrower shall procure that:

		(a)	the Ship owned by it:

		(i)	shall not be used by or for the benefit of a Prohibited Person;

		(ii)	shall not be used in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions
if Sanctions were binding on each Transaction Obligor);

		(iii)	shall not make a voyage to or from any Sanctioned Country, Provided that in the case of an Emergency Event,
that Ship can make such voyage until the Borrower or, as the case may be, the relevant Approved Manager (in each case, acting prudently)
considers that there is no longer an Emergency Event,

		(iv)	For the purposes of this paragraph (c) “Emergency Event” means: in relation to the Ship, any
event or circumstance that a reasonable person having experience in the management and operation of ships, would consider to constitute
an emergency event or circumstance; and

		(v)	shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion
clause (or similar) in the Insurances; and

		(b)	each charterparty in respect of the Ship shall contain, for the benefit of the Borrower, language which
gives effect to the provisions of paragraph (c) of Clause 23.9 (Compliance with laws etc.) as regards Sanctions and of this Clause
23.20 (Sanctions and Ship trading) and which permits refusal of employment or voyage orders if compliance would result in a breach
of Sanctions (or which would result in a breach of Sanctions if Sanctions were binding on each Transaction Obligor).

		23.21	Poseidon Principles

The Borrower shall, upon the request of
any Lender, and at the cost of the Borrower, on or before 31 July in each calendar year, supply or procure the supply to such Lender of
all

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information necessary in order for any
Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all
ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of
Compliance, together with a Carbon Intensity and Climate Alignment Certificate (if available), in each case relating to the Ship for the
preceding calendar year provided always that no Lender shall publicly disclose such information with the identity of the relevant Ship
without the prior written consent of the Borrower. For the avoidance of doubt, such information shall be Confidential Information for
the purposes of Clause 43.2 (Disclosure of confidential information) but the Borrower acknowledges that, in accordance with the
Poseidon Principles, such information will form part of the information published regarding the relevant Lender’s portfolio climate
alignment in a manner which will preserve the anonymity of the information disclosed by the Borrower.

		23.22	Notification of compliance

The Borrower shall promptly provide the
Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 23
(General Ship Undertakings).

		24	SECURITY COVER

		24.1	Minimum required security cover

Clause 24.2 (Provision of additional
security; prepayment) applies if the Facility Agent notifies the Borrower that:

		(a)	the Market Value of the Ship; plus

		(b)	the net realisable value of additional security previously provided under this Clause 24 (Security
Cover),

is below 130 per cent. of the Loan.

		24.2	Provision of additional security; prepayment

		(a)	If the Facility Agent serves a notice on the Borrower under Clause 24.1 (Minimum required security
cover), the Borrower shall, on or before the date falling 30 days after the date (the “Prepayment Date”) on which the
Facility Agent’s notice is served, prepay such part of the Loan as shall eliminate the shortfall.

		(b)	The Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure
that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority
Lenders:

		(i)	has a net realisable value at least equal to the shortfall; and

		(ii)	is documented in such terms as the Facility Agent may approve or require,

before the Prepayment Date; and conditional
upon such security being provided in such manner, it shall satisfy such prepayment obligation.

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		24.3	Value of additional vessel security

The net realisable value of any additional
security which is provided under Clause 24.2 (Provision of additional security; prepayment) and which consists of Security over
a vessel shall be the Market Value of the vessel concerned, determined in accordance with Clause 24.7 (Provision of valuations).

		24.4	Valuations binding

Any valuation under this Clause 24 (Security
Cover) shall be binding and conclusive as regards the Borrower, save for any manifest error.

		24.5	Provision of information

		(a)	The Borrower shall promptly provide the Facility Agent and any Approved Valuer acting under this Clause
24 (Security Cover) with any information which the Facility Agent or the Approved Valuer may request for the purposes of the valuation.

		(b)	If the Borrower fails to provide the information referred to in paragraph (a) above by the date specified
in the request, the valuation may be made on any basis and assumptions which the Approved Valuer or the Facility Agent considers prudent.

		24.6	Prepayment mechanism

Any prepayment pursuant to Clause 24.2
(Provision of additional security; prepayment) shall be made in accordance with the relevant provisions of Clause 7 (Prepayment
and Cancellation) and shall be treated as a voluntary prepayment pursuant to Clause 7.2 (Voluntary prepayment of Loan) but
ignoring any restriction as to prepayments being made on the last day of the Interest Period or the requirement for a minimum prepayment
amount of $1,000,000 or any indicative or confirmative prior notice.

		24.7	Provision of valuations

		(a)	The Facility Agent shall obtain the necessary valuations (addressed to it) of the Ship and any other vessel
over which additional Security has been created in accordance with Clause 24.3 (Value of additional vessel security), to enable
it to determine the Market Value of the Ship or any other vessel, as follows:

		(i)	at least semi-annually;

		(ii)	promptly following at the Facility Agent’s (acting on the instructions of any Lender) request:

		(A)	if an Event of Default has occurred and is continuing; and/or

		(B)	if a mandatory prepayment event has occurred under Clause 7.3 (Mandatory prepayment on sale or Total
Loss).

		(b)	The cost of valuations obtained under sub-paragraphs (i) and (ii) above shall be borne or reimbursed by
the Borrower.

		(c)	The Lenders may at any other time or times instruct the Facility Agent to obtain valuations of the Ship
other than pursuant to paragraph (a) for the purpose of ascertaining the Market Value

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of the Ship at such time or times. Any
further valuations obtained or provided shall be at the cost of the Lenders.

		25	ACCOUNTS, APPLICATION OF EARNINGS

		25.1	Accounts

The Borrower may not, without the prior
consent of the Facility Agent, maintain any bank account other than the Earnings Account and the Retention Account.

		25.2	Payment of Earnings

The Borrower shall ensure that, subject
only to the provisions of the General Assignment, all the Earnings are paid in to the Earnings Account.

		25.3	Monthly retentions

The Borrower shall ensure that, in each
calendar month following the Utilisation Date, on such dates as the Facility Agent may from time to time specify, there is transferred
to the Retention Account out of the aggregate Earnings received by the Borrower in the Earnings Accounts during the preceding calendar
month:

		(a)	one-third of the amount of any Repayment Instalment (other than a balloon instalment) falling due under
Clause 6.1 (Repayment of Loan) on the next Repayment Date; and

		(b)	the relevant fraction of the aggregate amount of interest on the Loan which is payable under this Agreement
in respect of any Interest Period then current.

The “relevant fraction”
is a fraction of which:

		(i)	the numerator is one; and

		(ii)	the denominator is:

		(A)	the number of months comprised in the relevant then current Interest Period; or

		(B)	if the period is shorter (than that set out in (A)), the number of months from the later of the commencement
of the relevant current Interest Period or the last due date for payment of interest on the Loan or the relevant part of the Loan to the
next due date for payment of interest on the Loan or the relevant part of the Loan under this Agreement.

		25.4	Shortfall in Earnings

		(a)	If the aggregate of the credit balance on the Earnings Account is insufficient in any calendar month for
the required amount to be transferred to the Retention Account under Clause 25.3 (Monthly retentions), the Borrower shall make
up the amount of the insufficiency on demand from the Facility Agent.

		(b)	Without prejudicing the Facility Agent’s right to make such demand at any time, the Facility Agent
may, if so authorised by the Majority Lenders, permit the Borrower to make up all or

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part of the insufficiency by increasing
the amount of any transfer under Clause 25.3 (Monthly retentions) from the Earnings received in the next or subsequent calendar
months.

		25.5	Application of Earnings

The Earnings on the Earnings Account shall
be used in the following order of application:

		(a)	FIRSTLY, for and towards payment of any unpaid fees, costs and expenses due to a Finance Party under this
Agreement and the Finance Documents;

		(b)	SECONDLY, for and towards payment of all amounts (other than principal and/or interest) due under this
Agreement and the Finance Documents;

		(c)	THIRDLY, for and towards making the transfers to the Retention Account required pursuant to Clause 25.3
(Monthly retentions);

		(d)	FOURTHLY, for and towards payment of the liabilities of the Borrower (including, but not limited to, the
repayment of principal, interest, default interest and all relevant costs, expenses and indemnities) under this Agreement and the other
Finance Documents to the extent not already covered by the retentions set out in paragraph (a) to (c) above;

		(e)	FIFTHLY, for and towards payment of the Operating Expenses of the Ship which are due and payable at such
time; and

		(f)	SIXTHLY, subject to Clause 21.18 (Dividends) and provided that no Event of Default has occurred
and is continuing at that time, any remaining amounts (in excess of the minimum liquidity required to be maintained pursuant to Clause
20.2 (Borrower’s Minimum Liquidity)) standing to the credit of the Earnings Account after application pursuant to the foregoing
paragraphs shall be available to the Borrower.

		25.6	Application of retentions

		(a)	The Security Agent has sole signing rights in relation to the Retention Account.

		(b)	Until an Event of Default occurs, the Facility Agent shall instruct the Security Agent to release to it,
on each Repayment Date and on each Interest Payment Date, for distribution to the Finance Parties in accordance with Clause 33.2 (Distributions
by the Facility Agent) so much of the then balance on the Retention Account as equals:

		(i)	any Repayment Instalment due on that Repayment Date;

		(ii)	the amount of interest payable on that Interest Payment Date;

in discharge of the Borrower’s liability
for that Repayment Instalment or that interest, as the case may be.

		25.7	Interest accrued on Retention Account

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

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		25.8	Release of accrued interest

Interest accruing under Clause 25.7 (Interest
accrued on Retention Account) shall be credited to the Retention Account and, to the extent not applied previously pursuant to Clause
25.6 (Application of retentions), shall be released to the Borrower at the end of the Security Period.

		25.9	Location of Accounts

The Borrower shall promptly:

		(a)	comply with any requirement of the Facility Agent as to the location or relocation of the Earnings Account
and the Retention Account (or either of them); and

		(b)	execute any documents which the Facility Agent specifies to create or maintain in favour of the Security
Agent Security over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Account and the Retention Account.

		25.10	Administration

Whenever a payment is due to be made from
any of the Earnings Accounts or the Retention Account in accordance with this Clause 25, the Borrower shall authorise the Account Bank
to pay such amounts from the Earnings Account or the Retention Account to the applicable payee unless the Facility Agent notifies the
Account Bank that:

		(a)	an Event of Default has occurred and is continuing or would occur as a result (wholly or partly) of such
withdrawal; or

		(b)	the Earnings Account or the Retention Account is overdrawn or would become overdrawn as a result of such
withdrawal, whereby the Account Bank will act only in accordance with the instructions given by persons authorised by the Facility Agent
in respect of the Earnings Account and the Retention Account.

		26	EVENTS OF DEFAULT

		26.1	General

Each of the events or circumstances set
out in this Clause 26 (Events of Default) is an Event of Default except for Clause 26.19 (Acceleration) and Clause 26.20
(Enforcement of security).

		26.2	Non-payment

A Transaction 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
unless:

		(a)	its failure to pay is caused by:

		(i)	administrative or technical error; or

		(ii)	a Disruption Event; and

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

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		26.3	Specific obligations

A breach occurs of Clause 4.4 (Waiver
of conditions precedent), paragraph (a) of Clause 19.3 (Compliance Certificate) Clause 20 (Financial Covenants), Clause 21.10 (Title),
Clause 21.11 (Negative pledge), Clause 21.20 (Unlawfulness, invalidity and ranking; Security imperilled), Clause 21.22 (No amendment to
the Initial Charter), Clause 21.23 (Sanctions Undertakings), Clause 22.2 (Maintenance of obligatory insurances), Clause 22.3 (Terms of
obligatory insurances), Clause 22.5 (Renewal of obligatory insurances), Clause 23.20 (Sanctions and Ship Trading), Clause 24 (Security
Cover).

		26.4	Other obligations

		(a)	A Transaction Obligor or an Approved Manager does not comply with any provision of the Finance Documents
to which it is a party (other than those referred to in Clause 26.2 (Nonpayment) and Clause 26.3 (Specific obligations)).

		(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy
and is remedied within ten Business Days of the Facility Agent giving notice to the Borrower or (if earlier) any Transaction Obligor becoming
aware of the failure to comply.

		26.5	Misrepresentation

Any representation or statement made or
deemed to be made by a Transaction Obligor in the Finance Documents or any other document delivered by or on behalf of any Transaction
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
unless such misrepresentation or statement is determined by the Facility Agent (acting on the instructions of the Majority Lenders) to
have been made in error and is rectified within five Business Days from the date of such representation or statement.

		26.6	Cross default

		(a)	Any Financial Indebtedness of any Obligor is not paid when due (unless contested in good faith) nor within
any originally applicable grace period.

		(b)	Any Financial Indebtedness of any Obligor is declared to be due and payable prior to its specified maturity
as a result of an event of default (however described).

		(c)	Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of
any Obligor as a result of an event of default (however described) unless the relevant Obligor has satisfied the Facility Agent that such
cancellation or suspension will not have any negative impact on the ability of that Obligor to satisfy its debts as they fall due.

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

		(e)	No Event of Default will occur under this Clause 26.6 (Cross default) in respect of a person other
than the Borrower if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs
(a) to (d) above is less than $1,000,000 (or its equivalent in any other currency).

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		26.7	Insolvency

		(a)	A Transaction Obligor:

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

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

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

		(iv)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

Provided that should such Transaction
Obligor, for any reason, including without limitation, any actual or anticipated financial difficulties, commences, with prior written
notice to the Facility Agent, negotiations with one or more of its creditors (including the Facility Agent for account of the Lenders)
with a view to rescheduling, deferring, re-organising or suspending any of its indebtedness, the negotiations themselves or the entering,
as a result of such negotiations, into any agreement or contract with one or more of its creditors (including the Facility Agent for account
of the Lenders) setting out terms for any rescheduling, deferral, re-organization or suspension of its indebtedness, shall not in itself
constitute an Event of Default.

		(b)	A moratorium is declared in respect of any indebtedness of any Transaction Obligor. If a moratorium occurs,
the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

		26.8	Insolvency proceedings

		(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to:

		(i)	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 Transaction Obligor;

		(ii)	a composition, compromise, assignment or arrangement with any creditor of any Transaction Obligor;

		(iii)	the appointment of a liquidator, receiver, administrator, administrative receiver, compulsory manager
or other similar officer in respect of any Transaction Obligor or any of its assets; or

		(iv)	enforcement of any Security over any assets of any Transaction,

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

		(b)	Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and is
discharged, stayed or dismissed within 30 days of commencement.

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		26.9	Creditors’ process

Any expropriation, attachment, sequestration,
distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of a Transaction Obligor (other than
an arrest or detention of the Ship referred to in Clause 26.13 (Arrest)) and is not discharged within 30 days (or such longer period
the Facility Agent, acting on the instructions of the Majority Lenders, may agree to).

		26.10	Unlawfulness, invalidity and ranking

		(a)	It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance
Documents.

		(b)	Any obligation of a Transaction Obligor under the Finance Documents is or ceases to be legal, valid, binding
or enforceable.

		(c)	Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be
determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.

		(d)	Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.

		26.11	Security imperilled

Any Security created or intended to be
created by a Finance Document is in any way imperilled or in jeopardy.

		26.12	Cessation of business

Any Transaction Obligor suspends or ceases
to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

		26.13	Arrest

Any arrest of the Ship or its detention
in the exercise or the purported exercise of any lien or claim unless it is redelivered to the full control of the Borrower within 30
days of such arrest or detention (or such longer period as may be required in the circumstances based on the assessment of the Facility
Agent acting with the authorisation of the Majority Lenders).

		26.14	Expropriation

The authority or ability of any Transaction
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 Transaction
Obligor or any of its assets other than:

		(a)	an arrest or detention of the Ship referred to in Clause 26.13 (Arrest); or

		(b)	any Requisition.

		26.15	Repudiation and rescission of agreements

Any Obligor (or any other relevant party)
rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document (other than an Assignable Charter where
the

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prior approval of the Facility Agent has
been obtained for rescission pursuant to the Finance Documents) or any of the Transaction Security or evidences an intention to rescind
or repudiate a Transaction Document or any Transaction Security.

		26.16	Litigation

Any litigation, arbitration or administrative
proceedings or investigations of, or before, any court, arbitral body or agency are started or threatened, or any judgment or order of
a court, arbitral body or agency is made, in relation to any of the Transaction Documents or the transactions contemplated in any of the
Transaction Documents or against any member of the Group or its assets which has a Material Adverse Effect.

		26.17	Material adverse change

Any event or circumstance occurs which
has a Material Adverse Effect.

		26.18	Approved Flag

		(a)	Any failure by the Borrower to keep the Ship registered under an Approved Flag.

		(b)	The state of the Approved Flag of the Ship or any Relevant Jurisdiction is or becomes involved in hostilities
or civil war or there are events of political risk or instability or there is a seizure of power in such state by unconstitutional means,
or any other event occurs in relation to the Ship, the Mortgage or its Approved Flag and in the opinion of the Facility Agent such event
is likely to have a Material Adverse Effect and the Borrower fails upon the request of the Facility Agent to promptly (and in any case
within such timing as may be reasonably set by the Facility Agent, acting on the instructions of the Majority Lenders) register the Ship
in its name under another Approved Flag together with a first priority or first preferred ship mortgage (as the case may be and as required
under the relevant state of the Approved Flag) in favour of the Security Agent and on such terms as required by the Facility Agent at
the relevant time and in any case on substantially the same terms as the terms of the Mortgage.

		26.19	Acceleration

On and at any time after the occurrence
of an Event of Default the Facility Agent may, and shall if so directed by the Majority Lenders:

		(a)	by notice to the Borrower:

		(i)	cancel the Total Commitments, whereupon they shall immediately be cancelled;

		(ii)	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, whereupon it shall become immediately due and payable; and/or

		(iii)	declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable
on demand by the Facility Agent acting on the instructions of the Majority Lenders; and/or

		(b)	exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents,

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and the Facility Agent may serve notices
under sub-paragraph (i), (ii) or (iii) of paragraph (a) above simultaneously or on different dates and any Servicing Party may take any
action referred to in paragraph (b) above or Clause 26.20 (Enforcement of security) if no such notice is served or simultaneously
with or at any time after the service of any of such notice.

		26.20	Enforcement of security

On and at any time after the occurrence
of an Event of Default the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of
the Event of Default or any notice served under Clause 26.19 (Acceleration), the Security Agent is entitled to take under any Finance
Document or any applicable law or regulation.

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SECTION 9

CHANGES TO PARTIES

		27	CHANGES TO THE LENDERS

		27.1	Assignments and transfers by the Lenders

Subject to this Clause 27 (Changes
to the Lenders) and without prejudice to any other rights available to it as a matter of applicable law, a Lender (the “Existing
Lender”) may at any time:

		(a)	assign any of its rights; or

		(b)	transfer by novation any of its rights and obligations (including, for the avoidance of doubt, its Commitment),

under the Finance Documents to:

		(i)	another Lender;

		(ii)	any Affiliate of a Lender;

		(iii)	any other first class bank or financial institution;

		(iv)	any member of the European System of Central Banks; or

		(v)	any insurance company, trust or capital investment company 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”).

		27.2	Conditions of assignment or transfer

		(a)	An assignment will only be effective on:

		(i)	receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation
from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to
the other Secured Parties as it would have been under if it had been an Original Lender; and

		(ii)	performance by the Facility Agent of all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall
promptly notify to the Existing Lender and the New Lender.

		(b)	Each Obligor on behalf of itself and each Transaction Obligor agrees that all rights and interests (present,
future or contingent) which the Existing Lender has under or by virtue of the Finance Documents are assigned to the New Lender absolutely,
free of any defects in the Existing Lender’s title and of any rights or equities which the Borrower or any other Transaction Obligor
had against the Existing Lender.

		(c)	A transfer will only be effective if the procedure set out in Clause 27.5 (Procedure for transfer)
is complied with.

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		(d)	If:

		(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes
its Facility Office; and

		(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, a Transaction
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 under that Clause as incorporated by reference or in full in any other Finance Document or Clause 13
(Increased Costs), 

then the New Lender or Lender acting through
its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting
through its previous Facility Office would have been if the assignment, transfer or change had not occurred. This paragraph (d) shall
not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility.

		(e)	Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for
the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved
by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or
assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing
Lender would have been had it remained a Lender.

		27.3	Assignment or transfer fee

The New Lender shall, on the date upon
which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $2,500 unless otherwise agreed
with or waived by the Facility Agent.

		27.4	Limitation of responsibility of Existing Lenders

		(a)	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes
no responsibility to a New Lender for:

		(i)	the legality, validity, effectiveness, adequacy or enforceability of the Transaction Documents, the Transaction
Security or any other documents;

		(ii)	the financial condition of any Transaction Obligor;

		(iii)	the performance and observance by any Transaction Obligor of its obligations under the Transaction Documents
or any other documents; or

		(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Transaction
Document or any other document,

and any representations or warranties
implied by law are excluded.

		(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties
that it:

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		(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement and
has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any
Transaction Document or the Transaction Security; and

		(ii)	will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor
and its related entities throughout the Security Period.

		(c)	Nothing in any Finance Document obliges an Existing Lender to:

		(i)	accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
or transferred under this Clause 27 (Changes to the Lenders); or

		(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance
by any Transaction Obligor of its obligations under the Transaction Documents or otherwise.

		27.5	Procedure for transfer

		(a)	Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer), a transfer
is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered
to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below as soon as reasonably practicable
after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance
with this Agreement, execute that Transfer Certificate.

		(b)	The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to the transfer to such New Lender.

		(c)	Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date:

		(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights
and obligations under the Finance Documents and in respect of the Transaction Security, each of the Transaction Obligors and the Existing
Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security
and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled
(being the “Discharged Rights and Obligations”);

		(ii)	each of the Transaction Obligors and the New Lender shall assume obligations towards one another and/or
acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Transaction Obligor and
the New Lender have assumed and/or acquired the same in place of that Transaction Obligor and the Existing Lender;

		(iii)	the Facility Agent, the Security Agent, the Arrangers, the New Lender and other Lenders shall acquire
the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired
and

    	 	102	 

     

    

assumed had the New Lender been an Original
Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent,
the Security Agent, the Arrangers and the Existing Lenders shall each be released from further obligations to each other under the Finance
Documents; and

		(iv)	the New Lender shall become a Party as a “Lender”.

		27.6	Procedure for assignment

		(a)	Subject to the conditions set out in Clause 27.2 (Conditions of assignment or transfer) an assignment
may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement
delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably
practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement
and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.

		(b)	The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing
Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks
under all applicable laws and regulations in relation to the assignment to such New Lender.

		(c)	Subject to Clause 27.9 (Pro rata interest settlement), on the Transfer Date:

		(i)	the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and
in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;

		(ii)	the Existing Lender will be released from the obligations (the “Relevant Obligations”)
expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect
of the Transaction Security); and (iii)the New Lender shall become a Party as a “Lender” and will be bound by obligations
equivalent to the Relevant Obligations.

		(d)	Lenders may utilise procedures other than those set out in this Clause 27.6 (Procedure for assignment)
to assign their rights under the Finance Documents (but not, without the consent of the relevant Transaction Obligor or unless in
accordance with Clause 27.5 (Procedure for transfer), to obtain a release by that Transaction Obligor from the obligations owed
to that Transaction Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided that they comply with
the conditions set out in Clause 27.2 (Conditions of assignment or transfer).

		27.7	Copy of Transfer Certificate or Assignment Agreement to Borrower

The Facility Agent shall, as soon as reasonably
practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Borrower a copy of that Transfer Certificate
or Assignment Agreement.

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		27.8	Security over Lenders’ rights

In addition to the other rights provided
to Lenders under this Clause 27 (Changes to the Lenders), each Lender may without consulting with or obtaining consent from any
Transaction Obligor, at any time charge, assign or otherwise create Security 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 to secure obligations to a federal reserve or central bank; and

		(b)	any charge, assignment or other Security 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 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 for the Lender as a party to any of the Finance Documents; or

		(ii)	require any payments to be made by a Transaction 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.

		27.9	Syndication and Securitisation

The Obligors shall assist the Facility
Agent in achieving a successful syndication or securitisation (or similar transaction) in respect of the Facility and the Finance Documents.
The Obligors shall, if requested by the Facility Agent, provide such information as may be required to produce a customary information
memorandum (subject to Clause 29.14 (Confidentiality)) and also make available members of senior management for any meetings that
potential syndicate lenders may request.

		27.10	Pro rata interest settlement

		(a)	If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a “pro
rata basis” to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 27.5 (Procedure for transfer)
or any assignment pursuant to Clause 27.6 (Procedure for assignment) the Transfer Date of which, in each case, is after the
date of such notification and is not on the last day of an Interest Period):

		(i)	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 three Months, on the next of the dates which falls at three Monthly intervals after
the first day of that Interest Period); and

		(ii)	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:

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		(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 27.9 (Pro rata interest settlement), have been payable to it on that date, but after deduction of the Accrued Amounts.

		(b)	In this Clause 27.9 (Pro rata interest settlement) references to “Interest Period”
shall be construed to include a reference to any other period for accrual of fees.

		(c)	An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 27.9 (Pro
rata interest settlement) but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining
whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other
vote of Lenders under the Finance Documents.

		28	CHANGES TO THE TRANSACTION OBLIGORS

		28.1	Assignment or transfer by Transaction Obligors

No Transaction Obligor may assign any
of its rights or transfer any of its rights or obligations under the Finance Documents, without the prior written consent of the Facility
Agent.

		28.2	Release of security

		(a)	If a disposal of any asset subject to security created by a Security Document is made in the following
circumstances:

		(i)	the disposal is permitted by the terms of any Finance Document;

		(ii)	the Majority Lenders agree to the disposal;

		(iii)	the disposal is being made at the request of the Security Agent in circumstances where any security created
by the Security Documents has become enforceable; or

		(iv)	the disposal is being effected by enforcement of a Security Document,

the Security Agent may release the asset(s)
being disposed of from any security over those assets created by a Security Document. However, the proceeds of any disposal (or an amount
corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any).

		(b)	If the Security Agent is satisfied that a release is allowed under this Clause 28.2 (Release of security)
(at the request and expense of the Borrower) each Finance Party must enter into any document and do all such other things which are
reasonably required to achieve that release. Each other Finance Party irrevocably authorises the Security Agent to enter into any such
document. Any release will not affect the obligations of any other Transaction Obligor under the Finance Documents.

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		28.3	Subordinated Creditors

		(a)	The Borrower may request that any person becomes a Subordinated Creditor, with the prior approval of the
Facility Agent, by delivering to the Facility Agent:

		(i)	a duly executed Subordination Agreement;

		(ii)	a duly executed Subordinated Debt Security; and (iii)such
constitutional documents, corporate authorisations and other documents and matters as the Facility Agent may reasonably require, in form
and substance satisfactory to the Facility Agent, to verify that the person’s obligations are legally binding, valid and enforceable
and to satisfy any applicable legal and regulatory requirements.

		(b)	A person referred to in paragraph (a) above will become a Subordinated Creditor on the date the Security
Agent enters into the Subordination Agreement and the Subordinated Debt Security delivered under paragraph (a) above.

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SECTION 10

THE FINANCE PARTIES

		29	THE FACILITY AGENT, THE ARRANGER AND THE REFERENCE BANKS

		29.1	Appointment of the Facility Agent

		(a)	Each of the Arranger and the Lenders appoints the Facility Agent to act as its agent under and in connection
with the Finance Documents.

		(b)	Each of the Arranger and the Lenders authorises the Facility Agent to perform the duties, obligations
and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or
in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.

		29.2	Instructions

		(a)	The Facility Agent shall:

		(i)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it as Facility Agent in accordance with any instructions given to it by:

		(A)	all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

		(B)	in all other cases, the Majority Lenders; and

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph
(i) above (or, if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance
with instructions given to it by that Finance Party or group of Finance Parties).

		(b)	The Facility 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 Finance Party or group of
Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what manner, it should exercise or refrain
from exercising any right, power, authority or discretion and the Facility Agent may refrain from acting unless and until it receives
any such instructions or clarification that it has requested.

		(c)	Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance
Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given
to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Finance Parties.

		(d)	Paragraph (a) above shall not apply:

		(i)	where a contrary indication appears in a Finance Document;

		(ii)	where a Finance Document requires the Facility Agent to act in a specified manner or to take a specified
action;

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		(iii)	in respect of any provision which protects the Facility Agent’s own position in its personal capacity
as opposed to its role of Facility Agent for the relevant Finance Parties.

		(e)	If giving effect to instructions given by the Majority Lenders would in the Facility Agent’s opinion
have an effect equivalent to an amendment or waiver referred to in Clause 42 (Amendments and Waivers), the Facility Agent shall
not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Facility Agent)
whose consent would have been required in respect of that amendment or waiver.

		(f)	In exercising any discretion to exercise a right, power or authority under the Finance Documents where
it has not received any instructions as to the exercise of that discretion the Facility Agent shall do so having regard to the interests
of all the Finance Parties.

		(g)	The Facility Agent may refrain from acting in accordance with any instructions of any Finance Party or
group of Finance Parties 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 applicable VAT) which it may incur in complying with those instructions.

		(h)	Without prejudice to the remainder of this Clause 29.2 (Instructions), in the absence of instructions,
the Facility Agent shall not be obliged to take any action (or refrain from taking action) even if it considers acting or not acting to
be in the best interests of the Finance Parties. The Facility Agent may act (or refrain from acting) as it considers to be in the best
interest of the Finance Parties.

		(i)	The Facility Agent is not authorised to act on behalf of a Finance Party (without first obtaining that
Finance Party’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) 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 Transaction Security or Security Documents.

		29.3	Duties of the Facility Agent

		(a)	The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative
in nature.

		(b)	Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original or a
copy of any document which is delivered to the Facility Agent for that Party by any other Party.

		(c)	Without prejudice to Clause 27.7 (Copy of Transfer Certificate or Assignment Agreement to Borrower),
paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement.

		(d)	Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to
review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

		(e)	If the Facility Agent receives notice from a Party referring to any Finance Document, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

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		(f)	If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other
fee payable to a Finance Party (other than the Facility Agent, the Arranger or the Security Agent) under this Agreement, it shall promptly
notify the other Finance Parties.

		(g)	The Facility 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).

		29.4	Role of the Arranger

Except as specifically provided in the
Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection with any Finance Document.

		29.5	No fiduciary duties

		(a)	Nothing in any Finance Document constitutes the Facility Agent or the Arranger as a trustee or fiduciary
of any other person.

		(b)	Neither the Facility Agent nor the Arranger shall be bound to account to other Finance Party for any sum
or the profit element of any sum received by it for its own account.

		29.6	Application of receipts

Except as expressly stated to the contrary
in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by
the Facility Agent in accordance with Clause 33.5 (Application of receipts; partial payments).

		29.7	Business with the Group

The Facility Agent and the Arranger may
accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

		29.8	Rights and discretions

		(a)	The Facility Agent may:

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

		(ii)	assume that:

		(A)	any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance
Parties are duly given in accordance with the terms of the Finance Documents; and

		(B)	unless it has received notice of revocation, that those instructions have not been revoked; and

		(iii)	rely on a certificate from any person:

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

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		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the
case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

		(b)	The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent
for the Finance Parties) that:

		(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.2 (Non-payment));

		(ii)	any right, power, authority or discretion vested in any Party or any group of Finance Parties has not
been exercised; and

		(iii)	any notice or request made by any Borrower (other than the Utilisation Request or a Selection Notice)
is made on behalf of and with the consent and knowledge of all the Transaction Obligors.

		(c)	The Facility Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts.

		(d)	Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Facility Agent
may at any time engage and pay for the services of any lawyers to act as independent counsel to the Facility Agent (and so separate from
any lawyers instructed by the Lenders) if the Facility Agent in its reasonable opinion deems this to be desirable.

		(e)	The Facility 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 Facility 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.

		(f)	The Facility Agent may act in relation to the Finance Documents and the Security Property through its
officers, employees and agents and shall not:

		(i)	be liable for any error of judgment made by any such person; or

		(ii)	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 Facility Agent’s gross negligence or wilful misconduct.

		(g)	Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party
any information it reasonably believes it has received as agent under the Finance Documents.

		(h)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility 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.

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		(i)	Notwithstanding any provision of any Finance Document to the contrary, the Facility 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.

		29.9	Responsibility for documentation

Neither the Facility Agent nor the Arranger
is responsible or liable for

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility
Agent, the Security Agent, the Arranger, a Transaction Obligor or any other person in, or in connection with, any Transaction Document
or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Transaction Document;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security
Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with,
any Transaction Document or the Security Property; or

		(c)	any determination as to whether any information provided or to be provided to any Finance Party or Secured
Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing
or otherwise.

		29.10	No duty to monitor

The Facility Agent shall not be bound
to enquire:

		(a)	whether or not any Default has occurred;

		(b)	as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction
Document; or

		(c)	whether any other event specified in any Transaction Document has occurred.

		29.11	Exclusion of liability

		(a)	Without limiting paragraph (b) below (and without prejudice to paragraph (e) of Clause 33.11 (Disruption
to Payment Systems etc.) or any other provision of any Finance Document excluding or limiting the liability of the Facility Agent),
the Facility Agent will not be liable for:

		(i)	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 Transaction Document or the Security Property, unless directly
caused by its gross negligence or wilful misconduct;

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Transaction Document or the Security Property; or

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		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to
any person, any diminution in value or any liability whatsoever arising as a result of:

		(A)	any act, event or circumstance not reasonably within its control; or

		(B)	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.

		(b)	No Party other than the Facility Agent may take any proceedings against any officer, employee or agent
of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind
by that officer, employee or agent in relation to any Transaction Document or any Security Property and any officer, employee or agent
of the Facility Agent may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties
Act.

		(c)	The Facility 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 Facility Agent if the Facility 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 Facility Agent for that purpose.

		(d)	Nothing in this Agreement shall oblige the Facility Agent or the Arranger to carry out:

		(i)	any “know your customer” or other checks in relation to any person; or

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Finance Party,

on behalf of any Finance Party and each
Finance Party confirms to the Facility 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 Facility Agent or the Arranger.

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent’s
liability, any liability of the Facility Agent arising under or in connection with any Transaction Document or the Security 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 Facility 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 Facility Agent at any time which increase the amount of that loss. In
no event shall the Facility Agent be liable for any loss of profits, goodwill, reputation, business opportunity or

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anticipated saving, or for special, punitive,
indirect or consequential damages, whether or not the Facility Agent has been advised of the possibility of such loss or damages.

		29.12	Lenders’ indemnity to the Facility Agent

		(a)	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 Facility Agent, within three
Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility
Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 33.11 (Disruption
to Payment Systems etc.) notwithstanding the Facility Agent’s negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents
(unless the Facility Agent has been reimbursed by a Transaction Obligor pursuant to a Finance Document).

		(b)	Subject to paragraph (c) below, the Borrower shall immediately on demand reimburse any Lender for any
payment that Lender makes to the Facility Agent pursuant to paragraph (a) above.

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender
claims reimbursement relates to a liability of the Facility Agent to an Obligor.

		29.13	Resignation of the Facility Agent

		(a)	The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other
Finance Parties and the Borrower.

		(b)	Alternatively, the Facility Agent may resign by giving 30 days’ notice to the other Finance Parties
and the Borrower, in which case the Majority Lenders may appoint a successor Facility Agent.

		(c)	If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b)
above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent.

		(d)	If the Facility Agent wishes to resign because (acting reasonably) it has concluded that it is no longer
appropriate for it to remain as agent and the Facility Agent is entitled to appoint a successor Facility Agent under paragraph (c) above,
the Facility Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor
Facility Agent to become a party to this Agreement as Facility Agent) agree with the proposed successor Facility Agent amendments to this
Clause 29 (The Facility Agent and the Arranger) and any other term of this Agreement dealing with the rights or obligations of
the Facility 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 Facility Agent’s
normal fee rates and those amendments will bind the Parties.

		(e)	The retiring Facility Agent shall make available to the successor Facility Agent such documents and records
and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions as Facility
Agent under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring

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Facility 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.

		(f)	The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor.

		(g)	Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under paragraph (e) above) but shall remain entitled to the
benefit of Clause 14.4 (Indemnity to the Facility Agent) and this Clause 29 (The Facility Agent and the Arranger) and any
other provisions of a Finance Document which are expressed to limit or exclude its liability (or to indemnify it) in acting as Facility
Agent. Any fees for the account of the retiring Facility 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.

		(h)	The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph
(e) above shall be for the account of the Borrower.

		(i)	The consent of any Borrower (or any other Transaction Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Facility Agent.

		29.14	Confidentiality

		(a)	In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through
its agency division which shall be treated as a separate entity from any other of its divisions or departments.

		(b)	If information is received by a division or department of the Facility Agent other than the division or
department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as
confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to
disclose such information to any Party.

		(c)	Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility 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.

		29.15	Relationship with the other Finance Parties

		(a)	Subject to Clause 27.9 (Pro rata interest settlement), the Facility Agent may treat the person
shown in its records as Lender at the opening of business (in the place of the Facility Agent’s principal office as notified to
the Finance Parties from time to time) as the Lender acting through its Facility Office:

		(i)	entitled to or liable for any payment due under any Finance Document on that day; and

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		(ii)	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.

		(b)	Each Finance Party shall supply the Facility Agent with any information that the Security Agent may reasonably
specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security
Agent.

		(c)	Any Lender may by notice to the Facility 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 and, where communication by electronic mail or other electronic means is permitted under Clause 36.5 (Electronic communication),
electronic mail address and/or any other information required to enable the transmission 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, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 36.2 (Addresses)
and subparagraph (ii) of paragraph (a) of Clause 36.5 (Electronic communication) and the Facility 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.

		29.16	Credit appraisal by the Finance Parties

Without affecting the responsibility of
any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party
confirms to the Facility Agent and the Arranger 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 Transaction Document including but not limited to:

		(a)	the financial condition, status and nature of each member of the Group;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Transaction Document or the Security Property;

		(c)	whether that 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 Transaction Document, the Security Property, the transactions contemplated
by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Transaction Document or the Security Property;

		(d)	the adequacy, accuracy or completeness of any information provided by the Facility Agent, any Party or
by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction
Document; and

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		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Security Assets,
the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

		29.17	Deduction from amounts payable by the Facility Agent

If any Party owes an amount to the Facility
Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Facility 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.

		29.18	Full freedom to enter into transactions

Without prejudice to Clause 29.7 (Business
with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Facility
Agent shall be absolutely entitled:

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind with
or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or
security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to
in, a Finance Document);

		(b)	to deal in and enter into and arrange transactions relating to:

		(i)	any securities issued or to be issued by any Transaction Obligor or any other person; or

		(ii)	any options or other derivatives in connection with such securities; and

		(c)	to provide advice or other services to any Borrower or any person who is a party to, or referred to in,
a Finance Document,

and, in particular, the Facility Agent
shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection
with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information
or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions
or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived
from the dealings transactions or other matters.

		29.19	Role of Reference Banks

		(a)	No Reference Bank is under any obligation to provide a quotation or any other information to the Facility
Agent.

		(b)	No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document,
or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.

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		(c)	No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee
or agent of any Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission
of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer,
employee or agent of each Reference Bank may rely on this Clause 31.19 (Role of Reference Banks) subject to Clause 1.5 (Third
party rights) and the provisions of the Third Parties Act.

		29.20	Third Party Reference Banks

A Reference Bank which is not a Party
may rely on Clause 31.19 (Role of Reference Banks), Clause 42.3 (Other exceptions) and Clause 44 (Confidentiality of Funding Rates and
Reference Bank Quotations) subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.

		30	THE SECURITY AGENT

		30.1	Trust

		(a)	The Security Agent declares that it holds the Security Property on trust for the Secured Parties on the
terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 30 (The Security Agent)
and the other provisions of the Finance Documents.

		(b)	Each other Finance Party authorises the Security Agent 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.

		30.2	Parallel Debt (Covenant to pay the Security Agent)

		(a)	Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt
which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.

		(b)	The Parallel Debt of an Obligor:

		(i)	shall become due and payable at the same time as its Corresponding Debt;

		(ii)	is independent and separate from, and without prejudice to, its Corresponding Debt.

		(c)	For purposes of this Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent)), the Security Agent:

		(i)	is the independent and separate creditor of each Parallel Debt;

		(ii)	acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims
in respect of each Parallel Debt shall not be held on trust; and

		(iii)	shall have the independent and separate right to demand payment of each Parallel Debt in its own name
(including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and
voting in any kind of insolvency proceeding).

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		(d)	The Parallel Debt of an Obligor shall be:

		(i)	decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged;
and

		(ii)	increased to the extent that its Corresponding Debt has increased, and the Corresponding Debt of an Obligor
shall be decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged,

in each case provided that the Parallel
Debt of an Obligor shall never exceed its Corresponding Debt.

		(e)	All amounts received or recovered by the Security Agent in connection with this Clause 30.2 (Parallel
Debt (Covenant to pay the Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause 33.5
(Application of receipts; partial payments).

		(f)	This Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent)) shall apply, with any necessary
modifications, to each Finance Document.

		30.3	Enforcement through Security Agent only

The Secured Parties shall not have any
independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any right, power, authority or discretion
arising under the Security Documents except through the Security Agent.

		30.4	Instructions

		(a)	The Security Agent shall:

		(i)	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:

		(A)	all Lenders (or the Facility Agent on their behalf) if the relevant Finance Document stipulates the matter
is an all Lender decision; and

		(B)	in all other cases, the Majority Lenders (or the Facility Agent on their behalf); and

		(ii)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with sub-paragraph
(i) above (or if this Agreement stipulates the matter is a decision for any other Finance Party or group of Finance Parties, in accordance
with instructions given to it by that Finance Party or group of Finance Parties).

		(b)	The Security Agent shall be entitled to request instructions, or clarification of any instruction, from
the Majority Lenders (or the Facility Agent on their behalf) (or, if the relevant Finance Document stipulates the matter is a decision
for any other Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties) as to whether, and in what
manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Security Agent may refrain from
acting unless and until it receives any such instructions or clarification that it has requested.

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		(c)	Save in the case of decisions stipulated to be a matter for any other Finance Party or group of Finance
Parties under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to
the Security Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Finance Parties.

		(d)	Paragraph (a) above shall not apply:

		(i)	where a contrary indication appears in a Finance Document;

		(ii)	where a Finance Document requires the Security Agent to act in a specified manner or to take a specified
action;

		(iii)	in respect of any provision which protects the Security Agent’s own position in its personal capacity
as opposed to its role of Security Agent for the relevant Secured Parties;

		(iv)	in respect of the exercise of the Security Agent’s discretion to exercise a right, power or authority
under any of:

		(A)	Clause 30.27 (Application of receipts);

		(B)	Clause 30.28 (Permitted Deductions); and

		(C)	Clause 30.29 (Prospective liabilities).

		(e)	If giving effect to instructions given by the Majority Lenders would in the Security Agent’s opinion
have an effect equivalent to an amendment or waiver referred to in Clause 42 (Amendments and Waivers), the Security Agent shall
not act in accordance with those instructions unless consent to it so acting is obtained from each Party (other than the Security Agent)
whose consent would have been required in respect of that amendment or waiver.

		(f)	In exercising any discretion to exercise a right, power or authority under the Finance Documents where
either:

		(i)	it has not received any instructions as to the exercise of that discretion; or

		(ii)	the exercise of that discretion is subject to sub-paragraph (iv) of paragraph (d) above, the Security
Agent shall do so having regard to the interests of all the Secured Parties.

		(g)	The Security Agent may refrain from acting in accordance with any instructions of any Finance Party or
group of Finance Parties 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 applicable VAT) which it may incur in complying with those instructions.

		(h)	Without prejudice to the remainder of this Clause 30.4 (Instructions), in the absence of instructions,
the Security Agent may (but shall not be obliged to) take such action in the exercise of its powers and duties under the Finance Documents
as it considers in its discretion to be appropriate.

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		(i)	The Security Agent is not authorised to act on behalf of a Finance Party (without first obtaining that
Finance Party’s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (i) 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 Transaction Security or Security Documents.

		30.5	Duties of the Security Agent

		(a)	The Security Agent’s duties under the Finance Documents are solely mechanical and administrative
in nature.

		(b)	The Security Agent shall promptly forward to a Party the original or a copy of any document which is delivered
to the Security Agent for that Party by any other Party.

		(c)	Except where a Finance Document specifically provides otherwise, the Security Agent is not obliged to
review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

		(d)	If the Security Agent receives notice from a Party referring to any Finance Document, describing a Default
and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

		(e)	The Security 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).

		30.6	No fiduciary duties

		(a)	Nothing in any Finance Document constitutes the Security Agent as an agent, trustee or fiduciary of any
Transaction Obligor.

		(b)	The Security Agent shall not be bound to account to any other Secured Party for any sum or the profit
element of any sum received by it for its own account.

		30.7	Business with the Group

The Security Agent may accept deposits
from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.

		30.8	Rights and discretions

		(a)	The Security Agent may:

		(i)	rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised;

		(ii)	assume that:

		(A)	any instructions received by it from the Majority Lenders, any Finance Parties or any group of Finance
Parties are duly given in accordance with the terms of the Finance Documents;

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		(B)	unless it has received notice of revocation, that those instructions have not been revoked;

		(C)	if it receives any instructions to act in relation to the Transaction Security, that all applicable conditions
under the Finance Documents for so acting have been satisfied; and

		(iii)	rely on a certificate from any person:

		(A)	as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge
of that person; or

		(B)	to the effect that such person approves of any particular dealing, transaction, step, action or thing,

as sufficient evidence that that is the
case and, in the case of paragraph (A) above, may assume the truth and accuracy of that certificate.

		(b)	The Security Agent shall be entitled to carry out all dealings with the other Finance Parties through
the Facility Agent and may give to the Facility Agent any notice or other communication required to be given by the Security Agent to
any Finance Party.

		(c)	The Security Agent may assume (unless it has received notice to the contrary in its capacity as security
agent for the Secured Parties) that:

		(i)	no Default has occurred;

		(ii)	any right, power, authority or discretion vested in any Party or any group of Finance Parties has not
been exercised; and

		(iii)	any notice or request made by any Borrower (other than the Utilisation Request or a Selection Notice)
is made on behalf of and with the consent and knowledge of all the Transaction Obligors.

		(d)	The Security Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts.

		(e)	Without prejudice to the generality of paragraph (c) above or paragraph (f) below, the Security Agent
may at any time engage and pay for the services of any lawyers to act as independent counsel to the Security Agent (and so separate from
any lawyers instructed by the Facility Agent or the Lenders) if the Security Agent in its reasonable opinion deems this to be desirable.

		(f)	The Security 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 Security 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.

		(g)	The Security Agent may act in relation to the Finance Documents and the Security Property through its
officers, employees and agents and shall not:

		(i)	be liable for any error of judgment made by any such person; or

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		(ii)	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 Security Agent’s gross negligence or wilful misconduct.

		(h)	Unless a Finance Document expressly provides otherwise the Security Agent may disclose to any other Party
any information it reasonably believes it has received as security agent under the Finance Documents.

		(i)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not
obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or
a breach of a fiduciary duty or duty of confidentiality.

		(j)	Notwithstanding any provision of any Finance Document to the contrary, the Security 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.

		30.9	Responsibility for documentation

None of the Security Agent, any Receiver
or Delegate is responsible or liable for:

		(a)	the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Facility
Agent, the Security Agent, the Arranger, a Transaction Obligor or any other person in, or in connection with, any Transaction Document
or the transactions contemplated in the Transaction Documents or any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Transaction Document;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Security
Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with,
any Transaction Document or the Security Property;

		(c)	any determination as to whether any information provided or to be provided to any Secured Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.

		30.10	No duty to monitor

The Security Agent shall not be bound
to enquire:

		(a)	whether or not any Default has occurred;

		(b)	as to the performance, default or any breach by any Transaction Obligor of its obligations under any Transaction
Document; or

		(c)	whether any other event specified in any Transaction Document has occurred.

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		30.11	Exclusion of liability

		(a)	Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of the Security Agent or any Receiver or Delegate), none of the Security Agent nor any Receiver or
Delegate will be liable for:

		(i)	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 Transaction Document or the Security Property, unless directly
caused by its gross negligence or wilful misconduct;

		(ii)	exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection
with, any Transaction Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with, any Transaction Document or the Security Property; or

		(iii)	any shortfall which arises on the enforcement or realisation of the Security Property; or

		(iv)	without prejudice to the generality of paragraphs (i) to (iii) above, any damages, costs or losses to
any person, any diminution in value or any liability whatsoever arising as a result of:

		(A)	any act, event or circumstance not reasonably within its control; or

		(B)	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.

		(b)	No Party other than the Security Agent, that Receiver or that Delegate (as applicable) may take any proceedings
against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the
Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation
to any Transaction Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate
may rely on this Clause subject to Clause 1.5 (Third party rights) and the provisions of the Third Parties Act.

		(c)	The Security 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 Security Agent if the Security 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 Security Agent for that purpose.

		(d)	Nothing in this Agreement shall oblige the Security Agent to carry out:

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		(i)	any “know your customer” or other checks in relation to any person; or

		(ii)	any check on the extent to which any transaction contemplated by this Agreement might be unlawful for
any Finance Party,

on behalf of any Finance Party and each
Finance Party confirms to the Security Agent 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 Security Agent.

		(e)	Without prejudice to any provision of any Finance Document excluding or limiting the liability of the
Security Agent or any Receiver or Delegate, any liability of the Security Agent or any Receiver or Delegate arising under or in connection
with any Transaction Document or the Security 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 Security Agent, Receiver or Delegate 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 Security Agent, any Receiver or Delegate at any time which increase the amount of that loss. In no event shall the Security
Agent, any Receiver or Delegate 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 Security Agent, the Receiver or Delegate has been advised
of the possibility of such loss or damages.

		30.12	Lenders’ indemnity to the Security Agent

		(a)	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 Security Agent and every
Receiver, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason
of the Security Agent’s or Receiver’s gross negligence or wilful misconduct) in acting as Security Agent or Receiver under
the Finance Documents (unless the Security Agent or Receiver has been reimbursed by a Transaction Obligor pursuant to a Finance Document).

		(b)	Subject to paragraph (c) below, the Borrower shall within three days of any demand reimburse any Lender
for any payment that Lender makes to the Security Agent pursuant to paragraph (a) above.

		(c)	Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender
claims reimbursement relates to a liability of the Security Agent to an Obligor.

		30.13	Resignation of the Security Agent

		(a)	The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the other
Finance Parties and the Borrower.

		(b)	Alternatively, the Security Agent may resign by giving 30 days’ notice to the other Finance Parties
and the Borrower, in which case the Majority Lenders may appoint a successor Security Agent.

		(c)	If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b)
above within 20 days after notice of resignation was given, the retiring Security Agent may appoint a successor Security Agent.

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		(d)	The retiring Security Agent shall make available to the successor Security Agent such documents and records
and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security
Agent under the Finance Documents. The Borrower shall, within three Business Days of demand, reimburse the retiring Security 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.

		(e)	The Security Agent’s resignation notice shall only take effect upon:

		(i)	the appointment of a successor; and

		(ii)	the transfer, by way of a document expressed as a deed, of all the Security Property to that successor.

		(f)	Upon the appointment of a successor, the retiring Security Agent shall be discharged, by way of a document
executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of
Clause 30.24 (Winding up of trust) and paragraph (d) above) but shall remain entitled to the benefit of Clause 14.5 (Indemnity
to the Security Agent) and this Clause 30 (The Security Agent) and any other provisions of a Finance Document which are expressed
to limit or exclude its liability (or to indemnify it) in acting as Security Agent. Any fees for the account of the retiring Security
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.

		(g)	The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph
(d) above shall be for the account of the Borrower.

		(h)	The consent of any Borrower (or any other Transaction Obligor) is not required for an assignment or transfer
of rights and/or obligations by the Security Agent.

		30.14	Confidentiality

		(a)	In acting as Security Agent for the Finance Parties, the Security Agent shall be regarded as acting through
its trustee division which shall be treated as a separate entity from any other of its divisions or departments.

		(b)	If information is received by a division or department of the Security Agent other than the division or
department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as
confidential to that division or department, and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to
disclose such information to any Party.

		(c)	Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not
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.

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		30.15	Credit appraisal by the Finance Parties

Without affecting the responsibility of
any Transaction Obligor for information supplied by it or on its behalf in connection with any Transaction Document, each Finance Party
confirms to the Security Agent 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 Transaction Document including but not limited to:

		(a)	the financial condition, status and nature of each member of the Group;

		(b)	the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document, the Security
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
any Transaction Document or the Security Property;

		(c)	whether that 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 Transaction Document, the Security Property, the transactions contemplated
by the Transaction Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under
or in connection with any Transaction Document or the Security Property;

		(d)	the adequacy, accuracy or completeness of any information provided by the Security Agent, any Party or
by any other person under, or in connection with, any Transaction Document, the transactions contemplated by any Transaction Document
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Transaction
Document; and

		(e)	the right or title of any person in or to or the value or sufficiency of any part of the Security Assets,
the priority of any of the Transaction Security or the existence of any Security affecting the Security Assets.

		30.16	Reliance and engagement letters

Each Secured Party confirms that the Security
Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters or reports already accepted by the
Security Agent) the terms of any reliance letter or engagement letters or any reports or letters provided by accountants, auditors or
providers of due diligence reports in connection with the Finance Documents or the transactions contemplated in the Finance Documents
and to bind it in respect of those, reports or letters and to sign such letters on its behalf and further confirms that it accepts the
terms and qualifications set out in such letters.

		30.17	No responsibility to perfect Transaction Security

The Security Agent shall not be liable
for any failure to:

		(a)	require the deposit with it of any deed or document certifying, representing or constituting the title
of any Transaction Obligor to any of the Security Assets;

		(b)	obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any Finance Document or the Transaction Security;

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		(c)	register, file or record or otherwise protect any of the Transaction Security (or the priority of any
of the Transaction Security) under any law or regulation or to give notice to any person of the execution of any Finance Document or of
the Transaction Security;

		(d)	take, or to require any Transaction Obligor to take, any step to perfect its title to any of the Security
Assets or to render the Transaction Security effective or to secure the creation of any ancillary Security under any law or regulation;
or

		(e)	require any further assurance in relation to any Finance Document.

		30.18	Insurance by Security Agent

		(a)	The Security Agent shall not be obliged:

		(i)	to insure any of the Security Assets;

		(ii)	to require any other person to maintain any insurance; or

		(iii)	to verify any obligation to arrange or maintain insurance contained in any Finance Document, and the Security
Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any such insurance.

		(b)	Where the Security Agent is named on any insurance policy as an insured party, it shall not be liable
for any damages, costs or losses to any person as a result of 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 Majority Lenders request it to do so in writing and the
Security Agent fails to do so within 14 days after receipt of that request.

		30.19	Custodians and nominees

The Security Agent may appoint and pay
any person to act as a custodian or nominee on any terms in relation to any asset 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 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.

		30.20	Delegation by the Security Agent

		(a)	Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney
or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as such.

		(b)	That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject
to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in
the interests of the Secured Parties.

		(c)	No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for
any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of any such delegate or sub delegate.

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		30.21	Additional Security Agents

		(a)	The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee
or as a co-trustee jointly with it:

		(i)	if it considers that appointment to be in the interests of the Secured Parties; or

		(ii)	for the purposes of conforming to any legal requirement, restriction or condition which the Security Agent
deems to be relevant; or

		(iii)	for obtaining or enforcing any judgment in any jurisdiction,

and the Security Agent shall give prior
notice to the Borrower and the Finance Parties of that appointment.

		(b)	Any person so appointed shall have the rights, powers, authorities and discretions (not exceeding those
given to the Security Agent under or in connection with the Finance Documents) and the duties, obligations and responsibilities that are
given or imposed by the instrument of appointment.

		(c)	The remuneration that the Security Agent may pay to that person, and any costs and expenses (together
with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this
Agreement, be treated as costs and expenses incurred by the Security Agent.

		30.22	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 Transaction Obligor may have to any of the
Security Assets and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.

		30.23	Releases

Upon a disposal of any of the Security
Assets pursuant to the enforcement of the Transaction Security by a Receiver, a Delegate or the Security Agent, the Security Agent is
irrevocably authorised (at the cost of the Obligors and without any consent, sanction, authority or further confirmation from any other
Secured Party) to release, without recourse or warranty, that property from the Transaction Security and to execute any release of the
Transaction Security or other claim over that asset and to issue any certificates of non-crystallisation of floating charges that may
be required or desirable.

		30.24	Winding up of trust

If the Security Agent, with the approval
of the Facility Agent determines that:

		(a)	all of the Secured Liabilities and all other obligations secured by the Security Documents have been fully
and finally discharged; and

		(b)	no Secured Party is under any commitment, obligation or liability (actual or contingent) to make advances
or provide other financial accommodation to any Transaction Obligor pursuant to the Finance Documents,

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then

		(i)	the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Security Documents; and

		(ii)	any Security Agent which has resigned pursuant to Clause 30.13 (Resignation of the Security Agent)
shall release, without recourse or warranty, all of its rights under each Security Document.

		30.25	Powers supplemental to Trustee Acts

The rights, powers, authorities and discretions
given to the Security Agent under or in connection with the Finance Documents 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 law or regulation or otherwise.

		30.26	Disapplication of Trustee Acts

Section 1 of the Trustee Act 2000 shall
not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance Documents.
Where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other
Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent permitted by law and regulation,
prevail and, in the case of any inconsistency with the Trustee Act 2000, the provisions of this Agreement and any other Finance Document
shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.

		30.27	Application of receipts

All amounts from time to time received
or recovered by the Security Agent pursuant to the terms of any Finance Document, under Clause 30.2 (Parallel Debt (Covenant to pay
the Security Agent)) or in connection with the realisation or enforcement of all or any part of the Security Property (for the purposes
of this Clause 30 (The Security Agent), the “Recoveries”) shall be held by the Security Agent on trust to apply
them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law and subject to the remaining
provisions of this Clause 30 (The Security Agent), in the following order of priority:

		(a)	in discharging any sums owing to the Security Agent (in its capacity as such) (other than pursuant to
Clause 30.2 (Parallel Debt (Covenant to pay the Security Agent)) or any Receiver or Delegate;

		(b)	in payment or distribution to the Facility Agent, on its behalf and on behalf of the other Secured Parties,
for application towards the discharge of all sums due and payable by any Transaction Obligor under any of the Finance Documents in accordance
with Clause 33.5 (Application of receipts; partial payments);

		(c)	if none of the Transaction Obligors is under any further actual or contingent liability under any Finance
Document, in payment or distribution to any person to whom the Security Agent is obliged to pay or distribute in priority to any Transaction
Obligor; and

		(d)	the balance, if any, in payment or distribution to the relevant Transaction Obligor.

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		30.28	Permitted Deductions

The Security Agent may, in its discretion:

		(a)	set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made
by it under this Agreement; and

		(b)	pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence
of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in
connection with its remuneration for performing its duties under this Agreement).

		30.29	Prospective liabilities

Following enforcement of any of the Transaction
Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest bearing
suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long
as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility Agent for
application in accordance with Clause 30.27 (Application of receipts) in respect of:

		(a)	any sum to the Security Agent, any Receiver or any Delegate; and

		(b)	any part of the Secured Liabilities, that the Security Agent or, in the case of paragraph (b) only, the
Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.

		30.30	Investment of proceeds

Prior to the payment of the proceeds of
the Recoveries to the Facility Agent for application in accordance with Clause 30.27 (Application of receipts) the Security Agent
may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the
Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest
being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent’s discretion
in accordance with the provisions of Clause 30.27 (Application of receipts).

		30.31	Currency conversion

		(a)	For the purpose of, or pending the discharge of, any of the Secured Liabilities the Security Agent may
convert any moneys received or recovered by the Security Agent from one currency to another, at a market rate of exchange.

		(b)	The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent
of the amount of the due currency purchased after deducting the costs of conversion.

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		30.32	Good discharge

		(a)	Any payment to be made in respect of the Secured Liabilities by the Security Agent may be made to the
Facility Agent on behalf of the Secured Parties and any payment made in that way shall be a good discharge, to the extent of that payment,
by the Security Agent.

		(b)	The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a)
above in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.

		30.33	Amounts received by Obligors

If any of the Obligors receives or recovers
any amount which, under the terms of any of the Finance Documents, should have been paid to the Security Agent, that Obligor will hold
the amount received or recovered on trust for the Security Agent and promptly pay that amount to the Security Agent for application in
accordance with the terms of this Agreement.

		30.34	Full freedom to enter into transactions

Without prejudice to Clause 30.7 (Business
with the Group) or any other provision of a Finance Document and notwithstanding any rule of law or equity to the contrary, the Security
Agent shall be absolutely entitled:

		(a)	to enter into and arrange banking, derivative, investment and/or other transactions of every kind with
or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited
to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or
security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to
in, a Finance Document);

		(b)	to deal in and enter into and arrange transactions relating to:

		(i)	any securities issued or to be issued by any Transaction Obligor or any other person; or

		(ii)	any options or other derivatives in connection with such securities; and

		(c)	to provide advice or other services to the Borrower or any person who is a party to, or referred to in,
a Finance Document,

and, in particular, the Security Agent
shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection
with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information
or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions
or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived
from the dealings transactions or other matters.

		31	CONDUCT OF BUSINESS BY THE FINANCE PARTIES

No provision of this Agreement will:

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		(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.

		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 a Transaction Obligor other than in accordance with Clause 33 (Payment
Mechanics) (a “Recovered Amount”) and applies that amount to a payment due to it under the Finance Documents then:

		(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery,
to the Facility Agent;

		(b)	the Facility 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 Facility Agent and distributed in accordance
with Clause 33 (Payment Mechanics), without taking account of any Tax which would be imposed on the Facility Agent in relation
to the receipt, recovery or distribution; and

		(c)	the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to
the Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Facility
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
(Application of receipts; partial payments).

		32.2	Redistribution of payments

The Facility Agent shall treat the Sharing
Payment as if it had been paid by the relevant Transaction Obligor and distribute it among the Finance Parties (other than the Recovering
Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 33.5 (Application of receipts; partial
payments) towards the obligations of that Transaction Obligor to the Sharing Finance Parties.

		32.3	Recovering Finance Party’s rights

On a distribution by the Facility Agent
under Clause 32.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from a Transaction Obligor,
as between the relevant Transaction 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 Transaction 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:

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		(a)	each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility 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

		(b)	as between the relevant Transaction 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 Transaction Obligor.

		32.5	Exceptions

		(a)	This Clause 32 (Sharing among the Finance Parties) 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 Transaction
Obligor.

		(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

		(i)	it notified that other Finance Party of the legal or arbitration proceedings; and

		(ii)	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 11

ADMINISTRATION

		33	PAYMENT MECHANICS

		33.1	Payments to the Facility Agent

		(a)	On each date on which a Transaction Obligor or a Lender is required to make a payment under a Finance
Document, that Transaction Obligor or Lender shall make an amount equal to such payment available to the Facility 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 Facility Agent as being
customary at the time for settlement of transactions in the relevant currency in the place of payment.

		(b)	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 such Participating Member State or London, as specified by the Facility Agent)
and with such bank as the Facility Agent, in each case, specifies.

		33.2	Distributions by the Facility Agent

Each payment received by the Facility
Agent under the Finance Documents for another Party shall, subject to Clause 33.3 (Distributions to a Transaction Obligor) and
Clause 33.4 (Clawback and pre-funding) be made available by the Facility 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 Facility 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 or, in the case of the Loan, to such account of such person as may
be specified by the Borrower in the Utilisation Request.

		33.3	Distributions to a Transaction Obligor

The Facility Agent may (with the consent
of the Transaction Obligor or in accordance with Clause 34 (Set-Off)) apply any amount received by it for that Transaction Obligor
in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Transaction Obligor under the
Finance Documents or in or towards purchase of any amount of any currency to be so applied.

		33.4	Clawback and pre-funding

		(a)	Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility
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.

		(b)	Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves
to be the case that the Facility 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 Facility Agent shall on demand refund the same to the Facility Agent together with interest

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on that amount from the date of payment
to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.

		(c)	If the Facility Agent has notified the Lenders that it is willing to make available amounts for the account
of the Borrower before receiving funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be
the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower:

		(i)	the Facility Agent shall notify the Borrower of that Lender’s identity and the Borrower shall on
demand refund it to the Facility Agent; and

		(ii)	the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrower
shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against
any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

		33.5	Application of receipts; partial payments

		(a)	If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and
payable by a Transaction Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that
Transaction Obligor under the Finance Documents in the following order:

		(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of, and any
other amounts owing to, the Facility Agent, the Security Agent, any Receiver or any Delegate under the Finance Documents;

		(ii)	secondly, in or towards payment pro rata of:

		(A)	any accrued interest and fees due but unpaid to the Lenders under this Agreement;

		(iii)	thirdly, in or towards payment pro rata of:

		(A)	any principal due but unpaid to the Lenders under this Agreement;

		(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance
Documents.

		(b)	The Facility Agent shall, if so directed by the Majority Lenders, vary, or instruct the Security Agent
to vary (as applicable), the order set out in sub-paragraphs (ii) to (iv) of paragraph (a) above.

		(c)	Paragraphs (a) and (b) above will override any appropriation made by a Transaction Obligor.

		33.6	No set-off by Transaction Obligors

All payments to be made by a Transaction
Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

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		33.7	Business Days

		(a)	Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall
be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

		(b)	During any extension of the due date for payment of any principal or an 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	Currency of account

		(a)	Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due
from a Transaction Obligor under any Finance Document.

		(b)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs,
expenses or Taxes are incurred.

		(c)	Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.

		33.9	Change of currency

		(a)	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:

		(i)	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 Facility
Agent (after consultation with the Borrower); and

		(ii)	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 Facility
Agent (acting reasonably).

		(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent
(acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted
conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.

		33.10	Currency Conversion

		(a)	For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document,
such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange.

		(b)	The obligations of any Transaction Obligor to pay in the due currency shall only be satisfied to the extent
of the amount of the due currency purchased after deducting the costs of conversion.

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		33.11	Disruption to Payment Systems etc.

If either the Facility Agent determines
(in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by the Borrower that a Disruption Event has
occurred:

		(a)	the Facility Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with
a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Facility Agent may deem necessary
in the circumstances;

		(b)	the Facility Agent shall not be obliged to consult with the Borrower 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 Facility 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 Facility Agent and the Borrower shall (whether or not it is finally
determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the
terms of the Finance Documents notwithstanding the provisions of Clause 42 (Amendments and Waivers);

		(e)	the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution
in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take,
any actions pursuant to or in connection with this Clause 33.11 (Disruption to Payment Systems etc.); and

		(f)	the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

		34	SET-OFF

A Finance Party may set off any matured
obligation due from a Transaction 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 Transaction 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.

		35	BAIL-IN

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

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

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

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

		(iii)	a cancellation of any such liability; and

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

		36	NOTICES

		36.1	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 letter.

		36.2	Addresses

The address (and the department or officer,
if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under
or in connection with the Finance Documents are:

		(a)	in the case of the Borrower, that specified in Schedule 1 (The Parties);

		(b)	in the case of each Lender or any other Obligor, that specified in Schedule 1 (The Parties) or,
if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which
it becomes a Party;

		(c)	in the case of the Facility Agent, that specified in Schedule 1 (The Parties); and

		(d)	in the case of the Security Agent, that specified in Schedule 1 (The Parties),

or any substitute address or department
or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by
the Facility Agent) by not less than five Business Days’ notice.

		36.3	Delivery

		(a)	Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will only be effective 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 36.2 (Addresses), if addressed to that department or officer.

		(b)	Any communication or document to be made or delivered to a Servicing Party will be effective only when
actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that
Servicing Party specified in Schedule 1 (The Parties) (or any substitute department or officer as that Servicing Party shall specify
for this purpose).

		(c)	All notices from or to a Transaction Obligor shall be sent through the Facility Agent unless otherwise
specified in any Finance Document.

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		(d)	Any communication or document made or delivered to the Borrower in accordance with this Clause will be
deemed to have been made or delivered to each of the Transaction Obligors.

		(e)	Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above,
after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.

		36.4	Notification of address

Promptly upon receipt of notification
of an address or change of address pursuant to Clause 36.2 (Addresses) or changing its own address, the Facility Agent shall notify
the other Parties.

		36.5	Electronic communication

		(a)	Any communication to be made between any two Parties under or in connection with the Finance Documents
may be made by electronic mail or other electronic means (including, without limitation, by way of posting to a secure website) if those
two Parties:

		(i)	notify each other in writing of their electronic mail address and/or any other information required to
enable the transmission of information by that means; and

		(ii)	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.

		(b)	Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and
a Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary,
this is to be an accepted form of communication.

		(c)	Any such electronic communication as specified in paragraph (a) above made between any two Parties will
be effective only when actually received (or made available) in readable form and in the case of any electronic communication made by
a Party to the Facility Agent or the Security Agent only if it is addressed in such a manner as the Facility Agent or the Security Agent
shall specify for this purpose.

		(d)	Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5.00
p.m. in the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this
Agreement shall be deemed only to become effective on the following day.

		(e)	Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 36.5 (Electronic communication).

		36.6	English language

		(a)	Any notice given under or in connection with any Finance Document must be in English

		(b)	All other documents provided under or in connection with any Finance Document must be:

		(i)	in English; or

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		(ii)	if not in English, and if so required by the Facility Agent, accompanied by a certified English translation
prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is
a constitutional, statutory or other official document.

		37	CALCULATIONS AND CERTIFICATES

		37.1	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.

		37.2	Certificates and determinations

Any certification or determination by
a Finance Party 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.

		37.3	Day count convention

Any interest, commission or fee accruing
under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of
360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

		38	PARTIAL INVALIDITY

If, at any time, any provision of a Finance
Document 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 under the law of that jurisdiction nor the legality, validity or enforceability of such
provision under the law of any other jurisdiction will in any way be affected or impaired.

		39	REMEDIES AND WAIVERS

No failure to exercise, nor any delay
in exercising, on the part of any Secured Party, any right or remedy under a Finance Document shall operate as a waiver of any such right
or remedy or constitute an election to affirm any Finance Document. No election to affirm any Finance Document on the part of a Secured
Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other
exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not
exclusive of any rights or remedies provided by law.

		40	SETTLEMENT OR DISCHARGE CONDITIONAL

Any settlement or discharge under any
Finance Document between any Finance Party and any Transaction Obligor shall be conditional upon no security or payment to any Finance
Party by any Transaction Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law
or otherwise.

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		41	IRREVOCABLE PAYMENT

If the Facility Agent considers that an
amount paid or discharged by, or on behalf of, a Transaction Obligor or by any other person in purported payment or discharge of an obligation
of that Transaction Obligor to a Secured Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation
or administration of that Transaction Obligor or otherwise, then that amount shall not be considered to have been unconditionally and
irrevocably paid or discharged for the purposes of the Finance Documents.

		42	AMENDMENTS AND WAIVERS

		42.1	Required consents

		(a)	Subject to Clause 42.2 (All Lender matters) and Clause 42.3 (Other exceptions) any term
of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the
Obligors and any such amendment or waiver will be binding on all Parties.

		(b)	The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this
Clause 42 (Amendments and Waivers).

		(c)	Without prejudice to the generality of Clause 29.8 (Rights and discretions), the Facility 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.

		(d)	Paragraph (c) of Clause 27.9 (Pro rata interest settlement) shall apply to this Clause 42 (Amendments
and Waivers).

		42.2	All Lender matters

Subject to Clause 42.5 (Replacement
of Screen Rate), an amendment of or waiver or consent in relation to any term 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)	a postponement to or extension of the date of payment of any amount under the Finance Documents;

		(c)	a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;

		(d)	a change in currency of payment of any amount under the Finance Documents;

		(e)	an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any
requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;

		(f)	a change to any Obligor other than in accordance with Clause 28 (Changes to the Transaction Obligors);

		(g)	any provision which expressly requires the consent of all the Lenders;

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		(h)	this Clause 42 (Amendments and Waivers);

		(i)	any change to the preamble (Background), Clause 2 (The Facility), Clause 3 (Purpose), Clause 5 (Utilisation),
Clause 6.2 (Effect of cancellation and prepayment on scheduled repayments), Clause 7.3 (Mandatory prepayment on sale or Total Loss), Clause
8 (Interest), Clause 23.9 (Compliance with laws etc.), Clause 21.23 (Sanctions Undertakings), Clause 23.20 (Sanctions and Ship trading),
Clause 25 (Accounts and application of Earnings), Clause 27 (Changes to the Lenders), Clause 32 (Sharing among the Finance Parties), Clause
46 (Governing Law) or Clause 47 (Enforcement);

		(j)	any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination
arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an
asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders or otherwise
under a Finance Document);

		(k)	(other than as expressly permitted by the provisions of any Finance Document), the nature or scope of:

		(i)	the guarantees and indemnities granted under Clause 17 (Guarantee and Indemnity—Parent Guarantor);

		(ii)	the Security Assets; or

		(iii)	the manner in which the proceeds of enforcement of the Transaction Security are distributed,

(except in the case of sub-paragraphs
(ii) and (iii) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such
sale or disposal is expressly permitted under this Agreement or any other Finance Document);

		(l)	the release of the guarantees and indemnities granted under Clause 17 (Guarantee and Indemnity) or
the release any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal
of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or
any other Finance Document,

shall not be made, or given, without the
prior consent of all the Lenders.

		42.3	Excluded Commitments

		(a)	If any Lender fails to respond to a request for an amendment or waiver described in Clause 43.2 above
within twenty Business Days (or such longer time period in relation to any request which the Borrower and the Facility Agent may agree)
of that request being made:

		(i)	its Commitment or its participation in the Loan (as the case may be) shall not be taken into account for
the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage
of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request; and

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		(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

		42.4	Other exceptions

		(a)	An amendment or waiver which relates to the rights or obligations of a Servicing Party, the Arranger or
a Reference Bank (each in their capacity as such) may not be effected without the consent of that Servicing Party, the Arranger or that
Reference Bank, as the case may be.

		(b)	The Borrower and the Facility Agent, the Arranger or the Security Agent, as applicable, may amend or waive
a term of a Fee letter to which they are a party.

		42.5	Replacement of Screen Rate

		(a)	Subject to Clause 42.4 (Other exceptions), if a Screen Rate Replacement Event has occurred in relation
to the Screen Rate for dollars, any amendment or waiver which relates to:

		(i)	providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen
Rate; and

		(ii)	

		(A)	aligning any provision of any Finance Document to the use of that Replacement Benchmark;

		(B)	enabling that Replacement Benchmark to be used for the calculation of interest under
this Agreement (including, without limitation, any consequential changes required to enable that Replacement Benchmark to be used for
the purposes of this Agreement);

		(C)	implementing market conventions applicable to that Replacement Benchmark;

		(D)	providing for appropriate fallback (and market disruption) provisions for that Replacement
Benchmark; or

		(E)	adjusting the pricing to reduce or eliminate, to the extent reasonably practicable,
any transfer of economic value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment
or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment
shall be determined on the basis of that designation, nomination or recommendation),

may be made with the consent of the Facility
Agent (acting on the instructions of the Majority Lenders) and the Borrower.

		(b)	If any Lender fails to respond to a request for an amendment or waiver described in paragraph (ii) above
within five Business Days (or such longer time period in relation to any request which the Borrower and the Facility Agent may agree)
of that request being made:

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		(i)	its Commitment or its participation in the Loan (as the case may be) shall not be shall not be included
for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant
percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request;
and

		(ii)	its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any
specified group of Lenders has been obtained to approve that request.

		42.6	Obligor Intent

Without prejudice to the generality of
Clauses 1.2 (Construction) and 17.4 (Waiver of defences), each Obligor expressly confirms that it intends that any guarantee
contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time
to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount
made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions
of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing
facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the
purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated
with any of the foregoing.

		43	CONFIDENTIAL INFORMATION

		43.1	Confidentiality

Each Finance Party agrees to keep all
Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 43.2 (Disclosure of
Confidential Information) and Clause 43.3 (Disclosure to numbering service providers) and to ensure that all Confidential Information
is protected with security measures and a degree of care that would apply to its own confidential information.

		43.2	Disclosure of Confidential Information

Any Finance Party may disclose:

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

		(b)	to any person:

		(i)	to (or through) whom it assigns or transfers (or may potentially assign or transfer, including for the
purposes of Clause 27.9 (Syndication and Securitisation)) all or any of its rights and/or obligations under one or more Finance
Documents or which succeeds

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(or which may potentially succeed) it
as Facility Agent or Security Agent and, in each case, to any of that person’s Affiliates, Related Funds, Representatives, professional
advisers and broker or provider for the purpose of credit protection;

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

		(iii)	appointed by any Finance Party or by a person to whom sub-paragraph (i) or (ii) of paragraph (b) above
applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including,
without limitation, any person appointed under paragraph (c) of Clause 29.15 (Relationship with the other Finance Parties));

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

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

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

		(vii)	to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may
do so) pursuant to Clause 0 (Security over Lenders’ rights);

		(viii)	who is a Party, a member of the Group or any related entity of a Transaction Obligor;

		(ix)	as a result of the registration of any Finance Document as contemplated by any Finance Document or any
legal opinion obtained in connection with any Finance Document; or

		(x)	with the consent of the Parent Guarantor;

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

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

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

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some or all of such Confidential Information
may be price-sensitive information;

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

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

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

		43.3	Disclosure to numbering service providers

		(a)	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 Transaction
Obligors the following information:

		(i)	names of Transaction Obligors;

		(ii)	country of domicile of Transaction Obligors;

		(iii)	place of formation of Transaction Obligors;

		(iv)	date of this Agreement;

		(v)	Clause 46 (Governing Law);

		(vi)	the names of the Facility Agent and the Arrangers;

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

		(viii)	amount of Total Commitments;

		(ix)	currency of the Facility;

		(x)	type of Facility;

		(xi)	ranking of Facility;

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		(xii)	Termination Date for Facility;

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

		(xiv)	such other information agreed between such Finance Party and the Borrower,

to enable such numbering service provider
to provide its usual syndicated loan numbering identification services.

		(b)	The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility
and/or one or more Transaction 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.

		(c)	Each Obligor represents, on behalf of itself and the other Transaction Obligors, that none of the information
set out in sub-paragraphs (i) to (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

		43.4	Entire agreement

This Clause 43 (Confidential Information)
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.

		43.5	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.

		43.6	Notification of disclosure

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

		(a)	of the circumstances of any disclosure of Confidential Information made pursuant to subparagraph (v) of
paragraph (b) of Clause 43.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons
referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

		(b)	upon becoming aware that Confidential Information has been disclosed in breach of this Clause 43 (Confidential
Information).

		43.7	Continuing obligations

The obligations in this Clause 43 (Confidential
Information) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from
the earlier of:

    	 	147	 

     

    

 

		(a)	the date on which all amounts payable by the Obligors under or in connection with this Agreement have
been paid in full and all Commitments have been cancelled or otherwise cease to be available; and

		(b)	the date on which such Finance Party otherwise ceases to be a Finance Party.

		44	CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS

		44.1	Confidentiality and disclosure

		(a)	The Facility Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Facility
Agent, each Reference Bank Quotation) confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b) and
(c) below.

		(b)	The Facility Agent may disclose:

		(i)	any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the Borrower pursuant
to Clause 8.4 (Notification of rates of interest); and

		(ii)	any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration
services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services
if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form
of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality
undertaking agreed between the Facility Agent and the relevant Lender or Reference Bank, as the case may be.

		(c)	The Facility Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may
disclose any Funding Rate, to:

		(i)	any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors,
partners and Representatives, if any person to whom that Funding Rate or Reference Bank Quotation is to be given pursuant to this sub-paragraph
(i) is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such
requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate
or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

		(ii)	any person to whom information is required or requested to be disclosed by any court of competent jurisdiction
or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant
to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in
writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform
if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

		(iii)	any person to whom information is required to be disclosed in connection with, and for the purposes of,
any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate or
Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may

    	 	148	 

     

    

 

be price sensitive information except
that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be,
it is not practicable to do so in the circumstances; and

		(iv)	any person with the consent of the relevant Lender or Reference Bank, as the case may be.

		(d)	The Facility Agent’s obligations in this Clause 44 (Confidentiality of Funding Rates and Reference
Bank Quotations) relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause
8.4 (Notification of rates of interest) provided that (other than pursuant to sub-paragraph (i) of paragraph (b) above) the Facility
Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.

		44.2	Related obligations

		(a)	The Facility Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Facility
Agent, each Reference Bank Quotation) is or may be price sensitive information and that its use may be regulated or prohibited by applicable
legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each Obligor undertake not
to use any Funding Rate or, in the case of the Facility Agent, any Reference Bank Quotation for any unlawful purpose.

		(b)	The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the
relevant Lender or Reference Bank, as the case may be:

		(i)	of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (c) of Clause
44.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph
during the ordinary course of its supervisory or regulatory function; and

		(ii)	upon becoming aware that any information has been disclosed in breach of this Clause 44 (Confidentiality
of Funding Rates and Reference Bank Quotations).

		44.3	No Event of Default

No Event of Default will occur under Clause
26.4 (Other obligations) by reason only of an Obligor’s failure to comply with this Clause 44 (Confidentiality of Funding
Rates and Reference Bank Quotations).

		45	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.

    	 	149	 

     

    

 

SECTION 12

GOVERNING LAW AND ENFORCEMENT

		46	GOVERNING LAW

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

		47	ENFORCEMENT

		47.1	Jurisdiction

		(a)	Unless specifically provided in another Finance Document in relation to that Finance Document, the courts
of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute
regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection
with any Finance Document) (a “Dispute”).

		(b)	The Obligors accept that the courts of England are the most appropriate and convenient courts to settle
Disputes and accordingly no Obligor will argue to the contrary.

		(c)	This Clause 47.1 (Jurisdiction) is for the benefit of the Secured Parties only. As a result, no
Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed
by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.

		47.2	Service of process

		(a)	Without prejudice to any other mode of service allowed under any relevant law, each Obligor:

		(i)	irrevocably appoints Global Ship Lease Services Limited as its agent for service of process in relation
to any proceedings before the English courts in connection with any Finance Document; and

		(ii)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate
the proceedings concerned.

		(b)	If any person appointed as an agent for service of process is unable for any reason to act as agent for
service of process, the Borrower (on behalf of all the Obligors) must immediately (and in any event within three days of such event taking
place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for
this purpose.

This Agreement has been entered into on
the date stated at the beginning of this Agreement.

    	 	150	 

     

    

 

SCHEDULE 1

THE PARTIES

PART A

THE OBLIGORS

	Name of Borrower	Place of Formation	Registration number (or equivalent, if any)	Address for Communication
	 	 	 	 
	Penelope Marine LLC	Marshall Islands	962563	
    c/o Technomar Shipping Inc.

    3-5 Menandrou Street

    145 61 Kifissia

    Greece

     

    Fax no: +30 210 80 84 224

 

	Name of Guarantor	Place of Formation	Registration number (or equivalent, if any)	Address for Communication
	 	 	 	 
	Poseidon Containers Holdings LLC	Marshall Islands	961853	
    c/o Technomar Shipping Inc.

    3-5 Menandrou Street

    145 61 Kifissia

    Greece

     

    Fax no: +30 210 80 84 224

	 	 	 	 
	Global Ship Lease, Inc.	Marshall Islands	28891	
    c/o Technomar Shipping Inc.

    3-5 Menandrou Street

    145 61 Kifissia

    Greece

     

    Fax no: +30 210 80 84 224

     

    Email:

    mdanezi@technomar.gr

    tpsaropoulos@technomar.gr

 

    	 	151	 

     

    

 

PART B

THE LENDERS

	Name:	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
	Facility office:	12 place des Etats-Unis, 92547, Montrouge Cedex, France
	Commitment to the Loan:	$ 17,700,000.00
	Notice details (including address and attention details):	
    12 place des Etats-Unis, 92547, Montrouge Cedex,
    France

    Attn: Ship Finance — Middle-Office / Ms. Clementine
    Costil

    Email: clementine.costil@ca-cib.com; marie-jose.campana@ca-cib.com

    Copy: Ship Finance — Greece, Representative Office

    Email: nicoletta.panayiotopoulos@ca-cib.com; yannick.legourieres@ca-cib.com

	Account details:	
    Account Number: 786419036

    SWIFT CODE: BSUIFRPP

    Further beneficiary

    Middle Office Instance Shipping

    Account 00 117 313 255

    IBAN FR76 3148 9000 1000 1173 1325 547

    Attn. C.Costil — Shipping Dept

 

	Name:	Bank Sinopac Co., Ltd.
	Facility office:	B1F, No.9-1, Chien Kuo N. Rd., Sec.2, Taipei 104, Taiwan, R.O.C
	Commitment to the Loan:	$ 17,000,000.00
	Notice details (including address and attention details):	
    Credit Matters

    Attn: Morris Chen/ Sean Huang

    Tel: +886 -2-25088546/ +886-2-25088853

    Email: shihhsun.chen@sinopac.com/ seanh324@sinopac.com

    Operation Matters

    Attn: Norman Weng/ Bina Wang/ Eva Yu/ Pearl Chou

    Tel: +886-2-21835803/ +886-2-21835841/ +886-2-21835811/

    +886-2-23203130

 

    	 	152	 

     

    

 

 

	 	Email: norman751309@sinopac.com/ n00615@sinopac.com/ eva.yu@sinopac.com/ pearl@sinpoac.com
	Account details:	
    Account Number: 36115045

    SWIFT CODE: SINOTWTP

 

 

 

	Name:	CTBC BANK CO., LTD.
	Facility office:	8F, NO.168, JINGMAO 2ND ROAD, NANGANG DIST., TAIPEI 11568, TAIWAN, R.O.C.
	Commitment to the Loan:	$ 17,000,000.00
	Notice details (including address and attention details):	
    Credit matters:

    Tel: +886-2-3327-7777 ext 1122/ 3202/ 3343

    E-mail:lester.juan@ctbcbank.com/neal.lai@ctbcbank.com/

    zoe.liu@ctbcbank.com

    Attn/Ref: Lester Juan/ Neal Lai/ Zoe Liu

    Operation matters:

    Tel: +886-2-3327-7777 ext 3199/ 3268

    E-mail: ba.rc901ium@ctbcbank.corn/ Irene.vc.chen@ctbcbank.com

    Attn/Ref: Ping Liu/ Irene Chen

	Account details:	
    Name of Lender: CTBC BANK CO., LTD. (SWIFT: CTCBTWTPXXX)
    Account Number: 890-0060-190

    Correspondent Bank: BANK OF NEW YORK (SWIFT: IRVTUS3NXXX)

 

    	 	153	 

     

    

 

THE BOOKRUNNER

	Name	Address for Communication
	 	 
	 	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	
    12 place des Etats-Unis

    92547

    Montrouge Cedex

    France

    Fax: +33 1 41 89 19 34

     

    Attn: Ship Finance – Middle-Office / Ms. Clementine
    Costil

    Email: clementine.costil@ca-cib.com; marie-jose.campana@ca-cib.com

     

     

    Copy: Ship Finance – Greece, Representative Office

    Email: nicoletta.panayiotopoulos@ca-cib.com; yannick.legourieres@ca-cib.com

 

THE ARRANGER

	Name	Address for Communication
	 	 
	 	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	
    12 place des Etats-Unis

    92547

    Montrouge Cedex

    France

    Fax: +33 1 41 89 19 34

     

    Attn: Ship Finance – Middle-Office / Ms. Clementine
    Costil

    Email: clementine.costil@ca-cib.com; marie-jose.campana@ca-cib.com

     

     

    Copy: Ship Finance – Greece, Representative Office

    Email: nicoletta.panayiotopoulos@ca-cib.com; yannick.legourieres@ca-cib.com

 

    	 	154	 

     

    

 

THE MANDATED LEAD ARRANGERS

	Name	Address for Communication
	 	 
	 	 
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK	
    12 place des Etats-Unis

    92547

    Montrouge Cedex

    France

    Fax: +33 1 41 89 19 34

     

    Attn: Ship Finance – Middle-Office / Ms. Clementine
    Costil

    Email: clementine.costil@ca-cib.com; marie-jose.campana@ca-cib.com

     

     

    Copy: Ship Finance – Greece, Representative Office

    Email: nicoletta.panayiotopoulos@ca-cib.com; yannick.legourieres@ca-cib.com

	 	 
	BANK SINOPAC CO. LTD.	
    B1F, No.9-1, Chien Kuo N. Rd., Sec.2,

    Taipei 104,

    Taiwan, R.O.C.

     

    Attn: Morris Chen/ Sean Huang

    Tel: +886 -2-25088546/ +886-2-25088853

    Email: shihhsun.chen@sinopac.com/ seanh324@sinopac.com

     

    Copy: Norman Weng/Bina Wang/Eva Yu/Pearl Chou

    Tel: +886-2-21835803/ +886-2-21835841/ +886-2-21835811/
    +886-2-23203130

    Email: norman751309@sinopac.com/

    n00615@sinopac.com/

    eva.yu@sinopac.com/

    pearl@sinopac.com

	 	 
	CTBC BANK CO., LTD.	
    8f, No. 168, Jingmao 2nd Road, Nangang Dist.
    Taipei 11568

    Taiwan, R.O.C.

     

    Attn: Lester Juan/ Neal Lai/ Zoe Liu

    Tel: +886-2-3327-7777 ext 1122/ 3202/ 3343

    Email: lester.juan@ctbcbank.com/

    neal.lai@ctbcbank.com/

    zoe.liu@ctbcbank.com

    	 	155	 

     

    

 

 

	 	
    Copy: Ping Liu/Irene Chen

    Tel: :+886-2-3327-7777 ext 3199/3268

    Email: ba.rc901jum@ctbcbank.com/ Irene.yc.chen@ctbcbank.com

	 	 
	 	 

 

    	 	156	 

     

    

 

PART C

THE SERVICING PARTIES

	Name of Facility Agent	Address for Communication
	 	 
	Credit Agricole Corporate and Investment Bank	
    12 place des Etats-Unis

    92547

    Montrouge Cedex

    France

    Fax: +33 1 41 89 19 34

     

     

    Attn: Ship Finance – Middle-Office/ Ms. Clementine
    Costil

    Email: clementine.costil@ca-cib.com; marie-jose.campana@ca-cib.com

     

     

    Copy: Ship Finance – Greece, Representative Office

    Email: nicoletta.panayiotopoulos@ca-cib.com; yannick.legourieres@ca-cib.com

	 	 
	Name of Security Agent	Address for Communication
	 	 
	Credit Agricole Corporate and Investment Bank	
    12 place des Etats-Unis

    92547

    Montrouge Cedex

    France

    Fax: +33 1 41 89 19 34

     

     

    Attn: Ship Finance – Middle-Office/ Ms. Clementine
    Costil

    Email: clementine.costil@ca-cib.com; marie-jose.campana@ca-cib.com

     

     

    Copy: Ship Finance – Greece, Representative Office

    Email: nicoletta.panayiotopoulos@ca-cib.com; yannick.legourieres@ca-cib.com

	 	 

 

    	 	157	 

     

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

PART A

CONDITIONS PRECEDENT TO UTILISATION REQUEST

		1	Obligors

		1.1	A copy of the constitutional documents of each Transaction Obligor.

		1.2	A copy of a resolution of the members or board of directors, as applicable, of each Transaction Obligor:

		(a)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party
and resolving that it execute the Finance Documents to which it is a party;

		(b)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and

		(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, the Utilisation Request and each Selection Notice) to be signed and/or despatched by it under, or in connection
with, the Finance Documents to which it is a party.

		1.3	An original of the power of attorney of any Transaction Obligor authorising a specified person or persons
to execute the Finance Documents to which it is a party.

		1.4	A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above.

		1.5	A copy of a resolution signed by the Member, approving the terms of, and the transactions contemplated
by, the Finance Documents to which the Borrower is a party.

		1.6	A certificate of each Transaction Obligor (signed by an officer) confirming that borrowing or guaranteeing,
as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor
to be exceeded.

		1.7	A certificate of each Transaction Obligor that is incorporated outside the UK (signed by an officer) certifying
either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas
Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar
of Companies.

		1.8	A certificate of an authorised signatory of the relevant Transaction Obligor certifying that each copy
document relating to it specified in this Part A of Schedule 2 (Conditions Precedent) is correct, complete and in full force and
effect as at a date no earlier than the date of this Agreement.

    	 	158	 

     

    

 

		2	Other Documents

		2.1	A copy of the Initial Charter (or a binding and unconditional recapitulation of charterparty terms) certified
as true and complete together all documents signed or issued by the Borrower or the Initial Charterer (or both of them) under or in connection
with it.

		3	Finance Documents

		3.1	A duly executed original of any Subordination Agreement and copies of any relevant Subordinated Finance
Document (if applicable).

		3.2	A duly executed original of any Finance Document not otherwise referred to in this Schedule 2 (Conditions
Precedent).

		3.3	A duly executed original of any other document required to be delivered by each Finance Document if not
otherwise referred to this Schedule 2 (Conditions Precedent).

		4	Security

		4.1	A duly executed original of the Account Security in relation to each Account (and of each document to
be delivered pursuant to it).

		4.2	A duly executed original of the Shares Security (and of each document to be delivered pursuant to it).

		4.3	A duly executed original of the Subordinated Debt Security (if applicable).

		5	Legal opinions

		5.1	A legal opinion of Watson Farley & Williams LLP, legal advisers to the Arrangers, the Facility Agent
and the Security Agent in England, substantially in the form distributed to the Original Lenders before signing this Agreement.

		5.2	If a Transaction Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion
of the legal advisers to the Arrangers, the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form
distributed to the Original Lenders before signing this Agreement.

		6	Other documents and evidence

		6.1	Evidence that any process agent referred to in Clause 47.2 (Service of process), if not an Obligor,
has accepted its appointment.

		6.2	Two valuations of the Ship, in each case addressed to the Facility Agent on behalf of the Finance Parties,
stated to be for the purposes of this Agreement and dated not later than 90 days before the Utilisation Date, each from an Approved Valuer
provided that the valuations provided by the Borrower to the Facility Agent on 11 January 2021 from Maersk Brokers K/S and Kontiki
Valuations Ltd respectively shall suffice for the purposes of this paragraph even in the case where the Utilisation Date occurs (subject
to the Facility Agent’s approval acting on the authorization of the Majority Lenders) at any time after 11 January 2021 but in any
event on or before 16 April 2021.

    	 	159	 

     

    

 

		6.3	A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers
to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the transactions
contemplated by any Transaction Document or for the validity and enforceability of any Transaction Document.

		6.4	The Original Financial Statements.

		6.5	The original of any mandates or other documents required in connection with the opening or operation of
the Accounts.

		6.6	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees)
and Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilisation Date (or at any such later date the Facility
Agent may agree to, acting on the authorisation of the Majority Lenders).

		6.7	Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of
their “know your customer” or similar identification procedures in relation to the transactions contemplated by the Finance
Documents.

    	 	160	 

     

    

 

PART B

CONDITIONS PRECEDENT TO UTILISATION

		1	Obligors

A certificate
of an authorised signatory of each Obligor certifying that each copy document which it is required to provide under this Part B of Schedule
2 (Conditions Precedent) is correct, complete and in full force and effect as at the Utilisation Date.

		2	Release of Existing Security

An original of
each Deed of Release and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility
Agent of its due execution by the parties to it.

		3	Ship and other security

		3.1	A duly executed original of the Mortgage, the General Assignment and the Charterparty Assignment and of
each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage has been duly recorded
as a valid first preferred ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.

		3.2	Documentary evidence that the Ship:

		(a)	is definitively and permanently registered in the name of the Borrower under the Approved Flag;

		(b)	is in the absolute and unencumbered ownership of the Borrower save as contemplated by the Finance Documents;

		(c)	maintains the Approved Classification with the Approved Classification Society free of all recommendations
and conditions of the Approved Classification Society; and

		(d)	is insured in accordance with the provisions of this Agreement and all requirements in this Agreement
in respect of insurances have been complied with.

		3.3	Documents establishing that the Ship is at, and will continue from, the Utilisation Date, to be managed
commercially by the Approved Commercial Manager and managed technically by the Approved Technical Manager on terms acceptable to the Facility
Agent, together with:

		(e)	a Manager’s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager;
and

		(f)	copies of the Approved Technical Manager’s Document of Compliance and of the Ship’s Safety
Management Certificate (together with any other details of the applicable Safety Management System which the Facility Agent requires)
and of any other documents required under the ISM Code and the ISPS Code including, without limitation, an ISSC.

		3.4	At the cost of the Borrower, an opinion from an independent insurance consultant acceptable to the Facility
Agent on such matters relating to the Insurances as the Facility Agent may require.

    	 	161	 

     

    

 

		4	Legal opinions

Legal opinions of the legal advisers
to the Arrangers, the Facility Agent and the Security Agent in the jurisdiction of the Approved Flag of the Ship and such other relevant
jurisdictions as the Facility Agent may require.

		5	Other documents and evidence

		5.1	Evidence that the fees, costs and expenses then due from the Borrower pursuant to Clause 11 (Fees)
and Clause 16 (Costs and Expenses) have been paid or will be paid by the Utilisation Date (or at any such later date the Facility
Agent may agree to, acting on the authorisation of the Lenders).

		5.2	A copy of any other Authorisation or other document, opinion or assurance which the Lenders consider to
be necessary or desirable (if they have notified the Borrower accordingly) in connection with the entry into and performance of the transactions
contemplated by any Transaction Document referred to in paragraph 3 (Ship and other security) above or for the validity and enforceability
of any such Transaction Document.

    	 	162	 

     

    

 

SCHEDULE 3

REQUESTS

PART A

UTILISATION REQUEST

	From:	PENELOPE MARINE LLC
	 	 
	To:	Credit Agricole Corporate and Investment Bank
	 	 
	 	Dated [●]
	 	 
	Dear Sirs	 
	 	 
	PENELOPE MARINE LLC - US$51,700,000 Facility Agreement dated [•] 2021 (the “Agreement”)
	 	 
	1	We refer to the Agreement. This is the 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:	[●] or, if less, the Available Facility
	 	 	 
	 	Interest Period for the Loan:	[●]
	 	 
	3	You are authorised and requested to deduct from the Loan prior to funds being remitted the following amounts set out against the following items:
	 	 
	 	Deductible Items	$
	 	Net proceeds of Loan	 	 	 
	 	 	 	 	 
	4	We confirm that each condition specified in Clause 4.1 (Initial conditions precedent) and Clause 4.2 (Further conditions precedent) of the Agreement is satisfied on the date of this Utilisation Request.
	 	 
	5	The net proceeds of the Loan should be credited to [account].
	 	 
	6	This Utilisation Request is irrevocable.
	 	 
	 	 	 	 	 	 

Yours faithfully

 

 

[•]

authorised signatory for

Penelope Marine LLC

    	 	163	 

     

    

 

PART B

SELECTION NOTICE

From:PENELOPE MARINE LLC

To:Credit Agricole Corporate and Investment
Bank

Dated: [•]

Dear Sirs

PENELOPE MARINE LLC — US$51,700,000
Facility Agreement dated [0] (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 for the Loan be [o]] OR [an Interest Period for a part of the
Loan in an amount equal to [•] (which is the amount of the Repayment Instalment next due) ending on [0] (which is the Repayment Date
relating to that Repayment Instalment) and that the Interest Period for the remaining part of the Loan shall be [o].

		3	This Selection Notice is irrevocable.

Yours faithfully

 

 

[●]

authorised signatory for

Penelope Marine LLC

    	 	164	 

     

    

 

SCHEDULE 4

FORM OF TRANSFER CERTIFICATE

To:Credit Agricole Corporate and Investment
Bank as Facility Agent

From:[The Existing Lender] (the “Existing
Lender”) and [The New Lender] (the “New Lender”)

Dated: [•]

Dear Sirs

PENELOPE MARINE LLC — US$51,700,000
Facility Agreement dated [■] (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 27.5 (Procedure for transfer) of the Agreement:

		(a)	The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by
novation all of the Existing Lender’s rights and obligations under the Agreement and the other Finance Documents which relate to
that portion of the Existing Lender’s Commitment and participation in the Loan under the Agreement as specified in the Schedule
in accordance with Clause 27.5 (Procedure for transfer) of the Agreement.

		(b)	The proposed Transfer Date is [0].

		(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 36.2 (Addresses) of the Agreement are set out in the Schedule.

		3	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out
in paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders) of the Agreement.

		4	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.

		5	This Transfer Certificate and any non-contractual obligations arising out of or in connection with it
are governed by English law.

		6	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
may not transfer a proportionate share of the Existing Lender’s interest in the Transaction Security in all jurisdictions. It is
the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer
of such a share in the Existing Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those
documents and completion of those formalities.

    	 	165	 

     

    

 

THE SCHEDULE

Commitment/rights and obligations to be transferred

[insert relevant details]

[Facility Office address, fax number and attention
details

for notices and account details for payments.]

	[Existing Lender]	[New Lender]
	By: [●]	By: [●]

This Transfer Certificate is accepted by the
Facility Agent and the Transfer Date is confirmed as [●].

CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK

By: [●]

    	 	166	 

     

    

 

SCHEDULE 5

FORM OF ASSIGNMENT AGREEMENT

		To:	Credit Agricole Corporate and Investment Bank as Facility Agent and Penelope Marine LLC as Borrower, for
and on behalf of each Transaction Obligor

		From:	[the Existing Lender] (the “Existing Lender”) and [the New Lender] (the “New
Lender”)

Dated: [●]

Dear Sirs

PENELOPE MARINE LLC ̶ US$51,700,000
Facility Agreement dated [6] (the “Agreement”)

		1	We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same
meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.

		2	We refer to Clause 27.6 (Procedure for assignment) of the Agreement:

		(a)	the Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender’s
Commitment 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 Commitments 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)	all rights and interests (present, future or contingent) which the Existing Lender has under or by virtue
of the Finance Documents are assigned to the New Lender absolutely, free of any defects in the Existing Lender’s title and of any
rights or equities which the Borrower or any other Transaction Obligor had against the Existing Lender.

		3	The proposed Transfer Date is [i]

		4	On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.

		5	The Facility Office and address, fax, number and attention details for notices of the New Lender for the
purposes of Clause 36.2 (Addresses) of the Agreement are set out in the Schedule.

		6	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out
in paragraph (c) of Clause 27.4 (Limitation of responsibility of Existing Lenders) of the Agreement.

		7	This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and,
upon delivery in accordance with Clause 27.7 (Copy of Transfer Certificate or

    	 	167	 

     

    

 

Assignment Agreement to Borrower) of
the Agreement, to the Borrower (on behalf of each Transaction Obligor) of the assignment referred to in this Assignment Agreement.

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

		9	This Assignment Agreement and any non-contractual obligations arising out of or in connection with it
are governed by English law.

		10	This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
Agreement.

Note: The execution of this Assignment Agreement
may not transfer a proportionate share of the Existing Lender’s interest in the Transaction Security in all jurisdictions. It is
the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer
of such a share in the Existing Lender’s Transaction Security in any jurisdiction and, if so, to arrange for execution of those
documents and completion of those formalities.

    	 	168	 

     

    

 

THE SCHEDULE

Commitment rights and obligations to be transferred
by assignment, release and accession

[insert relevant details]

[Facility office address, fax number and attention
details for notices

and account details for payments]

 

	[Existing Lender]	[New Lender]
	By: [●]	By: [●]

 

This Assignment Agreement is accepted by the
Facility Agent and the Transfer Date is confirmed as [•].

Signature of this Assignment Agreement by the
Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice
the Facility Agent receives on behalf of each Finance Party.

CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK 

By:

    	 	169	 

     

    

 

SCHEDULE 6

FORM OF COMPLIANCE CERTIFICATE

		To:	Credit Agricole Corporate and Investment Bank as Facility Agent

		From:	Global Ship Lease, Inc.

Dated: [●]

Dear Sirs

PENELOPE MARINE LLC — US$51,700,000
Facility Agreement dated [0] (the “Agreement”)

		1	We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same
meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

		2	We confirm that:

		(a)	The Net Worth of the Parent Guarantor is [0].

		(b)	The Value Adjusted Leverage Ratio is [o].

		(c)	The Consolidated Liquidity of the Parent Guarantor is [o].

		3	[We confirm that no Default is continuing.]

 

Signed:

Chief Financial Officer

of

Global Ship Lease, Inc.

    	 	170	 

     

    

 

SCHEDULE 7

DETAILS OF THE SHIP

	Ship name	Name

of

the 

owner	Type	IMO 

Number	Approved 

Flag	Approved Classification Society	Approved Classification
	MAIRA XL	Penelope Marine LLC	Container Vessel	9710232	Liberia	DNV-GL/ RINA	DNV-GL/ RINA

 

    	 	171	 

     

    

 

SCHEDULE 8

ACCOUNTS

	Account	Account Number	Party
	Earnings Account	FR76 3148 9000 1000 2613 2585 747	PENELOPE MARINE LLC
	Retention Account	FR76 3148 9000 1000 2613 2595 447	PENELOPE MARINE LLC

 

    	 	172	 

     

    

 

SCHEDULE 9

TIMETABLES

	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of the Utilisation Request)) or a Selection Notice (Clause 9.1 (Selection of Interest Periods))	Three Business Days before the intended Utilisation Date (Clause 5.1 (Delivery of the Utilisation Request)) or the expiry of the preceding Interest Period (Clause 9.1 (Selection of Interest Periods))
	Facility Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)	Three Business Days before the intended Utilisation Date.
	LIBOR is fixed	Quotation Day as of 11:00 am London time

 

    	 	173	 

     

    

 

EXECUTION PAGES

	BORROWER	 	 
	 	 	 
	SIGNED by Filanthi Katsefatou	)	/s/ Filanthi Katsefatou
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	PENELOPE MARINE LLC	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Anna-Maria Matsa
	Witness’ name:	)	13 Delteras Menandrou Street
	Witness’ address:	)	18535 Piraeus, Greece
	 	 	 
	 	 	 
	 	 	 
	GUARANTORS	 	 
	 	 	 
	SIGNED by Filanthi Katsefatou	)	/s/ Filanthi Katsefatou
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	GLOBAL SHIP LEASE, INC.	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Anna-Maria Matsa
	Witness’ name:	)	13 Delteras Menandrou Street
	Witness’ address:	)	18535 Piraeus, Greece
	 	 	 
	 	 	 
	 	 	 
	SIGNED by Filanthi Katsefatou	)	/s/ Filanthi Katsefatou
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	POSEIDON CONTAINERS HOLDINGS LLC	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Anna-Maria Matsa
	Witness’ name:	)	13 Delteras Menandrou Street
	Witness’ address:	)	18535 Piraeus, Greece
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    	 	174	 

     

    

 

 

	ORIGINAL LENDERS	 	 
	 	 	 
	SIGNED by Eugenia Anastasopouldi	)	/s/ Eugenia Anastasopouldi
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CREDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Charalampos Kazantis
	Witness’ name:	)	Solicitor
	Witness’ address:	)	Watson Farley & Williams Greece
	 	 	348 Syngrou Avenue
	 	 	176 74 Kallithea
	 	 	Athens - Greece
	 	 	 
	 	 	 
	SIGNED by Carrie Huug	)	/s/ Carrie Huug
	Attorney-in-fact – Vice President	)	 
	for and on behalf of	)	 
	BANK SINOPAC CO., LTD.	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Sean Huang
	Witness’ name:	)	B1F, G-1
	Witness’ address: 	)	Guien Kuo N Rd., Sec. 2,
	 	)	Tripei 904, Taiwan
	 	 	 
	 	 	 
	SIGNED by Ting Guen	)	/s/ Ting Guen
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CTBC BANK CO.,LTD.	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Neal Lai
	Witness’ name:	)	11568 No. 168, Jingmao 2nd Road, Nangang Dist., Taipei, Taiwan
	Witness’ address:	)	 
	 	 	 

 

    	 	175	 

     

    

 

 

	BOOKRUNNER	 	 
	 	 	 
	SIGNED by Eugenia Anastasopouldi	)	/s/ Eugenia Anastasopouldi
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CREDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Charalampos Kazantis
	Witness’ name:	)	Solicitor
	Witness’ address:	)	Watson Farley & Williams Greece
	 	 	348 Syngrou Avenue
	 	 	176 74 Kallithea
	 	 	Athens - Greece
	 	 	 
	 	 	 
	ARRANGER	 	 
	 	 	 
	SIGNED by Eugenia Anastasopouldi	)	/s/ Eugenia Anastasopouldi
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CREDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Charalampos Kazantis
	Witness’ name:	)	Solicitor
	Witness’ address:	)	Watson Farley & Williams Greece
	 	 	348 Syngrou Avenue
	 	 	176 74 Kallithea
	 	 	Athens - Greece
	 	 	 
	MANDATED LEAD ARRANGERS	 	 
	 	 	 
	SIGNED by Eugenia Anastasopouldi	)	/s/ Eugenia Anastasopouldi
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CREDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Charalampos Kazantis
	Witness’ name:	)	Solicitor
	Witness’ address:	)	Watson Farley & Williams Greece
	 	 	348 Syngrou Avenue
	 	 	176 74 Kallithea
	 	 	Athens - Greece
	 	 	 

 

    	 	176	 

     

    

 

 

	SIGNED by Carrie Huug	)	/s/ Carrie Huug
	Attorney-in-fact – Vice President	)	 
	for and on behalf of	)	 
	BANK SINOPAC CO., LTD.	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Sean Huang
	Witness’ name:	)	B1F, G-1
	Witness’ address: 	)	Guien Kuo N Rd., Sec. 2,
	 	 	Tripei 904, Taiwan
	 	 	 
	 	 	 
	SIGNED by Ting Guen	)	/s/ Ting Guen
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CTBC BANK CO.,LTD.	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Neal Lai
	Witness’ name:	)	11568 No. 168, Jingmao 2nd Road, Nangang Dist., Taipei, Taiwan
	Witness’ address:	)	 
	 	 	 
	 	 	 
	FACILITY AGENT	 	 
	 	 	 
	SIGNED by Eugenia Anastasopouldi	)	/s/ Eugenia Anastasopouldi
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CREDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Charalampos Kazantis
	Witness’ name:	)	Solicitor
	Witness’ address:	)	Watson Farley & Williams Greece
	 	 	348 Syngrou Avenue
	 	 	176 74 Kallithea
	 	 	Athens - Greece
	 	 	 

 

    	 	177	 

     

    

 

 

	SECURITY AGENT	 	 
	 	 	 
	SIGNED by Eugenia Anastasopouldi	)	/s/ Eugenia Anastasopouldi
	Attorney-in-fact	)	 
	for and on behalf of	)	 
	CREDIT AGRICOLE CORPORATE	)	 
	AND INVESTMENT BANK	)	 
	in the presence of:	)	 
	 	 	 
	 	 	 
	Witness’ signature:	)	/s/ Charalampos Kazantis
	Witness’ name:	)	Solicitor
	Witness’ address:	)	Watson Farley & Williams Greece
	 	 	348 Syngrou Avenue
	 	 	176 74 Kallithea
	 	 	Athens - Greece

 

    	 	178Exhibit 4.10 

Dated 15 April 2021

GSL ARCADIA LLC

GSL TEGEA LLC

GSL MYNY LLC

GSL MELITA LLC

GSL MARIA LLC 

and 

GSL DOROTHEA LLC 

as joint and several Borrowers

THE BANKS AND FINANCIAL INSTITUTIONS

listed in Schedule 1

as Lenders

and

HAMBURG COMMERCIAL BANK AG 

as Agent, Mandated Lead Arranger

and Security Trustee

LOAN AGREEMENT

relating to

a senior secured post-delivery term loan facility of up to US$64,200,000

to provide finance secured on six Post-Panamax container vessels named

“E.R. Berlin” (tbr “GSL ARCADIA”), “E.R. Los Angeles” (tbr “GSL TEGEA”),

“E.R. Felixstowe” (tbr “GSL MYNY”), “E.R. France” (tbr “GSL MELITA”),

“E.R. Canada” (tbr “GSL MARIA”) and “E.R. Kobe” (tbr “GSL DOROTHEA”)

    	 

    	 

    

Index

	Clause	Page

 

	1	Interpretation	1
	2	Facility	24
	3	Position of the Lenders	25
	4	Drawdown	25
	5	Interest	27
	6	Interest Periods	30
	7	Default Interest 	30
	8	Repayment and Prepayment	32
	9	Conditions Precedent	35
	10	Representations and Warranties	36
	11	General Undertakings	40
	12	Corporate Undertakings	47
	13	Insurance	48
	14	Ship Covenants	55
	15	Security Cover	61
	16	Payments and Calculations	63
	17	Application of Receipts	65
	18	Application of Earnings	67
	19	Events of Default	69
	20	Fees and Expenses	74
	21	Indemnities	76
	22	No Set-Off or Tax Deduction 	79
	23	Illegality, etc. 	82
	24	Increased Costs	82
	25	Set-Off	84
	26	Transfers and Changes in Lending Offices	85
	27	Variations and Waivers	90
	28	Notices	93
	29	Joint and Several Liability	96
	30	Supplemental 	97
	31	Bail-In	97
	32	Law and Jurisdiction	98

 

Schedules

 

	Schedule 1 Lenders and Commitments	99
	Schedule 2 Drawdown Notice	100
	Schedule 3 Conditions Precedent Documents	101
	Part A	101
	Part B	103
	Schedule 4 Mandatory Cost Formula	105
	Schedule 5 Transfer Certificate	107
	Schedule 6 Power of Attorney	111
	Schedule 7 Form of Compliance Certificate	112

 

Execution

 

	Execution Pages	113

 

    	 

    	 

    

THIS AGREEMENT is made on 15 
April 2021

BETWEEN

		(1)	GSL ARCADIA LLC, GSL TEGEA LLC, GSL MYNY LLC, GSL MELITA LLC, GSL MARIA LLC and
GSL DOROTHEA LLC, each a limited liability company formed in the Republic of Liberia whose registered address is at 80 Broad Street,
Monrovia, Republic of Liberia, as joint and several Borrowers;

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

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

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

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

BACKGROUND

The Lenders have agreed to make available to the
Borrowers a secured post-delivery term loan facility of up to the lesser of (A) US$64,200,000 and (B) 57.5 per cent. of the aggregate
Initial Market Value of the Ships, in six equal advances, each in an amount of up to the lesser of (i) US$10,700,000 and (ii) 57.5 per
cent. of the Initial Market Value of the Ship to which that Advance relates, for the purpose of partly financing the Ships’ Initial
Market Value (as defined below).

IT IS AGREED as follows:

		1	INTERPRETATION

		1.1	Definitions

Subject to Clause 1.5, in this Agreement:

“Account” means
each of the Earnings Accounts, the Liquidity Account, the Dry Dock Reserve Account and the Retention Account and, in the plural, means
all of them.

“Account Bank” means
Hamburg Commercial Bank AG, acting in such capacity through its office at Gerhart-Hauptmann-Platz 50, 20095 Hamburg, Germany, or any successor.

“Account Pledge” means,
in relation to each Account, a pledge agreement creating security in respect of that Account in the Agreed Form and, in the plural, means
all of them.

“Additional Minimum Liquidity”
has the meaning given in Clause 11.19.

“Advance” means
each of Advance A, Advance B, Advance C, Advance D, Advance E and Advance F and, in the plural, means all of them.

“Advance A” means
the principal amount of the borrowing by the Borrowers under this Agreement in respect of Ship A or, as the context may require, the principal
amount outstanding of such Advance in respect of that Ship under this Agreement.

    	 

    	 

    

 

“Advance B” means the
principal amount of the borrowing by the Borrowers under this Agreement in respect of Ship B or, as the context may require, the principal
amount outstanding of such Advance in respect of that Ship under this Agreement.

“Advance C” means the
principal amount of the borrowing by the Borrowers under this Agreement in respect of Ship C or, as the context may require, the principal
amount outstanding of such Advance in respect of that Ship under this Agreement.

“Advance D” means the
principal amount of the borrowing by the Borrowers under this Agreement in respect of Ship D or, as the context may require, the principal
amount outstanding of such Advance in respect of that Ship under this Agreement.

“Advance E” means the
principal amount of the borrowing by the Borrowers under this Agreement in respect of Ship E or, as the context may require, the principal
amount outstanding of such Advance in respect of that Ship under this Agreement.

“Advance F” means the
principal amount of the borrowing by the Borrowers under this Agreement in respect of Ship F or, as the context may require, the principal
amount outstanding of such Advance in respect of that Ship under this Agreement.

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

“Agency and Trust Agreement”
means the agency and trust agreement executed or to be executed between the Borrowers and the Creditor Parties in the Agreed Form.

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

“Aggregate Insurable Amount”
has the meaning given to it in Clause 13.16.

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

“Applicable Lender” has
the meaning given in Clause 5.2.

“Approved Broker” means
each of Arrow, Barry Rogliano Salles, Clarksons, Fearnleys, Maersk Brokers K/S, Howe Robinson Partners and Weselmann (or any affiliate
of such person through which valuations are commonly issued) and, in the plural, means all of them.

“Approved Charter” means,
in respect of a Ship, a time charter in respect of that Ship entered or to be entered into between the Borrower which is the owner of
that Ship and Maersk A/S or any of its subsidiaries, with a duration of not less than three years, providing for a gross hire rate of
not less than $18,600 per day and, in the plural, means all of them.

“Approved Flag” means,
in relation to a Ship, the Liberian flag, the Marshall Islands flag, the Greek flag or such other flag as the Agent may approve (in its
sole and absolute discretion) as the flag on which that Ship is or, as the case may be, shall be registered.

    	 	2	 

     

    

 

“Approved Flag State” means,
in relation to a Ship, the Republic of Liberia, the Republic of the Marshall Islands, the Hellenic Republic or any other country in which
the Agent may approve that that Ship is or, as the case may be, shall be registered.

“Approved Manager” means,
in respect of a Ship:

		(a)	Conchart Commercial Inc. as approved commercial manager, a corporation incorporated in the Republic of
the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, MH96960, the Marshall
Islands having established an office in Greece pursuant to L.27/1975 at 3-5 Menandrou Str.14561 Kifisia, Athens, Greece;

		(b)	Technomar Shipping Inc. as approved technical manager, a corporation incorporated in the Republic of Liberia
whose registered address is at 80 Broad Street, Monrovia, Liberia having established an office in Greece pursuant to L.27/1975 at 3-5
Menandrou Str.14561 Kifisia, Athens, Greece;

		(c)	or any other company which the Agent (acting on the instructions of the Majority Lenders) may approve
from time to time as the commercial and/or technical manager of that Ship.

“Approved Manager’s Undertaking”
means, in relation to each Ship, a letter of undertaking including, inter alio, an assignment of each Approved Manager’s
rights, title and interest in the Insurances of that Ship executed or to be executed by that Approved Manager in favour of the Security
Trustee in the Agreed Form agreeing certain matters in relation to that Approved Manager serving as manager of that Ship and subordinating
its rights against that Ship and the Borrower which is the owner thereof to the rights of the Creditor Parties under the Finance Documents
and, in the plural, means all of them.

“Article 55 BRRD” means
Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.

“Assignable Charter” means,
in relation to a Ship, any time charterparty (including, without limitation, any Approved Charter or any Substitute Charter), consecutive
voyage charter or contract of affreightment in respect of such Ship having a duration (or capable of exceeding a duration) of more than
12 months and any guarantee of the obligations of the charterer under such charter or any bareboat charter in respect of that Ship and
any guarantee of the obligations of the charterer under such bareboat charter, entered or to be entered into by the Borrower which is
the owner thereof and a charterer or, as the context may require, bareboat charterer and, in the plural, means all of them.

“Availability Period” means,
in relation to each Advance, the period commencing on the date of this Agreement and ending on:

		(a)	30 September 2021 (or such later date as the Agent may, with the authorisation of the Lenders, agree with
the Borrowers); or

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

“Bail-In Action” means
the exercise of any Write-down and Conversion Powers.

    	 	3	 

     

    

 

“Bail-In Legislation” means:

		(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and

		(b)	in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom
is not such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition
of any Write-down and Conversion Powers contained in that law or regulation.

“Basel III” means,
together:

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

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

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

“Borrower” means each
of Borrower A, Borrower B, Borrower C, Borrower D, Borrower E and Borrower F and, in the plural, means all of them.

“Borrower A” means
GSL Arcadia LLC, a limited liability company formed and existing in the Republic of Liberia whose registered address is at 80 Broad Street
Monrovia, Republic of Liberia.

“Borrower B” means,
GSL Tegea LLC, a limited liability company formed and existing in the Republic of Liberia whose registered address is at 80 Broad Street
Monrovia, Republic of Liberia.

“Borrower C” means,
GSL MYNY LLC, a limited liability company formed and existing in the Republic of Liberia whose registered address is at 80 Broad Street
Monrovia, Republic of Liberia.

“Borrower D” means,
GSL Melita LLC, a limited liability company formed and existing in the Republic of Liberia whose registered address is at 80 Broad Street
Monrovia, Republic of Liberia.

“Borrower E” means,
GSL Maria LLC, a limited liability company formed and existing in the Republic of Liberia whose registered address is at 80 Broad Street
Monrovia, Republic of Liberia.

    	 	4	 

     

    

 

“Borrower F” means,
GSL Dorothea LLC, a limited liability company formed and existing in the Republic of Liberia whose registered address is at 80 Broad Street
Monrovia, Republic of Liberia.

“Break Costs” has
the meaning given in Clause 21.2.

“Breakeven Amount”
means, in relation to a Ship during a Relevant Period, the aggregate of the Operating Expenses and the Debt Service of that Ship.

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

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

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

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

“BWTS” means, in
respect of each of Ship B, Ship D, Ship E and Ship F, the ballast water treatment system in respect of that Ship.

“Cancellation Notice”
has the meaning given in Clause 8.6.

“Change of Control”
means, if at any time during the Security Period:

		(a)	a change occurs in the direct legal or beneficial ownership or control of any of
the shares of the Borrowers;

		(b)	Mr George Giouroukos ceases to be the Executive Chairman of (or to hold an equivalent
executive officer position in) the Corporate Guarantor other than by reason of death or other incapacity in managing his affairs; or

		(c)	any person(s) own(s) more than 35 per cent. of the shares in the Corporate Guarantor,
unless such person(s) owned such shares on the date of this Agreement.

“Charterparty Assignment”
means, in relation to a Ship, an assignment of the rights of the Borrower who is the owner of that Ship under any Assignable Charter
relative thereto and any guarantee of such Assignable Charter executed or to be executed by that Borrower in favour of the Security Trustee
in the Agreed Form and, in the plural, means all of them.

“Code” means the
US Internal Revenue Code of 1986.

“Commitment” means,
in relation to a Lender, the amount set opposite its name in Schedule 1, or, as the case may require, the amount specified in the relevant
Transfer Certificate, as that amount may be reduced, cancelled or terminated in accordance with this Agreement (and “Total Commitments”
means the aggregate of the Commitments of all the Lenders).

“Compliance Certificate”
means a certificate in the form set out in Schedule 6 (or in any other form which the Agent approves or requires) to be provided at
the times and in the manner set out in Clause 11.21.

    	 	5	 

     

    

 

“Contract Price” means,
in relation to each Ship, the price payable for that Ship under the relevant MOA.

“Contractual Currency”
has the meaning given in Clause 21.6.

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

“Corporate Guarantee” means
a guarantee of the obligations of the Borrowers under this Agreement and the other Finance Documents to which each Borrower is a party,
in the Agreed Form.

“Corporate Guarantor”
means Global Ship Lease, Inc., a corporation incorporated in the Republic of the Marshall Islands, whose registered address is at
Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960.

“Correction Rate” means,
at any relevant time in relation to an Applicable Lender, the amount (expressed as a rate per annum) by which that Lender’s Cost
of Funding exceeds LIBOR.

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

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

“Debt Service” means,
in relation to a Ship during a Relevant Period, any sums to be incurred by the Borrower owning that Ship in respect of the payment of
principal of, and any interest to be accrued on, the Advance to which that Ship relates and any accrued costs and expenses pursuant to
this Agreement in respect of that Advance.

“Disruption Event” means
either or both of:

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

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

    	 	6	 

     

    

 

		(ii)	from communicating with other Parties or, if applicable, any Security Party 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 or, if applicable, any Security Party whose operations are disrupted.

“Dollars” and “$”
means the lawful currency for the time being of the United States of America.

“Drawdown Date” means,
in respect of each Advance, the date requested by the Borrowers for that Advance to be borrowed, or (as the context requires) the date
on which that Advance is actually borrowed.

“Drawdown Notice” means
a notice in the form set out in Schedule 2 (or in any other form which the Agent approves or reasonably requires).

“Dry Dock Reserve Account”
means, an account in the joint name of the Borrowers with the Account Bank designated “names of Borrowers — Dry
Dock Reserve Account”, or any other account (with that or another office of the Account Bank) which replaces such account and is
designated by the Agent as the Dry Dock Reserve Account for the purposes of this Agreement.

“Dry Docking Reserve Amount”
has the meaning given to it in Clause 11.20.

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

		(a)	except to the extent that they fall within paragraph (b);

		(i)	all freight, (if applicable) hire and passage moneys;

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

		(iii)	remuneration for salvage and towage services;

		(iv)	demurrage and detention moneys;

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

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

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

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

    	 	7	 

     

    

 

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

“Environmental Claim”
means:

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

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

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

“Environmental Incident”
means, in relation to each Ship:

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

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

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

“Environmental Law”
means any law, regulation, convention and agreement relating to pollution or protection of the environment, to the carriage of Environmentally
Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.

“Environmentally Sensitive
Material” means oil, oil products and any other substance (including any chemical, gas or other hazardous or noxious substance)
which is (or is capable of being or becoming) polluting, toxic or hazardous.

“EU Bail-In Legislation Schedule”
means the document described as such and published by the LMA from time to time.

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

“FATCA” means:

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

    	 	8	 

     

    

 

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

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

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

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

“Final Repayment Date”
means, in relation to an Advance, the date falling on the earlier of (i) the fourth anniversary of the Drawdown Date in respect of
that Advance and (ii) 30 September 2025.

“Finance Documents” means
together:

		(a)	this Agreement;

		(b)	the Agency and Trust Agreement;

		(c)	the Account Pledges;

		(d)	the Corporate Guarantee;

		(e)	any Subordination Agreement;

		(f)	any Subordinated Debt Security;

		(g)	the Mortgages;

		(h)	the General Assignments;

		(I)	any Charterparty Assignments;

		(j)	the Approved Manager’s Undertakings; and

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

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

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

    	 	9	 

     

    

 

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

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

		(d)	under a financial lease, a deferred purchase consideration arrangement (in each
case, other than in respect of assets or services obtained on normal commercial terms in the ordinary course of business) or any other
agreement having the commercial effect of a borrowing or raising of money by the debtor;

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

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

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

“Financial Year” means,
in relation to each of the Borrowers and the Corporate Guarantor, each period of one year commencing on 1 January in respect of which
its individual or, as the case may be, consolidated accounts are or ought to be prepared.

“GAAP” means generally
accepted accounting principles in the Unites States.

“General Assignment”
means, in relation to a Ship, a general assignment of (inter alia) the Earnings, the Insurances and any Requisition Compensation
relative to that Ship in the Agreed Form and, in the plural, means both of them.

“Group” means the
Corporate Guarantor and its direct and indirect subsidiaries from time to time, including, without limitation, the Borrowers and “member
of the Group” shall be construed accordingly.

“IACS” means the International
Association of Classification Societies.

“IFRS” means international
accounting standards within the meaning of the IAS Regulations 1606/2002 to the extent applicable to the relevant financial statements.

“Initial Market Value”
means, in relation to each Ship, the Market Value thereof calculated in accordance with the valuation relative thereto referred to
in paragraph 4 of Schedule 3, Part B.

“Instalment” has the
meaning given in Clause 8.1.

“Insurances” means,
in relation to a Ship:

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

    	 	10	 

     

    

 

		(b)	all rights (including, without limitation, any and all rights or claims which the
Borrower owning that Ship may have under or in connection with any cut-through clause relative to any reinsurance contract relating to
the aforesaid policies or contracts of insurance) and other assets relating to, or derived from, any of the foregoing, including any rights
to a return of a premium and any rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has
expired on or before the date of this Agreement.

“Interest Period” means
a period determined in accordance with Clause 6 or Clause 7 as the case may be.

“Interpolated Screen Rate”
means, in relation to an Interest Period, the rate which results from interpolating on a linear basis between:

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

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

each as of the Specified Time on the
Quotation Date for that Interest Period.

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

“ISPS Code” means
the International Ship and Port Facility Security Code as adopted by the International Maritime Organisation, as the same may be amended
or supplemented from time to time.

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

“Lender” means,
subject to Clause 26.6, a bank or financial institution listed in Schedule 1 and acting through its branch indicated in Schedule 1 (or
through another branch notified to the Agent under Clause 26.15) or its transferee, successor or assign.

“LIBOR” means,
for an Interest Period:

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

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

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

    	 	11	 

     

    

 

Reference Bank by leading banks in the
Relevant Interbank Market at that Reference Bank’s request,

at or about the Specified Time on the
Quotation Date for that Interest Period for a period equal to that Interest Period and for delivery on the first Business Day of it and,
if any such rate is below zero, LIBOR will be deemed to be zero.

“Liquidity Account” means
an account in the joint names of the Borrowers with the Account Bank designated “Name of the Borrowers — Liquidity
Account”, or any other account (with that or another office of the Account Bank) which replaces such account and is designated by
the Agent as the Liquidity Account for the purposes of this Agreement.

“LMA” means the Loan
Market Association or any successor organisation.

“Loan” means the principal
amount for the time being outstanding under this Agreement.

“Legal Opinion” means
any legal opinion delivered to the Agent under clause 9.1 (Documents, fees and no default).

“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 Act 1980 and the Foreign Limitation
Periods Act 1984, 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 Pertinent 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.

“LSW 1189” means the
London Standard Wording for marine insurances which incorporates the German Direct Mortgage Clause.

“LDT” means, in relation
to a Ship, the light displacement tons of that Ship, being:

		(a)	24.858,8 MT in relation to Ship A;

		(b)	24.308,4 MT in relation to Ship B;

		(c)	24.875,7 MT in relation to Ship C;

		(d)	24.847,7 MT in relation to Ship D;

		(e)	24.413,9 MT in relation to Ship E; and

		(f)	24.243,2 MT in relation to Ship F.

    	 	12	 

     

    

 

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

“Majority Lenders”
means:

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

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

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

“Mandatory Cost” means
the percentage rate per annum calculated by the Agent in accordance with Schedule 4.

“Margin” means
3.50 per cent. per annum.

“Market Value” means,
in relation to each Ship, the market value thereof determined in accordance with Clause 15.3.

“Material Adverse Change”
means any event or series of events which, in the opinion of the Majority Lenders, is likely to have a Material Adverse Effect.

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

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

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

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

“Maximum Advance Amount”
means, in respect of an Advance, an amount up to the lesser of (i) $10,700,000 and (ii) 57.5 per cent. of the Initial Market Value
of the Ship to which that Advance relates.

“Minimum Liquidity”
has the meaning given in Clause 11.19.

“MOA” means, in
relation to each Ship, the Memorandum of Agreement made or (as the context may require) to be made between (i) the relevant Seller and
(ii) the Borrower which is the buyer of that Ship for the sale by that Seller of that Ship and its purchase by that Borrower.

“Mortgage” means,
in relation to each Ship, the first preferred or, as the case may be, priority ship mortgage on that Ship in the Agreed Form and, in the
plural, means both of them.

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

    	 	13	 

     

    

 

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

“Notifying Lender” has
the meaning given in Clause 21.2, Clause 23.1 or Clause 24.1 as the context requires.

“Operating Expenses” means,
in relation to a Ship during a Relevant Period, the aggregate expenditure incurred by the Borrower which is the owner of that Ship in
operating, crewing, insuring, maintaining, repairing and generally trading that Ship as defined under GAAP.

“Participating Member State”
means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European
Union relating to Economic and Monetary Union.

“Party” means a party
to this Agreement.

“Payment Currency” has
the meaning given in Clause 21.6.

“Permitted
Security Interests” means:

		(a)	Security Interests created by the Finance Documents;

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

		(c)	liens for salvage;

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

		(e)	liens for master’s disbursements incurred in the ordinary course of trading
and any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of a Ship,
provided such liens do not secure amounts more than 30 days overdue (unless the overdue amount is being contested by the relevant Borrower
in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to Clause 14.13(d);

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

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

“Pertinent Document” means:

		(a)	any Finance Document;

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

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

    	 	14	 

     

    

 

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

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

		(a)	England and Wales;

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

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

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

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

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

“Pertinent Matter”
means:

		(a)	any transaction or matter contemplated by, arising out of, or in connection with
a Pertinent Document; or

		(b)	any statement relating to a Pertinent Document or to a transaction or matter falling
within paragraph (a),

and covers any such transaction, matter
or statement, whether entered into, arising or made at any time before the signing of this Agreement or on or at any time after that signing.

“Potential Event of Default”
means any event or circumstance specified in clause 19 (Events of Default) which, with the giving of any notice, the lapse
of time, a determination of the Majority Lenders and/or the satisfaction of any other condition, would constitute an Event of Default.

“Prepayment Date” has
the meaning given in Clause 15.2.

“Prepayment Notice”
has the meaning given in Clause 8.5(b).

“Prepositioning Bank”
has the meaning given in Clause 4.7.

“Quotation Date” means,
in relation to any Interest Period (or any other period for which an interest rate is to be determined under any provision of a Finance
Document), the day on which quotations would ordinarily be given by leading banks in the Relevant Interbank Market

    	 	15	 

     

    

 

for deposits in the currency in relation
to which such rate is to be determined for delivery on the first day of that Interest Period or other period.

“Reference Banks” means,
subject to Clause 26.18, together, the Hamburg branch of Hamburg Commercial Bank AG, the head office of any other bank which is
a Lender at the relevant time (unless such Lender has advised the Agent in writing that it does not wish to be a Reference Bank)
and any of their respective successors.

“Relevant Interbank Market”
means the London interbank market.

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

“Relevant Person” has
the meaning given in Clause 19.9.

“Relevant Period” means
each 3-month period during a Substitute Charter, the first of which shall commence on the commencement date of that Substitute Charter
and end 3 months thereafter with each subsequent period commencing at 3-monthly intervals thereafter.

“Repayment Date” means
a date on which a repayment is required to be made under Clause 8.

“Replacement Benchmark”
means a benchmark rate which is:

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

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

		(ii)	any Relevant Nominating Body,

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

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

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

“Requisition Compensation”
includes all compensation or other moneys payable by reason of any act or event such as is referred to in paragraph (b) of the definition
of “Total Loss”.

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

“Retention Account”
means an account in the joint names of the Borrowers with the Account Bank designated “[names of Borrowers] — Retention
Account”, or any other account (with that or another office of the Account Bank) which replaces this account and is designated by
the Agent as the Retention Account for the purposes of this Agreement.

    	 	16	 

     

    

 

“Scrap Cover Ratio”
means, at any time, the ratio of the amount of the Loan outstanding to the aggregate Ships’ light displacement tonnage.

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

“Screen Rate Replacement Event”
means, in relation to a Screen Rate:

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

		(b)	

(i)

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

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

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

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

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

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

		(c)	the administrator of that Screen Rate determines that that Screen Rate should be
calculated in accordance with its reduced submissions or other contingency or fallback policies or arrangements and either:

		(i)	the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Lenders)
temporary; or

		(ii)	that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less
than 15 Business Days; or

    	 	17	 

     

    

 

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

“Secured Liabilities”
means all liabilities which the Borrowers, the Security Parties or any of them have, at the date of this Agreement or at any later
time or times, under or in connection with any Finance Document or any judgment relating to any Finance Document; and for this purpose,
there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or
in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.

“Security Cover Ratio”
means, at any relevant time, the aggregate of (i) the aggregate of the Market Value of the Mortgaged Ships and (ii) the net realisable
value of any additional security provided at that time under Clause 15, at that time expressed as a percentage of the Loan.

“Security Interest”
means:

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

		(b)	the rights of a plaintiff under an action in rem; and

		(c)	any arrangement entered into by a person (A) the effect of which is to place another
person (B) in a position which is similar, in economic terms, to the position in which B would have been had he held a security interest
over an asset of A; but paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms
of business of a bank or financial institution.

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

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

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

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

		(c)	neither a Borrower nor any Security Party has any future or contingent liability
under Clauses 20, 21 or 22 or any other provision of this Agreement or another Finance Document; and

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

    	 	18	 

     

    

 

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

“Seller” means
Maersk A/S of Esplanaden 50, Copenhagen, Denmark.

“Servicing Bank” means
the Agent or the Security Trustee.

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

“Ship A” means
the Panamax container vessel of 66,289 dwt currently registered in the ownership of the Seller with IMO number 9214214 with the name “E.R.
BERLIN”, which is to be purchased by Borrower A under the MOA in respect of Ship A and which, on delivery, is to be registered in
the ownership of Borrower A under an Approved Flag in accordance with the laws of the relevant Approved Flag State and with the name “GSL
ARCADIA”.

“Ship B” means
the Panamax container vessel of 66,058 dwt currently registered in the ownership of the Seller with IMO number 9222986 with the name “E.R.
LOS ANGELES”, which is to be purchased by Borrower B under the MOA in respect of Ship B and which, on delivery, is to be registered
in the ownership of Borrower B under an Approved Flag in accordance with the laws of the relevant Approved Flag State and with the name
“GSL TEGEA”.

“Ship C” means
the Panamax container vessel of 66,289 dwt currently registered in the ownership of the Seller with IMO number 9213583 with the name “E.R.
FELIXSTOWE”, which is to be purchased by Borrower C under the MOA in respect of Ship C and which, on delivery, is to be registered
in the ownership of Borrower C under an Approved Flag in accordance with the laws of the relevant Approved Flag State and with the name
“GSL MYNY”.

“Ship D” means
the Panamax container vessel of 66,289 dwt currently registered in the ownership of the Seller with IMO number 9214226 with the name “E.R.
FRANCE”, which is to be purchased by Borrower D under the MOA in respect of Ship D and which, on delivery, is to be registered in
the ownership of Borrower D under an Approved Flag in accordance with the laws of the relevant Approved Flag State and with the name “GSL
MELITA”.

“Ship E” means
the Panamax container vessel of 65,792 dwt currently registered in the ownership of the Seller with IMO number 9231236 with the name “E.R.
CANADA”, which is to be purchased by Borrower E under the MOA in respect of Ship E and which, on delivery, is to be registered in
the ownership of Borrower E under an Approved Flag in accordance with the laws of the relevant Approved Flag State and with the name “GSL
MARIA”.

“Ship F” means
the Panamax container vessel of 66,058 dwt currently registered in the ownership of the Seller with IMO number 9222974 with the name “E.R.
KOBE”, which is to be purchased by Borrower F under the MOA in respect of Ship F and which, on delivery, is to be registered in
the ownership of Borrower F under an Approved Flag in accordance with the laws of the relevant Approved Flag State and with the name “GSL
DOROTHEA”.

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

“Subordinated Creditor”
means a Borrower, a Security Party or any other person who becomes a Subordinated Creditor in accordance with this Agreement.

    	 	19	 

     

    

 

“Subordinated Debt” in
relation to a Subordinated Creditor, has the meaning given to it in the Subordination Agreement entered into by that Subordinated Creditor.

“Subordinated Debt Security”
means a document creating a Security Interest in relation to any Subordinated Debt in the Agreed Form.

“Subordination Agreement”
means a subordination agreement entered into or to be entered into by a Subordinated Creditor, a Borrower, a Security Party and the
Security Trustee in the Agreed Form.

“Substitute Charter” has
the meaning given in Clause 8.9.

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

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

		(b)	any expropriation, confiscation, requisition or acquisition of that Ship, whether
for full or part consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which
is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official
authority unless it is within one month from the date of such occurrence redelivered to the full control of the Borrower owning that Ship;

		(c)	any arrest, capture, seizure, confiscation or detention of that Ship unless it is
within one month redelivered to the full control of the Borrower owning that Ship; and

		(d)	any theft or hijacking of that Ship unless it is within one month redelivered to
the full control of the Borrower owning that Ship.

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

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

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

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

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

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

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

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

“UK Bail-In Legislation”
means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part
1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom

    	 	20	 

     

    

 

relating to the resolution of unsound
or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration
or other insolvency proceedings).

“Underlying Document”
means any Assignable Charter and any MOA and, in the plural, means all of them.

“US” means the United
States of America.

“US Tax Obligor” means:

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

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

“Write-down and Conversion Powers”
means:

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

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

		(i)	any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued
by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial
institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that
liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person,
to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation
in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers;
and

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

		(c)	in relation to any UK Bail-In Legislation:

		(i)	any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares
issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial
institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that
liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person,
to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation
in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers;
and

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

    	 	21	 

     

    

 

		1.2	Construction of certain terms 

In this Agreement:

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

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

“asset” includes every
kind of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;

“company” includes
any partnership, joint venture and unincorporated association;

“consent” includes
an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;

“contingent liability”
means a liability which is not certain to arise and/or the amount of which remains unascertained;

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

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

“expense” means any
kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable value added or other tax;

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

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

“legal or administrative action”
means any legal proceeding or arbitration and any administrative or regulatory action or investigation;

“liability” includes
every kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;

“months” shall be construed
in accordance with Clause 1.3;

“obligatory insurances”
means, in relation to a Ship, all insurances effected, or which the Borrower owning that Ship is obliged to effect, under Clause 13
or any other provision of this Agreement or another Finance Document;

    	 	22	 

     

    

 

“parent company” has
the meaning given in Clause 1.4;

“person” includes any
individual, any partnership, any company; any state, political sub-

division of a state and local or municipal
authority; and any international organisation;

“policy” in relation
to any insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;

“protection and indemnity risks”
means the usual risks covered by a protection and indemnity association which is a member of the International Group of Protection
and Indemnity Associations, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in
case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 1 of
the Institute Time Clauses (Hulls) (1/10/82) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running
Down Clause (1/10/71) or any equivalent provision;

“regulation” includes
any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental
or supranational body, agency (monetary or otherwise), department, central bank, regulatory, self-regulatory or other authority or organisation;

“subsidiary” has the
meaning given in Clause 1.4;

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

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

“war risks” includes
the risk of mines and all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute
Time Clauses (Hulls)(1/11/95) or clause 23 of the Institute Time Clauses (Hulls) (1/10/83); and

a Potential Event of Default is “continuing”
if it has not been remedied or waived and an Event of Default is “continuing” if it has not been remedied or waived
Provided that, following the exercise by the Agent of any right pursuant to Clause 19.2, an Event of Default is “continuing”
only if it has not been waived.

		1.3	Meaning of “month”

A period of one or more “months”
ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the period started
(“the numerically corresponding day”), but:

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

    	 	23	 

     

    

 

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

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

		1.4	Meaning of “subsidiary”

A company (5) is a subsidiary of another
company (P) if:

		(a)	a majority of the issued shares in S (or a majority of the issued shares in S which
carry unlimited rights to capital and income distributions) are directly owned by P or are indirectly attributable to P; or

		(b)	P has direct or indirect control over a majority of the voting rights attaching
to the issued shares of S; or

		(c)	P has the direct or indirect power to appoint or remove a majority of the directors
of S; or

		(d)	P otherwise has the direct or indirect power to ensure that the affairs of S are
conducted in accordance with the wishes of P,

and any company of which S is a subsidiary
is a parent company of S.

		1.5	General Interpretation

In this Agreement:

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

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

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

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

		1.6	Headings

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

		2	FACILITY

		2.1	Amount of facility

Subject to the other provisions of this
Agreement, the Lenders shall make available to the Borrowers a senior secured term loan facility of up to $64,200,000, in up to six Advances,
Advance A, Advance B, Advance C, Advance D, Advance E and Advance F, for the purpose stated in the preamble to this Agreement.

    	 	24	 

     

    

 

		2.2	Lenders’ participations in Advances

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

		2.3	Purpose of Advances

The Borrowers undertake with each Creditor
Party to use each Advance only for the purpose stated in the preamble to this Agreement.

		3	POSITION OF THE LENDERS

		3.1	Interests several

The rights of the Lenders under this Agreement
are several.

		3.2	Individual right of action

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

		3.3	Proceedings requiring Majority Lender consent

Except as provided in Clause 3.2, no Lender
may commence proceedings against the Borrowers or any Security Party in connection with a Finance Document without the prior consent of
the Majority Lenders.

		3.4	Obligations several

The obligations of the Lenders under this
Agreement are several; and a failure of a Lender to perform its obligations under this Agreement shall not result in:

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

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

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

		4	DRAWDOWN

		4.1	Request for an Advance

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

    	 	25	 

     

    

 

		4.2	Availability

The conditions referred to in Clause 4.1
are that:

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

		(b)	each Advance shall not exceed the relevant Maximum Advance Amount;

		(c)	any undrawn portion of the Total Commitments in respect of an Advance to occur,
upon the determination of the Initial Market Value of the Ship to which that Advance relates, shall be automatically cancelled as at the
Drawdown Date of that Advance; and

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

		4.3	Notification to Lenders of receipt of a Drawdown Notice

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

		(a)	the amount of the Advance to which that Drawdown Notice relates and the relevant
Drawdown Date;

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

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

		4.4	Drawdown Notice irrevocable

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

		4.5	Lenders to make available Contributions

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

		4.6	Disbursement of Advance

Subject to the provisions of this Agreement,
the Agent shall on each Drawdown Date pay to the Borrowers the amounts which the Agent receives from the Lenders under Clause 4.5 and
that payment to the Borrowers shall be made:

		(a)	to the account which the Borrowers specify in the Drawdown Notice; and

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

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

    	 	26	 

     

    

 

		4.7	Prepositioning of funds

The Agent (at its sole discretion) may,
at the Borrowers’ request, agree to preposition on the relevant Drawdown Date the amounts which the Agent receives from the Lenders
in respect of the Advance together with any equity which is to be provided by the Borrowers, by making payment of such amounts:

		(a)	to such account and with such bank (the “Prepositioning Bank”) as
the Borrowers may have agreed with the Agent in advance of that Drawdown Date and as specified in the relevant Drawdown Notice;

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

		(c)	on terms that:

		(i)	such amounts shall be held to the order of the Agent until the conditions described in the remittance
message (the “Remittance Message”) with which the conditional payment is effected for transfer of funds to the Seller
are fulfilled or, if earlier, such time as the Agent confirms in writing to the Prepositioning Bank that the Advance may be released to
the Seller in accordance with Clause 4.8;

		(ii)	such prepositioning shall constitute the making of the Advance and the Borrowers shall at that time become
indebted, as principal and direct obligors, to each Lender in an amount equal to that Lender’s participation in the Advance; and

		(iii)	the date on which the Advance is prepositioned shall constitute its Drawdown Date.

		4.8	Disbursement of Advance

If the Agent has agreed to the Borrowers’
request under Clause 4.7, the Agent shall, on the relevant Ship’s delivery, instruct the Prepositioning Bank to release the amount
of the Advance to the Seller subject to the Agent having received all the documents described in Part B of Schedule 3 in form and substance
satisfactory to the Agent and its lawyers and further subject to the other provisions of Clause 9.1 unless the funds representing the
Advance will be released by the Prepositioning Bank pursuant to the Remittance Message.

		5	INTEREST

		5.1	Payment of normal interest

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

		5.2	Normal rate of interest

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

    	 	27	 

     

    

 

relevant Advance, the Correction Rate
applicable to the Applicable Lender for that Interest Period.

		5.3	Payment of accrued interest

In the case of an Interest Period of longer
than three months (subject to the prior agreement of the Agent in accordance with Clause 6.2(b)), accrued interest shall be paid every
three months during that Interest Period and on the last day of that Interest Period.

		5.4	Notification of Interest Periods and rates of normal interest

The Agent shall notify the Borrowers and
each Lender of:

		(a)	each rate of interest; and

		(b)	the duration of each Interest Period,

as soon as reasonably practicable after
each is determined.

		5.5	Obligation of Reference Banks to quote

A Reference Bank which is a Lender shall
use all reasonable efforts to supply the quotation required of it for the purposes of fixing a rate of interest under this Agreement unless
that Reference Bank ceases to be a Lender pursuant to Clause 26.18.

		5.6	Absence of quotations by Reference Banks

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

		5.7	Market disruption

The following provisions of this Clause
5 apply if:

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

		(b)	at least three Business Days before the start of an Interest Period, the Agent is
notified by a Lender (the “Affected Lender”) that for any reason it is unable to obtain Dollars in the Relevant
Interbank Market in order to fund its Contribution (or any part of it) during the Interest Period.

		5.8	Notification of market disruption

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

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		5.9	Suspension of drawdown

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

		(a)	in a case falling within Clause 5.7(a), the Lenders’ obligation to advance
that Advance; and

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

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

		5.10	Negotiation of alternative rate of interest

		(a)	If the Agent’s notice under Clause 5.8 is served after an Advance is borrowed
then, subject to Clause 27.4, the Borrowers, the Agent, the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours
to agree, within 30 days after the date on which the Agent serves its notice under Clause 5.8 (the “Negotiation Period”),
an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender
to fund or continue to fund their or its Contribution during the Interest Period concerned.

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

		5.11	Application of agreed alternative rate of interest

Subject to Clause 27.4, any alternative
interest rate or an alternative basis which is agreed during the Negotiation Period shall take effect in accordance with the terms agreed.

		5.12	Alternative rate of interest in absence of agreement

If an alternative interest rate or alternative
basis is not agreed within the Negotiation Period, and the relevant circumstances are continuing at the end of the Negotiation Period,
then the procedure provided for in Clause 5.10(b) shall be repeated at the end of the interest period set by the Agent pursuant to that
Clause.

		5.13	Notice of prepayment

If the Borrowers do not agree with an
interest rate set by the Agent under Clause 5.12, the Borrowers may give the Agent not less than five Business Days’ notice of their
intention to prepay the Loan at the end of the interest period set by the Agent.

		5.14	Prepayment; termination of Commitments

A notice under Clause 5.13 shall be irrevocable;
the Agent shall promptly notify the Lenders of the Borrowers’ notice of intended prepayment; and:

		(a)	on the date on which the Agent serves that notice, the Total Commitments shall be
cancelled; and

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		(b)	on the last Business Day of the interest period set by the Agent, the Borrowers
shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the applicable rate plus the Margin and
the Mandatory Cost (if any).

		5.15	Application of prepayment

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

		6	INTEREST PERIODS

		6.1	Commencement of Interest Periods

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

		6.2	Duration of normal Interest Periods

Subject to Clauses 6.3 and 6.4, each Interest
Period in respect of each Advance shall be:

		(a)	3 months; or

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

		6.3	Duration of Interest Periods for Instalments

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

		6.4	Non-availability of matching deposits for Interest Period selected

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

		7	DEFAULT INTEREST

		7.1	Payment of default interest on overdue amounts

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

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

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

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

		7.2	Default rate of interest

Interest shall accrue on an overdue amount
from (and including) the relevant date until the date of actual payment (as well after as before judgment) at the rate per annum determined
by the Agent to be 2.50 per cent. above:

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

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

		7.3	Calculation of default rate of interest The rates referred to in Clause 7.2 are:

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

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

(i)       LIBOR;
or

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

		7.4	Notification of interest periods and default rates

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

		7.5	Payment of accrued default interest

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

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		7.6	Compounding of default interest

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

		8	REPAYMENT AND PREPAYMENT

		8.1	Amount of Instalments

The Borrowers shall repay each Advance
by 16 equal consecutive quarterly instalments, each in the amount of $668,750 (each an “Instalment” and, together,
the “Instalments”) Provided that, if the amount advanced in respect of an Advance is less than $10,700,000, the aggregate
amount of the Instalments in respect of that Advance shall be reduced by an amount equal to the undrawn amount on a pro rata basis.

		8.2	Repayment Dates

The first Instalment in respect of each
Advance shall be repaid on the date falling three months after the Drawdown Date in respect of that Advance, each subsequent Instalment
shall be repaid at three-monthly intervals thereafter and the last Instalment in respect of that Advance, shall be repaid, latest on the
relevant Final Repayment Date.

		8.3	Final Repayment Date

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

		8.4	Voluntary prepayment

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

		8.5	Conditions for voluntary prepayment

The conditions referred to in Clause 8.4
are that:

		(a)	a partial prepayment shall be $1,000,000 or a higher integral multiple thereof;

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

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

		(d)	the Borrowers are in compliance with Clause 8.12 on or prior to the date of prepayment.

		8.6	Optional facility cancellation

The Borrowers shall be entitled, upon
giving to the Agent not less than five Business Days’ prior written notice, to cancel, in whole or in part, and, if in part, by
an amount of $1,000,000 or a higher multiple thereof (or such other amount acceptable to the Agent in its sole discretion),

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the undrawn balance of the Total Commitments
(the “Cancellation Notice”) which notice shall be irrevocable and shall, at the option of the Borrowers, specify whether
such cancellation will be applied against a specific Advance, in which case the Borrowers will specify the Advance against which that
cancellation should be applied. A failure by the Borrowers to make such a designation, in circumstances where all Advances have been made,
shall result in the cancellation being applied against all Advances proportionately. Upon such cancellation taking effect on expiry of
a Cancellation Notice the several obligations of the Lenders to make their respective Commitments available in relation to the portion
of the Total Commitments to which such Cancellation Notice relates shall terminate.

		8.7	Cancellation Notice or Prepayment Notice

The Agent shall notify the Lenders promptly
upon receiving a Cancellation Notice or Prepayment Notice, and shall provide, in the case of a Prepayment Notice, any Lender which so
requests with a copy of any document delivered by the Borrowers under Clause 8.5(c).

		8.8	Mandatory prepayment in the case of sale or Total Loss

		(a)	The Borrowers shall be obliged to prepay the Relevant Amount if a Ship:

		(i)	is sold (including, for the avoidance of doubt for scrapping), on or before the date on which the sale
is completed by delivery of that Ship to the buyer; or

		(ii)	becomes a Total Loss, on the earlier of the date falling 120 days after the Total Loss Date and the date
of receipt by the Security Trustee of the proceeds of insurance relating to such Total Loss.

In this Clause 8.8:

“Relevant Amount” means
an amount equal to the greater of:

		(i)	the Advance to which the Ship being sold or which has become a Total Loss relates; and

		(ii)	an amount (if any) which after the application of the prepayment to be made pursuant to Clause 8.13(c)
results in the Security Cover Ratio being the greater of (A) 135 per cent. of the Loan and (B) the percentage which applied immediately
prior to the applicable event described in paragraph (i) or (ii) of this Clause 8.8,

Provided that if, on the date of
such sale or Total Loss,

		(a)	the Scrap Cover Ratio is more than $150/LDT, any surplus amount remaining following the prepayment of
any Relevant Amount shall be applied, towards reduction of the other Advances proportionately and within each Advance, against the Instalments
in respect of that Advance which are at the time being outstanding in inverse order of maturity; or

		(b)	the Scrap Cover Ratio is less than $150/LDT, any such surplus shall be paid to the Borrowers.

		8.9	Mandatory prepayment relating to an Approved Charter or Substitute Charter

		(a)	If

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		(i)	any Approved Charter is frustrated (except as a result of a Total Loss of the relevant Ship), terminated
(except by mere effluxion of time) or expired, cancelled or rescinded or purported to be cancelled or rescinded or the relevant Ship is
withdrawn from service under that Approved Charter before its scheduled expiration (any of such events to be referred to as a “Cancellation
Event”); and

		(ii)	the Borrower owning the relevant Ship has not, at least 21 days prior to, either, (A) the date falling
on the third anniversary of the Drawdown Date of the Advance relating to that Ship or (B) the termination date of that Approved Charter
following a Cancellation Event, which ever comes later, provided evidence satisfactory to the Agent that it has entered into, subject
to the provisions of Clause 14.12 (a), a substitute charter (the “Substitute Charter”) or an extension to that Approved Charter,
each at a daily hire rate equal to or exceeding the Breakeven Amount in relation to that Ship,

the Borrowers shall be obliged to prepay
the Advance to which that Ship relates.

		(b)	If, any Substitute Charter in respect of a Ship, is frustrated (except as a result of a Total Loss of
the relevant Ship), terminated (except by mere effluxion of time), cancelled or rescinded or purported to be cancelled or rescinded or
the relevant Ship is withdrawn from service under that Substitute Charter before its scheduled expiration, and the Borrower owning the
relevant Ship has not provided evidence reasonably satisfactory to the Agent prior to such expiration of another Substitute Charter, the
Borrowers shall be obliged to prepay the Advance to which that Ship relates.

		8.10	Mandatory prepayment in the case of a Change of Control

If a Change of Control occurs, without
the prior written consent of the Agent, the Agent shall (acting on the instructions of the Majority Lenders), by not less than 10 days’
notice to the Borrowers, declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately
due and payable, whereupon the Loan and all such outstanding interest and other amounts will become immediately due and payable.

		8.11	Effect of Prepayment Notice and Cancellation Notice

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

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

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

		8.12	Amounts payable on prepayment

A prepayment shall be
made together with accrued interest (and any other amount payable under Clause 21 or otherwise) in respect of the amount prepaid and,
if the prepayment is not made on the last day of an Interest Period together with any sums payable under Clause 21.2 and any prepayment
fee payable under Clause 20.2) but without premium or penalty.

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		8.13	Application of partial prepayment or cancellation 

Each partial prepayment shall be applied:

		(a)	if made pursuant to Clause 5.13, 15.2, 19.2, 23.3 or 24.6 proportionately between each Advance and within
each Advance in inverse order of maturity;

		(b)	if made pursuant to Clause 8.4 proportionately between each Advance thereafter against the Instalments
in respect of each Advance in inverse order of maturity;

		(c)	if made pursuant to Clause 8.8, towards full repayment of the Relevant Amount (and any surplus thereafter
to be applied in accordance with the proviso set out in clause 8.8); and

		(d)	if made pursuant to Clause 8.9, towards full repayment of the Advance related to the Ship which does not
have an Approved Charter.

		8.14	No reborrowing

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

		9	CONDITIONS PRECEDENT

		9.1	Documents, fees and no default

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

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

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

		(ii)	payment in full of the Account Bank fee payable pursuant to Clause 20.1(b);

		(b)	that, on each Drawdown Date but prior to the making of an Advance, the Agent receives;

		(i)	the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its
lawyers save for any documents that the Agent agrees at the Borrowers’ request to receive after the prepositioning of funds under
Clause 4.7 but before the disbursement of the Advance pursuant to Clause 4.8;

		(ii)	the structuring fee payable in respect of that Advance pursuant to Clause 20.1 (a) (i);

		(iii)	payment in full of any commitment fee payable pursuant to Clause 20.1(a)(ii); and

		(iv)	payment of any expenses payable pursuant to Clause 20.2 which are due and payable on the Drawdown Date
to which that Drawdown Notice relates;

		(c)	that both at the date of each Drawdown Notice and at the relevant Drawdown Date and, if applicable, the
date on which the Advance is disbursed pursuant to Clause 4.8:

		(i)	no Event of Default or Potential Event of Default is continuing or would result from the borrowing of
the relevant Advance;

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

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

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

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

		9.2	Waiver of conditions precedent

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

		10	REPRESENTATIONS AND WARRANTIES

		10.1	General

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

		10.2	Status

Each Borrower is duly formed, validly
existing and in good standing under the laws of the Republic of Liberia and no Borrower is a US Tax Obligor.

		10.3	Share capital and ownership

Each Borrower is authorised to issue 500
LLC Shares (as such term is defined in each Borrower’s Limited Liability Company Agreement), all of which shares have been issued,
and the legal title and beneficial ownership of all those shares is held, free of any Security Interest or other claim, by the Corporate
Guarantor.

		10.4	Corporate power

Each Borrower has the corporate capacity,
and has taken all corporate action and obtained all consents necessary for it:

		(a)	to execute the Underlying Documents to which it is a party and to register its Ship
in its ownership under the applicable Approved Flag;

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

		(c)	to borrow under this Agreement and to make all the payments contemplated by, and
to comply with, those Finance Documents to which that Borrower is a party.

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		10.5	Consents in force

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

		10.6	Legal validity; effective Security Interests

The Finance Documents to which each Borrower
is a party, do now or, as the case may be, will, upon execution and delivery (and, where applicable, registration as provided for in the
Finance Documents):

		(a)	constitute that Borrower’s legal, valid and binding obligations enforceable against that Borrower
in accordance with their respective terms; and

		(b)	create legal, valid and binding Security Interests (having the priority specified in the relevant Finance
Document) enforceable in accordance with their respective terms over all the assets to which they, by their terms, relate,

subject to the Legal Reservations.

		10.7	No third party Security Interests

Without limiting the generality of Clause
10.5 and subject to the Legal Reservations, at the time of the execution and delivery of each Finance Document to which each Borrower
is a party:

		(a)	that Borrower will have the right to create all the Security Interests which that Finance Document purports
to create; and

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

		10.8	No conflicts

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

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

		(i)	any law or regulation; or

		(ii)	the constitutional documents of that Borrower or other Security Party; or

		(iii)	any contractual or other obligation or restriction which is binding on that Borrower or other Security
Party or any of its assets, and

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

		(c)	is for the corporate benefit of that Borrower.

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		10.9	No withholding taxes

All payments which each Borrower is liable
to make under the Finance Documents to which it is a party may be made without deduction or withholding for or on account of any tax payable
under any law of any Pertinent Jurisdiction.

		10.10	No default

No Event of Default or Potential Event
of Default is continuing.

		10.11	Information

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

		10.12	No litigation

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

		10.13	Validity and completeness of the Underlying Documents

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

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

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

		10.14	Compliance with certain undertakings

At the date of this Agreement, the Borrowers
are in compliance with Clauses 11.2, 11.4, 11.9, 11.13, 13, 14.3 and 14.10.

		10.15	No rebates etc.

There is no agreement or understanding
to allow or pay any rebate, premium, commission, discount or other benefit or payment (howsoever described) to a Borrower or a third party
in connection with the purchase by that Borrower of its Ship, other than as disclosed to the Agent in writing on or prior to the date
of this Agreement.

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		10.16	Taxes paid

Each Borrower has paid all taxes applicable
to, or imposed on or in relation to that Borrower, its business or the Ship owned by it.

		10.17	ISM Code and ISPS Code compliance

All requirements of the ISM Code and the
ISPS Code as they relate to the Borrowers, the Corporate Guarantor, the Approved Managers and the Ships have been complied with.

		10.18	No Money laundering

		(a)	No Borrower has, in connection with this Agreement or any of the other Finance Documents, contravened,
or permitted any subsidiary to contravene, any law, official requirement or other regulatory measure or procedure implemented to combat
“money laundering” (as defined in Article 1 of the Directive 2015/849/EC of the European Parliament and of the Council of
the European Union of 20 May 2015) and any comparable US federal and state laws.

		(b)	Each Borrower hereby confirms to the Agent that the entering into this Agreement and performing hereunder
and any drawdowns under this Agreement are made and drawn for its own commercial benefit and not for the account of a beneficial owner
(wirtschaftlich Berechtigter) within the meaning of Section 3 paragraph 1 of the German Money Laundering Act (Gesetz Ober das Aufspiiren
von Gewinnen aus schweren Straftaten (Geldwaschegesetz)).

		10.19	No immunity

No Borrower nor any of its assets is entitled
to immunity on grounds of sovereignty or otherwise from any legal action or proceeding (including, without limitation, suit, attachment
prior to judgement, execution or other enforcement).

		10.20	Choice of law

Subject to the Legal Reservations, the
choice of the laws of England to govern this Agreement and those other Finance Documents which are expressed to be governed by the laws
of England, the laws of Germany to govern the Account Pledges and the laws of the applicable Approved Flag State to govern the Mortgages,
constitutes a valid choice of law and the submission by the Borrowers thereunder to the jurisdiction of the Courts of England and, in
the case of each Account Pledge, Germany or, in the case of the Mortgages, the applicable Approved Flag State is a valid submission and
does not contravene the laws of England or, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the applicable
Approved Flag State or the laws of any other Pertinent Jurisdiction, will be applied by the courts of any Pertinent Jurisdiction if this
Agreement or those other Finance Documents or any claim thereunder comes under their jurisdiction upon proof of the relevant provisions
of the laws of England or, in the case of each Account Pledge, Germany or, in the case of the Mortgages, the applicable Approved Flag
State.

		10.21	Pari passu ranking

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

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		10.22	Repetition

The representations and warranties in
this Clause 10 shall be deemed to be repeated by the Borrowers:

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

		(b)	on each Drawdown Date; and

		(c)	with the exception of Clauses 10.9 and 10.14, on the first day of each Interest Period and on the date
of any Compliance Certificate issued pursuant to Clause 11.21,

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

		11	GENERAL UNDERTAKINGS

		11.1	General

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

		11.2	Title and negative pledge 

Each Borrower will:

		(a)	hold the legal title to, and own the entire beneficial interest in its Ship, her Insurances and Earnings,
free from all Security Interests and other interests and rights of every kind, except for those created by the Finance Documents and the
effect of assignments contained in the Finance Documents and except for Permitted Security Interests; and

		(b)	not create or permit to arise any Security Interest (except for Permitted Security Interests) over any
other asset, present or future.

		11.3	No disposal of assets

No Borrower will transfer, lease or otherwise
dispose of:

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

		(b)	any debt payable to it or any other right (present, future or contingent right) to receive a payment,
including any right to damages or compensation,

but paragraph (a) does not apply to any
charter of a Ship or a disposal of a Ship (subject to the Borrowers complying with clause 8.8).

		11.4	No other liabilities or obligations to be incurred

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

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

		(b)	liabilities or obligations reasonably incurred or guarantee (including any guarantee or undertaking required
by any protection and indemnity or war risks association in relation to the Ship (which shall be provided when required by the association))
issued in the normal course of its business of trading, operating and chartering, maintaining and repairing the Ship owned by it (including,
without limitation, any Financial Indebtedness owing to the Corporate Guarantor subject to the relevant Borrower ensuring on or prior
to the first Drawdown Date, that the rights of each creditor thereunder are fully subordinated in writing pursuant to a Subordination
Agreement).

		11.5	Information provided to be accurate

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

		11.6	Provision of financial statements

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

		(a)	as soon as possible, but in no event later than 180 days after the end of each Financial Year of the Corporate
Guarantor, the consolidated audited annual financial statements of the Corporate Guarantor (commencing with the financial statements for
the Financial Year which ended on 31 December 2020) which shall be the same as those publicly filed with the Securities and Exchange Commission
of the New York Stock Exchange;

		(b)	as soon as possible, but in no event later than 120 days after the 6-month period ending on 30 June in
each Financial Year of the Corporate Guarantor, the semi-annual consolidated unaudited financial statements of the Corporate Guarantor,
for that 6-month period (commencing with the financial statements for the 6-month period ending on 30 June 2021), duly certified as to
their correctness by the chief financial officer of the Corporate Guarantor;

		(c)	as soon as possible, but in no event later than 90 days after the 3-month period ending on 30 June, 30
September, 31 December and 31 March in each Financial Year of the Corporate Guarantor, the quarterly consolidated unaudited financial
statements of the Corporate Guarantor, for that 3-month period (commencing with the financial statements for the 3-month period ending
on 31 March 2021), duly certified as to their correctness by the chief financial officer of the Corporate Guarantor; and

		(d)	promptly after each request by the Agent, such further financial or other information in respect of that
Borrower, each Ship, the Corporate Guarantor and the other Security Parties (including, without limitation, any information regarding
any sale and purchase agreements, investment brochures, shipbuilding contracts, charter agreements, operational expenditures for the Ships
and utilisation rates of the Ships) as may be requested by the Agent.

		11.7	Form of financial statements

All accounts delivered under Clause 11.6
will:

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		(a)	be prepared in accordance with all applicable laws and GAAP and, in the case of any audited financial
statements, be certified by an independent and reputable auditor selected and appointed by the Corporate Guarantor and accepted by the
Agent;

		(b)	give a true and fair view of the state of affairs of each Borrower, the Corporate Guarantor and the Group
at the date of those accounts and of its profit for the period to which those accounts relate;

		(c)	comply with the requirements of the New York Stock Exchange; and

		(d)	fully disclose or provide for all significant liabilities of each Borrower, the Corporate Guarantor and
the Group and each of its subsidiaries.

		11.8	Shareholder and creditor notices and press releases

Each Borrower will send the Agent promptly
upon its request copies of all communications which are despatched to that Borrower’s shareholders or creditors or any class of
them and copies of any relevant press releases.

		11.9	Consents

Each Borrower will maintain in force and
promptly obtain or renew, and will promptly send certified copies to the Agent of, all consents required:

		(a)	for that Borrower to perform its obligations under any Finance Document or any Underlying Document to
which it is a party;

		(b)	for the validity or enforceability of any Finance Document or any Underlying Document to which it is a
party;

		(c)	for that Borrower to continue to own and operate the Ship owned by it, and that Borrower will comply with
the terms of all such consents.

		11.10	Maintenance of Security Interests

Each Borrower will:

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

		(b)	without limiting the generality of paragraph (a), at its own cost, promptly register, file, record or
enrol any Finance Document with any court or authority in all Pertinent Jurisdictions, pay any stamp, registration or similar tax in all
Pertinent Jurisdictions in respect of any Finance Document, give any notice or take any other step which, in the opinion of the Majority
Lenders, is or has become necessary or desirable for any Finance Document to be valid, enforceable or admissible in evidence or to ensure
or protect the priority of any Security Interest which it creates in any Pertinent Jurisdiction.

		11.11	Notification of litigation

Each Borrower will provide the Agent
with details of any legal or administrative action involving that Borrower, the Ship owned by it, the Earnings or the Insurances in respect
of that Ship, any

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Security Party or the Approved Managers,
as soon as such action is instituted or it becomes apparent to that Borrower that it is likely to be instituted, unless it is clear that
the legal or administrative action is not likely to have a Material Adverse Effect, and each Borrower shall procure that all reasonable
measures are taken to defend any such legal or administrative action.

		11.12	No amendment to Underlying Documents

		(a)	The Borrowers will not waive or fail to enforce, the Underlying Documents to which it is a party or any
of its provisions.

		(b)	The Borrowers shall promptly notify the Agent of any amendment or supplement to any Underlying Document
provided that, in the case of an Assignable Charter, such notification shall only be required if any amendment or supplement relates
to (i) a reduction in the daily hire rate payable thereunder (so that the Agent may determine whether such daily hire rate equals to or
exceeds the Breakeven Amount) or (ii) the minimum period of that Assignable Charter.

		11.13	Principal place of business

Each Borrower will maintain its place
of business, and keep its corporate documents and records, at the address stated in Clause 28.2; and no Borrower will establish, or do
anything as a result of which it would be deemed to have, a place of business in any country other than Greece.

		11.14	Confirmation of no default

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

		(a)	states that no Event of Default or Potential Event of Default is continuing; or

		(b)	states that no Event of Default or Potential Event of Default is continuing, except for a specified event
or matter, of which all material details are given.

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

		11.15	Notification of default

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

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

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

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

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		11.16	Provision of further information

Each Borrower will, as soon as practicable
after receiving the request, provide the Agent with any additional financial or other information relating:

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

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

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

		11.17	Provision of copies and translation of documents

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

		11.18	“Know your customer” checks 

If:

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

		(b)	any change in the status of the shareholder of the Borrowers or any Security Party after the date of this
Agreement; or

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

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

		11.19	Minimum Liquidity and Additional Minimum Liquidity

		(a)	The Borrowers shall maintain in the Liquidity Account credit balances in an aggregate amount of not less
than $400,000 in respect of each Mortgaged Ship ($2,400,000 in aggregate, the “Minimum Liquidity”) commencing from
the Drawdown Date in respect of the Advance which will finance the relevant Mortgaged Ship and at all times thereafter until the earlier
of (i) the full repayment or, as the case may be prepayment, of the Advance financing the relevant Mortgaged Ship provided that no Event
of Default has occurred and is continuing on the date of such repayment and (ii) the end of the Security Period.

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		(b)	In addition to the amount required to be maintained under paragraph (a) of this Clause 11.19, the Borrowers
shall maintain in the Liquidity Account from the Drawdown Date in respect of the Advance which will finance the relevant Mortgaged Ship
credit balances in an aggregate amount of not less than $300,000 in respect of each Mortgaged Ship ($1,800,000 in aggregate, the “Additional
Minimum Liquidity”). The Additional Minimum Liquidity shall remain in the Liquidity Account and shall be released to the Borrowers
as follows:

		(i)	the aggregate amount of up to $600,000 (being $100,000 per Mortgaged Ship) shall
be released to the Borrowers upon full repayment of the fourth Instalment in respect of each Advance;

		(ii)	the aggregate amount of up to $600,000 (being $100,000 per Mortgaged Ship) shall
be released to the Borrowers upon full repayment of the eighth Instalment in respect of each Advance; and

		(iii)	the aggregate amount of up to $600,000 (being $100,000 per Mortgaged Ship) shall
be released to the Borrowers upon full repayment of the twelfth Instalment in respect of each Advance.

		11.20	Dry Docking Reserve Amount

		(a)	The Borrowers shall deposit in the Dry Docking Reserve Account, on each Drawdown Date relating to each
of Ship B, Ship D, Ship E and Ship F (each a “Dry Dock Ship”), an amount of $1,450,000 per Dry Dock Ship ($5,800,000
in aggregate, collectively, the “Dry Docking Reserve Amount”), which shall remain, subject to paragraphs (b) and (c)
below of this Clause 11.20, blocked in the Dry Docking Reserve Account throughout the Security Period.

		(b)	The Dry Docking Reserve Amount shall be released to the Borrowers, only for (i) the payment of any costs
incurred in relation to the dry docking, special survey and BWTS installation in respect of a Dry Dock Ship which is scheduled to take
place in 2021 or such other later date as may be extended by the relevant Classification Society and (ii) the prepayment of any advances
to the suppliers in relation to any upcoming dry docking, special survey and BWTS installation in respect of that Dry Dock Ship,

(such costs referred to in paragraph
(b) above are, together, the “Dry Docking Expenses”) and subject to, in each case:

		(A)	the Borrowers previously delivering to the Agent, in form and substance satisfactory
to the Agent, a list of scheduled payments in this respect and if requested by the Agent, copies of the invoices and/or proforma invoices
to be paid (partially or in full out of the Dry Docking Reserve Amount) in respect of the Dry Docking Expenses; and

		(B)	no Event of Default having occurred and being continuing at the relevant time or
resulting from the release of the relevant part of the Dry Docking Reserve Amount.

Upon completion of each of the dry
docking, special survey or BWTS installations referred to in paragraph (b) above, the Borrowers shall promptly deliver to the Agent evidence
satisfactory to it that such special survey or BWTS installation has been completed. If there is any balance in the Dry Docking Reserve
Account, following the completion of all the dry docking, special surveys or BWTS installations in respect of the relevant Dry Dock Ships,
such balance shall be

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released to the respective Earnings Accounts
of the Borrowers Provided that no Event of Default has occurred at the relevant time or will result from such release.

		(c)	If a Dry Dock Ship is sold or becomes a total loss and all amounts payable pursuant to Clause 8.8 have
been paid by the Borrowers before the completion of the dry docking, special survey or BWTS installation in respect of that Dry Dock Ship,
the relevant portion of the Dry Docking Reserve Amount in relation to that dry docking, special survey or BWTS installation will be released
to the respective Earnings Accounts of the Borrowers Provided that no Event of Default has occurred and is continuing at the relevant
time or will result from such release.

		(d)	If the dry docking, special survey or BWTS installation in respect of a Dry Dock Ship occurs at any time
before the Drawdown Date relating to that Dry Dock Ship, the Borrowers shall not be required to deposit the Dry Docking Reserve Amount
in respect of that Dry Dock Ship.

		11.21	Compliance Certificate

		(a)	The Borrowers shall
supply to the Agent, together with each set of financial statements delivered pursuant to paragraph (a) and (b) of Clause 11.6, a Compliance
Certificate (commencing with the financial statements to be provided for the 6-month period ending on 30 June 2021).

		(b)	Each Compliance Certificate shall be duly signed by an officer of each Borrower and the Corporate Guarantor,
evidencing (inter alia) the Borrowers’ and the Corporate Guarantor’s compliance (or not, as the case may be) with the provisions
of Clause 11.19, 11.20 and Clause 15.1.

		11.22	No Money laundering

		(a)	Each Borrower:

		(i)	will not, and will procure that no Security Party, to the extent applicable, will,
in connection with this Agreement or any of the other Finance Documents, contravene, or permit any subsidiary to contravene, any law,
official requirement or other regulatory measure or procedure implemented to combat “money laundering” (as defined in Article
1 of the Directive 2015/849/EC of the European Parliament and of the Council of the European Union of 20 May 2015) and any comparable
US federal and state laws; and

		(ii)	shall further submit any documents and declarations on request, if such documents
or declarations are required by any Creditor Party to comply with its domestic money laundering and/or legal identification requirements.

		(b)	Each Borrower:

		(i)	subject to paragraph (ii) below, shall confirm to the Agent that the entering into
this Agreement and performing hereunder and any drawdowns under this Agreement will be made and drawn for its own commercial benefit and
not for the account of a beneficial owner (wirtschaftlich Berechtigter) within the meaning of Section 3 paragraph 1 of the German Money
Laundering Act (Gesetz Ober das Aufspiiren von Gewinnen aus schweren Straftaten (Geldwaschegesetz)).

		(ii)	if and to the extent a Borrower holds or performs or raises any amounts under this
Agreement for a beneficial owner within the meaning of Section 3 paragraph 1 of the

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German Money Laundering Act, that Borrower
will promptly inform the Lenders (by written notice to the Agent) and will provide any information requested by the Agent in order to
identify such beneficial owner.

		(c)	The Agent shall promptly notify the Lenders of any written notice it receives under subparagraph
(b)(ii) above.

		12	CORPORATE UNDERTAKINGS 

		12.1	General

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

		12.2	Maintenance of status

Each Borrower will maintain its separate
corporate existence and remain in good standing under the laws of the Republic of Liberia.

		12.3	Negative undertakings 

No Borrower will:

		(a)	change the nature of its business or carry on any business other than the ownership, chartering and operation
of the Ship owned by it;

		(b)	

		(i)	pay any dividend or make any other form of distribution if:

		(A)	an Event of Default has occurred and is continuing at the relevant time; or

		(B)	an Event of Default will result from the payment of a dividend or the making of any other form of distribution,

		(ii)	effect any form of redemption, purchase or return of its issued shares; or

		(c)	repay any Subordinated Debt;

		(d)	provide any form of credit or financial assistance (including any guarantee or indemnity) to:

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

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

or enter into any transaction with
or involving such a person or company on terms which are, in any respect, less favourable to that Borrower than those which it could obtain
in a bargain made at arms’ length;

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		(e)	enter into any agreement other than:

		(i)	the Finance Documents and the Underlying Documents; or

		(ii)	any other agreement expressly allowed under any other term of this Agreement or entered into in the ordinary
course of business to give effect to that Borrower’s business in the nature described in paragraph (a) above;

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

		(g)	issue, allot or grant any person a right to any shares in its capital or repurchase or reduce its issued
shares and/or number of shares it is authorised to issue;

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

		(i)	allow a Change of Control; or

		(j)	enter into any form of amalgamation, merger or de-merger, acquisition, divesture, split-up or any form
of reconstruction or reorganisation.

		12.4	Corporate Guarantor’s subsidiaries

The Borrowers shall provide the Agent
on or before the date of this Agreement with a list of each member of the Group at the date of this Agreement and shall promptly advise
the Agent in writing of any amendments to such list.

		13	INSURANCE 

		13.1	General

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

		13.2	Maintenance of obligatory insurances

Each Borrower shall keep the Ship owned
by it insured at the expense of that Borrower against:

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

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

		(c)	protection and indemnity risks (including, without limitation, protection and indemnity war risks in excess
of the amount for war risks (hull) and oil pollution liability risks) in each case in the highest amount available as per IG P&I rules;
and

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

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		13.3	Terms of obligatory insurances

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

		(a)	in Dollars;

		(b)	in the case of fire and usual marine risks and war risks, on an agreed value basis in an amount equal
to at least the higher of:

		(i)	an amount which is equal to 120 per cent. of the aggregate of:

		(A)	the Advance relating to the Ship owned by it: and

		(B)	the aggregate principal amount secured by Permitted Security Interests over that Ship which have a prior
ranking to the Security Interests created by the Finance Documents; and

		(ii)	the Market Value of that Ship;

		(c)	in the case of oil pollution liability risks, for an amount equal to the highest level of cover from time
to time available under basic protection and indemnity club entry (with the International Group of Protection and Indemnity Clubs) and
the international marine insurance market (currently $1,000,000,000 for any one accident or occurrence);

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

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

		(f)	on approved terms and conditions;

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

		(h)	through approved brokers and with approved insurance companies and/or underwriters which have a Standard
& Poor’s rating of at least BBB- or a comparable rating by any other rating agency acceptable to the Security Trustee (acting
on the instructions of the Majority Lenders) or, in the case of war risks and protection and indemnity risks, in approved war risks and
protection and indemnity risks associations which are members of the International Group of Protection and Indemnity Clubs.

		13.4	Further protections for the Creditor Parties

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

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

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		(b)	subject to paragraph (a) above, whenever the Security Trustee requires, the obligatory insurances name
(or be amended to name) the Security Trustee as additional named assured for its rights and interests, warranted no operational interest
and with full waiver of rights of subrogation they may have under any applicable law against the Security Trustee but without the Security
Trustee thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;

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

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

		(e)	the obligatory insurances shall provide that all payments by or on behalf of the insurers under the obligatory
insurances to the Security Trustee shall be made without set-off, counterclaim or deductions or condition whatsoever;

		(f)	the obligatory insurances shall provide that the insurers shall waive, to the fullest extent permitted
by English law, their entitlement (if any) (whether by statute, common law, equity, or otherwise) to be subrogated to the rights and remedies
of the Security Trustee in respect of any rights or interests (secured or not) held by or available to the Security Trustee in respect
of the Secured Liabilities, until the Secured Liabilities shall have been fully repaid and discharged, except that the insurers shall
not be restricted by the terms of this paragraph (f) from making personal claims against persons (other than a Borrower or any Creditor
Party) in circumstances where the insurers have fully discharged their liabilities and obligations under the relevant obligatory insurances;

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

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

		(i)	the obligatory insurances shall provide that if any obligatory insurance is cancelled, or if any substantial
change is made in the coverage which adversely affects the interest of the Security Trustee, or if any obligatory insurance is allowed
to lapse for non-payment of premium, such cancellation, charge or lapse shall only be effective against the Security Trustee 14 days (or
7 days in the case of war risks) after receipt by the Security Trustee of prior written notice from the insurers of such cancellation,
change or lapse.

		13.5	Renewal of obligatory insurances

Each Borrower shall:

		(a)	at least 7 days before the expiry of any obligatory insurance effected by it:

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

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

		(b)	at least 3 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance
with the Security Trustee’s approval pursuant to paragraph (a); and

		(c)	procure that the approved brokers and/or the war risks and protection and indemnity associations with
which such a renewal is effected shall promptly after the renewal notify the Security Trustee in writing of the terms and conditions of
the renewal.

		13.6	Copies of policies; letters of undertaking

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

		(a)	they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of
assignment complying with the provisions of Clause 13.4;

		(b)	they will hold such policies, and the benefit of such insurances, to the order of the Security Trustee
in accordance with the said loss payable clause;

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

		(d)	they will notify the Security Trustee, not less than 7 days before the expiry of the obligatory insurances,
in the event of their not having received notice of renewal instructions from that Borrower or its agents and, in the event of their receiving
instructions to renew, they will promptly notify the Security Trustee of the terms of the instructions; and

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

		13.7	Copies of certificates of entry; letters of undertaking

Each Borrower shall ensure that any protection
and indemnity and/or war risks associations in which the Ship owned by that Borrower is entered provides the Security Trustee with:

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

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

		(c)	where required to be issued under the terms of insurance/indemnity provided by that Borrower’s protection
and indemnity association, a certified copy of each United States of America voyage quarterly declaration (or other similar document or
documents) made by that

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Borrower in accordance with the requirements
of such protection and indemnity association; and

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

		13.8	Deposit of original policies

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

		13.9	Payment of premiums

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

		13.10	Guarantees

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

		13.11	Compliance with terms of insurances

Each Borrower shall not do or omit
to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable
or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part; and, in particular it shall:

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

		(b)	not make any changes relating to the classification or classification society or manager or operator of
the Ship owned by it approved by the underwriters of the obligatory insurances;

		(c)	make (and promptly supply copies to the Agent) of all quarterly or other voyage declarations which may
be required by the protection and indemnity risks association in which that Ship is entered to maintain cover for trading to the United
States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation)
and, if applicable, shall procure that each Approved Manager complies with this requirement; and

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

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		13.12	Alteration to terms of insurances

Each Borrower shall neither make nor agree
to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.

		13.13	Settlement of claims

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

		13.14	Provision of copies of communications

If an Event of Default occurs and
is continuing, each Borrower shall provide the Security Trustee at the time of each such communication, copies of all written communications
between that Borrower and:

		(a)	the approved brokers;

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

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

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

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

		13.15	Provision of information and further undertakings

In addition, each Borrower shall promptly
provide the Security Trustee (or any persons which it may designate) with any information which the Security Trustee (or any such designated
person) reasonably requests for the purpose of:

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

		(b)	effecting, maintaining or renewing any such insurances as are referred to in Clause 13.16 or dealing with
or considering any matters relating to any such insurances,

and that Borrower shall:

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

		(ii)	promptly provide the Agent with full information regarding any Major Casualty in
consequence whereof the Ship owned by that Borrower has become or may become

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a Total Loss and agree to any settlement
of such casualty or other accident or damage to that Ship only with the Agent’s prior written consent,

and that Borrower shall, forthwith upon
demand, indemnify the Security Trustee in respect of all fees and other expenses incurred by or for the account of the Security Trustee
in connection with any such report as is referred to in paragraph (a).

		13.16	Mortgagee’s interest and additional perils insurances

The Security Trustee shall be entitled
from time to time to effect, maintain and renew all or any of the following insurances in such amounts, on such terms, through such insurers
and generally in such manner as the Majority Lenders may from time to time consider appropriate:

		(a)	a mortgagee’s interest insurance in respect of each Ship providing for the indemnification of the
Creditor Parties for any losses under or in connection with any Finance Document which directly or indirectly result from loss of or damage
to a Ship or a liability of such Ship or of the Borrower owning that Ship, such loss or damage being prima facie covered by an
obligatory insurance but in respect of which there is a non-payment (or reduced payment) by the underwriters by reason of, or on the basis
of, an allegation concerning:

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

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

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

in an amount of up to 120 per cent. of
the aggregate of:

		(A)	the Advance relating to the Ship owned by it: and

		(B)	the aggregate principal amount secured by Permitted Security Interests over that
Ship which have a prior ranking to the Security Interests created by the Finance Documents,

(the aggregate of (A) and (B) being the
“Aggregate Insurable Amount”);

		(b)	a mortgagee’s interest additional perils insurance in respect of each Ship providing for the indemnification
of the Creditor Parties against, amongst other things, any possible losses or other consequences of any Environmental Claim, including
the risk of expropriation, arrest or any form of detention of that Ship, the imposition of any Security Interest over that Ship and/or
any other matter capable of being insured against under a mortgagee’s interest additional perils policy, whether or not similar
to the foregoing, and in an amount of up to 110 per cent. of the Aggregate Insurable Amount;

and the Borrowers shall upon demand
fully indemnify the Security Trustee in respect of all premiums and other expenses which are incurred in connection with, or with a view
to,

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effecting, maintaining or renewing any
such insurance or dealing with, or considering, any matter arising out of any such insurance.

		13.17	Review of insurance requirements

The Security Trustee shall be entitled
to review the requirements of this Clause 13 from time to time in order to take account of any changes in circumstances after the date
of this Agreement which are, in the opinion of the Agent (acting on the instructions of the Majority Lenders), significant and capable
of affecting the Borrowers, each Ship and its Insurances (including, without limitation, changes in the availability or the cost of insurance
coverage or the risks to which the Borrower owning that Ship may be subject) and the Borrowers shall upon within five Business Days of
the Agent’s demand fully indemnify the Agent in respect of all fees and other expenses incurred by or for the account of the Agent
in appointing an independent marine insurance broker or adviser to conduct such review.

		13.18	Modification of insurance requirements

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

		13.19	Compliance with mortgagee’s instructions

The Security Trustee shall be entitled
(without prejudice to or limitation of any other rights which it may have or acquire under any Finance Document) to require a Ship to
remain at any safe port or to proceed to and remain at any safe port designated by the Security Trustee until the Borrower owning that
Ship implements any amendments to the terms of the obligatory insurances and any operational changes required as a result of a notice
served under Clause 13.18.

14       SHIP
COVENANTS

		14.1	General

Each Borrower also undertakes with each
Creditor Party to comply with the following provisions of this Clause 14 at all times during the Security Period except as the Agent,
acting with the authorisation of the Majority Lenders, may otherwise permit in writing (and in the case of Clauses 14.2 (Ship’s
name and registration) and 24.3 (Repair and classification) such permission not to be unreasonably withheld).

		14.2	Ship’s name and registration

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

		14.3	Repair and classification

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

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

		(b)	so as to maintain the highest class free of overdue recommendations and conditions, with a classification
society which is a member of IACS (other than the China Classification Society, the Russian Maritime Registry of Shipping and the Indian
Register of Shipping) and acceptable to the Agent; and

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

and the Agent shall be given power of
attorney in the form attached as Schedule 6 to act on behalf of that Borrower, if required and if that Borrower does not comply with this
Clause 14.3, in order to, inspect the class records and any files held by the classification society and to require the classification
society to provide the Agent or any of its nominees with any information, document or file, it might request and the classification society
shall be fully entitled to rely hereon without any further inquiry.

		14.4	Classification society undertaking

Each Borrower shall:

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

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

		(c)	notify the Security Trustee immediately in writing:

		(i)	if that Borrower or any person notifies the classification society that that Ship’s classification
society is to be changed; or

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

Provided that upon the occurrence
of an Event of Default or a Potential Event of Default, the Security Trustee may directly instruct the classification society to provide
it with the information referred to in paragraphs (a) to (c) above.

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

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

		(ii)	if that Borrower is in default of any of its contractual obligations or liabilities to the classification
society, to specify to the Security Trustee in reasonable detail the facts

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and circumstances of such default, the
consequences thereof, and any remedy period agreed or allowed by the classification society.

		14.5	Modification

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

		14.6	Removal of parts

No Borrower shall remove any material
part of its Ship, or any item of equipment installed on that Ship unless the part or item so removed is forthwith replaced by a suitable
part or item which is in the same condition as or better condition than the part or item removed, is free from any Security Interest or
any right in favour of any person other than the Security Trustee and becomes on installation on that Ship the property of that Borrower
and subject to the security constituted by the relevant Mortgage Provided that a Borrower may install equipment owned by a third
party if the equipment can be removed without any risk of damage to the Ship owned by it.

		14.7	Surveys

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

		14.8	Inspection

		(a)	Each Borrower shall permit the Security Trustee (by surveyors or other persons appointed by it for that
purpose) to board the Ship owned by that Borrower at all reasonable times to inspect its condition or to satisfy themselves about proposed
or executed repairs and shall afford all proper facilities for such inspections at the Borrowers’ expense, and if the inspector
or surveyor appointed by the Security Trustee under this Clause is of the opinion that there are any technical, commercial or operational
actions being undertaken or omitted to be undertaken by the Borrower which is the owner of that Ship or the relevant Approved Manager
which adversely affect the operation or value of that Ship, the Borrowers shall forthwith (at their expense) within five Business Days
of the Security Trustee’s demand remedy such action or inaction and provide the Security Trustee with evidence that it has taken
such remedial action.

		(b)	The cost of such inspections shall be borne by the Borrowers only in relation to three Ships in each 12-month
period unless an Event of Default has occurred and is continuing.

		14.9	Prevention of and release from arrest 

Each Borrower shall
promptly discharge:

		(a)	all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against
the Ship owned by it, the Earnings or the Insurances;

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

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

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

		14.10	Compliance with laws etc. 

Each Borrower shall:

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

		(b)	not employ the Ship owned by it nor allow its employment in any manner contrary to any law or regulation
in any relevant jurisdiction including but not limited to the ISM Code and the ISPS Code; and

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

		14.11	Provision of information

Each Borrower shall promptly provide the
Security Trustee with any information which it requests regarding:

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

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

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

		(d)	any towages and salvages; and

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

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

		14.12	Notification of certain events 

Each Borrower shall:

		(a)	before entering into:

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

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		(ii)	any other Assignable Charter,

notify the Agent and, to the extent available
to that Borrower, provide copies of any draft charter relating to its Ship and, if applicable, any draft charter guarantee and that Borrower
shall be entitled to enter into such charter Provided that on the date of such entry or shortly thereafter:

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

		(B)	that Borrower uses all reasonably commercial endeavours to require the charterer and any charter guarantor
to acknowledge to the Security Trustee (1) the specific assignment of such charter and charter guarantee by executing an acknowledgement
substantially in the form included in the relevant Charterparty Assignment and (2) that the Mortgage over that Ship has been registered
prior to the entry into such charter and the charterer provides to the Security Trustee a letter of undertaking pursuant to which the
charterer subordinates all its claims against the relevant Borrower and its Ship to the claims of the Creditor Parties under or in connection
with the Finance Documents in the Agreed Form;

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

		(D)	the relevant Borrower provides certified true and complete copies of the charter relating to its Ship
(or a final fixture recap appending the agreed form charter) and of any current charter guarantee, if any, immediately after its execution;
and

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

		(F)	the Borrower delivers to the Agent such other documents as the Agent may reasonably require in relation
to the creation, perfection or protection of any Security Interest created pursuant to the Charterparty Assignment in respect of such
charter (including any process agent appointment letters and any legal opinion(s) from the counsel(s) of the Creditor Parties with respect
to the due execution of, enforceability of, or the creation and perfection of any Security Interest under such Charterparty Assignment).

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

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		(i)	its entry into any agreement or arrangement for the postponement of any date on which any Earnings are
due, the reduction of the amount of any Earnings or otherwise for the release or adverse alteration of any right of that Borrower to any
Earnings;

		(ii)	its entry into any time or consecutive voyage charter in respect of that Ship for a term which exceeds,
or which by virtue of any optional extensions may exceed, three months;

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

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

		(v)	any requirement, condition or recommendation made by any insurer or classification society or by any competent
authority which is not immediately complied with;

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

		(vii)	any intended dry docking of that Ship;

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

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

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

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

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

		14.13	Restrictions on chartering, appointment of managers etc. 

No Borrower shall,
in relation to the Ship owned by it:

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

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

		(c)	appoint a manager of that Ship other than the Approved Managers or agree to any
alteration to the terms of any Approved Manager’s appointment; or

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

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is demonstrated to the Agent’s reasonable
satisfaction that funds will be available to meet the full cost of that work, whether from insurers or otherwise.

		14.14	Notice of Mortgage

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

		14.15	Sharing of Earnings

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

		14.16	ISPS Code

Each Borrower shall comply with the ISPS
Code and in particular, without limitation, shall:

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

		(b)	maintain for that Ship an ISSC; and

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

		14.17	Approved Charters

Notwithstanding the prepayment obligations
pursuant to Clause 8.9, each Borrower shall, prior to the Drawdown Date relating to the Ship to be owned by it, enter into an Approved
Charter in respect of its Ship. If, on or prior to a Drawdown Date, a Ship is employed under an existing charter, such Approved Charter
shall commence upon the expiration of any existing charter.

		15	SECURITY COVER

		15.1	Minimum required security cover

Clause 15.2 applies if the Agent notifies
the Borrowers that the Security Cover Ratio is below 135 per cent. of the Loan.

		15.2	Prepayment; provision of additional security

If the Agent serves a notice on the
Borrowers under Clause 15.1, the Borrowers shall prepay such part of the Loan as will eliminate the shortfall on or before the date falling
30 calendar days after the date on which the Agent’s notice is served under Clause 15.1 (the “Prepayment Date”) unless
at least five calendar days before the Prepayment Date the Borrowers have provided, or ensured that a third party has provided, additional
security which, in the opinion

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of the Majority Lenders, has a net realisable
value at least equal to the shortfall and is documented in such terms as the Agent may, with the authorisation of the Majority Lenders,
approve or require.

		15.3	Valuation of Ships

		(a)	The Market Value of a Mortgaged Ship at any date is that shown by a valuation issued by an Approved Broker
selected and appointed by the Agent, such valuation to be addressed to the Agent and prepared:

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

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

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

		(b)	If the Borrowers disagree with the valuation obtained by the Agent in accordance with paragraph (a) above,
they shall be entitled to obtain a second valuation from an Approved Broker selected by the Borrowers and appointed by the Agent, and
prepared in accordance with sub-paragraphs (i) to (iii) of paragraph (a) above. In that case the Market Value of the Mortgaged Ship shall
be the arithmetic mean of the two valuations issued (one from the Approved Broker selected by the Borrowers and appointed by the Agent
and one from the Approved Broker selected and appointed by the Agent) provided that if the Borrowers do not select an Approved
Broker within 14 days after the Agent’s request to receive a valuation of a Mortgaged Ship, the Market Value of that Mortgaged Ship
shall be that shown in the sole valuation obtained by the Agent in accordance with paragraph (a) above.

		15.4	Value of additional vessel security

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

		15.5	Valuations binding

Any valuation under Clause 15.2, 15.3
or 15.4 shall be binding and conclusive as regards the Borrowers, as shall be any valuation which the Majority Lenders make of any additional
security which does not consist of or include a Security Interest.

		15.6	Provision of information

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

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		15.7	Payment of valuation expenses

Without prejudice to the generality of
the Borrowers’ obligations under Clauses 20.2, 20.4 and 21.3, the Borrowers shall, within five Business Days of the Agent’s
demand, pay the Agent the amount of the fees and expenses of any Approved Broker or expert instructed by the Agent under this Clause and
all legal and other expenses incurred by any Creditor Party in connection with any matter arising out of this Clause Provided that
so long as no Event of Default has occurred which is continuing the Borrowers shall not be obliged to pay any such fees and expenses
in respect of more than two sets of valuations of each Ship in any calendar year (in addition to the set of valuations to determine the
Initial Market Value of each Ship obtained prior to the Drawdown Date).

		15.8	Frequency of valuations

The Borrowers acknowledge and agree that
the Agent may commission valuation(s) of any Ship at such times as the Agent (acting on the instructions of the Lenders) shall deem necessary
and, in any event, not less than once during each 6-month period of the Security Period.

		15.9	Release of additional vessel security

If, at any time, the Security Agent holds
additional security provided under this clause 15 and the aggregate of the Market Value of the Ships disregarding the value of any additional
security provided pursuant to clause 15.2 above exceeds the Minimum Security Cover required pursuant to clause 15.1 with reference to
valuations provided no more than 30 days previously, the Borrowers may, by notice to the Agent, require the release and discharge of
that additional security. The Agent shall, subject to obtaining all relevant internal approvals, then promptly direct the Security
Agent to release and discharge that additional security if no Potential Event of Default or Event of Default is then continuing or will
result from such release and discharge and, upon such release and discharge and, if so required by the Agent, the Borrowers shall reimburse
to the Agent any costs and expenses payable under clause 20.4 (Costs of variations, amendments, enforcement etc.) in relation to
that release and discharge.

		16	PAYMENTS AND CALCULATIONS 

		16.1	Currency and method of payments

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

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

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

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

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

		16.2	Payment on non-Business Day

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

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

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

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

		16.3	Basis for calculation of periodic payments

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

		16.4	Distribution of payments to Creditor Parties

Subject to Clauses 16.5, 16.6 and
16.7:

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

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

		16.5	Permitted deductions by Agent

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

		16.6	Agent only obliged to pay when monies received

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

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		16.7	Refund to Agent of monies not received

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

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

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

		16.8	Agent may assume receipt

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

		16.9	Creditor Party accounts

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

		16.10	Agent’s memorandum account

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

		16.11	Accounts prima facie evidence

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

		17	APPLICATION OF RECEIPTS

		17.1	Normal order of application

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

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

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

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

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

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

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

		17.2	Application by any covered bond Lender

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

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

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

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

		17.3	Variation of order of application

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

		17.4	Notice of variation of order of application

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

		17.5	Appropriation rights overridden

This Clause 17 and any notice which
the Agent gives under Clause 17.3 shall override any right of appropriation possessed, and any appropriation made, by a Borrower or any
Security Party.

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		18	APPLICATION OF EARNINGS

		18.1	Payment of Earnings

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

		(a)	it shall maintain the Accounts with the Account Bank;

		(b)	it shall ensure that all Earnings of the Ship owned by it are paid to the Earnings
Account for that Ship;

		(c)	the Minimum Liquidity and the Additional Minimum Liquidity required pursuant to
Clause 11.19 shall be maintained in the Liquidity Account; and

		(d)	the Dry Docking Reserve Amount required pursuant to Clause 11.20 shall be maintained
in the Dry Dock Reserve Account.

		18.2	Monthly retentions to Retention Account

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

		(a)	one-third of the amount of the relevant Instalment falling due in respect of that
Advance under Clause 8.1 on the next Repayment Date; and

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

and the Borrowers irrevocably authorise
the Agent to make those transfers (in its sole discretion and without any obligation) if the Borrowers fail to do so.

The “relevant fraction”,
in relation to paragraph (b), is a fraction of which the numerator is 1 and the denominator the number of months comprised in the
then current Interest Period (or if the current Interest Period in respect of that Advance ends after the next due date for payment of
interest under this Agreement, the number of months from the later of the commencement of the current Interest Period in respect of that
Advance or the last due date for payment of interest to the next due date for payment of interest in respect of that Advance under this
Agreement).

		18.3	Shortfall in Earnings

If the aggregate Earnings received
in the Earnings Accounts are insufficient at any time for the required amount to be transferred to the Retention Account under Clause
18.2, the Borrowers shall immediately pay the amount of the insufficiency into the Retention Account.

		18.4	Application of retentions

Until an Event of Default occurs and
is continuing, the Agent shall, to the extent there are sufficient funds standing to the credit of the Retention Account, on each Repayment
Date in

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respect of an Advance and on each due
date for the payment of interest in respect of that Advance under this Agreement distribute to the Lenders in accordance with Clause 16.4
so much of the then balance on the Retention Account as equals:

		(a)	the Instalment in respect of the relevant Advance due on that Repayment Date pursuant
to Clause 8.1; or

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

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

		18.5	Interest accrued on the Accounts

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

		18.6	Release of accrued interest

Interest accruing under Clause 18.5 shall
be credited to the relevant Account and may be released to a Borrower pursuant to Clause 18.10.

		18.7	Location of Accounts

Each Borrower shall promptly:

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

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

		18.8	Debits for fees, expenses etc.

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

		18.9	Borrowers’ obligations unaffected

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

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

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

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		18.10	Restriction on withdrawal

		(a)	During the Security Period no sum may be withdrawn by the Borrowers from the Dry
Dock Reserve Account or the Retention Account (other than interest pursuant to Clause 18.6 and/or any sums withdrawn and released in accordance
with, and pursuant to, the terms of Clause 11.20, provided that no Event of Default has occurred which is continuing), without the prior
written consent of the Agent.

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

		19	EVENTS OF DEFAULT

		19.1	Events of Default

An Event of Default occurs if:

		(a)	any Relevant Person fails to pay when due or (if so payable) on demand any sum payable
under a Finance Document or under any document relating to a Finance Document unless:

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

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

		(b)	any breach occurs of Clause 2.3, 9.2, 11.2, 11.3, 11.18, 11.19, 11.21, 12.2, 12.3
or 15.2 or clause 11.17 of the Corporate Guarantee; or

		(c)	any breach by a Relevant Person occurs of any provision of a Finance Document (other
than a breach covered by paragraphs (a) or (b)) which, in the opinion of the Majority Lenders, is capable of remedy, and such default
continues unremedied 15 Business Days after written notice from the Agent requesting action to remedy the same; or

		(d)	(subject to any applicable grace period specified in the Finance Documents) any
breach by any Relevant Person occurs of any provision of a Finance Document (other than a breach falling within paragraphs (a), (b) or
(c)); or

		(e)	any representation, warranty or statement made or repeated by, or by an officer
of, a Relevant Person in a Finance Document or in a Drawdown Notice or any other notice or document relating to a Finance Document is
untrue or misleading when it is made or repeated; or

		(f)	any of the following occurs in relation to any Financial Indebtedness of a Relevant
Person (which Financial Indebtedness, in the case of the Corporate Guarantor, exceeds in aggregate, $15,000,000 (or the equivalent in
any other currency or currencies)):

		(i)	any Financial Indebtedness of a Relevant Person is not paid when due; or

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		(ii)	any Financial Indebtedness of a Relevant Person becomes due and payable or capable of being declared due
and payable prior to its stated maturity date as a consequence of any event of default, Provided that in the case of any Financial
Indebtedness created under any guarantee and indemnity of the Corporate Guarantor to secure the obligations of any of its subsidiaries,
the Financial Indebtedness of that subsidiary is declared to be or otherwise becomes due and payable prior to its specified maturity as
a result of that subsidiary’s payment default, or following a breach of any asset cover ratio provisions included in financial agreements
which the relevant guarantee and indemnity procure to secure or that subsidiary’s declaration of bankruptcy or insolvency and, in
the opinion of the Agent in its absolute discretion, that payment default or, as the case may be, that default due to a breach of the
asset cover ratio provisions or that declaration of bankruptcy or insolvency may adversely affect the ability of the Corporate Guarantor
to comply with its obligations under the Corporate Guarantee unless, in the case of any payment default, the Corporate Guarantor is able
to provide evidence to the Agent that such payment default has been remedied within 10 days of the date on which the overdue payment(s)
became due and payable; or

		(iii)	a lease, hire purchase agreement or charter (other than a charter in relation to a Ship which is an Approved
Charter or an Assignable Charter) creating any Financial Indebtedness of a Relevant Person is terminated by the lessor or owner or becomes
capable of being terminated as a consequence of any termination event; or

		(iv)	any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or
other facility, or any swap or other derivative contract or transaction, relating to any Financial Indebtedness of a Relevant Person ceases
to be available or becomes capable of being terminated as a result of any event of default, or cash cover is required, or becomes capable
of being required, in respect of such a facility as a result of any event of default; or

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

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

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

		(ii)	any assets of a Relevant Person are subject to any form of execution, attachment, arrest, sequestration
or distress or any form of freezing order provided that no Event of Default will occur under this paragraph (g)(ii) if such execution,
attachment, arrest, sequestration or distress or form of freezing order does not relate to the Ships and is discharged or released within
one month (or such longer period as may be requested by the Borrowers and approved by the Majority Lenders); or

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

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

		(v)	any formal declaration of bankruptcy or any formal statement to the effect that a Relevant Person is insolvent
or likely to become insolvent is made by a Relevant Person

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or by the directors of a Relevant Person
or, in any proceedings, by a lawyer acting for a Relevant Person; or

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

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

		(viii)	an administration notice is given or filed, an application or petition to a court is made or presented
or any other step is taken by a creditor of a Relevant Person (other than a holder of Security Interests which together relate to all
or substantially all of the assets of a Relevant Person) for the winding up of a Relevant Person or the appointment of a provisional liquidator
or administrator in respect of a Relevant Person in any Pertinent Jurisdiction, unless the proposed winding up, appointment of a provisional
liquidator or administration is being contested in good faith, on substantial grounds and not with a view to some other insolvency law
procedure being implemented instead and either (aa) the application or petition is dismissed or withdrawn within 30 days of being made
or presented, or (bb) within 30 days of the administration notice being given or filed, or the other relevant steps being taken, other
action is taken which will ensure that there will be no administration and (in both cases (aa) or (bb)) the Relevant Person will continue
to carry on business in the ordinary way and without being the subject of any actual, interim or pending insolvency law procedure; or

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

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

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action or step should be taken or should
be taken if certain conditions materialise or fail to materialise; or

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

Provided that in respect of the
Events of Default under paragraphs (i), (ix), (x) and (where applicable) (xi) above, no Event of Default will occur if a Relevant Person
for any reason (including, without limitation, any actual or anticipated financial difficulties), following a prior written notice to
the Agent, commences negotiations with one or more of its creditors (including the Agent for the account of the Lenders) with a view of
rescheduling, deferring, reorganising or suspending any of its indebtedness and entering, as a result of such negotiations, into any agreement
or contract with one or more of its creditors (including the Agent for the account of the Lenders) setting out the terms for any such
rescheduling, deferral, reorganisation or suspension of its indebtedness within 30 days from the date of service of the notice to the
Agent;

		(h)	any Borrower ceases or suspends carrying on its business or a part of its business
which, in the opinion of the Majority Lenders, is material in the context of this Agreement; or

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

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

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

		(j)	any official consent necessary to enable any Borrower to own, operate or charter
the Ship owned by it or to enable any Relevant Person to comply with any provision which the Majority Lenders consider material of a Finance
Document or any Underlying Document is not granted, expires without being renewed, is revoked or becomes liable to revocation or any condition
of such a consent is not fulfilled; or

		(k)	any provision of a Finance Document becomes invalid or unenforceable, or a Security
Interest created by a Finance Document becomes invalid or unenforceable or such a Security Interest ranks after, or loses its priority
to, another Security Interest or any other third party claim or interest (other than a Permitted Security Interest); or

		(l)	a Relevant Person rescinds or purports to rescind or repudiates or purports to repudiate
a Finance Document or evidences an intention to rescind or repudiate a Finance Document;

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

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

		(i)	a change in the financial position, state of affairs or prospects of any Borrower or the Corporate Guarantor;
or

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

		(iii)	the commencement of legal or administrative action involving a Borrower, a Ship or the Corporate Guarantor;
or

		(iv)	the withdrawal of any material license or governmental or regulatory approval in respect of a Ship
or a Borrower (unless such withdrawal can be contested with the effect of suspension and is in fact so contested in good faith by the
Borrowers),

which, in each case, constitutes a Material
Adverse Change.

		19.2	Actions following an Event of Default

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

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

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

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

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

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

		19.3	Termination of Commitments

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

		19.4	Acceleration of Loan

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

		19.5	Multiple notices; action without notice

The Agent may serve notices under
Clauses 19.2(a)(i) or 19.2(a)(ii) simultaneously or on different dates and it and/or the Security Trustee may take any action referred
to in Clause

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19.2 if no such notice is served or
simultaneously with or at any time after the service of both or either of such notices.

		19.6	Notification of Creditor Parties and Security Parties

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

		19.7	Creditor Party rights unimpaired

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

		19.8	Exclusion of Creditor Party liability

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

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

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

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

		19.9	Relevant Persons

In this Clause 19, a “Relevant
Person” means a Borrower and the Corporate Guarantor.

		19.10	Interpretation

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

		20	FEES AND EXPENSES

		20.1	Structuring, commitment and Account Bank fees:

		(a)	The Borrowers shall pay to the Agent:

		(i)	a non-refundable structuring fee (the “Structuring Fee”) in respect of each Advance
in an amount of $192,600 (representing 1.80 per cent. of the Maximum Advance Amount

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in respect of that Advance) which shall
be due and payable to the Agent for distribution among the Lenders pro rata to their Commitments on the Drawdown Date of such Advance;

		(ii)	a non-refundable commitment fee, at the rate of 1.50 per cent. per annum on the undrawn or uncancelled
amount of the Total Commitments, payable quarterly in arrears for distribution among the Lenders pro rata to their Commitments, during
the period from (and including) 23 February 2021 (being the date of the Borrowers’ acceptance of the firm offer letter in respect
of the Loan) to the last day of the Availability Period.

		(b)	The Borrowers shall pay to the Account Bank a non-refundable Account Bank fee in
the amount of $40,000 on the date of this Agreement.

		20.2	Prepayment fee

If the Borrowers prepay the whole or any
part of the Loan, due to a refinancing of the whole or any part of the Loan from another financial institution, on or before the date
falling on the first anniversary of the last Drawdown Date, the Borrowers shall pay to the Agent, a prepayment fee in an amount representing
1.00 per cent. of the amount prepaid, which shall be due and payable on the date of such prepayment, for distribution among the Lenders
pro rata to their Commitments.

		20.3	Costs of negotiation, preparation etc.

The Borrowers shall pay to the Agent within
five Business Days of the Agent’s demand the amount of all legal and other expenses incurred by the Agent or the Security Trustee
in connection with the negotiation, preparation, execution or registration of any Finance Document or any related document or with any
transaction contemplated by a Finance Document or a related document.

		20.4	Costs of variations, amendments, enforcement etc.

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

		(a)	the response to, or the evaluation, negotiation or implementation of, any amendment
or supplement (or any proposal for such an amendment or supplement):

		(i)	requested (or, in the case of a proposal, made) by or on behalf of the Borrowers
and relating to a Finance Document or any other Pertinent Document; or

		(ii)	which is contemplated in Clause 27.4;

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

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

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

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

		20.5	Documentary taxes

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

		20.6	Certification of amounts

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

		21	INDEMNITIES

		21.1	Indemnities regarding borrowing and repayment of Loan

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

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

		(b)	the receipt or recovery of all or any part of the Loan or an overdue sum otherwise
than on the last day of an Interest Period or other relevant period;

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

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

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and in respect of any tax (other than
tax on its overall net income (and a FATCA Deduction)) for which a Creditor Party is liable in connection with any amount paid or payable
to that Creditor Party (whether for its own account or otherwise) under any Finance Document.

		21.2	Break Costs

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

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

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

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

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

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

exceeds

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

		21.3	Other breakage costs

Without limiting its generality, Clause
21.1 covers any claim, expense, liability or loss, including (without limitation) a loss of a prospective profit, incurred by a Lender
in borrowing, liquidating or re-employing deposits from third parties acquired, contracted for or arranged to fund, effect or maintain
all or any part of its Contribution and/or any overdue amount (or an aggregate amount which includes its Contribution or any overdue amount)
other than claims, expenses, liabilities and losses which are shown to have been directly and mainly caused by the gross negligence or
wilful misconduct of the officers or employees of the Creditor Party concerned.

		21.4	Miscellaneous indemnities

The Borrowers shall fully indemnify each
Creditor Party severally within three Business Days following their respective demands, without prejudice to any of their other rights
under any of the Finance Documents, in respect of all claims, expenses, liabilities and losses which may be

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made or brought against or sustained
or incurred by a Creditor Party, in any country, as a result of or in connection with:

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

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

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

		(d)	any other Pertinent Matter,

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

		21.5	Environmental Indemnity

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

		21.6	Currency indemnity

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

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

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

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

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

In this Clause 21.6, the “available
rate of exchange” means the rate at which the Creditor Party concerned is able at the opening of business (London time) on the
Business Day after it receives the Sum to purchase the Contractual Currency with the Payment Currency.

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

If any Creditor Party receives any Sum
in a currency other than the Contractual Currency, the Borrowers shall indemnify in full the Creditor Party concerned against any cost,
loss or liability arising directly or indirectly from any conversion of such Sum to the Contractual Currency.

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

		21.7	Certification of amounts

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

		21.8	Sums deemed due to a Lender

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

		22	NO SET-OFF OR TAX DEDUCTION

		22.1	No deductions

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

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

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

		22.2	Grossing-up for taxes

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

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

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

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

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		22.3	Indemnity and evidence of payment of taxes

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

		22.4	Exclusion of tax on overall net income

In this Clause 22 “tax deduction”
means any deduction or withholding from any payment due under a Finance Document for or on account of any present or future tax except:

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

		(b)	a FATCA Deduction.

		22.5	FATCA Information

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

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

		(A)	a FATCA Exempt Party; or

		(B)	not a FATCA Exempt Party; and

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

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

		(b)	If a Party confirms to another Party pursuant to sub-paragraph (i) of paragraph
(a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party,
that Party shall notify that other Party reasonably promptly.

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

		(i)	any law or regulation;

		(ii)	any fiduciary duty; or

		(iii)	any duty of confidentiality.

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

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

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

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

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

supply to the Agent:

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

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

The Agent shall provide any withholding
certificate, withholding statement, documentation, authorisations and waivers it receives from a Lender pursuant to this paragraph (e)
to the Borrowers, to the extent required for compliance with FATCA or any other law or regulation, and shall be entitled to rely on any
such withholding certificate, withholding statement, documentation, authorisations and waivers provided without further verification.
The Agent shall not be liable for any action taken by it under or in connection with this paragraph (e).

		(f)	Each Lender agrees that if any withholding certificate, withholding statement, documentation,
authorisations and waivers provided to the Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it
shall promptly update such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify
the Agent in writing of its legal inability to do so. The Agent shall provide any such updated withholding certificate, withholding statement,
documentation, authorisations and waivers to the Borrowers, to the extent required for compliance with FATCA or any other law or regulation.
The Agent shall not be liable for any action taken by it under or in connection with this paragraph (f).

		22.6	FATCA Deduction

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

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

		23	ILLEGALITY, ETC.

		23.1	Illegality

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

		(a)	unlawful or prohibited as a result of the introduction of a new law, an amendment
to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or

		(b)	contrary to, or inconsistent with, any regulation,

for the Notifying Lender to perform, maintain
or give effect to any of its obligations under this Agreement in the manner contemplated by this Agreement or to fund or maintain the
Loan.

		23.2	Notification of illegality

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

		23.3	Prepayment; termination of Commitment

On the Agent notifying the Borrowers under
Clause 23.2, the Notifying Lender’s Commitment shall be immediately cancelled; and thereupon or, if later, on the date specified
in the Notifying Lender’s notice under Clause 23.1 as the date on which the notified event would become effective the Borrowers
shall prepay the Notifying Lender’s Contribution on the last day of the then current Interest Period in accordance with Clauses
8.12 and 8.13(a).

		24	INCREASED COSTS

		24.1	Increased costs

This Clause 24 applies if a Lender (the
“Notifying Lender”) notifies the Agent that the Notifying Lender considers that as a result of:

		(a)	the introduction or alteration after the date of this Agreement of a law or an alteration
after the date of this Agreement in the manner in which a law is interpreted or applied (disregarding any effect which relates to the
application to payments under this Agreement of a tax on the Lender’s overall net income); or

		(b)	complying with any regulation (including any which relates to capital adequacy or
liquidity controls or which affects the manner in which the Notifying Lender allocates capital resources to its obligations under this
Agreement) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Agreement;
or

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		(c)	the implementation or application of or compliance with the “International
Convergence of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision
in June 2004 in the form existing on the date of this Agreement (the “Basel II Accord”) or any other law or regulation
implementing the Basel II Accord or any of the approaches provided for and allowed to be used by banks under or in connection with the
Basel II Accord, in each case when compared to the cost of complying with such regulations as determined by the Agent (or parent company
of it) on the date of this Agreement (whether such implementation, application or compliance is by a government, regulator, supervisory
authority, the Notifying Lender or its holding company); or

		(d)	the implementation or application of or compliance with Basel III or any law or
regulation which implements or applies Basel III (regardless of the date on which it is enacted, adopted or issued and regardless of whether
any such implementation, application or compliance is by a government, regulator, the Notifying Lender or any of its affiliates),

the Notifying Lender (or a parent
company of it) has incurred or will incur an “increased cost”.

		24.2	Meaning of “increased cost”

In this Clause 24, “increased
cost” means, in relation to a Notifying Lender:

		(a)	an additional or increased cost incurred as a result of, or in connection with,
the Notifying Lender having entered into, or being a party to, this Agreement or a Transfer Certificate, of funding or maintaining its
Commitment or Contribution or performing its obligations under this Agreement, or of having outstanding all or any part of its Contribution
or other unpaid sums;

		(b)	a reduction in the amount of any payment to the Notifying Lender under this Agreement
or in the effective return which such a payment represents to the Notifying Lender or on its capital;

		(c)	an additional or increased cost of funding all or maintaining all or any of the
advances comprised in a class of advances formed by or including the Notifying Lender’s Contribution or (as the case may require)
the proportion of that cost attributable to the Contribution; or

		(d)	a liability to make a payment, or a return foregone, which is calculated by reference
to any amounts received or receivable by the Notifying Lender under this Agreement,

but not an item attributable to a
change in the rate of tax on the overall net income of the Notifying Lender (or a parent company of it) or an item covered by the indemnity
for tax in Clause 21.1 or by Clause 22 or a FATCA Deduction required to be made by a Party.

For the purposes of this Clause 24.2
the Notifying Lender may in good faith allocate or spread costs and/or losses among its assets and liabilities (or any class of its assets
and liabilities) on such basis as it considers appropriate.

		24.3	Notification to Borrowers of claim for increased costs

The Agent shall promptly notify the
Borrowers and the Security Parties of the notice which the Agent received from the Notifying Lender under Clause 24.1.

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		24.4	Payment of increased costs

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

		24.5	Notice of prepayment

If the Borrowers are not willing to continue
to compensate the Notifying Lender for the increased cost under Clause 24.4, the Borrowers may give the Agent not less than 14 days’
notice of their intention to prepay the Notifying Lender’s Contribution at the end of an Interest Period.

		24.6	Prepayment; termination of Commitment

A notice under Clause 24.5 shall be irrevocable;
the Agent shall promptly notify the Notifying Lender of the Borrowers’ notice of intended prepayment; and:

		(a)	on the date on which the Agent serves that notice, the Commitment of the Notifying
Lender shall be cancelled; and

		(b)	on the date specified in its notice of intended prepayment, the Borrowers shall
prepay (without premium or penalty) the Notifying Lender’s Contribution, together with accrued interest thereon at the applicable
rate plus the Margin and the Mandatory Cost (if any).

		24.7	Application of prepayment

Clause 8 shall apply in relation to the
prepayment.

		25	SET-OFF

		25.1	Application of credit balances

If an Event of Default is continuing,
each Creditor Party may without prior notice to the Borrowers but with prior notice to the Agent:

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

		(b)	for that purpose:

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

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

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

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		25.2	Existing rights unaffected

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

		25.3	Sums deemed due to a Lender

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

		25.4	No Security Interest

This Clause 25 gives the Creditor
Parties a contractual right of set-off only, and does not create any equitable charge or other Security Interest over any credit balance
of any Borrower.

		26	TRANSFERS AND CHANGES IN LENDING OFFICES 

		26.1	Transfer by Borrowers

No Borrower may assign or transfer
any of its rights, liabilities or obligations under any Finance Document.

		26.2	Transfer by a Lender

Subject to this Clause 26, a Lender
(the “Transferor Lender”) may at any time, without needing the consent or approval of the Borrowers or any Security
Party, cause:

		(a)	its rights in respect of all or part of its Contribution; or

		(b)	its obligations in respect of all or part of its Commitment; or

		(c)	a combination of (a) and (b); or

		(d)	all or part of its credit risk under this Agreement and the other Finance Documents,

to be syndicated to or (in the case
of its rights) assigned, pledged or transferred to, or (in the case of its obligations) pledged or assumed by, any other bank or financial
institution or to a trust, fund or other entity, provided such other entity is regularly engaged in, or established for the purpose of,
making, purchasing or investing in loans, securities or other financial assets (a “Transferee Lender”) by delivering
to the Agent a completed certificate in the form set out in Schedule 5 with any modifications approved or required by the Agent (a “Transfer
Certificate”) executed by the Transferor Lender and the Transferee Lender.

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

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		26.3	Transfer Certificate, delivery and notification

As soon as reasonably practicable after
a Transfer Certificate is delivered to the Agent, it shall (unless it has reason to believe that the Transfer Certificate may be defective):

		(a)	sign the Transfer Certificate on behalf of itself, the Borrowers, the Security Parties,
the Security Trustee and each of the other Lenders;

		(b)	on behalf of the Transferee Lender, send to each Borrower and each Security Party
letters or faxes notifying them of the Transfer Certificate and attaching a copy of it; and

		(c)	send to the Transferee Lender copies of the letters or faxes sent under paragraph
(b) above.

		26.4	Effective Date of Transfer Certificate

A Transfer Certificate becomes effective
on the date, if any, specified in the Transfer Certificate as its effective date Provided that it is signed by the Agent under
Clause 26.3 on or before that date.

		26.5	No transfer without Transfer Certificate

Except as provided in Clause 26.17,
no assignment or transfer of any right or obligation of a Lender under any Finance Document is binding on, or effective in relation to,
any Borrower, any Security Party, the Agent or the Security Trustee unless it is effected, evidenced or perfected by a Transfer Certificate.

		26.6	Lender re-organisation

However, if a Lender enters into any
merger, de-merger or other reorganisation as a result of which all its rights or obligations vest in another person (the “successor”),
the successor shall become a Lender with the same Commitment and Contribution as were held by the predecessor Lender only upon receipt
by the Agent of a notice to this effect and evidence that all rights and obligations have automatically and by operation of law vested
in the successor by virtue of the merger, de-merger or other reorganisation, without the need for the execution and delivery of a Transfer
Certificate; the Agent shall in that event inform the Borrowers and the Security Trustee accordingly.

		26.7	Effect of Transfer Certificate

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

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

		(b)	the Transferor Lender’s Commitment is discharged to the extent specified in
the Transfer Certificate;

		(c)	the Transferee Lender becomes a Lender with the Contribution previously held by
the Transferor Lender and a Commitment of an amount specified in the Transfer Certificate;

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		(d)	the Transferee Lender becomes bound by all the provisions of the Finance Documents
which are applicable to the Lenders generally, including those about pro-rata sharing and the exclusion of liability on the part of, and
the indemnification of, the Agent and the Security Trustee and, to the extent that the Transferee Lender becomes bound by those provisions
(other than those relating to exclusion of liability), the Transferor Lender ceases to be bound by them;

		(e)	any part of the Loan which the Transferee Lender advances after the Transfer Certificate’s
effective date ranks in point of priority and security in the same way as it would have ranked had it been advanced by the transferor,
assuming that any defects in the transferor’s title and any rights or equities of any Borrower or any Security Party against the
Transferor Lender had not existed;

		(f)	the Transferee Lender becomes entitled to all the rights under the Finance Documents
which are applicable to the Lenders generally, including but not limited to those relating to the Majority Lenders and those under Clause
5.7 and Clause 20, and to the extent that the Transferee Lender becomes entitled to such rights, the Transferor Lender ceases to be entitled
to them; and

		(g)	in respect of any breach of a warranty, undertaking, condition or other provision
of a Finance Document or any misrepresentation made in or in connection with a Finance Document, the Transferee Lender shall be entitled
to recover damages by reference to the loss incurred by it as a result of the breach or misrepresentation, irrespective of whether the
original Lender would have incurred a loss of that kind or amount.

The rights and equities of any Borrower
or any Security Party referred to above include, but are not limited to, any right of set off and any other kind of cross-claim.

		26.8	Maintenance of register of Lenders

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

		26.9	Reliance on register of Lenders

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

		26.10	Authorisation of Agent to sign Transfer Certificates

The Borrowers, the Security Trustee,
each Lender irrevocably authorises the Agent to sign Transfer Certificates on its behalf. The Borrower and each Security Party irrevocably
agree to the transfer procedures set out in this Clause 26 and to the extent the cooperation of the Borrowers and/or any Security Party
shall be required to effect any such transfer, the Borrowers and such Security Party shall take all necessary steps to afford such cooperation
Provided that this shall not result in any additional costs to the Borrowers or such Security Party.

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		26.11	Registration fee

In respect of any Transfer Certificate,
the Agent shall be entitled to recover a registration fee of $2,500 from the Transferor Lender or (at the Agent’s option) the Transferee
Lender.

		26.12	Sub-participation; subrogation assignment

A Lender may sub-participate or include
in a securitisation or similar transaction all or any part of its rights and/or obligations under or in connection with the Finance Documents
without the Borrowers’ prior consent and without serving a notice thereon; the Lenders may assign without the Borrowers’ prior
consent and without serving a notice thereon all or any part of the rights referred to in the preceding sentence to an insurer or surety
who has become subrogated to them.

		26.13	Sub-division, split, modification or re-tranching

Any Lender may, in its sole discretion,
sub-divide, split, sever, modify or re-tranche its Contribution into one or more parts subject to the overall cost of its Contribution
to the Borrowers remaining unchanged, if such changes are necessary in order to achieve a successful execution of a securitisation, syndication
or any other capital market exit in respect of its Contribution (or any applicable part thereof).

		26.14	Disclosure of information

		(a)	A Lender may, without the prior consent of the Borrowers, the Corporate Guarantor
or any other Security Party, disclose to a potential Transferee Lender or sub participant as well as, where relevant, to rating agencies,
trustees and accountants, any financial or other information which that Lender has received in relation to the Loan, the Borrowers (or
either of them), the Corporate Guarantor and any other Security Party or their affairs and collateral or security provided under or in
connection with any Finance Document, their financial circumstances and any other information whatsoever, as that Lender may deem reasonably
necessary or appropriate in connection with the potential syndication, the assessment of the credit risk and the ongoing monitoring of
the Loan by any potential Transferee Lender and that Lender shall be released from its obligation of secrecy and from banking confidentiality.

		(b)	In the event any such potential Transferee Lender, sub-participant, rating agency,
trustee or accountant is not already bound by any legal obligation of secrecy or banking confidentiality, the Lender concerned shall require
such other party to sign a confidentiality agreement. The Borrowers shall, and shall procure that the Corporate Guarantor and any other
Security Party shall:

		(i)	provide the Creditor Parties (or any of them) with all information deemedrreasonably7
necessary by the Creditor Parties (or any of them) for the purposes of any transfer, syndication or sub-participation to be effected pursuant
to this Clause 26; and

		(ii)	procure that the directors and officers of each Borrower, the Corporate Guarantor
or any other Security Party, are available to participate in any meeting with any Transferee Lender, sub-participant, rating agency, trustee
or accountant at such times and places as the Creditor Parties may reasonably request following prior notice (to be served on the Borrowers
reasonably in advance) to that Borrower, the Corporate Guarantor or that Security Party.

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		(c)	The Borrowers shall not, and shall ensure that no Security Party will, publish any
details regarding the Loan or any of the Finance Documents without the Agent’s prior written consent.

		(d)	The permission of disclosure set out in this Clause 26.14 is granted for the purposes
of providing relief from banking secrecy and confidentiality requirements. It is not intended as, and is no declaration of, consent in
accordance with the DS GVO (EU Regulation 2016/679, General Data Protection Regulation).

		26.15	Change of lending office

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

		(a)	the date on which the Agent receives the notice; and

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

		26.16	Notification

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

		26.17	Security over Lenders’ rights

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

		(a)	any charge, assignment or other Security Interest to secure obligations to a federal
reserve or central bank; and

		(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 a Borrower or any Security Party or grant to
any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance Documents.

		26.18	Replacement of a Reference Bank

If any Reference Bank ceases to be
a Lender or is unable on a continuing basis to supply quotations for the purposes of Clause 5 then, unless the Borrowers, the Agent and
the Majority Lenders otherwise agree, the Agent, acting on the instructions of the Majority Lenders, and

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after consulting the Borrowers, shall
appoint another bank (whether or not a Lender) to be a replacement Reference Bank; and, when that appointment comes into effect, the first-mentioned
Reference Bank’s appointment shall cease to be effective.

		26.19	Securitisation

Each Borrower shall, and the Borrowers
shall procure that each Security Party will, assist the Agent and/or any Lender in achieving a successful securitisation (or similar transaction)
in respect of the Loan and the Finance Documents and such Security Party’s reasonable costs for providing such assistance shall
be met by the relevant Lender. The Borrowers, if requested by the Agent, shall provide documentation evidencing the purchase price of
each Ship when acquired by the relevant Borrower.

		26.20	No additional costs

If a Transferor Lender assigns or transfers
any of its rights or obligations under the Finance Documents and as a result of circumstances existing at the date the assignment or transfer
occurs, a Borrower or a Security Party would be obliged to make a payment to the Transferee Lender under Clause 26.2 or under that clause
as incorporated by reference or in full in any other Finance Document, then the Transferee Lender is only entitled to receive payment
under that clause to the same extent as the Transferor Lender would have been if the assignment or transfer had not occurred.

		27	VARIATIONS AND WAIVERS

		27.1	Required consents

		(a)	Subject to Clause 27.2 and Clause 27.4, any term of the Finance Documents may be
amended or waived only with the consent of the Majority Lenders and the Borrowers and any such amendment or waiver will be binding on
all Creditor Parties and the Borrowers.

		(b)	Any instructions given by the Majority Lenders will be binding on all the Creditor
Parties.

		(c)	The Agent may effect:

		(i)	on behalf of the Borrowers and any Creditor Party, any amendment or waiver permitted by Clause 27.4; and

		(ii)	on behalf of any Creditor Party, any amendment or waiver permitted by any other provision of this Clause
27.

		27.2	Exceptions

		(a)	An amendment or waiver that has the effect of changing or which relates to:

		(i)	the definition of “Majority Lenders” or “Finance Documents”
or “Screen Rate Replacement Event” or “Replacement Benchmark” in Clause 1.1 (Definitions);

		(ii)	an extension to the date of payment of any amount under the Finance Documents;

		(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal,
interest fees, commission or other amount payable under any of the Finance Documents;

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		(iv)	an increase in or an extension of any Lender’s Commitment;

		(v)	any provision which expressly requires the consent of all the Lenders;

		(vi)	Clause 3 (Position of the Lenders), Clause 11.5 (Information provided
to be accurate), Clause 11.6 (Provision of financial statements), Clause 11.7 (Form of financial statements), Clause
11.16 (Provision of Further Information), Clause 26 (Transfers and Changes in Lending Offices),,this Clause 27.2 (Exceptions)
or Clause 27.4 (Replacement of Screen Rate);

		(vii)	any release of any Security Interest, guarantee, indemnities or subordination arrangement
created by any Finance Document;

		(viii)	any change of the currency in which the Loan is provided or any amount is payable
under any of the Finance Documents;

		(ix)	any change to the Screen Rate pursuant to Clause 27.4 (Replacement of Screen
Rate);

		(x)	an extension of the Availability Period; or

		(xi)	a change in Clauses 16.4 (Distribution of payment to Creditor Parties) or
22.2 (Grossing-up),

may not be effected without the prior
written consent of all Lenders.

		(b)	An amendment or waiver which relates to the rights or obligations of the Agent,
the Mandated Lead Arranger or the Security Trustee may not be effected without the consent of the Agent, the Mandated Lead Arranger or
the Security Trustee, as the case may be.

		(c)	The Borrowers and the Agent, the Mandated Lead Arranger or the Security Trustee,
as applicable, may amend or waive a term of a Fee Letter to which they are party.

		27.3	Exclusion of other or implied variations

Except for a document which satisfies
the requirements of any of Clauses 27.1, 27.2 and 0, no document, no act, course of conduct, failure or neglect to act, delay or acquiescence
on the part of the Creditor Parties or any of them (or any person acting on behalf of any of them) shall result in the Creditor Parties
or any of them (or any person acting on behalf of any of them) being taken to have varied, waived, suspended or limited, or being precluded
(permanently or temporarily) from enforcing, relying on or exercising:

		(a)	a provision of this Agreement or another Finance Document; or

		(b)	an Event of Default; or

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

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

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

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		27.4	Replacement of Screen Rate

		(a)	If a Screen Rate Replacement Event has occurred in relation to the Screen Rate the
Agent (acting on the instructions of the Majority Lenders) shall be entitled to:

		(i)	replace the Screen Rate with a Replacement Benchmark;

		(ii)	adjust the pricing on the Replacement Benchmark by the amendment of the Margin or otherwise, in each case
at its discretion, to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another
as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been
formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that
designation, nomination or recommendation); and

		(iii)	amend this Agreement for the purpose of any of:

		(A)	providing for the use of a Replacement Benchmark;

		(B)	aligning any provision to the use of that Replacement Benchmark;

		(C)	enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement);

		(D)	implementing market conventions applicable to that Replacement Benchmark;

		(E)	providing for appropriate fallback (and market disruption) provisions for that

Replacement Benchmark; and,

		(F)	adjusting the pricing in accordance with paragraph (ii) above.

		(b)	The Agent shall promptly notify the Borrowers and each Creditor Party of any replacement
of the Screen Rate, any adjustment of pricing and any amendment of this Agreement made pursuant to paragraph (a) above, which shall take
effect immediately as from (and including) the date specified in such notification.

		(c)	If required by the Agent (acting on the instructions of the Majority Lenders), the
Borrowers shall (and shall procure that each other Security Party shall) enter into such supplemental, replacement or other agreement
in relation to any Finance Document as the Agent may specify to extend the effect of any of the amendments referred to in paragraph (a)
above to such Finance Document.

		27.5	Deemed consent 

With respect to:

		(a)	the replacement of the Screen Rate with a Replacement Benchmark in accordance with
subparagraph (a)(i) of Clause 27.4 (and the designation of such benchmark as permitted under sub-paragraphs (b) and (c) of the definition
of “Replacement Benchmark”);

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		(b)	the adjustment of pricing in accordance with sub-paragraph (a)(ii) of Clause 27.4;

		(c)	any amendment of any Finance Document as contemplated in sub-paragraph (a)(iii)
of Clause 27.4; and

		(d)	any other amendment, variation, waiver, suspension or limit requested by a Borrower
or any Security Party which requires the approval of all Lenders or the Majority Lenders (as the case may be),

the Agent shall provide each Lender with
written notice of such request accompanied by such detailed background information as may be reasonably necessary (in the opinion of the
Agent) to determine whether to approve such action. A Lender shall be deemed to have approved such action if such Lender fails to object
to such action by written notice to the Agent within 10 days of that Lender’s receipt of the Agent’s notice or such other
time as the Agent may state in the relevant notice as being the time available for approval of such action.

		28	NOTICES

		28.1	General

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

		28.2	Addresses for communications

A notice by letter or fax shall be sent:

to the Borrowers:c/o
Technomar Shipping Inc.

3-5 Menandrou Street

145 61 Kifissia

Greece

Facsimile No: +30 210 8081370

		(a)	to a Lender:At the address next to its name in Schedule 1 or (as the case may require) in the relevant
Transfer Certificate.

		(b)	to the Agent and Security Trustee:

for general matters:Hamburg
Commercial Bank AG

BU Asset Based Finance / Shipping

Gerhart-Hauptmann-Platz 50

20095 Hamburg

Germany

Fax No: +30 210 429 5323

Attn: Mr. Gregory Kondilis / Mrs. Irene Pavlidis

for credit administrative
matters:Hamburg Commercial Bank AG

BU Business Operations

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Loan & Collateral Operations

Gerhart-Hauptmann-Platz 50

20095 Hamburg

Germany

Fax No: +49 40 3333 34306

or to such other address as the relevant
Party may notify the Agent or, if the relevant Party is the Agent or the Security Trustee, the Borrowers, the Lenders and the Security
Parties.

		28.3	Effective date of notices

Subject to Clauses 28.4 and 28.5:

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

		(b)	a notice which is sent by fax shall be deemed to be served, and shall take effect,
two hours after its transmission is completed.

		28.4	Service outside business hours

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

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

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

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

		28.5	Illegible notices`

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

		28.6	Valid notices

A notice under or in connection with a
Finance Document shall not be invalid by reason that its contents or the manner of serving it do not comply with the requirements of this
Agreement or, where appropriate, any other Finance Document under which it is served if:

		(a)	the failure to serve it in accordance with the requirements of this Agreement or
other Finance Document, as the case may be, has not caused any party to suffer any significant loss or prejudice; or

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

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		28.7	Electronic communication

		(a)	Any communication from the Agent or the other Creditor Parties made by electronic
means will be sent unsecured and without electronic signature, however, the Borrowers may request the Agent and the other Creditor Parties
at any time in writing to change the method of electronic communication from unsecured to secured electronic mail communication.

		(b)	The Borrowers hereby acknowledge and accept the risks associated with the use of
unsecured electronic mail communication including, without limitation, risk of delay, loss of data, confidentiality breach, forgery, falsification
and malicious software. The Agent and the other Creditor Parties shall not be liable in any way for any loss or damage or any other disadvantage
suffered by the Borrowers resulting from such unsecured electronic mail communication.

		(c)	If the Borrowers (or any of them) or any other Security Party wish to cease all
electronic communication, they shall give written notice to the Agent and the other Creditor Parties accordingly after receipt of which
notice the Parties shall cease all electronic communication.

		(d)	For as long as electronic communication is an accepted form of communication, the
Parties shall:

		(i)	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

		(ii)	notify each other of any change to their respective addresses or any other such
information supplied to them; and

in case electronic communication is
sent to recipients with the domain <domain with ending>, the parties shall without undue delay inform each other if there are changes
to the said domain or if electronic communication shall thereafter be sent to individual e-mail addresses.

		(e)	Each Borrower undertakes and declares that any documents to fulfil the disclosure
of the financial circumstances according to Sec. 18 of the German Banking Act (KWG) that were or are hereinafter submitted
to the Hamburg Commercial Bank AG electronically or on data carriers through the Borrowers or any other Security Party or any of them
or a third party are complete and correct. It further agrees and declares that:

		(i)	it is irrelevant whether such documents were submitted with or without signature;

		(ii)	documents submitted to Hamburg Commercial Bank AG electronically or on data carriers
according to Sec. 18 of the German Banking Act (KWG) have the same legal significance as documents with signature in paper form;
and

		(i`ii)	until written revocation, the declaration under this Clause 28.7 shall remain valid.

		28.8	English language

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

		28.9	Meaning of “notice”

In this Clause 28, “notice”
includes any demand, consent, authorisation, approval, instruction, waiver or other communication.

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		29	JOINT AND SEVERAL LIABILITY 

		29.1	General

All liabilities and obligations of the
Borrowers under this Agreement shall, whether expressed to be so or not, be several and, if and to the extent consistent with Clause 29.2,
joint.

		29.2	No impairment of Borrower’s obligations

The liabilities and obligations of a Borrower
shall not be impaired by:

		(a)	this Agreement being or later becoming void, unenforceable or illegal as regards
the other Borrower;

		(b)	any Lender or the Security Trustee entering into any rescheduling, refinancing or
other arrangement of any kind with the other Borrower;

		(c)	any Lender or the Security Trustee releasing the other Borrower or any Security
Interest created by a Finance Document; or

		(d)	any combination of the foregoing.

		29.3	Principal debtors

Each Borrower declares that it is and
will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and
no Borrower shall in any circumstances be construed to be a surety for the obligations of the other Borrower under this Agreement.

		29.4	Subordination

Subject to Clause 29.5, during the Security
Period, no Borrower shall:

		(a)	claim any amount which may be due to it from the other Borrower whether in respect
of a payment made, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or
any Finance Document; or

		(b)	take or enforce any form of security from the other Borrower for such an amount,
or in any other way seek to have recourse in respect of such an amount against any asset of the other Borrower; or

		(c)	set off such an amount against any sum due from it to the other Borrower; or

		(d)	prove or claim for such an amount in any liquidation, administration, arrangement
or similar procedure involving the other Borrower or other Security Party; or

		(e)	exercise or assert any combination of the foregoing.

		29.5	Borrowers’ required action

If during the Security Period, the
Agent, by notice to a Borrower, requires it to take any action referred to in paragraphs (a) to (d) of Clause 29.4, in relation to the
other Borrower, that Borrower shall take that action as soon as practicable after receiving the Agent’s notice.

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		30	SUPPLEMENTAL

		30.1	Rights cumulative, non-exclusive

The rights and remedies which the Finance
Documents give to each Creditor Party are:

		(a)	cumulative;

		(b)	may be exercised as often as appears expedient; and

		(c)	shall not, unless a Finance Document explicitly and specifically states so, be taken
to exclude or limit any right or remedy conferred by any law.

		30.2	Severability of provisions

If any provision of a Finance Document
is or subsequently becomes void, unenforceable or illegal, that shall not affect the validity, enforceability or legality of the other
provisions of that Finance Document or of the provisions of any other Finance Document.

		30.3	Counterparts

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

		30.4	Third party rights

A person who is not a Party has no right
under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement.

		30.5	Benefit and binding effect

The terms of this Agreement shall be binding
upon, and shall enure to the benefit of, the Parties and their respective (including subsequent) successors and permitted assigns and
transferees.

		31	BAIL-IN

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

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

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

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

		(iii)	a cancellation of any such liability; and

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

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		32	LAW AND JURISDICTION

		32.1	English law

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

		32.2	Exclusive English jurisdiction

Subject to Clause 32.3, the courts of
England shall have exclusive jurisdiction to settle any Dispute.

		32.3	Choice of forum for the exclusive benefit of the Creditor Parties

Clause 32.2 is for the exclusive benefit
of the Creditor Parties, each of which reserves the right:

		(a)	to commence proceedings in relation to any Dispute in the courts of any country
other than England and which have or claim jurisdiction to that Dispute; and

		(b)	to commence such proceedings in the courts of any such country or countries concurrently
with or in addition to proceedings in England or without commencing proceedings in England.

No Borrower shall commence any proceedings
in any country other than England in relation to a Dispute.

		32.4	Process agent

Each Borrower irrevocably appoints Saville
& Co. at its office for the time being, presently at One Carey Lane, London, EC2V 8AE England, to act as its agent to receive and
accept on its behalf any process or other document relating to any proceedings in the English courts which are connected with a Dispute.

		32.5	Creditor Party rights unaffected

Nothing in this Clause 32 shall exclude
or limit any right which any Creditor Party may have (whether under the law of any country, an international convention or otherwise)
with regard to the bringing of proceedings, the service of process, the recognition or enforcement of judgment or any similar or related
matter in any jurisdiction.

		32.6	Meaning of “proceedings” and “Dispute”

In this Clause 32, “proceedings”
means proceedings of any kind, including an application for a provisional or protective measure and a “Dispute” means
any dispute arising out of or in connection with this Agreement (including a dispute relating to the existence, validity or termination
of this Agreement) or any non-contractual obligation arising out of or in connection with this Agreement.

THIS AGREEMENT has been entered into
on the date stated at the beginning of this Agreement.

    	 	98	 

     

    

 

SCHEDULE 1

LENDERS AND COMMITMENTS

	Lender	Lending Office	Commitment 

(US Dollars)
	Hamburg Commercial Bank AG	Gerhart-Hauptmann-Platz 50

20095 Hamburg

Germany	$64,200,000

 

    	 	99	 

     

    

 

SCHEDULE 2

DRAWDOWN NOTICE

		To:	Hamburg Commercial Bank AG

Gerhart-Hauptmann-Platz 50

Hamburg

Germany

Attention: Loans Administration

[•] 2021

DRAWDOWN NOTICE

		1	We refer to the loan agreement (the “Loan Agreement”) dated [•] and made between
ourselves, as joint and several Borrowers, the Lenders referred to therein, and yourselves as Agent, Mandated Lead Arranger, Security
Trustee in connection with a facility of up to US$64,200,000. Terms defined in the Loan Agreement have their defined meanings when used
in this Drawdown Notice.

2       We
request to borrow as follows:

		(a)	Amount of Advance in relation to Ship [A] [B] [C] [D] [E] [F]: US$[•];

		(b)	Drawdown Date: [•];

		(c)	Duration of the first Interest Period shall be [•] months; and

		(d)	Payment instructions: account in our name and numbered [■] with [■] of [•].

3       We
represent and warrant that:

		(a)	the representations and warranties in Clause 10 of the Loan Agreement would remain true and not misleading
if repeated on the date of this Drawdown Notice with reference to the circumstances now existing; and

		(b)	no Event of Default or Potential Event of Default has occurred or will result from the borrowing of that
Advance.

		(c)	This Drawdown Notice cannot be revoked without the prior consent of the Majority Lenders.

		(d)	We authorise you to deduct the structuring and commitment fees payable pursuant to Clause 20.1(a) (i)
and (ii).

[Name of Signatory]

for and on behalf of

GSL ARCADIA LLC, GSL TEGEA LLC, GSL MYNY LLC, GSL MELITA LLC, GSL MARIA LLC and GSL

DOROTHEA LLC

    	 	100	 

     

    

 

SCHEDULE 3

CONDITIONS PRECEDENT DOCUMENTS

PART A

The following are the documents referred to
in Clause 9.1(a) required before service of the first Drawdown Notice.

		1	A duly executed original of:

		(a)	this Agreement;

		(b)	any Fee Letter;

		(c)	the Corporate Guarantee;

		(d)	the Agency and Trust Agreement;

		(e)	any Subordination Agreement;

		(f)	any Subordinated Debt Security; and

		(g)	the Account Pledges.

		2	Copies of the certificate of incorporation and constitutional documents of each
Borrower, the Corporate Guarantor and the resolutions of the directors of any Approved Manager and any company registration documents
in respect of a Borrower, the Corporate Guarantor and the Approved Managers (including, without limitation, any corporate register excerpts
and the group structure chart) required by the Agent and a list of all members of the Group.

		3	Copies of resolutions of the shareholders and directors of each Borrower, the Corporate
Guarantor and the Approved Managers authorising the execution of each of the Finance Documents to which that Borrower, the Corporate Guarantor
and any Approved Manager is a party and, in the case of each Borrower, authorising named officers to give the Drawdown Notice(s) and other
notices under this Agreement.

		4	The original of any power of attorney under which any Finance Document is executed
on behalf of a Borrower, the Corporate Guarantor and the Approved Managers.

		5	Copies of all consents which a Borrower the Corporate Guarantor or any other Security
Party requires to enter into, or make any payment under, any Finance Document.

		6	Evidence satisfactory to the Agent that the Accounts have been opened.

		7	The originals of any mandates or other documents required in connection with the
opening or operation of the Accounts.

		8	Documentary evidence that the agent for service of process named in Clause 32 has
accepted its appointment.

		9	Copies of each Underlying Document and of all documents signed or issued by the
Borrowers or any party thereto (or any of them) under or in connection with such documents together,

    	 	101	 

     

    

 

with such documentary evidence as the
Agent and its legal advisers may require in relation to the due authorisation and execution of all such documents by the parties thereto.

		10	Any documents required by the Agent in respect of each Borrower, the Corporate Guarantor and any other
Security Party to satisfy the Lenders’ “know your customer” requirements.

		11	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the
Republic of the Marshall Islands, Liberia, England and such other relevant jurisdictions as the Agent may require.

    	 	102	 

     

    

 

PART B

The following are the documents referred
to in Clause 9.1(b) required before each Drawdown Date. In Part B of this Schedule 3, the following definitions have the following meanings:

		(a)	“Relevant Borrower” means the Borrower which is or is to become the owner of the Relevant
Ship; and

		(b)	“Relevant Ship” means the Ship which is relevant to the Advance being borrowed on the
relevant Drawdown Date.

		1	A duly executed original of the Mortgage, the General Assignment and any Charterparty Assignment relating
to any Assignable Charter (and of each document to be delivered by each of them) each in respect of the Relevant Ship.

		2	Documentary evidence that:

		(a)	the Relevant Ship has been unconditionally delivered by the Seller to, and accepted by, the Relevant Borrower
under the MOA and that the full Contract Price payable and all other sums due to the Seller under the MOA, other than the sums to be financed
by the relevant Advance, have been paid or will be paid simultaneously with Advance to the Seller;

		(b)	the Relevant Ship is definitively and permanently registered in the name of the Relevant Borrower under
an Approved Flag in accordance with the laws of the applicable Approved Flag State;

		(c)	the Relevant Ship is in the absolute and unencumbered ownership of the Relevant Borrower save as contemplated
by the Finance Documents;

		(d)	the Relevant Ship maintains the class specified in Clause 14.3(b) with a first class classification society
which is a member of IACS (other than the China Classification Society, the Russian Maritime Registry of Shipping and the Indian
Register of Shipping) as the Agent may approve free of all overdue recommendations and conditions of such classification society;

		(e)	the Mortgage relating to the Relevant Ship has been duly registered or recorded against the Relevant Ship
as a valid first preferred or, as the case may be, priority mortgage in accordance with the laws of the applicable Approved Flag State;

		(f)	the Relevant Ship is insured in accordance with the provisions of this Agreement and all requirements
therein in respect of insurances have been complied with; and

		(g)	the Relevant Ship has been delivered or will be delivered to the relevant charterer in accordance with
the terms of its Approved Charter after the registration or recordation of the Relevant Ship’s Mortgage and subject to Clause 14.12
(a) (ii) (B) that any charterer has acknowledged such prior registration or recordation or has subordinated in writing all its claims
against the Relevant Ship and the Relevant Borrower to the rights of the Creditor Parties.

		3	A certified copy of the management agreement in respect of the Relevant Ship made between the relevant
Borrower and the Approved Manager on terms acceptable to the Lenders, together with:

    	 	103	 

     

    

 

		(a)	the Approved Manager’s Undertaking relative thereto; and

		(b)	copies of the Approved Manager’s Document of Compliance and of that Ship’s Safety Management
Certificate (together with any other details of the applicable safety management system which the Agent requires).

		4	The Initial Market Value of each Relevant Ship prepared pursuant to Clause 15.3, stated to be for the
purposes of this Agreement, which shows a value of the Relevant Ship in an amount which satisfies the condition set out in Clause 9.1(d).

		5	A favourable opinion from an independent insurance consultant acceptable to the Agent on such matters
relating to the insurances for the Relevant Ship as the Agent may require.

		6	A recent survey report (or comparable inspection report satisfactory to the Agent) in respect of each
Relevant Ship.

		7	Evidence satisfactory to the Agent that the Minimum Liquidity and the Additional Minimum Liquidity is
standing to the credit of the Liquidity Account pursuant to Clause 11.19.

		8	Favourable legal opinions from lawyers appointed by the Agent on such matters concerning the laws of the
relevant Approved Flag State and such other relevant jurisdictions as the Agent may require.

		9	Evidence satisfactory to the Agent of payment of all fees due and payable in accordance with Clause 9
of this Agreement.

Each of the documents specified in paragraphs
3 and 4 of Part A shall be notarised or legalised by a competent authority acceptable to the Agent and every other copy document delivered
under this Schedule shall be certified as a true and up to date copy by the secretary (or equivalent officer) of the relevant Borrower.

    	 	104	 

     

    

 

SCHEDULE 4

MANDATORY COST FORMULA

		1	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance
with (a) the requirements of the Financial Services Authority (or any other authority which replaces all or any of its functions) or (b)
the requirements of the European Central Bank.

		2	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate,
as a percentage rate, a rate (the “Additional Cost Rate”) for each Lender, in accordance with the paragraphs set out
below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted
in proportion to the percentage participation of each Lender in the relevant Advance) and will be expressed as a percentage rate per annum.

		3	The Additional Cost Rate for any Lender lending from a lending office in a Participating Member State
will be the percentage notified by that Lender to the Agent. This percentage will be certified by that Lender in its notice to the Agent
to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Advances made from
that lending office) of complying with the minimum reserve requirements of the European Central Bank in respect of loans made from that
lending office.

		4	The Additional Cost Rate for any Lender lending from a lending office in the United Kingdom will be calculated
by the Agent as follows:

	E x 0.01	per cent. per annum
	300	 

 

Where:

		E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent
as being the average of the most recent rates of charge supplied by the Reference Banks to the Agent pursuant to paragraph 6 below and
expressed in pounds per £1,000,000.

		5	For the purposes of this Schedule:

		(a)	“Eligible Liabilities” and “Special Deposits”
have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998 or (as may be appropriate) by the
Bank of England;

		(b)	“Fee Tariffs” means the fee tariffs specified in the Fees Rules
under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required pursuant to the Fees Rules but taking
into account any applicable discount rate);

		(c)	“Fees Rules” means the rules on periodic fees contained in the
FSA Supervision Manual or such other law or regulation as may be in force from time to time in respect of the payment of fees for the
acceptance of deposits;

    	 	105	 

     

    

 

		(d)	“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 European
Monetary Union; and

		(e)	“Tariff Base” has the meaning given to it in, and will be calculated
in accordance with, the Fees Rules.

		6	If requested by the Agent, the Reference Banks shall, as soon as practicable after
publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by the Reference Banks to the Financial
Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated
for this purpose by the Reference Banks as being the average of the Fee Tariffs applicable to the Reference Banks for that financial year)
and expressed in pounds per £1,000,000 of the Tariff Base of the Reference Banks.

		7	Each Lender shall supply any information required by the Agent for the purpose of
calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall supply the

following information in writing on
or prior to the date on which it becomes a Lender:

		(a)	the jurisdiction of its lending office; and

		(b)	any other information that the Agent may reasonably require for such purpose.

Each Lender shall promptly notify
the Agent in writing of any change to the information provided by it pursuant to this paragraph.

		8	The rates of charge of the Reference Banks for the purpose of E above shall be determined
by the Agent based upon the information supplied to it pursuant to paragraph 6 above and on the assumption that, unless a Lender notifies
the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and special Deposits are the same as those
of a typical bank from its jurisdiction of incorporation with a lending office in the same jurisdiction as its lending office.

		9	The Agent shall have no liability to any person if such determination results in
an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume that the information provided by any
Lender or the Reference Banks pursuant to paragraphs 3, 6 and 7 above is true and correct in all respects.

		10	The Agent shall distribute the additional amounts received as a result of the Mandatory
Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the information provided by each Lender and the
Reference Banks pursuant to paragraphs 3, 6 and 7 above.

		11	Any determination by the Agent pursuant to this Schedule in relation to a formula,
the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the absence of manifest error, be conclusive and
binding on all parties.

		12	The Agent may from time to time, after consultation with the Borrowers and the Lenders,
determine and notify to all parties any amendments which are required to be made to this Schedule in order to comply with any change in
law, regulation or any requirements from time to time imposed by the Financial Services Authority or the European Central Bank (or,
in any case, any other authority which replaces all or any of its functions) and any such determination shall, in the absence of manifest
error, be conclusive and binding on all parties.

    	 	106	 

     

    

 

SCHEDULE 5

TRANSFER CERTIFICATE

The Transferor and the Transferee accept exclusive
responsibility for ensuring that this Certificate and the transaction to which it relates comply with all legal and regulatory requirements
applicable to them respectively.

		To:	Hamburg Commercial Bank AG for itself and for and on behalf of each Borrower, each Security Party, the
Security Trustee, each Lender, as defined in the Loan Agreement referred to below.

[•1

		1	This Certificate relates to a Loan Agreement (the “Loan Agreement”) dated [•]
and made between (1) GSL Arcadia LLC, GSL Tegea LLC, GSL MYNY LLC, GSL Melita LLC, GSL Maria LLC and GSL Dorothea LLC (together, the “Borrowers”)
as joint and several Borrowers, (2) the banks and financial institutions named therein as Lenders, (3) Hamburg Commercial Bank AG as Agent,
(4) Hamburg Commercial Bank AG as Mandated Lead Arranger and (5) Hamburg Commercial Bank AG as Security Trustee for a loan facility of
up to US$64,200,000.

		2	In this Certificate, terms defined in the Loan Agreement shall, unless the contrary intention appears,
have the same meanings and:

“Relevant Parties” means
the Agent, each Borrower, each Security Party, the Security Trustee, each Lender;

“Transferor” means
[full name] of [lending office]; and

“Transferee” means
[full name] of [lending office].

		3	The effective date of this Certificate is [•] Provided that this Certificate shall not come
into effect unless it is signed by the Agent on or before that date.

		4	[The Transferor assigns to the Transferee absolutely all rights and interests (present, future or contingent)
which the Transferor has as Lender under or by virtue of the Loan Agreement and every other Finance Document in relation to [•1 per
cent. of its Contribution, which percentage represents $[•].

		5	[By virtue of this Certificate and Clause 26 of the Loan Agreement, the Transferor is discharged [entirely
from its Commitment which amounts to $[•]] [from [•] per cent. of its Commitment, which percentage represents $[•]] and,
subject to Clause 26.7 of the Loan Agreement, from all obligations connected therewith, the Transferee acquires a Commitment of $[•].]

		6	The Transferee undertakes with the Transferor and each of the Relevant Parties that the Transferee will
observe and perform all the obligations under the Finance Documents which Clause 26 of the Loan Agreement provides will become binding
on it upon this Certificate taking effect.

		7	The Agent, at the request of the Transferee (which request is hereby made) accepts, for the Agent itself
and for and on behalf of every other Relevant Party, this Certificate as a Transfer Certificate taking effect in accordance with Clause
26 of the Loan Agreement.

    	 	107	 

     

    

 

		8	The Transferor:

		(a)	warrants to the Transferee and each Relevant Party that:

		(i)	the Transferor has full capacity to enter into this transaction and has taken all corporate action and
obtained all consents which are in connection with this transaction; and

		(ii)	this Certificate is valid and binding as regards the Transferor;

		(b)	warrants to the Transferee that the Transferor is absolutely entitled, free of encumbrances, to all the
rights and interests covered by the assignment in paragraph 4 above; and

		(c)	undertakes with the Transferee that the Transferor will, at its own expense, execute any documents which
the Transferee reasonably requests for perfecting in any relevant jurisdiction the Transferee’s title under this Certificate or
for a similar purpose.

		9	The Transferee:

		(a)	confirms that it has received a copy of the Loan Agreement and each of the other
Finance Documents;

		(b)	agrees that it will have no rights of recourse on any ground against either the
Transferor, the Agent, the Mandated Lead Arranger, the Security Trustee, any Lender in the event that:

		(i)	any of the Finance Documents prove to be invalid or ineffective;

		(ii)	a Borrower or any Security Party fails to observe or perform its obligations, or
to discharge its liabilities, under any of the Finance Documents;

		(iii)	it proves impossible to realise any asset covered by a Security Interest created
by a Finance Document, or the proceeds of such assets are insufficient to discharge the liabilities of the Borrowers or any Security Party
under the Finance Documents;

		(c)	agrees that it will have no rights of recourse on any ground against the Agent,
the Mandated Lead Arranger, the Security Trustee, any Lender in the event that this Certificate proves to be invalid or ineffective;

		(d)	warrants to the Transferor and each Relevant Party that:

		(i)	it has full capacity to enter into this transaction and has taken all corporate
action and obtained all consents which it needs to take or obtain in connection with this transaction; and

		(ii)	this Certificate is valid and binding as regards the Transferee; and

		(e)	confirms the accuracy of the administrative details set out below regarding the Transferee.

		10	The Transferor and the Transferee each undertake with the Agent, the Mandated Lead
Arranger and the Security Trustee severally, on demand, fully to indemnify the Agent and/or the Security Trustee and/or the Mandated Lead
Arranger in respect of any claim, proceeding, liability or expense (including all legal expenses) which they or either of them may incur
in connection with this Certificate or any matter arising out of it, except such as are shown to

    	 	108	 

     

    

 

have been mainly and directly caused by
the gross and culpable negligence or dishonesty of the Agent’s, the Mandated Lead Arranger’s or the Security Trustee’s
own officers or employees.

		11	The Transferee shall repay to the Transferor on demand so much of any sum paid by the Transferor under
paragraph 10 as exceeds one-half of the amount demanded by the Agent, the Mandated Lead Arranger or the Security Trustee in respect of
a claim, proceeding, liability or expense which was not reasonably foreseeable at the date of this Certificate; but nothing in this paragraph
shall affect the liability of each of the Transferor and the Transferee to the Agent, the Mandated Lead Arranger or the Security Trustee
for the full amount demanded by it.

	[Name of Transferor]	[Name of Transferee]
	By:	By:
	Date:	Date:

Agent

Signed for itself and for and on behalf of
itself

as Agent and for every other Relevant Party

Hamburg Commercial Bank AG

By:

Date:

    	 	109	 

     

    

 

Administrative Details of Transferee

Name of Transferee:

Lending Office:

Contact Person

(Loan Administration Department):

Telephone:

Fax:

Contact Person

(Credit Administration Department):

Telephone:

Fax:

Account for payments:

    	 	110	 

     

    

 

SCHEDULE 6

POWER OF ATTORNEY

Know all men by these presents that [GSL Arcadia
LLC] [GSL Tegea LLC] [GSL MYNY LLC] [GSL Melita LLC] [GSL Maria LLC] and [GSL Dorothea LLC] (the “Company”), a limited
liability company formed in the Republic of Liberia and having its registered address at 80 Broad Street, Monrovia, Republic of Liberia
irrevocably and by way of security appoints Hamburg Commercial Bank AG (the “Attorney”) of Gerhart-Hauptmann-Platz
50, D-20095 Hamburg, Germany its attorney, to act in the name of the Company and to exercise any right, entitlement or power of the Company
in relation to [name of classification society] (the “Classification Society”) and/or to the classification records
of any vessel owned, controlled or operated by the Company including, without limitation, such powers or entitlement as the Company may
have to inspect the class records and any files held by the Classification Society in relation to any such vessel and to require the Classification
Society to provide to the Attorney or to any of its nominees any information, document or file which the Attorney may request

Ratification of actions of attorney. For
the avoidance of doubt and without limiting the generality of the above, it is confirmed that the Company hereby ratifies any action which
the Attorney takes or purports to take under this Power of Attorney and the Classification Society shall be entitled to rely hereon without
further enquiry.

Delegation. The Attorney may exercise
its powers hereunder through any officer or through any nominee and/or may sub-delegate to any person or persons (including a receiver
and persons designated by him) all or any of the powers (including the discretions) conferred on the Attorney hereunder, and may do so
on terms authorising successive sub-delegations.

This Power of Attorney was executed
by the Company as a Deed on [date].

	EXECUTED as a DEED by	)
	[GSL Arcadia] [GSL Tegea] [GSL MYNY]	 
	[GSL Melita] [GSL Maria]	 
	[GSL Dorothea] LLC	)
	acting by President or Secretary	)
	 	)
	In the presence of:	 

    	 	111	 

     

    

 

SCHEDULE 7

FORM OF COMPLIANCE CERTIFICATE

		To:	Hamburg Commercial Bank AG

Gerhart-Hauptmann-Platz 50

D-20095 Hamburg

Germany

[•] 2021

Dear Sirs

We refer to a loan agreement dated [•]
(the “Loan Agreement”) made between (amongst others) yourselves and ourselves in relation to a term loan facility of
up to $64,200,000.

Words and expressions defined in the Loan Agreement
shall have the same meaning when used in this compliance certificate.

Each Borrower and the Corporate Guarantor represent
that no Event of Default or Potential Event of Default has occurred as at the date of this certificate [except for the following matter
or event [set out all material details of matter or event]]. In addition as of [•], each Borrower and the Corporate Guarantor confirms
compliance with the minimum liquidity and the additional minimum liquidity requirements set out in Clause 11.19, 11.20 [and] the minimum
security cover requirement set out in Clause 15.1 [and][list here any other financial covenants which are applicable to the relevant transaction],
of the Loan Agreement for the [6-month] period ending on the date of this certificate.

We now certify that, as at [•]:

		(a)	the aggregate of the Minimum Liquidity Amount standing to the credit of the Liquidity Account is $[•];

		(b)	the aggregate of the Additional Minimum Liquidity amount standing to the credit of the Liquidity Account
is $[•]; and

		(c)	the Security Cover Ratio is [•] per cent..

This certificate shall be governed by, and
construed in accordance with, English law.

		
	[Director]	[Director]
	for and on behalf of	for and on behalf of

 

    	 	112	 

     

    

 

	BORROWERS	 	 
	 	 	 
	SIGNED by Filauthi Katsafactou	) 	/s/ Filauthi Katsafactou
	 	 	 
	its attorney-in-fact	)	 
	for and on behalf of	)	 
	GSL ARCADIA LLC	)	/s/ Eliza-Elisavet Makri
	in the presence of: Eliza-Elisavet Makri 	 	 

 

	SIGNED by Filauthi Katsafactou	)	/s/ Filauthi Katsafactou
	 	 	 
	its attorney-in-fact	)	 
	for and on behalf of	)	 
	GSL TEGEA LLC	)	/s/ Eliza-Elisavet Makri
	in the presence of: Eliza-Elisavet Makri	 	 

 

	SIGNED by Filauthi Katsafactou	)	/s/ Filauthi Katsafactou
	 	 	 
	its attorney-in-fact	)	 
	for and on behalf of	)	 
	GSL MYNY LLC	)	 
	in the presence of: Eliza-Elisavet Makri	 	/s/ Eliza-Elisavet Makri

 

	SIGNED by Filauthi Katsafactou	)	/s/ Filauthi Katsafactou
	 	 	 
	its attorney-in-fact	)	 
	for and on behalf of	)	 
	GSL MELITA LLC	)	 
	In the presence of: Eliza-Elisavet Makri	 	/s/ Eliza-Elisavet Makri

 

	SIGNED by Filauthi Katsafactou	)	/s/ Filauthi Katsafactou
	 	 	 
	its attorney-in-fact	)	 
	for and on behalf of	)	 
	GSL MARIA LLC	)	 
	In the presence of: Eliza Elisavet-Makri	 	/s/ Eliza-Elisavet Makri

 

    	 	113	 

     

    

 

 

	SIGNED by Filauthi Katsafactou	)	/s/ Filauthi Katsafactou
	 	 	 
	its attorney-in-fact	)	 
	for and on behalf of	)	 
	GSL DOROTHEA LLC	)	 
	in the presence of: Eliza-Elisavet Makri	 	/s/ Eliza-Elisavet Makri
	 	 	 
	LENDERS	 	 

 

	SIGNED by Kelina Kantzou 	)	/s/ Kelina Kantzou
	 	 	 
	for and on behalf of	)	 
	HAMBURG COMMERCIAL BANK AG	)	 
	in the presence of: Eliza-Elisavet Makri	 	/s/ Eliza-Elisavet Makri

 

	AGENT	 	 	 
	 	 	 	 
	SIGNED by Kelina Kantzou	)	/s/ Kelina Kantzou	 
	 	 	 	 
	for and on behalf of	)	 	 
	HAMBURG COMMERCIAL BANK AG	)	 	 
	in the presence of: Eliza-Elisavet Makri	 	/s/ Eliza-Elisavet Makri

 

	MANDATED LEAD ARRANGER	)	/s/ Kelina Kantzou
	SIGNED by Kelina Kantzou	 	 
	 	)	 
	for and on behalf of	)	 
	HAMBURG COMMERCIAL BANK AG	)	 
	in the presence of: Eliza-Elisavet Makri	 	/s/ Eliza-Elisavet Makri

 

	SECURITY TRUSTEE	 	 
	 	 	 
	SIGNED by Kelina Kantzou	 	 
	 	)	/s/ Kelina Kantzou
	for and on behalf of	)	 
	HAMBURG COMMERCIAL BANK AG	)	 
	in the presence of: Eliza-Elisavet Makri	 	Eliza-Elisavet Makri

 

    	 	114

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