Document:

EX-4.4

 Exhibit 4.4 

XOMA Corporation, 

Issuer 
 AND 

[TRUSTEE], 
 Trustee

  
  

INDENTURE 
 Dated as of
[•], 20         
  

 
 Debt
Securities 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	 	  	PAGE	 
			
	 ARTICLE 1
	 	 DEFINITIONS
	  	 	1	  
				
		 	 Section 1.01
	  	Definitions of Terms	  	 	1	  
			
	 ARTICLE 2
	 	 ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
	  	 	5	  
				
		 	 Section 2.01
	  	Designation and Terms of Securities	  	 	5	  
				
		 	 Section 2.02
	  	Form of Securities and Trustee’s Certificate	  	 	8	  
				
		 	 Section 2.03
	  	Denominations: Provisions for Payment	  	 	8	  
				
		 	 Section 2.04
	  	Execution and Authentications	  	 	10	  
				
		 	 Section 2.05
	  	Registration of Transfer and Exchange	  	 	10	  
				
		 	 Section 2.06
	  	Temporary Securities	  	 	12	  
				
		 	 Section 2.07
	  	Mutilated, Destroyed, Lost or Stolen Securities	  	 	12	  
				
		 	 Section 2.08
	  	Cancellation	  	 	13	  
				
		 	 Section 2.09
	  	Benefits of Indenture	  	 	13	  
				
		 	 Section 2.10
	  	Authenticating Agent	  	 	13	  
				
		 	 Section 2.11
	  	Global Securities	  	 	14	  
				
		 	 Section 2.12
	  	CUSIP Numbers	  	 	15	  
			
	 ARTICLE 3
	 	 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	  	 	15	  
				
		 	 Section 3.01
	  	Redemption	  	 	15	  
				
		 	 Section 3.02
	  	Notice of Redemption	  	 	15	  
				
		 	 Section 3.03
	  	Payment Upon Redemption	  	 	17	  
				
		 	 Section 3.04
	  	Sinking Fund	  	 	17	  
				
		 	 Section 3.05
	  	Satisfaction of Sinking Fund Payments with Securities	  	 	17	  
				
		 	 Section 3.06
	  	Redemption of Securities for Sinking Fund	  	 	18	  
			
	 ARTICLE 4
	 	 COVENANTS
	  	 	18	  
				
		 	 Section 4.01
	  	Payment of Principal, Premium and Interest	  	 	18	  
				
		 	 Section 4.02
	  	Maintenance of Office or Agency	  	 	18	  
				
		 	 Section 4.03
	  	Paying Agents	  	 	19	  
				
		 	 Section 4.04
	  	Appointment to Fill Vacancy in Office of Trustee	  	 	20	  

  
 i. 

									
			
	 ARTICLE 5
		 SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
		 	20	  
				
			 Section 5.01
		Company to Furnish Trustee Names and Addresses of Securityholders		 	20	  
				
			 Section 5.02
		Preservation Of Information; Communications With Securityholders		 	20	  
				
			 Section 5.03
		Reports by the Company		 	21	  
				
			 Section 5.04
		Reports by the Trustee		 	21	  
			
	 ARTICLE 6
		 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
		 	22	  
				
			 Section 6.01
		Events of Default		 	22	  
				
			 Section 6.02
		Collection of Indebtedness and Suits for Enforcement by Trustee		 	24	  
				
			 Section 6.03
		Application of Moneys Collected		 	25	  
				
			 Section 6.04
		Limitation on Suits		 	25	  
				
			 Section 6.05
		Rights and Remedies Cumulative; Delay or Omission Not Waiver		 	26	  
				
			 Section 6.06
		Control by Securityholders		 	27	  
				
			 Section 6.07
		Undertaking to Pay Costs		 	27	  
			
	 ARTICLE 7
		 CONCERNING THE TRUSTEE
		 	28	  
				
			 Section 7.01
		Certain Duties and Responsibilities of Trustee		 	28	  
				
			 Section 7.02
		Certain Rights of Trustee		 	29	  
				
			 Section 7.03
		Trustee Not Responsible for Recitals or Issuance or Securities		 	31	  
				
			 Section 7.04
		May Hold Securities		 	31	  
				
			 Section 7.05
		Moneys Held in Trust		 	32	  
				
			 Section 7.06
		Compensation and Reimbursement		 	32	  
				
			 Section 7.07
		Reliance on Officer’s Certificate		 	32	  
				
			 Section 7.08
		Disqualification; Conflicting Interests		 	33	  
				
			 Section 7.09
		Corporate Trustee Required; Eligibility		 	33	  
				
			 Section 7.10
		Resignation and Removal; Appointment of Successor		 	33	  
				
			 Section 7.11
		Acceptance of Appointment By Successor		 	35	  
				
			 Section 7.12
		Merger, Conversion, Consolidation or Succession to Business		 	36	  

  
 ii. 

									
				
			 Section 7.13
		Preferential Collection of Claims Against the Company		 	36	  
				
			 Section 7.14
		Notice of Default		 	36	  
			
	 ARTICLE 8
		 CONCERNING THE SECURITYHOLDERS
		 	37	  
				
			 Section 8.01
		Evidence of Action by Securityholders		 	37	  
				
			 Section 8.02
		Proof of Execution by Securityholders		 	37	  
				
			 Section 8.03
		Who May be Deemed Owners		 	38	  
				
			 Section 8.04
		Certain Securities Owned by Company Disregarded		 	38	  
				
			 Section 8.05
		Actions Binding on Future Securityholders		 	38	  
			
	 ARTICLE 9
		 SUPPLEMENTAL INDENTURES
		 	39	  
				
			 Section 9.01
		Supplemental Indentures Without the Consent of Securityholders		 	39	  
				
			 Section 9.02
		Supplemental Indentures With Consent of Securityholders		 	40	  
				
			 Section 9.03
		Effect of Supplemental Indentures		 	40	  
				
			 Section 9.04
		Securities Affected by Supplemental Indentures		 	40	  
				
			 Section 9.05
		Execution of Supplemental Indentures		 	41	  
			
	 ARTICLE 10
		 SUCCESSOR ENTITY
		 	41	  
				
			 Section 10.01
		Company May Consolidate, Etc.		 	41	  
				
			 Section 10.02
		Successor Entity Substituted		 	42	  
			
	 ARTICLE 11
		 SATISFACTION AND DISCHARGE
		 	42	  
				
			 Section 11.01
		Satisfaction and Discharge of Indenture		 	42	  
				
			 Section 11.02
		Discharge of Obligations		 	43	  
				
			 Section 11.03
		Deposited Moneys to be Held in Trust		 	43	  
				
			 Section 11.04
		Payment of Moneys Held by Paying Agents		 	43	  
				
			 Section 11.05
		Repayment to Company		 	44	  
			
	 ARTICLE 12
		 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
		 	44	  
				
			 Section 12.01
		No Recourse		 	44	  
			
	 ARTICLE 13
		 MISCELLANEOUS PROVISIONS
		 	45	  
				
			 Section 13.01
		Effect on Successors and Assigns		 	45	  
				
			 Section 13.02
		Actions by Successor		 	45	  
				
			 Section 13.03
		Surrender of Company Powers		 	45	  

  
 iii. 

									
				
			 Section 13.04
		Notices		 	45	  
				
			 Section 13.05
		Governing Law; Jury Trial Waiver		 	45	  
				
			 Section 13.06
		Treatment of Securities as Debt		 	46	  
				
			 Section 13.07
		Certificates and Opinions as to Conditions Precedent		 	46	  
				
			 Section 13.08
		Payments on Business Days		 	46	  
				
			 Section 13.09
		Conflict with Trust Indenture Act		 	47	  
				
			 Section 13.10
		Counterparts		 	47	  
				
			 Section 13.11
		Separability		 	47	  
				
			 Section 13.12
		Compliance Certificates		 	47	  
				
			 Section 13.13
		Patriot Act		 	47	  
				
			 Section 13.14
		Force Majeure		 	48	  
				
			 Section 13.12
		Table of Contents; Headings		 	49	  

  
 iv. 

 INDENTURE 

INDENTURE, dated as of [•], 20    , among XOMA Corporation, a Delaware
corporation (the “Company”), and [TRUSTEE], as trustee (the “Trustee”): 

WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and delivery of
this Indenture to provide for the issuance of debt securities (hereinafter referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time to time in one or more series as in this Indenture provided, as
registered Securities without coupons, to be authenticated by the certificate of the Trustee; 

WHEREAS, to provide the terms and conditions upon which the Securities are to be authenticated, issued
and delivered, the Company has duly authorized the execution of this Indenture; and 
 WHEREAS, all
things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the
holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit of the holders of Securities: 

ARTICLE 1 
 DEFINITIONS

 Section 1.01 Definitions of Terms. 

The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as the singular. All other terms used in this
Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise expressly provided or
unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. 

“Authenticating Agent” means the Trustee or an authenticating agent with respect to all or any of the
series of Securities appointed by the Trustee pursuant to Section 2.10. 
 “Bankruptcy
Law” means Title 11, U.S. Code, or any similar federal or state law for the relief of debtors. 

  
 1 

 “Board of Directors” means the Board of Directors (or the
functional equivalent thereof) of the Company or any duly authorized committee of such Board. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of
the Company to have been duly adopted by the Board of Directors (or duly authorized committee thereof) and to be in full force and effect on the date of such certification. 

“Business Day” means, with respect to any series of Securities, any day other than a day on which
federal or state banking institutions in the Borough of Manhattan, the City of New York, or in the city of the Corporate Trust Office of the Trustee, are authorized or obligated by law, executive order or regulation to close. 

“Commission” means the Securities and Exchange Commission, as from time to time constituted, created
under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties at such time.

 “Company” means XOMA Corporation, a corporation duly organized and existing under the laws
of the State of Delaware, and, subject to the provisions of Article Ten, shall also include its successors and assigns. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust
business shall be principally administered, which office at the date hereof is located
at                                        
                                         
                                         
  . 
 “Custodian” means any receiver, trustee, assignee, liquidator or similar official under
any Bankruptcy Law. 
 “Defaulted Interest” has the meaning set forth in Section
2.03. 
 “Depositary” means, with respect to Securities of any series for which the
Company shall determine that such Securities will be issued as a Global Security, The Depository Trust Company, another clearing agency, or any successor registered as a clearing agency under the Exchange Act, or other applicable statute or
regulation, which, in each case, shall be designated by the Company pursuant to either Section 2.01 or 2.11. 

“Event of Default” means, with respect to Securities of a particular series, any event specified in
Section 6.01, continued for the period of time, if any, therein designated. 
 “Exchange
Act” means the United States Securities and Exchange Act of 1934, as amended, and the rules and regulations promulgated by the Commission thereunder. 

“Global Security” means a Security issued to evidence all or a part of any series of Securities which is
executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Indenture, which shall be registered in the name of the Depositary or its
nominee. 

  
 2 

 “Governmental Obligations” means securities that are
(a) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (b) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States
of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America that, in either case, are not callable or redeemable at the option of the issuer thereof at any time prior to the
stated maturity of the Securities, and shall also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Governmental Obligation or a specific payment of principal of or interest on any such Governmental
Obligation held by such custodian for the account of the holder of such depositary receipt; provided, however, that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depositary receipt from any amount received by the custodian in respect of the Governmental Obligation or the specific payment of principal of or interest on the Governmental Obligation evidenced by such depositary receipt. 

“herein”, “hereof” and “hereunder”,
and other words of similar import, refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented
or amended by one or more indentures supplemental hereto entered into in accordance with the terms hereof and shall include the terms of particular series of Securities established as contemplated by Section 2.01. 

“Interest Payment Date”, when used with respect to any installment of interest on a Security of a
particular series, means the date specified in such Security or in a Board Resolution or in an indenture supplemental hereto with respect to such series as the fixed date on which an installment of interest with respect to Securities of that series
is due and payable. 
 “Officer” means, with respect to the Company, the chairman of the
Board of Directors, a chief executive officer, a president, a chief financial officer, a chief operating officer, any executive vice president, any senior vice president, any vice president, the treasurer or any assistant treasurer, the controller
or any assistant controller or the secretary or any assistant secretary. 
 “Officer’s
Certificate” means a certificate signed by any Officer. Each such certificate shall include the statements provided for in Section 13.07, if and to the extent required by the provisions thereof. 

“Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal counsel, who
may be an employee of or counsel for the Company, that is delivered to the Trustee in accordance with the terms hereof. Each such opinion shall include the statements provided for in Section 13.07, if and to the extent required by the
provisions thereof. 
 “Outstanding”, when used with reference to Securities of any
series, means, subject to the provisions of Section 8.04, as of any particular time, all Securities of that series theretofore authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore canceled by
the Trustee or any paying agent, or delivered to the Trustee or any paying agent for cancellation or that have previously been canceled; (b) Securities or portions thereof for the payment or redemption of which moneys or Governmental
Obligations in the necessary amount  

  
 3 

 
shall have been deposited in trust with the Trustee or with any paying agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act
as its own paying agent); provided, however, that if such Securities or portions of such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been given as provided in Article Three, or provision
satisfactory to the Trustee shall have been made for giving such notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered pursuant to the terms of Section 2.07. 

“Person” means any individual, corporation, partnership, joint venture, joint-stock company, limited
liability company, association, trust, unincorporated organization, any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a
portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Security shall be deemed to
evidence the same debt as the lost, destroyed or stolen Security. 
 “Responsible
Officer” when used with respect to the Trustee means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity with the particular
subject and in each case who shall have direct responsibility for the administration of this Indenture. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means
any Securities authenticated and delivered under this Indenture. 
 “Securities Act” means the
Securities Act of 1933, as amended. 
 “Securityholder”, “holder of
Securities”, “registered holder”, or other similar term, means the Person or Persons in whose name or names a particular Security is registered on the Security Register kept for that purpose in accordance with
the terms of this Indenture. 
 “Security Register” and “Security Registrar”
shall have the meanings as set forth in Section 2.05. 
 “Subsidiary” means, with
respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to
the occurrence of any contingency) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more
Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

  
 4 

 “Trustee” means
            , and, subject to the provisions of Article Seven, shall also include its successors and assigns, and, if at any time there is more than one Person acting in such
capacity hereunder, “Trustee” shall mean each such Person. The term “Trustee” as used with respect to a particular series of the Securities shall mean the trustee with respect to that series. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“U.S.A. Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept
and Obstruct Terrorism Act of 2001, Pub. L. 107-56, as amended and signed into law October 26, 2001. 
 ARTICLE 2 

ISSUE, DESCRIPTION, TERMS, EXECUTION, REGISTRATION AND 

EXCHANGE OF SECURITIES 

Section 2.01 Designation and Terms of Securities. 

(a) The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more series up to the aggregate principal amount of Securities of that series from time to time authorized by or pursuant to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to
the initial issuance of Securities of any series, there shall be established in or pursuant to a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto: 

(1) the title of the Securities of the series (which shall distinguish the Securities of that series from all other Securities); 

(2) any limit upon the aggregate principal amount of the Securities of that series that may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of that series); 

(3) the maturity date or dates on which the principal of the Securities of the series is payable; 

(4) the form of the Securities of the series including the form of the certificate of authentication for such series; 

  
 5 

 (5) the applicability of any guarantees; 

(6) whether or not the Securities will be secured or unsecured, and the terms of any secured debt; 

(7) whether the Securities rank as senior debt, senior subordinated debt, subordinated debt or any combination thereof, and the terms
of any subordination; 
 (8) if the price (expressed as a percentage of the aggregate principal amount thereof) at which such
Securities will be issued is a price other than the principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof, or if applicable, the portion of the principal amount of such
Securities that is convertible into another security or the method by which any such portion shall be determined;  
 (9) the
interest rate or rates, which may be fixed or variable, or the method for determining the rate and the date interest will begin to accrue, the dates interest will be payable and the regular record dates for interest payment dates or the method for
determining such dates;  
 (10) the Company’s right, if any, to defer the payment of interest and the maximum length of
any such deferral period; 
 (11) if applicable, the date or dates after which, or the period or periods during which, and the price
or prices at which, the Company may at its option, redeem the series of Securities pursuant to any optional or provisional redemption provisions and the terms of those redemption provisions;  

(12) the date or dates, if any, on which, and the price or prices at which the Company is obligated, pursuant to any mandatory sinking
fund or analogous fund provisions or otherwise, to redeem, or at the Securityholder’s option to purchase, the series of Securities and the currency or currency unit in which the Securities are payable;  

(13) the denominations in which the Securities of the series shall be issuable, if other than denominations of one thousand U.S.
dollars ($1,000) or any integral multiple thereof;  
 (14) any and all terms, if applicable, relating to any auction or
remarketing of the Securities of that series and any security for the obligations of the Company with respect to such Securities and any other terms which may be advisable in connection with the marketing of Securities of that series;  

(15) whether the Securities of the series shall be issued in whole or in part in the form of a Global Security or Securities; the
terms and conditions, if any, upon which such Global Security or Securities may be exchanged in whole or in part for other individual Securities; and the Depositary for such Global Security or Securities;  

(16) if applicable, the provisions relating to conversion or exchange of any Securities of the series and the terms and conditions
upon which such Securities will be so convertible or exchangeable, including the conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any mandatory or optional (at the Company’s option or the
holders’ option) conversion or exchange features, the applicable conversion or exchange period and the manner of settlement for any conversion or exchange, which may, without limitation, include the payment of cash as well as the delivery of
securities;  

  
 6 

 (17) if other than the full principal amount thereof, the portion of the principal amount
of Securities of the series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01;  

(18) additions to or changes in the covenants applicable to the series of Securities being issued, including, among others, the
consolidation, merger or sale covenant; 
 (19) additions to or changes in the Events of Default with respect to the
Securities and any change in the right of the Trustee or the Securityholders to declare the principal, premium, if any, and interest, if any, with respect to such Securities to be due and payable;  

(20) additions to or changes in or deletions of the provisions relating to covenant defeasance and legal defeasance; 

(21) additions to or changes in the provisions relating to satisfaction and discharge of this Indenture; 

(22) additions to or changes in the provisions relating to the modification of this Indenture both with and without the consent of
Securityholders of Securities issued under this Indenture; 
 (23) the currency of payment of Securities if other than U.S.
dollars and the manner of determining the equivalent amount in U.S. dollars; 
 (24) whether interest will be payable in cash
or additional Securities at the Company’s or the Securityholders’ option and the terms and conditions upon which the election may be made; 

(25) the terms and conditions, if any, upon which the Company shall pay amounts in addition to the stated interest, premium, if any
and principal amounts of the Securities of the series to any Securityholder that is not a “United States person” for federal tax purposes;  

(26) any restrictions on transfer, sale or assignment of the Securities of the series; and 

(27) any other specific terms, preferences, rights or limitations of, or restrictions on, the Securities, any other additions or
changes in the provisions of this Indenture, and any terms that may be required by us or advisable under applicable laws or regulations. 

All Securities of any one series shall be substantially identical except as may otherwise be provided in or pursuant to any such Board
Resolution or in any indentures supplemental hereto. 

  
 7 

 If any of the terms of the series are established by action taken pursuant to a Board Resolution
of the Company, a copy of an appropriate record of such action shall be certified by the secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company
setting forth the terms of the series. 
 Securities of any particular series may be issued at various times, with different dates on which
the principal or any installment of principal is payable, with different rates of interest, if any, or different methods by which rates of interest may be determined, with different dates on which such interest may be payable and with different
redemption dates. 
 Section 2.02 Form of Securities and Trustee’s Certificate. 

The Securities of any series and the Trustee’s certificate of authentication to be borne by such Securities shall be substantially of the
tenor and purport as set forth in one or more indentures supplemental hereto or as provided in a Board Resolution, and set forth in an Officer’s Certificate, and they may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any
rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange on which Securities of that series may be listed, or to conform to usage. 

Section 2.03 Denominations: Provisions for Payment. 

The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and
the interest on the Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the
United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall
be computed on the basis of a 360-day year composed of twelve 30-day months. 
 The interest installment on any Security that is payable,
and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the
regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment
Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03. 

  
 8 

 Any interest on any Security that is payable, but is not punctually paid or duly provided for, on
any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and
such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below: 
 (1)
The Company may make payment of any Defaulted Interest on Securities to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment, and at the
same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date
of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of such
Defaulted Interest which shall not be more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify
the Company of such special record date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the special record date therefor to be mailed, first class postage prepaid, to each
Securityholder at his or her address as it appears in the Security Register (as hereinafter defined), not less than 10 days prior to such special record date. Notice of the proposed payment of such Defaulted Interest and the special record date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are registered on such special record date. 

(2) The Company may make payment of any Defaulted Interest on any Securities in any other lawful manner not inconsistent with the
requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such
manner of payment shall be deemed practicable by the Trustee. 
 Unless otherwise set forth in a Board Resolution or one or more
indentures supplemental hereto establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term “regular record date” as used in this Section with respect to a series of Securities and any Interest Payment
Date for such series shall mean either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is
the first day of a month, or the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month, whether or not
such date is a Business Day. 
 Subject to the foregoing provisions of this Section, each Security of a series delivered under this
Indenture upon transfer of or in exchange for or in lieu of any other Security of such series shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such other Security. 

  
 9 

 Section 2.04 Execution and Authentications. 

The Securities shall be signed on behalf of the Company by one of its Officers. Signatures may be in the form of a manual or facsimile
signature. 
 The Company may use the facsimile signature of any Person who shall have been an Officer (at the time of execution),
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or disposed of such Person shall have ceased to be such an officer of the Company. The Securities may contain such notations, legends or endorsements
required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication by the Trustee. 
 A Security
shall not be valid until authenticated manually by an authorized signatory of the Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered
hereunder and that the holder is entitled to the benefits of this Indenture. At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the
Trustee for authentication, together with a written order of the Company for the authentication and delivery of such Securities, signed by an Officer, and the Trustee in accordance with such written order shall authenticate and deliver such
Securities. 
 Upon the Company’s delivery of any such authentication order to the Trustee at any time after the initial issuance of
Securities under this Indenture, the Trustee shall be provided with, and (subject to Sections 315(a) through 315(d) of the Trust Indenture Act) shall be fully protected in relying upon, (1) an Opinion of Counsel or reliance letter and
(2) an Officer’s Certificate stating that all conditions precedent to the execution, authentication and delivery of such Securities are in conformity with the provisions of this Indenture. 

The Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner that is not reasonably acceptable to the Trustee. 

Section 2.05 Registration of Transfer and Exchange. 

(a) Securities of any series may be exchanged upon presentation thereof at the office or agency of the Company designated for such
purpose, for other Securities of such series of authorized denominations, and for a like aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, all as provided in this Section.
In respect of any Securities so surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office or agency shall deliver in exchange therefor the Security or Securities of the same series that the Securityholder
making the exchange shall be entitled to receive, bearing numbers not contemporaneously outstanding. 
 (b) The Company shall
keep, or cause to be kept, at its office or agency designated for such purpose a register or registers (herein referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
register  

  
 10 

 
the Securities and the transfers of Securities as in this Article provided and which at all reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of
registering Securities and transfer of Securities as herein provided shall be appointed as authorized by Board Resolution (the “Security Registrar”). 

Upon surrender for transfer of any Security at the office or agency of the Company designated for such purpose, the Company shall execute, the
Trustee shall authenticate and such office or agency shall deliver in the name of the transferee or transferees a new Security or Securities of the same series as the Security presented for a like aggregate principal amount. 

All Securities presented or surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so
required by the Company or the Security Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing. 
 (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an
Officer’s Certificate, or established in one or more indentures supplemental to this Indenture, no service charge shall be made for any exchange or registration of transfer of Securities, or issue of new Securities in case of partial redemption
of any series or repurchase, conversion or exchange of less than the entire principal amount of a Security, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge in relation thereto, other than
exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not involving any transfer. 
 (d) The
Company shall not be required (i) to issue, exchange or register the transfer of any Securities during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of less than all the
Outstanding Securities of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Securities of any series or portions thereof called for redemption or surrendered for
repurchase, but not validly withdrawn, other than the unredeemed portion of any such Securities being redeemed in part or not surrendered for repurchase, as the case may be. The provisions of this Section 2.05 are, with respect to any Global
Security, subject to Section 2.11 hereof. 
 The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among depositary participants or beneficial owners of
interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof. 

  
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 Section 2.06 Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Company may execute, and the Trustee shall authenticate and deliver,
temporary Securities (printed, lithographed or typewritten) of any authorized denomination. Such temporary Securities shall be substantially in the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every temporary Security of any series shall be executed by the Company and be authenticated by the Trustee upon the same conditions
and in substantially the same manner, and with like effect, as the definitive Securities of such series. Without unnecessary delay the Company will execute and will furnish definitive Securities of such series and thereupon any or all temporary
Securities of such series may be surrendered in exchange therefor (without charge to the holders), at the office or agency of the Company designated for the purpose, and the Trustee shall authenticate and such office or agency shall deliver in
exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of such series, unless the Company advises the Trustee to the effect that definitive Securities need not be executed and furnished until further
notice from the Company. Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits under this Indenture as definitive Securities of such series authenticated and delivered hereunder. 

Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities. 

In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (subject to the next
succeeding sentence) shall execute, and upon the Company’s request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the same series, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the Company and the Trustee such security or indemnity
as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company and the Trustee evidence to their satisfaction of the destruction, loss or theft of the
applicant’s Security and of the ownership thereof. The Trustee may authenticate any such substituted Security and deliver the same upon the written request or authorization of any officer of the Company. Upon the issuance of any substituted
Security, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

In case any Security that has matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company may, instead
of issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or
indemnity as they may require to save them harmless, and, in case of destruction, loss or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or theft of such Security and of the ownership thereof. 

  
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 Every replacement Security issued pursuant to the provisions of this Section shall constitute an
additional contractual obligation of the Company whether or not the mutilated, destroyed, lost or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement or
payment of negotiable instruments or other securities without their surrender. 
 Section 2.08 Cancellation. 

All Securities surrendered for the purpose of payment, redemption, repurchase, exchange, registration of transfer or conversion shall, if
surrendered to the Company or any paying agent (or any other applicable agent), be delivered to the Trustee for cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall be issued in lieu thereof except as
expressly required or permitted by any of the provisions of this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver to the Company canceled Securities held by the Trustee. In the absence of such request the
Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a certificate of disposition to the Company. If the Company shall otherwise acquire any of the Securities, however, such acquisition shall not operate
as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

Section 2.09 Benefits of Indenture. 

Nothing in this Indenture or in the Securities, express or implied, shall give or be construed to give to any Person, other than the parties
hereto and the holders of the Securities any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the
sole benefit of the parties hereto and of the holders of the Securities. 
 Section 2.10 Authenticating Agent. 

So long as any of the Securities of any series remain Outstanding there may be an Authenticating Agent for any or all such series of Securities
which the Trustee shall have the right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon exchange, transfer or partial redemption, repurchase or conversion
thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All references in this Indenture to the authentication of
Securities by the Trustee shall be deemed to include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as most
recently reported or determined by it, sufficient under the laws of any jurisdiction under which it is organized or in which it is doing business to 

  
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conduct a trust business, and that is otherwise authorized under such laws to conduct such business and is subject to supervision or examination by federal or state authorities. If at any time
any Authenticating Agent shall cease to be eligible in accordance with these provisions, it shall resign immediately. 
 Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall) terminate the agency of any Authenticating Agent by giving written notice of
termination to such Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent acceptable to the Company. Any
successor Authenticating Agent, upon acceptance of its appointment hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder as if originally named as an Authenticating Agent pursuant hereto. 

Section 2.11 Global Securities. 

(a) If the Company shall establish pursuant to Section 2.01 that the Securities of a particular series are to be issued as a Global
Security, then the Company shall execute and the Trustee shall, in accordance with Section 2.04, authenticate and deliver, a Global Security that (i) shall represent, and shall be denominated in an amount equal to the aggregate principal
amount of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction
(or if the Depositary names the Trustee as its custodian, retained by the Trustee), and (iv) shall bear a legend substantially to the following effect: “Except as otherwise provided in Section 2.11 of the Indenture, this Security may
be transferred, in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or to a nominee of such successor Depositary.”  

(b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be transferred, in whole but not in part
and in the manner provided in Section 2.05, only to another nominee of the Depositary for such series, or to a successor Depositary for such series selected or approved by the Company or to a nominee of such successor Depositary. 

(c) If at any time the Depositary for a series of the Securities notifies the Company that it is unwilling or unable to continue as
Depositary for such series or if at any time the Depositary for such series shall no longer be registered or in good standing under the Exchange Act, or other applicable statute or regulation, and a successor Depositary for such series is not
appointed by the Company within 90 days after the Company receives such notice or becomes aware of such condition, as the case may be, or if an Event of Default has occurred and is continuing and the Company has received a request from the
Depositary or from the Trustee, this Section 2.11 shall no longer be applicable to the Securities of such series and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and deliver the Securities of such
series in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. In addition, the
Company may at any time determine that the Securities of any series shall no longer be represented by a Global  

  
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Security and that the provisions of this Section 2.11 shall no longer apply to the Securities of such series. In such event the Company will execute and, subject to Section 2.04, the
Trustee, upon receipt of an Officer’s Certificate evidencing such determination by the Company, will authenticate and deliver the Securities of such series in definitive registered form without coupons, in authorized denominations, and in an
aggregate principal amount equal to the principal amount of the Global Security of such series in exchange for such Global Security. Upon the exchange of the Global Security for such Securities in definitive registered form without coupons, in
authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities in definitive registered form issued in exchange for the Global Security pursuant to this Section 2.11(c) shall be registered in such names and in
such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to the Persons in
whose names such Securities are so registered. 
 Section 2.12 CUSIP Numbers. 

The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any
notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the “CUSIP” numbers. 
 ARTICLE 3 

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS 

Section 3.01 Redemption. 

The Company may redeem the Securities of any series issued hereunder on and after the dates and in accordance with the terms established for
such series pursuant to Section 2.01 hereof. 
 Section 3.02 Notice of Redemption. 

(a) In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any
series in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be
redeemed by mailing, first class postage prepaid (or with regard to any Global Security held in book entry form, by electronic mail), a notice of such redemption not less than 30 days and not more than 90 days before the date fixed for redemption of
that series to such holders at their last addresses as they shall appear upon the Security Register, unless a shorter period is specified in  

  
 15 

 
the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the
notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any
other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officer’s Certificate evidencing compliance with any such restriction. 
 Each such notice of redemption
shall identify the Securities to be redeemed (including CUSIP numbers, if any), specify the date fixed for redemption and the redemption price at which Securities of that series are to be redeemed, and shall state that payment of the redemption
price of such Securities to be redeemed will be made at the office or agency of the Company, upon presentation and surrender of such Securities, that interest accrued to the date fixed for redemption will be paid as specified in said notice, that
from and after said date interest will cease to accrue and that the redemption is from a sinking fund, if such is the case. If less than all the Securities of a series are to be redeemed, the notice to the holders of Securities of that series to be
redeemed in part shall specify the particular Securities to be so redeemed. 
 In case any Security is to be redeemed in part only, the
notice that relates to such Security shall state the portion of the principal amount thereof to be redeemed, and shall state that on and after the redemption date, upon surrender of such Security, a new Security or Securities of such series in
principal amount equal to the unredeemed portion thereof will be issued. 
 (b) If less than all the Securities of a series are to be
redeemed, the Company shall give the Trustee at least 45 days’ notice (unless a shorter notice shall be satisfactory to the Trustee) in advance of the date fixed for redemption as to the aggregate principal amount of Securities of the series to
be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it shall deem appropriate and fair in its discretion and that may provide for the selection of a portion or portions (equal to one thousand U.S. dollars ($1,000)
or any integral multiple thereof) of the principal amount of such Securities of a denomination larger than $1,000, the Securities to be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the Securities to be
redeemed, in whole or in part. The Company may, if and whenever it shall so elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any paying agent to call all or any part of the Securities of a particular
series for redemption and to give notice of redemption in the manner set forth in this Section, such notice to be in the name of the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in which notice of
redemption is to be given by the Trustee or any such paying agent, the Company shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying agent, as the case may be, such Security Register, transfer books or other
records, or suitable copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any notice by mail that may be required under the provisions of this Section. 

  
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 Section 3.03 Payment Upon Redemption. 

(a) If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion
thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an Interest Payment Date, the interest installment payable on such date shall be payable to the registered holder at the close of
business on the applicable record date pursuant to Section 2.03). 
 (b) Upon presentation of any Security of such series that
is to be redeemed in part only, the Company shall execute and the Trustee shall authenticate and the office or agency where the Security is presented shall deliver to the holder thereof, at the expense of the Company, a new Security of the same
series of authorized denominations in principal amount equal to the unredeemed portion of the Security so presented. 

Section 3.04 Sinking Fund. 

The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the retirement of Securities of a series, except as
otherwise specified as contemplated by Section 2.01 for Securities of such series. 
 The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to
as an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05. Each sinking fund payment shall be
applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 Section 3.05
Satisfaction of Sinking Fund Payments with Securities. 
 The Company (i) may deliver Outstanding Securities of a series and
(ii) may apply as a credit Securities of a series that have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such
series, provided that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

  
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 Section 3.06 Redemption of Securities for Sinking Fund. 

Not less than 45 days prior to each sinking fund payment date for any series of Securities (unless a shorter period shall be satisfactory to
the Trustee), the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the basis for such credit and will, together with such Officer’s Certificate, deliver to the Trustee any Securities to be so delivered. Not less
than 30 days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in Section 3.02. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 

ARTICLE 4 
 COVENANTS

 Section 4.01 Payment of Principal, Premium and Interest. 

The Company will duly and punctually pay or cause to be paid the principal of (and premium, if any) and interest on the Securities of that
series at the time and place and in the manner provided herein and established with respect to such Securities. Payments of principal on the Securities may be made at the time provided herein and established with respect to such Securities by U.S.
dollar check drawn on and mailed to the address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire
instructions to the Trustee no later than 15 days prior to the relevant payment date. Payments of interest on the Securities may be made at the time provided herein and established with respect to such Securities by U.S. dollar check mailed to the
address of the Securityholder entitled thereto as such address shall appear in the Security Register, or U.S. dollar wire transfer to, a U.S. dollar account if such Securityholder shall have furnished wire instructions in writing to the Security
Registrar and the Trustee no later than 15 days prior to the relevant payment date. 
 Section 4.02 Maintenance of Office or Agency.

 So long as any series of the Securities remain Outstanding, the Company agrees to maintain an office or agency with respect to each
such series and at such other location or locations as may be designated as provided in this Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of that series may be presented as herein
above authorized for registration of transfer and exchange, and (iii) notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be given or served, such designation to continue with respect to
such office or agency until the Company shall, by 

  
 18 

 
written notice signed by any officer authorized to sign an Officer’s Certificate and delivered to the Trustee, designate some other office or agency for such purposes or any of them. If at
any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, notices and demands may be made or served at the Corporate Trust Office of the Trustee,
and the Company hereby appoints the Trustee as its agent to receive all such presentations, notices and demands. The Company initially appoints the Corporate Trust Office of the Trustee as its paying agent with respect to the Securities. 

Section 4.03 Paying Agents. 

(a) If the Company shall appoint one or more paying agents for all or any series of the Securities, other than the Trustee, the Company
will cause each such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section:  

(1) that it will hold all sums held by it as such agent for the payment of the principal of (and premium, if any) or interest on the
Securities of that series (whether such sums have been paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of the Persons entitled thereto;  

(2) that it will give the Trustee notice of any failure by the Company (or by any other obligor of such Securities) to make any
payment of the principal of (and premium, if any) or interest on the Securities of that series when the same shall be due and payable;  

(3) that it will, at any time during the continuance of any failure referred to in the preceding paragraph (a)(2) above, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent; and  
 (4) that
it will perform all other duties of paying agent as set forth in this Indenture. 
 (b) If the Company shall act as its own
paying agent with respect to any series of the Securities, it will on or before each due date of the principal of (and premium, if any) or interest on Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay such principal (and premium, if any) or interest so becoming due on Securities of that series until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify
the Trustee of such action, or any failure (by it or any other obligor on such Securities) to take such action. Whenever the Company shall have one or more paying agents for any series of Securities, it will, prior to each due date of the principal
of (and premium, if any) or interest on any Securities of that series, deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons
entitled to such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will promptly notify the Trustee of this action or failure so to act. 

  
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 (c) Notwithstanding anything in this Section to the contrary, (i) the agreement to
hold sums in trust as provided in this Section is subject to the provisions of Section 11.05, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such
paying agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or such paying agent shall be released from all further liability with respect to such money. 

Section 4.04 Appointment to Fill Vacancy in Office of Trustee. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.10,
a Trustee, so that there shall at all times be a Trustee hereunder. 
 ARTICLE 5 

SECURITYHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01 Company to Furnish Trustee Names and Addresses of Securityholders. 

The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after each regular record date (as defined in
Section 2.03) a list, in such form as the Trustee may reasonably require, of the names and addresses of the holders of each series of Securities as of such regular record date, provided that the Company shall not be obligated to furnish or
cause to furnish such list at any time that the list shall not differ in any respect from the most recent list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request in writing within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; provided, however, that, in either case, no such list need be furnished for any series for
which the Trustee shall be the Security Registrar. 
 Section 5.02 Preservation Of Information; Communications With Securityholders.

 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the names and
addresses of the holders of Securities contained in the most recent list furnished to it as provided in Section 5.01 and as to the names and addresses of holders of Securities received by the Trustee in its capacity as Security Registrar (if
acting in such capacity). 
 (b) The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a
new list so furnished. 

  
 20 

 (c) Securityholders may communicate as provided in Section 312(b) of the Trust
Indenture Act with other Securityholders with respect to their rights under this Indenture or under the Securities, and, in connection with any such communications, the Trustee shall satisfy its obligations under Section 312(b) of the Trust
Indenture Act in accordance with the provisions of Section 312(b) of the Trust Indenture Act. 
 Section 5.03 Reports by the
Company. 
 (a) The Company will at all times comply with Section 314(a) of the Trust Indenture Act. The Company covenants
and agrees to provide (which delivery may be via electronic mail) to the Trustee within 30 days, after the Company files the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of
such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act;
provided, however, the Company shall not be required to deliver to the Trustee any correspondence filed with the Commission or any materials for which the Company has sought and received confidential treatment by the Commission; and provided
further, that so long as such filings by the Company are available on the Commission’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR), or any successor system, such filings shall be deemed to have been filed with the Trustee
for purposes hereof without any further action required by the Company. For the avoidance of doubt, a failure by the Company to file annual reports, information and other reports with the SEC within the time period prescribed thereof by the
Commission shall not be deemed a breach of this Section 5.03. 
 (b) Delivery of reports, information and documents to the
Trustee under Section 5.03 is for informational purposes only and the information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information
contained therein including the Company’s compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officer’s Certificate). The Trustee is under no duty to examine any such reports,
information or documents delivered to the Trustee or filed with the SEC via EDGAR to ensure compliance with the provision of this Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. The
Trustee shall have no responsibility or duty whatsoever to ascertain or determine whether the above referenced filings with the SEC on EDGAR (or any successor system) has occurred. 

Section 5.04 Reports by the Trustee. 

(a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty (60) days after each May 1, shall
transmit by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security Register, a brief report dated as of such May 1, which complies with Section 313(a) of the Trust Indenture Act.

 (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act. 

  
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 (c) A copy of each such report shall, at the time of such transmission to Securityholders,
be filed by the Trustee with the Company, with each securities exchange upon which any Securities are listed (if so listed) and also with the Commission. The Company agrees to notify the Trustee when any Securities become listed on any securities
exchange. 
 ARTICLE 6 

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 

Section 6.01 Events of Default. 

(a) Whenever used herein with respect to Securities of a particular series, “Event of Default” means any one or more of the
following events that has occurred and is continuing: 
 (1) the Company defaults in the payment of any installment of interest upon
any of the Securities of that series, as and when the same shall become due and payable, and such default continues for a period of 90 days; provided, however, that a valid extension of an interest payment period by the Company in accordance with
the terms of any indenture supplemental hereto shall not constitute a default in the payment of interest for this purpose; 
 (2)
the Company defaults in the payment of the principal of (or premium, if any, on) any of the Securities of that series as and when the same shall become due and payable whether at maturity, upon redemption, by declaration or otherwise, or in any
payment required by any sinking or analogous fund established with respect to that series; provided, however, that a valid extension of the maturity of such Securities in accordance with the terms of any indenture supplemental hereto shall not
constitute a default in the payment of principal or premium, if any; 
 (3) the Company fails to observe or perform any other of its
covenants or agreements with respect to that series contained in this Indenture or otherwise established with respect to that series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has been expressly
included in this Indenture solely for the benefit of one or more series of Securities other than such series) for a period of 90 days after the date on which written notice of such failure, requiring the same to be remedied and stating that such
notice is a “Notice of Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the Securities of that
series at the time Outstanding; 
 (4) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case, (iii) consents to the appointment of a Custodian of it or for all or substantially all of its property or (iv) makes a general
assignment for the benefit of its creditors; or 

  
 22 

 (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that
(i) is for relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all or substantially all of its property or (iii) orders the liquidation of the Company, and the order or decree remains
unstayed and in effect for 90 days. 
 (b) In each and every such case (other than an Event of Default specified in clause
(4) or clause (5) above), unless the principal of all the Securities of that series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Securityholders), may declare the principal of (and premium, if any, on) and accrued and unpaid interest on all the Securities of that series
to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above occurs, the principal of and accrued and
unpaid interest on all the Securities of that series shall automatically be immediately due and payable without any declaration or other act on the part of the Trustee or the holders of the Securities. 

(c) At any time after the principal of (and premium, if any, on) and accrued and unpaid interest on the Securities of that series shall
have been so declared due and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of that
series then Outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured
installments of interest upon all the Securities of that series and the principal of (and premium, if any, on) any and all Securities of that series that shall have become due otherwise than by acceleration (with interest upon such principal and
premium, if any, and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that series to the date of such payment or deposit) and the amount
payable to the Trustee under Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid interest on
Securities of that series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.06. 

No such rescission and annulment shall extend to or shall affect any subsequent default or impair any right consequent thereon. 

(d) In case the Trustee shall have proceeded to enforce any right with respect to Securities of that series under this Indenture and
such proceedings shall have been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceedings had been taken.

  
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 Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee. 

(a) The Company covenants that (i) in case it shall default in the payment of any installment of interest on any of the Securities
of a series, or in any payment required by any sinking or analogous fund established with respect to that series as and when the same shall have become due and payable, and such default shall have continued for a period of 90 days, or (ii) in
case it shall default in the payment of the principal of (or premium, if any, on) any of the Securities of a series when the same shall have become due and payable, whether upon maturity of the Securities of a series or upon redemption or upon
declaration or otherwise then, upon demand of the Trustee, the Company will pay to the Trustee, for the benefit of the holders of the Securities of that series, the whole amount that then shall have been become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent that payment of such interest is enforceable under applicable law) upon overdue
installments of interest at the rate per annum expressed in the Securities of that series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, and the amount payable to the Trustee
under Section 7.06. 
 (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and
as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree,
and may enforce any such judgment or final decree against the Company or other obligor upon the Securities of that series and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity out of the property of the
Company or other obligor upon the Securities of that series, wherever situated. 
 (c) In case of any receivership, insolvency,
liquidation, bankruptcy, reorganization, readjustment, arrangement, composition or judicial proceedings affecting the Company, or its creditors or property, the Trustee shall have power to intervene in such proceedings and take any action therein
that may be permitted by the court and shall (except as may be otherwise provided by law) be entitled to file such proofs of claim and other papers and documents as may be necessary or advisable in order to have the claims of the Trustee and of the
holders of Securities of such series allowed for the entire amount due and payable by the Company under the Indenture at the date of institution of such proceedings and for any additional amount that may become due and payable by the Company after
such date, and to collect and receive any moneys or other property payable or deliverable on any such claim, and to distribute the same after the deduction of the amount payable to the Trustee under Section 7.06; and any receiver, assignee or
trustee in bankruptcy or reorganization is hereby authorized by each of the holders of Securities of such series to make such payments to the Trustee, and, in the event that the Trustee shall consent to the making of such payments directly to such
Securityholders, to pay to the Trustee any amount due it under Section 7.06. 

  
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 (d) All rights of action and of asserting claims under this Indenture, or under any of the
terms established with respect to Securities of that series, may be enforced by the Trustee without the possession of any of such Securities, or the production thereof at any trial or other proceeding relative thereto, and any such suit or
proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable
benefit of the holders of the Securities of such series. 
 In case of an Event of Default hereunder, the Trustee may in its discretion
proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in equity or in bankruptcy or
otherwise, whether for the specific enforcement of any covenant or agreement contained in the Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right vested in the Trustee by this
Indenture or by law. 
 Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on
behalf of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting the Securities of that series or the rights of any holder thereof or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding. 
 Section 6.03 Application of Moneys Collected. 

Any moneys collected by the Trustee pursuant to this Article with respect to a particular series of Securities shall be applied in the
following order, at the date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of principal (or premium, if any) or interest, upon presentation of the Securities of that series, and notation thereon of the
payment, if only partially paid, and upon surrender thereof if fully paid: 
 FIRST: To the payment of costs and expenses of collection and
of all amounts payable to the Trustee under Section 7.06; 
 SECOND: To the payment of the amounts then due and unpaid upon Securities
of such series for principal (and premium, if any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such
Securities for principal (and premium, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the
Company or any other Person lawfully entitled thereto. 
 Section 6.04 Limitation on Suits. 

No holder of any Security of any series shall have any right by virtue or by availing of any provision of this Indenture to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder previously shall have given to the Trustee
written notice of an Event of Default and of the continuance thereof with respect to the Securities of such series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not

  
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less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its
own name as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in compliance with such request; (iv) the Trustee for 90
days after its receipt of such notice, request and offer of indemnity, shall have failed to institute any such action, suit or proceeding and (v) during such 90 day period, the holders of a majority in principal amount of the Securities of that
series do not give the Trustee a direction inconsistent with the request. 
 Notwithstanding anything contained herein to the contrary or
any other provisions of this Indenture, the right of any holder of any Security to receive payment of the principal of (and premium, if any) and interest on such Security, as therein provided, on or after the respective due dates expressed in such
Security (or in the case of redemption, on the redemption date), or to institute suit for the enforcement of any such payment on or after such respective dates or redemption date, shall not be impaired or affected without the consent of such holder
and by accepting a Security hereunder it is expressly understood, intended and covenanted by the taker and holder of every Security of such series with every other such taker and holder and the Trustee, that no one or more holders of Securities of
such series shall have any right in any manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain priority
over or preference to any other such holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. For the protection and
enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver. 

(a) Except as otherwise provided in Section 2.07, all powers and remedies given by this Article to the Trustee or to the
Securityholders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any other powers and remedies available to the Trustee or the holders of the Securities, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture or otherwise established with respect to such Securities. 

(b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise any right or power accruing upon any
Event of Default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and
remedy given by this Article or by law to the Trustee or the Securityholders may be exercised from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders. 

  
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 Section 6.06 Control by Securityholders. 

The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding, determined in accordance with
Section 8.04, shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture or subject the Trustee in its sole discretion to personal liability. Subject to the provisions of Section 7.01, the Trustee shall have the right
to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust Indenture Act, would
involve the Trustee in personal liability or might be unduly prejudicial to the Securityholders not involved in the proceeding. The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding affected
thereby, determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities of such series waive any past default in the performance of any of the covenants contained herein or established pursuant to
Section 2.01 with respect to such series and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any of the Securities of that series as and when the same shall become due by the terms of
such Securities otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured installments of interest and principal and any premium has been deposited with the Trustee (in accordance with
Section 6.01(c)). Upon any such waiver, the default covered thereby shall be deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders of the Securities of such series shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 6.07 Undertaking to Pay Costs. 

All parties to this Indenture agree, and each holder of any Securities by such holder’s acceptance thereof shall be deemed to have agreed,
that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such
suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Securityholder, or group of Securityholders, holding more
than 10% in aggregate principal amount of the Outstanding Securities of any series, or to any suit instituted by any Securityholder for the enforcement of the payment of the principal of (or premium, if any) or interest on any Security of such
series, on or after the respective due dates expressed in such Security or established pursuant to this Indenture. 

  
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 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01 Certain Duties and Responsibilities of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a series and after the curing of all
Events of Default with respect to the Securities of that series that may have occurred, shall undertake to perform with respect to the Securities of such series such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants shall be read into this Indenture against the Trustee. In case an Event of Default with respect to the Securities of a series has occurred (that has not been cured or waived), the Trustee shall exercise with respect to Securities
of that series such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his or her own affairs. 

(b) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (i) prior to the occurrence of an Event of Default with
respect to the Securities of a series and after the curing or waiving of all such Events of Default with respect to that series that may have occurred: 

(A) the duties and obligations of the Trustee shall with respect to the Securities of such series be determined solely by the express
provisions of this Indenture, and the Trustee shall not be liable with respect to the Securities of such series except for the performance of such duties and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and 
 (B) in the absence of bad faith on the part of the
Trustee, the Trustee may with respect to the Securities of such series conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such certificates or opinions that by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Indenture; 
 (ii) the Trustee shall not be liable to any
Securityholder or to any other Person for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the holders of not less than a majority in principal amount of the Securities of any series at the time Outstanding relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee under this Indenture with respect to the Securities of that series; 

  
 28 

 (iv) none of the provisions contained in this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties or in the exercise of any of its rights or powers if there is reasonable ground for believing that the repayment of such funds or
liability is not reasonably assured to it under the terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it; 

(v) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder; 

(vi) The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee; and

 (vii) No Trustee shall have any duty or responsibility for any act or omission of any other Trustee appointed with respect to a
series of Securities hereunder. 
 Section 7.02 Certain Rights of Trustee. 

Except as otherwise provided in Section 7.01: 

(a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties; 

(b) Any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by a Board Resolution or an
instrument signed in the name of the Company by any authorized officer of the Company (unless other evidence in respect thereof is specifically prescribed herein); 

(c) The Trustee may consult with counsel and the opinion or written advice of such counsel or, if requested, any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken or suffered or omitted hereunder in good faith and in reliance thereon; 

(d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request,
order or direction of any of the Securityholders pursuant to the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity reasonably acceptable to the Trustee against the costs, expenses and
liabilities that may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon the occurrence of an Event of Default with respect to a series of the Securities (that has not been cured or
waived), to exercise with respect to Securities of that series such of the rights and powers vested in it by this Indenture, and to use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his or her own affairs; 

  
 29 

 (e) The Trustee shall not be liable for any action taken or omitted to be taken by it in
good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f)
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, security, or other papers or
documents or inquire as to the performance by the Company of one of its covenants under this Indenture, unless requested in writing so to do by the holders of not less than a majority in principal amount of the Outstanding Securities of the
particular series affected thereby (determined as provided in Section 8.04); provided, however, that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require security or indemnity reasonably acceptable to the Trustee against such
costs, expenses or liabilities as a condition to so proceeding. The reasonable expense of every such examination shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon demand;  

(g) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances;  
 (i) In no event shall the Trustee be
responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action; and 
 (j) The Trustee agrees to accept and act upon instructions or directions
pursuant to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such written instructions, subsequent to such transmission of written
instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing
such instructions or directions. If the party elects to give the Trustee e-mail or  

  
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facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such
instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions
conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee,
including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. The Trustee may request that the Company deliver an Officer’s Certificate setting forth the
names of individuals and/or titles of officers authorized at such time to furnish the Trustee with Officer’s Certificates, Company Orders and any other matters or directions pursuant to this Indenture. 

(k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder. 
 (l) The Trustee shall
not be deemed to have knowledge of any Default or Event of Default (other than an Event of Default relating to the failure to pay the interest on, or the principal of, the Securities) until the Trustee shall have received written notification in the
manner set forth in this Indenture or a Responsible Officer of the Trustee shall have obtained actual knowledge. 
 Section 7.03
Trustee Not Responsible for Recitals or Issuance or Securities. 
 (a) The recitals contained herein and in the Securities shall
be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee shall not be responsible for any statement in any registration statement, prospectus, or any other document in
connection with the sale of Securities. The Trustee shall not be responsible for any rating on the Securities or any action or omission of any rating agency. 

(b) The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. 

(c) The Trustee shall not be accountable for the use or application by the Company of any of the Securities or of the proceeds of such
Securities, or for the use or application of any moneys paid over by the Trustee in accordance with any provision of this Indenture or established pursuant to Section 2.01, or for the use or application of any moneys received by any paying
agent other than the Trustee. 
 Section 7.04 May Hold Securities. 

The Trustee or any paying agent or Security Registrar, in its individual or any other capacity, may become the owner or pledgee of Securities
with the same rights it would have if it were not Trustee, paying agent or Security Registrar. 

  
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 Section 7.05 Moneys Held in Trust. 

Subject to the provisions of Section 11.05, all moneys received by the Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any moneys received by it hereunder except such as it may
agree with the Company to pay thereon. 
 Section 7.06 Compensation and Reimbursement. 

(a) The Company shall pay to the Trustee for each of its capacities hereunder from time to time compensation for its services as the
Company and the Trustee shall from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel.  

(b) The Company shall indemnify each of the Trustee in each of its capacities hereunder against any loss, liability or expense
(including the cost of defending itself and including the reasonable compensation and expenses of the Trustee’s agents and counsel) incurred by it except as set forth in Section 7.06(c) in the exercise or performance of its powers, rights
or duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have
one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. This indemnification shall apply
to officers, directors, employees, shareholders and agents of the Trustee. 
 (c) The Company need not reimburse any expense
or indemnify against any loss or liability incurred by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through negligence or bad faith. 

(d) To ensure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all
funds or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 6.01(4) or (5), the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration under any bankruptcy law. The provisions of
this Section 7.06 shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

Section 7.07 Reliance on Officer’s Certificate. 

Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it
reasonably necessary or desirable that a matter be proved or established prior to taking or suffering or omitting to take any action 

  
 32 

 
hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officer’s Certificate delivered to the Trustee and such certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken,
suffered or omitted to be taken by it under the provisions of this Indenture upon the faith thereof. 
 Section 7.08
Disqualification; Conflicting Interests. 
 If the Trustee has or shall acquire any “conflicting interest” within the meaning
of Section 310(b) of the Trust Indenture Act, the Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the Trust Indenture Act. 

Section 7.09 Corporate Trustee Required; Eligibility. 

There shall at all times be a Trustee with respect to the Securities issued hereunder which shall at all times be a corporation organized and
doing business under the laws of the United States of America or any state or territory thereof or of the District of Columbia, or a corporation or other Person permitted to act as trustee by the Commission, authorized under such laws to exercise
corporate trust powers, having a combined capital and surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or examination by federal, state, territorial, or District of Columbia authority. 

If such corporation or other Person publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation or other Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling, controlled by, or under common control with the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

Section 7.10 Resignation and Removal; Appointment of Successor. 

(a) The Trustee or any successor hereafter appointed may at any time resign with respect to the Securities of one or more series by
giving written notice thereof to the Company and by transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of such series, as their names and addresses appear upon the Security Register. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee with respect to Securities of such series by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered
to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor trustee with respect to Securities of such series, or any Securityholder of that series who has been a bona fide holder of a Security or Securities for at least six months may on
behalf of himself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

  
 33 

 (b) In case at any time any one of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 7.08 after written request therefor by the Company or by any
Securityholder who has been a bona fide holder of a Security or Securities for at least six months; or 
 (ii) the Trustee shall
cease to be eligible in accordance with the provisions of Section 7.09 and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 

(iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or commence a voluntary bankruptcy
proceeding, or a receiver of the Trustee or of its property shall be appointed or consented to, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation; 
 then, in any such case, the Company may remove the Trustee with respect to all Securities and appoint a successor trustee by
written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or any Securityholder who has been a bona fide holder of
a Security or Securities for at least six months may, on behalf of that holder and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 
 (c)
The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding may at any time remove the Trustee with respect to such series by so notifying the Trustee and the Company and may appoint a
successor Trustee for such series with the consent of the Company. 
 (d) Any resignation or removal of the Trustee and
appointment of a successor trustee with respect to the Securities of a series pursuant to any of the provisions of this Section shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.11. 

(e) Any successor trustee appointed pursuant to this Section may be appointed with respect to the Securities of one or more series or
all of such series, and at any time there shall be only one Trustee with respect to the Securities of any particular series. 

  
 34 

 Section 7.11 Acceptance of Appointment By Successor. 

(a) In case of the appointment hereunder of a successor trustee with respect to all Securities, every such successor trustee so
appointed shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor trustee, such retiring Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor trustee all the rights, powers, and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor trustee all property and money held by such
retiring Trustee hereunder. 
 (b) In case of the appointment hereunder of a successor trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor trustee shall
accept such appointment and which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series to which the appointment of such successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the provisions of this
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of
the same trust, that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible for any act or failure to
act on the part of any other Trustee hereunder; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein, such retiring Trustee shall
with respect to the Securities of that or those series to which the appointment of such successor trustee relates have no further responsibility for the exercise of rights and powers or for the performance of the duties and obligations vested in the
Trustee under this Indenture, and each such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor trustee relates; but, on request of the Company or any successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor trustee, to the extent contemplated by such
supplemental indenture, the property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor trustee relates. 

(c) Upon request of any such successor trustee, the Company shall execute any and all instruments for more fully and certainly vesting
in and confirming to such successor trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

  
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 (d) No successor trustee shall accept its appointment unless at the time of such
acceptance such successor trustee shall be qualified and eligible under this Article. 
 (e) Upon acceptance of appointment by
a successor trustee as provided in this Section, the Company shall transmit notice of the succession of such trustee hereunder by mail, first class postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be transmitted at the expense of the Company. 

Section 7.12 Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, including the administration of the trust created by this Indenture,
shall be the successor of the Trustee hereunder, provided that such corporation shall be qualified under the provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any
further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or
consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 7.13 Preferential Collection of Claims Against the Company. 

The Trustee shall comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship described in
Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein. 

Section 7.14 Notice of Default. 

If any Event of Default occurs and is continuing and if such Event of Default is known to a Responsible Officer of the Trustee, the
Trustee shall mail to each Securityholder in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Event of Default within the earlier of 90 days after it occurs and 30 days after it is known to a
Responsible Officer of the Trustee or written notice of it is received by the Trustee, unless such Event of Default has been cured; provided, however, that, except in the case of a default in the payment of the principal of (or premium, if
any) or interest on any Security, the Trustee shall be protected in withholding such notice if and so long as the Responsible Officers of the Trustee in good faith determine that the withholding of such notice is in the interest of the
Securityholders. 

  
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 ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01 Evidence of Action by Securityholders. 

Whenever in this Indenture it is provided that the holders of a majority or specified percentage in aggregate principal amount of the
Securities of a particular series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action), the fact that at the time of taking any such action the holders of
such majority or specified percentage of that series have joined therein may be evidenced by any instrument or any number of instruments of similar tenor executed by such holders of Securities of that series in person or by agent or proxy appointed
in writing. 
 If the Company shall solicit from the Securityholders of any series any request, demand, authorization, direction, notice,
consent, waiver or other action, the Company may, at its option, as evidenced by an Officer’s Certificate, fix in advance a record date for such series for the determination of Securityholders entitled to give such request, demand,
authorization, direction, notice, consent, waiver or other action, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be
given before or after the record date, but only the Securityholders of record at the close of business on the record date shall be deemed to be Securityholders for the purposes of determining whether Securityholders of the requisite proportion of
Outstanding Securities of that series have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other action, and for that purpose the Outstanding Securities of that series shall be computed
as of the record date; provided, however, that no such authorization, agreement or consent by such Securityholders on the record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than six months after the record date. 
 Section 8.02 Proof of Execution by Securityholders. 

Subject to the provisions of Section 7.01, proof of the execution of any instrument by a Securityholder (such proof will not require
notarization) or his or her agent or proxy and proof of the holding by any Person of any of the Securities shall be sufficient if made in the following manner: 

(a) The fact and date of the execution by any such Person of any instrument may be proved in any reasonable manner acceptable to the
Trustee.  
 (b) The ownership of Securities shall be proved by the Security Register of such Securities or by a certificate
of the Security Registrar thereof. 
 The Trustee may require such additional proof of any matter referred to in this Section as it shall deem
necessary. 

  
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 Section 8.03 Who May be Deemed Owners. 

Prior to the due presentment for registration of transfer of any Security, the Company, the Trustee, any paying agent and any Security
Registrar may deem and treat the Person in whose name such Security shall be registered upon the books of the Security Registrar as the absolute owner of such Security (whether or not such Security shall be overdue and notwithstanding any notice of
ownership or writing thereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal of, premium, if any, and (subject to Section 2.03) interest on such Security and for all other
purposes; and neither the Company nor the Trustee nor any paying agent nor any Security Registrar shall be affected by any notice to the contrary. 

Section 8.04 Certain Securities Owned by Company Disregarded. 

In determining whether the holders of the requisite aggregate principal amount of Securities of a particular series have concurred in any
direction, consent or waiver under this Indenture, the Securities of that series that are owned by the Company or any other obligor on the Securities of that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that for the purpose of determining whether the Trustee shall be
protected in relying on any such direction, consent or waiver, only Securities of such series that the Trustee actually knows are so owned shall be so disregarded. The Securities so owned that have been pledged in good faith may be regarded as
Outstanding for the purposes of this Section, if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not a Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the
Trustee. 
 Section 8.05 Actions Binding on Future Securityholders. 

At any time prior to (but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the
holders of the majority or percentage in aggregate principal amount of the Securities of a particular series specified in this Indenture in connection with such action, any holder of a Security of that series that is shown by the evidence to be
included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as
aforesaid any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future holders and owners of such Security, and of any Security issued in exchange therefor, on registration of transfer
thereof or in place thereof, irrespective of whether or not any notation in regard thereto is made upon such Security. Any action taken by the holders of the majority or percentage in aggregate principal amount of the Securities of a particular
series specified in this Indenture in connection with such action shall be conclusively binding upon the Company, the Trustee and the holders of all the Securities of that series. 

  
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 ARTICLE 9 

SUPPLEMENTAL INDENTURES 

Section 9.01 Supplemental Indentures Without the Consent of Securityholders. 

In addition to any supplemental indenture otherwise authorized by this Indenture, the Company and the Trustee may from time to time and at any
time enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of the Securityholders, for one or more of the following purposes: 

(a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series; 

(b) to comply with Article Ten; 

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d) to add to the covenants, restrictions, conditions or provisions relating to the Company for the benefit of the holders of all or
any series of Securities (and if such covenants, restrictions, conditions or provisions are to be for the benefit of less than all series of Securities, stating that such covenants, restrictions, conditions or provisions are expressly being included
solely for the benefit of such series), to make the occurrence, or the occurrence and the continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default, or to surrender any right or power
herein conferred upon the Company; 
 (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as herein set forth; 
 (f) to make any
change that does not adversely affect the rights of any Securityholder in any material respect; 
 (g) to provide for the issuance of
and establish the form and terms and conditions of the Securities of any series as provided in Section 2.01, to establish the form of any certifications required to be furnished pursuant to the terms of this Indenture or any series of
Securities, or to add to the rights of the holders of any series of Securities; 
 (h) to evidence and provide for the acceptance of
appointment hereunder by a successor trustee; or 
 (i) to comply with any requirements of the Commission or any successor in
connection with the qualification of this Indenture under the Trust Indenture Act. 

  
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 The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental indenture, and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise. 
 Any supplemental indenture authorized by the provisions of this Section may be
executed by the Company and the Trustee without the consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 9.02. 

Section 9.02 Supplemental Indentures With Consent of Securityholders. 

With the consent (evidenced as provided in Section 8.01) of the holders of not less than a majority in aggregate principal amount of the
Securities of each series affected by such supplemental indenture or indentures at the time Outstanding, the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner not covered by Section 9.01 the rights of the holders of the Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the consent
of the holders of each Security then Outstanding and affected thereby, (a) extend the fixed maturity of any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon,
or reduce any premium payable upon the redemption thereof or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture. 

It shall not be necessary for the consent of the Securityholders of any series affected thereby under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

Section 9.03 Effect of Supplemental Indentures. 

Upon the execution of any supplemental indenture pursuant to the provisions of this Article or of Section 10.01, this Indenture shall,
with respect to such series, be and be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 9.04 Securities Affected by
Supplemental Indentures. 
 Securities of any series affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this Article or of Section 10.01, may bear a notation in form approved by the Company, provided such form meets 

  
 40 

 
the requirements of any securities exchange upon which such series may be listed, as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities
of that series so modified as to conform, in the opinion of the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Company, authenticated by the Trustee and delivered in
exchange for the Securities of that series then Outstanding. 
 Section 9.05 Execution of Supplemental Indentures. 

Upon the request of the Company, accompanied by its Board Resolutions authorizing the execution of any such supplemental indenture, and upon
the filing with the Trustee of evidence of the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to enter into such supplemental indenture. The Trustee, subject to the provisions of
Section 7.01, shall receive an Officer’s Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant to this Article is authorized or permitted by the terms of this Article and that all
conditions precedent to the execution of the supplemental indenture have been complied with; provided, however, that such Officer’s Certificate or Opinion of Counsel need not be provided in connection with the execution of a supplemental
indenture that establishes the terms of a series of Securities pursuant to Section 2.01 hereof. 
 Promptly after the execution by the
Company and the Trustee of any supplemental indenture pursuant to the provisions of this Section, the Company shall (or shall direct the Trustee to) transmit by mail, first class postage prepaid, a notice, setting forth in general terms the
substance of such supplemental indenture, to the Securityholders of all series affected thereby .as their names and addresses appear upon the Security Register. Any failure of the Company to mail, or cause the mailing of, such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 
 ARTICLE 10 

SUCCESSOR ENTITY 

Section 10.01 Company May Consolidate, Etc. 

Nothing contained in this Indenture shall prevent any consolidation or merger of the Company with or into any other Person (whether or not
affiliated with the Company) or successive consolidations or mergers in which the Company or its successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or other disposition of the property of the Company
or its successor or successors as an entirety, or substantially as an entirety, to any other Person (whether or not affiliated with the Company or its successor or successors); provided, however, the Company hereby covenants and agrees that, upon
any such consolidation or merger (in each case, if the Company is not the survivor of such transaction) or any such sale, conveyance, transfer or other disposition (other than a sale, conveyance, transfer or other disposition to a Subsidiary of the
Company), the due and punctual payment of the 

  
 41 

 
principal of (premium, if any) and interest on all of the Securities of all series in accordance with the terms of each series, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture with respect to each series or established with respect to such series pursuant to Section 2.01 to be kept or performed by the Company shall be expressly assumed, by supplemental
indenture (which shall conform to the provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into which the
Company shall have been merged, or by the entity which shall have acquired such property. 
 Section 10.02 Successor Entity
Substituted. 
 (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition and upon the
assumption by the successor entity by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under Section 10.01 on all of the Securities of all series Outstanding,
such successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named as the Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Securities. 
 (b) In case of any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

(c) Nothing contained in this Article shall require any action by the Company in the case of a consolidation or merger of any Person
into the Company where the Company is the survivor of such transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company). 

ARTICLE 11 
 SATISFACTION
AND DISCHARGE 
 Section 11.01 Satisfaction and Discharge of Indenture. 

If at any time: (a) the Company shall have delivered to the Trustee for cancellation all Securities of a series theretofore authenticated
and not delivered to the Trustee for cancellation (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided in Section 2.07 and Securities for whose payment money or
Governmental Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as provided in Section 11.05); or (b) all such Securities
of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements
satisfactory to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations or a combination thereof, sufficient
in the 

  
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opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay at maturity or upon redemption all
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder with respect to such series by the Company then this Indenture shall thereupon cease to be of further effect with respect to such series except for the provisions of
Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06 and 11.05, that shall survive to such date and thereafter, and the Trustee, on demand of
the Company and at the cost and expense of the Company shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with respect to such series. 

Section 11.02 Discharge of Obligations. 

If at any time all such Securities of a particular series not heretofore delivered to the Trustee for cancellation or that have not become due
and payable as described in Section 11.01 shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption all such
Securities of that series not theretofore delivered to the Trustee for cancellation, including principal (and premium, if any) and interest due or to become due to such date of maturity or date fixed for redemption, as the case may be, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by the Company with respect to such series, then after the date such moneys or Governmental Obligations, as the case may be, are deposited with the Trustee the obligations
of the Company under this Indenture with respect to such series shall cease to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4,03, 7.06, 7.10 and 11.05 hereof that shall survive until such Securities shall
mature and be paid. 
 Thereafter, Sections 7.06 and 11.05 shall survive. 

Section 11.03 Deposited Moneys to be Held in Trust. 

All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 11.01 or 11.02 shall be held in trust and shall be
available for payment as due, either directly or through any paying agent (including the Company acting as its own paying agent), to the holders of the particular series of Securities for the payment or redemption of which such moneys or
Governmental Obligations have been deposited with the Trustee. 
 Section 11.04 Payment of Moneys Held by Paying Agents. 

In connection with the satisfaction and discharge of this Indenture all moneys or Governmental Obligations then held by any paying agent under
the provisions of this Indenture shall, upon demand of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all further liability with respect to such moneys or Governmental Obligations. 

  
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 Section 11.05 Repayment to Company. 

Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then held by the Company, in trust for payment of
principal of or premium, if any, or interest on the Securities of a particular series that are not applied but remain unclaimed by the holders of such Securities for at least two years after the date upon which the principal of (and premium, if any)
or interest on such Securities shall have respectively become due and payable, or such other shorter period set forth in applicable escheat or abandoned or unclaimed property law, shall be repaid to the Company on May 31 of each year or upon
the Company’s request or (if then held by the Company) shall be discharged from such trust; and thereupon the paying agent and the Trustee shall be released from all further liability with respect to such moneys or Governmental Obligations, and
the holder of any of the Securities entitled to receive such payment shall thereafter, as a general creditor, look only to the Company for the payment thereof. 

ARTICLE 12 
 IMMUNITY OF
INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS 
 Section 12.01 No Recourse. 

No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any Security, or for any claim based thereon or
otherwise in respect thereof, shall be had against any incorporator, stockholder, officer or director, past, present or future as such, of the Company or of any predecessor or successor corporation, either directly or through the Company or any such
predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued
hereunder are solely corporate obligations, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, officers or directors as such, of the Company or of any predecessor or
successor corporation, or any of them, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and
that any and all such personal liability of every name and nature, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director as
such, because of the creation of the indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of such Securities. 

  
 44 

 ARTICLE 13 

MISCELLANEOUS PROVISIONS 

Section 13.01 Effect on Successors and Assigns. 

All the covenants, stipulations, promises and agreements in this Indenture made by or on behalf of the Company shall bind its successors and
assigns, whether so expressed or not. 
 Section 13.02 Actions by Successor. 

Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of
the Company shall and may be done and performed with like force and effect by the corresponding board, committee or officer of any corporation that shall at the time be the lawful successor of the Company. 

Section 13.03 Surrender of Company Powers. 

The Company by instrument in writing executed by authority of its Board of Directors and delivered to the Trustee may surrender any of the
powers reserved to the Company, and thereupon such power so surrendered shall terminate both as to the Company and as to any successor corporation. 

Section 13.04 Notices. 

Except as otherwise expressly provided herein, any notice, request or demand that by any provision of this Indenture is required or permitted
to be given, made or served by the Trustee, the Security Registrar, any paying or other agent under this Indenture or by the holders of Securities or by any other Person pursuant to this Indenture to or on the Company may be given or served by being
deposited in first class mail, postage prepaid, addressed (until another address is filed in writing by the Company with the Trustee), as follows:
                                         
                                         
          . Any notice, election, request or demand by the Company or any Securityholder or by any other Person pursuant to this Indenture to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if given or made in writing at the Corporate Trust Office of the Trustee. 

Section 13.05 Governing Law; Jury Trial Waiver. 

This Indenture and each Security shall governed by, and construed in accordance with, the internal laws of the State of New York, except to the
extent that the Trust Indenture Act is applicable. 
 EACH PARTY HERETO, AND EACH HOLDER OF A SECURITY BY ACCEPTANCE THEREOF, HEREBY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS INDENTURE. 

  
 45 

 Section 13.06 Treatment of Securities as Debt. 

It is intended that the Securities will be treated as indebtedness and not as equity for federal income tax purposes. The provisions of this
Indenture shall be interpreted to further this intention. 
 Section 13.07 Certificates and Opinions as to Conditions Precedent.

 (a) Upon any application or demand by the Company to the Trustee to take any action under any of the provisions of this
Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent provided for in this Indenture (other than the certificate to be delivered pursuant to Section 13.12) relating to the
proposed action have been complied with and, if requested, an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent have been complied with, except that in the case of any such application or demand as to which
the furnishing of such documents is specifically required by any provision of this Indenture relating to such particular application or demand, no additional certificate or opinion need be furnished. 

(b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee with respect to compliance with a condition
or covenant in this Indenture (other than the certificate to be delivered pursuant to Section 13.12 or Section 314(a)(1) of the Trust Indenture Act) shall include (i) a statement that the Person making such certificate or opinion has
read such covenant or condition; (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; (iii) a statement that, in the
opinion of such Person, he has made such examination or investigation as is reasonably necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (iv) a statement as to
whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
 Section 13.08 Payments
on Business Days. 
 Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in an Officer’s
Certificate, or established in one or more indentures supplemental to this Indenture, in any case where the date of maturity of interest or principal of any Security or the date of redemption of any Security shall not be a Business Day, then payment
of interest or principal (and premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of maturity or redemption, and no interest shall accrue for the period after such nominal
date. 

  
 46 

 Section 13.09 Conflict with Trust Indenture Act. 

If and to the extent that any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Section 318(c) of the
Trust Indenture Act, such imposed duties shall control. 
 Section 13.10 Counterparts. 

This Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together
constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used
in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 13.11 Separability. 

In case any one or more of the provisions contained in this Indenture or in the Securities of any series shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Indenture or of such Securities, but this Indenture and such Securities shall be construed as if such
invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section 13.12 Compliance Certificates.

 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year during which any Securities of any series
were outstanding, an officer’s certificate stating whether or not the signers know of any Event of Default that occurred during such fiscal year. Such certificate shall contain a certification from the principal executive officer, principal
financial officer or principal accounting officer of the Company that a review has been conducted of the activities of the Company and the Company’s performance under this Indenture and that the Company has complied with all conditions and
covenants under this Indenture. For purposes of this Section 13.12, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If the officer of the Company signing such
certificate has knowledge of such an Event of Default, the certificate shall describe any such Event of Default and its status. 

Section 13.13 U.S.A Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions
and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The
parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 47 

 Section 13.14 Force Majeure. 

In no event shall the Trustee, the Security Registrar, any paying agent or any other agent under this Indenture be responsible or liable for
any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions or utilities, communications or computer (software and hardware) services; it being understood that the Trustee, the Security Registrar,
any paying agent or any other agent under this Indenture shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

  
 48 

 Section 13.15 Table of Contents; Headings. 

The table of contents and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof, and will not modify or restrict any of the terms or provisions hereof. 
 IN
WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed all as of the day and year first above written. 

 

			
	XOMA CORPORATION
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	[TRUSTEE], as Trustee
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  
 49 

 CROSS-REFERENCE TABLE (1) 
  

			
	 Section of Trust Indenture Act of 1939, as Amended
	  	 Section of Indenture

	310(a)	  	7.09
	310(b)	  	7.08
		  	7.10
	310(c)	  	Inapplicable
	311(a)	  	7.13
	311(b)	  	7.13
	311(c)	  	Inapplicable
	312(a)	  	5.01
		  	5.02(a)
	312(b)	  	5.02(c)
	312(c)	  	5.02(c)
	313(a)	  	5.04(a)
	313(b)	  	5.04(b)
	313(c)	  	5.04(a)
		  	5.04(b)
	313(d)	  	5.04(c)
	314(a)	  	5.03
		  	13.12
	314(b)	  	Inapplicable
	314(c)	  	13.07(a)
	314(d)	  	Inapplicable
	314(e)	  	13.07(b)
	314(f)	  	Inapplicable
	315(a)	  	7.01(a)
		  	7.01(b)
	315(b)	  	7.14
	315(c)	  	7.01
	315(d)	  	7.01(b)
	315(e)	  	6.07
	316(a)	  	6.06
		  	8.04
	316(b)	  	6.04
	316(c)	  	8.01
	317(a)	  	6.02
	317(b)	  	4.03
	318(a)	  	13.09

  

	(1)	This Cross-Reference Table does not constitute part of the Indenture and shall not have any bearing on the interpretation of any of its terms or provisions. 

  
 50EX-10.1

 Exhibit 10.1 

Private & Confidential 
 Dated
27 January 2015 
 NAVIGATOR ATLAS L.L.C., NAVIGATOR EUROPA L.L.C., 

NAVIGATOR OBERON L.L.C. NAVIGATOR TRITON L.L.C. 

NAVIGATOR UMBRIO L.L.C., NAVIGATOR CENTAURI L.L.C., 

NAVIGATOR CERES L.L.C., NAVIGATOR CETO L.L.C. 

and NAVIGATOR COPERNICO L.L.C. 

as Borrowers 
 arranged
by 
 CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

HSH NORDBANK AG 
 and NIBC
BANK N.V. 
 with 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 

as Agent 
 guaranteed by

 NAVIGATOR HOLDINGS LTD and NAVIGATOR GAS L.L.C. 

FACILITY AGREEMENT 
 for

 $278,125,000 

Loan Facility 
  

 

 Contents 
  

							
	Clause	  	Page	 
		
	SECTION 1 - INTERPRETATION	  	 	1	  
			
	1	  	Definitions and interpretation	  	 	1	  
		
	SECTION 2 - THE FACILITY	  	 	23	  
			
	2	  	The Facility	  	 	23	  
			
	3	  	Purpose	  	 	26	  
			
	4	  	Conditions of Utilisation	  	 	27	  
		
	SECTION 3 - UTILISATION	  	 	28	  
			
	5	  	Utilisation	  	 	28	  
		
	SECTION 4 - REPAYMENT, PREPAYMENT AND CANCELLATION	  	 	30	  
			
	6	  	Repayment	  	 	30	  
			
	7	  	Illegality, prepayment and cancellation	  	 	31	  
		
	SECTION 5 - COSTS OF UTILISATION	  	 	35	  
			
	8	  	Interest	  	 	35	  
			
	9	  	Interest Periods	  	 	35	  
			
	10	  	Changes to the calculation of interest	  	 	36	  
			
	11	  	Fees	  	 	37	  
		
	SECTION 6 - ADDITIONAL PAYMENT OBLIGATIONS	  	 	38	  
			
	12	  	Tax gross-up and indemnities	  	 	38	  
			
	13	  	Increased Costs	  	 	42	  
			
	14	  	Other indemnities	  	 	43	  
			
	15	  	Mitigation by the Lenders	  	 	45	  
			
	16	  	Costs and expenses	  	 	45	  
		
	SECTION 7 - GUARANTEE	  	 	46	  
			
	17	  	Guarantee and indemnity	  	 	46	  
		
	SECTION 8 - REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT	  	 	48	  
			
	18	  	Representations	  	 	48	  
			
	19	  	Information undertakings	  	 	55	  
			
	20	  	Financial covenants	  	 	59	  

							
	21	  	General undertakings	  	 	60	  
			
	22	  	Construction period	  	 	63	  
			
	23	  	Dealings with Ship	  	 	64	  
			
	24	  	Condition and operation of Ship	  	 	66	  
			
	25	  	Insurance	  	 	69	  
			
	26	  	Minimum security value	  	 	73	  
			
	27	  	Chartering undertakings	  	 	76	  
			
	28	  	Bank accounts	  	 	77	  
			
	29	  	Business restrictions	  	 	79	  
			
	30	  	Hedging Contracts	  	 	82	  
			
	31	  	Events of Default	  	 	84	  
			
	32	  	Position of Hedging Provider	  	 	89	  
		
	SECTION 9 - CHANGES TO PARTIES	  	 	89	  
			
	33	  	Changes to the Lenders	  	 	89	  
			
	34	  	Changes to the Obligors	  	 	92	  
		
	SECTION 10 - THE FINANCE PARTIES	  	 	92	  
			
	35	  	Roles of Agent, Security Agent and Arranger	  	 	92	  
			
	36	  	Conduct of business by the Finance Parties	  	 	105	  
			
	37	  	Sharing among the Finance Parties	  	 	106	  
		
	SECTION 11 - ADMINISTRATION	  	 	107	  
			
	38	  	Payment mechanics	  	 	107	  
			
	39	  	Set-off	  	 	110	  
			
	40	  	Notices	  	 	110	  
			
	41	  	Calculations and certificates	  	 	112	  
			
	42	  	Partial invalidity	  	 	112	  
			
	43	  	Remedies and waivers	  	 	112	  
			
	44	  	Amendments and grant of waivers	  	 	112	  
			
	45	  	Counterparts	  	 	115	  
			
	46	  	Confidentiality	  	 	115	  
		
	SECTION 12 - GOVERNING LAW AND ENFORCEMENT	  	 	117	  

							
	47	  	Governing law	  	 	117	  
			
	48	  	Enforcement	  	 	117	  
		
	Schedule 1 The original parties	  	 	118	  
		
	Schedule 2 Ship information	  	 	126	  
		
	Schedule 3 Conditions precedent	  	 	131	  
		
	Schedule 4 Utilisation Request	  	 	136	  
		
	Schedule 5 Mandatory Cost formulae	  	 	137	  
		
	Schedule 6 Form of Transfer Certificate	  	 	140	  
		
	Schedule 7 Form of Compliance Certificate	  	 	142	  
		
	Schedule 8 Form of Increase Confirmation	  	 	143	  
		
	Schedule 9 Repayment Schedule	  	 	145	  

 THIS AGREEMENT is dated 27 January 2015 and made between: 

 

	(1)	THE ENTITIES listed in Schedule 1 as Borrowers (the Borrowers); 

  

	(2)	THE ENTITIES listed in Schedule 1 as Guarantors (the Guarantors and each a Guarantor); 

  

	(3)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, HSH NORDBANK AG and NIBC BANK N.V as mandated lead arrangers (whether acting individually or together the Arrangers); 

 

	(4)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK as bookrunner (the Bookrunner) 

  

	(5)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the Original Lenders); 

  

	(6)	THE FINANCIAL INSTITUTIONS listed in Schedule 1 as hedging providers (the Hedging Providers); 

  

	(7)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK as agent for the other Finance Parties (the Agent); and 

  

	(8)	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK as security agent of the Finance Parties (the Security Agent). 

IT IS AGREED as follows: 
 SECTION 1 -
INTERPRETATION 
  

	1	Definitions and interpretation 

  

	1.1	Definitions 

 In this Agreement and (unless otherwise defined in the relevant Finance
Document) the other Finance Documents: 
 A Ships means each of the ships described in Part 1 of Schedule 2 (Ship
information) built or, as the case may be, to be built by the Builder under the Building Contracts and A Ship means any of them. 

Account means any bank account, deposit or certificate of deposit opened, made or established in accordance with clause 28 (Bank
accounts). 
 Account Bank means, in relation to any Account, the Paris branch of the Agent. 

Account Security means, in relation to an Account, a deed, pledge or other instrument executed by the Borrowers in favour of the
Original Lenders, the Hedging Providers and the Security Agent and counter-signed by the Account Bank in the agreed form conferring a Security Interest over that Account. 

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

Additional Cost Rate has the meaning given to it in Schedule 5 (Mandatory Cost formulae). 

Advance means each borrowing of a proportion of the Total Commitments by the Borrowers pursuant to a Utilisation Request or (as the
context may require) the outstanding principal amount of such borrowing. 

  
 1 

 Affiliate means, in relation to any person, a Subsidiary of that person or a Holding
Company of that person or any other Subsidiary of that Holding Company. 
 Agent means Crédit Agricole Corporate and Investment
Bank and any person who may be appointed as such under clause 35.11 (Resignation of the Agent). 
 Agreed Percentage means:

  

	 	(a)	in respect of an A Ship, 60%; and 

  

	 	(b)	in respect of a B Ship, 70%. 

 Approved Valuer means any of Inge Steensland AS, Braemar
Seascope Ltd, Fearnleys, EA Gibsons Ltd, Clarksons Ltd, BRS, Lorentzen & Stemoco, Joachim Grieg and Poten and Partners or such other independent reputable ship broker nominated by the Borrowers and approved by the Agent (acting on the
instructions of the Majority Lenders) from time to time. 
 Auditors means one of PricewaterhouseCoopers, Ernst & Young,
KPMG, Deloitte & Touche, Moore Stephens or a member firm of Moore Stephens International or another firm approved by the Agent (acting on the instructions of the Majority Lenders) from time to time. 

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

Availability Period means: 
  

	 	(a)	in respect of an Advance for a Delivered Ship, the period starting on the date of this Agreement and ending on the Last Availability Date for the relevant Delivered Ship; or 

 

	 	(b)	in respect of an Advance for an Undelivered Ship, the period starting on the Delivery Date and ending on the Last Availability Date for the relevant Undelivered Ship. 

B Ships means each of the ships described in Part 2 of Schedule 2 (Ship information) to be built by the Builder under the
Building Contracts and B Ship means any of them. 
 Basel II Accord means the “International Convergence of Capital
Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding any amendment thereto arising
out of the Basel III Accord. 
 Basel II Approach means, in relation to any Finance Party, either the Standardised Approach or the
relevant Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II Accord. 

Basel II Regulation means: 
  

	 	(a)	any law or regulation implementing the Basel II Accord; or 

  

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

 Basel III
Accord means, together: 
  

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

  
 2 

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

  

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

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

Basel III Regulation means any law or regulation implementing the Basel III Accord save and to the extent that it re-enacts a Basel II
Regulation. 
 Break Costs means the amount (if any) by which: 

 

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

exceeds: 
  

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

 Builder means,
in relation to a Ship, the person specified as such in Schedule 2 (Ship information). 
 Building Contract means, in
relation to a Ship, the shipbuilding contract specified in Schedule 2 (Ship information) between the Builder and the Parent (as the same shall be or, as the case may be, has been novated by the Parent in favour of the relevant Owner) relating
to the construction of such Ship. 
 Business Day means a day (other than a Saturday or Sunday) on which banks are open for general
business in London, Paris, Beijing and New York. 
 Change of Control occurs when: 

 

	 	(a)	if the Parent ceases to directly own 100% of the shares in any of the Borrowers or if the Ultimate Parent ceases to indirectly own 100% of the shares in any of the Borrowers; 

 

	 	(b)	without the prior approval of the Lenders, two or more persons acting in concert or any individual person (other than the Permitted Holder) acquires legally and/or beneficially, and either directly or indirectly, in
excess of 50% of the issued share capital of the Ultimate Parent; or 

  

	 	(c)	without the prior approval of the Lenders, two or more persons acting in concert or any individual person (other than the Permitted Holder) has the right or the ability to control, either directly or indirectly, the
affairs or composition of the majority of the board or directors (or equivalent) of the Ultimate Parent. 

  
 3 

 Change of Control (Borrowers) means a Change of Control of the type referred to in
paragraph (a) of the definition of Change of Control. 
 Change of Control (Guarantor) means a Change of Control of the type
referred to in paragraphs (b) or (c) of the definition of Change of Control. 
 Charged Property means all of the assets of
the Obligors which from time to time are, or are expressed or intended to be, the subject of the Security Documents. 
 Charter means,
in relation to a Ship, any time charter with a charter term (excluding any options to extend) exceeding 24 calendar months in respect of that Ship entered into between the relevant Owner and the relevant Charterer. 

Charter Assignment means, in relation to a Ship and its Charter Documents, any assignment by the relevant Owner of its interest in such
Charter Documents in favour of the Security Agent in the agreed form pursuant to clause 23.7 (Chartering). 
 Charter Documents
means, in relation to a Ship, any Charter of that Ship, any documents supplementing it and any guarantee or security given by any person for the relevant Charterer’s obligations under it. 

Charterer means, in relation to a Ship, a charterer of that Ship pursuant to a Charter. 

Classification means, in relation to a Ship, the classification specified in respect of such Ship in Schedule 2 (Ship
information) with the relevant Classification Society or another classification approved by the Majority Lenders as its classification, at the request of the relevant Owner. 

Classification Society means, in relation to a Ship, the classification society specified in respect of such Ship in Schedule 2
(Ship information) or another classification society (being a member of the International Association of Classification Societies (IACS) or, if such association no longer exists, any similar association nominated by the Agent) approved by the
Majority Lenders as its Classification Society, at the request of the relevant Owner. 
 Code means the US Internal Revenue Code of
1986. 
 Commitment means: 
  

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

  

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

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

Compliance Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Compliance Certificate)
or otherwise approved. 
 Confirmation shall have, in relation to any Hedging Transaction, the meaning given to it in the relevant
Hedging Master Agreement. 
 Confidential Information means all information relating to an Obligor, the Group, the Finance Documents
or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance
Documents or the Facility from either: 
  

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

  
 4 

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

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

	 	(i)	is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 46 (Confidentiality); or 

 

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

  

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

 Constitutional Documents means, in respect of an Obligor, such Obligor’s memorandum and articles of
association, bye-laws or other constitutional documents including as referred to in any certificate relating to an Obligor delivered pursuant to Schedule 4 (Conditions precedent). 

Contract Price means, in relation to an Undelivered Ship, the price of the Undelivered Ship payable under the Building Contract for such
Undelivered Ship. 
 Default means an Event of Default or any event or circumstance specified in clause 31 (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 the foregoing) be an Event of Default. 

Defaulting Lender means any Lender: 
  

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

  

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

  

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

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

	 	(i)	its failure to pay is caused by: 

  

	 	(A)	administrative or technical error; or 

  

	 	(B)	a Payment Disruption Event; and, 

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

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

Delivered Ships means each of the Ships in respect of which Delivery has occurred prior to the first Utilisation Date under this
Agreement and Delivered Ship means any of them. 
 Delivery Date means, in relation to a Ship, the date on which its Delivery
occurs or, as the case may be, has occurred. 

  
 5 

 Delivery means, in relation to a Ship, the delivery and acceptance of that Ship by the
relevant Owner under the Building Contract for that Ship. 
 Delivery Instalment means, in relation to an Undelivered Ship, the
instalment of the Contract Price for such Undelivered Ship falling due on its Delivery. 
 Designated Website has the meaning given to
it in clause 19.8.1 (Use of websites). 
 Disposal Repayment Date means in relation to: 

 

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

  

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

 Earnings means, in relation to a Ship and a person, all money at any time payable to that person for or in relation
to the use or operation of such Ship including freight, hire and passage moneys, money payable to that person for the provision of services by or from such Ship or under any charter or pool commitment, requisition for hire compensation, remuneration
for salvage and towage services, demurrage and detention moneys and damages for breach and payments for termination or variation of any charter commitment. 

Earnings Account means any Account designated as an Earnings Account under clause 28 (Bank accounts). 

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

Environmental Claims means: 
  

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

 

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

 Environmental Incident means
any Spill from any vessel in circumstances where: 
  

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

 

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

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

 Event of Default means any event or circumstance specified as such in clause 31 (Events of Default). 

Existing Advance means, in respect of a Delivered Ship, the amount of the outstanding advance for that Delivered Ship and which forms
part of the Existing Loan as at the first Utilisation Date. 
 Existing Agent means Crédit Agricole Corporate and Investment
Bank. 

  
 6 

 Existing Borrowers means Navigator Atlas L.L.C., Navigator Europa L.L.C., Navigator Oberon
L.L.C. and Navigator Triton L.L.C. 
 Existing Loan Agreement means the term loan agreement dated 11 April 2013 made between,
among others, (1) the Existing Borrowers as borrowers, (2) the banks and financial institutions listed in Schedule 1 thereto as lenders, (3) the Guarantors as guarantors and (4) the Existing Agent as agent relating to a
$120,000,000 loan facility in respect of the A Ships. 
 Existing Loan means the “Loan” as defined in the Existing Loan
Agreement and being the outstanding principal amount of that Loan as at the first Utilisation Date. 
 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 or any other Finance Party to the Agent in writing on or before the date it becomes a Lender or, as the case may be, Finance Party (or, following that date, by not less than five Business Days’ written notice)
as the office through which it will perform its obligations under this Agreement. 
 Facility Period means the period from and
including the date of this Agreement to and including the date on which the Total Commitments have reduced to zero and all indebtedness of the Obligors under the Finance Documents has been fully paid and discharged. 

Fair Market Value means, as at any relevant date, the value of each Mortgaged Ship which has not become a Total Loss as at such date as
most recently determined in accordance with Clause 26 (Minimum Security Value). 
 FATCA means: 

 

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

  

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

  

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

 FATCA Application Date means: 

 

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

  

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

  

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

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

  
 7 

 FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA
Deduction 
 Fee Letter means any letter dated on or about the date of this Agreement between the Agent and the Borrowers or between
the Agent, the Arrangers and the Borrowers setting out certain fees payable by the Borrowers in respect of the Facility. 
 Final
Repayment Date means, subject to clause 38.7 (Business Days), in respect of an Advance relating to: 
  

	 	(a)	an A Ship, the date which falls six (6) years after the Delivery Date of that A Ship; and 

  

	 	(b)	a B Ship, the date which falls seven (7) years after the Delivery Date of that B Ship. 

Finance Documents means this Agreement, any Fee Letter, the Security Documents, any Hedging Contract, any Hedging Master Agreement, any
Transfer Certificate and any other document designated as such by the Agent and the Borrowers. 
 Finance Party means the Agent, the
Security Agent, any Arranger, the Bookrunner, any Hedging Provider or a Lender. 
 Financial Indebtedness means any indebtedness for
or in respect of: 
  

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

  

	 	(b)	any amount raised by acceptance under any acceptance credit or bill discounting 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 respect of any lease or hire purchase contract which would, in accordance with GAAP or, as the case may be, IFRS, be treated as a finance or capital lease; 

 

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

  

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

  

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

 

	 	(h)	any amount raised by the issue of redeemable shares which are redeemable (other than at the option of the issuer) before the last occurring Final Repayment Date or are otherwise classified as borrowings under GAAP or,
as the case may be, IFRS; 

  

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

 

	 	(j)	any amount raised under any other transaction (including any forward sale or purchase, sale and sale back, sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings
under GAAP or, as the case may be, IFRS; and 

  
 8 

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

First Repayment Date means, subject to clause 38.7 (Business Days), either: 

 

	 	(a)	in respect of an Advance relating to a Delivered Ship, the date which would have been the next scheduled repayment date under the terms of the Existing Loan Agreement had the Existing Loan not been refinanced pursuant
to this Agreement and as set out in Schedule 9 (Repayment Schedule) for that Delivered Ship; or 

  

	 	(b)	in respect of any subsequent Advance, the next Repayment Date for any existing Advances occurring after the Utilisation Date for that subsequent Advance, unless that Repayment Date falls less than six weeks after that
Utilisation Date, in which case it shall be the second such Repayment Date falling after that Utilisation. 

 Flag State
means Liberia, the Republic of the Marshall Islands, Bermuda, the Commonwealth of the Bahamas, or such other state or territory as may be approved by the Lenders, at the request of the relevant Owner, as being the Flag State of a Ship for the
purposes of the Finance Documents. 
 Fleet Vessel means each Mortgaged Ship and any other vessel owned, operated, managed or crewed
by any Group Member. 
 GAAP means generally accepted accounting principles in the United States. 

General Assignment means, in relation to a Ship, a first assignment of its interest in the Ship’s Insurances and Earnings and
Requisition Compensation by the relevant Owner in favour of the Security Agent in the agreed form. 
 Group means the Ultimate Parent
and its Subsidiaries for the time being and, for the purposes of clause 19.1 (Financial statements) and clause 20 (Financial covenants), any other entity required to be treated as a subsidiary in its consolidated accounts in accordance
with GAAP or, as the case may be, IFRS, and/or any applicable law. 
 Group Member means any Obligor and any other entity which is
part of the Group. 
 Guarantee means, in relation to a Guarantor, the obligations of that Guarantor under clause 17 (Guarantee and
indemnity). 
 Guarantor means each company described as such in Schedule 1 (The original parties) and
Guarantors means both of them. 
 Hedging Contract means any Hedging Transaction between the Borrowers and any Hedging Provider
pursuant to any Hedging Master Agreement and includes any Hedging Master Agreement and any Confirmations from time to time exchanged under it and governed by its terms relating to that Hedging Transaction and any contract in relation to such a
Hedging Transaction constituted and/or evidenced by them and Hedging Contracts means all of them. 
 Hedging Contract Security
means a deed or other instrument by the Borrowers in favour of the Security Agent in the agreed form conferring a Security Interest over any Hedging Contracts. 

Hedging Exposure means, as at any relevant date, the aggregate of the amount certified by each of the Hedging Providers to the Agent to
be the net amount in dollars: 
  

	 	(a)	in relation to all Hedging Contracts that have been closed out on or prior to the relevant date, that is due and owing by the Borrowers to the Hedging Providers in respect of such Hedging Contracts on the relevant date;
and 

  
 9 

	 	(b)	in relation to all Hedging Contracts that are continuing on the relevant date, that would be payable by the Borrowers to the Hedging Providers under (and calculated in accordance with) the early termination provisions
of the Hedging Contracts as if an Early Termination Date (as defined in the relevant Hedging Master Agreement) had occurred on the relevant date in relation to all such continuing Hedging Contracts. 

Hedging Master Agreements means the agreements made or (as the context may require) to be made between the Borrowers and the Hedging
Providers in relation to the purposes set out in clause 30.1, each comprising an ISDA Master Agreement and Schedule thereto in the agreed form and Hedging Master Agreement means any of them. 

Hedging Transaction has, in relation to any Hedging Master Agreement, the meaning given to the term “Transaction” in that
Hedging Master Agreement. 
 Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary.

 IFRS means international accounting standards within the meaning of IAS Regulation 1606/2002. 

Increase Confirmation means a confirmation substantially in the form set out in Schedule 8 (Form of Increase Confirmation).

 Increase Lender has the meaning given to it in clause 2.2 (Increase). 

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

Indemnified Person means: 
  

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

  

	 	(b)	each Affiliate of each Finance Party and each Receiver; and 

  

	 	(c)	any officers, employees or agents of each Finance Party, each Receiver and any of the Affiliates of each Finance Party and each Receiver. 

Interpolated Screen Rate means, in relation to any Advance or, as the case may be, the Loan, 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 the Interest Period of that Advance or, as the case may be, 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 that Advance or, as the case may be, the Loan, 

each as of the Specified Time for dollars. 

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

 

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

  

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

 

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

  
 10 

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

  

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

  

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

 

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

  

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

 

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

  

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

 

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

  

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

Insurance Notice means, in relation to a Ship, a notice of assignment in the form scheduled to the General Assignment and/or, as the
case may be, any Reinsurance Assignment for that Ship or in another approved form. 
 Insurances means, in relation to a Ship: 

 

	 	(a)	all policies and contracts of insurance; and 

  

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

in the name of such Ship’s owner or the joint names of its owner and any other person in respect of or in connection with such Ship and
includes all benefits thereof (including the right to receive claims and to return of premiums). 
 Interbank Market means the London
interbank market. 
 Interest Period means, in relation to an Advance and/or 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). 

  
 11 

 Last Availability Date means: 

 

	 	(a)	in respect of an Advance for a Delivered Ship, the date falling 28 Business Days after the date of this Agreement; or 

  

	 	(b)	in respect of an Advance for an Undelivered Ship, the date specified for such Ship in the relevant section of Schedule 2 (Ship information) (or such later date as may be approved by the Lenders).

 Legal Reservations means: 
  

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

  

	 	(b)	the time barring of claims under the Limitation 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; and 

  

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

 Lender
means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank or financial institution which has become a Party in accordance with clause 2.2 (Increase) and clause 33 (Changes to the Lenders), 

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

LIBOR means, in relation to any 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 that Loan; or 

 

	 	(b)	as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), 

and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero. 

Loan means the loan made or to be made under the Facility by way of the Advances or the principal amount outstanding for the time being
of that loan. 
 Losses means any costs, expenses, payments, charges, losses, demands, liabilities, claims, actions, proceedings,
penalties, fines, damages, judgments, orders or other sanctions. 
 Loss Payable Clauses means, in relation to a Ship, the provisions
concerning payment of claims under the Ship’s Insurances in the form scheduled to the General Assignment in respect of that Ship or in another approved form. 

Major Casualty means any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed
$1,000,000 or the equivalent in any other currency. 
 Majority Lenders means (if no part of the Loan is then outstanding), a Lender
or Lenders whose Commitments in aggregate are equal to or more than 662/3% of the Total Commitments (or, if the Total Commitments have been
reduced to zero, in aggregate were equal to or more than 662/3% of the Total Commitments immediately prior to the reduction) or (at any
other time), a Lender or Lenders whose participations in the Loan in aggregate are equal to or more than 662/3% of the Loan. 

  
 12 

 Manager means, in relation to a Ship, a technical or commercial or crewing manager of that
Ship acceptable to the Agent (acting on the instructions of the Majority Lenders) pursuant to the provisions of clause 23.3 (Manager) and/or clause 27.13 (Charterer’s manager). 

Manager’s Undertaking means, in relation to a Ship, an undertaking by any Manager of that Ship to the Security Agent in the agreed
form pursuant to the provisions of clause 23.3 (Manager). 
 Mandatory Cost means the percentage rate per annum calculated by
the Agent in accordance with Schedule 5 (Mandatory Cost formulae). 
 Margin means two point seven zero per cent
(2.70%) per annum. 
 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 taken as a whole; or 

  

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

  

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

 Minimum Value means, at any time, the amount in dollars which is at that time at
least equal to: 
  

	 	(a)	135% of the Loan; and 

  

	 	(b)	where there are Hedging Contracts in existence, 125% of the aggregate of the Loan and the Hedging Exposure, 

in each case at such time and, in relation to any Mortgaged Ship which has become a Total Loss but whose Disposal Repayment Date has not then
occurred, minus such proportion of the Loan as the Fair Market Value of such Mortgaged Ship bore to the aggregate Fair Market Value of all the Mortgaged Ships (including the relevant Ship) immediately before its Total Loss. 

Mortgage means, in relation to a Ship, a first mortgage of that Ship in the agreed form by the relevant Owner in favour of the Security
Agent. 
 Mortgage Period means, in relation to a Mortgaged Ship, the period from the date the Mortgage over that Ship is executed and
registered until the date such Mortgage is released and discharged or, if earlier, its Total Loss Date. 
 Mortgaged Ship means, at
any relevant time, any Ship which is subject to a Mortgage and/or whose Earnings, Insurances and Requisition Compensation are subject to a Security Interest under the Finance Documents. 

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

OFAC means the Office of Foreign Assets Control of the United States Department of Treasury. 

Original Financial Statements means the audited consolidated financial statements of the Group for 2013. 

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

  
 13 

 Owner means, in relation to a Ship, the person specified against the name of that Ship in
Schedule 2 (Ship information) and Owners means all of them. 
 Parent means Navigator Gas L.L.C., a limited
liability company formed under the laws of the Republic of the Marshall Islands. 
 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 Disruption Event means either or both of: 
  

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

 

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

 

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

  

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

(and which (in either such case)) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 

Permitted Holder means W.L. Ross & Co. L.L.C., any investment funds or other entities wholly owned and/or operated by W.L.
Ross & Co. L.L.C. and their respective Affiliates. 
 Permitted Liens means, in relation to a Ship: 

 

	 	(a)	unless a Default is continuing, any ship repairer’s or outfitter’s possessory lien in respect of such Ship for an amount not exceeding $1,000,000 or the equivalent in any other currency; 

 

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

  

	 	(c)	any lien on such Ship for salvage; 

  

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

 

	 	(e)	liens for master’s disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the 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 Owners in good faith by appropriate steps) and subject, in the case of liens for repair or maintenance, to clause 24.15
(Repairer’s liens) so long as any such proceedings or the continued existence of such lien shall not, and may reasonably be considered unlikely to, lead to the arrest, sale, forfeiture or loss of the Ship or any interest in the Ship;

  

	 	(f)	 any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while the
Owners are actively prosecuting 

  
 14 

	 	
or defending such proceedings or arbitration in good faith so long as any such proceedings or the continued existence of such Security Interest shall not and may reasonably be considered unlikely
to lead to the arrest, sale, forfeiture or loss of, the Ship or any interest in the Ship; and 

  

	 	(g)	any Security Interest 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 so long as any such proceedings or the continued existence of such Security Interest shall not and may reasonably be considered unlikely to lead to the arrest, sale, forfeiture or loss of, the Ship or any interest in the
Ship. 

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

  

	 	(a)	granted by the Finance Documents; or 

  

	 	(b)	a Permitted Lien; or 

  

	 	(c)	is approved by the Majority Lenders. 

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

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

Receiver means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any
Charged Property under any relevant Security Document. 
 Reference Banks means in relation to LIBOR and Mandatory Cost, the principal
London offices of Crédit Agricole CIB, BNP Paribas SA and Barclays Bank Plc or such other banks as may be appointed by the Agent in consultation with the Borrowers. 

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

	 	(a)	(other than where paragraph (b) below applies) as the rate at which the relevant Reference Bank could borrow funds in the Interbank Market, in the relevant currency and for the relevant period, were it to do so by
asking for and then accepting interbank offers for deposits in reasonable market size in that currency and for that period; or 

  

	 	(b)	if different, as the rate (if any and 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.

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

Reinsurance Assignment means, in relation to a Ship and to the extent required, a first assignment of its interest in the Ship’s
reinsurances by the relevant insurers of the Ship in favour of the Security Agent, in a form reasonably required by the Security Agent. 

  
 15 

 Relevant Jurisdiction means, in relation to an Obligor: 

 

	 	(a)	its Original Jurisdiction; 

  

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

  

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

  

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

Relevant Period has the meaning given to that term in clause 20.1 (Financial definitions). 

Repayment Amount means, in relation to each Advance, the amount set out opposite each Repayment Date in the relevant column for that
Advance determined by reference to the relevant percentage repayment for that Advance in the Repayment Schedule. 
 Repayment Date
means, in respect of an Advance: 
  

	 	(a)	the First Repayment Date for that Advance; 

  

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

 

	 	(c)	the Final Repayment Date for that Advance. 

 Repayment Schedule means the repayment
schedule set out in Schedule 9 (Repayment Schedule) specifying the percentage amount to be paid on each Repayment Date in respect of each Advance. 

Repeating Representations means each of the representations and warranties set out in clauses 18.1 (Status) to 18.10 (Ranking
and effectiveness of security) (except for clauses 18.7 (Information) and 18.8 (Original Financial Statements)). 

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

Requisition Compensation means, in relation to a Ship, any compensation paid or payable by a government entity for the requisition for
title, confiscation or compulsory acquisition of such Ship. 
 Retention Account means any Account designated as a Retention
Account under clause 28 (Bank accounts). 
 Sanctioned Party means a person: 

 

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

  

	 	(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting on behalf of, a person located in or organised under the laws of a country or territory that is the target of any
Sanctions; or 

  

	 	(c)	otherwise a person with whom a United States person or other national of a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business or other activities. 

Sanctions Authority means OFAC, the United States Department of State or Her Majesty’s Treasury and Sanctions Authorities
means all of them. 

  
 16 

 Sanctions means any economic sanctions laws, regulations, embargoes or restrictive
measures which may be enacted by the United States of America, the European Union, the United Kingdom, the Netherlands or the United Nations or administered or enforced by the governmental institutions and agencies of any of the foregoing,
including, without limitation, the Sanctions Authorities. 
 Sanctions List means the “Specially Designated Nationals and Blocked
Persons” list maintained by OFAC, the “Consolidated List of Financial Sanctions Targets” and the “Investment Ban List” maintained by Her Majesty’s Treasury, or any similar list maintained by, or any other public
announcement of Sanctions or designation of a Sanctioned Party made by any of the Sanctions Authorities. 
 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 pages LIBOR01 or LIBOR02 of the Thomson Reuters 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 Agent may specify another page or service displaying the relevant rate after consultation with the Borrowers and the Lenders. 

Security Agent includes any person as may be appointed as such under the Finance Documents. 

Security Documents means: 
  

	 	(a)	each Guarantee; 

  

	 	(b)	the Mortgages over the Ships; 

  

	 	(c)	the General Assignments in relation to the Ships; 

  

	 	(d)	the Share Security; 

  

	 	(e)	any Charter Assignment in relation to a Ship; 

  

	 	(f)	any Manager’s Undertaking in relation to a Ship if required under clause 23.3 (Manager); 

  

	 	(g)	any Reinsurance Assignment in relation to a Ship if required under clause 25.23 (Reinsurances); 

  

	 	(h)	the Hedging Contract Security; 

  

	 	(i)	the Account Security; and 

  

	 	(j)	any other document as may be executed to guarantee and/or secure any amounts owing to the Finance Parties under this Agreement or any other Finance Document, 

with each such document being cross collateralised and securing the obligations of each other Borrower in respect of each Ship under this
Agreement. 
 Security Interest means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or other security interest of
any kind securing any obligation of any person or any other agreement or arrangement having a similar effect. 
 Security Value means,
at any time, the amount in dollars which, at that time, is the aggregate of (a) the aggregate Fair Market Value of all of the Mortgaged Ships which have not then become a Total Loss and (b) the value of any additional security then held by
the Security Agent provided under clause 26 (Minimum security value), in each case as most recently determined in accordance with this Agreement. 

  
 17 

 Share Security means in relation to each Borrower, the document constituting a first
Security Interest by the Parent in favour of the Security Agent in the agreed form in respect of all of the shares or membership interests in the Owners. 

Ship Commitment means, in relation to a Ship, the amount specified against the name of such Ship in Schedule 2 (Ship
information), as cancelled or reduced pursuant to any provision of this Agreement. 
 Ship Representations means each of the
representations and warranties set out in clauses 18.17 (Environmental matters), 18.29 (Ship status) and 18.30 (Ship’s employment). 

Ships means each of the A Ships and the B Ships and Ship means any of them. 

Specified Time means 11:00am (London Time) on the Quotation Day. 

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

Subsidiary of a person means any other person: 
  

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

  

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

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). 
 Total Commitments means the aggregate of the
Commitments, being $278,125,000 at the date of this Agreement. 
 Total Loss means, in relation to a Ship, its: 

 

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

  

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

  

	 	(c)	hijacking, theft, condemnation, capture, seizure, arrest or detention for more than 30 days or, where there has been a hijacking, theft, capture, seizure or detention of the Ship as a result of an act of piracy, 360
days. 

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

 

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

 

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

  

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

  

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

 

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

 

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

  
 18 

	 	(d)	in the case of hijacking, theft, condemnation, capture, seizure, arrest or detention, the date 30 days or, in respect of any hijacking, theft, capture, seizure or detention of the Ship as a result of an act of
piracy, 360 days after the date upon which it happened. 

 Total Loss Repayment Date means where a Mortgaged Ship has
become a Total Loss after its Delivery the earlier of: 
  

	 	(a)	the date 120 days after its Total Loss Date; and 

  

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

Transfer Certificate means a certificate substantially in the form set out in Schedule 6 (Form of Transfer Certificate) or
any other form agreed between the Agent and the Borrowers. 
 Transfer Date means, in relation to a transfer, the later of: 

 

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

  

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

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

Trust Property means, collectively: 
  

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

  

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

  

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

  

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

  

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

 Ultimate Parent means Navigator Holdings Ltd, a
corporation domesticated under the laws of the Republic of the Marshall Islands. 
 Undelivered Ships means each of the Ships in
respect of which Delivery has not occurred prior to first Utilisation Date under this Agreement and Undelivered Ship means any of them. 

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

Utilisation means the making of an Advance. 

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

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

  
 19 

 VAT means: 
  

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

 

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

  

	1.2	Construction 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(g)	agreed form means: 

  

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

  

	 	(ii)	prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing between the Agent and the Borrowers as the form in which that Finance Document is to be executed or another
form approved at the request of the Borrowers or, if not so agreed or approved, is in the form specified by the Agent; 

  

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

 

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

  

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

 

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

  

	 	(l)	control of an entity means: 

  
 20 

	 	(i)	the power (whether by way of ownership of shares, membership interests, proxy, contract, agency or otherwise) to: 

  

	 	(A)	cast, or control the casting of, more than 30% of the maximum number of votes that might be cast at a general meeting of that entity; or 

 

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

  

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

 

	 	(ii)	the holding beneficially of more than 30% of the issued share capital of that entity (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of
either profits or capital) (and, for this purpose, any Security Interest over share capital shall be disregarded in determining the beneficial ownership of such share capital); 

and controlled shall be construed accordingly; 
  

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

  

	 	(n)	dollars/$ means the lawful currency of the United States of America; 

  

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

  

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

  

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

 

	 	(r)	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; 

 

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

 

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

  

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

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

  
 21 

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

  

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

  

	 	(v)	pay or repay in clause 29 (Business restrictions) includes by way of set-off, combination of accounts or otherwise; 

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	1.2.5	A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of Default is continuing if it has not been waived. 

 

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

  
 22 

	1.3	Third party rights 

  

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

  

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

 

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

  

	1.4	Finance Documents 

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

	1.5	Conflict of documents 

 The terms of the Finance Documents other than as relates to the
creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any provision of this Agreement and any provision of any Finance Document (other than in relation to the creation and/or
perfection of security) the provisions of this Agreement shall prevail. 
 SECTION 2 - THE FACILITY 

 

	2	The Facility 

  

	2.1	The Facility 

 Subject to the terms of this Agreement, the Lenders make available to the
Borrowers a term loan facility in an aggregate amount equal to the Total Commitments, to be advanced to the Borrowers in accordance with clause 5 (Utilisation). 
  

	2.2	Increase 

  

	2.2.1	The Borrowers may by giving prior notice to the Agent by no later than the date falling five Business Days after the effective date of a cancellation of: 

 

	 	(a)	the undrawn Commitments of a Defaulting Lender in accordance with clause 7.5.7; or 

  

	 	(b)	the Commitments of a Lender in accordance with clause 7.1 (Illegality), 

 request that
the Total Commitments be increased (and the Total Commitments under the Facility shall be so increased) in an aggregate amount of up to the amount of the Commitment so cancelled as follows: 

 

	 	(i)	the increased Commitments will be assumed by one or more Lenders or other banks or financial institutions (each an Increase Lender) selected by the Borrowers (each of which shall not be a member of the Group and
which is further acceptable to the Agent (acting reasonably)) and each of which confirms its willingness to assume (such confirmation, if given by a Lender, to be given in its sole discretion) and does assume all the obligations of a Lender
corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender; 

  
 23 

	 	(ii)	each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase Lender would have assumed and/or acquired had the
Increase Lender been an Original Lender; 

  

	 	(iii)	each Increase Lender shall become a Party as a “Lender” and any Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that
Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; 

  

	 	(iv)	the Commitments of the other Lenders shall continue in full force and effect; and 

  

	 	(v)	any increase in the Total Commitments shall take effect on the date specified by the Borrowers in the notice referred to above or any later date on which the conditions set out in clause 2.2.2 are satisfied.

  

	2.2.2	An increase in the Total Commitments will only be effective on: 

  

	 	(a)	the execution by the Agent of an Increase Confirmation from the relevant Increase Lender; 

  

	 	(b)	in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase the performance by the Agent of all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to the assumption of the increased Commitments by that Increase Lender, the completion of which the Agent shall promptly notify to the Borrowers and the Increase Lender. 

 

	2.2.3	Each of the other Finance Parties hereby appoints the Agent as its agent to execute on its behalf any Increase Confirmation delivered to the Agent in accordance with this clause 2.2. 

 

	2.2.4	Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of
the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the increase becomes effective. 

  

	2.2.5	Unless the Agent otherwise agrees or the increased Commitments are assumed by an existing Lender, the Borrowers shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee of
$3,500 and the Borrowers shall promptly on demand pay the Agent the amount of all costs and expenses (including legal fees) reasonably incurred by it in connection with any increase in Commitments under this clause 2.2. 

 

	2.2.6	The Borrowers may pay to the Increase Lender a fee in the amount and at the times agreed between the Borrowers and the Increase Lender in a letter between the Borrowers and the Increase Lender setting out that fee. A
reference in this Agreement to a Fee Letter shall include any letter referred to in this clause 2.2.6. 

  

	2.2.7	Clause 33.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this clause 2.2.7 in relation to an Increase Lender as if references in that clause to: 

 

	 	(a)	an Existing Lender were references to all the Lenders immediately prior to the relevant increase; 

  

	 	(b)	the New Lender were references to that Increase Lender; and 

  

	 	(c)	a re-assignment were references to an assignment. 

  
 24 

	2.3	Finance Parties’ rights and obligations 

  

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

  

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

  

	2.3.3	A Finance Party may, except as otherwise stated in the Finance Documents (including clauses 35.23 (All enforcement action through the Agent)) and 36.2 (Finance Parties acting together), separately
enforce its rights under the Finance Documents. 

  

	2.4	Borrowers’ rights and obligations 

  

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

 

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

  

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

  

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

 

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

  

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

  

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

  

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

  

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

  

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

  
 25 

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

  

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

 

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

 

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

 

	 	(g)	any insolvency or similar proceedings. 

  

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

  

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

  

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

  

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

 

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

 

	 	(a)	to be indemnified by another Obligor; 

  

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

 

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

  

	3	Purpose 

  

	3.1	Purpose 

 The Borrowers shall apply all amounts borrowed under the Facility in accordance
with this clause 3. The amount of the Facility to be made available pursuant to clause 3.2 shall be subject to any reduction in accordance with the requirements of clause 5.3. 

  
 26 

	3.2	Use of each Ship Commitment 

 The Ship Commitment for each: 

 

	 	(a)	Delivered Ship shall be made available for the purpose of assisting the relevant Owner to re-finance the Existing Advance made available under the Existing Loan Agreement in respect of that Delivered Ship; and

  

	 	(b)	Undelivered Ship shall be made available for the purpose of assisting the relevant Owner to finance the Delivery Instalment for such Undelivered Ship at the Delivery Date of that Undelivered Ship and any balance not
used for financing such Delivery Instalment may be used for the Borrowers’ general corporate and working capital purposes. 

  

	3.3	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 Lenders will only be obliged to comply with clause 5.4
(Lenders’ participation) in relation to any Utilisation if on or before the Utilisation Date for that Utilisation the Agent, or its duly authorised representative, has received or is satisfied that it will receive no later than three
Business Days prior to the date that the Borrowers deliver the relevant Utilisation Request, all of the documents and other evidence listed in Part 1 of Schedule 3 (Conditions precedent to any Utilisation) in form and substance
satisfactory to the Agent. 
  

	4.2	Conditions precedent on Utilisation 

 The Ship Commitment in respect of a Ship shall only
become available for borrowing under this Agreement if: 
  

	 	(a)	subject to clause 4.5.2, the Agent, or its duly authorised representative, has received all of the documents and evidence listed in Part 2 of Schedule 3 (Conditions precedent on Utilisation) in relation to
such Ship in form and substance satisfactory to the Agent; and 

  

	 	(b)	in the case of the valuations in respect of a Ship to be provided to the Agent pursuant to paragraph 10 Part 2 of Schedule 3 (Conditions precedent on Utilisation), the Agent shall have received such
valuations at least ten days prior to the relevant Utilisation Date, to enable the Agent to verify, and assist the Borrowers in calculating, the amount to be requested in the relevant Utilisation Request as required by clause 5.3.3.

  

	4.3	Notice to Lenders 

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

  
 27 

	4.4	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 no Default is continuing or would result from the proposed Utilisation; 

 

	 	(b)	on the date of the Utilisation Request and on the proposed Utilisation Date the Repeating Representations are true and, in relation to the first Utilisation, all of the other representations set out in clause 18
(Representations), are true; and 

  

	 	(c)	where the proposed Utilisation Date is to be the first day of the Mortgage Period for a Ship, the Ship Representations for such Ship are true on the proposed Utilisation Date. 

 

	4.5	Waiver of conditions precedent 

  

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

  

	4.5.2	To the extent that the relevant Utilisation relates to a Delivered Ship, the conditions precedent listed in paragraphs 1 and 10 of Part 2 of Schedule 3 (Conditions precedent on Utilisation) shall not be
required. 

 SECTION 3 - UTILISATION 
  

	5	Utilisation 

  

	5.1	Delivery of a Utilisation Request 

  

	5.1.1	The Borrowers may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than 11:00 a.m. five Business Days before the proposed Utilisation Date. 

 

	5.1.2	Each Utilisation Request shall relate to one of the Ships and only one Utilisation Request may be submitted in respect of a Ship Commitment 

 

	5.1.3	The Utilisation Requests for the Delivered Ships shall be required to be given in respect of the Ship Commitments of all the Delivered Ships at the same time to enable the Advances for the Delivered Ships to be made at
the same time. 

  

	5.1.4	The Utilisation Date for each Ship Commitment shall be: 

  

	 	(a)	in the case of all the Delivered Ships, such date (and being, as contemplated in clause 5.1.3, the same date) as the relevant Borrowers may propose in the applicable Utilisation Request; and 

 

	 	(b)	in the case of an Undelivered Ship any of the following dates: 

  

	 	(i)	the Delivery Date for the relevant Undelivered Ship to which that Ship Commitment relates; or 

  

	 	(ii)	such earlier date as the Agent might otherwise agree having regard to any obligations of the relevant Borrower under the relevant Building Contract for that Undelivered Ship to pre-position funds with the Builder prior
to Delivery; or 

  

	 	(iii)	if the Borrowers or the relevant Owner has paid for the applicable Delivery Instalment for an Undelivered Ship from their or its own funds, a date falling no later than 5 Business Days after the applicable Delivery Date
for the relevant Undelivered Ship. 

  
 28 

 In the case of the utilisation of an Advance relating to an Undelivered Ship, if requested by the
Borrowers, the Lenders shall preposition that Advance with the Builder’s bank (with such Builder’s bank to be the Bank of China or such other bank acceptable to the Agent acting reasonably) no more than 3 Business Days prior to the
relevant Delivery Date of that undelivered Ship (on terms acceptable to the Agent) and the Borrowers: 
  

	 	(aa)	agree to pay interest on the amount of the funds so prepositioned at a rate equal to the aggregate of (i) three month LIBOR as at the start of the prepositioning period and (ii) the Margin, with such interest
to accrue on a daily basis whilst the funds are so prepositioned and to be paid together with the first payment of interest on such Advance after the Utilisation Date for that Advance; and 

 

	 	(bb)	shall, without duplication and without prejudice to clause 14, indemnify each Finance Party against any costs, loss or liability it may occur in connection with such arrangement. 

 

	5.2	Completion of a Utilisation Request 

  

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

  

	 	(a)	the proposed Utilisation Date is a Business Day and, in respect of the relevant Advance for each Ship, falls within the Availability Period for that Ship; 

 

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

  

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

  

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

  

	5.2.2	Only one Advance in respect of a Ship may be requested in each Utilisation Request. 

  

	5.3	Currency and amount 

  

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

  

	5.3.2	The amount of the proposed Advance must not exceed, when aggregated (where applicable) with the Advances previously made, the Total Commitments. 

 

	5.3.3	On each Utilisation Date the amount of the proposed Advance must not exceed the lesser of: 

  

	 	(a)	the Agreed Percentage of the Fair Market Value of the Ship; and 

  

	 	(b)	the Ship Commitment for the Ship to which the proposed Advance relates. 

  

	5.3.4	If the amount requested in a Utilisation Request is greater than the amount capable of being advanced as a result of compliance with the requirements of clause 5.3.3, then the difference between the amount requested and
the amount advanced (the Shortfall Amount) shall be automatically cancelled on the Utilisation Date in accordance with clause 7.8 (Automatic Cancellation). 

 

	5.4	Lenders’ participation 

  

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

  
 29 

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

 

	5.4.3	The Agent shall promptly notify each Lender of the amount of the Advance and the amount of its participation in the Advance, in each case by 11:00 a.m. on the Quotation Day. 

 

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

 SECTION 4 - REPAYMENT, PREPAYMENT AND CANCELLATION 

 

	6	Repayment 

  

	6.1	Repayment 

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

	6.2	Scheduled repayment of Facility 

  

	6.2.1	Each Advance made in respect of: 

  

	 	(a)	an A Ship which is: 

  

	 	(i)	a Delivered Ship shall be repaid in such amounts and on such dates as reflected in the Repayment Schedule for that Delivered Ship; or 

 

	 	(ii)	an Undelivered Ship shall be repaid by 24 equal quarterly repayment instalments on a straight line amortisation basis in amounts determined in accordance with the percentages set out in the Repayment Schedule and with a
balloon repayment instalment payable on the Final Repayment Date for such Advance in an amount which is equal to 50% of the relevant Advance; and 

  

	 	(b)	a B Ship shall be repaid by 28 equal quarterly repayment instalments on a straight line amortisation basis in amounts determined in accordance with the percentages set out in the Repayment Schedule and with a balloon
repayment instalment payable on the Final Repayment Date for such Advance in an amount which is equal to 50% of the relevant Advance. 

In the case of (a)(ii) and (b) above, on each Utilisation Date the Agent shall notify the Borrowers of the actual amount of each Repayment
Amount based on the percentages contained in the Repayment Schedule and such amounts shall be binding on the parties in the absence of manifest error; 
  

	6.2.2	To the extent not previously reduced and/or rescheduled in accordance with clause 6.3 (Adjustment of scheduled repayments), each Advance shall be repaid by instalments on each Repayment Date for that Advance
(other than the Final Repayment Date) and each instalment shall be in the relevant Repayment Amount (as revised by clause 6.3). 

  

	6.2.3	Each Advance shall be repaid in full on the Final Repayment Date for that Advance together with all outstanding amounts in respect of interest thereon and on the Final Repayment Date for the final Advance to be repaid
(without prejudice to any other provision of this Agreement), all outstanding amounts under this Agreement and the Security Documents (including, but not limited to the outstanding amount of the Loan) shall be repaid in full. 

  
 30 

	6.3	Adjustment of scheduled repayments 

 If the Total Commitments have been partially reduced
under this Agreement (except in the circumstances contemplated in clause 7.6 (Sale or Total Loss) in which case the provisions of that clause shall apply), the amount of the instalments by which an Advance shall be repaid under clause 6.2 on any
such Repayment Date (as reduced by any earlier operation of this clause 6.3) shall be reduced pro rata to such reduction in the Total Commitments (except in the case of (a) a reduction of the Total Commitments due to cancellation under clause
7.3 (Voluntary cancellation) or prepayment under clause 7.4 (Voluntary prepayment) where the reduction shall be treated as reducing the instalments in inverse chronological order) or (b) a reduction of the Total Commitments due to a prepayment
under clause 7.4 (Voluntary Prepayment) where the reduction shall be treated as reducing the relevant Advance being prepaid in full). 
  

	7	Illegality, prepayment and cancellation 

  

	7.1	Illegality 

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

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

  

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

 

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

  

	7.2	Change of control 

  

	7.2.1	The Borrowers shall promptly notify the Agent upon any Obligor becoming aware of a Change of Control. 

  

	7.2.2	If a Change of Control (Guarantor) occurs and unless the Agent has previously approved the Change of Control (Guarantor) (acting on the instructions of the Majority Lenders, whose consent shall not be unreasonably
withheld or delayed) the Total Commitments shall be cancelled with effect from the date such Change of Control occurs and the Loan shall be prepaid in full on or before the date falling 30 days after the date on which such Change of Control occurs
(together with all other outstanding amounts under this Agreement and any of the Security Documents then due and payable at such time). 

  

	7.3	Voluntary cancellation 

 The Borrowers may, if they give the Agent not less than ten
Business Days’ (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000 and a multiple of $1,000,000) of the Available Facility or any part of any Ship
Commitment which is undrawn at the proposed date of cancellation. Upon any such cancellation, the Total Commitments shall be reduced by the same amount. 
  

	7.4	Voluntary prepayment 

 The Borrowers may, if they give the Agent not less than ten
Business Days’ (or such shorter period as the Majority Lenders may agree) prior written notice, prepay either: 

  
 31 

	7.4.1	the whole or any part of the Loan (but if in part, being an amount that reduces the Loan by a minimum amount of $500,000 and which is a multiple of $500,000 or such other amount as is acceptable to the Agent); or

  

	7.4.2	the whole of any outstanding Advance. 

  

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

  

	7.5.1	If: 

  

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

  

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

 

	 	(c)	any Lender refuses to consent to any amendments or waivers requested by the Borrowers pursuant to any provision of this Agreement where such provision is expressed to require the consent of such Lender and such
amendment or waiver has been approved by the Majority Lenders, 

 the Agent shall notify the Borrowers as soon as reasonably
practicable following receipt of such a notification from any Lender and the Borrowers may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent notice of cancellation of the
Commitment of that Lender and their intention to procure the repayment of that Lender’s participation in the Loan or give the Agent notice of their intention to replace that Lender in accordance with clause 7.5.4. 

 

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

  

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

  

	7.5.4	The Borrowers may, in the circumstances set out in clause 7.5.1, with 10 Business Days’ prior notice to the Agent and that Lender, replace that Lender by requiring that Lender to transfer (and, to the extent
permitted by law, that Lender shall transfer) pursuant to clause 33 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity
selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with clause 33 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the
time of the transfer equal to the aggregate of: 

  

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

  

	 	(b)	all accrued interest owing to such Lender; 

  

	 	(c)	the Break Costs which would have been payable to such Lender pursuant to clause 10.5 (Break Costs) had the Borrowers prepaid in full that Lender’s participation in the Loan on the date of the transfer; and

  

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

  

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

  
 32 

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

  

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

  

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

 

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

  

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

  

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

  

	7.5.8	On such notice becoming effective, the undrawn Commitments of the Defaulting Lender shall immediately be reduced to zero and the Agent shall as soon as practicable after receipt of such notice, notify all the Lenders.

  

	7.6	Sale or Total Loss 

  

	7.6.1	If a Ship becomes a Total Loss before its Ship Commitment has become available for borrowing under this Agreement, the Total Commitments shall immediately be reduced by the Ship Commitment for such Ship and such Ship
Commitment shall be reduced to zero. 

  

	7.6.2	On a Mortgaged Ship’s Disposal Repayment Date, the Borrowers shall prepay the amount of the outstanding Advance related to such Mortgaged Ship at that time. 

 

	7.6.3	Once the Agent has confirmed that it has received to its satisfaction all amounts owing pursuant to clause 7.6.1, it will then as soon as practicably possible, at the Borrowers’ cost, release any Security Documents
executed in respect of such Mortgaged Ship and/or the Owner of such Mortgaged Ship. 

  

	7.7	Mandatory pre-delivery cancellation 

 If, prior to an Undelivered Ship’s Delivery:

  

	 	(a)	the Undelivered Ship’s Building Contract is for any reason and by any method cancelled, terminated or rescinded; or 

  

	 	(b)	a competent court or arbitration panel decides that the Undelivered Ship’s Building Contract has been validly cancelled, terminated or rescinded; or 

 

	 	(c)	the Undelivered Ship’s Building Contract is varied in a way prohibited by clause 22.3 (Variations); or 

  

	 	(d)	Delivery of the Undelivered Ship has not occurred by the Last Availability Date, 

 then the Ship
Commitment for such Undelivered Ship shall be cancelled (whereupon the Total Commitments shall be reduced by such Ship Commitment). 
  

	7.8	 Where an Advance in respect of a Ship is repaid in full or prepaid pursuant to clause 7.4.2 so that the whole of any outstanding Advance for a
Mortgaged Ship to which such Advance relates is fully repaid or prepaid, the Borrowers may request the consent of the Security Agent (acting on the instructions of all Lenders) to release, discharge and/or, as appropriate, reassign the

  
 33 

	 	
Security Documents (and the Security Interests thereunder assigned or charged) executed pursuant to paragraph 2 of Part 2 of Schedule 3 in respect of such Mortgaged Ship (and, to the extent that
any such Security Documents apply to multiple Mortgaged Ships, a partial release, discharge and/or, as appropriate, reassignment) provided that the Borrowers shall be in compliance with their obligations under clause 26 (Minimum security
value) following such release or discharge. When any such consent is so given any release arrangements of the type referred to in this clause shall be at the cost and expense of the Borrower. 

 

	7.9	Automatic cancellation 

  

	7.9.1	Any part of a Commitment which has not become available or been utilised by the Last Availability Date for the relevant Advance shall be automatically cancelled at close of business in London on that Last Availability
Date. 

  

	7.9.2	Any Shortfall Amount, calculated in accordance with 5.3.4 (Currency and Amount) shall be automatically cancelled at the time of Utilisation of the relevant Advance but prior to the Utilisation of such Advance.

  

	7.10	Restrictions 

  

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

  

	7.10.2	Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs, without premium or penalty. Any cancellation of any part of the Total Commitments
pursuant to clause 7.3 (Voluntary cancellation) under this Agreement shall be without premium or penalty. 

  

	7.10.3	The Borrowers may not reborrow any part of the Facility which is repaid or prepaid. 

  

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

 

	7.10.5	Subject to clause 2.2 (Increase) no amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

 

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

 

	7.10.7	If the Total Commitments are partially reduced and/or the Loan partially prepaid under this Agreement (other than under clause 7.1 (Illegality), clause 7.5 (Right of cancellation and prepayment in relation to
a single Lender), clause 7.6 (Sale or Total Loss) or clause 7.7 (Mandatory pre-delivery cancellation)), the Commitments of the Lenders and (other than in relation to a cancellation of all of the Ship Commitment for a Ship) the
remaining Ship Commitments shall be reduced rateably. 

  

	7.10.8	Any prepayment under this Agreement shall be made together with payment to any Hedging Provider, of any amount falling due to the relevant Hedging Provider under a Hedging Contract as a result of the termination or
close out of that Hedging Contract or any Hedging Transaction under it in accordance with clause 31.2 (Unwinding of Hedging Contracts) in relation to that prepayment. 

  
 34 

 SECTION 5 - COSTS OF UTILISATION 

 

	8	Interest 

  

	8.1	Calculation of interest 

 The rate of interest on each Advance or, as the case may be,
the Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 
  

	 	(a)	Margin; 

  

	 	(b)	LIBOR; and 

  

	 	(c)	Mandatory Cost, if any. 

  

	8.2	Payment of interest 

 The Borrowers shall pay accrued interest on each Advance or, as the
case may be, the Loan on the last day of each Interest Period. 
  

	8.3	Default interest 

  

	8.3.1	If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Contract) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate which, subject to clause 8.3.2 below, is two point zero per cent (2.0%) higher than the rate of interest most recently calculated (prior to the due date of the overdue amount) pursuant to
clause 8.1 (Calculation of interest), for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing in accordance with this clause 8.3 shall be immediately payable by the Obligor on
demand by the Agent. 

  

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

  

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

 

	 	(b)	the rate of interest applying to the overdue amount during that first Interest Period shall be two point zero per cent (2.0%) per annum higher than the rate which would have applied if the overdue amount had not
become due. 

  

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

  

	8.4	Notification of rates of interest 

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

	9	Interest Periods 

  

	9.1	Duration of Interest Periods 

 Subject to clause 9.2, 

 

	9.1.1	 the first Interest Period in respect of an Advance shall start on the relevant Utilisation Date for that Advance and expire on the First Repayment
Date for that Advance unless that First 

  
 35 

	 	
Repayment Date falls more than three months after the Utilisation Date for that Advance in which case the Interest Period shall expire on the immediately succeeding Repayment Date for the other
Advances then drawn down; and 

  

	9.1.2	each Interest Period after the first Interest Period shall start on the last day of its preceding Interest Period and expire on the immediately succeeding Repayment Date for that Advance. 

 

	9.2	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	Unavailability of Screen Rate 

  

	10.1.1	If no Screen Rate is available for LIBOR for the Interest Period of a Loan, the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Advance or, as the case
may be, the Loan. 

  

	10.1.2	If no Screen Rate is available for LIBOR for: 

  

	 	(a)	dollars; or 

  

	 	(b)	the Interest Period of the Loan and it is not possible to calculate the Interpolated Screen Rate, 

the applicable LIBOR shall be the Reference Bank Rate as of the Specified Time and for a period equal in length to the Interest Period of the
relevant Advance or, as the case may be, the Loan. 
  

	10.2	Calculation of Reference Bank Rate 

  

	10.2.1	Subject to clause 10.2.2 below, if LIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified Time, the Reference Bank Rate shall be calculated on
the basis of the quotations of the remaining Reference Banks. 

  

	10.2.2	If at or about noon on the Quotation Day, none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant Interest Period. 

 

	10.3	Market disruption 

  

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

  

	 	(a)	the Margin; 

  

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

  

	 	(c)	the Mandatory Cost, if any, applicable to that Lender’s participation in the Advance. 

  

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

  
 36 

	10.3.3	In this Agreement Market Disruption Event means that clause 10.2.2 applies. 

  

	10.4	Alternative basis of interest or funding 

  

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

  

	10.4.2	Any alternative basis agreed pursuant to clause 10.4.1 above shall, with the prior consent of all the Lenders, be binding on all Parties. 

 

	10.5	Break Costs 

  

	10.5.1	The Borrowers 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 an Advance of a Loan or Unpaid Sum being paid by the Borrowers
on a day other than the last day of an Interest Period for that Advance of the Loan or Unpaid Sum or relevant part of it. 

  

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

 

	11	Fees 

  

	11.1	Commitment commission 

  

	11.1.1	The Borrowers shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of 1.00% per annum on the undrawn and uncancelled portion of that Lender’s Commitment calculated
from: 

  

	 	(a)	in respect of a Ship Commitment relating to a B Ship, the date of this Agreement; or 

  

	 	(b)	in respect of a Ship Commitment relating to an A Ship, the date on which the Existing Loan is repaid or prepaid in full, 

(respectively, the start date). 
  

	11.1.2	The Borrowers shall pay the accrued commitment commission on the last day of the period of three months commencing on the relevant start date, on the last day of each successive period of three months up to and
including the Last Availability Date in respect of the last Advance made hereunder and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitments at the time the cancellation is effective. 

 

	11.1.3	No commitment fee is payable to the Agent (for the account of a Lender): 

  

	 	(a)	on any undrawn Commitment of that Lender for any day on which that Lender is a Defaulting Lender; or 

  

	 	(b)	in respect of a Ship Commitment relating to a Delivered Ship. 

  

	11.2	Additional Fees 

 The Borrowers shall pay to the Agent (for its own account and for the
account of the Arrangers) the fees in the amount and at the times agreed in any Fee Letter. 

  
 37 

 SECTION 6 - ADDITIONAL PAYMENT OBLIGATIONS 

 

	12	Tax gross-up and indemnities 

  

	12.1	Definitions 

  

	12.1.1	In this Agreement: 

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

Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document (other than a Hedging
Contract) but shall not include a FATCA Deduction. 
 Tax Payment means either the increase in a payment made by an Obligor to a
Finance Party under clause 12.2 (Tax gross-up) or a payment under clause 12.3 (Tax indemnity). 
  

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

  

	12.2	Tax gross-up 

  

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

 

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

 

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

  

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

  

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

 

	12.2.6	This clause 12.2 shall not apply in respect of any payments under any Hedging Contract, where the gross-up provisions of the relevant Hedging Master Agreement itself shall apply. 

 

	12.3	Tax indemnity 

  

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

  
 38 

	12.3.2	Clause 12.3.1 above shall not apply: 

  

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

  

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

  

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

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

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

  

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

  

	 	(d)	to the extent a loss, liability or cost is compensated for by a payment under clause 12.5. 

  

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

  

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

  

	12.4	Tax Credit 

  

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

  

	 	(a)	a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that Tax Payment; and 

  

	 	(b)	that Finance Party has obtained, utilised and retained 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	Indemnities on after Tax basis 

  

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

 

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

  
 39 

	12.5.3	For the purposes of this clause 12.5 a sum shall be deemed to be taxable in the hands of a Protected Party if it falls to be taken into account in computing the profits or gains of that Protected Party for the purposes
of Tax and, if so, that Protected Party shall be deemed to have suffered Tax on the relevant sum at the rate of Tax applicable to that Protected Party’s profits or gains for the period in which the payment of the relevant sum falls to be taken
into account for the purposes of such Tax. 

  

	12.5.4	There shall be taken into account, in determining whether any amount referred to in clause 12.5.1 is insufficient, the amount of any deduction or other relief, allowance or credit available to the Protected Party in
respect of the Protected Party’s corresponding liability to a third party or the cost incurred by the Protected Party in discharging the corresponding liability to a third party. 

 

	12.6	Stamp taxes 

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

 

	12.7	Value added tax 

  

	12.7.1	All amounts expressed in a Finance Document to be payable by any party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT
which is chargeable on that supply, and accordingly, subject to clause 12.7.3 below, if VAT is or becomes chargeable on any supply made by any Finance Party to any party under a Finance Document, and such Finance Party is required to account to the
relevant tax authority for the VAT, that party 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). 

  

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

  

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

  

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

 

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

  

	12.7.4	Any reference in this clause 12.7 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to
the representative member of such group at such time (the term “representative member” to have the same meaning as in the Value Added Tax Act 1994). 

  
 40 

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

 

	12.8	FATCA Information 

  

	12.8.1	Subject to clause 12.8.3 below, each Party shall, within 20 Business Days of a reasonable request by another Party: 

  

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

  

	 	(i)	a FATCA Exempt Party; or 

  

	 	(ii)	not a FATCA Exempt Party; and 

  

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

  

	 	(c)	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. 

  

	12.8.2	If a Party confirms to another Party pursuant to clause 12.8.1(a) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify
that other Party reasonably promptly. 

  

	12.8.3	Clause 12.8.1 above shall not oblige any Finance Party to do anything, and clause 12.8.1(c) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:

  

	 	(a)	any law or regulation; 

  

	 	(b)	any fiduciary duty; or 

  

	 	(c)	any duty of confidentiality. 

  

	12.8.4	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with clause 12.8.1(a) or 12.8.1(b)12.8.1 above (including, for the
avoidance of doubt, where clause 12.8.3 above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the
requested confirmation, forms, documentation or other information. 

  

	12.9	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 the Company and the Agent and the Agent shall notify the other Finance Parties. 

  
 41 

	13	Increased Costs 

  

	13.1	Increased Costs 

  

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

  

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

  

	 	(b)	is a Basel III Increased Cost. 

  

	13.1.2	In this Agreement Increased Costs means: 

  

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

  

	 	(b)	an additional or increased cost; or 

  

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

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

 

	13.2	Increased Cost claims 

  

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

  

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

 

	13.3	Exceptions 

  

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

  

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

  

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

  

	 	(c)	compensated for by the payment of the Mandatory Cost; 

  

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

  

	 	(e)	attributable to a FATCA Deduction required to be made by an Obligor or a Finance Party. 

  

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

  
 42 

	14	Other indemnities 

  

	14.1	Currency indemnity 

  

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

  

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

  

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

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

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

 

	14.2	Other indemnities 

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

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any and all Losses arising as a result of clause 37 (Sharing among the Finance Parties);

  

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

  

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

  

	14.3	Indemnity to the Agent 

 The Borrowers shall promptly indemnify the Agent and the
Security Agent against: 
  

	 	(a)	any and all Losses incurred by the Agent or the Security Agent (acting reasonably) as a result of: 

  

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

  

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

 

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

  
 43 

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

  

	 	(b)	any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent or the Security Agent in the course of acting as Agent or, as the case may
be, Security Agent under the Finance Documents (otherwise than by reason of the Agent’s or the Security Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 38.11 (Disruption
to Payment Systems etc.) notwithstanding the Agent’s or the Security Agent’s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent in acting as Agent or
the Security Agent under the Finance Documents. 

  

	14.4	Indemnity concerning security 

  

	14.4.1	The Borrowers shall (or shall procure that another Obligor will) promptly indemnify each Indemnified Person against any and all Losses incurred by it in connection with: 

 

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

  

	 	(b)	acting or relying on any notice, request or instruction received in respect of the Finance Documents which it reasonably believes to be genuine, correct and appropriately authorised; 

 

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

  

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

  

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

  

	 	(f)	any breach by any Obligor of the Finance Documents. 

  

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

  

	14.5	Continuation of indemnities 

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

	14.6	Third Parties Act 

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

  
 44 

	14.7	Interest 

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

	14.8	Exclusion of liability 

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

 

	15	Mitigation by the Lenders 

  

	15.1	Mitigation 

  

	15.1.1	Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled
pursuant to, any of clause 7.1 (Illegality), clause 12 (Tax gross-up and indemnities) or clause 13 (Increased Costs) or paragraph 3 of Schedule 5 (Mandatory Cost formulae) including (but not limited to)
transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

  

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

  

	15.2	Limitation of liability 

  

	15.2.1	The Borrowers shall promptly 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). 

 

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

 

	16	Costs and expenses 

  

	16.1	Transaction expenses 

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

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

  

	 	(b)	any other Finance Documents executed or proposed to be executed after the date of this Agreement including any executed to provide additional security under clause 26 (Minimum security value); or

  
 45 

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

  

	16.2	Amendment costs 

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

	16.3	Enforcement, preservation and other costs 

 The Borrowers shall on demand by a Finance
Party, pay to each Finance Party the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants, brokers, surveyors and advisers) incurred by that Finance Party in connection with: 

 

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

 

	 	(b)	any valuation carried out under clause 26 (Minimum security value); or 

  

	 	(c)	any inspection carried out under clause 24.8 (Inspection and notice of dry-dockings) or any survey carried out under clause 24.16 (Survey report). 

SECTION 7 - GUARANTEE 
  

	17	Guarantee and indemnity 

  

	17.1	Guarantee and indemnity 

 Each Guarantor irrevocably and unconditionally: 

 

	 	(a)	guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual performance by each other Obligor of all such Obligor’s obligations under the Finance Documents;

  

	 	(b)	undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, it
shall immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	(c)	agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties 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 Borrowers not paying any amount which would, but for such unenforceability, invalidity or illegality, have been
payable by the Borrowers under any Finance Document on the date when it would have been due. The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this clause 17.1 if the amount claimed had
been recoverable on the basis of a guarantee. 

  
 46 

	17.2	Continuing guarantee 

 Each Guarantee is a continuing guarantee and will extend to the
ultimate balance of sums payable by any Obligor 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 Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation,
administration or otherwise, without limitation, then the liability of each Guarantor under this clause 17 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 will not
be affected by an act, omission, matter or thing (whether or not known to it or any Finance Party) which, but for this clause, would reduce, release or prejudice any of its obligations under this clause 17 including (without limitation): 

 

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

  

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

 

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

  

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

 

	 	(e)	any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of 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 

 Each Guarantor waives any right it may have of first requiring any
Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this clause 17. This waiver applies irrespective of any
law or any provision of a Finance Document to the contrary. 
  

	17.6	Appropriations 

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

  
 47 

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such
manner and order as it sees fit (whether against those amounts or otherwise) and no 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 any Guarantor’s liability under this clause 17. 

 

	17.7	Deferral of Guarantor’s rights 

 Until all amounts which may be or become payable by
the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have 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: 
  

	 	(a)	to be indemnified by another Obligor; 

  

	 	(b)	to claim any contribution from any other guarantor of any 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 Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in
connection with, the Finance Documents by any Finance Party; 

  

	 	(d)	to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which a Guarantor has given a guarantee, undertaking or indemnity under clause 17
(Guarantee and Indemnity); 

  

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

  

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

 If
a Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to the Agent for application in accordance with clause 38 (Payment mechanics). This only applies until all amounts
which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full. 
  

	17.8	Additional security 

 Each Guarantee is in addition to and is not in any way prejudiced
by any other guarantee or security now or subsequently held by any Finance Party. 
 SECTION 8 - REPRESENTATIONS, UNDERTAKINGS AND EVENTS
OF DEFAULT 
  

	18	Representations 

 Each Borrower makes and repeats the representations and warranties set
out in this clause 18 to each Finance Party at the times specified in clause 18.35 (Times when representations are made). 

  
 48 

	18.1	Status 

  

	18.1.1	The Ultimate Parent is domesticated and validly existing in good standing under the laws of its Original Jurisdiction as a corporation, and each Borrower and the Parent is duly formed and validly existing in good
standing under the laws of its Original Jurisdiction of its incorporation as a limited liability company, and each Obligor has no registered place of business outside its Original Jurisdiction. 

 

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

 

	18.2	Binding obligations 

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

 

	18.3	Power and authority 

  

	18.3.1	Each Obligor has power to enter into, perform and deliver and comply with its obligations under, and has taken all necessary action to authorise its entry into, each Finance Document, any Charter Document and, in
relation to Undelivered Ships, any Building Contract to which it is or is to be a party. 

  

	18.3.2	No limitation on any Obligor’s powers to borrow, create security or give guarantees will be exceeded as a result of any transaction under, or the entry into of, any Finance Document, any Charter Document or, in
relation to Undelivered Ships, any Building Contract to which such Obligor is, or is to be, a party. 

  

	18.4	Non-conflict 

 The entry into and performance by each Obligor of, and the transactions
contemplated by the Finance Documents, the Charter Documents and, in relation to Undelivered Ships, the Building Contract to which it is a party and the granting of the Security Interests purported to be created by the Security Documents do not and
will not conflict with: 
  

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

  

	 	(b)	the Constitutional Documents of any Obligor; or 

  

	 	(c)	any agreement or other instrument binding upon any Obligor or any other Group Member or its or any other Group Member’s assets, 

or constitute a default or termination event (however described) under any such agreement or instrument or result in the creation of any
Security Interest (save for a Permitted Lien or under a Security Document) on any Group Member’s assets, rights or revenues. 
  

	18.5	Validity and admissibility in evidence 

  

	18.5.1	All authorisations required or desirable: 

  

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

  
 49 

	 	(b)	to make each Finance Document, any Charter Document or, in relation to Undelivered Ships, any Building Contract to which it is a party admissible in evidence in its Relevant Jurisdiction; and 

 

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

have been obtained or effected and are in full force and effect except any authorisation or filing referred to in clause 18.12 (No filing or
stamp taxes), which authorisation or filing will be promptly obtained or effected within any applicable period. 
  

	18.5.2	All authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor and each other Group Member have been obtained or effected (subject to the Legal Reservations) and are in full
force and effect if failure to obtain or effect those authorisations might have a Material Adverse Effect. 

  

	18.6	Governing law and enforcement 

 Save as otherwise identified in any legal opinion
delivered to the Agent under clause 4.1 (Initial conditions precedent) and subject to any Legal Reservations: 
  

	18.6.1	the choice of English law or any other applicable law as the governing law of any Finance Document, and any Charter Document or, in relation to Undelivered Ships, Building Contract will be recognised and enforced in
each Obligor’s Relevant Jurisdiction; and 

  

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

 

	18.7	Information 

  

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

  

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

 

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

 

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

  

	18.7.5	For the purposes of this clause 18.7, Information means: any information provided by any Obligor or any other Group Member to any of the Finance Parties in connection with the Finance Documents, the Charter
Documents or the Building Contracts or the transactions referred to in them. 

  

	18.8	Original Financial Statements 

  

	18.8.1	The Original Financial Statements were prepared in accordance with GAAP or, as the case may be, IFRS consistently applied. 

  

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

 

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

  
 50 

	18.9	Pari passu ranking 

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

 

	18.10	Ranking and effectiveness of security 

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

	18.11	No insolvency 

 No corporate action, legal proceeding or other procedure or step
described in clause 31.10 (Insolvency proceedings) or creditors’ process described in clause 31.11 (Creditors’ process) has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member and none of
the circumstances described in clause 31.9 (Insolvency) applies to any Group Member. 
  

	18.12	No filing or stamp taxes 

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

	18.13	Tax 

  

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

  

	18.13.2	The execution or delivery or performance by any Party of the Finance Documents will not result in any Finance Party: 

  

	 	(a)	having any liability in respect of Tax in any Flag State; 

  

	 	(b)	having or being deemed to have a place of business in any Flag State or any Relevant Jurisdiction of any Obligor. 

  

	18.14	No Default 

  

	18.14.1	No Default is continuing or is reasonably likely to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Finance Document, any Charter Document or, in
relation to Undelivered Ships, Building Contract. 

  
 51 

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

  

	18.15	No proceedings pending or threatened 

 No litigation, arbitration or administrative
proceedings or investigations 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 any Obligor’s knowledge and belief) been
started or threatened against any Obligor or any other Group Member. 
  

	18.16	No breach of laws 

  

	18.16.1	No Obligor or other Group Member has breached any law or regulation which breach might have a Material Adverse Effect. 

  

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

  

	18.17	Environmental matters 

  

	18.17.1	No Environmental Law applicable to any Fleet Vessel and/or any Obligor or other Group Member has been violated in a manner or circumstances which might have a Material Adverse Effect. 

 

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

  

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

  

	18.18	Tax Compliance 

  

	18.18.1	No Obligor or other Group Member is materially overdue in the filing of any Tax returns or overdue in the payment of any material amount in respect of Tax. 

 

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

 

	18.18.3	Each Obligor is resident for Tax purposes only in its Original Jurisdiction except for any Taxes which may arise in the usual course of its business of operating and trading the Ships. 

 

	18.19	Anti- corruption law 

 Each Group Member has conducted its businesses in compliance with
applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws. 

  
 52 

	18.20	Sanctions 

 No Obligor nor any other member of the Group nor any Affiliate of any member
of the Group, nor any of their respective directors, officers or employees nor, to the knowledge of any Obligor, any persons acting on any of their behalf: 
  

	 	(a)	is a Sanctioned Party; 

  

	 	(b)	owns or controls a Sanctioned Party; 

  

	 	(c)	is in breach of Sanctions; or 

  

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

 

	18.21	Security and Financial Indebtedness 

  

	18.21.1	No Security Interest exists over all or any of the present or future assets of any Obligor or other Group Member in breach of this Agreement other than those Security Interests created pursuant to the terms of the
Existing Loan Agreement and which will be discharged on or before the first Utilisation. 

  

	18.21.2	No Obligor or other Group Member has any Financial Indebtedness outstanding in breach of this Agreement other than that Financial Indebtedness owing pursuant to the terms of the Existing Loan Agreement and which will be
repaid on or before the first Utilisation. 

  

	18.22	Legal and beneficial ownership 

 Each Obligor is or, on the date the Security Documents
to which it is a party are entered into, will be the sole legal and beneficial owner of the respective assets over which it purports to grant a Security Interest under the Security Documents to which it is a party. 

 

	18.23	Membership interests 

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

  

	18.24	Accounting Reference Date 

 The financial year-end of each Obligor and other Group Member
is the Accounting Reference Date. 
  

	18.25	No adverse consequences 

 Save as otherwise identified in any legal opinion delivered to
the Agent under clause 4.1 (Initial conditions precedent): 
  

	18.25.1	it is not necessary under the laws of the Relevant Jurisdictions of any Obligor: 

  

	 	(a)	in order to enable any Finance Party to enforce its rights under any Finance Document to which it is, or is to be, a party; or 

  

	 	(b)	by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under any Finance Document to which it is, or is to be, a party,that any Finance Party should be licensed,
qualified or otherwise entitled to carry on business in any of such Relevant Jurisdictions; and 

  
 53 

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

  

	18.26	Copies of documents 

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

  

	18.27	No breach of any Building Contract 

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

	18.28	No immunity 

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

	18.29	Ship status 

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

 

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

 

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

  

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

  

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

  

	18.30	Ship’s employment 

 Each Ship shall on the first day of the relevant Mortgage Period
be free of any charter commitment (other than any Charter if any Charter has been entered into by an Owner) which, if entered into after that date, would require approval under the Finance Documents. 

 

	18.31	Ownership of the Obligors 

 Each of the Borrowers is: 

 

	 	(a)	a wholly, legally and beneficially owned indirect Subsidiary of the Ultimate Parent; and 

  

	 	(b)	a wholly, legally and beneficially owned direct Subsidiary of the Parent. 

  
 54 

	18.32	Address commission 

 There are no rebates, commissions or other payments in connection
with any Building Contract or any Charter other than those referred to in it. 
  

	18.33	No money laundering 

 None of the Obligors are in contravention of any anti-money
laundering law, official requirement or other regulatory measure or procedure implemented to combat “money laundering”. 
  

	18.34	No corrupt practices 

 None of the Obligors are engaged in any practice which would be
deemed corrupt in any Relevant Jurisdiction. 
  

	18.35	Times when representations are made 

  

	18.35.1	All of the representations and warranties set out in this clause 18 (other than Ship Representations relating to Ships which are not Mortgaged Ships at such time) are deemed to be made on the dates of:

  

	 	(a)	this Agreement; 

  

	 	(b)	the first Utilisation Request; 

  

	 	(c)	any Utilisation; and 

  

	 	(d)	the issuing of any Compliance Certificate. 

  

	18.35.2	The Repeating Representations and the Ship Representations relating to Ships which are Mortgaged Ships at such times are deemed to be made on the dates of each subsequent Utilisation Request and the first day of each
Interest Period. 

  

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

  

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

  

	19	Information undertakings 

 The Borrowers undertake that this clause 19 will be complied
with throughout the Facility Period. 
 In this clause 19: 

Annual Financial Statements means the financial statements for a financial year of the Group delivered pursuant to clause 19.1.1. 

Quarterly Financial Statements means the financial statements for a financial quarter of the Group delivered pursuant to clause 19.1.2.

  

	19.1	Financial statements 

  

	19.1.1	The Borrowers shall supply to the Agent as soon as the same become available, but in any event within 120 days after the end of each financial year, the audited consolidated financial statements of the Group for that
financial year. 

  
 55 

	19.1.2	Following the first Utilisation Date, the Borrowers shall supply to the Agent as soon as the same become available, but in any event within 90 days after the end of each financial quarter, their combined unaudited
financial statements and the unaudited consolidated financial statements of the Group for that financial quarter duly signed by the chief financial officer or a financial controller of the Borrower. 

 

	19.1.3	The Borrowers shall supply to the Agent not later than 30 June and 31 December each year, (i) financial projections for the Group for the succeeding three years in form and substance similar to the
financial projections provided with the information memorandum provided to the Lenders in connection with the Facility, such financial projections to be for such period as reflects the current reporting practice of the Group from time to time and in
any event being for a period of not less than three years and (ii) details of contracted employment of the Group’s fleet for the following 12 month period. 

 

	19.2	Provision and contents of Compliance Certificate 

  

	19.2.1	The Borrowers shall supply a Compliance Certificate to the Agent with each set of Quarterly Financial Statements for the Group. 

  

	19.2.2	Each Compliance Certificate shall, amongst other things, including supporting schedules setting out (in reasonable detail) computations as to compliance with clause 20 (Financial covenants).

  

	19.2.3	Each Compliance Certificate shall be signed by the chief financial officer or a financial controller of the Ultimate Parent. 

  

	19.3	Requirements as to financial statements 

  

	19.3.1	The Borrowers shall procure that each set of Annual Financial Statements includes a profit and loss account, a balance sheet and a cashflow statement and each set of Quarterly Financial Statements includes an income
statement, a cashflow statement and a balance sheet and that, in addition, each set of Annual Financial Statements shall be audited by the Auditors. 

  

	19.3.2	Each set of financial statements delivered pursuant to clause 19.1 (Financial statements) shall: 

  

	 	(a)	be prepared in accordance with GAAP, or as the case may be, IFRS; 

  

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

  

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

  

	19.3.3	The Borrowers shall procure that each set of financial statements delivered pursuant to clause 19.1 (Financial statements) shall be prepared using GAAP or IFRS, accounting practices and financial reference
periods consistent with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of financial statements, the Borrowers notify the Agent that there has been a change in GAAP or, as the case may be, IFRS
or the accounting practices and the Auditors deliver to the Agent: 

  

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

  

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

  
 56 

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

	19.4	Year-end 

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

	19.5	Information: miscellaneous 

 The Borrowers shall supply to the Agent: 

 

	 	(a)	at the same time as they are dispatched, copies of all financial statements, financial forecasts, reports, proxy statements and other material communications provided to the shareholders of the Borrowers and copies of
all material documents dispatched by any Guarantor or any Obligors to its creditors generally (or any class of them); 

  

	 	(b)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current, threatened or pending against any Obligor or other Group Member, and which, if adversely
determined, might have a Material Adverse Effect or which would involve a liability, or a potential or alleged liability, exceeding $5,000,000 (or its equivalent in other currencies); 

 

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

 

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

  

	19.6	Notification of Default 

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

 

	19.7	Sufficient copies 

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

	19.8	Use of websites 

  

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

  

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

 

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

 

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

 If any
Lender (a Paper Form Lender) does not agree to the delivery of information electronically then the Agent shall notify the Borrowers accordingly and the Borrowers shall 

  
 57 

 
supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Borrowers shall supply the Agent with at least one copy in paper form of any
information required to be provided by it. 
  

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

 

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

  

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

  

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

  

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

  

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

  

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

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

 

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

  

	19.9	“Know your customer” checks 

  

	19.9.1	If: 

  

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

 

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

  

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

 obliges the Agent, the relevant Hedging Provider or any Lender (or, in the case of
paragraph (c) 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 the Agent or any Lender or any Hedging Provider 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 any Hedging Provider) or
any Lender (for itself or, in the case of the event described in paragraph (c) above, on behalf of any prospective new Lender) in order for the Agent, such Lender or the relevant Hedging Provider or, in the case of the event described in
paragraph (c) above, any prospective new Lender to carry out and be satisfied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions
contemplated in the Finance Documents. 

  
 58 

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

  

	20	Financial covenants 

 The Borrowers undertake that this clause 20 will be complied with
throughout the Facility Period as tested on a quarterly basis in accordance with clause 20.3 (Financial testing). 
  

	20.1	Financial definitions 

 In this clause 20: 

Cash Equivalents shall mean the following (all of which shall be valued at market value and freely disposable and for the avoidance of
doubt none of the following shall be deemed disqualified from being freely disposable by reason of being included in minimum liquidity calculations under this Agreement or other agreements respecting Indebtedness, or being subject to a lien): 

 

	 	(a)	securities with maturities of one year or less from the date of acquisition issued or fully guaranteed or insured by the United States Government or any agency thereof; 

 

	 	(b)	certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition and overnight bank deposits of any Lender and certificates of deposit with maturities of one year or
less from the date of acquisition and overnight bank deposits of any other commercial bank whose principal place of business is organized under the laws of any country that is a member of the Organization for Economic Cooperation and Development or
has concluded special lending arrangements with the International Monetary Fund associated with its General Arrangements to Borrow, or a political subdivision of any such country, and having capital and surplus in excess of $200,000,000;

  

	 	(c)	commercial paper of any issuer rated at least A-2 by Standard & Poor’s Ratings Group or P-2 by Moody’s investors Service, Inc. with maturities of one year or less from the date of acquisition; and

  

	 	(d)	additional money market investments with maturities of one year or less from the date of acquisition rated at least A-1 or AA by Standard & Poor’s Ratings Group or P-1 or Aa by Moody’s Investors
Service, Inc. 

 EBITDA means, with respect to the Group Members for any period, Operating Income, plus depreciation,
amortisation and other non-cash charges, to the extent deducted in calculating Operating Income. 
 Indebtedness means, with respect
to any Group Member, at any date of determination (without duplication) (a) all indebtedness of such Group Member for borrowed money, (b) all obligations of such Group Member evidenced by bonds, debentures, notes or other similar
instruments, (c) all obligations of such Group Member in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto), (d) all obligations of such Group Member to pay the deferred and
unpaid purchase price of property or services, which purchase price is due more than six months after the date of placing such property in service or taking delivery thereof or the completion of such services, except trade payables, (e) all
obligations on account of principal of such Group Member as lessee under capitalised leases, (f) all indebtedness of other persons secured by a lien on any asset of such Group Member, whether or not such indebtedness is assumed by such Group
Member; provided that the amount of such indebtedness shall be the lesser of (i) the fair market value of such asset at such date of determination and (ii) the amount of such indebtedness, and (g) all indebtedness of other
persons guaranteed by such Group Member to the extent guaranteed and the amount of 

  
 59 

 
Indebtedness of any Group Member at any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the
maximum liability upon the occurrence of the contingency giving rise to the obligation, provided that the amount outstanding at any time of any indebtedness issued with an original issue discount is the face amount of such indebtedness less the
remaining unamortised portion of the original issue discount of such indebtedness at such time as determined in accordance with GAAP or, as the case may require, IFRS; and provided further that Indebtedness shall not include any liability for
current or deferred Taxes, or any trade payable. 
 Interest Expense means with respect to the Group Members for any period, all
interest charges, including the interest component of capitalised leases and any Hedging Contracts. 
 Operating Income means the
excess of the revenues of the Group Members (on a consolidated basis) over the expenses pertaining thereto, excluding income derived from sources other than its regular activities and any gains or losses on vessel sales, and before income deductions
such as writedown amounts or any impairment reserves. 
 Total Assets means, at any time, the total assets of the Group determined in
accordance with GAAP (as shown in the most recent Quarterly Financial Statements). 
 Total Indebtedness means, at any time, the
aggregate sum of all Indebtedness of the Group as reflected in the consolidated balance sheet of the Group determined in accordance with GAAP (as shown in the most recent Quarterly Finance Statements). 

Total Stockholders’ Equity means, at any time, the shareholders’ equity for the Group determined in accordance with GAAP (as
shown in the most recent Quarterly Finance Statements). 
  

	20.2	Financial condition 

 At all times during the Facility Period, the Borrowers shall
procure that the Group: 
  

	 	(a)	maintains at all times, cash and Cash Equivalents in an amount equal to or greater than (i) $25,000,000 and (ii) five per cent (5%) of the Total Indebtedness; 

 

	 	(b)	maintains a ratio of EBITDA to Interest Expense of not less than 3.00:1.00, as measured on the last day of each financial quarter of the Group; and 

 

	 	(c)	maintains a ratio of Total Stockholders’ Equity to Total Assets of not less than 30%. 

  

	20.3	Financial testing 

 The financial covenants set out in clause 20.2 (Financial
condition) shall be calculated in accordance with GAAP or, as the case may require, IFRS and tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to clause 19.2 (Provision and contents
of Compliance Certificate). 
  

	21	General undertakings 

 Each Borrower undertakes that this clause 21 will be complied with
by and in respect of each Obligor and each other Group Member throughout the Facility Period. 
  

	21.1	Use of proceeds 

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

  
 60 

	21.2	Authorisations 

 Each Obligor will promptly: 

 

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

  

	 	(b)	supply certified copies to the Agent of, 

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

	 	(i)	enable it to perform its obligations under the Finance Documents, and the Charter Documents or, in relation to Undelivered Ships, Building Contract in each case to which it is a party; 

 

	 	(ii)	ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document, or Charter Document or, in relation to Undelivered Ships, Building Contract in each case to which it is a party; and

  

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

  

	21.3	Compliance with laws 

  

	21.3.1	Each Obligor and each other Group Member will comply in all respects with all laws and regulations (including Environmental Laws) to which it may be subject if failure to comply has or is reasonably likely to have a
Material Adverse Effect. 

  

	21.4	Anti-corruption law 

  

	21.4.1	No Obligor or other Group Member will directly or indirectly use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other
similar legislation in other jurisdictions. 

  

	21.4.2	Each Obligor shall (and the Borrowers shall ensure that each other Group Member shall): 

  

	 	(a)	conduct its businesses in compliance with applicable anti-corruption laws; and 

  

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

  

	21.5	Sanctions 

  

	21.5.1	Each Obligor shall (and shall ensure that each member of the Group will) comply in all respects with all Sanctions applicable to it. 

 

	21.5.2	No Obligor nor any other member of the Group nor any Affiliate of any member of the Group nor any of their respective directors, officers or employees will, directly or indirectly: 

 

	 	(a)	make any part of the proceeds of any Advance available to, or for the benefit of, a Sanctioned Party, or permit or authorise any such proceeds to be applied in a manner or for a purpose prohibited by any Sanctions
applicable to it; or 

  

	 	(b)	fund all or part of any repayment under the Facility out of proceeds derived from transactions which would be prohibited by any Sanctions applicable to it or would otherwise cause it to be in breach of Sanctions or to
become a Sanctioned Party. 

  
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	21.6	Tax compliance 

  

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

  

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

  

	 	(b)	adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Agent under clause 19.1 (Financial
statements); and 

  

	 	(c)	such payment can be lawfully withheld. 

  

	21.6.2	Except as approved by the Majority Lenders, each Obligor shall maintain its residence for Tax purposes in the jurisdiction in which it is incorporated or, as the case may be, formed and ensure that it is not resident
for Tax purposes in any other jurisdiction save for any Taxes which may arise in the usual course of its business of operating and trading the Ships. 

  

	21.7	Change of business 

 Except as approved by the Majority Lenders, no substantial change
will be made to the general nature of the business of the Guarantors or the other Obligors or the Group taken as a whole from that carried on at the date of this Agreement. 
  

	21.8	Merger 

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

	21.9	Further assurance 

  

	21.9.1	Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Agent may reasonably specify (and in such form as the
Agent may reasonably require): 

  

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

  

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

  

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

  

	 	(d)	to facilitate either the accession by a New Lender to any Security Document following an assignment in accordance with clause 33.1 (Assignments and Transfers by the Lenders). 

 

	21.9.2	Each Obligor shall 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
Interest conferred or intended to be conferred on the Security Agent by or pursuant to the Finance Documents. 

  
 62 

	21.10	Negative pledge in respect of Charged Property 

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

	21.11	Environmental matters 

  

	21.11.1	The Agent will be notified as soon as reasonably practicable of any Environmental Claim being made against any Obligor or other Group Member or any Fleet Vessel which, if successful to any extent, might have a Material
Adverse Effect and of any Environmental Incident which may give rise to such an Environmental Claim and will be kept regularly and promptly informed in reasonable detail of the nature of, and response to, any such Environmental Incident and the
defence to any such claim. 

  

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

 

	21.12	Inspection of records 

 Upon reasonable notice from the Agent, allow any representative
of the Agent, subject to applicable laws and regulations, to visit and inspect the Borrowers’ properties and, on request, to examine the Borrowers’ books of account, records, reports, agreements and other papers and to discuss the
Borrowers’ affairs, finances and accounts with its offices, in each case at such times and as often as the Agent reasonably requests. 
  

	21.13	Ownership of Obligors 

 At all times (unless the Lenders have provided their written
consent): 
  

	 	(a)	the Ultimate Parent shall directly own 100% of the shares in the Parent; 

  

	 	(b)	the Parent shall directly own 100% of the shares in each Borrower; 

  

	 	(c)	the Permitted Holder shall own, directly or indirectly, at least 20% of the share capital in the Ultimate Parent; 

  

	 	(d)	no individual person (other than the Permitted Holder) shall own, directly or indirectly, more than 20% of the share capital in the Ultimate Parent; 

 

	 	(e)	there shall be no Change of Control (Borrowers); and 

  

	 	(f)	the managing member of each Borrower shall be the Parent. 

  

	21.14	No change of name etc 

 During the Facility Period, no Obligor will change: 

 

	 	(a)	its name; 

  

	 	(b)	the type of legal entity which it exists as; or 

  

	 	(c)	its Original Jurisdiction. 

  

	22	Construction period 

 Each Borrower undertakes that this clause 22 will be complied with
in relation to each Undelivered Ship and its Building Contract throughout the period from the date of this Agreement until the earlier of the Delivery of that Undelivered Ship and the cancellation of the Ship Commitment for that Undelivered Ship and
payment of all amounts required by this Agreement to be paid to the Finance Parties upon such cancellation. 

  
 63 

	22.1	Arbitration under Building Contract 

 The relevant Owner shall promptly notify the Agent:

  

	 	(a)	if either party begins an arbitration under the Building Contract; 

  

	 	(b)	of the identity of the arbitrators; and 

  

	 	(c)	of the conclusion of the arbitration and the terms of any arbitration award. 

  

	22.2	Notification of certain events 

 The relevant Owner shall notify the Agent if either
party cancels, rescinds, repudiates or otherwise terminates the Building Contract (or purports to do so) or rejects the Undelivered Ship (or purports to do so) or if the Undelivered Ship becomes a Total Loss or partial loss or is materially damaged
or if a dispute arises under the Building Contract (in each case, immediately upon becoming aware of such event). 
  

	22.3	Variations 

 Except with approval of the Majority Lenders, the Building Contract shall
not be materially varied. 
  

	23	Dealings with Ship 

 Each Borrower undertakes that this clause 23 will be complied with
in relation to each Mortgaged Ship throughout the relevant Ship’s Mortgage Period. 
  

	23.1	Ship’s name and registration 

  

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

  

	 	(b)	The Ship shall be permanently registered in the name of the relevant Owner with the relevant Registry within 90 days of the date of the Mortgage of the Ship and registered in the name of the relevant Owner with the
relevant Registry under the laws of its Flag State. Except with approval, the Ship shall not be registered under any other flag or at any other port or fly any other flag (other than that of its Flag State). If that registration is for a limited
period, it shall be renewed at least 45 days before the date it is due to expire and the Agent shall be notified of that renewal at least 30 days before that date. 

 

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

  

	23.2	Sale or other disposal of Ship 

 Save where the net sale proceeds will
enable the relevant Owner to comply with its mandatory prepayment obligations under clause 7.6 (Sale or Total Loss) and, if no Default is then continuing, for a sale to a buyer who is not an Affiliate of a Borrower for a cash price payable on
completion of the sale which is no less than the amount by which the Loan must be reduced under clause 7.6 (Sale or Total Loss) on completion of the sale, the relevant Owner will not sell, or agree to, transfer, abandon or otherwise dispose
of the relevant Ship. 
  

	23.3	Manager 

  

	 	(a)	Each Ship shall be technically managed by Northern Marine Management Limited or Bernhard Schulte Ship Management Limited or another first class technical manager approved by the Agent and commercially managed by NGT
Services (UK) Limited or another first class commercial manager approved by the Agent. 

  
 64 

	 	(b)	A Manager of the Ship shall not be appointed unless the terms of its appointment are approved and it has delivered a duly executed Manager’s Undertaking to the Security Agent. 

 

	 	(c)	There shall be no material change to the terms of the appointment of a Manager whose appointment has been approved unless such change is also approved by the Agent. 

 

	23.4	Copy of Mortgage on board 

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

	23.5	Notice of Mortgage 

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

“NOTICE OF MORTGAGE 

This Ship is subject to a first mortgage in favour of [here insert name of mortgagee] of [here insert address of mortgagee].
Under the said mortgage and related documents, neither the Owner nor any charterer nor the Master of this Ship has any right, power or authority to create, incur or permit to be imposed upon this Ship any commitments or encumbrances whatsoever other
than for crew’s wages and salvage”. 
 No-one will have any right, power or authority to create, incur or permit to be imposed upon
the Ship any lien whatsoever other than for crew’s wages and salvage. 
  

	23.6	Conveyance on default 

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

 

	23.7	Chartering 

 Except with approval, the relevant Owner shall not enter into any charter
commitment for the Ship, which is: 
  

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

  

	 	(b)	a Charter, unless the relevant Owner executes a Charter Assignment in respect of such Charter prior to delivery of the relevant Ship under such Charter to the extent that such a Charter Assignment can be obtained by
that Owner using its commercially reasonable efforts to do so. 

  

	23.8	Lay up 

 Except with approval, the Ship shall not be laid up or deactivated. 

  
 65 

	23.9	Sharing of Earnings 

 Except with approval, the relevant Owner shall not enter into any
arrangement under which its Earnings from the Ship may be shared with anyone else. 
  

	23.10	Payment of Earnings 

 The relevant Owner’s Earnings from the Ship shall be paid in
accordance with clause 28.1 (Earnings Account) unless required to be paid to the Security Agent pursuant to the General Assignment for that Ship. If any Earnings are held by brokers or other agents, they shall be paid to the Agent, if it
requires this after the Earnings have become payable to it under the Ship’s General Assignment for that Ship. 
  

	23.11	Pools 

 Except with approval, the Ship shall not be entered into any pool commitment or
arrangement. 
  

	24	Condition and operation of Ship 

 Each Borrower undertakes that this clause 24 will be
complied with in relation to each Mortgaged Ship throughout the relevant Ship’s Mortgage Period. 
  

	24.1	Defined terms 

 In this clause 24 and in Schedule 3 (Conditions precedent):

 applicable code means any code or prescribed procedures required to be observed by the Ship or the persons responsible for its
operation under any applicable law (including but not limited to those currently known as the ISM Code and the ISPS Code). 
 applicable
law means all laws and regulations applicable to vessels registered in the Ship’s Flag State or which for any other reason apply to the Ship or to its condition or operation at any relevant time. 

applicable operating certificate means any certificates or other document relating to the Ship or its condition or operation required to
be in force under any applicable law or any applicable code. 
  

	24.2	Repair 

 The Ship shall be kept in a good, safe and efficient state of repair. The
quality of workmanship and materials used to repair the Ship or replace any materially damaged, worn or lost parts or equipment shall be sufficient to ensure that the Ship’s value is not materially reduced. 

 

	24.3	Modification 

 Except with approval, the structure, type or performance characteristics
of the Ship shall not be modified in a way which could or might materially alter the Ship or materially reduce its value. 
  

	24.4	Removal of parts 

 Except with approval, no material part of the Ship or any equipment
shall be removed from the Ship if to do so would materially reduce its value (unless at the same time it is replaced with equivalent parts or equipment owned by the relevant Owner free of any Security Interest except under the Security Documents).

  
 66 

	24.5	Third party owned equipment 

 Except with approval, equipment owned by a third party
shall not be installed on the Ship if it cannot be removed without risk of causing damage to the structure or fabric of the Ship or incurring significant expense. 
  

	24.6	Maintenance of class; compliance with laws and codes 

 The Ship’s
class shall be the relevant Classification. The Ship and every person who owns, operates or manages the Ship shall comply in all material respects with all applicable laws and the requirements of all applicable codes. There shall be kept in force
and on board the Ship or in such person’s custody any applicable operating certificates which are required by applicable laws or applicable codes to be carried on board the Ship or to be in such person’s custody. 

 

	24.7	Surveys 

 The Ship shall be submitted to continuous surveys and any other surveys which
are required for it to maintain the Classification as its class. Copies of reports of those surveys shall be provided promptly to the Agent if it so requests which request shall not exceed more than one in each calendar year. 

 

	24.8	Inspection and notice of dry-dockings 

 The Agent and/or surveyors or other persons
appointed by it for such purpose shall be allowed to board the Ship at all reasonable times to inspect it and given all proper facilities needed for that purpose. The Agent shall be given reasonable advance notice of any intended dry-docking of the
Ship (whatever the purpose of that dry-docking). 
  

	24.9	Prevention of arrest 

 All debts, damages, liabilities and outgoings which have
given, or may give, rise to maritime, statutory or possessory liens on, or claims enforceable against, the Ship, its Earnings or Insurances shall be promptly paid and discharged unless such payment is being contested in good faith and adequate
reserves are being maintained for such payment. 
  

	24.10	Release from arrest 

 The Ship, its Earnings and Insurances shall promptly be released
from any arrest, detention, attachment or levy, and any legal process against the Ship shall be promptly discharged, by whatever action is required to achieve that release or discharge. 

 

	24.11	Information about Ship 

 The Agent shall promptly be given any information which it may
reasonably require about the Ship or its employment, position, use or operation, including details of towages and salvages, and copies of all its charter commitments entered into by or on behalf of any Obligor and copies of any applicable operating
certificates. 
  

	24.12	Notification of certain events 

 The Agent shall promptly be notified of:

  

	 	(a)	any damage to the Ship where the cost of the resulting repairs may exceed $1,000,000 or the equivalent in any other currency; 

  

	 	(b)	any occurrence which may result in the Ship becoming a Total Loss; 

  

	 	(c)	any requisition of the Ship for hire; 

  
 67 

	 	(d)	any material Environmental Incident involving the Ship and Environmental Claim being made in relation to such an incident; 

  

	 	(e)	any withdrawal or threat to withdraw any applicable operating certificate; 

  

	 	(f)	the issue of any operating certificate required under any applicable code; 

  

	 	(g)	the receipt of notification that any application for such a certificate has been refused; 

  

	 	(h)	any requirement made in relation to the Ship by any insurer or the Ship’s Classification Society or by any competent authority which is not, or cannot be, complied with in the manner or time required; and

  

	 	(i)	any arrest or detention of the Ship or any exercise or purported exercise of a lien or other claim on the Ship or its Earnings or Insurances. 

 

	24.13	Payment of outgoings 

 All tolls, dues and other outgoings whatsoever in respect of the
Ship and its Earnings and Insurances shall be paid promptly. Proper accounting records shall be kept of the Ship and its Earnings. 
  

	24.14	Evidence of payments 

 The Agent shall be allowed proper and reasonable access to those
accounting records when it requests it and, when it requires it, shall be given satisfactory evidence that: 
  

	 	(a)	the wages and allotments and the insurance and pension contributions of the Ship’s crew are being promptly and regularly paid; 

  

	 	(b)	all deductions from its crew’s wages in respect of any applicable Tax liability are being properly accounted for; and 

  

	 	(c)	the Ship’s master has no claim for disbursements other than those incurred by him in the ordinary course of trading on the voyage then in progress. 

 

	24.15	Repairers’ liens 

 Except with approval, the Ship shall not be put into any
other person’s possession for work to be done on the Ship if the cost of that work will exceed or is likely to exceed the $1,000,000 or the equivalent in any other currency unless that person gives the Security Agent a written undertaking in
approved terms not to exercise any lien on the Ship or its Earnings for any of the cost of such work. 
  

	24.16	Survey report 

 As soon as reasonably practicable after the Agent requests it (which
request shall not exceed one request per year) the Agent shall be given a report on the seaworthiness and/or safe operation of the Ship, from approved surveyors or inspectors. If any recommendations are made in such a report they shall be complied
with in the way and by the time recommended in the report. 
  

	24.17	Lawful use 

 The Ship shall not be employed: 

 

	 	(a)	in any way or in any activity which is unlawful under international law or the domestic laws of any relevant country; 

  

	 	(b)	in carrying illicit or prohibited goods; 

  
 68 

	 	(c)	in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated; 

  

	 	(d)	if there are hostilities in any part of the world (whether war has been declared or not), in carrying contraband goods; 

  

	 	(e)	(i) by or for the benefit of any Sanctioned Party, (ii) in any manner that would reasonably be expected to result in any Obligor being in breach of any Sanctions (if and to the extent applicable to any of them) or
becoming a Sanctioned Party or (iii) in any trade which could expose the Ship, a Finance Party or its Manager, crew or insurers to enforcement proceedings or any other consequences whatsoever arising from any Sanctions; or 

 

	 	(f)	in any trade to ports in Iran or in carrying petroleum products or petrochemical products if such products originate in Iran or are being exported from Iran to any other country, 

and the persons responsible for the operation of the Ship shall take all necessary and proper precautions to ensure that this does not happen,
including participation in industry or other voluntary schemes available to the Ship and in which leading operators of ships operating under the same flag or engaged in similar trades generally participate at the relevant time. 

 

	24.18	War zones 

 The Ship shall not enter or remain in any zone which has been declared a war
zone by any government entity or the Ship’s war risk insurers, unless appropriate insurances have been taken out by the relevant Owner. Any requirements of the Agent and/or the Ship’s insurers necessary to ensure that the Ship remains
properly insured in accordance with the Finance Documents (including any requirement for the payment of extra insurance premiums) shall be complied with. 
  

	24.19	Environmental matters 

 Where the Ship is to trade to the United States, the relevant
Owner shall provide to the Agent as soon as possible, but in any event no later than 10 days prior to the relevant Ship’s arrival in the United States, evidence of the relevant Ship’s certificate of financial responsibility and vessel
response plan required under United States law and evidence of their approval by the appropriate United States government entity and (if requested by the Agent) an environmental report in respect of the relevant Ship from an approved person. 

 

	25	Insurance 

 Each Borrower undertakes that this clause shall be complied with in relation
to each Mortgaged Ship and its Insurances throughout the relevant Ship’s Mortgage Period. 
  

	25.1	Insurance terms 

 In this clause 25: 

approved insurers mean insurers or underwriters with a minimum rating of “BBB” by Standard & Poor’s Ratings
Group (or an equivalent rating by another international ratings agency). 
 excess risks means the proportion (if any) of claims for
general average, salvage and salvage charges not recoverable under the hull and machinery insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its insured value. 

excess war risk P&I cover means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but
not limited to) hull and machinery, crew and protection and indemnity risks. 

  
 69 

 hull cover means insurance cover against the risks identified in clause 25.2(a). 

minimum hull cover means, in relation to a Mortgaged Ship, an amount equal to the higher of (i) its market value and (ii) 120%
of the outstanding amount of the Advance relating to such Mortgaged Ship at such time. 
 P&I risks means the usual risks
(including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to
exist, any other leading protection and indemnity association or other leading provider of protection and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull
cover). 
  

	25.2	Coverage required 

 The Ship shall at all times be insured: 

 

	 	(a)	against (i) fire and usual marine risks (including excess risks) and (ii) war risks (including war protection and indemnity risks and terrorism, piracy, sabotage, vandalism and confiscation risks) on an agreed
value basis, in each case for at least its minimum hull cover and in the case of sub-section (i), provided that the hull and machinery insurances for the Ship shall at all times cover 80% of its market value and the remaining minimum hull cover may
be insured by way of excess risks cover; 

  

	 	(b)	against P&I risks for the highest amount then available in the insurance market for vessels of similar age, size and type as the Ship (but, in relation to liability for oil pollution, for an amount of not less than
$1,000,000,000); 

  

	 	(c)	against such other risks and matters which the Agent notifies it that it considers reasonable for a prudent shipowner or operator to insure against at the time of that notice; and 

 

	 	(d)	on terms which comply with the other provisions of this clause 25. 

  

	25.3	Placing of cover 

 The insurance coverage required by clause 25.2 (Coverage
required) shall be: 
  

	 	(a)	in the name of the Ship’s Owner and (in the case of the Ship’s hull cover) no other person (other than the Security Agent if required by it) (unless such other person is approved and, if so required by the
Agent, has duly executed and delivered a first priority assignment of its interest in the Ship’s Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the
Agent requires); 

  

	 	(b)	if the Agent so requests, in the joint names of the Ship’s Owner and the Security Agent (and, to the extent reasonably practicable in the insurance market, without liability on the part of the Security Agent for
premiums or calls); 

  

	 	(c)	in dollars or another approved currency; 

  

	 	(d)	arranged through approved brokers or direct with approved insurers or approved protection and indemnity or war risks associations; and 

 

	 	(e)	on approved terms and with approved insurers or approved associations. 

  
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	25.4	Deductibles 

 The aggregate amount of any excess or deductible under the Ship’s hull
cover shall not exceed $1,000,000 or such higher amount as the Lenders may agree (such agreement not to be unreasonably withheld or delayed). 
  

	25.5	Mortgagee’s insurance 

 The Borrowers shall promptly reimburse to the Agent the cost
(as conclusively certified by the Agent) of taking out and keeping in force in respect of the Ship and the other Mortgaged Ships on approved terms, or in considering or making claims under: 

 

	 	(a)	a mortgagee’s interest insurance and a mortgagee’s additional perils (pollution risks cover) for the benefit of the Finance Parties for an aggregate amount up to 120% of the Loan at such time; and

  

	 	(b)	any other insurance cover which the Agent reasonably requires in respect of any Finance Party’s interests and potential liabilities (whether as mortgagee of the Ship or beneficiary of the Security Documents).

  

	25.6	Fleet liens, set off and cancellations 

 If the Ship’s hull cover also insures other
vessels, the Security Agent shall either be given an undertaking in approved terms by the brokers or (if such cover is not placed through brokers or the brokers do not, under any applicable laws or insurance terms, have such rights of set off and
cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not: 
  

	 	(a)	set off against any claims in respect of the Ship any premiums due in respect of any of such other vessels insured (other than other Mortgaged Ships); or 

 

	 	(b)	cancel that cover because of non-payment of premiums in respect of such other vessels, 

 or the
Borrowers shall ensure that hull cover for the Ship and any other Mortgaged Ships is provided under a separate policy from any other vessels. 
  

	25.7	Payment of premiums 

 All premiums, calls, contributions or other sums payable in respect
of the Insurances shall be paid punctually and the Agent shall be provided with all relevant receipts or other evidence of payment upon request. 
  

	25.8	Details of proposed renewal of Insurances 

 At least 14 days before any of the
Ship’s Insurances are due to expire, the Agent shall be notified of the names of the brokers, insurers and associations proposed to be used for the renewal of such Insurances and the amounts, risks and terms in, against and on which the
Insurances are proposed to be renewed. 
  

	25.9	Instructions for renewal 

 At least seven days before any of the Ship’s Insurances
are due to expire, instructions shall be given to brokers, insurers and associations for them to be renewed or replaced on or before their expiry. 
  

	25.10	Confirmation of renewal 

 The Ship’s Insurances shall be renewed upon their expiry
in a manner and on terms which comply with this clause 25 and confirmation of such renewal given by approved brokers or insurers to the Agent at least seven days (or such shorter period as may be approved) before such expiry. 

  
 71 

	25.11	P&I guarantees 

 Any guarantee or undertaking required by any protection and
indemnity or war risks association in relation to the Ship shall be provided when required by the association. 
  

	25.12	Insurance documents 

 The Agent shall be provided with pro forma copies of all insurance
policies and other documentation issued by brokers, insurers and associations in connection with the Ship’s Insurances as soon as they are available after they have been placed or renewed and all insurance policies and other documents relating
to the Ship’s Insurances shall be deposited with any approved brokers or (if not deposited with approved brokers) the Agent or some other approved person. 
  

	25.13	Letters of undertaking 

 Unless otherwise approved where the Agent is satisfied that
equivalent protection is afforded by the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with
letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of such letter of undertaking) from the relevant brokers, insurers and associations. 

 

	25.14	Insurance Notices and Loss Payable Clauses 

 The interest of the Security Agent as
assignee of the Insurances and/or any reinsurances shall be endorsed on all insurance policies and other documents by the incorporation of a Loss Payable Clause and an Insurance Notice in respect of the Ship and its Insurances signed by its Owner
and, unless otherwise approved, each other person assured under the relevant cover (other than the Security Agent if it is itself an assured). 
  

	25.15	Insurance correspondence 

 If so required by the Agent, the Agent shall promptly be
provided with copies of all written communications between the assureds and brokers, insurers and associations relating to any of the Ship’s Insurances as soon as they are available. 

 

	25.16	Qualifications and exclusions 

 All requirements applicable to the Ship’s Insurances
shall be complied with and the Ship’s Insurances shall only be subject to approved exclusions or qualifications. 
  

	25.17	Independent report 

 If the Agent asks the Borrowers for a detailed report from an
approved independent firm of marine insurance brokers giving their opinion on the adequacy of the Ship’s Insurances then the Agent shall be provided promptly with such a report at no cost to the Agent or (if the Agent obtains such a report
itself) the Borrowers shall reimburse the Agent for the cost of obtaining that report. 
  

	25.18	Collection of claims 

 All documents and other information and all assistance required by
the Agent to assist it and/or the Security Agent in trying to collect or recover any claims under the Ship’s Insurances shall be provided promptly. 

  
 72 

	25.19	Employment of Ship 

 The Ship shall only be employed or operated in conformity with the
terms of the Ship’s Insurances (including any express or implied warranties) and not in any other way (unless the insurers have consented and any additional requirements of the insurers have been satisfied). 

 

	25.20	Declarations and returns 

 If any of the Ship’s Insurances are on terms that require
a declaration, certificate or other document to be made or filed before the Ship sails to, or operates within, an area, those terms shall be complied with within the time and in the manner required by those Insurances. 

 

	25.21	Application of recoveries 

 All sums paid under the Ship’s Insurances to anyone
other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have been paid except to the extent that the repairs have already been paid for and/or the liability already
discharged. 
  

	25.22	Settlement of claims 

 Any claim under the Ship’s Insurances for a Total Loss or
Major Casualty shall only be settled, compromised or abandoned with prior approval. 
  

	25.23	Reinsurances 

  

	 	(a)	If one or more of the Insurances are not effected and maintained with approved insurers, then the Borrowers shall, with the approval of the Agent (acting on the instructions of the Majority Lenders) procure, at their
own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers, in each case, of recognised standing, that: 

 

	 	(b)	are on the same, terms, conditions, duration, law and jurisdiction and date of renewal as the primary Insurances; 

  

	 	(c)	are fully reinsured with reinsurers with the minimum rating referred to in paragraph (a) of the definition of approved insurers and approved by the Majority Lenders with the primary or ceding insurer’s
retention not exceeding 5% of the insured risks, 

 and such reinsurances are assigned by the primary or ceding insurer in
favour of the Security Agent pursuant to a Reinsurance Assignment. 
  

	25.23.2	Any reinsurance policy shall include a cut-through clause in a form acceptable to the Security Agent. 

  

	25.24	Change in insurance requirements 

 If the Agent gives notice to the Borrowers to change
the terms and requirements of this clause 25 (which the Agent may only do, in such manner as it considers appropriate, as a result in changes of circumstances or practice after the date of this Agreement), this clause 25 shall be modified in the
manner so notified by the Agent on the date 14 days after such notice from the Agent is received. 
  

	26	Minimum security value 

 Each Borrower undertakes that this clause 26 will be complied
with throughout any Mortgage Period. 

  
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	26.1	Valuation of assets 

 For the purpose of the Finance Documents, the value at any time of
any Mortgaged Ship or any other asset over which additional security is provided under this clause 26 will be its value as most recently determined in accordance with this clause 26. 

 

	26.2	Valuation frequency 

  

	26.2.1	Subject to clause 26.2.2, valuations of each Mortgaged Ship shall be carried out semi-annually, such valuations to be provided to the Agent at the same time that a Compliance Certificate is provided to the Agent at the
end of the financial half-year pursuant to clause 19.2.1. In addition, valuations of the relevant Mortgaged Ship and each such other asset in accordance with this clause 26 shall be required: 

 

	 	(a)	prior to the drawdown of each Advance in accordance with clause 4.1 (Initial conditions precedent) and paragraph 10, Part 2 of Schedule 3; and 

 

	 	(b)	as may be further required by the Agent at any other time (in which case the provisions of clause 26.3 (Expenses of valuation) shall only apply if such valuation evidences a breach of clause 26.12 (Security
shortfall). 

  

	26.2.2	Where a valuation of a Mortgaged Ship is required pursuant to clause 26.2.1 at a time falling within 6 months of the Delivery Date of that Mortgaged Ship, the valuation for such Mortgaged Ship may be the valuation
obtained by the Borrowers for that Mortgaged Ship prior to its Delivery Date pursuant to clause 4.2. 

  

	26.3	Expenses of valuation 

 The Borrowers shall bear, and reimburse to the Agent where
incurred by the Agent, all reasonable costs and expenses of providing such a valuation. 
  

	26.4	Valuations procedure 

 The value of any Mortgaged Ship shall be determined in accordance
with, and by two Approved Valuers appointed in accordance with, this clause 26. Additional security provided under this clause 26 shall be valued in such a way, on such a basis and by such persons (including the Agent itself) as may be approved by
the Majority Lenders or as may be agreed in writing by the Borrowers and the Agent (on the instructions of the Majority Lenders). 
  

	26.5	Currency of valuation 

 Valuations shall be provided by Approved Valuers in dollars or,
if an Approved Valuer is of the view that the relevant type of vessel is generally bought and sold in another currency, in that other currency. If a valuation is provided in another currency, for the purposes of this Agreement it shall be converted
into dollars at the Agent’s spot rate of exchange for the purchase of dollars with that other currency as at the date to which the valuation relates. 
  

	26.6	Basis of valuation 

 Each valuation will be addressed to the Agent in its capacity as
such and made: 
  

	 	(a)	without physical inspection (unless required by the Agent); 

  

	 	(b)	on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm’s length on normal commercial terms between a willing buyer and a willing seller; and 

 

	 	(c)	without taking into account the benefit (but taking into account the burden) of any charter commitment. 

  
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	26.7	Information required for valuation 

 The Borrowers shall promptly provide to the Agent
and any such valuer any information which they reasonably require for the purposes of providing such a valuation. 
  

	26.8	Approval of valuers 

 All valuers must be Approved Valuers. The Agent shall respond
promptly to any request by the Borrowers, and the Borrowers shall respond promptly to any request by the Agent, for approval of a broker nominated by the Borrowers or, as the case may be, the Agent to become an Approved Valuer. The Agent may, acting
reasonably, at any time by notice to the Borrowers withdraw any Approved Valuer or previous approval of a valuer for the purposes of future valuations. That valuer may not then be appointed to provide valuations unless it is once more approved. 

 

	26.9	Appointment of valuers 

 When valuations of a Mortgaged Ship are required for the
purposes of this clause 26, the Agent and the Borrowers shall promptly each nominate an Approved Valuer to provide such valuations and the Borrowers shall be responsible for appointing such nominated Approved Valuers and obtaining the required
valuations of the Mortgaged Ship. If the Borrowers fail to do so promptly, the Agent may appoint both Approved Valuers to provide the required valuations. 
  

	26.10	Number of valuers 

 Each valuation shall be carried out by the two Approved Valuers
selected pursuant to clause 26.9 (Appointment of valuers). Upon request by the Agent, and if agreed by the Borrowers, a valuation may be carried out by one Approved Valuer, in which case the provisions of clause 26.9 (Appointment of
valuers) shall not apply and the Approved Valuer shall be appointed by the Agent on behalf of the Lenders. 
  

	26.11	Differences in valuations 

 If valuations provided by individual valuers differ, the
value of the relevant Ship for the purposes of the Finance Documents will be the average of those valuations. 
  

	26.12	Security shortfall 

 If at any time the Security Value is less than the Minimum Value,
the Agent may, and shall, if so directed by the Majority Lenders, by notice to the Borrowers require that such deficiency be remedied. The Borrowers shall then within 30 days of receipt of such notice ensure that the Security Value equals or exceeds
the Minimum Value. For this purpose, the Borrowers may: 
  

	 	(a)	provide additional security over other assets approved by the Majority Lenders in accordance with this clause 26; and/or 

  

	 	(b)	cancel part of the Available Facility under clause 7.3 (Voluntary cancellation) and prepay under clause 7.4 (Voluntary prepayment) a corresponding amount of the Loan. 

Any cancellation of part of the Available Facility pursuant to this clause 26.12 shall reduce the Total Commitments by the same amount. 

 

	26.13	Creation of additional security 

 The value of any additional security which the
Borrowers offer to provide to remedy all or part of a shortfall in the amount of the Security Value will only be taken into account for the purposes of determining the Security Value if and when: 

 

	 	(a)	that additional security, its value and the method of its valuation have been approved by the Majority Lenders, it being agreed that cash collateral provided in dollars or in the form of letters of credit denominated in
dollars shall always be acceptable to the Lenders, and shall be valued at par; 

  
 75 

	 	(b)	a Security Interest over that security has been constituted in favour of the Security Agent or (if appropriate) the Finance Parties in an approved form and manner; 

 

	 	(c)	this Agreement has been unconditionally amended in such manner as the Agent requires in consequence of that additional security being provided; and 

 

	 	(d)	the Agent, or its duly authorised representative, has received such documents and evidence it may require in relation to that amendment and additional security including documents and evidence of the type referred to in
Schedule 3 in relation to that amendment and additional security and its execution and (if applicable) registration, 

  

	27	Chartering undertakings 

 Each Borrower undertakes that this clause 27 will be complied
with in relation to each Mortgaged Ship and its Charter Documents and, if a Charterer is a Group Member, by the relevant Charterer at any time during the relevant Ship’s Mortgage Period that the Ship is subject to a Charter. 

 

	27.1	Variations 

 Except with approval (such approval not to be unreasonably withheld or
delayed), the Charter Documents shall not be materially varied. 
  

	27.2	Releases and waivers 

 Except with approval (such approval not to be unreasonably
withheld or delayed), there shall be no release by the relevant Owner of any obligation of any other person under the Charter Documents (including by way of novation), no waiver of any breach of any such obligation and no consent to anything which
would otherwise be such a breach. 
  

	27.3	Termination by Owner 

 The relevant Owner shall not terminate or rescind any Charter
Document or withdraw the Ship from service under the Charter or take any similar action, unless, prior to a Default, the relevant Owner has notified the Agent in writing prior to such action taking place or, after the occurrence of a Default, such
action has been approved (such approval not to be unreasonably withheld or delayed). 
  

	27.4	Charter performance 

 The relevant Owner shall perform its obligations under the Charter
Documents and use its reasonable endeavours to ensure that each other party to them performs their obligations under the Charter Documents. 
  

	27.5	Notice of assignment 

 In respect of any Charter, the relevant Owner shall give notice of
assignment of the Charter Documents to the other parties to them in the form specified by the Charter Assignment for that Ship promptly following the execution of the Charter Assignment and shall use its reasonable endeavours to ensure that the
Agent receives a copy of that notice acknowledged by each addressee in the form specified therein. 
  

	27.6	Payment of Charter Earnings 

 All Earnings which the relevant Owner is entitled to
receive under the Charter Documents shall be paid in the manner required by the Security Documents (and, if the Charterer is a Group Member, without any set-off or counter-claim and free and clear of any deductions or withholdings). 

  
 76 

	27.7	Enforcement of charter assignment 

 The Charterer shall allow the Security Agent to
enforce the rights of the relevant Owner under the Charter as assignee of those rights under the relevant Charter Assignment. 
  

	27.8	Assignment by Charterer 

 Except with approval (such approval not to be unreasonably
withheld or delayed), the Charterer shall not assign or otherwise dispose of its rights under the Charter. 
  

	27.9	Termination by Charterer 

 Except with approval (such approval not to be unreasonably
withheld or delayed), the Charterer shall not terminate or rescind the Charter for any reason whatsoever. 
  

	27.10	Performance by Charterer 

 The Charterer shall perform its obligations under the Charter.

  

	27.11	Sub-chartering 

 Except with approval (such approval not to be unreasonably withheld or
delayed), the Charterer shall not enter into any charter commitment for the Ship which, if entered into by the relevant Owner would require approval under clause 23.7 (Chartering) and if the Security Agent is at any time entitled to enforce
its rights as mortgagee of the Ship under the terms of any Mortgage, the Charterer will exercise its rights under any sub-charter of the Ship in such manner as the Agent may direct. 

 

	27.12	Performance of other undertakings 

 The Charterer shall not do anything which would or
might prevent the Borrowers complying with clauses 23 (Dealings with Ship), 24 (Condition and operation of Ship) or 25 (Insurance)), or fail to do anything required by the Charter where failure to do so would or might have
such an effect. 
  

	27.13	Charterer’s manager 

 A manager of the Ship shall not be appointed by the Charterer
unless in accordance with clause 23.3 or that manager and the terms of its employment are approved. 
  

	27.14	Security Interests by Charterer 

 Except as approved by the Majority Lenders (such
approval not to be unreasonably withheld or delayed), the Charterer shall not grant or allow to exist any Security Interest over any asset of the Charterer over which a Security Interest is granted or expressed to be granted by its Charterer’s
Assignment. 
  

	28	Bank accounts 

 Each Borrower undertakes that this clause 28 will be complied with
throughout the Facility Period. 
  

	28.1	Earnings Account 

  

	28.1.1	All of the Borrowers jointly shall be the holders of one Account with an Account Bank which shall be designated as the “Earnings Account” for the purposes of the Finance Documents. 

  
 77 

	28.1.2	The Earnings of the Mortgaged Ships and all moneys payable to the relevant Owner under the Ship’s Insurances and any net amount payable to the Borrowers under any Hedging Contract shall be paid by the persons from
whom they are due or, if applicable, paid by the Owner receiving the same to the Earnings Account unless required to be paid to the Security Agent under the relevant Finance Documents. 

 

	28.1.3	The Borrowers shall not withdraw amounts standing to the credit of the Earnings Account except as permitted by clause 28.1.4 and clause 28.1.5. 

 

	28.1.4	If there is no Default continuing, the Borrowers may withdraw amounts from the Earnings Account. 

  

	28.1.5	If a Default has occurred and is continuing, the Borrowers may only withdraw the following amounts from the Earnings Account, in each case, with the Agent’s prior approval: 

 

	 	(a)	payments then due to Finance Parties under the Finance Documents (other than payments due in respect of a prepayment or payments under Hedging Contracts attributable to the partial unwind of any Hedging Contract
pursuant to clause 30.2 (Unwinding of Hedging Contracts)); 

  

	 	(b)	payments then due under Hedging Contracts or other Treasury Transactions entered into to protect against the fluctuation in the rate of interest payable under the Finance Documents or the price of goods or services
purchased by the relevant Owner for the purpose of operating a Ship; 

  

	 	(c)	payments of the proper costs and expenses of insuring, repairing, operating and maintaining any Mortgaged Ship; 

  

	 	(d)	payments to the Retention Account required to comply with clause 28.2 (Retention Account); and 

  

	 	(e)	payments to purchase other currencies in amounts and at times required to make payments referred to above in the currency in which they are due. 

 

	28.2	Retention Account 

  

	28.2.1	The Borrowers jointly shall be the holders of an Account denominated in dollars with an Account Bank which shall be designated as the “Retention Account” for the purposes of the Finance Documents.

  

	28.2.2	There shall be paid into the Retention Account such amounts as will ensure that, on each date (a retention date) falling at the end of each calendar month following the first Utilisation Date, the amount credited
to the Retention Account is at least: 

  

	 	(a)	one third of the net amount of interest payable under clause 8 (Interest) during or at the end of the Interest Period for each Advance then current on that retention date; plus 

 

	 	(b)	one third of the instalment of each Advance due to be repaid under clause 6.1 (Repayment) on the next Repayment Date after that retention date. 

 

	28.2.3	The Borrowers shall not withdraw amounts standing to the credit of the Retention Account except as permitted by clause 28.2.4. 

  

	28.2.4	Prior to a Default occurring and if (unless the payment is to a new Retention Account), after the withdrawal, the balance on the Retention Account will be at least the minimum amount required by clause 28.2.2 at that
time, the Borrowers may withdraw the following amounts from the Retention Account: 

  

	 	(a)	payments of interest due under clause 8 (Interest) and repayments of the Loan due under clause 6.1 (Repayment); and 

  
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	 	(b)	payment to the Earnings Account of any amount by which the balance on the Retention Account exceeds that minimum amount. 

  

	28.3	Other provisions 

  

	28.3.1	An Account may only be designated for the purposes described in this clause 28 if: 

  

	 	(a)	such designation is made in writing by the Agent and acknowledged by the Borrowers and specifies the names and addresses of the Account Bank and the Borrowers and the number and any designation or other reference
attributed to the Account; 

  

	 	(b)	an Account Security has been duly executed and delivered by the Borrowers in favour of the Security Agent; 

  

	 	(c)	the Account Security has been acknowledged and countersigned by the Account Bank; and 

  

	 	(d)	the Agent, or its duly authorised representative, has received such documents and evidence it may require in relation to the Account and the Account Security including documents and evidence of the type referred to in
Schedule 3 in relation to the Account and the relevant Account Security. 

  

	28.3.2	The rates of payment of interest and other terms regulating any Account will be a matter of separate agreement between the Borrowers and the Account Bank. If an Account is a fixed term deposit account, the Borrowers may
select the terms of deposits until the relevant Account Security has become enforceable and the Security Agent directs otherwise. 

  

	28.3.3	The Borrowers shall not close any Account or alter the terms of any Account from those in force at the time it is designated for the purposes of this clause 28 or waive any of its rights in relation to an Account except
with approval. 

  

	28.3.4	The Borrowers shall deposit with the Security Agent all certificates of deposit, receipts or other instruments or securities relating to any Account, notify the Security Agent of any claim or notice relating to an
Account from any other party and provide the Agent with any other information it may request concerning any Account. 

  

	28.3.5	Each of the Agent and the Security Agent agrees that if it is an Account Bank in respect of an Account then there will be no restrictions on creating a Security Interest over that Account as contemplated by this
Agreement and it shall not (except with the approval of the Majority Lenders) exercise any right of combination, consolidation or set-off which it may have in respect of that Account in a manner adverse to the rights of the other Finance Parties.

  

	29	Business restrictions 

 Except as otherwise approved by the Majority Lenders (such
approval not to be unreasonably withheld in the case of clause 29.12 (Distributions and other payments)) and except in relation to Financial Indebtedness and Security Interests arising in respect of the Existing Loan (which will be prepaid
and discharged on the first Utilisation Date), each Borrower undertakes that this clause 29 will be complied with by and in respect of each Borrower or, as the case may be, the Guarantors throughout the Facility Period. 

 

	29.1	General negative pledge 

 In this 29.1, Quasi-Security means an arrangement or
transaction described in clause 29.1.4. 
  

	29.1.1	No Borrower shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets. 

  
 79 

	29.1.2	(Without prejudice to clauses 29.2 (Financial Indebtedness) and 29.6 (Disposals)), no Borrower shall: 

  

	 	(a)	sell, transfer or otherwise dispose of any of its assets on terms whereby that asset is or may be leased to, or re-acquired by, any other Group Member other than pursuant to disposals permitted under clause 29.6
(Disposals); 

  

	 	(b)	sell, transfer, factor or otherwise dispose of any of its receivables on recourse terms (except for the discounting of bills or notes in the ordinary course of business); 

 

	 	(c)	enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made subject to a combination of accounts; or 

 

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

 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. 
  

	29.1.3	The Guarantors shall not permit any Security Interest to be granted or created in respect of the share capital or membership interests of the Borrowers. 

 

	29.1.4	Clauses 29.1.1, 29.1.2 and 29.1.3 above do not apply to any Security Interest or (as the case may be) Quasi-Security, listed below: 

  

	 	(a)	those granted or expressed to be granted by any of the Security Documents; and 

  

	 	(b)	in relation to a Mortgaged Ship, Permitted Liens. 

  

	29.2	Financial Indebtedness 

 No Borrower shall incur or permit to exist, any Financial
Indebtedness owed by it to anyone else except: 
  

	 	(a)	Financial Indebtedness incurred under the Finance Documents; 

  

	 	(b)	Financial Indebtedness owed to another Group Member which is fully subordinated to all amounts payable by the Borrowers under the Finance Documents on terms approved by the Agent; 

 

	 	(c)	Financial Indebtedness permitted under clause 29.3 (Guarantees); and 

  

	 	(d)	Financial Indebtedness permitted under clause 29.4 (Loans and credit), 

 and the
Borrowers shall not incur or permit to exist any Financial Indebtedness or Indebtedness (as defined in clause 20.1 (Financial definitions), that would cause the Borrowers to be in default of clause 20 (Financial covenants). 

 

	29.3	Guarantees 

 No Borrower shall give or permit to exist, any guarantee by it in respect of
indebtedness of any person or allow any of its indebtedness to be guaranteed by anyone else except: 
  

	 	(a)	guarantees of obligations of another Group Member that are not Financial Indebtedness or obligations prohibited by any Finance Document; 

 

	 	(b)	guarantees in favour of trade creditors of the Group given in the ordinary course of its business; and 

  
 80 

	 	(c)	guarantees which are Financial Indebtedness permitted under clause 29.2 (Financial Indebtedness). 

  

	29.4	Loans and credit 

 No Borrower shall make, grant or permit to exist any loans or any
credit by it to anyone else other than: 
  

	 	(a)	loans or credit to another Group Member permitted under clause 29.2 (Financial Indebtedness); and 

  

	 	(b)	trade credit granted by it to its customers on normal commercial terms in the ordinary course of its trading activities. 

  

	29.5	Bank accounts and other financial transactions 

 No Borrower shall: 

 

	 	(a)	maintain any current or deposit account with a bank or financial institution except for the deposit of money, operation of current accounts and the conduct of electronic banking operations with Lenders;

  

	 	(b)	hold cash in any account (other than with a Lender) over or in respect of which any set-off, combination of accounts, netting or Security Interest exists except as permitted by clause 29.1 (General negative
pledge); or 

  

	 	(c)	be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly permitted under this clause 29 (Business restrictions). 

 

	29.6	Disposals 

 No Borrower shall enter into a single transaction or a series of
transactions, whether related or not and whether voluntarily or involuntarily, to dispose of any asset except for any of the following disposals so long as they are not prohibited by any other provision of the Finance Documents: 

 

	 	(a)	disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing entity; 

  

	 	(b)	disposals of assets made by one Group Member to another Group Member; 

  

	 	(c)	disposals of obsolete assets, or assets which are no longer required for the purpose of the business of the relevant Group Member, in each case for cash on normal commercial terms and on an arm’s length basis;

  

	 	(d)	any disposal of receivables on a non-recourse basis on arm’s length terms (including at fair market value) for non-deferred cash consideration in the ordinary course of its business; 

 

	 	(e)	disposals permitted by clauses 29.1 (General negative pledge) or 29.2 (Financial Indebtedness); 

  

	 	(f)	dealings with trade creditors with respect to book debts in the ordinary course of trading; and 

  

	 	(g)	the application of cash or cash equivalents in the acquisition of assets or services in the ordinary course of its business. 

  
 81 

	29.7	Contracts and arrangements with Affiliates 

 No Borrower shall be party to any
arrangement or contract with any of its Affiliates unless such arrangement or contract is on an arm’s length basis. 
  

	29.8	Subsidiaries 

 No Borrower shall establish or acquire a company or other entity which
would be or become a Group Member or reactivate any dormant Group Member. 
  

	29.9	Acquisitions and investments 

 No Borrower shall acquire any person, business, assets or
liabilities or make any investment in any person or business or enter into any joint-venture arrangement except: 
  

	 	(a)	capital expenditures or investments related to maintenance of a Ship in the ordinary course of its business; 

  

	 	(b)	acquisitions of assets in the ordinary course of business (not being new businesses or vessels); 

  

	 	(c)	the incurrence of liabilities in the ordinary course of its business; 

  

	 	(d)	any loan or credit not otherwise prohibited under this Agreement; 

  

	 	(e)	pursuant to any Finance Documents or any Charter Documents to which it is party; 

  

	 	(f)	any acquisition pursuant to a disposal permitted under clause 29.6 (Disposals). 

  

	29.10	Reduction of capital 

 No Borrower shall redeem or purchase or otherwise reduce any of
its equity or any other share capital or any warrants or any uncalled or unpaid liability in respect of any of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other
undistributable reserve in any manner. 
  

	29.11	Increase in capital 

 No Borrower shall issue membership interests or other equity
interests to anyone who is not a wholly-owned Subsidiary of the Ultimate Parent. 
  

	29.12	Distributions and other payments 

 The Borrowers and the Guarantors may declare or pay
dividends to their respective shareholders provided that no Event of Default has occurred or will occur following such dividend paid or declared. 
  

	30	Hedging Contracts 

 Each Borrower undertakes that this clause 30 will be complied with
throughout the Facility Period. 
  

	30.1	Hedging 

  

	30.1.1	At any time after the Utilisation Date for a Ship, the Borrowers may, subject to clause 30.10 (Ranking of Hedging Contracts), be entitled to request to enter into Hedging Transactions which provide for protection
against adverse movements in interest rates for an aggregate notional principal amount that is no greater than the outstanding Advance relating to that Ship at any time. Any such Hedging Transactions shall be entered into by the Borrowers with the
Hedging Providers or, where applicable, such of the Hedging Providers who are willing to provide a relevant hedging facility at such time on a pro rata basis. 

  
 82 

	30.1.2	The Hedging Transactions contemplated by clause 30.1.1 shall collectively: 

  

	 	(a)	provide for the Borrowers to pay a fixed rate of interest in respect of the relevant notional principal amount, on the basis that each Hedging Provider shall offer the Borrowers a fixed rate of interest which is no
greater than the lowest fixed rate of interest provided by any of the other Hedging Providers; and 

  

	 	(b)	match the repayment profile of the relevant Advance. 

  

	30.1.3	The Borrowers shall ensure that each due date for value in respect of each Hedging Transaction shall coincide with each Interest Payment Date. 

 

	30.1.4	The Borrowers shall, promptly upon entry into of any Confirmation under a Hedging Contract, deliver to the Agent an original or certified copy of such Confirmation. 

 

	30.1.5	Other than Hedging Transactions which meet the requirements of this clause 30.1, the Borrowers shall not enter into Treasury Transactions, except with approval. 

 

	30.2	Unwinding of Hedging Contracts 

 If, at any time, and whether as a result of any
prepayment (in whole or in part) of the Loan or any cancellation (in whole or in part) of any Commitment or otherwise, the aggregate notional principal amount under all Hedging Transactions in respect of the Loan entered into by the Borrowers
exceeds or will exceed the amount of Loan outstanding at that time after such prepayment or cancellation, then (unless otherwise approved by the Majority Lenders) the Borrowers shall immediately close out and terminate sufficient Hedging
Transactions as are necessary to ensure that the aggregate notional principal amount under the remaining continuing Hedging Transactions equals, and will in the future be equal to, the amount of the Loan at that time and as scheduled to be repaid
from time to time thereafter pursuant to clause 6.2. 
  

	30.3	Variations 

 Except with approval, or as required by clause 30.2 (Unwinding of Hedging
Contracts), any Hedging Master Agreement and the Hedging Contracts shall not be varied. 
  

	30.4	Releases and waivers 

 Except with approval, there shall be no release by the Borrowers
of any obligation of any other person under the Hedging Contracts (including by way of novation), no waiver of any breach of any such obligation and no consent to anything which would otherwise be such a breach. 

 

	30.5	Assignment of Hedging Contracts by the Borrowers 

 Except with approval or by the Hedging
Contract Security, no Borrower shall assign or otherwise dispose of its rights under any Hedging Contract. 
  

	30.6	Termination of Hedging Contracts by Borrowers 

 Except with approval, no Borrower shall
terminate or rescind any Hedging Contract or close out or unwind any Hedging Transaction except in accordance with clause 30.2 (Unwinding of Hedging Contracts) for any reason whatsoever. 

 

	30.7	Performance of Hedging Contracts by the Borrowers 

 Each Borrower shall perform its
obligations under the Hedging Contracts. 

  
 83 

	30.8	Information concerning Hedging Contracts 

 The Borrowers shall provide the Agent with any
information it may request concerning any Hedging Contract, including all reasonable information, accounts and records that may be necessary or of assistance to enable the Agent to verify the amounts of all payments and any other amounts payable
under the Hedging Contracts. 
  

	30.9	Hedging Master Agreements and Hedging Contract Security 

 At the time the Borrowers enter
into Hedging Transactions following the Utilisation Date for a Ship as required pursuant to clause 30.1.1, they shall provide the Agent with evidence that: 
  

	 	(a)	the Hedging Master Agreement in respect of the relevant Advance has been executed by the Borrowers and the relevant Hedging Provider and the Borrowers have entered into Hedging Transactions in respect of such Advance as
required pursuant to the provisions of clause 30.1.1; 

  

	 	(b)	the Borrowers have executed the Hedging Contract Security in favour of the Security Agent; and 

  

	 	(c)	any notice required to be given to each Hedging Provider under the Hedging Contract Security has been given to it and acknowledged by it as soon as practicable and in any event by no later than 14 days after such notice
has been given. 

  

	30.10	Ranking of Hedging Contracts 

 It is acknowledged and agreed that where any Hedging
Contracts are entered into pursuant to this Agreement the pari passu ranking of any amounts due to the Hedging Providers under any Hedging Contracts for the purposes of the application provisions of clauses 35.21 (Order of application) and
38.5 (Partial payments) shall be subject to the approval of all the Lenders. If the approval of all the Lenders to such pari passu ranking is not obtained then the Hedging Providers will be requested to enter into Hedging Contracts on the
basis that the respective claims of the Hedging Providers under such Hedging Contracts will be subordinate to the claims of the Lenders in respect of the Loan. If any of the Hedging Providers are unable or unwilling to enter into the Hedging
Contracts on such a subordinate basis then no such Hedging Contracts shall be entered into. 
  

	31	Events of Default 

 Each of the events or circumstances set out in clauses 31.1 to 31.22
is an Event of Default. 
  

	31.1	Non-payment 

 An Obligor does not pay on the due date any amount payable pursuant to a
Finance Document at the place at and in the currency in which it is expressed to be payable unless: 
  

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

  

	 	(b)	payment is made within two Business Days of its due date. 

  

	31.2	Hedging Contracts 

  

	31.2.1	An Event of Default (as defined in any Hedging Master Agreement) has occurred and is continuing under any Hedging Contract. 

  

	31.2.2	An Early Termination Date (as defined in any Hedging Master Agreement) has occurred or been or become capable of being effectively designated under any Hedging Contract. 

  
 84 

	31.2.3	A person entitled to do so gives notice of such an Early Termination Date under any Hedging Contract except with approval or as may be required by clause 30.2 (Unwinding of Hedging Contracts). 

 

	31.2.4	Any Hedging Contract is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases to remain in full force and effect for any reason except with approval or as may be required by clause 30.2
(Unwinding of Hedging Contracts). 

  

	31.3	Financial covenants 

 The Borrowers do not comply with clause 20 (Financial
covenants). 
  

	31.4	Value of security 

 The Borrowers do not comply with clause 26.12 (Security
shortfall). 
  

	31.5	Insurance 

  

	31.5.1	The Insurances of a Mortgaged Ship are not placed and kept in force in the manner required by clause 25 (Insurance). 

  

	31.5.2	Any insurer either: 

  

	 	(a)	cancels any such Insurances; or 

  

	 	(b)	disclaims liability under them by reason of any mis-statement or failure or default by any person. 

  

	31.6	Other obligations 

  

	31.6.1	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clauses 31.1 (Non-payment), 31.2 (Hedging Contracts), 31.3 (Financial covenants), 31.4
(Value of security) and 31.5 (Insurance)). 

  

	31.6.2	No Event of Default under clause 31.6.1 above will occur if the Agent considers that the failure to comply is capable of remedy and the failure is remedied within ten Business Days of the Agent giving notice to the
Borrowers. 

  

	31.7	Misrepresentation 

 Any representation or statement made or deemed to be made by an
Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be
made. 
  

	31.8	Cross default 

  

	31.8.1	Any Financial Indebtedness of any Group Member exceeding $500,000 is not paid when due nor within any originally applicable grace period. 

 

	31.8.2	Any Financial Indebtedness of any Group Member exceeding $500,000 is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).

  

	31.8.3	Any commitment for any Financial Indebtedness of any Group Member exceeding $500,000 is cancelled or suspended by a creditor of that Group Member exceeding $500,000 as a result of an event of default (however
described). 

  
 85 

	31.8.4	The counterparty to a Treasury Transaction exceeding $500,000 entered into by any Group Member becomes entitled to terminate that Treasury Transaction early by reason of an event of default (however described).

  

	31.8.5	Any creditor of any Group Member becomes entitled to declare any Financial Indebtedness of that Group Member exceeding $500,000 due and payable prior to its specified maturity as a result of an event of default (however
described). 

  

	31.8.6	No Event of Default will occur under this clause 31.8 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within clauses 31.8.1 to 31.8.5 above is less than $10,000,000 (or
its equivalent in any other currency or currencies). 

  

	31.8.7	No Event of Default under this clause 31.8 above will occur if the Agent considers that the failure to comply is capable of remedy and the failure is remedied within five Business Days of the Agent giving notice to the
Borrowers. 

  

	31.9	Insolvency 

  

	31.9.1	A Group Member is unable or admits inability to pay its debts as they fall due, is deemed to, or is declared to, be unable to pay its debts under applicable law, suspends making payments on any of its debts or, 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. 

 

	31.9.2	The value of the assets of any Group Member is less than its liabilities (taking into account contingent and prospective liabilities). 

 

	31.9.3	A moratorium is declared in respect of any indebtedness of any Group Member. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium. 

 

	31.10	Insolvency proceedings 

  

	31.10.1	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(a)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Member other
than a solvent liquidation or reorganisation of any Group Member which is not an Obligor; 

  

	 	(b)	a composition, compromise, assignment or arrangement with any creditor of any Group Member; 

  

	 	(c)	the appointment of a liquidator (other than in respect of a solvent liquidation of a Group Member which is not an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar officer
in respect of any Group Member or any of its assets (including the directors of any Group Member requesting a person to appoint any such officer in relation to it or any of its assets); or 

 

	 	(d)	enforcement of any Security Interest over any assets of any Group Member, 

 or any analogous
procedure or step is taken in any jurisdiction. 
  

	31.10.2	Clause 31.10.1 shall not apply to any winding-up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or dismissed within seven days of commencement or, if earlier, the
date on which it is advertised. 

  
 86 

	31.11	Creditors’ process 

  

	31.11.1	Any expropriation, attachment, sequestration, distress, execution or analogous process affects any asset or assets of any Group Member, which would in aggregate exceed $500,000 or, when aggregated with the value of any
assets of the other Group Members affected by any process mentioned in this clause 31.11.1, would exceed $10,000,000, and is not discharged within seven days. 

  

	31.11.2	Any judgment or order for an amount in excess of $500,000 is made against any Group Member and is not stayed or complied with within seven days. 

 

	31.12	Unlawfulness and invalidity 

  

	31.12.1	It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be
effective. 

  

	31.12.2	Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively
materially and adversely affects the interests of the Lenders under the Finance Documents. 

  

	31.12.3	Any Finance Document or any Security Interest created or expressed to be created or evidenced by the Security Documents ceases to be in full force and effect or is alleged by a party to it (other than a Finance Party)
to be ineffective for any reason. 

  

	31.12.4	Any Security Document does not create legal, valid, binding and enforceable security over the assets charged under that Security Document or the ranking or priority of such security is adversely affected.

  

	31.13	Cessation of business 

 Any Obligor suspends or ceases to carry on (or threatens to
suspend or cease to carry on) all or a material part of its business. 
  

	31.14	Ownership of the Obligors 

 Any Obligor (other than the Ultimate Parent) is not, or
ceases to be a, wholly owned Subsidiary of the Ultimate Parent. 
  

	31.15	Expropriation 

 The authority or ability of any Group Member 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 Group Member
or any of its assets and, in the case of a Group Member which is not an Obligor, such event might have a Material Adverse Effect. 
  

	31.16	Repudiation and rescission of Finance Documents 

 An Obligor (or any other relevant
party) repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or purports to rescind a Finance Document. 
  

	31.17	Litigation 

 Any litigation, alternative dispute resolution, arbitration or
administrative proceeding is taking place, or threatened against any Group Member or any of its assets, rights or revenues exceeding $10,000,000 which, if adversely determined, might have a Material Adverse Effect. 

  
 87 

	31.18	Material Adverse Effect 

 Any Environmental Incident or other event or circumstance or
series of events (including any change of law) occurs which the Majority Lenders reasonably believe has, or is reasonably likely to have, a Material Adverse Effect. 
  

	31.19	Security enforceable 

 Any Security Interest (other than a Permitted Lien) in respect of
Charged Property becomes enforceable. 
  

	31.20	Arrest of Ship 

 Any Mortgaged Ship is arrested, confiscated, seized, taken in execution,
impounded, forfeited, detained in exercise or purported exercise of any possessory lien or other claim and the relevant Owner fails to procure the release of such Ship within a period of 15 days thereafter (or such longer period as may be approved)
or, in the case of any seizure or detention of such Ship as a result of piracy, within a period of 90 days thereafter. 
  

	31.21	Ship registration 

 Except with approval, the registration of any Mortgaged Ship under
the laws and flag of its Flag State is cancelled or terminated or, where applicable, not renewed or, if such Ship is only provisionally registered on the date of its Mortgage, such Ship is not permanently registered under such laws within 90 days of
such date. 
  

	31.22	Political risk 

 The Flag State of any Mortgaged Ship or any Relevant Jurisdiction of an
Obligor becomes involved in hostilities or civil war or there is a seizure of power in the Flag State or any such Relevant Jurisdiction by unconstitutional means if, in any such case, such event or circumstance, in the reasonable opinion of the
Agent, has or is reasonably likely to have, a Material Adverse Effect and, within 14 days of notice from the Agent to do so, such action as the Agent may require to ensure that such event or circumstance will not have such an effect has not been
taken by the Borrowers. 
  

	31.23	Acceleration 

 On and at any time after the occurrence of an Event of Default which is
continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrowers: 
  

	 	(a)	cancel the Total Commitments at which time they shall immediately be cancelled; and/or 

  

	 	(b)	declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately
due and payable; and/or 

  

	 	(c)	declare that all or part of the Loan be payable on demand, at which time it shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or 

 

	 	(d)	declare that no withdrawals be made from any Account; and/or 

  

	 	(e)	exercise or direct the Security Agent and/or any other beneficiary of the Security Documents to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents. 

  
 88 

	32	Position of Hedging Provider 

  

	32.1	Rights of Hedging Provider 

 Each Hedging Provider is a Finance Party and as such, will
be entitled to share in the security constituted by the Security Documents in respect of any liabilities of the Borrowers under the Hedging Contracts with such Hedging Provider in the manner and to the extent contemplated by the Finance Documents.

  

	32.2	No voting rights 

 No Hedging Provider shall be entitled to vote on any matter where a
decision of the Lenders alone is required under this Agreement, whether before or after the termination or close out of the Hedging Contracts with such Hedging Provider, provided that each Hedging Provider shall be entitled to vote on any matter
where a decision of all the Finance Parties is expressly required. 
  

	32.3	Acceleration and enforcement of security 

 Neither the Agent nor the Security Agent or
any other beneficiary of the Security Documents shall be obliged, in connection with any action taken or proposed to be taken under or pursuant to clause 31 (Events of Default) or pursuant to the other Finance Documents, to have any regard to
the requirements of the Hedging Provider except to the extent that the relevant Hedging Provider is also a Lender. 
 SECTION 9 - CHANGES
TO PARTIES 
  

	33	Changes to the Lenders 

  

	33.1	Assignments and transfers by the Lenders 

 Subject to this clause 33, a Lender (the
Existing Lender) may assign any of its rights to another bank or financial institution, trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
financial assets (the New Lender). 
  

	33.2	Conditions of assignment 

  

	33.2.1	The consent of the Borrowers is required for an assignment by a Lender, unless the assignment is to another Lender or an Affiliate of a Lender or is to a fund set up for the sole purpose of acting as an owning vehicle
for a securitisation by the relevant Existing Lender (and where the Existing Lender will continue to assume responsibility for the management of the Commitment which is the subject of such assignment) or an Event of Default is continuing. The Agent
will immediately advise the Borrowers of the assignment. 

  

	33.2.2	The Borrowers’ consent may not be unreasonably withheld or delayed and will be deemed to have been given fifteen Business Days after the Lender has requested consent unless consent is expressly refused within that
time. The Borrowers shall not be entitled to refuse or withhold consent solely because an assignment may result in an increase to the Mandatory Cost. 

  

	33.2.3	An assignment will only be effective: 

  

	 	(a)	on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the Borrowers and the other Finance Parties
as it would have been under if it was an Original Lender; 

  

	 	(b)	on the New Lender entering into any documentation required for it to accede as a party to any Security Document to which the Original Lender is a party in its capacity as a Lender and, in relation to such Security
Documents, completing any filing, registration or notice requirements; 

  
 89 

	 	(c)	if an assignment takes effect after there has been a Utilisation, the assignment of an Existing Lender’s participation in the Utilisations (if any) under the Facility shall take effect in respect of the same
fraction of each such Utilisation; 

  

	 	(d)	on the performance by the Agent of all “know your customer” or other checks relating to any person that it is required to carry out in relation to such assignment to a New Lender, the completion of which the
Agent shall promptly notify to the Lender and the New Lender; 

  

	 	(e)	if that Existing Lender assigns equal fractions of its Commitment and participation in the Loan and each Utilisation (if any) under the Facility; 

 

	 	(f)	if it is for a minimum amount of $7,500,000 or, if less, the total outstanding Commitment and participation of that Existing Lender in the Loan; 

 

	 	(g)	if a relevant assignment or transfer has been approved by the Agent; 

  

	 	(h)	if the Agent has received confirmation to its satisfaction that no Insolvency Event has occurred in relation to either the Existing Lender or the New Lender; and 

 

	 	(i)	no Event of Default has occurred. 

  

	33.2.4	Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf
of the requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the assignment becomes effective in accordance with the Finance Documents and that it is bound by that decision to the same extent as the
Existing Lender would have been had it remained a Lender. 

  

	33.3	Fee 

 The New Lender shall, on the date upon which an assignment takes effect, pay to the
Agent (for its own account) a fee of $3,500. 
  

	33.4	Limitation of responsibility of Existing Lenders 

  

	33.4.1	Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for: 

 

	 	(a)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(b)	the financial condition of any Obligor; 

  

	 	(c)	the performance and observance by any Obligor or any other person of its obligations under the Finance Documents or any other documents; 

 

	 	(d)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; or 

  

	 	(e)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

and any representations or warranties implied by law are excluded. 
  

	33.4.2	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  
 90 

	 	(a)	has made (and shall continue to make) its own independent investigation and assessment of: 

  

	 	(i)	the financial condition and affairs of the Obligors and their related entities in connection with its participation in this Agreement; and 

 

	 	(ii)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; 

  

	 	(b)	and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document; 

 

	 	(c)	will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; and 

 

	 	(d)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

  

	33.4.3	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(a)	accept a re-assignment from a New Lender of any of the rights assigned under this clause 33 (Changes to the Lenders); or 

  

	 	(b)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II
Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents or otherwise. 

  

	33.5	Procedure for transfer 

  

	33.5.1	Subject to the conditions set out in clause 33.2 (Conditions of assignment) an assignment may be effected in accordance with clause 33.5.3 below when (a) the Agent executes an otherwise duly completed Transfer
Certificate and (b) the Agent executes any document required under clause 33.2.3 which it may be necessary for it to execute in each case delivered to it by the Existing Lender and the New Lender duly executed by them and, in the case of any
such other document, any other relevant person. The Agent shall, as soon as reasonably practicable after receipt by it of a Transfer Certificate and any such other document each duly completed, appearing on its face to comply with the terms of this
Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and such other document. 

  

	33.5.2	The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate on their behalf without any consultations with them. 

 

	33.5.3	On the Transfer Date: 

  

	 	(a)	to the extent that in the Transfer Certificate the Existing Lender seeks to be released from its obligations under the Finance Documents, the Existing Lender shall be released from further obligations towards the
Obligors and the other Finance Parties under the Finance Documents and the rights of the Obligors and the other Finance Parties against the Existing Lender under the Finance Documents shall be cancelled (being the Discharged Rights and
Obligations) (but the obligations owed by the Obligors under the Finance Documents shall not be released); 

  

	 	(b)	the New Lender shall assume obligations towards each of the Obligors who are a Party and/or the Obligors and the other Finance Parties shall acquire rights against the New Lender which differ from the Discharged Rights
and Obligations only insofar as the New Lender has assumed and/or the Obligors and the other Finance Parties have acquired the same in place of the Existing Lender; 

  
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	 	(c)	the other Finance Parties and the New Lender shall acquire the same rights and assume the same obligations between themselves as they would have acquired and 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 Existing Lender and the other Finance Parties shall each be released from further obligations to each other under the Finance Documents; and

  

	 	(d)	the New Lender shall become a Party to the Finance Documents as a “Lender” for the purposes of all the Finance Documents. 

 

	33.6	Copy of Transfer Certificate or Increase Confirmation to Borrowers 

 The Agent shall, as
soon as reasonably practicable after it has executed a Transfer Certificate or Increase Confirmation and any other document required under clause 33.2.3, send a copy of that Transfer Certificate or Increase Confirmation and such documents to the
Borrowers. 
  

	34	Changes to the Obligors 

  

	34.1	Assignments and transfers by Obligors 

 No 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 Lenders. 
 SECTION 10 - THE FINANCE
PARTIES 
  

	35	Roles of Agent, Security Agent and Arranger 

  

	35.1	Appointment of the Agent 

  

	35.1.1	Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent under and in connection with the Finance Documents. 

 

	35.1.2	Each such other Finance Party authorises the Agent: 

  

	 	(a)	to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any
other incidental rights, powers, authorities and discretions; and 

  

	 	(b)	to execute each of the Security Documents, and all other documents that may be approved by the Majority Lenders for execution by it. 

 

	35.1.3	The Agent accepts its appointment under clause 35.1.1 as trustee of the Trust Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust for itself and the other Finance
Parties (for so long as they are Finance Parties) on and subject to the terms of this clause 35 and the Security Documents to which it is a party. 

  

	35.2	Duties of the Agent 

  

	35.2.1	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	35.2.2	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

 

	35.2.3	Without prejudice to clause 33.6 (Copy of Transfer Certificate or Increase Confirmation to Borrowers), clause 35.2.2 shall not apply to any Transfer Certificate or Increase Confirmation. 

  
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	35.2.4	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party. 

 

	35.2.5	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties.

  

	35.2.6	If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or an Arranger for their own account) under this Agreement it shall
promptly notify the other Finance Parties. 

  

	35.2.7	Except as specifically provided in the Finance Documents, the Agent has no obligations of any kind to any other Party under or in connection with the Finance Documents. The Agent’s duties under the Finance
Documents are solely mechanical and administrative in nature. 

  

	35.3	Role of the Arrangers and the Bookrunners 

 Except as specifically provided in the
Finance Documents, the Arrangers and the Bookrunners have no obligations of any kind to any other Party under or in connection with any Finance Document or the transactions contemplated by the Finance Documents. 

 

	35.4	No fiduciary duties 

  

	35.4.1	Nothing in this Agreement constitutes an Arranger as a trustee or fiduciary of any other person except to the extent that the Agent holds the benefit of the Security Documents in trust for the other Finance Parties
pursuant to clause 35. 

  

	35.4.2	Neither the Agent nor any Arranger shall be bound to account to any Lender or any Hedging Provider for any sum or the profit element of any sum received by it for its own account or have any obligations to the other
Finance Parties beyond those expressly stated in the Finance Documents. 

  

	35.5	Business with the Group 

 The Agent and any Arranger may accept deposits from, lend money
to and generally engage in any kind of banking or other business with any Obligor or other Group Member or their Affiliates. 
  

	35.6	Rights and discretions of the Agent 

  

	35.6.1	The Agent may rely on: 

  

	 	(a)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(b)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his or her knowledge or within his or her power to verify.

  

	35.6.2	The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other Finance Parties) that: 

  

	 	(a)	no Default has occurred (unless it has actual knowledge of a Default arising under clause 31.1 (Non-payment)); 

  

	 	(b)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  
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	 	(c)	any notice or request made by the Borrowers (other than a Utilisation Request or Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors. 

 

	35.6.3	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts in the conduct of its obligations and responsibilities under the Finance Documents.

  

	35.6.4	The Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	35.6.5	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	35.6.6	Without prejudice to the generality of clause 35.6.5 above, the Agent may disclose the identity of a Defaulting Lender to the other Finance Parties and the Borrowers and shall disclose the same upon the written request
of the Borrowers or the Majority Lenders. 

  

	35.6.7	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a breach
of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. The Agent and any Arranger may do anything which in its opinion, is necessary or desirable to comply with any law or regulation of any jurisdiction.

  

	35.7	Majority Lenders’ instructions 

  

	35.7.1	Unless a contrary indication appears in a Finance Document, the Agent shall: 

  

	 	(a)	exercise any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any
right, power, authority or discretion vested in it as Agent); and 

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders. 

 

	35.7.2	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders to the Agent (in relation to any right, power, authority or discretion vested in it as Agent) shall be binding
on all the Finance Parties. 

  

	35.7.3	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the instructions. 

  

	35.7.4	In the absence of, or while awaiting, instructions from the Majority Lenders (or, if appropriate, the Lenders), the Agent may act (or refrain from taking action) as it considers to be in the best interest of the Finance
Parties. 

  

	35.7.5	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) or any Hedging Provider in any legal or arbitration proceedings relating to any Finance Document. This clause
35.7.5 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Security Documents. 

 

	35.7.6	Neither the Agent nor any Arranger shall be obliged to request any certificate, opinion or other information under clause 19 (Information undertakings) unless so required in writing by a Lender or any Hedging
Provider, in which case the Agent shall promptly make the appropriate request of the Borrowers if such request would be in accordance with the terms of this Agreement. 

  
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	35.8	Responsibility for documentation and other matters 

 Neither the Agent nor any Arranger:

  

	 	(a)	is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, any Arranger, an Obligor or any other person given in or in connection with any Finance
Document or the transactions contemplated in the Finance Documents or of any representations in any Finance Document or of any copy of any document delivered under any Finance Document; 

 

	 	(b)	is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, any Charter Document or any Building Contract or any other agreement, arrangement or document entered into,
made or executed in anticipation of or in connection with any Finance Document, any Charter Document or any Building Contract; 

  

	 	(c)	is responsible for the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; 

 

	 	(d)	is responsible for any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any Charged Property or any investments made or retained in good faith or by reason of any other matter or
thing; 

  

	 	(e)	is obliged to account to any person for any sum or the profit element of any sum received by it for its own account; 

  

	 	(f)	is responsible for the failure of any Obligor or any other party to perform its obligations under any Finance Document, any Charter Document or any Building Contract or the financial condition of any such person;

  

	 	(g)	is responsible for ascertaining whether all deeds and documents which should have been deposited with it under or pursuant to any of the Security Documents have been so deposited; 

 

	 	(h)	is responsible for investigating or making any enquiry into the title of any Obligor to any of the Charged Property or any of its other property or assets; 

 

	 	(i)	is responsible for the failure to register any of the Security Documents with the Registrar of Companies or any other public office; 

 

	 	(j)	is responsible for the failure to register any of the Security Documents in accordance with the provisions of the documents of title of any Obligor to any of the Charged Property; 

 

	 	(k)	is responsible for the failure to take or require any Obligor to take any steps to render any of the Security Documents effective as regards property or assets outside England or Wales or to secure the creation of any
ancillary charge under the laws of the jurisdiction concerned; or 

  

	 	(l)	is responsible (save as otherwise provided in this clause 35) for taking or omitting to take any other action under or in relation to the Security Documents; 

 

	 	(m)	is responsible on account of the failure of any other beneficiary of a Security Document to perform or discharge any of its duties or obligations under the Security Documents; or 

 

	 	(n)	is (unless it is the same entity as the Agent) responsible on account of the failure of the Agent and/or any other beneficiary of a Security Document to perform or discharge any of its duties or obligations under the
Security Documents; or 

  
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	 	(o)	for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by any applicable law relating to insider
dealing or otherwise. 

  

	35.9	Exclusion of liability 

  

	35.9.1	Without limiting clause 35.9.2 (and without prejudice to the provisions of clause 38.11 (Disruption to Payment Systems etc.), the Agent will not be liable for any action taken by it under or in connection with
any Finance Document, unless directly caused by its gross negligence or wilful misconduct. 

  

	35.9.2	No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by
that officer, employee or agent in relation to any Finance Document any officer, employee or agent of the Agent may rely on this clause subject to clause 1.3 and the provisions of the Third Parties Act. 

 

	35.9.3	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as
soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

 

	35.9.4	Nothing in this Agreement shall oblige the Agent or any Arranger to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender or any Hedging Provider and each Lender
and each Hedging Provider confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any Arranger.

  

	35.10	Lenders’ indemnity to the Agent 

 Each Lender shall (in proportion to its share of
the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against: 

 

	 	(a)	any Losses for negligence or any other category of liability whatsoever incurred by such Lenders’ Representative in the circumstances contemplated pursuant to clause 38.11 (Disruption to payment systems etc)
notwithstanding the Agent’s negligence, gross negligence, or any other category of liability whatsoever but not including any claim based on the fraud of the Agent); and 

 

	 	(b)	any other Losses (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) including the costs of any person engaged in accordance with clause 35.6.3 (Rights and discretions of the
Agent) and any Receiver in acting as its agent under the Finance Documents 

 in each case incurred by the Agent in acting
as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document or out of the Trust Property). 
  

	35.11	Resignation of the Agent 

  

	35.11.1	The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders, the Hedging Providers and the Borrowers. 

 

	35.11.2	Alternatively the Agent may resign by giving notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders (after consultation with the Borrowers) may appoint a successor Agent.

  
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	35.11.3	If the Majority Lenders have not appointed a successor Agent in accordance with clause 35.11.2 above within 30 days after notice of resignation was given, the Agent (after consultation with the Borrowers) may appoint a
successor Agent. 

  

	35.11.4	The retiring Agent shall, either at the Lenders’ expense if it has been required to resign pursuant to clause 35.11.7 or otherwise at its own cost, make available to the successor Agent such documents and records
and provide such assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents. 

  

	35.11.5	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	35.11.6	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this clause 35. Its 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. 

  

	35.11.7	After consultation with the Borrowers, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with clause 35.11.1. In this event, the Agent shall resign in accordance with clause 35.11.1.

  

	35.11.8	At any time after the appointment of a successor, the retiring Agent shall execute all acts, deeds and documents reasonably required by its successor to transfer to it (or its nominee, as it may direct) any property,
assets and rights previously vested in the retiring Agent pursuant to the Security Documents and which shall not have vested in its successor by operation of law. All such acts, deeds and documents shall be done or, as the case may be, executed at
the cost of the retiring Agent (except where the Agent is retiring pursuant to clause 35.11.7 in which case such costs shall be borne by the Lenders (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). 

  

	35.11.9	The Agent shall resign in accordance with clause 35.11.2 above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to clause 35.11.3 above) if on or after the date which
is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either: 

  

	 	(a)	the Agent fails to respond to a request under clause 12.8 (FATCA Information) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
Application Date; 

  

	 	(b)	the information supplied by the Agent pursuant to clause 12.8 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

  

	 	(c)	the Agent notifies the Borrowers and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date, 

and (in each case) the Borrowers or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be
required if the Agent were a FATCA Exempt Party, and the Borrowers or that Lender, by notice to the Agent, requires it to resign. 
  

	35.12	Confidentiality 

  

	35.12.1	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its department, division or team directly responsible for the management of the Finance Documents which shall be treated as a
separate entity from any other of its divisions, departments or teams. 

  

	35.12.2	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it. 

  
 97 

	35.12.3	Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, nor any 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 a breach of a fiduciary duty. 

  

	35.13	Relationship with the Lenders and Hedging Provider 

  

	35.13.1	The Agent may treat the person shown in its records as Lender or each Hedging Provider at the opening of business (in the place of its principal office as notified to the Finance Parties from time to time) as the Lender
or (as the case may be) a Hedging Provider acting through its Facility Office: 

  

	 	(a)	entitled to or liable for any payment due under any Finance Document on that day; and 

  

	 	(b)	entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, 

unless it has received not less than five Business Days prior notice from that Lender (or as the case may be a Hedging Provider) to the
contrary in accordance with the terms of this Agreement. 
  

	35.13.2	Each Lender shall supply the Agent with any information required by the Agent in order to calculate the Mandatory Cost in accordance with Schedule 5 (Mandatory Cost formulae). 

 

	35.13.3	Each Lender and each Hedging Provider shall supply the Agent with any information that the Agent may reasonably specify as being necessary or desirable to enable the Agent to perform its functions as Agent, including,
but not limited to, any information which the Agent may require to comply with “know your customer checks” or similar identification procedures. 

  

	35.14	Credit appraisal by the Lenders and Hedging Providers 

 Without affecting the
responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and each Hedging Provider confirms to each other Finance Party that it has been, and will continue to be, solely
responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each Obligor and other Group Member; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter Document or any Building Contract and any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Finance Document, any Charter Document or any Building Contract; 

  

	 	(c)	the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; 

  

	 	(d)	whether any Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by
the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; 

 

	 	(e)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document or any Charter Document or any Building Contract,
the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document, any Charter Document or any Building
Contract; and 

  
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	 	(f)	the right of title of any person to, or the value or sufficiency of, any part of the Charged Property, the priority of the Security Documents or the existence of any Security Interest affecting the Charged Property.

  

	35.15	Reference Banks 

 If a Reference Bank (or, if a Reference Bank is not a Lender, the
Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Borrowers) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 

 

	35.16	Agent’s management time 

 Any amount payable to the Agent under clause 14.3
(Indemnity to the Agent), clause 16 (Costs and expenses) and clause 35.10 (Lenders’ indemnity to the Agent) shall include the cost of utilising the Agent’s management time or other resources and will be calculated on the basis of such
reasonable daily or hourly rates as the Agent may notify to the Borrowers and the Lenders, and is in addition to any fee paid or payable to the Agent under clause 11 (Fees). 
  

	35.17	Deduction from amounts payable by the Agent 

 If any Party owes an amount to the Agent
under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the
amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 

 

	35.18	Security Agent 

  

	35.18.1	Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under any applicable law) trustee under and in connection with the Security Documents and confirms that the Security
Agent shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to the beneficiaries of those Security Documents. 

 

	35.18.2	Each other Finance Party authorises the Security Agent: 

  

	 	(a)	to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Finance Documents together
with any other incidental rights, powers, authorities and discretions; and 

  

	 	(b)	to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the Majority Lenders for execution by it. 

 

	35.18.3	The Security Agent accepts its appointment under clause 35.18 (Security Agent) as trustee of the Trust Property with effect from the date of this Agreement and declares that it holds the Trust Property on trust
for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in clauses 35.18 - 35.25 (inclusive) and the Security Documents to which it is a party. 

 

	35.19	Application of certain clauses to Security Agent 

  

	35.19.1	 Clauses 35.6 (Rights and discretions of the Agent), 35.8 (Responsibility for documentation and other matters), 35.9 (Exclusion of liability), 35.10
(Lenders’ indemnity to the Agent), 35.11 (Resignation of the Agent), 46 (Confidentiality), 35.13 (Relationship with the Lenders and Hedging Providers), 35.14 (Credit appraisal by the Lenders and Hedging Providers), 35.16

  
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(Agent’s management time and additional remuneration) and 35.16 (Deduction from amounts payable by the Agent) shall each extend so as to apply to the Security Agent in its capacity as such
and for that purpose each reference to the “Agent” in these clauses shall extend to include in addition a reference to the “Security Agent” in its capacity as such and, in clause 35.6 (Rights and discretions of the Agent),
references to the Lenders and a group of Lenders shall refer to the Agent. 

  

	35.19.2	In addition, clause 35.11 (Resignation of the Agent) shall, for the purposes of its application to the Security Agent pursuant to clause 35.19.1, have the following additional sub-clause: 

At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably
required by its successor to transfer to it (or its nominee, as it may direct) any property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not have vested in its successor by
operation of law. All such acts, deeds and documents shall be done or, as the case may be, executed at the cost of the retiring Security Agent (except where the Security Agent is retiring under clause 35.11 (Resignation of the Agent) as
extended to it by clause 35.19.1, in which case such costs shall be borne by the Lenders (in proportion (if no part of the Loan is then outstanding) to their shares of the Total Commitments or (at any other time) to their participations in the
Loan). 
  

	35.20	Instructions to Security Agent 

  

	35.20.1	The Security Agent shall: 

  

	 	(a)	unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by
the Agent; and 

  

	 	(b)	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (a) above. 

  

	35.20.2	The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Agent 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 those instructions or that clarification. 

  

	35.20.3	Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the Agent shall override any conflicting instructions given by any other Parties and will be binding on all
Finance Parties. 

  

	35.20.4	The Security Agent may refrain from acting in accordance with any instructions of the Agent until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent
than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions. 

 

	35.20.5	In the absence of instructions, the Security Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders. 

 

	35.20.6	The Security Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender’s or the relevant Hedging Provider’s consent) in any legal or arbitration
proceedings relating to any Finance Document. This clause 35.20.6 shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Security
Documents. 

  
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	35.21	Order of application 

  

	35.21.1	The Security Agent agrees to apply the Trust Property and each other beneficiary of the Security Documents agrees, subject to clause 30.10 (Ranking of Hedging Contracts), to apply all moneys received by it in the
exercise of its rights under the Security Documents in accordance with the following respective claims: 

  

	 	(a)	first, as to a sum equivalent to the amounts payable to the Security Agent under the Finance Documents (excluding any amounts received by the Security Agent pursuant to clause 35.10 (Lenders’
indemnity to the Agent) as extended to the Security Agent pursuant to clause 35.19 (Application of certain clauses to Security Agent), for the Security Agent absolutely; 

 

	 	(b)	secondly, as to a sum equivalent to the aggregate amount then due and owing to the other Finance Parties under the Finance Documents, for those Finance Parties absolutely for application between them in
accordance with clause 38.5 (Partial payments), and pro-rata to the amounts owing to them under the Finance Documents; 

  

	 	(c)	thirdly, until such time as the Security Agent is satisfied that all obligations owed to the Finance Parties have been irrevocably and unconditionally discharged in full, held by the Security Agent on a
suspense account for payment of any further amounts owing to the Finance Parties under the Finance Documents and further application in accordance with this clause 35.21.1 as and when any such amounts later fall due; 

 

	 	(d)	fourthly, to such other persons (if any) as are legally entitled thereto in priority to the Obligors; and 

  

	 	(e)	fifthly, as to the balance (if any), for the Obligors by or from whom or from whose assets the relevant amounts were paid, received or recovered or other person entitled to them. 

 

	35.21.2	The Security Agent and each other beneficiary of the Security Documents shall make each application as soon as is practicable after the relevant moneys are received by, or otherwise become available to, it save that
(without prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent), any other beneficiary of the Security Documents or any receiver or administrator may credit any
moneys received by it to a suspense account for so long and in such manner as the Security Agent, any other beneficiary of the Security Documents or such receiver or administrator may from time to time determine with a view to preserving the rights
of the Finance Parties or any of them to prove for the whole of their respective claims against the Borrowers or any other person liable. 

  

	35.21.3	The Security Agent and/or any other beneficiary of the Security Documents shall obtain a good discharge in respect of the amounts expressed to be due to the other Finance Parties as referred to in this clause 35.21 by
paying such amounts to the Agent for distribution in accordance with clause 38 (Payment mechanics). 

  

	35.22	Powers and duties of the Security Agent as trustee of the security 

 In its capacity as
trustee in relation to the Trust Property, the Security Agent: 
  

	 	(a)	shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of this Agreement or any of the Security Documents), have
all the same powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise
such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement; 

  

	 	(b)	 shall (subject to clause 35.21 (Order of application)) be entitled (in its own name or in the names of nominees) to invest moneys from time to
time forming part of the Trust 

  
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Property or otherwise held by it as a consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion of the Security Agent, it would not be
practicable to distribute immediately, by placing the same on deposit in the name or under the control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the same and the Security Agent shall not be
responsible for any loss due to interest rate or exchange rate fluctuations except for any loss arising from the Security Agent’s gross negligence or wilful misconduct; 

 

	 	(c)	may, in the conduct of its obligations under and in respect of the Security Documents (otherwise than in relation to its right to make any declaration, determination or decision), instead of acting personally, employ
and pay any agent (whether being a lawyer or any other person) to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Security Agent (including the receipt and payment of money) and on the
basis that (i) any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted and acts done by him or any partner or employee of his or her in connection with
such employment and (ii) the Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such agent if the Security Agent shall have exercised reasonable care in the selection
of such agent; and 

  

	 	(d)	may place all deeds and other documents relating to the Trust Property which are from time to time deposited with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security
Agent exercising reasonable care or with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security Agent exercising reasonable care and may make any such arrangements as it thinks
fit for allowing Obligors access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security Agent shall not be responsible for any loss incurred in connection with any such deposit, access or
possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company (save that it shall take reasonable steps to pursue any person who may be liable to it in connection with such
loss). 

  

	35.23	All enforcement action through the Security Agent 

  

	35.23.1	None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in favour of the Security Agent only or to exercise any rights, discretions or powers or
to grant any consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent. 

 

	35.23.2	None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents
or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent. If any Finance Party (other than the Security
Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other sufficient authority to the Security Agent to enable the Security Agent to exercise any rights, discretions or
powers or to grant any consents or releases under such Security Document. 

  

	35.24	Co-operation to achieve agreed priorities of application 

 The other Finance Parties
shall co-operate with each other and with the Security Agent and any receiver or administrator under the Security Documents in realising the property and assets subject to the Security Documents and in ensuring that the net proceeds realised under
the Security Documents after deduction of the expenses of realisation are applied in accordance with clause 35.21 (Order of application). 

  
 102 

	35.25	Indemnity from Trust Property 

  

	35.25.1	In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the Security Agent and each Affiliate of the Security Agent and each officer or employee of the Security Agent or
its Affiliate (each a Relevant Person) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages, costs, claims, charges or expenses whatsoever properly incurred or suffered by such Relevant Person:

  

	 	(a)	in the execution or exercise or bona fide purported execution or exercise of the trusts, rights, powers, authorities, discretions and duties created or conferred by or pursuant to the Finance Documents;

  

	 	(b)	as a result of any breach by an Obligor of any of its obligations under any Finance Document; 

  

	 	(c)	in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen if the Finance Documents had not been executed; and 

 

	 	(d)	in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance Documents relating to the Trust Property or the provisions of any of the Finance Documents. 

 

	35.25.2	The rights conferred by this clause 35.25 are without prejudice to any right to indemnity by law given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person
to an indemnity in respect of, and/or reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any of the Finance Documents or the performance of any duties under any of the Finance Documents. Nothing
contained in this clause 35.25 shall entitle the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims, charges or expenses to the extent that the same arise from such person’s own gross
negligence or wilful misconduct. 

  

	35.26	Finance Parties to provide information 

 The other Finance Parties shall provide the
Security Agent with such written information as it may reasonably require for the purposes of carrying out its duties and obligations under the Security Documents and, in particular, with such necessary directions in writing so as to enable the
Security Agent to make the calculations and applications contemplated by clause 35.21 (Order of application) above and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security
Documents, clause 38.5 (Partial payments) and clause 35.21 (Order of application). 
  

	35.27	Release to facilitate enforcement and realisation 

 Each Finance Party acknowledges that
pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on the instructions of the Agent it may be desirable for the purpose of such enforcement and/or maximising the realisation of the Charged Property being enforced
against, that any rights or claims of or by the Security Agent (for the benefit of the Finance Parties) and/or any Finance Parties against any Obligor and/or any Security Interest over any assets of any Obligor (in each case) as contained in or
created by any Finance Document, other than such rights or claims or security being enforced, be released in order to facilitate such enforcement action and/or realisation and, notwithstanding any other provision of the Finance Documents, each
Finance Party hereby irrevocably authorises the Security Agent (acting on the instructions of the Agent) to grant any such releases to the extent necessary to fully effect such enforcement action and realisation including, without limitation, to the
extent necessary for such purposes to execute release documents in the name of and on behalf of the Finance Parties. Where the relevant enforcement is by way of disposal of membership interests in an Owner, the requisite release shall include
releases of all claims (including under guarantees) of the Finance Parties and/or the Security Agent against such Owner and of all Security Interests over the assets of such Owner. 

  
 103 

	35.28	Undertaking to pay 

 Each Obligor which is a Party undertakes with the Security Agent on
behalf of the Finance Parties that it will, on demand by the Security Agent, pay to the Security Agent all money from time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection with the Finance
Documents. 
  

	35.29	Additional trustees 

 The Security Agent shall have power by notice in writing to the
other Finance Parties and the Borrowers to appoint any person approved by the Borrowers (such approval not to be unreasonably withheld or delayed) either to act as separate trustee or as co-trustee jointly with the Security Agent: 

 

	 	(a)	if the Security Agent reasonably considers such appointment to be in the best interests of the Finance Parties; 

  

	 	(b)	for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be performed; or 

 

	 	(c)	for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any person of a judgment already obtained, 

and any person so appointed shall (subject to the provisions of this Agreement) have such rights (including as to reasonable remuneration),
powers, duties and obligations as shall be conferred or imposed by the instrument of appointment. The Security Agent shall have power to remove any person so appointed. At the request of the Security Agent, the other parties to this Agreement shall
forthwith execute all such documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the Security Agent in its name and on its behalf to do the same. Such a person shall
accede to this Agreement as a Security Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the provisions of this Agreement) have such trusts, powers, authorities, liabilities and
discretions (not exceeding those conferred on the Security Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be conferred or imposed by the instrument of appointment (being no less onerous than would
have applied to the Security Agent but for the appointment). The Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such person if the Security Agent shall have exercised
reasonable care in the selection of such person. 
  

	35.30	Non-recognition of trust 

 It is agreed by all the parties to this Agreement that: 

 

	 	(a)	in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed to be constituted by this clause 35, the relationship of the Security Agent and the other Finance Parties
shall be construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions of this Agreement shall have full force and effect between the parties to this Agreement; and

  

	 	(b)	the provisions of this clause 35 insofar as they relate to the Security Agent in its capacity as trustee for the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be
amended by agreement between the other Finance Parties and the Security Agent. The Security Agent may amend all documents necessary to effect the alteration of the relationship between the Security Agent and the other Finance Parties and each such
other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such amendments. 

  
 104 

	36	Conduct of business by the Finance Parties 

  

	36.1	Finance Parties tax affairs 

 No provision of this Agreement will: 

 

	 	(a)	interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit; 

  

	 	(b)	oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or 

 

	 	(c)	oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax, other than to the extent required under clause 12.8 (FATCA Information).

  

	36.2	Finance Parties acting together 

 Notwithstanding clause 2.3 (Finance Parties’
rights and obligations), if the Agent makes a declaration under clause 31.23 (Acceleration) the Agent shall, in the names of all the Finance Parties, take such action on behalf of the Finance Parties and conduct such negotiations with the
Borrowers and any Group Members and generally administer the Facility in accordance with the wishes of the Majority Lenders. All the Finance Parties shall be bound by the provisions of this clause and no Finance Party shall be entitled to take
action independently against any Obligor or any of its assets without the prior consent of the Majority Lenders. 
 This clause shall not
override clause 35 (Roles of Agent, Security Agent and Arranger) as it applies to the Security Agent. 
  

	36.3	Majority Lenders 

  

	36.3.1	Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be subject to the consent, approval or request of, the Majority Lenders or for any action to be taken on the
instructions of the Majority Lenders (a majority decision), such majority decision shall (as between the Lenders) only be regarded as having been validly given or issued by the Majority Lenders if all the Lenders shall have received prior
notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued such majority decision. However (as between any Obligor and the Finance Parties) the relevant Obligor shall be entitled
(and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have been obtained to constitute Majority Lenders when notified to this effect by the Agent whether or not this is the case.

  

	36.3.2	If, within ten Business Days of the Agent despatching to each Lender a notice requesting instructions (or confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification,
waiver, variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the Agent has not received a reply specifically giving or confirming or refusing to give or confirm the relevant instructions or, as the
case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of performance, then (irrespective of whether such Lender responds at a later date) the Agent shall treat any Lender which has not so
responded as having indicated a desire to be bound by the wishes of 662/3 per cent. of those Lenders (measured in terms of the total
Commitments of those Lenders) which have so responded. 

  

	36.3.3	For the purposes of clause 36.3.2, any Lender which notifies the Agent of a wish or intention to abstain on any particular issue shall be treated as if it had not responded. 

 

	36.3.4	Clauses 36.3.2 and 36.3.3 shall not apply in relation to those matters referred to in, or the subject of, clause 44.2 (Exceptions). 

  
 105 

	36.4	Conflicts 

  

	36.4.1	The Borrowers acknowledge that any Arranger and its parent undertaking, subsidiary undertakings and fellow subsidiary undertakings (together an Arranger Group) may be providing debt finance, equity capital or
other services (including financial advisory services) to other persons with which the Borrowers may have conflicting interests in respect of the Facility or otherwise. 

 

	36.4.2	No member of an Arranger Group shall use confidential information gained from any Obligor by virtue of the Facility or its relationships with any Obligor in connection with their performance of services for other
persons. This shall not, however, affect any obligations that any member of an Arranger Group has as Agent in respect of the Finance Documents. The Borrowers also acknowledge that no member of an Arranger Group has any obligation to use or furnish
to any Obligor information obtained from other persons for their benefit. 

  

	36.4.3	The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking when used in this clause have the meaning given to them in sections 1161 and 1162 of the Companies
Act 2006. 

  

	37	Sharing among the Finance Parties 

  

	37.1	Payments to Finance Parties 

 If a Finance Party (a Recovering Finance Party)
receives or recovers any amount from an Obligor other than in accordance with clause 38 (Payment mechanics) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents then: 

 

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in
accordance with clause 38 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount which the Agent determines
may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 38.5 (Partial payments). 

  

	37.2	Redistribution of payments 

 The Agent shall treat the Sharing Payment as if it had been
paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the Sharing Finance Parties) in accordance with clause 38.5 (Partial payments) towards the obligations of that
Obligor to the Sharing Finance Parties. 
  

	37.3	Recovering Finance Party’s rights 

 On a distribution by the Agent under clause 37.2
(Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated
as not having been paid by that Obligor. 
  

	37.4	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: 

  
 106 

	 	(a)	each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with
an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the Redistributed Amount); and 

 

	 	(b)	as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor. 

 

	37.5	Exceptions 

  

	37.5.1	This clause 37 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

  

	37.5.2	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings in
accordance with the terms of this Agreement, if: 

  

	 	(a)	it notified that other Finance Party of the legal or arbitration proceedings; and 

  

	 	(b)	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. 

 SECTION 11 - ADMINISTRATION 

 

	38	Payment mechanics 

  

	38.1	Payments to the Agent 

  

	38.1.1	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document (other than a Hedging Contract), that Obligor or Lender shall make the same available to the Agent (unless a contrary
indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

  

	38.1.2	Payment shall be made to such account in the principal financial centre of the country of that currency with such bank as the Agent specifies. 

 

	38.2	Distributions by the Agent 

 Each payment received by the Agent under the Finance
Documents for another Party shall, subject to clause 38.3 (Distributions to an Obligor) and clause 38.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in
accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank specified by that Party in the
principal financial centre of the country of that currency. 
  

	38.3	Distributions to an Obligor 

 The Agent may (with the consent of the Obligor or in
accordance with clause 39 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or
towards purchase of any amount of any currency to be so applied. 

  
 107 

	38.4	Clawback 

  

	38.4.1	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has
been able to establish to its satisfaction that it has actually received that sum. 

  

	38.4.2	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was
paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds. 

 

	38.5	Partial payments 

  

	38.5.1	If the Agent receives a payment for application against amounts due under the Finance Documents that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the
Agent shall, subject to clause 30.10 (Ranking of Hedging Contracts), apply that payment towards the obligations of that Obligor under those Finance Documents in the following order: 

 

	 	(a)	first, in or towards payment pro rata of any unpaid fees, costs and expenses (ignoring any fees payable under clause 11 (Fees)) of the Agent, the Security Agent or the Arrangers under those Finance
Documents; 

  

	 	(b)	secondly, pro rata in or towards payment to the Lenders pro rata of any amount owing to the Lenders under clause 35.10 (Lenders’ indemnity to the Agent) ) including any amount resulting from the
indemnity to the Security Agent under clause 35.19 (Application of certain clauses to Security Agent); 

  

	 	(c)	thirdly, pro-rata in or towards payment to (i) the Lenders pro rata of any accrued interest, fee or commission or other amounts due to them but unpaid under the Finance Documents and (ii) to the Hedging
Providers pro rata of any accrued interest due to them but unpaid under the Hedging Contracts; 

  

	 	(d)	fourthly, in or towards payment to (i) the Lenders pro rata of any principal which is due but unpaid under the Finance Documents and (ii) pro rata to the Hedging Providers of any settlement amount or
other principal payment which is due but unpaid under the Hedging Contracts; and 

  

	 	(e)	fifthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	38.5.2	The Agent shall, if so directed by all the Lenders and the Hedging Providers, vary the order set out in paragraphs (b) to (e) of clause 38.5.1. 

 

	38.5.3	Clauses 38.5.1 and 38.5.2 above will override any appropriation made by an Obligor. 

  

	38.6	No set-off by Obligors 

 All payments to be made by an Obligor under the Finance
Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	38.7	Business Days 

  

	38.7.1	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).

  
 108 

	38.7.2	During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

 

	38.8	Payments on demand 

 For the purposes of clause 31.1 and subject to the Agent’s
right to demand interest under clause 8.3, payments on demand shall be treated as paid when due if paid within three Business Days of demand. 
  

	38.9	Currency of account 

  

	38.9.1	Subject to clauses 38.9.2 to 38.9.3, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document. 

 

	38.9.2	A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars on its due date. 

  

	38.9.3	Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents
shall be the equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred. 

  

	38.9.4	All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency other than dollars may be sold for dollars and the Obligor which executed that Security Document shall indemnify
the Security Agent against the full cost in relation to the sale. Neither the Security Agent nor such Receiver will have any liability to that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the sale.

  

	38.10	Change of currency 

  

	38.10.1	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then: 

 

	 	(a)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country
designated by the Agent (after consultation with the Borrowers); and 

  

	 	(b)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or
down by the Agent (acting reasonably). 

  

	38.10.2	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any
generally accepted conventions and market practice in the London interbank market and otherwise to reflect the change in currency. 

  

	38.11	Disruption to Payment Systems etc. 

 If either the Agent determines (in its discretion)
that a Payment Disruption Event has occurred or the Agent is notified by the Borrowers that a Payment Disruption Event has occurred: 
  

	 	(a)	the Agent may, and shall if requested to do so by the Borrowers, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the operation or administration of the Facility as the Agent may
deem necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes; 

  
 109 

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

  

	 	(d)	any such changes agreed upon by the Agent and the Borrowers shall (whether or not it is finally determined that a Payment Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case
may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of clause 44 (Amendments and grant of waivers); 

  

	 	(e)	the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based
on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 38.11; and 

  

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	39	Set-off 

 A Finance Party may set off any matured obligation due from an Obligor under
the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the
obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 

 

	40	Notices 

  

	40.1	Communications in writing 

 Any communication to be made under or in connection with the
Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	40.2	Addresses 

 The address, and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Obligor or Finance Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 

 

	 	(a)	in the case of any Obligor which is a Party, that identified with its name in Schedule 1 (The original parties); 

  

	 	(b)	in the case of any Obligor which is not a Party, that identified in any Finance Document to which it is a party; 

  

	 	(c)	in the case of the Security Agent, the Agent and any other original Finance Party that identified with its name in Schedule 1 (The original parties); and 

 

	 	(d)	in the case of each Lender or other Finance Party, that notified in writing to the Agent on or prior to the date on which it becomes a Party in the relevant capacity, 

or, in each case, any substitute address, fax number, or department or officer as an Obligor or Finance Party may notify to the Agent (or the
Agent may notify to the other Parties, if a change is made by the Agent) by not less than five Business Days’ notice. 

  
 110 

	40.3	Delivery 

  

	40.3.1	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

 

	 	(a)	if by way of fax, when received in legible form; or 

  

	 	(b)	if by way of letter, 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 40.2 (Addresses), if
addressed to that department or officer. 
  

	40.3.2	Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or the Security Agent and then only if it is expressly marked for the
attention of the department or officer identified in Schedule 1 (The original parties) (or any substitute department or officer as the Agent or the Security Agent shall specify for this purpose). 

 

	40.3.3	All notices from or to an Obligor shall be sent through the Agent. 

  

	40.3.4	Any communication or document made or delivered to the Borrowers in accordance with this clause will be deemed to have been made or delivered to each of the Obligors. 

 

	40.4	Notification of address and fax number 

 Promptly upon receipt of notification of an
address and fax number or change of address or fax number pursuant to clause 40.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties. 

 

	40.5	Electronic communication 

  

	40.5.1	Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means to the extent that those two Parties agree that, unless and
until notified to the contrary, this is to be an accepted form of communication and if those two parties: 

  

	 	(a)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and 

 

	 	(b)	notify each other of any change to their address or any other such information supplied by them. 

  

	40.5.2	Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic communication made by a Party to the Agent or the Security
Agent only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose. 

  

	40.5.3	Any electronic communication which becomes effective, in accordance with clause 40.5.2 above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following day. 

 

	40.6	English language 

  

	40.6.1	Any notice given under or in connection with any Finance Document shall be in English. 

  

	40.6.2	All other documents provided under or in connection with any Finance Document shall be: 

  

	 	(a)	in English; or 

  
 111 

	 	(b)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other
official document. 

  

	41	Calculations and certificates 

  

	41.1	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. 
  

	41.2	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. 
  

	41.3	Day count convention 

 Any interest, commission or fee accruing under a Finance Document
will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Interbank Market differs, in accordance with that market practice. 

 

	42	Partial invalidity 

 If, at any time, any provision of the Finance Documents is or
becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired. 
  

	43	Remedies and waivers 

 No failure to exercise, nor any delay in exercising, on the part
of any Finance 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 of the Finance Documents. No election to affirm any of the Finance Documents on the part
of any Finance 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 the
Finance Documents are cumulative and not exclusive of any rights or remedies provided by law. 
  

	44	Amendments and grant of waivers 

  

	44.1	Required consents 

  

	44.1.1	Subject to clause 44.2 (Exceptions), any term of the Finance Documents may be amended or waived with the consent of the Agent (acting on the instructions of the is and, if it affects the rights and obligations of
the Agent or the Security Agent, the consent of the Agent or the Security Agent) and any such amendment or waiver agreed or given by the Agent will be binding on the other Finance Parties. 

 

	44.1.2	The Agent may (or, in the case of the Security Documents, instruct the Security Agent to) effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause. 

 

	44.2	Exceptions 

  

	44.2.1	An amendment, waiver or discharge or release that has the effect of changing or which relates to: 

  
 112 

	 	(a)	the definition of “Flag State” in clause 1.1 (Definitions); 

  

	 	(b)	the definition of “Majority Lenders” in clause 1.1 (Definitions); 

  

	 	(c)	the definition of “Last Availability Date” in clause 1.1 (Definitions); 

  

	 	(d)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(e)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable or the rate at which they are calculated; 

 

	 	(f)	a change to the Borrowers or any other Obligor; 

  

	 	(g)	any provision which expressly requires the consent or approval of all the Lenders; 

  

	 	(h)	clause 2.3 (Finance Parties’ rights and obligations), clause 33 (Changes to the Lenders), clause 37.1 (Payments to Finance Parties) or this clause 44, clause 47 (Governing law) or clause 48.1 (Jurisdiction of
English courts); 

  

	 	(i)	the order of distribution under clause 38.5 (Partial payments); 

  

	 	(j)	the order of distribution under clause 35.21 (Order of application); 

  

	 	(k)	this clause 44.2.1; 

  

	 	(l)	the currency in which any amount is payable under any Finance Document; 

  

	 	(m)	an increase in any Commitment or the Total Commitments, an extension of any period within which the Facility is available for Utilisation or any requirement that a cancellation of Commitments reduces the Commitments
rateably; 

  

	 	(n)	the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Security Documents are distributed; 

 

	 	(o)	the nature or scope of the guarantee and indemnity granted under clause 17 (Guarantee and Indemnity); or 

  

	 	(p)	the circumstances in which the security constituted by the Security Documents are permitted or required to be released under any of the Finance Documents, 

shall not be made without the prior consent of all the Lenders. 
  

	44.2.2	Amendments to or waivers in respect of the Hedging Contracts may only be agreed by the relevant Hedging Provider. Amendments to or waivers in respect of any Finance Document (other than the Hedging Contracts) may be
amended or waived without the consent of the Hedging Providers if such amendment or waiver does not affect the rights and obligations of the Hedging Providers in any way and does not otherwise amend or modify any Hedging Contract. 

 

	44.2.3	An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent or the Arrangers in their respective capacities as such (and not just as a Lender) may not be effected without the
consent of the Agent, the Security Agent or the Arrangers (as the case may be). 

  

	44.2.4	Notwithstanding clauses 44.1 and 44.2.1 to 44.2.3 (inclusive), the Agent may make technical amendments to the Finance Documents arising out of manifest errors on the face of the Finance Documents, where such amendments
would not prejudice or otherwise be adverse to the interests of any Finance Party without any reference or consent of the Finance Parties. 

  
 113 

	44.3	Releases 

 Except with the approval of all of the Lenders or as is expressly permitted or
required by the Finance Documents, the Agent shall not have authority to authorise the Security Agent to release: 
  

	 	(a)	any Charged Property from the security constituted by any Security Document; or 

  

	 	(b)	any Obligor from any of its guarantee or other obligations under any Finance Document. 

  

	44.4	Disenfranchisement of Defaulting Lenders 

  

	44.4.1	For so long as a Defaulting Lender has any undrawn Commitments, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments has been
obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender’s Commitments will be reduced by the amount of its undrawn Commitments. 

 

	44.4.2	For the purposes of this clause 44.4, the Agent may assume that the following Lenders are Defaulting Lenders: 

  

	 	(a)	any Lender which has notified the Agent that it has become a Defaulting Lender; and 

  

	 	(b)	any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of Defaulting Lender has occurred, 

unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the
Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender. 
  

	44.5	Replacement of a Defaulting Lender 

  

	44.5.1	The Borrowers may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 20 Business Days’ prior written notice to the Agent and such Lender replace such Lender by requiring such Lender
to (and to the extent permitted by law such Lender shall) assign pursuant to clause 33 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution,
trust, fund or other entity (a “Replacement Lender”) selected by the Borrowers, and which is acceptable to the Agent (acting reasonably) and which confirms its willingness to assume and does assume all the obligations or all the
relevant obligations of the transferring Lender (including the assumption of the transferring Lender’s participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash
payable at the time of transfer equal to the outstanding principal amount of such Lender’s participation in the outstanding Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

  

	44.5.2	Any assignment by a Defaulting Lender pursuant to this clause shall be subject to the following conditions: 

  

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

  

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

  

	 	(c)	the transfer must take place no later than 14 days after the notice referred to in clause 44.5.1 above; and 

  
 114 

	 	(d)	in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the Finance Documents. 

 

	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. 
  

	46	Confidentiality 

  

	46.1	Confidential Information 

 Each Finance Party agrees to keep all Confidential Information
confidential and not to disclose it to anyone, save to the extent permitted by clause 46.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures and a degree of care that
would apply to its own confidential information. 
  

	46.2	Disclosure of Confidential Information 

 Any Finance Party may disclose: 

 

	46.2.1	to any of its Affiliates 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 clause 46.2.1 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; 

  

	46.2.2	to any person: 

  

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

  

	 	(b)	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 Obligors and to any of that person’s Affiliates, Representatives and professional advisers; 

  

	 	(c)	appointed by any Finance Party or by a person to whom clause 46.2.2(a) or 46.2.2(b) applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf
(including, without limitation, any person appointed under clause 35.13 (Relationship with the Lenders and Hedging Providers)); 

  

	 	(d)	who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in clause 46.2.2(a) or (b); 

 

	 	(e)	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; 

  
 115 

	 	(f)	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; 

 

	 	(g)	who is a Party; or 

  

	 	(h)	with the consent of the Borrowers, 

 in each case, such Confidential Information as that Finance
Party shall consider appropriate; and 
  

	46.2.3	to any person appointed by that Finance Party or by a person to whom clauses 46.2.2(a) or 46.2.2(b) 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
clause 46.2.3 if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement
Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Finance Party; 

  

	46.3	Entire agreement 

 This clause 46 (Confidentiality) 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.

  

	46.4	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. 
  

	46.5	Notification of disclosure 

 Each of the Finance Parties agrees (to the extent permitted
by applicable law) to inform the Borrowers: 
  

	 	(a)	of the circumstances of any disclosure of Confidential Information made pursuant to clause 46.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in
that clause 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 46 (Confidentiality). 

  

	46.6	Continuing obligations 

 The obligations in this clause 46 (Confidentiality) are
continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of: 
  

	 	(a)	the date on which all amounts payable by the Obligors under or in connection with 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. 

  
 116 

 SECTION 12 - GOVERNING LAW AND ENFORCEMENT 

 

	47	Governing law 

 This Agreement and any non-contractual obligations connected with it are
governed by English law. 
  

	48	Enforcement 

  

	48.1	Jurisdiction of English courts 

  

	48.1.1	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (including a dispute regarding the
existence, validity or termination of this Agreement) (a Dispute). 

  

	48.1.2	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary. 

 

	48.1.3	This clause 48.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent
allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	48.2	Service of process 

 Without prejudice to any other mode of service allowed under any
relevant law, each Obligor which is a Party: 
  

	 	(a)	irrevocably appoints the person named in Schedule 1 (The original parties) as that Obligor’s English process agent as its agent for service of process in relation to any proceedings before the English
courts in connection with any Finance Document; 

  

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and 

 

	 	(c)	if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must immediately (and in any event within ten days of such event taking place)
appoint another agent on terms acceptable to the Agent. Failing this, the Agent may appoint another agent for this purpose. 

 This
Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 117 

 Schedule 1 

The original parties 

Borrowers 
  

			
	Name:	  	Navigator Atlas L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	962342
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

		
	Name:	  	Navigator Europa L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	962341
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

		
	Name:	  	Navigator Oberon L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	962339
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

  
 118 

			
	Name:	  	Navigator Triton L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	962340
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

		
	Name:	  	Navigator Umbrio L.L.C.,
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963192
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

		
	Name:	  	Navigator Centauri L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963193
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

  
 119 

			
	Name:	  	Navigator Ceres L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963194
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

		
	Name:	  	Navigator Ceto L.L.C.
		
	Jurisdiction of formation	  	Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)	  	963195
		
	English process agent	  	WFW Legal Services Limited
		
	Registered office	  	Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices	  	 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

  
 120 

			
	Name:		Navigator Copernico L.L.C.
		
	Jurisdiction of formation		Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)		963191
		
	English process agent		WFW Legal Services Limited
		
	Registered office		Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices		 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

	
	The Guarantors
		
	Name of Guarantor		Navigator Holdings Ltd
		
	Jurisdiction of incorporation		Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)		29140
		
	English process agent		WFW Legal Services Limited
		
	Registered office		Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices		 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

		
	Name of Guarantor		Navigator Gas L.L.C.
		
	Jurisdiction of incorporation		Republic of the Marshall Islands
		
	Registration number (or equivalent, if any)		961263
		
	English process agent		WFW Legal Services Limited
		
	Registered office		Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
		
	Address for service of notices		 C/O NGT Services Limited

21 Palmer Street
 London SW1H
0AD
 England
 Attention: Niall
Nolan

  
 121 

 The Original Lenders and their Commitments 

 

					
	 Name
	  	 Address and fax number
	  	 Commitment ($)

			
	Crédit Agricole Corporate and Investment Bank	  	 FOR CREDIT MATTERS:
  

Crédit Agricole Corporate CIB
 5 Appold Street

London EC2A2DA
 United Kingdom

 
 Phone Number: +44 2072145978 / 5989

Fax Number : +44 2072146689
  

Attention: Justin LANDE (Managing Director) / Yannick LE GOURIERES (Senior Account Manager) / Michel-Pierre FLIPO (Associate – Ship Finance)

 
 e-mail: justin.lande@ca-cib.com

yannick.legourieres@ca-cib.com
 michelpierre.flipo@ca-cib.com

 
 FOR LOAN ADMINISTRATION:

 
 9 quai du Président Paul Doumer

92920 Paris, La Défense
 France

 
 Phone Number: +33 157872939 / +33 141891249

Fax Number: +33 141891934
  

Attention: Jean-Baptiste Branchu / Clementine COSTIL (Middle Office – Shipping Finance)

 
 e-mail : jeanbaptiste.branchu@ca-cib.com

clementine.costil@ca-cib.com
	  	198,750,000.00
			
	HSH Nordbank AG	  	 FOR CREDIT MATTERS:
  

HSH Nordbank AG
 Gerhart-Hauptmann-Platz 50

20095 Hamburg
 Germany

 
 Phone Number: +49 40 3333 12413

Fax Number : +49 40 3333 612413
  

Attention: Michael Kromm
  

e-mail: michael.kromm@hsh-nordbank.com
	  	39,687,500.00
			
		  	 FOR LOAN ADMINISTRATION:
  

HSH Nordbank AG
 Gerhart-Hauptmann-Platz 50

20095 Hamburg
 Germany

 
 Phone Number: +49 40 3333 13487

Fax Number: +49 40 3333 613487
  

Attention: Ms. Gisela Riemer (Loan Manager)
  

e-mail: Gisela.Riemer@hsh-nordbank.com
	  	

  
 122 

					
	 Name
	  	 Address and fax number
	  	 Commitment ($)

			
	NIBC Bank N.V.	  	 FOR CREDIT MATTERS:
  

NIBC Bank N.V.
 Carnegieplein 4

2517 KJ The Hague
 The Netherlands

 
 Phone Number: +31 70 34325 456 / 404

Fax Number : +31 70 3425 577
  

Attention: Maurice Wijmans (Director) / Wijnand Botman (Vice President)
  

e-mail: Maurice.wijmans@nibc.com
 Wijnand.botman@nibc.com

 
 FOR LOAN ADMINISTRATION:

 
 NIBC Bank N.V.
  

Carnegieplein 4
 2517 KJ The Hague

The Netherlands
  

Phone Number: +31 70 342 5928 / 5483
 Fax Number: +31 70 7999
752
  
 Attention: Monique van Verseveld (Analyst) / Sandra de Jongh (Associate)

 
 e-mail : Monique.van.verseveld@nibc.com Sandra.de.jongh@nibc.com
	  	39,687,500.00
		
		  	278,125,000

 The Hedging Providers 
  

			
	Name	  	Crédit Agricole Corporate and Investment Bank
		
	Facility Office, address, fax number and attention details for notices	  	 Facility Office: 9 quai du Président Paul Doumer, 92920 Paris, La Défense, France

 
 Address for notices: 9 quai du Président Paul Doumer, 92920 Paris, La
Défense, France
  
 Fax: +33141896665

Attention: Philippe BESTEL

  
 123 

			
	Name		HSH Nordbank AG
		
	Facility Office, address, fax number and attention details for notices		 Facility Office:
 Martensdamm 6

24103 Kiel
 Germany

 
 Address for notices:

Martensdamm 6
 24103 Kiel

Germany
  

Fax: +4943190075500
 Attention: Sebastian Heddergott

		
	Name		NIBC Bank N.V.
		
	Facility Office, address, fax number and attention details for notices		 Facility office:
 NIBC Bank N.V.

Derivatives and Treasury Sales
  

Address for notice:
 NIBC Bank N.V.

Carnegieplein 4
 2517 KJ The Hague

 
 Fax: +3170 3425 205

 
 Attention:

Marco Bakker
 +31 70 3425 339 marco.bakker@nibc.com

 
 Mirja Ciere

+31 70 342 9 833
 mirja.ciere@nibc.com

	
	The Agent
		
	Name		Crédit Agricole Corporate and Investment Bank
		
	Facility Office, address, fax number and attention details for notices and account details for payments		 9 quai du Président Paul Doumer
 92920
Paris, La Défense
 France
  

Phone Number: +33 157872939 / +33 141891249
 Fax Number: +33
141891934
  
 Attention: Jean-Baptiste Branchu / Clementine COSTIL (Middle Office
– Shipping Finance)
  
 e-mail : jeanbaptiste.branchu@ca-cib.com

clementine.costil@ca-cib.com
  

ACCOUNT DETAILS FOR PAYMENTS:
 Bank Name
                        : Crédit Agricole CIB

Place
                                  : Paris

			 Swift Code
                         : BSUIFRPP

Account no.
                       : 00.117.313.255

Payment Reference            : Navigator Gas – 9 LPG
– vessels
  
 Account with institution

Bank Name
                         : JP Morgan Chase Bank New York

Swift Code
                          : CHASUS33

Account number : 786419036

ABA no
                               :
0210-0002-1

  
 124 

			
	The Security Agent
		
	Name		Crédit Agricole Corporate and Investment Bank
		
	Facility Office, address, fax number and attention details for notices and account details for payments		 9 quai du Président Paul Doumer
 92920
Paris, La Défense
 France
  

Phone Number: +33 157872939 / +33 141891249
 Fax Number: +33
141891934
  
 Attention: Jean-Baptiste Branchu / Clementine COSTIL (Middle Office
– Shipping Finance)
  
 e-mail : jeanbaptiste.branchu@ca-cib.com

clementine.costil@ca-cib.com
  

ACCOUNT DETAILS FOR PAYMENTS:
 Bank Name
                        : Crédit Agricole CIB

Place
                                  : Paris

Swift Code
                         : BSUIFRPP

Account no.
                       : 00.117.313.255

Payment Reference             : Navigator Gas – 9 LPG
– vessels
  
 Account with institution

Bank Name
                         : JP Morgan Chase Bank New York

Swift Code
                          : CHASUS33

Account number : 786419036

ABA no
                               : 0210-0002-1

  
 125 

 Schedule 2 

Ship information 
 Part 1:
A Ships 
  

			
		
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name (Hull Number):		Navigator Atlas (H2530)
		
	Owner:		Navigator Atlas L.L.C.
		
	Delivery Date:		20 June 2014
		
	 Date and description of Building Contract:
		shipbuilding contract dated 25 April 2012
		
	Contract Price:		$49,850,000
		
	Ship Commitment:		$28,750,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100A1 LIQUEFIED GAS
CARRIER, SHIP TYPE 2G, INDEPENDENT TANKS TYPE “C”, MAXIMUM SPECIFIC GRAVITY 0.7, MAXIMUM VAPOUR PRESSURE 5.3 BAR, MINIMUM TEMPERATURE MINUS 104 DEGREES C, *IWS, LI, SHIPRIGHT(ACS(B)), ECO(IHM,EEDI)

 
  ̈ ̈ LMC UMS
  
  ̈ ̈ LLOYD’S RMC (LG)
  

With descriptive notes “ShipRight (SCM, SERS), ETA”

		
	Classification Society:		DNV-GL
		
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name (Hull Number):		Navigator Europa (H2531)
		
	Owner:		Navigator Europa L.L.C.
		
	Delivery Date:		14 October 2014
		
	 Date and description of Building Contract:
		shipbuilding contract dated 25 April 2012
		
	Contract Price:		$49,850,000
		
	Ship Commitment:		$29,375,000
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100A1 LIQUEFIED GAS
CARRIER, SHIP TYPE 2G, INDEPENDENT TANKS TYPE “C”, MAXIMUM SPECIFIC GRAVITY 0.7, MAXIMUM VAPOUR PRESSURE 5.3 BAR, MINIMUM TEMPERATURE MINUS 104 DEGREES C, *IWS, LI, SHIPRIGHT(ACS(B)), ECO(IHM,EEDI)

 ̈ ̈ LMC UMS

 
  ̈ ̈ LLOYD’S RMC (LG)
  

With descriptive notes “ShipRight (SCM, SERS), ETA”

		
	Classification Society:		DNV-GL

  
 126 

			
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name (Hull Number):		Navigator Oberon / H2532
		
	Owner:		Navigator Oberon L.L.C.
		
	Delivery Date:		5 December 2014
		
	 Date and description of Building Contract:
		shipbuilding contract dated 25 July 2012
		
	Contract Price:		$49,850,000
		
	Ship Commitment:		$30,000,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:		DNV-GL
		
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name (Hull Number):		Navigator Triton / H2533
		
	Owner:		Navigator Triton L.L.C.
		
	Scheduled Delivery Date:		25 October 2014
		
	 Date and description of Building Contract:
		shipbuilding contract dated 25 July 2012
		
	 Contract Price:
		$49,850,000
		
	Ship Commitment:		$30,000,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:		DNV-GL

  
 127 

			
	Part 2: B Ships
		
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		 988 Changxing Jiangnan Ave., Changxing Island, Shanghai

201913, the People’s Republic of China

		
	Name / Hull Number:		Navigator Umbrio / Hull 2534
		
	Owner:		Navigator Umbrio L.L.C.
		
	Scheduled Delivery Date:		31 March 2015
		
	 Date and description of Building Contract:
		shipbuilding contract dated 18 July 2013
		
	Contract Price:		$49,900,000
		
	Ship Commitment:		$35,400,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:		DNV-GL
		
	Last Availability Date:		11 November 2015
		
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		 988 Changxing Jiangnan Ave., Changxing Island, Shanghai

201913, the People’s Republic of China

		
	Name / Hull Number:		Navigator Centauri / Hull 2554
		
	Owner:		Navigator Centauri L.L.C.
		
	Scheduled Delivery Date:		30 June 2015
		
	 Date and description of Building Contract:
		shipbuilding contract dated 18 July 2013
		
	Contract Price:		$43,980,000
		
	Ship Commitment:		$31,150,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:		DNV-GL
		
	Last Availability Date:		10 February 2016

  
 128 

			
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name / Hull Number:		Navigator Ceres / Hull 2555
		
	Owner:		Navigator Ceres L.L.C.
		
	Scheduled Delivery Date:		31 August 2015
		
	 Date and description of Building Contract:
		shipbuilding contract dated 18 July 2013
		
	Contract Price:		$43,980,000
		
	Ship Commitment:		$31,150,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈ 100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:		DNV-GL
		
	Last Availability Date:		12 April 2016
		
	Builder:		Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:		988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name / Hull Number:		Navigator Ceto / Hull 2556
		
	Owner:		Navigator Ceto L.L.C.
		
	Scheduled Delivery Date:		31 December 2015
		
	 Date and description of Building Contract:
		shipbuilding contract dated 18 October 2013
		
	Contract Price:		$43,980,000
		
	Ship Commitment:		$31,150,000
		
	Flag State:		Liberia
		
	Classification:		  ̈ ̈100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:		DNV-GL
		
	Last Availability Date:		13 August 2016

  
 129 

			
		
	Builder:	  	Jiangnan Shipyard (Group) Co., Ltd.
		
	Builder’s registered office:	  	988 Changxing Jiangnan Ave., Changxing Island, Shanghai 201913, the People’s Republic of China
		
	Name / Hull Number:	  	Navigator Copernico / Hull 2557
		
	Owner:	  	Navigator Copernico L.L.C.
		
	Scheduled Delivery Date:	  	31 March 2016
		
	Date and description of Building Contract:	  	shipbuilding contract dated 20 December 2013
		
	Contract Price:	  	$43,980,000
		
	Ship Commitment:	  	$31,150,000
		
	Flag State:	  	Liberia
		
	Classification:	  	  ̈ ̈ 100 A5 IW
ERS Liquefied Gas Carrier Type 2G
  ̈ ̈ MC AUT
RI CM-PS

		
	Classification Society:	  	DNV-GL
		
	Last Availability Date:	  	11 November 2016

  
 130 

 Schedule 3 Conditions precedent 

Part 1 
 Conditions
precedent to any Utilisation 
  

	1	Obligors’ corporate documents 

  

	 	(a)	A copy of the Constitutional Documents of each Obligor. 

  

	 	(b)	A copy of a resolution of the sole member of each Obligor (or in the case of the Ultimate Parent, the board of directors or any committee of such board empowered to approve and authorise the following matters):

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents, any Building Contract and any Charter (Relevant Documents) to which it is a party and resolving that it execute the Relevant
Documents; 

  

	 	(ii)	authorising a specified person or persons to execute the Relevant Documents on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or despatched by it under or in connection
with the Relevant Documents to which it is a party. 

  

	 	(c)	If applicable, a copy of a resolution of the board of directors of the relevant company, establishing any committee referred to in paragraph (b) above and conferring authority on that committee. 

 

	 	(d)	A copy of the passport of each person authorised by the resolution referred to in paragraph (b) above. 

  

	 	(e)	A certificate of the Ultimate Parent (signed by a director) confirming that borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit
binding on any Obligor to be exceeded. 

  

	 	(f)	A copy of any power of attorney under which any person is to execute any of the Relevant Documents on behalf of any Obligor. 

  

	 	(g)	A certificate of an authorised signatory of the Ultimate Parent certifying that each copy document relating to it specified in this Part of this Schedule is correct, complete and in full force and effect as at a
date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked. 

  

	2	Legal opinions 

  

	 	(a)	A legal opinion of Norton Rose Fulbright LLP, London addressed to the Arrangers, and the Agent on matters of English law, substantially in the form approved by the Agent prior to signing this Agreement.

  

	 	(b)	A legal opinion of the legal advisers to the Arrangers and the Agent in each jurisdiction in which an Obligor is incorporated and/or which is or is to be the Flag State of a Mortgaged Ship, or in which an Account opened
at the relevant time is established, each substantially in the form approved by the Agent prior to signing this Agreement. 

  

	 	(c)	A legal opinion of Norton Rose Fulbright LLP, Paris addressed to the Arrangers, and the Agent on matters of French law, substantially in the form approved by the Agent prior to signing this Agreement. 

  
 131 

	3	Other documents and evidence 

  

	 	(a)	Evidence that any process agent referred to in clause 48.2 (Service of process) or any equivalent provision of any other Finance Document entered into on or before the first Utilisation Date has accepted its
appointment. 

  

	 	(b)	A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and
performance of the transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document. 

  

	 	(c)	The Original Financial Statements. 

  

	 	(d)	Evidence that the fees, commissions, costs and expenses due to any Finance Party from the Borrowers under or in respect of this Agreement (including pursuant to clause 11 (Fees) and clause 16 (Costs and
expenses)) have been paid or will be paid by their respective due dates. 

  

	4	Bank Accounts 

 Evidence that any Account required to be established under clause 28
(Bank accounts) has been opened and established, that any Account Security in respect of each such Account has been executed and delivered by the Borrowers in favour of the Security Agent and that any notice required to be given to an Account
Bank under that Account Security has been given to it and acknowledged by it in the manner required by that Account Security and that an amount has been credited to it. 
  

	5	Construction matters 

 A copy, certified by an approved person to be a true and complete
copy, of the Building Contract for each Ship and the instrument of novation of each Building Contract from the Parent in favour of the relevant Borrower. 
  

	6	“Know your customer” information 

 Such documentation and information as any
Finance Party may reasonably request through the Agent to comply with “know your customer” or similar identification procedures under all laws and regulations applicable to that Finance Party. 

 

	7	Share Security 

 The Share Security in respect of each of the Borrowers duly executed by
the Parent together with all letters, transfers, certificates and other documents required to be delivered under the Share Security. 
  

	8	Structure of the Borrowers 

 Evidence in form and substance satisfactory to the Agent of
the Borrowers’ ownership and financial structure. 
  

	9	Material Adverse Effect 

 Confirmation in a form and substance satisfactory to the Agent
that: 
  

	 	(i)	since 31 December 2012 nothing has occurred in relation to any Obligor which had, or could reasonably be expected to have, a Material Adverse Effect; and 

 

	 	(ii)	there is no litigation pending or threatened against any Obligor which has, or could reasonably be expected to have, a Material Adverse Effect. 

  
 132 

	10	No Conflict 

 Confirmation, in a form and substance satisfactory to the Agent that this
Agreement and the transactions contemplated in connection with it do not and will not cause any conflict with, or any default under, any material agreement to which the Obligors are party to. 

 

	11	Consents and Approvals 

  

	 	(a)	A certificate from an officer of the Borrowers that no consents, authorisations, licences or approvals are necessary for the Borrowers to authorise or are required by the Borrowers in connection with the borrowing by
the Borrowers of the Loan pursuant to this Agreement or the execution, delivery and performance of the Borrowers’ Security Documents; and 

  

	 	(b)	a certificate from an officer of each Obligor (other than the Borrowers) that no consents, authorisations, licences or approvals are necessary for such Finance Party to guarantee and/or grant security for the borrowing
by the Borrowers of the Commitment pursuant to this Agreement and execute, deliver and perform the Security Documents insofar as such Finance Party is a party thereto. 

Part 2 
 Conditions
precedent on Utilisation 
  

	1	Corporate documents 

  

	 	(a)	A certificate of an authorised signatory of the relevant Owner certifying that each copy document relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date
no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation to it have not been revoked or amended. 

 

	 	(b)	A certificate of an authorised signatory of each other Obligor which is party to any of the Security Documents required to be executed at or before a Utilisation in respect of the relevant Ship certifying that each copy
document relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of
this Schedule in relation to it have not been revoked or amended. 

  

	2	Security 

  

	 	(a)	The Mortgage and the General Assignment in respect of the relevant Ship duly executed by the relevant Owner. 

  

	 	(b)	Any Charter Assignment then required in respect of the relevant Ship pursuant to the Finance Documents duly executed by the relevant Owner. 

 

	 	(c)	Any Manager’s Undertaking in respect of the relevant Ship required pursuant to the Finance Documents duly executed by the relevant Manager. 

 

	 	(d)	If required pursuant to clause 25.23 (Reinsurances), any Reinsurance Assignment in respect of the relevant Ship duly executed by the relevant insurers. 

 

	 	(e)	Duly executed notices of assignment and acknowledgements of those notices as required by any of the above Security Documents. 

  
 133 

	3	Delivery and registration of Ship 

  

	 	(a)	Evidence that the relevant Ship: 

  

	 	(i)	is legally and beneficially owned by the relevant Owner and to the extent applicable, provisionally registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the
relevant Flag State; 

  

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

  

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

  

	 	(iv)	is insured in the manner required by the Finance Documents; 

  

	 	(v)	has been delivered, and accepted for service, under its Charter (if any); and 

  

	 	(vi)	is free of any other charter commitment which would require approval under the Finance Documents. 

  

	4	Mortgage registration 

 Evidence that the Mortgage in respect of the relevant Ship has
been provisionally registered with first preferred status against the relevant Ship through the relevant Registry under the laws and flag of the relevant Flag State. 
  

	5	Insurance 

 In relation to the relevant Ship’s Insurances: 

 

	 	(a)	an opinion from insurance consultants appointed by the Agent on such Insurances; 

  

	 	(b)	evidence that such Insurances have been placed in accordance with clause 25 (Insurance); and 

  

	 	(c)	evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved form in relation to the Insurances. 

 

	6	ISM and ISPS Code 

 Copies of: 

 

	 	(a)	the document of compliance issued in accordance with the ISM Code to the person who is the operator of the relevant Ship for the purposes of that code; 

 

	 	(b)	the safety management certificate in respect of such Ship issued in accordance with the ISM Code; 

  

	 	(c)	the international ship security certificate in respect of such Ship issued under the ISPS Code; and 

  

	 	(d)	if so requested by the Agent, any other certificates issued under any applicable code required to be observed by such Ship or in relation to its operation under any applicable law, 

provided that, to the extent that any of the documents listed in (b) – (d) above are not available prior to Delivery of the
relevant Ship, such documents shall be provided as soon as possible following Delivery and within such time frame as the Agent, acting reasonably, shall require at the relevant time of Delivery. 

  
 134 

	7	Charter 

 If a Charter Assignment is then required in relation to the relevant Ship
pursuant to the Finance Documents such evidence as the Agent may require as to the due incorporation of the relevant Charterer and any other party to the Charter Documents (other than an Obligor). 

 

	8	Fees and expenses 

 Evidence that the fees, commissions, costs and expenses that are due
from the Borrowers pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been paid or will be paid by the relevant Utilisation Date. 
  

	9	Management Agreement 

 Where any Managers have been approved in accordance with clause
23.3 (Manager), a copy, certified by an approved person to be a true and complete copy, of the agreement between the relevant Owner and the relevant Manager relating to the appointment of the Manager. 

 

	10	Value of Security 

 Valuations obtained (not more than 30 days before the relevant
Utilisation Date) in accordance with clause 26 (Minimum security value) showing the Borrowers are in compliance with clause 5.3.3. 
  

	11	Legal Opinions 

  

	 	(a)	A legal opinion of Norton Rose Fulbright LLP, London addressed to the Arrangers, and the Agent on matters of English law, substantially in the form approved by the Agent prior to signing this Agreement.

  

	 	(b)	A legal opinion of the legal advisers to the Arrangers and the Agent in each jurisdiction in which an Obligor is incorporated and/or which is or is to be the Flag State of a Mortgaged Ship, each substantially in the
form approved by the Agent prior to signing this Agreement. 

  

	12	Contract Price 

 Evidence that the full Contract Price of the relevant Ship has been paid
or will be paid upon the relevant Utilisation being made and that the Builder will not have any lien or other right to detain the Ship on its Delivery. 

  
 135 

 Schedule 4 

Utilisation Request 
  

			
	From:		[names of Borrower]
	To:		[name of Agent]
	Dated:		[—]

 Dear Sirs 

$278,125,000 
 Facility
Agreement dated [—] (the Agreement) 
  

	1	We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 

 

	2	We wish to borrow an Advance on the following terms: 

  

			
	Proposed Utilisation Date:		[—] (or, if that is not a Business Day, the next Business Day)
		
	Amount:		$ [—]
		
	Ship:		[insert name of Ship to be funded by the Advance]

  

	3	We confirm that each condition specified in clause 4.4 (Further conditions precedent) is satisfied on the date of this Utilisation Request. 

 

	4	The purpose of this Advance is [specify purpose complying with clause 3 of the Agreement] and its proceeds should be credited to [—] [specify
account]. 

  

	5	We request that the first Interest Period for the Advance be [—] months. 

  

	6	This Utilisation Request is irrevocable. 

  

	7	The Repeating Representations, (being each of the representations and warranties set out in the Agreement at clauses 18.1 (Status) to 18.10 (Ranking and effectiveness of Security Documents) (except for
clauses 18.7 (Information) and 18.8 (Original Financial Statements)) are correct at the date of this Utilisation Request. 

  

	
	Yours faithfully
	
	  

	authorised signatory for
	[names of Borrower]

  
 136 

 Schedule 5 

Mandatory Cost formulae 
  

	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 Bank of England and/or the Financial Services Authority (or, in either case,
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 Loan) and will
be expressed as a percentage rate per annum. 

  

	3	The Additional Cost Rate for any Lender lending from a Facility 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 Loans made from that Facility Office) of complying with the minimum reserve requirements of the European Central
Bank in respect of loans made from that Facility Office. 

  

	4	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as follows: 

 

	 	(a)	in relation to a sterling Loan: 

  

			
	 AB+C(B – D) + E × 0.01
		per cent. per annum
	100 – (A + C)		

  

	 	(b)	in relation to a Loan in any currency other than sterling: 

  

			
	 E × 0.01
		per cent. per annum.
	300		

 Where: 
  

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash ratio deposit with the Bank of
England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified in clause 8.3.1 (Default interest)) payable for the
relevant Interest Period on the Loan. 

  

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England. 

 

	 	D	is the percentage rate per annum payable by the Bank of England to the Agent on interest bearing Special Deposits. 

  

	 	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 7 below and expressed in pounds per £1,000,000. 

  
 137 

	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)	Fees Rules means the rules on periodic fees contained in the Financial Services Authority Fees 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; 

  

	 	(c)	Fee Tariffs means the fee tariffs specified in the Fees Rules under Column 1 of 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); and 

  

	 	(d)	Tariff Base has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A negative result obtained by subtracting
D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable by that Reference Bank 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 that Reference Bank as being the average of the Fee Tariffs applicable to that Reference Bank
for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	8	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 on or
prior to the date on which it becomes a Lender: 

  

	 	(a)	the jurisdiction of its Facility Office; and 

  

	 	(b)	any other information that the Agent may reasonably require for such purpose. 

 Each Lender
shall promptly notify the Agent of any change to the information provided by it pursuant to this paragraph. 
  

	9	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon the information supplied to it
pursuant to paragraphs 7 and 8 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 Facility Office in the same jurisdiction as its Facility Office. 

  

	10	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 Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

  

	11	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
each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12	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. 

  
 138 

	13	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 Bank of England, 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. 

  
 139 

 Schedule 6 

Form of Transfer Certificate 
 To:
    [—] as Agent 
 From: [single Existing Lender: [The Existing
Lender] (the Existing Lender)] [multiple Existing Lenders: [Existing Lender] [and/,] [Existing Lender] [and [Existing Lender]] (together, the Existing Lenders)] and [The New Lender] (the
New Lender) 
 Dated:                      

$278,125,000 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 33.5 (Procedure for transfer): 

  

	 	(a)	[multiple Existing Lenders: Each of the] [single Existing Lender: The] Existing Lender[multiple Existing Lenders: s] and the New Lender agree to the Existing Lender[multiple
Existing Lenders: s] assigning to the New Lender all or part of the Existing [single Existing Lender: Lender’s] [multiple Existing Lenders: Lenders’ respective] Commitment rights and assuming the
Existing [single Existing Lender: Lender’s] [multiple Existing Lenders: Lenders’ respective] obligations referred to in the Schedule in accordance with clause 33.5 (Procedure for transfer) and
[multiple Existing Lenders: each of the] [single Existing Lender: the] Existing Lender[multiple Existing Lenders: s] assigns and agrees to assign such rights to the New Lender with effect from the Transfer Date.

  

	 	(b)	The proposed Transfer Date is [—]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of clause 40.2 (Addresses) are set out in the Schedule. 

 

	3	The New Lender expressly acknowledges the limitations on [multiple Existing Lenders: each of] the Existing [single Existing Lender: Lender’s] [multiple Existing Lenders:
Lenders’ respective] obligations set out in clause 33.4.3. 

  

	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. 

This Transfer Certificate and any non-contractual obligations connected with it are governed by English law. 

  
 140 

 The Schedule 

Commitment/rights to be assigned and obligations to be assumed 

[insert relevant details for each Existing Lender] 

Facility Office address, fax number 

and attention details for notices and account details for payments 

[insert relevant details] 
  

							
	[Existing Lender]	  	[[Existing Lender]	  	[[Existing Lender]	  	[New Lender]
				
	 By:
	  	By:]	  	By:]	  	By:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed to be as stated above. 

[Agent] 
 By: 

  
 141 

 Schedule 7 

Form of Compliance Certificate 
  

			
	To:		[—] as Agent
		
	From:		Navigator Holdings Ltd
		
	Dated:		[—]

 Dear Sirs 

$278,125,000 
 Facility
Agreement dated [—] (the Agreement) 
  

	1	[I/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	[I/We] confirm that with respect to the latest financial quarter of the Group: 

  

	 	(a)	Cash and cash equivalents was at all times equal to or greater than (i) $25,000,000 and (ii) 5% of the Total Indebtedness; 

 

	 	(b)	the ratio of EBITDA to Interest Expense of the Group was [not] less than 3.00:1.00 as at [—]; and 

 

	 	(c)	the ratio of Total Stockholders’ Equity to Total Assets was not less than 30% as at [—]. 

 

	3	[I/We] confirm that Security Value is [—] and the Minimum Value is [—] and the relevant calculations are attached
to this Compliance Certificate. 

  

	4	[I/We confirm that no Default is continuing.] [If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.]

  

	5	The Repeating Representations (being each of the representations and warranties set out in the Agreement at clauses 18.1 (Status) to 18.10 (Ranking and effectiveness of Security Documents) (except for
clauses 18.7 (Information) and 18.8 (Original Financial Statements)) are correct at the date of this Certificate. 

  

	
	Signed by:
	
	  

	Chief Financial Officer of Navigator Holdings Ltd

  
 142 

 Schedule 8 

Form of Increase Confirmation 
  

			
	To:	  	[name of Agent] as Agent
		
		  	        and
		
		  	        [names of Borrowers]
		
	From:	  	[the Increase Lender] (the Increase Lender)
		
	Dated:	  	[—]

 $278,125,000 

Facility Agreement dated [—] (the Agreement) 

 

	1	We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation.

  

	2	We refer to clause 2.2 (Increase). 

  

	3	The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the Relevant Commitment) as if it was an Original Lender under the Agreement.

  

	4	The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to take effect (the Increase Date) is [—].

  

	5	On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender. 

  

	6	The Facility Office and address, fax number and attention details for notices to the Increase Lender for the purposes of clause 40.2 (Addresses) are set out in the Schedule. 

 

	7	The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in clause 2.2.7 . 

  

	8	This Increase Confirmation 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 Increase Confirmation. 

 

	9	This Increase Confirmation and any non-contractual obligations arising out of or in connection with it are governed by English law. 

This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 143 

 The Schedule 

Relevant Commitment/rights and obligations to be assumed by the Increase Lender 

[insert relevant details] 
 [Facility
office address, fax number and attention details for notices and account details for payments] 
 [Increase Lender] 

By: 
 This Increase Confirmation is accepted as an Increase
Confirmation for the purposes of the Agreement by the Agent and the Increase Date is confirmed as [—]. 

Agent (on behalf of itself and the other Finance Parties) 
 By:

 [names of Borrowers] 
 By: 

Navigator Holdings Ltd 
 By: 

  
 144 

 Schedule 9 

Repayment Schedule 
  

											
	Navigator Atlas (Hull 2530)	 	Navigator Europa (Hull 2531)	 	Navigator Oberon (Hull 2532)
	Date	 	Principal per
quarter (USD)	 	Date	 	Principal per
quarter (USD)	 	Date	 	Principal per
quarter (USD)
		 		 		 		 	20/03/2015	 	-$625,000.00
		 		 	20/03/2015	 	-$625,000.00	 	22/06/2015	 	-$625,000.00
	20/03/2015	 	-$625,000.00	 	22/06/2015	 	-$625,000.00	 	21/09/2015	 	-$625,000.00
	22/06/2015	 	-$625,000.00	 	21/09/2015	 	-$625,000.00	 	21/12/2015	 	-$625,000.00
	21/09/2015	 	-$625,000.00	 	21/12/2015	 	-$625,000.00	 	21/03/2016	 	-$625,000.00
	21/12/2015	 	-$625,000.00	 	21/03/2016	 	-$625,000.00	 	20/06/2016	 	-$625,000.00
	21/03/2016	 	-$625,000.00	 	20/06/2016	 	-$625,000.00	 	20/09/2016	 	-$625,000.00
	20/06/2016	 	-$625,000.00	 	20/09/2016	 	-$625,000.00	 	20/12/2016	 	-$625,000.00
	20/09/2016	 	-$625,000.00	 	20/12/2016	 	-$625,000.00	 	20/03/2017	 	-$625,000.00
	20/12/2016	 	-$625,000.00	 	20/03/2017	 	-$625,000.00	 	20/06/2017	 	-$625,000.00
	20/03/2017	 	-$625,000.00	 	20/06/2017	 	-$625,000.00	 	20/09/2017	 	-$625,000.00
	20/06/2017	 	-$625,000.00	 	20/09/2017	 	-$625,000.00	 	20/12/2017	 	-$625,000.00
	20/09/2017	 	-$625,000.00	 	20/12/2017	 	-$625,000.00	 	20/03/2018	 	-$625,000.00
	20/12/2017	 	-$625,000.00	 	20/03/2018	 	-$625,000.00	 	20/06/2018	 	-$625,000.00
	20/03/2018	 	-$625,000.00	 	20/06/2018	 	-$625,000.00	 	20/09/2018	 	-$625,000.00
	20/06/2018	 	-$625,000.00	 	20/09/2018	 	-$625,000.00	 	20/12/2018	 	-$625,000.00
	20/09/2018	 	-$625,000.00	 	20/12/2018	 	-$625,000.00	 	20/03/2019	 	-$625,000.00
	20/12/2018	 	-$625,000.00	 	20/03/2019	 	-$625,000.00	 	20/06/2019	 	-$625,000.00
	20/03/2019	 	-$625,000.00	 	20/06/2019	 	-$625,000.00	 	20/09/2019	 	-$625,000.00
	20/06/2019	 	-$625,000.00	 	20/09/2019	 	-$625,000.00	 	20/12/2019	 	-$625,000.00
	20/09/2019	 	-$625,000.00	 	20/12/2019	 	-$625,000.00	 	20/03/2020	 	-$625,000.00
	20/12/2019	 	-$625,000.00	 	20/03/2020	 	-$625,000.00	 	22/06/2020	 	-$625,000.00
	20/03/2020	 	-$625,000.00	 	22/06/2020	 	-$625,000.00	 	21/09/2020	 	-$625,000.00
	20/06/2020	 	-$15,625,000.00	 	21/09/2020	 	-$15,625,000.00	 	05/12/2020	 	-$15,625,000.00

  
 145 

											
	Navigator Triton (Hull 2533 )	 	Navigator Umbrio (Hull 2534 )	 	Hull 2554
	Date	 	Principal per
quarter (USD)	 	Months
after First
Repayment
Date	 	Principal
per
quarter	 	Months
after First
Repayment
Date	 	Principal
per
quarter
	20/03/2015	 	-$625,000.00	 	First Repayment
Date	 	1.7857%	 	First Repayment
Date	 	1.7857%
	22/06/2015	 	-$625,000.00	 	3	 	1.7857%	 	3	 	1.7857%
	21/09/2015	 	-$625,000.00	 	6	 	1.7857%	 	6	 	1.7857%
	21/12/2015	 	-$625,000.00	 	9	 	1.7857%	 	9	 	1.7857%
	21/03/2016	 	-$625,000.00	 	12	 	1.7857%	 	12	 	1.7857%
	20/06/2016	 	-$625,000.00	 	15	 	1.7857%	 	15	 	1.7857%
	20/09/2016	 	-$625,000.00	 	18	 	1.7857%	 	18	 	1.7857%
	20/12/2016	 	-$625,000.00	 	21	 	1.7857%	 	21	 	1.7857%
	20/03/2017	 	-$625,000.00	 	24	 	1.7857%	 	24	 	1.7857%
	20/06/2017	 	-$625,000.00	 	27	 	1.7857%	 	27	 	1.7857%
	20/09/2017	 	-$625,000.00	 	30	 	1.7857%	 	30	 	1.7857%
	20/12/2017	 	-$625,000.00	 	33	 	1.7857%	 	33	 	1.7857%
	20/03/2018	 	-$625,000.00	 	36	 	1.7857%	 	36	 	1.7857%
	20/06/2018	 	-$625,000.00	 	39	 	1.7857%	 	39	 	1.7857%
	20/09/2018	 	-$625,000.00	 	42	 	1.7857%	 	42	 	1.7857%
	20/12/2018	 	-$625,000.00	 	45	 	1.7857%	 	45	 	1.7857%
	20/03/2019	 	-$625,000.00	 	48	 	1.7857%	 	48	 	1.7857%
	20/06/2019	 	-$625,000.00	 	51	 	1.7857%	 	51	 	1.7857%
	20/09/2019	 	-$625,000.00	 	54	 	1.7857%	 	54	 	1.7857%
	20/12/2019	 	-$625,000.00	 	57	 	1.7857%	 	57	 	1.7857%
	20/03/2020	 	-$625,000.00	 	60	 	1.7857%	 	60	 	1.7857%
	22/06/2020	 	-$625,000.00	 	63	 	1.7857%	 	63	 	1.7857%
	21/09/2020	 	-$625,000.00	 	66	 	1.7857%	 	66	 	1.7857%
	21/12/2020	 	-$15,625,000.00	 	69	 	1.7857%	 	69	 	1.7857%
		 		 	72	 	1.7857%	 	72	 	1.7857%
		 		 	75	 	1.7857%	 	75	 	1.7857%
		 		 	78	 	1.7857%	 	78	 	1.7857%
		 		 	Final Repayment
Date	 	51.7861%	 	Final Repayment
Date	 	51.7861%

  
 146 

											
	 Hull 2555
	 	 Hull 2556
	 	 Hull 2557

	 Months after First
Repayment Date
	 	 Principal per quarter
	 	 Months after First
Repayment Date
	 	 Principal per quarter
	 	 Months after First
Repayment Date
	 	 Principal per quarter

	 First Repayment

Date
	 	1.7857%	 	First Repayment Date	 	1.7857%	 	First Repayment Date	 	1.7857%
	 3
	 	1.7857%	 	3	 	1.7857%	 	3	 	1.7857%
	 6
	 	1.7857%	 	6	 	1.7857%	 	6	 	1.7857%
	 9
	 	1.7857%	 	9	 	1.7857%	 	9	 	1.7857%
	 12
	 	1.7857%	 	12	 	1.7857%	 	12	 	1.7857%
	 15
	 	1.7857%	 	15	 	1.7857%	 	15	 	1.7857%
	 18
	 	1.7857%	 	18	 	1.7857%	 	18	 	1.7857%
	 21
	 	1.7857%	 	21	 	1.7857%	 	21	 	1.7857%
	 24
	 	1.7857%	 	24	 	1.7857%	 	24	 	1.7857%
	 27
	 	1.7857%	 	27	 	1.7857%	 	27	 	1.7857%
	 30
	 	1.7857%	 	30	 	1.7857%	 	30	 	1.7857%
	 33
	 	1.7857%	 	33	 	1.7857%	 	33	 	1.7857%
	 36
	 	1.7857%	 	36	 	1.7857%	 	36	 	1.7857%
	 39
	 	1.7857%	 	39	 	1.7857%	 	39	 	1.7857%
	 42
	 	1.7857%	 	42	 	1.7857%	 	42	 	1.7857%
	 45
	 	1.7857%	 	45	 	1.7857%	 	45	 	1.7857%
	 48
	 	1.7857%	 	48	 	1.7857%	 	48	 	1.7857%
	 51
	 	1.7857%	 	51	 	1.7857%	 	51	 	1.7857%
	 54
	 	1.7857%	 	54	 	1.7857%	 	54	 	1.7857%
	 57
	 	1.7857%	 	57	 	1.7857%	 	57	 	1.7857%
	 60
	 	1.7857%	 	60	 	1.7857%	 	60	 	1.7857%
	 63
	 	1.7857%	 	63	 	1.7857%	 	63	 	1.7857%
	 66
	 	1.7857%	 	66	 	1.7857%	 	66	 	1.7857%
	 69
	 	1.7857%	 	69	 	1.7857%	 	69	 	1.7857%
	 72
	 	1.7857%	 	72	 	1.7857%	 	72	 	1.7857%
	 75
	 	1.7857%	 	75	 	1.7857%	 	75	 	1.7857%
	 78
	 	1.7857%	 	78	 	1.7857%	 	78	 	1.7857%
	 Final Repayment

Date
	 	51.7861%	 	 Final Repayment

Date
	 	51.7861%	 	 Final Repayment

Date
	 	51.7861%

  
 147 

 SIGNATURES 
  

							
	THE BORROWERS	  		  		  	
				
	SIGNED by Niall Nolan	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NAVIGATOR ATLAS L.L.C.	  	)	  		  	
	pursuant to a power of attorney	  	)	  		  	
	dated 19 December 2014	  	)	  		  	
		  		  	 /s/ Niall Nolan
	  	
		  		  	Niall Nolan	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Niall Nolan	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NAVIGATOR EUROPA L.L.C.	  	)	  		  	
	pursuant to a power of attorney	  	)	  		  	
	dated 19 December 2014	  	)	  		  	
		  		  	 /s/ Niall Nolan
	  	
		  		  	Niall Nolan	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Niall Nolan	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NAVIGATOR OBERON L.L.C.	  	)	  		  	
	pursuant to a power of attorney	  	)	  		  	
	dated 19 December 2014	  	)	  		  	
		  		  	 /s/ Niall Nolan
	  	
		  		  	Niall Nolan	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Niall Nolan	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NAVIGATOR TRITON L.L.C.	  	)	  		  	
	pursuant to a power of attorney	  	)	  		  	
	dated 19 December 2014	  	)	  		  	
		  		  	 /s/ Niall Nolan
	  	
		  		  	Niall Nolan	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Niall Nolan	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NAVIGATOR UMBRIO L.L.C.	  	)	  		  	
	pursuant to a power of attorney	  	)	  		  	
	dated 19 December 2014	  	)	  		  	
		  		  	 /s/ Niall Nolan
	  	
		  		  	Niall Nolan	  	
		  		  	Authorised signatory	  	

  
 148 

							
	SIGNED by Niall Nolan		)				
	for and on behalf of		)				
	NAVIGATOR CENTAURI L.L.C.		)				
	pursuant to a power of attorney		)				
	dated 19 December 2014		)				
					 /s/ Niall Nolan
		
					Niall Nolan		
					Authorised signatory		
				
	SIGNED by Niall Nolan		)				
	for and on behalf of		)				
	NAVIGATOR CERES L.L.C.		)				
	pursuant to a power of attorney		)				
	dated 19 December 2014		)				
					 /s/ Niall Nolan
		
					Niall Nolan		
					Authorised signatory		
				
	SIGNED by Niall Nolan		)				
	for and on behalf of		)				
	NAVIGATOR CETO L.L.C.		)				
	pursuant to a power of attorney		)				
	dated 19 December 2014		)		 /s/ Niall Nolan
		
					Niall Nolan		
					Authorised signatory		
							
				
	SIGNED by Niall Nolan		)				
	for and on behalf of		)				
	NAVIGATOR COPERNICO L.L.C.		)				
	pursuant to a power of attorney		)				
	dated 19 December 2014		)				
					 /s/ Niall Nolan
		
					Niall Nolan		
					Authorised signatory		
				
	THE GUARANTORS						
				
	SIGNED by Niall Nolan		)				
	for and on behalf of		)				
	NAVIGATOR HOLDINGS LTD		)				
	pursuant to a power of attorney		)				
	dated 19 December 2014		)				
					 /s/ Niall Nolan
		
					Niall Nolan		
					Authorised signatory		

  
 149 

							
	SIGNED by Niall Nolan	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NAVIGATOR GAS L.L.C.	  	)	  		  	
	pursuant to a power of attorney	  	)	  		  	
	dated 19 December 2014	  	)	  		  	
		  		  	 /s/ Niall Nolan
	  	
		  		  	Niall Nolan	  	
		  		  	Authorised signatory	  	
				
	THE ARRANGERS	  		  		  	
				
	SIGNED by Justin Lande and Michel-Pierre FLIPO	  	)	  		  	
	for and on behalf of	  	)	  		  	
	CRÉDIT AGRICOLE CORPORATE AND	  	)	  		  	
	INVESTMENT BANK	  	)	  		  	
		  		  	 /s/ Justin Lande
	  	
		  		  	Justin Lande	  	
		  		  	Authorised signatory	  	
				
		  		  	 /s/ Michel-Pierre FLIPO
	  	
		  		  	Michel-Pierre FLIPO	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Simon Hartley	  	)	  		  	
	for and on behalf of	  	)	  		  	
	HSH NORDBANK AG	  	)	  		  	
		  		  	 /s/ Simon Hartley
	  	
		  		  	Simon Hartley	  	
		  		  	Attorney-in-fact	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Simon Hartley	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NIBC BANK N.V.	  	)	  		  	
		  		  	 /s/ Simon Hartley
	  	
		  		  	Simon Hartley	  	
		  		  	Attorney-in-fact	  	
		  		  	Authorised signatory	  	
				
	THE AGENT	  		  		  	
				
	SIGNED by Justin Lande and Michel-Pierre FLIPO	  	)	  		  	
	for and on behalf of	  	)	  		  	
	CRÉDIT AGRICOLE CORPORATE AND	  	)	  		  	
	INVESTMENT BANK	  	)	  		  	
		  		  	 /s/ Justin Lande
	  	
		  		  	Justin Lande	  	
		  		  	Authorised signatory	  	
				
		  		  	 /s/ Michel-Pierre FLIPO
	  	
		  		  	Michel-Pierre FLIPO	  	
		  		  	Authorised signatory	  	

  
 150 

							
	THE SECURITY AGENT	  		  		  	
				
	SIGNED by Justin Lande and Michel-Pierre FLIPO	  	)	  		  	
	for and on behalf of	  	)	  		  	
	CRÉDIT AGRICOLE CORPORATE AND	  	)	  		  	
	INVESTMENT BANK	  	)	  		  	
		  		  	 /s/ Justin Lande
	  	
		  		  	Justin Lande	  	
		  		  	Authorised signatory	  	
				
		  		  	 /s/ Michel-Pierre FLIPO
	  	
		  		  	Michel-Pierre FLIPO	  	
		  		  	Authorised signatory	  	
				
	THE LENDERS	  		  		  	
				
	SIGNED by Justin Lande and Michel-Pierre FLIPO	  	)	  		  	
	for and on behalf of	  	)	  		  	
	CRÉDIT AGRICOLE CORPORATE AND	  	)	  		  	
	INVESTMENT BANK	  	)	  		  	
		  		  	 /s/ Justin Lande
	  	
		  		  	Justin Lande	  	
		  		  	Authorised signatory	  	
				
		  		  	 /s/ Michel-Pierre FLIPO
	  	
		  		  	Michel-Pierre FLIPO	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Simon Hartley	  	)	  		  	
	for and on behalf of	  	)	  		  	
	HSH NORDBANK AG	  	)	  		  	
		  		  	 /s/ Simon Hartley
	  	
		  		  	Simon Hartley	  	
		  		  	Attorney-in-fact	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Simon Hartley	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NIBC BANK N.V.	  	)	  		  	
		  		  	 /s/ Simon Hartley
	  	
		  		  	Simon Hartley	  	
		  		  	Attorney-in-fact	  	
		  		  	Authorised signatory	  	
				
	THE HEDGING PROVIDERS	  		  		  	
				
	SIGNED by Justin Lande and Michel-Pierre FLIPO	  	)	  		  	
	for and on behalf of	  	)	  		  	
	CRÉDIT AGRICOLE CORPORATE AND	  	)	  		  	
	INVESTMENT BANK	  	)	  		  	
				
		  		  	 /s/ Justin Lande
	  	
		  		  	Justin Lande	  	
		  		  	Authorised signatory	  	
				
		  		  	 /s/ Michel-Pierre FLIPO
	  	
		  		  	Michel-Pierre FLIPO	  	
		  		  	Authorised signatory	  	

  
 151 

							
	SIGNED by Simon Hartley	  	)	  		  	
	for and on behalf of	  	)	  		  	
	HSH NORDBANK AG	  	)	  		  	
		  		  	 /s/ Simon Hartley
	  	
		  		  	Simon Hartley	  	
		  		  	Attorney-in-fact	  	
		  		  	Authorised signatory	  	
				
	SIGNED by Simon Hartley	  	)	  		  	
	for and on behalf of	  	)	  		  	
	NIBC BANK N.V.	  	)	  		  	
		  		  	 /s/ Simon Hartley
	  	
		  		  	Simon Hartley	  	
		  		  	Attorney-in-fact	  	
		  		  	Authorised signatory	  	
				
	THE BOOKRUNNER	  		  		  	
				
	SIGNED by Justin Lande and Michel-Pierre FLIPO	  	)	  		  	
	for and on behalf of	  	)	  		  	
	CRÉDIT AGRICOLE CORPORATE AND	  	)	  		  	
	INVESTMENT BANK	  	)	  		  	
		  		  	 /s/ Justin Lande
	  	
		  		  	Justin Lande	  	
		  		  	Authorised signatory	  	
				
		  		  	 /s/ Michel-Pierre FLIPO
	  	
		  		  	Michel-Pierre FLIPO	  	
		  		  	Authorised signatory	  	

  
 152

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00239-of-00352.parquet"}]]